# EDGAR Filing Document

**Accession Number:** 0000887991
**File Stem:** 0001752724-25-207521
**Filing Date:** 2025-8
**Character Count:** 407741
**Document Hash:** 2d63c96da14257599f19e23b1c9831b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-207521.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-207521

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS 8
- **CENTRAL INDEX KEY:** 0000887991

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06677
- **FILM NUMBER:** 251261566

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 802-5032

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DRYDEN INDEX SERIES FUND
- **DATE OF NAME CHANGE:** 20030716

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL INDEX SERIES FUND
- **DATE OF NAME CHANGE:** 19980123

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL DRYDEN FUND
- **DATE OF NAME CHANGE:** 19970620

## Series and Classes Contracts Data

### PGIM Securitized Credit Fund (Series ID: S000065752)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000212600 | Class Z      | SCFZX           |
| C000212601 | Class A      | SCFOX           |
| C000212602 | Class C      | SCFVX           |
| C000212603 | Class R6     | SCFQX           |

## Nport-Ex

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Long-Term Investments 99.3%** | **Long-Term Investments 99.3%** | **Long-Term Investments 99.3%** | **Long-Term Investments 99.3%** | **Long-Term Investments 99.3%** | **Long-Term Investments 99.3%** |
| **Asset-Backed Securities 57.2%** | **Asset-Backed Securities 57.2%** | **Asset-Backed Securities 57.2%** | **Asset-Backed Securities 57.2%** | **Asset-Backed Securities 57.2%** | **Asset-Backed Securities 57.2%** |
| **Automobiles 1.4%** | **Automobiles 1.4%** | **Automobiles 1.4%** | **Automobiles 1.4%** | **Automobiles 1.4%** | **Automobiles 1.4%** |
| Ally Bank Auto Credit-Linked Notes,<br> Series 2024-A, Class F, 144A | &nbsp;&nbsp;9.892% | &nbsp;&nbsp;05/17/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp; $570772 |
| Avis Budget Rental Car Funding AESOP LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-01A, Class A, 144A | &nbsp;&nbsp;5.250 | &nbsp;&nbsp;04/20/29 |  | &nbsp;&nbsp;4120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-04A, Class A, 144A | &nbsp;&nbsp;5.490 | &nbsp;&nbsp;06/20/29 |  | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491031 |
| Bayview Opportunity Master Fund VII LLC,<br> Series 2024-CAR01, Class E, 144A, 30 Day Average SOFR + 3.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;7.905(c) | &nbsp;&nbsp;12/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815711 |
| Bayview Opportunity Master Fund VII Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CAR1F, Class A, 144A | &nbsp;&nbsp;6.971 | &nbsp;&nbsp;07/29/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SN01, Class D, 144A | &nbsp;&nbsp;6.360 | &nbsp;&nbsp;07/16/29 |  | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013399 |
| Exeter Automobile Receivables Trust,<br> Series 2025-03A, Class C | &nbsp;&nbsp;5.090 | &nbsp;&nbsp;10/15/31 |  | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020767 |
| Huntington Bank Auto Credit-Linked Notes, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-01, Class D, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;9.552(c) | &nbsp;&nbsp;05/20/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-02, Class D, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;8.302(c) | &nbsp;&nbsp;10/20/32 |  | &nbsp;&nbsp;1302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-01, Class C, 144A, 30 Day Average SOFR + 2.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;6.552(c) | &nbsp;&nbsp;03/21/33 |  | &nbsp;&nbsp;3452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3440816 |
| Octane Receivables Trust,<br> Series 2024-RVM01, Class A, 144A | &nbsp;&nbsp;5.010 | &nbsp;&nbsp;01/22/46 |  | &nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245412 |
| OneMain Direct Auto Receivables Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-01A, Class C, 144A | &nbsp;&nbsp;1.420 | &nbsp;&nbsp;07/14/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-01A, Class D, 144A | &nbsp;&nbsp;5.900 | &nbsp;&nbsp;12/16/30 |  | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-01A, Class D, 144A | &nbsp;&nbsp;7.070 | &nbsp;&nbsp;02/14/33 |  | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-01A, Class D, 144A | &nbsp;&nbsp;6.100 | &nbsp;&nbsp;07/14/37 |  | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4060713 |
| Santander Bank Auto Credit-Linked Notes, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C, Class E, 144A | 11.366 | &nbsp;&nbsp;12/15/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A, Class E, 144A | 10.068 | &nbsp;&nbsp;06/15/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46594 |
| Santander Consumer Auto Receivables Trust,<br> Series 2021-AA, Class E, 144A | &nbsp;&nbsp;3.280 | &nbsp;&nbsp;03/15/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742167 |
| Santander Drive Auto Receivables Trust,<br> Series 2025-01, Class D | &nbsp;&nbsp;5.430 | &nbsp;&nbsp;03/17/31 |  | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3047878 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30441905 |
| **Collateralized Loan Obligations 41.4%** | **Collateralized Loan Obligations 41.4%** | **Collateralized Loan Obligations 41.4%** | **Collateralized Loan Obligations 41.4%** | **Collateralized Loan Obligations 41.4%** | **Collateralized Loan Obligations 41.4%** |
| AIMCO CLO Ltd. (United Kingdom),<br> Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;5.629(c) | &nbsp;&nbsp;07/20/37 |  | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5016244 |
| AlbaCore Euro CLO DAC (Ireland),<br> Series 04A, Class BR, 144A, 3 Month EURIBOR + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;4.179(c) | &nbsp;&nbsp;07/15/35 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4718899 |
| AlbaCore EURO CLO DAC (Ireland),<br> Series 02A, Class B, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;3.625(c) | &nbsp;&nbsp;06/15/34 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6359202 |
| Anchorage Capital CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-07A, Class BR3, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) | &nbsp;&nbsp;6.333(c) | &nbsp;&nbsp;04/28/37 |  | &nbsp;&nbsp;3124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3133373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-11A, Class BR2, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | &nbsp;&nbsp;6.222(c) | &nbsp;&nbsp;07/22/37 |  | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-19A, Class B1, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;6.368(c) | &nbsp;&nbsp;10/15/34 |  | &nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-26A, Class BR, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) | &nbsp;&nbsp;6.335(c) | &nbsp;&nbsp;03/19/38 |  | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10041921 |
| Anchorage Capital Europe CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 06A, Class B1R, 144A, 3 Month EURIBOR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;4.986(c) | &nbsp;&nbsp;01/22/38 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 08A, Class B1R, 144A, 3 Month EURIBOR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;4.258(c) | &nbsp;&nbsp;10/25/38 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5908527 |
| Aqueduct European CLO DAC (Ireland),<br> Series 2024-10A, Class A, 144A, 3 Month EURIBOR + 1.280% (Cap N/A, Floor 1.280%) | &nbsp;&nbsp;4.027(c) | &nbsp;&nbsp;01/18/39 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5883901 |
| Ares CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-41A, Class BR, 144A, 3 Month SOFR + 1.712% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;5.968(c) | &nbsp;&nbsp;04/15/34 |  | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-53A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;5.975(c) | &nbsp;&nbsp;10/24/36 |  | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5012503 |
| Ares European CLO DAC (Ireland),<br> Series 10A, Class AR, 144A, 3 Month EURIBOR + 0.780% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;3.059(c) | &nbsp;&nbsp;10/15/31 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747447 |
| Armada Euro CLO DAC (Ireland),<br> Series 07A, Class B, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;3.952(c) | &nbsp;&nbsp;04/15/39 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5898920 |

---

PGIM Securitized Credit Fund

------

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** |
| **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
| Atlas Senior Loan Fund Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-11A, Class A1L, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.000%) | 5.644 %(c) | &nbsp;&nbsp;07/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp; $166596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-15A, Class A2R, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.029(c) | &nbsp;&nbsp;10/23/32 |  | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4004140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-24A, Class B, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | 6.169(c) | &nbsp;&nbsp;01/20/38 |  | &nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8010904 |
| Atlas Static Senior Loan Fund Ltd. (Cayman Islands),<br> Series 2022-01A, Class BR, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 6.906(c) | &nbsp;&nbsp;07/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501381 |
| Avoca Capital CLO Ltd. (Ireland),<br> Series 10A, Class B1RR, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | 3.629(c) | &nbsp;&nbsp;04/15/35 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878963 |
| Avoca CLO DAC (Ireland),<br> Series 19A, Class BR, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | 4.102(c) | &nbsp;&nbsp;04/15/38 | &nbsp;&nbsp;EUR | 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16476474 |
| Bain Capital Credit CLO Ltd. (United Kingdom),<br> Series 2022-04A, Class BR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.011(c) | &nbsp;&nbsp;10/16/37 |  | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005871 |
| Bain Capital Credit CLO Ltd. (United Kingdom),<br> Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.641(c) | &nbsp;&nbsp;10/16/37 |  | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008000 |
| Bain Capital Euro CLO DAC (Ireland),<br> Series 2018-02A, Class AR, 144A, 3 Month EURIBOR + 0.740% (Cap N/A, Floor 0.740%) | 2.976(c) | &nbsp;&nbsp;01/20/32 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779757 |
| Balboa Bay Loan Funding Ltd. (Cayman Islands),<br> Series 2024-02A, Class B, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 6.016(c) | &nbsp;&nbsp;01/20/38 |  | &nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9016773 |
| Ballyrock CLO Ltd. (Cayman Islands),<br> Series 2020-14A, Class A1AR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.649(c) | &nbsp;&nbsp;07/20/37 |  | &nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7123430 |
| Barings Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-01A, Class B1RR, 144A, 3 Month EURIBOR + 1.800% (Cap N/A, Floor 1.800%) | 3.958(c) | &nbsp;&nbsp;07/25/35 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2362546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-01A, Class BR, 144A, 3 Month EURIBOR + 1.750% (Cap N/A, Floor 1.750%) | 3.986(c) | &nbsp;&nbsp;10/21/34 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5178222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%) | 2.991(c) | &nbsp;&nbsp;04/24/34 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-02A, Class B1, 144A, 3 Month EURIBOR + 1.750% (Cap N/A, Floor 1.750%) | 4.029(c) | &nbsp;&nbsp;10/15/34 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;3950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4639571 |
| Barrow Hanley CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-01A, Class BR, 144A, 3 Month SOFR + 1.740% (Cap N/A, Floor 1.740%) | 6.009(c) | &nbsp;&nbsp;01/20/38 |  | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10018724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-02A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 7.272(c) | &nbsp;&nbsp;10/20/35 |  | &nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-03A, Class D, 144A, 3 Month SOFR + 4.150% (Cap N/A, Floor 4.150%) | 8.419(c) | &nbsp;&nbsp;04/20/37 |  | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266337 |
| Bastille Euro CLO DAC (Ireland),<br> Series 2020-03A, Class A2AR, 144A, 3 Month EURIBOR + 2.150% (Cap N/A, Floor 2.150%) | 4.429(c) | &nbsp;&nbsp;01/15/39 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;7750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9181103 |
| Battalion CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-08A, Class A1R2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | 5.601(c) | &nbsp;&nbsp;07/18/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-10A, Class A1R2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 5.707(c) | &nbsp;&nbsp;01/25/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 5.569(c) | &nbsp;&nbsp;03/09/34 |  | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-23A, Class A1R, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.676(c) | &nbsp;&nbsp;10/15/37 |  | &nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5522422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-29A, Class B, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 6.081(c) | &nbsp;&nbsp;03/31/38 |  | 12500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500000 |
| BCRED BSL Static CLO Ltd. (Cayman Islands),<br> Series 2025-01A, Class BR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | 6.141(c) | &nbsp;&nbsp;07/24/35 |  | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10006844 |
| BlueMountain Fuji Eur CLO DAC (Ireland),<br> Series 05A, Class B, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | 3.829(c) | &nbsp;&nbsp;01/15/33 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764352 |
| Canyon Capital CLO Ltd. (Cayman Islands),<br> Series 2019-01A, Class BRR, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 6.056(c) | &nbsp;&nbsp;07/15/37 |  | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003507 |
| Canyon Euro CLO DAC (Ireland),<br> Series 2025-01A, Class B, 144A, 3 Month EURIBOR + 1.800% (Cap N/A, Floor 1.800%) | 4.174(c) | &nbsp;&nbsp;04/15/38 | &nbsp;&nbsp;EUR | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11690282 |
| Carlyle Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-01A, Class A2AR, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | 3.979(c) | &nbsp;&nbsp;07/15/34 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;5125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6033969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-02A, Class A2A, 144A, 3 Month EURIBOR + 1.750% (Cap N/A, Floor 1.750%) | 4.029(c) | &nbsp;&nbsp;10/15/35 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589050 |
| Carlyle Global Market Strategies Euro CLO Ltd. (Ireland),<br> Series 2014-02A, Class AR1, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) | 2.893(c) | &nbsp;&nbsp;11/15/31 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651099 |
| Carlyle US CLO Ltd. (Cayman Islands),<br> Series 2024-03A, Class A2, 144A, 3 Month SOFR + 1.720% (Cap N/A, Floor 1.720%) | 6.002(c) | &nbsp;&nbsp;07/25/36 |  | &nbsp;&nbsp;9750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9774052 |
| CarVal CLO Ltd. (Cayman Islands),<br> Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | 5.659(c) | &nbsp;&nbsp;10/20/37 |  | &nbsp;&nbsp;8250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8282714 |
| CarVal CLO Ltd. (United Kingdom),<br> Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | 5.709(c) | &nbsp;&nbsp;07/20/37 |  | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4016304 |
| Carysfort Park CLO DAC (Ireland),<br> Series 2021-01A, Class A2, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 3.411(c) | &nbsp;&nbsp;07/28/34 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333829 |

---

------

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** |
| **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
| CBAM Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-07A, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 5.631 %(c) | &nbsp;&nbsp;07/20/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp; $197979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-08A, Class DR, 144A, 3 Month SOFR + 4.000% (Cap N/A, Floor 4.000%) | 8.256(c) | &nbsp;&nbsp;07/15/37 |  | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015852 |
| CIFC Funding Ltd.,<br> Series 2017-05A, Class AR, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | 5.690(c) | &nbsp;&nbsp;07/17/37 |  | &nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6721100 |
| Columbia Cent CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-30A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) | 5.549(c) | &nbsp;&nbsp;01/20/34 |  | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-30A, Class B1R, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 6.069(c) | &nbsp;&nbsp;01/20/34 |  | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001425 |
| Contego CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 05A, Class B1R, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | 4.005(c) | &nbsp;&nbsp;10/15/37 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 05A, Class CR, 144A, 3 Month EURIBOR + 2.150% (Cap N/A, Floor 2.150%) | 4.455(c) | &nbsp;&nbsp;10/15/37 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764285 |
| CQS US CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-01A, Class BR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.019(c) | &nbsp;&nbsp;01/20/35 |  | &nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7007648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-03A, Class B, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 6.932(c) | &nbsp;&nbsp;01/25/37 |  | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-03A, Class D, 144A, 3 Month SOFR + 4.200% (Cap N/A, Floor 4.200%) | 8.482(c) | &nbsp;&nbsp;01/25/37 |  | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009020 |
| Crosthwaite Park CLO DAC (Ireland),<br> Series 01A, Class A2AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | 3.575(c) | &nbsp;&nbsp;03/15/34 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764177 |
| CVC Cordatus Loan Fund DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 07A, Class ARR, 144A, 3 Month EURIBOR + 0.630% (Cap N/A, Floor 0.630%) | 2.605(c) | &nbsp;&nbsp;09/15/31 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 28A, Class B, 144A, 3 Month EURIBOR + 3.000% (Cap N/A, Floor 3.000%) | 5.143(c) | &nbsp;&nbsp;08/15/36 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10623999 |
| Eaton Vance CLO Ltd. (Cayman Islands),<br> Series 2013-01A, Class A13R, 144A, 3 Month SOFR + 1.512% (Cap N/A, Floor 1.250%) | 5.768(c) | &nbsp;&nbsp;01/15/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801910 |
| Elevation CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-03A, Class BR2, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | 6.132(c) | &nbsp;&nbsp;01/25/35 |  | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-03A, Class CR2, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) | 6.582(c) | &nbsp;&nbsp;01/25/35 |  | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-11A, Class BR, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 6.256(c) | &nbsp;&nbsp;10/15/37 |  | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-12A, Class BR, 144A, 3 Month SOFR + 2.170% (Cap N/A, Floor 2.170%) | 6.439(c) | &nbsp;&nbsp;04/20/37 |  | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-12A, Class D1AR, 144A, 3 Month SOFR + 4.300% (Cap N/A, Floor 4.300%) | 8.569(c) | &nbsp;&nbsp;04/20/37 |  | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13A, Class BR, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.856(c) | &nbsp;&nbsp;07/15/34 |  | 13950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13891558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-14A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.969(c) | &nbsp;&nbsp;01/20/38 |  | 11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10989003 |
| Elmwood CLO Ltd. (Cayman Islands),<br> Series 2025-05A, Class A, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.634(c) | &nbsp;&nbsp;03/31/38 |  | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10025683 |
| Gallatin CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.050% (Cap N/A, Floor 3.050%) | 7.292(c) | &nbsp;&nbsp;10/14/35 |  | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-01A, Class B, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 6.219(c) | &nbsp;&nbsp;10/20/37 |  | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5020356 |
| Golub Capital Partners CLO Ltd.,<br> Series 2022-62A, Class AR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.626(c) | &nbsp;&nbsp;10/15/37 |  | &nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8030860 |
| Hayfin Emerald CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 02A, Class B1R, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | 3.749(c) | &nbsp;&nbsp;05/27/34 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 10A, Class B1R, 144A, 3 Month EURIBOR + 2.100% (Cap N/A, Floor 2.100%) | 4.336(c) | &nbsp;&nbsp;07/18/38 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 12A, Class B1, 144A, 3 Month EURIBOR + 3.100% (Cap N/A, Floor 3.100%) | 5.258(c) | &nbsp;&nbsp;01/25/37 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 14A, Class B, 144A, 3 Month EURIBOR + 2.200% (Cap N/A, Floor 2.200%) | 4.904(c) | &nbsp;&nbsp;01/22/39 | &nbsp;&nbsp;EUR | 11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12996880 |
| Hayfin US Ltd. (Cayman Islands),<br> Series 2024-15A, Class B, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | 6.483(c) | &nbsp;&nbsp;04/28/37 |  | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5039237 |
| Henley CLO DAC (Ireland),<br> Series 11A, Class B, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 4.006(c) | &nbsp;&nbsp;04/25/39 | &nbsp;&nbsp;EUR | 12250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14371158 |
| ICG Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-01A, Class B1, 144A, 3 Month EURIBOR + 1.800% (Cap N/A, Floor 1.800%) | 4.079(c) | &nbsp;&nbsp;10/15/34 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-01A, Class BR, 144A, 3 Month EURIBOR + 1.750% (Cap N/A, Floor 1.750%) | 4.184(c) | &nbsp;&nbsp;10/19/38 | &nbsp;&nbsp;EUR | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11747660 |
| ICG US CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-01A, Class BRR, 144A, 3 Month SOFR + 1.650% (Cap N/A, Floor 1.650%) | 5.919(c) | &nbsp;&nbsp;01/20/35 |  | 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14979825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-03A, Class B1R, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.019(c) | &nbsp;&nbsp;10/20/34 |  | &nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2747868 |
| Indigo Credit Management DAC (Ireland),<br> Series 02A, Class C, 144A, 3 Month EURIBOR + 2.650% (Cap N/A, Floor 2.650%) | 4.929(c) | &nbsp;&nbsp;07/15/38 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;5250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6201801 |
| Invesco Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 04A, Class B1, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | 3.979(c) | &nbsp;&nbsp;04/15/33 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 06A, Class B1, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 3.929(c) | &nbsp;&nbsp;07/15/34 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3821495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 14A, Class B1, 144A, 3 Month EURIBOR + 2.200% (Cap N/A, Floor 2.200%) | 4.828(c) | &nbsp;&nbsp;01/15/39 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5922409 |

---

PGIM Securitized Credit Fund

------

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** |
| **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
| Jamestown CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-15A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.626 %(c) | &nbsp;&nbsp;07/15/35 |  | &nbsp;&nbsp;6250 | &nbsp;&nbsp; $6263481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-18A, Class DR, 144A, 3 Month SOFR + 3.750% (Cap N/A, Floor 3.750%) | 8.032(c) | &nbsp;&nbsp;07/25/35 |  | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3023899 |
| Jubilee CLO DAC (Ireland),<br> Series 2016-17A, Class B1RR, 144A, 3 Month EURIBOR + 1.280% (Cap N/A, Floor 1.280%) | 3.559(c) | &nbsp;&nbsp;04/15/31 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586077 |
| Katayma CLO Ltd. (United Kingdom),<br> Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 6.269(c) | &nbsp;&nbsp;10/20/36 |  | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005507 |
| KKR CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 32A, Class BR, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 6.356(c) | &nbsp;&nbsp;04/15/37 |  | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3016565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 49A, Class AR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.649(c) | &nbsp;&nbsp;10/20/37 |  | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999965 |
| LCM Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 33A, Class B, 144A, 3 Month SOFR + 1.912% (Cap N/A, Floor 1.650%) | 6.181(c) | &nbsp;&nbsp;07/20/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 40A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.626(c) | &nbsp;&nbsp;01/15/38 |  | 28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28104356 |
| Madison Park Euro Funding DAC (Ireland),<br> Series 13A, Class AR, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) | 3.029(c) | &nbsp;&nbsp;01/15/32 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;4406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5172831 |
| Madison Park Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.631(c) | &nbsp;&nbsp;10/16/37 |  | 11500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11544740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-38A, Class A, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.382%) | 5.661(c) | &nbsp;&nbsp;07/17/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-39A, Class BR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.022(c) | &nbsp;&nbsp;10/22/34 |  | &nbsp;&nbsp;4750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4759931 |
| Marathon CLO Ltd. (Cayman Islands),<br> Series 2020-15A, Class A1B, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.776(c) | &nbsp;&nbsp;08/15/37 |  | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5021803 |
| Marble Point CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-02A, Class BR2, 144A, 3 Month SOFR + 1.650% (Cap N/A, Floor 1.650%) | 5.926(c) | &nbsp;&nbsp;03/15/38 |  | 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14943505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-03A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%) | 5.781(c) | &nbsp;&nbsp;10/17/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500644 |
| Menlo CLO Ltd. (Cayman Islands),<br> Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.689(c) | &nbsp;&nbsp;01/20/38 |  | &nbsp;&nbsp;7250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7273826 |
| MidOcean Credit CLO (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-03A, Class BR, 144A, 3 Month SOFR + 2.062% (Cap N/A, Floor 1.800%) | 6.331(c) | &nbsp;&nbsp;04/21/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-10A, Class A1RR, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | 5.589(c) | &nbsp;&nbsp;10/23/34 |  | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506528 |
| Monument CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 01A, Class D, 144A, 3 Month EURIBOR + 4.350% (Cap N/A, Floor 4.350%) | 6.493(c) | &nbsp;&nbsp;05/15/37 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3581418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 03A, Class B, 144A, 3 Month EURIBOR + 1.900% (Cap N/A, Floor 1.900%) | 3.863(c) | &nbsp;&nbsp;04/15/38 | &nbsp;&nbsp;EUR | 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17669250 |
| Mountain View CLO Ltd. (Cayman Islands),<br> Series 2015-09A, Class A2R, 144A, 3 Month SOFR + 2.042% (Cap N/A, Floor 0.000%) | 6.298(c) | &nbsp;&nbsp;07/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753339 |
| Nassau Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 02A, Class BR, 144A, 3 Month EURIBOR + 1.900% (Cap N/A, Floor 1.900%) | 4.058(c) | &nbsp;&nbsp;04/25/39 | &nbsp;&nbsp;EUR | 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17656829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 04A, Class D, 144A, 3 Month EURIBOR + 3.950% (Cap N/A, Floor 3.950%) | 6.186(c) | &nbsp;&nbsp;07/20/38 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394691 |
| Nassau Ltd. (Cayman Islands),<br> Series 2021-IA, Class B1R, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.956(c) | &nbsp;&nbsp;08/26/34 |  | 14950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14946786 |
| Neuberger Berman Loan Advisers CLO Ltd.,<br> Series 2017-26A, Class BR2, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.019(c) | &nbsp;&nbsp;10/18/38 |  | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015310 |
| NGC Ltd. (United Kingdom),<br> Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 6.369(c) | &nbsp;&nbsp;07/20/37 |  | &nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3516628 |
| Northwoods Capital Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-22A, Class BRR, 144A, 3 Month SOFR + 2.450% (Cap N/A, Floor 2.450%) | 6.768(c) | &nbsp;&nbsp;09/16/31 |  | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-22A, Class DRR, 144A, 3 Month SOFR + 4.950% (Cap N/A, Floor 4.950%) | 9.268(c) | &nbsp;&nbsp;09/16/31 |  | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500796 |
| Oaktree CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-04A, Class BRR, 144A, 3 Month SOFR + 1.920% (Cap N/A, Floor 1.920%) | 6.189(c) | &nbsp;&nbsp;07/20/37 |  | &nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-03A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.636(c) | &nbsp;&nbsp;10/15/37 |  | &nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8030578 |
| Ocean Trails CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-15A, Class B, 144A, 3 Month SOFR + 2.500% (Cap N/A, Floor 2.500%) | 6.756(c) | &nbsp;&nbsp;01/15/37 |  | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3022890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-15A, Class D1, 144A, 3 Month SOFR + 4.700% (Cap N/A, Floor 4.700%) | 8.956(c) | &nbsp;&nbsp;01/15/37 |  | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001049 |
| Octagon Ltd. (Cayman Islands),<br> Series 2022-01A, Class B, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 6.276(c) | &nbsp;&nbsp;05/15/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601846 |
| OFSI BSL CLO Ltd. (Cayman Islands),<br> Series 2024-13A, Class D1, 144A, 3 Month SOFR + 4.500% (Cap N/A, Floor 4.500%) | 8.769(c) | &nbsp;&nbsp;04/20/37 |  | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008820 |
| OFSI BSL Ltd. (Cayman Islands),<br> Series 2023-12A, Class BR, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 6.069(c) | &nbsp;&nbsp;01/20/38 |  | 12950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12956909 |

---

------

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** |
| **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
| Palmer Square European CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-02A, Class B2, 144A | 6.700% | &nbsp;&nbsp;10/15/36 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1250 | &nbsp;&nbsp; $1474284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-01A, Class B1, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | 4.349(c) | &nbsp;&nbsp;10/15/39 | &nbsp;&nbsp;EUR | 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17694623 |
| Penta CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-03A, Class BRR, 144A, 3 Month EURIBOR + 1.800% (Cap N/A, Floor 1.800%) | 4.063(c) | &nbsp;&nbsp;10/17/38 | &nbsp;&nbsp;EUR | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11797004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-14A, Class BR, 144A, 3 Month EURIBOR + 1.900% (Cap N/A, Floor 1.900%) | 4.136(c) | &nbsp;&nbsp;10/20/37 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4131071 |
| Polen Capital CLO Ltd. (Cayman Islands),<br> Series 2025-01A, Class B, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.961(c) | &nbsp;&nbsp;03/06/38 |  | &nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6998621 |
| PPM CLO Ltd. (United Kingdom),<br> Series 2022-06RA, Class A2R, 144A, 3 Month SOFR + 2.150% (Cap N/A, Floor 2.150%) | 6.422(c) | &nbsp;&nbsp;01/20/37 |  | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4016404 |
| Regatta Funding Ltd. (Cayman Islands),<br> Series 2019-02A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.956(c) | &nbsp;&nbsp;01/15/33 |  | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004415 |
| Rockford Tower CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-03A, Class BR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | 6.106(c) | &nbsp;&nbsp;01/15/38 |  | &nbsp;&nbsp;5325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5335296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-02A, Class A2R, 144A, 3 Month SOFR + 2.150% (Cap N/A, Floor 2.150%) | 6.419(c) | &nbsp;&nbsp;10/20/35 |  | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4518808 |
| Rockford Tower Europe CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-01A, Class B1R, 144A, 3 Month EURIBOR + 2.100% (Cap N/A, Floor 2.100%) | 4.291(c) | &nbsp;&nbsp;04/24/37 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-01A, Class DR, 144A, 3 Month EURIBOR + 4.300% (Cap N/A, Floor 4.300%) | 6.491(c) | &nbsp;&nbsp;04/24/37 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-01A, Class B1R, 144A, 3 Month EURIBOR + 2.100% (Cap N/A, Floor 2.100%) | 4.336(c) | &nbsp;&nbsp;01/20/38 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6210635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-01A, Class B1, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 3.486(c) | &nbsp;&nbsp;04/20/34 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333460 |
| RR Ltd. (Bermuda),<br> Series 2025-40A, Class A2, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 6.097(c) | &nbsp;&nbsp;07/15/38 |  | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10010780 |
| Saratoga Investment Corp. CLO Ltd. (Cayman Islands),<br> Series 2013-01A, Class A1R4, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 5.569(c) | &nbsp;&nbsp;04/20/33 |  | &nbsp;&nbsp;2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060272 |
| Sculptor European CLO DAC (Ireland),<br> Series 07A, Class BR, 144A, 3 Month EURIBOR + 2.050% (Cap N/A, Floor 2.050%) | 4.329(c) | &nbsp;&nbsp;01/15/38 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9453529 |
| Signal Peak CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.689(c) | &nbsp;&nbsp;10/20/37 |  | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6024624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-09A, Class BR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.019(c) | &nbsp;&nbsp;01/21/38 |  | 10415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10419621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-10A, Class BR, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.875(c) | &nbsp;&nbsp;01/24/38 |  | &nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6953431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-11A, Class A1, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.719(c) | &nbsp;&nbsp;07/18/37 |  | 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15062623 |
| Signal Peak CLO Ltd. (United Kingdom),<br> Series 2022-12A, Class BR, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 6.069(c) | &nbsp;&nbsp;07/18/37 |  | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001388 |
| Silver Rock CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.689(c) | &nbsp;&nbsp;10/20/37 |  | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-01A, Class BRR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | 6.119(c) | &nbsp;&nbsp;10/20/37 |  | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-01A, Class CRR, 144A, 3 Month SOFR + 2.500% (Cap N/A, Floor 2.500%) | 6.769(c) | &nbsp;&nbsp;10/20/37 |  | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6039223 |
| Sixth Street CLO Ltd. (Cayman Islands),<br> Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | 6.059(c) | &nbsp;&nbsp;01/20/37 |  | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003979 |
| Sona Fios CLO DAC (Ireland),<br> Series 04A, Class B, 144A, 3 Month EURIBOR + 1.900% (Cap N/A, Floor 1.900%) | 4.320(c) | &nbsp;&nbsp;04/20/38 | &nbsp;&nbsp;EUR | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11795308 |
| Sound Point CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | 5.614(c) | &nbsp;&nbsp;01/26/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | 5.611(c) | &nbsp;&nbsp;10/23/31 |  | &nbsp;&nbsp;1057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-01A, Class BR, 144A, 3 Month SOFR + 1.912% (Cap N/A, Floor 1.912%) | 6.181(c) | &nbsp;&nbsp;07/20/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990320 |
| St. Pauls CLO (Netherlands),<br> Series 11A, Class C2R, 144A | 2.500 | &nbsp;&nbsp;01/17/32 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820106 |
| Strata CLO Ltd. (Cayman Islands),<br> Series 2021-01A, Class BR, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 6.269(c) | &nbsp;&nbsp;10/20/33 |  | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003601 |
| TCW CLO AMR Ltd. (Cayman Islands),<br> Series 2019-01A, Class BR, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.750%) | 6.275(c) | &nbsp;&nbsp;08/16/34 |  | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5019921 |
| TCW CLO Ltd. (Cayman Islands),<br> Series 2019-02A, Class BR2, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.067(c) | &nbsp;&nbsp;01/20/38 |  | 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15023407 |
| Tikehau CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 09A, Class CR, 144A, 3 Month EURIBOR + 2.450% (Cap N/A, Floor 2.450%) | 4.686(c) | &nbsp;&nbsp;01/20/37 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4724093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 11A, Class BR, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 2.000%) | 0.000(c) | &nbsp;&nbsp;01/15/38 | &nbsp;&nbsp;EUR | 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17695779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 13A, Class B, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | 4.022(c) | &nbsp;&nbsp;10/15/38 | &nbsp;&nbsp;EUR | 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17662663 |
| Tikehau US CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-01A, Class BR, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 6.069(c) | &nbsp;&nbsp;01/20/38 |  | &nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4605903 |

---

PGIM Securitized Credit Fund

------

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** |
| **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
| Tikehau US CLO Ltd. (Bermuda), (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-01A, Class B, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | 6.119 %(c) | &nbsp;&nbsp;07/18/37 |  | &nbsp;&nbsp;4100 | &nbsp;&nbsp; $4106982 |
| Toro European CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 02A, Class B1RR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | 4.008(c) | &nbsp;&nbsp;07/25/34 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3533298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 08A, Class BR, 144A, 3 Month EURIBOR + 2.050% (Cap N/A, Floor 2.050%) | 4.329(c) | &nbsp;&nbsp;04/15/35 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 10A, Class B, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | 4.209(c) | &nbsp;&nbsp;04/15/38 | &nbsp;&nbsp;EUR | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11772409 |
| Tralee CLO Ltd. (Cayman Islands),<br> Series 2019-06A, Class B1RR, 144A, 3 Month SOFR + 1.930% (Cap N/A, Floor 1.930%) | 6.212(c) | &nbsp;&nbsp;10/25/32 |  | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510206 |
| Trimaran CAVU Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.672(c) | &nbsp;&nbsp;10/22/37 |  | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5019460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-01A, Class BR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | 6.122(c) | &nbsp;&nbsp;10/22/37 |  | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995371 |
| Trinitas CLO Ltd. (Bermuda),<br> Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) | 6.582(c) | &nbsp;&nbsp;04/25/37 |  | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519845 |
| Trinitas Euro CLO DAC (Ireland),<br> Series 05A, Class B1, 144A, 3 Month EURIBOR + 2.500% (Cap N/A, Floor 2.500%) | 4.658(c) | &nbsp;&nbsp;10/25/37 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7662500 |
| Venture CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-19A, Class ARR, 144A, 3 Month SOFR + 1.522% (Cap N/A, Floor 1.260%) | 5.778(c) | &nbsp;&nbsp;01/15/32 |  | &nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-49A, Class AJ, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 6.069(c) | &nbsp;&nbsp;04/20/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802510 |
| Wellfleet CLO Ltd. (Cayman Islands),<br> Series 2022-02A, Class D1R, 144A, 3 Month SOFR + 3.650% (Cap N/A, Floor 3.650%) | 7.919(c) | &nbsp;&nbsp;10/18/37 |  | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5023695 |
| Wind River CLO Ltd. (Cayman Islands),<br> Series 2021-03A, Class BR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.021(c) | &nbsp;&nbsp;04/20/38 |  | 10350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10368829 |
| Z Capital Credit Partners BSL CLO Ltd. (Cayman Islands),<br> Series 2024-01A, Class C, 144A, 3 Month SOFR + 3.650% (Cap N/A, Floor 3.650%) | 7.911(c) | &nbsp;&nbsp;04/16/36 |  | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015603 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906526456 |
| **Consumer Loans 3.1%** | **Consumer Loans 3.1%** | **Consumer Loans 3.1%** | **Consumer Loans 3.1%** | **Consumer Loans 3.1%** | **Consumer Loans 3.1%** |
| Affirm Asset Securitization Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class 1D, 144A | 6.890 | &nbsp;&nbsp;02/15/29 |  | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class 1E, 144A | 9.170 | &nbsp;&nbsp;02/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B, Class D, 144A | 5.500 | &nbsp;&nbsp;09/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-X02, Class D, 144A | 6.080 | &nbsp;&nbsp;12/17/29 |  | &nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5238758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-X01, Class D, 144A | 6.110 | &nbsp;&nbsp;04/15/30 |  | 10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10412225 |
| Affirm Master Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-01A, Class E, 144A | 7.180 | &nbsp;&nbsp;02/15/33 |  | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5982817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-02A, Class D, 144A | 5.600 | &nbsp;&nbsp;07/15/33 |  | &nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5718686 |
| Cherry Securitization Trust,<br> Series 2025-01A, Class A, 144A | 6.130 | &nbsp;&nbsp;11/15/32 |  | 10300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10404333 |
| GreenSky Home Improvement Trust,<br> Series 2024-01, Class A2, 144A | 5.880 | &nbsp;&nbsp;06/25/59 |  | &nbsp;&nbsp;2126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136517 |
| Island Finance Trust,<br> Series 2025-01A, Class A, 144A | 6.540 | &nbsp;&nbsp;03/19/35 |  | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039677 |
| Mariner Finance Issuance Trust,<br> Series 2025-AA, Class A, 144A | 4.980 | &nbsp;&nbsp;05/20/38 |  | &nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5980055 |
| Onemain Financial Issuance Trust,<br> Series 2025-01A, Class D, 144A | 5.790 | &nbsp;&nbsp;07/14/38 |  | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807312 |
| OneMain Financial Issuance Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-02A, Class D, 144A | 6.550 | &nbsp;&nbsp;10/14/34 |  | &nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-01A, Class C, 144A | 6.380 | &nbsp;&nbsp;06/14/38 |  | &nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7714428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-02A, Class D, 144A | 7.520 | &nbsp;&nbsp;09/15/36 |  | &nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2573384 |
| Stream Innovations Issuer Trust,<br> Series 2025-01A, Class B, 144A | 5.480 | &nbsp;&nbsp;09/15/45 |  | &nbsp;&nbsp;3230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260128 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66871803 |

---

------

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** |
| **Credit Cards 0.5%** | **Credit Cards 0.5%** | **Credit Cards 0.5%** | **Credit Cards 0.5%** | **Credit Cards 0.5%** |
| Evergreen Credit Card Trust (Canada),<br> Series 2024-CRT04, Class C, 144A | &nbsp;&nbsp;5.640% | &nbsp;&nbsp;10/15/28 | &nbsp;&nbsp;5000 | &nbsp;&nbsp; $5001321 |
| Genesis Sales Finance Master Trust,<br> Series 2024-B, Class B, 144A | &nbsp;&nbsp;6.260 | &nbsp;&nbsp;12/20/32 | &nbsp;&nbsp;5667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5702775 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10704096 |
| **Equipment 0.0%** | **Equipment 0.0%** | **Equipment 0.0%** | **Equipment 0.0%** | **Equipment 0.0%** |
| Auxilior Term Funding LLC,<br> Series 2023-01A, Class D, 144A | &nbsp;&nbsp;7.270 | &nbsp;&nbsp;12/16/30 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525892 |
| **Home Equity Loans 5.8%** | **Home Equity Loans 5.8%** | **Home Equity Loans 5.8%** | **Home Equity Loans 5.8%** | **Home Equity Loans 5.8%** |
| BRAVO Residential Funding Trust,<br> Series 2024-CES02, Class A2, 144A | &nbsp;&nbsp;5.592(cc) | &nbsp;&nbsp;09/25/54 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2412520 |
| FIGRE Trust,<br> Series 2025-HE04, Class A, 144A | &nbsp;&nbsp;5.408(cc) | &nbsp;&nbsp;07/25/55 | &nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9199881 |
| GS Mortgage Backed Securities Trust CES1,<br> Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;5.568(cc) | &nbsp;&nbsp;05/25/55 | 16270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16341091 |
| GS Mortgage-Backed Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HE01, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;5.905(c) | &nbsp;&nbsp;08/25/54 | &nbsp;&nbsp;4339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4339307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;5.805(c) | &nbsp;&nbsp;01/25/55 | &nbsp;&nbsp;4790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HE02, Class M1, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;6.305(c) | &nbsp;&nbsp;01/25/55 | &nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3603640 |
| JPMorgan Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HE03, Class M1, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;6.402(c) | &nbsp;&nbsp;05/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HE02, Class M1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;6.002(c) | &nbsp;&nbsp;10/20/54 | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-HE01, Class A1, 144A, 30 Day Average SOFR + 1.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;5.452(c) | &nbsp;&nbsp;07/20/55 | 21138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21093784 |
| RCKT Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;6.591(cc) | &nbsp;&nbsp;05/25/44 | &nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2278783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES04, Class A1A, 144A | &nbsp;&nbsp;6.147(cc) | &nbsp;&nbsp;06/25/44 | &nbsp;&nbsp;2824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2848860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CES02, Class A1A, 144A | &nbsp;&nbsp;5.503(cc) | &nbsp;&nbsp;02/25/55 | &nbsp;&nbsp;4081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CES04, Class A1A, 144A | &nbsp;&nbsp;5.811(cc) | &nbsp;&nbsp;05/25/55 | &nbsp;&nbsp;6760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6826896 |
| Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;7.294(cc) | &nbsp;&nbsp;10/25/63 | &nbsp;&nbsp;1276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;6.290(cc) | &nbsp;&nbsp;05/25/64 | &nbsp;&nbsp;3030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3058033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES03, Class M1, 144A | &nbsp;&nbsp;6.811(cc) | &nbsp;&nbsp;05/25/64 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;5.122(cc) | &nbsp;&nbsp;09/25/64 | &nbsp;&nbsp;2481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2469694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES05, Class A2, 144A | &nbsp;&nbsp;5.202(cc) | &nbsp;&nbsp;09/25/64 | &nbsp;&nbsp;2289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2281053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES05, Class M1, 144A | &nbsp;&nbsp;5.601(cc) | &nbsp;&nbsp;09/25/64 | &nbsp;&nbsp;4855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4862609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CES02, Class A1, 144A | &nbsp;&nbsp;5.348(cc) | &nbsp;&nbsp;07/25/65 | 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21999844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CRM01, Class A1, 144A | &nbsp;&nbsp;5.799(cc) | &nbsp;&nbsp;01/25/65 | &nbsp;&nbsp;8750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8813263 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126250993 |
| **Other 4.2%** | **Other 4.2%** | **Other 4.2%** | **Other 4.2%** | **Other 4.2%** |
| Capital Street Master Trust,<br> Series 2024-01, Class A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;5.654(c) | &nbsp;&nbsp;10/16/28 | &nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698553 |
| GoodLeap Home Improvement Solutions Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-01A, Class A, 144A | &nbsp;&nbsp;5.380 | &nbsp;&nbsp;02/20/49 | &nbsp;&nbsp;5903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5976842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-02A, Class A, 144A | &nbsp;&nbsp;5.320 | &nbsp;&nbsp;06/20/49 | &nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7095081 |
| GoodLeap Sustainable Home Solutions Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-02GS, Class A, 144A | &nbsp;&nbsp;5.700 | &nbsp;&nbsp;05/20/55 | &nbsp;&nbsp;4430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4152349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-03C, Class A, 144A | &nbsp;&nbsp;6.500 | &nbsp;&nbsp;07/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-04C, Class A, 144A | &nbsp;&nbsp;6.480 | &nbsp;&nbsp;03/20/57 | &nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-01GS, Class A, 144A | &nbsp;&nbsp;6.250 | &nbsp;&nbsp;06/20/57 | &nbsp;&nbsp;2091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037153 |
| Invitation Homes Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR01, Class B, 144A | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;09/17/41 | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR01, Class C, 144A | &nbsp;&nbsp;4.250 | &nbsp;&nbsp;09/17/41 | &nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305748 |
| Kapitus Asset Securitization V LLC,<br> Series 2025-01A, Class A, 144A | 11.462 | &nbsp;&nbsp;04/10/32 | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4526429 |

---

PGIM Securitized Credit Fund

------

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** |
| **Other (cont'd.)** | **Other (cont'd.)** | **Other (cont'd.)** | **Other (cont'd.)** | **Other (cont'd.)** | **Other (cont'd.)** |
| OnDeck Asset Securitization IV LLC,<br> Series 2025-01A, Class A, 144A | 5.080% | &nbsp;&nbsp;04/19/32 |  | &nbsp;&nbsp;4800 | &nbsp;&nbsp; $4793792 |
| Pk Alift Loan Funding 6 LP,<br> Series 2025-01, Class A, 144A | 5.365 | &nbsp;&nbsp;11/15/42 |  | 11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11233113 |
| PMT Issuer Trust - FMSR,<br> Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | 7.069(c) | &nbsp;&nbsp;12/25/27 |  | &nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5235273 |
| Sierra Timeshare Receivables Funding LLC,<br> Series 2023-02A, Class D, 144A | 9.720 | &nbsp;&nbsp;04/20/40 |  | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192547 |
| Sunrun Bacchus Issuer LLC,<br> Series 2025-01A, Class A1, 144A | 5.990 | &nbsp;&nbsp;04/30/60 |  | &nbsp;&nbsp;6656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6637274 |
| Sunrun Vesta Issuer LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-03A, Class A1, 144A | 5.490 | &nbsp;&nbsp;10/30/59 |  | &nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-03A, Class A2, 144A | 5.880 | &nbsp;&nbsp;10/30/59 |  | &nbsp;&nbsp;2093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981864 |
| Tricon Residential Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SFR01, Class B, 144A, 1 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.662(c) | &nbsp;&nbsp;03/17/42 |  | &nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SFR01, Class C, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.912(c) | &nbsp;&nbsp;03/17/42 |  | &nbsp;&nbsp;4250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4248744 |
| U.S. Bank NA,<br> Series 2025-SUP01, Class B, 144A | 5.582 | &nbsp;&nbsp;02/25/32 |  | 16347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16322970 |
| Wireless PropCo Funding LLC,<br> Series 2025-01A, Class A2, 144A | 4.070 | &nbsp;&nbsp;06/25/55 |  | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5731637 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93088111 |
| **Residential Mortgage-Backed Securities 0.8%** | **Residential Mortgage-Backed Securities 0.8%** | **Residential Mortgage-Backed Securities 0.8%** | **Residential Mortgage-Backed Securities 0.8%** | **Residential Mortgage-Backed Securities 0.8%** | **Residential Mortgage-Backed Securities 0.8%** |
| PRET LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL02, Class A1, 144A | 5.835(cc) | &nbsp;&nbsp;03/25/55 |  | &nbsp;&nbsp;6102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL03, Class A1, 144A | 6.708(cc) | &nbsp;&nbsp;04/25/55 |  | 11616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11717220 |
| TFS (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-03^ | 0.000(s) | &nbsp;&nbsp;04/16/40 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;—(r) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-03, Class A1, 1 Month EURIBOR + 3.250%^ | 5.382(c) | &nbsp;&nbsp;03/15/26 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139124 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17935273 |
| **Student Loans 0.0%** | **Student Loans 0.0%** | **Student Loans 0.0%** | **Student Loans 0.0%** | **Student Loans 0.0%** | **Student Loans 0.0%** |
| Bayview Opportunity Master Fund VII LLC,<br> Series 2024-EDU01, Class D, 144A, 30 Day Average SOFR + 2.750% (Cap N/A, Floor 0.000%) | 7.055(c) | &nbsp;&nbsp;06/25/47 |  | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738678 |
| Laurel Road Prime Student Loan Trust,<br> Series 2019-A, Class R, 144A | 0.000 | &nbsp;&nbsp;10/25/48 |  | &nbsp;&nbsp;&nbsp;&nbsp;809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279722 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018400 |
| **Total Asset-Backed Securities<br> (cost $1,216,295,111)** | **Total Asset-Backed Securities<br> (cost $1,216,295,111)** | **Total Asset-Backed Securities<br> (cost $1,216,295,111)** | **Total Asset-Backed Securities<br> (cost $1,216,295,111)** | **Total Asset-Backed Securities<br> (cost $1,216,295,111)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253362929 |
| **Commercial Mortgage-Backed Securities 16.8%** | **Commercial Mortgage-Backed Securities 16.8%** | **Commercial Mortgage-Backed Securities 16.8%** | **Commercial Mortgage-Backed Securities 16.8%** | **Commercial Mortgage-Backed Securities 16.8%** | **Commercial Mortgage-Backed Securities 16.8%** |
| 20 Times Square Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-20TS, Class F, 144A(x) | 3.203(cc) | &nbsp;&nbsp;05/15/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-20TS, Class G, 144A(x) | 3.203(cc) | &nbsp;&nbsp;05/15/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-20TS, Class H, 144A(x) | 3.203(cc) | &nbsp;&nbsp;05/15/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73500 |
| ALA Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-OANA, Class A, 144A, 1 Month SOFR + 1.743% (Cap N/A, Floor 1.743%) | 6.043(c) | &nbsp;&nbsp;06/15/40 |  | &nbsp;&nbsp;7860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7901767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-OANA, Class C, 144A, 1 Month SOFR + 2.092% (Cap N/A, Floor 2.092%) | 6.392(c) | &nbsp;&nbsp;06/15/40 |  | &nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6502031 |
| ARES Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-IND03, Class C, 144A, 1 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 6.412(c) | &nbsp;&nbsp;04/15/42 |  | &nbsp;&nbsp;3640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-IND03, Class D, 144A, 1 Month SOFR + 2.550% (Cap N/A, Floor 2.550%) | 6.862(c) | &nbsp;&nbsp;04/15/42 |  | &nbsp;&nbsp;8050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8029875 |
| BANK,<br> Series 2021-BN38, Class A1 | 1.274 | &nbsp;&nbsp;12/15/64 |  | &nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314549 |
| BANK5, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-05YR03, Class XD, IO, 144A | 3.559(cc) | &nbsp;&nbsp;09/15/56 |  | &nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-05YR04, Class XD, IO, 144A | 3.858(cc) | &nbsp;&nbsp;12/15/56 |  | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451065 |

---

------

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |
| BANK5, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR8, Class XD, IO, 144A | 3.000 %(cc) | &nbsp;&nbsp;08/15/57 | &nbsp;&nbsp;13643 | &nbsp;&nbsp; $1300675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5YR15, Class XD, 144A | 2.731(cc) | &nbsp;&nbsp;06/15/30 | &nbsp;&nbsp;16932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873472 |
| Barclays Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-ETC, Class B, 144A | 3.189 | &nbsp;&nbsp;08/14/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-ETC, Class C, 144A | 3.391 | &nbsp;&nbsp;08/14/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-ETC, Class E, 144A | 3.729(cc) | &nbsp;&nbsp;08/14/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-CHRS, Class B, 144A | 4.409(cc) | &nbsp;&nbsp;08/05/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-CHRS, Class C, 144A | 4.409(cc) | &nbsp;&nbsp;08/05/38 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-CHRS, Class D, 144A | 4.409(cc) | &nbsp;&nbsp;08/05/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BID, Class A, 144A, 1 Month SOFR + 2.254% (Cap N/A, Floor 2.140%) | 6.566(c) | &nbsp;&nbsp;10/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;7660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7660000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-05C25, Class XD, IO, 144A | 3.376(cc) | &nbsp;&nbsp;03/15/57 | &nbsp;&nbsp;14404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5C31, Class XD, IO, 144A | 2.559(cc) | &nbsp;&nbsp;12/15/57 | &nbsp;&nbsp;26275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C24, Class XB, IO | 1.570(cc) | &nbsp;&nbsp;02/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473892 |
| Benchmark Mortgage Trust,<br> Series 2024-V06, Class XD, IO | 3.502(cc) | &nbsp;&nbsp;03/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;8634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904718 |
| BFLD Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-VICT, Class B, 144A, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.589%) | 6.901(c) | &nbsp;&nbsp;07/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3890250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-WRHS, Class E, 144A, 1 Month SOFR + 3.689% (Cap N/A, Floor 3.689%) | 8.001(c) | &nbsp;&nbsp;08/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;5219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5205946 |
| BLP Commercial Mortgage Trust,<br> Series 2025-IND, Class D, 144A, 1 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | 6.562(c) | &nbsp;&nbsp;03/15/42 | &nbsp;&nbsp;10759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10651607 |
| BMO Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-05C02, Class XD, IO, 144A | 2.485(cc) | &nbsp;&nbsp;11/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-05C04, Class XD, IO, 144A | 3.003(cc) | &nbsp;&nbsp;05/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-05C3, Class XD, IO, 144A | 3.088(cc) | &nbsp;&nbsp;02/15/57 | &nbsp;&nbsp;12604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-05C5, Class XD, IO, 144A | 2.711(cc) | &nbsp;&nbsp;02/15/57 | &nbsp;&nbsp;18900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5C8, Class XD, IO, 144A | 2.286(cc) | &nbsp;&nbsp;12/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;9929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806279 |
| BPR Commercial Mortgage Trust,<br> Series 2024-PARK, Class C, 144A | 6.389(cc) | &nbsp;&nbsp;11/05/39 | &nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653546 |
| BPR Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-TY, Class B, 144A, 1 Month SOFR + 1.264% (Cap N/A, Floor 1.150%) | 5.576(c) | &nbsp;&nbsp;09/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | 6.126(c) | &nbsp;&nbsp;09/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;3050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3031060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | 6.776(c) | &nbsp;&nbsp;09/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-BRK02, Class C, 144A | 8.630(cc) | &nbsp;&nbsp;10/05/38 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-PMDW, Class C, 144A | 5.850(cc) | &nbsp;&nbsp;11/05/41 | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-PMDW, Class XIO, IO, 144A | 0.208(cc) | &nbsp;&nbsp;11/05/41 | 149625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068083 |
| BSTN Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-01C, Class A, 144A | 5.548(cc) | &nbsp;&nbsp;06/15/44 | &nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10428782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-01C, Class B, 144A | 5.947(cc) | &nbsp;&nbsp;06/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;3850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3934590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-01C, Class C, 144A | 6.444(cc) | &nbsp;&nbsp;06/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-01C, Class D, 144A | 6.941(cc) | &nbsp;&nbsp;06/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840595 |
| BX Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ACNT, Class C, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | 5.926(c) | &nbsp;&nbsp;11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;1986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-XL02, Class B, 144A, 1 Month SOFR + 1.112% (Cap N/A, Floor 0.998%) | 5.424(c) | &nbsp;&nbsp;10/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;4761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4757725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-XL02, Class D, 144A, 1 Month SOFR + 1.511% (Cap N/A, Floor 1.397%) | 5.823(c) | &nbsp;&nbsp;10/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;2293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-AHP, Class E, 144A, 1 Month SOFR + 3.040% (Cap N/A, Floor 3.040%) | 7.352(c) | &nbsp;&nbsp;01/17/39 | &nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-AIR02, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, Floor 1.492%) | 5.804(c) | &nbsp;&nbsp;10/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;2878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2882924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-AIR02, Class B, 144A, 1 Month SOFR + 1.792% (Cap N/A, Floor 1.792%) | 6.104(c) | &nbsp;&nbsp;10/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;2973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-AIR02, Class C, 144A, 1 Month SOFR + 2.241% (Cap N/A, Floor 2.241%) | 6.553(c) | &nbsp;&nbsp;10/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;1247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-AIRC, Class A, 144A, 1 Month SOFR + 1.691% (Cap N/A, Floor 1.691%) | 6.003(c) | &nbsp;&nbsp;08/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;3980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3994875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-AIRC, Class D, 144A, 1 Month SOFR + 3.089% (Cap N/A, Floor 3.089%) | 7.401(c) | &nbsp;&nbsp;08/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;4912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4929792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-MDHS, Class C, 144A, 1 Month SOFR + 2.041% (Cap N/A, Floor 2.041%) | 6.352(c) | &nbsp;&nbsp;05/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;1521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-PURE, Class C, 144A, CAONREPO + 3.050% (Cap N/A, Floor 3.050%) | 5.806(c) | &nbsp;&nbsp;11/15/41 &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SPOT, Class D, 144A, 1 Month SOFR + 2.492% (Cap N/A, Floor 2.492%) | 6.804(c) | &nbsp;&nbsp;04/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8910112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SPOT, Class E, 144A, 1 Month SOFR + 3.690% (Cap N/A, Floor 3.690%) | 8.002(c) | &nbsp;&nbsp;04/15/40 | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9919919 |
| BX Commercial Mortgage Trust (Canada),<br> Series 2024-PURE, Class B, 144A, CAONREPO + 2.500% (Cap N/A, Floor 2.500%) | 5.256(c) | &nbsp;&nbsp;11/15/41 &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475146 |
| BX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-OC11, Class D, 144A | 4.075(cc) | &nbsp;&nbsp;12/09/41 | &nbsp;&nbsp;&nbsp;&nbsp;5936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5549023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ARIA, Class C, 144A, 1 Month SOFR + 1.760% (Cap N/A, Floor 1.646%) | 6.072(c) | &nbsp;&nbsp;10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;2669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ARIA, Class D, 144A, 1 Month SOFR + 2.010% (Cap N/A, Floor 1.895%) | 6.322(c) | &nbsp;&nbsp;10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;3370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363681 |

---

PGIM Securitized Credit Fund

------

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |
| BX Trust, (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ARIA, Class E, 144A, 1 Month SOFR + 2.359% (Cap N/A, Floor 2.245%) | 6.671 %(c) | &nbsp;&nbsp;10/15/36 |  | &nbsp;&nbsp;5150 | &nbsp;&nbsp; $5137125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-PAT, Class A, 144A, 1 Month SOFR + 2.090% (Cap N/A, Floor 2.090%) | 6.402(c) | &nbsp;&nbsp;03/15/41 |  | &nbsp;&nbsp;4125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4125000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-VLT04, Class C, 144A, 1 Month SOFR + 2.140% (Cap N/A, Floor 2.140%) | 6.452(c) | &nbsp;&nbsp;07/15/29 |  | &nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6386292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DIME, Class E, 144A, 1 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 7.312(c) | &nbsp;&nbsp;02/15/35 |  | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9921937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-LUNR, Class C, 144A, 1 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 6.312(c) | &nbsp;&nbsp;06/15/40 |  | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3404250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-LUNR, Class D, 144A, 1 Month SOFR + 2.500% (Cap N/A, Floor 2.500%) | 6.812(c) | &nbsp;&nbsp;06/15/40 |  | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ROIC, Class D, 144A, 1 Month SOFR + 1.993% (Cap N/A, Floor 1.993%) | 6.304(c) | &nbsp;&nbsp;03/15/30 |  | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ROIC, Class E, 144A, 1 Month SOFR + 2.941% (Cap N/A, Floor 2.941%) | 7.253(c) | &nbsp;&nbsp;03/15/30 |  | &nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6370367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-TAIL, Class E, 144A, 1 Month SOFR + 3.300% (Cap N/A, Floor 3.300%) | 7.612(c) | &nbsp;&nbsp;06/15/35 |  | &nbsp;&nbsp;9430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9431947 |
| Commercial Mortgage Trust,<br> Series 2024-277P, Class X, IO, 144A | 0.894(cc) | &nbsp;&nbsp;08/10/44 |  | 16500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449056 |
| Credit Suisse Mortgage Trust,<br> Series 2014-USA, Class A1, 144A | 3.304 | &nbsp;&nbsp;09/15/37 |  | &nbsp;&nbsp;2679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471712 |
| CSAIL Commercial Mortgage Trust,<br> Series 2015-C04, Class XB, IO | 0.250(cc) | &nbsp;&nbsp;11/15/48 |  | 25076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 |
| Deco DAC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-RAM, Class A, SONIA + 2.007% (Cap N/A, Floor 2.007%) | 6.265(c) | &nbsp;&nbsp;08/07/30 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-RAM, Class B, SONIA + 3.607% (Cap N/A, Floor 3.607%) | 7.865(c) | &nbsp;&nbsp;08/07/30 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67745 |
| Eleven Madison Mortgage Trust,<br> Series 2015-11MD, Class C, 144A | 3.673(cc) | &nbsp;&nbsp;09/10/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335854 |
| ELM Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-ELM, Class D10, 144A | 6.847(cc) | &nbsp;&nbsp;06/10/39 |  | &nbsp;&nbsp;1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-ELM, Class D15, 144A | 6.897(cc) | &nbsp;&nbsp;06/10/39 |  | &nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759312 |
| Fashion Show Mall LLC,<br> Series 2024-SHOW, Class A, 144A | 5.274(cc) | &nbsp;&nbsp;10/10/41 |  | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504932 |
| FHLMC Multifamily Structured Pass-Through Certificates, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K052, Class X1, IO | 0.745(cc) | &nbsp;&nbsp;11/25/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series K058, Class X1, IO | 1.025(cc) | &nbsp;&nbsp;08/25/26 |  | &nbsp;&nbsp;3336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26249 |
| FREMF Mortgage Trust,<br> Series 2019-K735, Class X2A, IO, 144A | 0.100 | &nbsp;&nbsp;05/25/26 |  | 89826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38652 |
| GS Mortgage Securities Corp. Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-IP, Class E, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 3.550%) | 7.976(c) | &nbsp;&nbsp;10/15/36 |  | &nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-IP, Class F, 144A, 1 Month SOFR + 4.664% (Cap N/A, Floor 4.550%) | 8.976(c) | &nbsp;&nbsp;10/15/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RVR, Class B, 144A | 5.723(cc) | &nbsp;&nbsp;08/10/41 |  | &nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8059144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-800D, Class A, 144A, 1 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 6.965(c) | &nbsp;&nbsp;11/25/41 |  | &nbsp;&nbsp;3590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3596416 |
| Hudson Yards Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SPRL, Class D, 144A | 6.551(cc) | &nbsp;&nbsp;01/13/40 |  | &nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5590719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SPRL, Class E, 144A | 6.901(cc) | &nbsp;&nbsp;01/13/40 |  | &nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003951 |
| ILPT Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-LPF2, Class A, 144A, 1 Month SOFR + 2.245% (Cap N/A, Floor 2.245%) | 6.557(c) | &nbsp;&nbsp;10/15/39 |  | &nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-LPF02, Class B, 144A | 5.537(cc) | &nbsp;&nbsp;07/15/42 |  | &nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290495 |
| IP Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-IP, Class D, 144A | 6.315(cc) | &nbsp;&nbsp;06/10/42 |  | &nbsp;&nbsp;2830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-IP, Class E, 144A | 6.846(cc) | &nbsp;&nbsp;06/10/42 |  | &nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2179672 |
| JPMBB Commercial Mortgage Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C23, Class A5 | 3.934 | &nbsp;&nbsp;09/15/47 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C33, Class XB, IO | 0.510(cc) | &nbsp;&nbsp;12/15/48 |  | &nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635 |
| Last Mile Logistics Pan Euro Finance DAC (Ireland),<br> Series 01A, Class D, 144A, 3 Month EURIBOR + 1.900% (Cap N/A, Floor 1.900%) | 4.027(c) | &nbsp;&nbsp;08/17/33 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115015 |
| LBA Trust,<br> Series 2024-BOLT, Class D, 144A, 1 Month SOFR + 2.590% (Cap N/A, Floor 2.590%) | 6.901(c) | &nbsp;&nbsp;06/15/39 |  | &nbsp;&nbsp;3120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112200 |
| MHC Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-MHC, Class A, 144A, 1 Month SOFR + 0.915% (Cap N/A, Floor 0.801%) | 5.227(c) | &nbsp;&nbsp;04/15/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%) | 7.027(c) | &nbsp;&nbsp;04/15/38 |  | &nbsp;&nbsp;1366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365600 |
| Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C21, Class XB, IO, 144A | 0.088(cc) | &nbsp;&nbsp;03/15/48 |  | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5C1, Class XD, IO, 144A | 2.859(cc) | &nbsp;&nbsp;03/15/58 |  | 14216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530967 |
| MTN Commercial Mortgage Trust,<br> Series 2022-LPFL, Class A, 144A, 1 Month SOFR + 1.397% (Cap N/A, Floor 1.397%) | 5.717(c) | &nbsp;&nbsp;03/15/39 |  | &nbsp;&nbsp;7250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7245469 |

---

------

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** | **Commercial Mortgage-Backed Securities (Continued)** |
| New York City Housing Development Corp.,<br> Series 2024-08SPR, Class A | 5.458% | &nbsp;&nbsp;12/15/43 |  | &nbsp;&nbsp;4800 | &nbsp;&nbsp; $4930396 |
| NYC Commercial Mortgage Trust,<br> Series 2025-03BP, Class E, 144A, 1 Month SOFR + 3.540% (Cap N/A, Floor 3.540%) | 7.851(c) | &nbsp;&nbsp;02/15/42 |  | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9863810 |
| ONE Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PARK, Class A, 144A, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) | 5.126(c) | &nbsp;&nbsp;03/15/36 |  | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4908432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PARK, Class B, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%) | 5.376(c) | &nbsp;&nbsp;03/15/36 |  | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PARK, Class C, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 1.100%) | 5.526(c) | &nbsp;&nbsp;03/15/36 |  | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | 5.926(c) | &nbsp;&nbsp;03/15/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PARK, Class E, 144A, 1 Month SOFR + 1.864% (Cap N/A, Floor 1.750%) | 6.176(c) | &nbsp;&nbsp;03/15/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367387 |
| One New York Plaza Trust,<br> Series 2020-01NYP, Class AJ, 144A, 1 Month SOFR + 1.364% (Cap N/A, Floor 1.250%) | 5.676(c) | &nbsp;&nbsp;01/15/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578761 |
| ROCK Trust,<br> Series 2024-CNTR, Class E, 144A | 8.819 | &nbsp;&nbsp;11/13/41 |  | &nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7890580 |
| Salus European Loan Conduit DAC (United Kingdom),<br> Series 33A, Class A, 144A, SONIA + 1.969% (Cap 6.850%, Floor 1.500%) | 6.465(c) | &nbsp;&nbsp;01/23/32 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;1961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699622 |
| SCG Commercial Mortgage Trust,<br> Series 2025-DLFN, Class E, 144A, 1 Month SOFR + 2.950% (Cap N/A, Floor 2.950%) | 7.262(c) | &nbsp;&nbsp;03/15/35 |  | &nbsp;&nbsp;9825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9575569 |
| SREIT Trust,<br> Series 2021-MFP, Class F, 144A, 1 Month SOFR + 2.739% (Cap N/A, Floor 2.625%) | 7.051(c) | &nbsp;&nbsp;11/15/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218099 |
| Taurus CMBS (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-UK3A, Class D, 144A, SONIA + 2.800% (Cap N/A, Floor 0.000%) | 7.042(c) | &nbsp;&nbsp;07/20/35 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-UK3A, Class E, 144A, SONIA + 3.800% (Cap N/A, Floor 0.000%) | 8.042(c) | &nbsp;&nbsp;07/20/35 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058975 |
| Taurus DAC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-UK01A, Class D, 144A, SONIA + 2.600% (Cap N/A, Floor 2.600%) | 6.837(c) | &nbsp;&nbsp;05/17/31 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-UK04A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%) | 6.337(c) | &nbsp;&nbsp;08/17/31 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219693 |
| TCO Commercial Mortgage Trust,<br> Series 2024-DPM, Class C, 144A, 1 Month SOFR + 1.992% (Cap N/A, Floor 1.992%) | 6.304(c) | &nbsp;&nbsp;12/15/39 |  | &nbsp;&nbsp;4920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4907700 |
| UK Logistics DAC (United Kingdom),<br> Series 2024-01A, Class B, 144A, SONIA + 2.550% (Cap N/A, Floor 2.550%) | 6.787(c) | &nbsp;&nbsp;05/17/34 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2582428 |
| VNDO Trust,<br> Series 2016-350P, Class D, 144A | 4.033(cc) | &nbsp;&nbsp;01/10/35 |  | 10030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9756974 |
| WCORE Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CORE, Class C, 144A, 1 Month SOFR + 2.241% (Cap N/A, Floor 2.241%) | 6.553(c) | &nbsp;&nbsp;11/15/41 |  | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CORE, Class D, 144A, 1 Month SOFR + 2.940% (Cap N/A, Floor 2.940%) | 7.252(c) | &nbsp;&nbsp;11/15/41 |  | &nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8002500 |
| Wells Fargo Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-P02, Class XB, IO | 0.558(cc) | &nbsp;&nbsp;12/15/48 |  | &nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FCMT, Class C, 144A, 1 Month SOFR + 2.514% (Cap N/A, Floor 2.400%) | 6.826(c) | &nbsp;&nbsp;05/15/31 |  | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FCMT, Class D, 144A, 1 Month SOFR + 3.614% (Cap N/A, Floor 3.500%) | 7.926(c) | &nbsp;&nbsp;05/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FCMT, Class E, 144A, 1 Month SOFR + 4.614% (Cap N/A, Floor 4.500%) | 8.926(c) | &nbsp;&nbsp;05/15/31 |  | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-01CHI, Class D, 144A | 6.932(cc) | &nbsp;&nbsp;07/15/35 |  | &nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-01CHI, Class E, 144A | 7.827(cc) | &nbsp;&nbsp;07/15/35 |  | &nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5C1, Class XD, IO, 144A | 2.863(cc) | &nbsp;&nbsp;07/15/57 |  | 13169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-GRP, Class B, 144A, 1 Month SOFR + 2.291% (Cap N/A, Floor 2.291%) | 6.602(c) | &nbsp;&nbsp;10/15/41 |  | &nbsp;&nbsp;2850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-GRP, Class C, 144A, 1 Month SOFR + 2.940% (Cap N/A, Floor 2.940%) | 7.251(c) | &nbsp;&nbsp;10/15/41 |  | &nbsp;&nbsp;4650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4666254 |
| WHARF Commercial Mortgage Trust,<br> Series 2025-DC, Class E, 144A | 7.724(cc) | &nbsp;&nbsp;07/15/40 |  | &nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6146426 |
| **Total Commercial Mortgage-Backed Securities<br> (cost $367,921,509)** | **Total Commercial Mortgage-Backed Securities<br> (cost $367,921,509)** | **Total Commercial Mortgage-Backed Securities<br> (cost $367,921,509)** | **Total Commercial Mortgage-Backed Securities<br> (cost $367,921,509)** | **Total Commercial Mortgage-Backed Securities<br> (cost $367,921,509)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368975615 |
| **Floating Rate and Other Loans 0.0%** | **Floating Rate and Other Loans 0.0%** | **Floating Rate and Other Loans 0.0%** | **Floating Rate and Other Loans 0.0%** | **Floating Rate and Other Loans 0.0%** | **Floating Rate and Other Loans 0.0%** |
| **Auto Parts & Equipment 0.0%** | **Auto Parts & Equipment 0.0%** | **Auto Parts & Equipment 0.0%** | **Auto Parts & Equipment 0.0%** | **Auto Parts & Equipment 0.0%** | **Auto Parts & Equipment 0.0%** |
| Tenneco, Inc.,<br> Term B Loan, 3 Month SOFR + 5.000% | 9.422(c) | &nbsp;&nbsp;11/17/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341687 |
| **Electric 0.0%** | **Electric 0.0%** | **Electric 0.0%** | **Electric 0.0%** | **Electric 0.0%** | **Electric 0.0%** |
| Heritage Power LLC,<br> Term Loan, 3 Month SOFR + 5.500%^ | 9.799(c) | &nbsp;&nbsp;07/20/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13576 |

---

PGIM Securitized Credit Fund

------

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Entertainment 0.0%** | **Entertainment 0.0%** | **Entertainment 0.0%** | **Entertainment 0.0%** | **Entertainment 0.0%** |
| Allen Media LLC,<br> Term B Loan, 3 Month SOFR + 5.500% | &nbsp;&nbsp;9.946 %(c) | &nbsp;&nbsp;02/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp; $182577 |
| **Internet 0.0%** | **Internet 0.0%** | **Internet 0.0%** | **Internet 0.0%** | **Internet 0.0%** |
| Diamond Sports Net LLC,<br> First Lien Exit Term Loan | 15.000 | &nbsp;&nbsp;01/02/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19535 |
| **Total Floating Rate and Other Loans<br> (cost $634,729)** | **Total Floating Rate and Other Loans<br> (cost $634,729)** | **Total Floating Rate and Other Loans<br> (cost $634,729)** | **Total Floating Rate and Other Loans<br> (cost $634,729)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557375 |
| **Residential Mortgage-Backed Securities 23.4%** | **Residential Mortgage-Backed Securities 23.4%** | **Residential Mortgage-Backed Securities 23.4%** | **Residential Mortgage-Backed Securities 23.4%** | **Residential Mortgage-Backed Securities 23.4%** |
| Anchor Mortgage Trust,<br> Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;5.718(cc) | &nbsp;&nbsp;05/25/40 | &nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3299934 |
| Angel Oak Mortgage Trust,<br> Series 2025-03, Class A1, 144A | &nbsp;&nbsp;5.420(cc) | &nbsp;&nbsp;03/25/70 | &nbsp;&nbsp;9532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9529199 |
| Bayview Financing Trust,<br> Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 4.000%)^ | &nbsp;&nbsp;8.314(c) | &nbsp;&nbsp;07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418601 |
| Bellemeade Re Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-01, Class M1C, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;8.005(c) | &nbsp;&nbsp;01/26/32 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-01, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.200%) | &nbsp;&nbsp;6.455(c) | &nbsp;&nbsp;08/25/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-01, Class M1B, 144A, 30 Day Average SOFR + 3.200% (Cap N/A, Floor 3.150%) | &nbsp;&nbsp;7.505(c) | &nbsp;&nbsp;08/25/34 | &nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4651832 |
| BRAVO Residential Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;5.678(cc) | &nbsp;&nbsp;11/25/64 | &nbsp;&nbsp;3701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3719197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM05, Class A3, 144A | &nbsp;&nbsp;5.800(cc) | &nbsp;&nbsp;02/25/65 | &nbsp;&nbsp;1363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM06, Class A1, 144A | &nbsp;&nbsp;5.333(cc) | &nbsp;&nbsp;06/25/65 | 20200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20184169 |
| CIM Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;4.750(cc) | &nbsp;&nbsp;06/25/64 | &nbsp;&nbsp;3438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-I01, Class A1, 144A | &nbsp;&nbsp;5.655(cc) | &nbsp;&nbsp;10/25/69 | &nbsp;&nbsp;7139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7195571 |
| Citigroup Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RP02, Class A2, 144A | &nbsp;&nbsp;4.225(cc) | &nbsp;&nbsp;02/25/63 | &nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RP02, Class B1, 144A | &nbsp;&nbsp;4.225(cc) | &nbsp;&nbsp;02/25/63 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RP02, Class B2, 144A | &nbsp;&nbsp;0.000(cc) | &nbsp;&nbsp;02/25/63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RP02, Class B3, PO, 144A | 11.462(s) | &nbsp;&nbsp;02/25/63 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RP02, Class B4, PO, 144A | 14.947(s) | &nbsp;&nbsp;02/25/63 | &nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RP02, Class M1, 144A | &nbsp;&nbsp;4.225(cc) | &nbsp;&nbsp;02/25/63 | &nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RP02, Class M2, 144A | &nbsp;&nbsp;4.225(cc) | &nbsp;&nbsp;02/25/63 | &nbsp;&nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RP02, Class SA, 144A | &nbsp;&nbsp;0.000(cc) | &nbsp;&nbsp;02/25/63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RP02, Class X, IO, 144A | &nbsp;&nbsp;0.000(cc) | &nbsp;&nbsp;02/25/63 | &nbsp;&nbsp;9026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RP01, Class A1, 144A | &nbsp;&nbsp;4.083(cc) | &nbsp;&nbsp;01/25/64 | &nbsp;&nbsp;5194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4903797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RP01, Class A2, 144A | &nbsp;&nbsp;4.031(cc) | &nbsp;&nbsp;01/25/64 | &nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RP01, Class B1, 144A | &nbsp;&nbsp;4.031(cc) | &nbsp;&nbsp;01/25/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RP01, Class B2, 144A | &nbsp;&nbsp;4.031(cc) | &nbsp;&nbsp;01/25/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RP01, Class B3, 144A | &nbsp;&nbsp;4.031(cc) | &nbsp;&nbsp;01/25/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RP01, Class B4, 144A | &nbsp;&nbsp;4.031(cc) | &nbsp;&nbsp;01/25/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RP01, Class M1, 144A | &nbsp;&nbsp;4.031(cc) | &nbsp;&nbsp;01/25/64 | &nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RP01, Class M2, 144A | &nbsp;&nbsp;4.031(cc) | &nbsp;&nbsp;01/25/64 | &nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RP01, Class SA, 144A | &nbsp;&nbsp;0.000(cc) | &nbsp;&nbsp;01/25/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RP01, Class X, IO, 144A | &nbsp;&nbsp;0.000(cc) | &nbsp;&nbsp;01/25/64 | &nbsp;&nbsp;6081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 |
| COLT Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-03, Class A1, 144A | &nbsp;&nbsp;5.352(cc) | &nbsp;&nbsp;03/25/70 | &nbsp;&nbsp;8193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8208439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-05, Class M1, 144A | &nbsp;&nbsp;6.296(cc) | &nbsp;&nbsp;05/25/70 | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-INV02, Class A1, 144A | &nbsp;&nbsp;5.601(cc) | &nbsp;&nbsp;02/25/70 | &nbsp;&nbsp;6928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6967118 |
| Connecticut Avenue Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;7.405(c) | &nbsp;&nbsp;10/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R01, Class 1B2, 144A, 30 Day Average SOFR + 6.000% (Cap N/A, Floor 0.000%) | 10.305(c) | &nbsp;&nbsp;10/25/41 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4175661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | 10.555(c) | &nbsp;&nbsp;03/25/42 | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3247439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;9.555(c) | &nbsp;&nbsp;03/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R07, Class 1B1, 144A, 30 Day Average SOFR + 6.800% (Cap N/A, Floor 0.000%) | 11.106(c) | &nbsp;&nbsp;06/25/42 | &nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6380445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R08, Class 1B1, 144A, 30 Day Average SOFR + 5.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;9.905(c) | &nbsp;&nbsp;07/25/42 | &nbsp;&nbsp;3520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3794338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R02, Class 1B1, 144A, 30 Day Average SOFR + 5.550% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;9.855(c) | &nbsp;&nbsp;01/25/43 | &nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8722974 |

---

------

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Residential Mortgage-Backed Securities (Continued)** | **Residential Mortgage-Backed Securities (Continued)** | **Residential Mortgage-Backed Securities (Continued)** | **Residential Mortgage-Backed Securities (Continued)** | **Residential Mortgage-Backed Securities (Continued)** | **Residential Mortgage-Backed Securities (Continued)** |
| Connecticut Avenue Securities Trust, (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R05, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 7.406 %(c) | &nbsp;&nbsp;06/25/43 |  | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp; $626003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | 6.005(c) | &nbsp;&nbsp;07/25/44 |  | &nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R06, Class 1B1, 144A, 30 Day Average SOFR + 2.050% (Cap N/A, Floor 0.000%) | 6.355(c) | &nbsp;&nbsp;09/25/44 |  | &nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310766 |
| COOPR Residential Mortgage Trust,<br> Series 2025-CES02, Class M1, 144A | 6.130(cc) | &nbsp;&nbsp;06/25/60 |  | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028163 |
| Cross Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-H02, Class A1, 144A | 5.356(cc) | &nbsp;&nbsp;03/25/70 |  | &nbsp;&nbsp;8082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8082603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-H04, Class A2, 144A | 5.778(cc) | &nbsp;&nbsp;06/25/70 |  | &nbsp;&nbsp;5408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5447036 |
| EFMT, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES01, Class A2, 144A | 5.796(cc) | &nbsp;&nbsp;01/26/60 |  | &nbsp;&nbsp;4685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4727580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CES01, Class A1A, 144A | 5.726(cc) | &nbsp;&nbsp;01/25/60 |  | &nbsp;&nbsp;6028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-INV01, Class A1, 144A | 5.626(cc) | &nbsp;&nbsp;03/25/70 |  | &nbsp;&nbsp;7472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7490955 |
| Fannie Mae Connecticut Avenue Securities,<br> Series 2025-R03, Class 2M2, 144A, 30 Day Average SOFR + 2.250% (Cap N/A, Floor 0.000%) | 6.555(c) | &nbsp;&nbsp;03/25/45 |  | &nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045866 |
| FHLMC Structured Agency Credit Risk REMIC Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) | 7.305(c) | &nbsp;&nbsp;12/25/50 |  | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA01, Class M2, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 0.000%) | 5.655(c) | &nbsp;&nbsp;01/25/45 |  | &nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5293418 |
| INCREF LLC,<br> Series 2025-FL01, Class A, 144A, 1 Month SOFR + 1.728% (Cap N/A, Floor 1.728%) | 6.046(c) | &nbsp;&nbsp;10/19/42 |  | &nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9017714 |
| JPMorgan Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CES01, Class A1, 144A | 5.666(cc) | &nbsp;&nbsp;05/25/55 |  | &nbsp;&nbsp;6226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6256451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM02, Class A2, 144A | 5.770(cc) | &nbsp;&nbsp;09/25/65 |  | &nbsp;&nbsp;6880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6904058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-VIS02, Class A1, 144A | 5.385(cc) | &nbsp;&nbsp;01/25/63 |  | &nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8005962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-VIS02, Class A3, 144A | 5.739(cc) | &nbsp;&nbsp;01/25/63 |  | &nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-VIS02, Class M1, 144A | 6.204(cc) | &nbsp;&nbsp;01/25/63 |  | &nbsp;&nbsp;4943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946797 |
| Kinbane DAC (Ireland),<br> Series 2024-RPL2A, Class C, 144A, 1 Month EURIBOR + 2.650% (Cap N/A, Floor 0.000%) | 4.738(c) | &nbsp;&nbsp;01/24/63 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227273 |
| Legacy Mortgage Asset Trust,<br> Series 2025-PR01, Class A1, 144A | 6.000(cc) | &nbsp;&nbsp;01/25/61 |  | 20868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20810040 |
| LHOME Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL04, Class A1, 144A | 5.921(cc) | &nbsp;&nbsp;07/25/39 |  | &nbsp;&nbsp;7733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7773560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL05, Class A1, 144A | 5.323(cc) | &nbsp;&nbsp;09/25/39 |  | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3988769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RTL01, Class A1, 144A | 5.652(cc) | &nbsp;&nbsp;01/25/40 |  | &nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7422529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RTL02, Class A1, 144A | 5.612(cc) | &nbsp;&nbsp;04/25/40 |  | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008321 |
| Lincoln Senior Participation Trust,<br> Series 2024-01, Class A1X, 144A, 1 Month SOFR + 3.000%^ | 7.070 | &nbsp;&nbsp;08/04/25 |  | &nbsp;&nbsp;9307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9306750 |
| Lugo Funding DAC (Spain),<br> Series 2024-01A, Class C, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | 4.049(c) | &nbsp;&nbsp;05/26/66 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;3535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4045161 |
| MFA Trust,<br> Series 2025-NQM01, Class A1, 144A | 5.441(cc) | &nbsp;&nbsp;03/25/70 |  | &nbsp;&nbsp;4758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764980 |
| Morgan Stanley Residential Mortgage Loan Trust,<br> Series 2025-NQM02, Class A1, 144A | 5.627(cc) | &nbsp;&nbsp;01/25/70 |  | &nbsp;&nbsp;9609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9659190 |
| NLT Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-INV01, Class A1, 144A | 5.506(cc) | &nbsp;&nbsp;02/25/70 |  | 13044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13111922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-INV01, Class A2, 144A | 5.708(cc) | &nbsp;&nbsp;02/25/70 |  | &nbsp;&nbsp;1462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-INV01, Class A3, 144A | 5.860(cc) | &nbsp;&nbsp;02/25/70 |  | &nbsp;&nbsp;2510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-INV01, Class AIOS, 144A | 0.399(cc) | &nbsp;&nbsp;02/25/70 |  | 19796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-INV01, Class B1, 144A | 6.604(cc) | &nbsp;&nbsp;02/25/70 |  | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-INV01, Class B2, 144A | 6.604(cc) | &nbsp;&nbsp;02/25/70 |  | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-INV01, Class B3, 144A | 6.604(cc) | &nbsp;&nbsp;02/25/70 |  | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-INV01, Class M1, 144A | 6.314(cc) | &nbsp;&nbsp;02/25/70 |  | &nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-INV01, Class XS, 144A^ | 0.901(cc) | &nbsp;&nbsp;02/25/70 |  | 19796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663152 |
| Oaktown Re VII Ltd.,<br> Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | 7.205(c) | &nbsp;&nbsp;04/25/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616601 |
| OBX Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM12, Class M1, 144A | 5.933(cc) | &nbsp;&nbsp;07/25/64 |  | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM02, Class A1, 144A | 5.597(cc) | &nbsp;&nbsp;11/25/64 |  | &nbsp;&nbsp;3714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3727180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM03, Class A1, 144A | 5.648(cc) | &nbsp;&nbsp;12/01/64 |  | &nbsp;&nbsp;7367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7407174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM04, Class A1, 144A | 5.400(cc) | &nbsp;&nbsp;02/25/55 |  | &nbsp;&nbsp;8116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8119146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM10, Class M1, 144A | 6.042(cc) | &nbsp;&nbsp;05/25/65 |  | &nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3821665 |

---

PGIM Securitized Credit Fund

------

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Residential Mortgage-Backed Securities (Continued)** | **Residential Mortgage-Backed Securities (Continued)** | **Residential Mortgage-Backed Securities (Continued)** | **Residential Mortgage-Backed Securities (Continued)** | **Residential Mortgage-Backed Securities (Continued)** |
| OBX Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM11, Class M1, 144A | 6.149 %(cc) | &nbsp;&nbsp;05/25/65 | 10000 | &nbsp;&nbsp; $10009723 |
| PMT Credit Risk Transfer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | 7.805(c) | &nbsp;&nbsp;05/25/33 | &nbsp;&nbsp;4903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5023105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 7.658(c) | &nbsp;&nbsp;03/29/27 | &nbsp;&nbsp;5559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5686972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 7.408(c) | &nbsp;&nbsp;09/27/28 | &nbsp;&nbsp;2096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095599 |
| PRET LLC,<br> Series 2025-NPL05, Class A1, 144A | 6.244(cc) | &nbsp;&nbsp;05/25/55 | &nbsp;&nbsp;7242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7270243 |
| PRET Trust,<br> Series 2025-NPL01, Class A1, 144A | 6.063(cc) | &nbsp;&nbsp;02/25/55 | &nbsp;&nbsp;7267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7289850 |
| PRPM LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-04, Class A1, 144A | 6.414(cc) | &nbsp;&nbsp;08/25/29 | &nbsp;&nbsp;2182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-05, Class A1, 144A | 5.689(cc) | &nbsp;&nbsp;09/25/29 | &nbsp;&nbsp;1853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-06, Class A1, 144A | 5.699(cc) | &nbsp;&nbsp;11/25/29 | &nbsp;&nbsp;2412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RCF06, Class A3, 144A | 4.000(cc) | &nbsp;&nbsp;10/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-02, Class A1, 144A | 6.469(cc) | &nbsp;&nbsp;05/25/30 | &nbsp;&nbsp;5092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5085976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-04, Class A1, 144A | 6.179(cc) | &nbsp;&nbsp;06/25/30 | &nbsp;&nbsp;7163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7212794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RCF01, Class A2, 144A | 4.500(cc) | &nbsp;&nbsp;02/25/55 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RCF01, Class A3, 144A | 4.500(cc) | &nbsp;&nbsp;02/25/55 | &nbsp;&nbsp;1766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RCF03, Class A1, 144A | 5.250(cc) | &nbsp;&nbsp;07/25/55 | &nbsp;&nbsp;7752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7745949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RCF03, Class A3, 144A | 5.250(cc) | &nbsp;&nbsp;07/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL01, Class A1, 144A | 4.000(cc) | &nbsp;&nbsp;03/25/55 | 10764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10475479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL01, Class A2, 144A | 4.000(cc) | &nbsp;&nbsp;03/25/55 | &nbsp;&nbsp;1987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL01, Class A3, 144A | 4.000(cc) | &nbsp;&nbsp;03/25/55 | &nbsp;&nbsp;1172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL01, Class M1A, 144A | 4.000(cc) | &nbsp;&nbsp;03/25/55 | &nbsp;&nbsp;1144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL01, Class M1B, 144A | 4.000(cc) | &nbsp;&nbsp;03/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356340 |
| PRPM Trust,<br> Series 2025-NQM01, Class A1, 144A | 5.802(cc) | &nbsp;&nbsp;11/25/69 | &nbsp;&nbsp;7002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7059167 |
| Radnor Re Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | 8.005(c) | &nbsp;&nbsp;11/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) | 7.005(c) | &nbsp;&nbsp;07/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | 6.305(c) | &nbsp;&nbsp;09/25/34 | &nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-01, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | 7.205(c) | &nbsp;&nbsp;09/25/34 | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925384 |
| RCKT Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES08, Class A2, 144A | 5.659(cc) | &nbsp;&nbsp;11/25/44 | &nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4699256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES08, Class A3, 144A | 5.908(cc) | &nbsp;&nbsp;11/25/44 | &nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES09, Class A1A, 144A | 5.582(cc) | &nbsp;&nbsp;12/25/44 | &nbsp;&nbsp;1935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES09, Class A2, 144A | 5.830(cc) | &nbsp;&nbsp;12/25/44 | &nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CES01, Class A2, 144A | 5.913(cc) | &nbsp;&nbsp;01/25/45 | &nbsp;&nbsp;8250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8321532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CES06, Class M1, 144A^ | 6.158(cc) | &nbsp;&nbsp;06/25/55 | &nbsp;&nbsp;3705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704981 |
| RCO Mortgage LLC,<br> Series 2025-03, Class A1, 144A | 6.435(cc) | &nbsp;&nbsp;05/25/30 | &nbsp;&nbsp;6653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6593422 |
| Roc Mortgage Trust,<br> Series 2025-RTL01, Class A1, 144A | 5.625(cc) | &nbsp;&nbsp;02/25/40 | &nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8818184 |
| Santander Mortgage Asset Receivable Trust,<br> Series 2025-NQM01, Class A1, 144A | 5.545(cc) | &nbsp;&nbsp;01/25/65 | &nbsp;&nbsp;8553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8576415 |
| Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CES01, Class A1A, 144A | 6.750(cc) | &nbsp;&nbsp;07/25/63 | &nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CES01, Class A2, 144A^ | 5.926(cc) | &nbsp;&nbsp;02/25/55 | &nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8999757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CES01, Class M1, 144A^ | 6.076(cc) | &nbsp;&nbsp;02/25/55 | &nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6499942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CES01, Class M2A, 144A^ | 6.574(cc) | &nbsp;&nbsp;02/25/55 | &nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4799995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CES01, Class M2B, 144A^ | 6.872(cc) | &nbsp;&nbsp;02/25/55 | &nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999956 |
| VCAT LLC,<br> Series 2025-NPL03, Class A1, 144A | 5.889(cc) | &nbsp;&nbsp;02/25/55 | &nbsp;&nbsp;5083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5085889 |
| Verus Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-02, Class A1, 144A | 5.307(cc) | &nbsp;&nbsp;03/25/70 | &nbsp;&nbsp;7988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7988650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-05, Class M1, 144A | 6.014(cc) | &nbsp;&nbsp;06/25/70 | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4531545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-INV01, Class A1, 144A | 5.548(cc) | &nbsp;&nbsp;02/25/70 | &nbsp;&nbsp;7684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7713959 |
| **Total Residential Mortgage-Backed Securities<br> (cost $510,010,052)** | **Total Residential Mortgage-Backed Securities<br> (cost $510,010,052)** | **Total Residential Mortgage-Backed Securities<br> (cost $510,010,052)** | **Total Residential Mortgage-Backed Securities<br> (cost $510,010,052)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512208184 |

---

------

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **U.S. Treasury Obligations(k) 0.2%** | **U.S. Treasury Obligations(k) 0.2%** | **U.S. Treasury Obligations(k) 0.2%** | **U.S. Treasury Obligations(k) 0.2%** | **U.S. Treasury Obligations(k) 0.2%** |
| U.S. Treasury Notes | 3.500% | &nbsp;&nbsp;09/30/26 | &nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp; $248731 |
| U.S. Treasury Notes(h) | 4.125 | &nbsp;&nbsp;01/31/27 | &nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552578 |
| U.S. Treasury Notes(h) | 4.250 | &nbsp;&nbsp;11/30/26 | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708898 |
| U.S. Treasury Notes(h) | 4.250 | &nbsp;&nbsp;12/31/26 | &nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543206 |
| **Total U.S. Treasury Obligations<br> (cost $3,039,712)** | **Total U.S. Treasury Obligations<br> (cost $3,039,712)** | **Total U.S. Treasury Obligations<br> (cost $3,039,712)** | **Total U.S. Treasury Obligations<br> (cost $3,039,712)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3053413 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Affiliated Exchange-Traded Fund 1.7%** | **Affiliated Exchange-Traded Fund 1.7%** | **Affiliated Exchange-Traded Fund 1.7%** |
| PGIM AAA CLO ETF<br> (cost $37,084,176)(wa) | &nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37301250 |
| **Common Stocks 0.0%** | **Common Stocks 0.0%** | **Common Stocks 0.0%** |
| **Interactive Media & Services 0.0%** | **Interactive Media & Services 0.0%** | **Interactive Media & Services 0.0%** |
| Diamond Sports Group LLC\* | &nbsp;&nbsp;&nbsp;&nbsp;3163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43491 |
| **Oil, Gas & Consumable Fuels 0.0%** | **Oil, Gas & Consumable Fuels 0.0%** | **Oil, Gas & Consumable Fuels 0.0%** |
| Heritage Power LLC\*(x) | &nbsp;&nbsp;&nbsp;&nbsp;1852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105101 |
| Heritage Power LLC\*(x) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4597 |
| Heritage Power LLC\*^(x) | &nbsp;&nbsp;&nbsp;&nbsp;2132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110764 |
| **Total Common Stocks<br> (cost $28,534)** | **Total Common Stocks<br> (cost $28,534)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154255 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Units** |  |
| **Warrants\* 0.0%** | **Warrants\* 0.0%** | **Warrants\* 0.0%** |
| **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
| Diamond Sports Group LLC, expiring 06/30/26<br> (cost $0) | 5916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314 |
| **Total Long-Term Investments<br> (cost $2,135,013,823)** | **Total Long-Term Investments<br> (cost $2,135,013,823)** | &nbsp;&nbsp;&nbsp;&nbsp;2175614335 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** |  |
| **Short-Term Investments 2.8%** | **Short-Term Investments 2.8%** | **Short-Term Investments 2.8%** |
| **Affiliated Mutual Fund 2.8%** |  |  |
| PGIM Core Government Money Market Fund (7-day effective yield 4.508%)<br> (cost $61,421,485)(wa) | &nbsp;&nbsp;61421485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61421485 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** |  |
| **U.S. Treasury Obligations(k)(n) 0.0%** | **U.S. Treasury Obligations(k)(n) 0.0%** | **U.S. Treasury Obligations(k)(n) 0.0%** | **U.S. Treasury Obligations(k)(n) 0.0%** | **U.S. Treasury Obligations(k)(n) 0.0%** |
| U.S. Treasury Bills | 3.978% | &nbsp;&nbsp;09/04/25 | &nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198462 |
| U.S. Treasury Bills | 4.223 | &nbsp;&nbsp;11/28/25 | &nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589681 |

---

PGIM Securitized Credit Fund

------

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **U.S. Treasury Obligations(k)(n) (Continued)** | **U.S. Treasury Obligations(k)(n) (Continued)** | **U.S. Treasury Obligations(k)(n) (Continued)** | **U.S. Treasury Obligations(k)(n) (Continued)** | **U.S. Treasury Obligations(k)(n) (Continued)** |
| U.S. Treasury Bills | 4.244% | &nbsp;&nbsp;07/24/25 | 200 | &nbsp;&nbsp; $199468 |
| **Total U.S. Treasury Obligations<br> (cost $987,945)** | **Total U.S. Treasury Obligations<br> (cost $987,945)** | **Total U.S. Treasury Obligations<br> (cost $987,945)** | **Total U.S. Treasury Obligations<br> (cost $987,945)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987611 |
| **Total Short-Term Investments<br> (cost $62,409,430)** | **Total Short-Term Investments<br> (cost $62,409,430)** | **Total Short-Term Investments<br> (cost $62,409,430)** | **Total Short-Term Investments<br> (cost $62,409,430)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62409096 |
| **TOTAL INVESTMENTS 102.1%<br> (cost $2,197,423,253)** | **TOTAL INVESTMENTS 102.1%<br> (cost $2,197,423,253)** | **TOTAL INVESTMENTS 102.1%<br> (cost $2,197,423,253)** | **TOTAL INVESTMENTS 102.1%<br> (cost $2,197,423,253)** | &nbsp;&nbsp;&nbsp;&nbsp;2238023431 |
| Liabilities in excess of other assets(z) (2.1)% | Liabilities in excess of other assets(z) (2.1)% | Liabilities in excess of other assets(z) (2.1)% | Liabilities in excess of other assets(z) (2.1)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46673151) |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp;$2191350280 |

---

------

Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:

CAD—Canadian Dollar <br> EUR—Euro <br> GBP—British Pound

---

| |
|:---|
| 144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. |
| A—Annual payment frequency for swaps |
| BOA—Bank of America, N.A. |
| CITI—Citibank, N.A. |
| CLO—Collateralized Loan Obligation |
| CME—Chicago Mercantile Exchange |
| DAC—Designated Activity Company |
| ETF—Exchange-Traded Fund |
| EURIBOR—Euro Interbank Offered Rate |
| FHLMC—Federal Home Loan Mortgage Corporation |
| FREMF—Freddie Mac Mortgage Trust |
| GSI—Goldman Sachs International |
| HSBC—HSBC Bank PLC |
| IO—Interest Only (Principal amount represents notional) |
| JPM—JPMorgan Chase Bank N.A. |
| LP—Limited Partnership |
| M—Monthly payment frequency for swaps |
| MSI—Morgan Stanley & Co International PLC |
| MTN—Medium Term Note |
| N/A—Not Applicable |
| OTC—Over-the-counter |
| PO—Principal Only |
| REMIC—Real Estate Mortgage Investment Conduit |
| SCB—Standard Chartered Bank |
| SOFR—Secured Overnight Financing Rate |
| SONIA—Sterling Overnight Index Average |
| UAG—UBS AG |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| # | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $38,566,938 and 1.8% of net assets. |
| (c) | Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2025. |
| (cc) | Variable rate instrument. The rate shown is based on the latest available information as of June 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
| (h) | Represents security, or a portion thereof, segregated as collateral for OTC derivatives. |
| (k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
| (n) | Rate shown reflects yield to maturity at purchased date. |
| (r) | Principal or notional amount is less than $500 par. |
| (s) | Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date. |
| (wa) | Represents investments in Funds affiliated with the Manager. |
| (x) | The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law. |

---

------

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited) (continued)
(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition<br> Date** | **Original<br> Cost** | **Market<br> Value** | **Percentage<br> of<br> Net Assets** |
| 20 Times Square Trust, Series 2018-20TS, Class H, 144A, 3.203%, 05/15/35(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/28/19 | $94181 | $73500 | 0.0% |
| 20 Times Square Trust, Series 2018-20TS, Class G, 144A, 3.203%, 05/15/35(cc) | 06/28/19-08/26/20 | &nbsp;&nbsp;&nbsp;184522 | &nbsp;&nbsp;&nbsp;157000 | 0.0 |
| 20 Times Square Trust, Series 2018-20TS, Class F, 144A, 3.203%, 05/15/35(cc) | 08/26/20-04/07/22 | &nbsp;&nbsp;&nbsp;483088 | &nbsp;&nbsp;&nbsp;416000 | 0.0 |
| Heritage Power LLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/21/23 | &nbsp;&nbsp;&nbsp;&nbsp;19188 | &nbsp;&nbsp;&nbsp;105101 | 0.0 |
| Heritage Power LLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/21/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4597 | 0.0 |
| Heritage Power LLC\*^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/21/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066 | 0.0 |
| &nbsp;&nbsp;&nbsp;**Total** |  | $782045 | $757264 | 0.0% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts outstanding at June 30, 2025:** | **Futures contracts outstanding at June 30, 2025:** | **Futures contracts outstanding at June 30, 2025:** | **Futures contracts outstanding at June 30, 2025:** | **Futures contracts outstanding at June 30, 2025:** |
| **Number<br> of<br> Contracts** | **Type** | **Expiration<br> Date** | **Current<br> Notional<br> Amount** | **Value /<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long Positions:** | **Long Positions:** | **Long Positions:** | **Long Positions:** | **Long Positions:** |
| 774 | 3 Month CME SOFR | Sep. 2025 | $185111775 | &nbsp;&nbsp;&nbsp;&nbsp; $(62191) |
| 2 | 30 Year U.S. Ultra Treasury Bonds | Sep. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10945 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51246) |
| **Short Positions:** | **Short Positions:** | **Short Positions:** | **Short Positions:** | **Short Positions:** |
| 67 | 3 Month CME SOFR | Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;16078325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14115 |
| 67 | 3 Month CME SOFR | Mar. 2026 | &nbsp;&nbsp;&nbsp;&nbsp;16135275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20223) |
| 1210 | 2 Year U.S. Treasury Notes | Sep. 2025 | &nbsp;&nbsp;&nbsp;251708360 | &nbsp;&nbsp;&nbsp;&nbsp;(802010) |
| 6 | 5 Year Euro-Bobl | Sep. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338 |
| 1740 | 5 Year U.S. Treasury Notes | Sep. 2025 | &nbsp;&nbsp;&nbsp;189660000 | &nbsp;&nbsp;&nbsp;(2075249) |
| 5 | 10 Year Euro-Bund | Sep. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965 |
| 269 | 10 Year U.S. Treasury Notes | Sep. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;30161625 | &nbsp;&nbsp;&nbsp;&nbsp;(576072) |
| 27 | 10 Year U.S. Ultra Treasury Notes | Sep. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3085172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52802) |
| 36 | 20 Year U.S. Treasury Bonds | Sep. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4156875 | &nbsp;&nbsp;&nbsp;&nbsp;(116652) |
| 1 | Euro Schatz Index | Sep. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;(3622408) |
|  |  |  |  | $(3673654) |

---

#### Forward foreign currency exchange contracts outstanding at June 30, 2025 :

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br> Contracts** | **Counterparty** | **Notional<br> Amount<br> (000)** | **Notional<br> Amount<br> (000)** | **Value at<br> Settlement<br> Date** | **Current<br> Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
| British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, |
| &nbsp;&nbsp;Expiring 07/02/25 | CITI | GBP | &nbsp;&nbsp;&nbsp;&nbsp;4177 | &nbsp;&nbsp;&nbsp; $5679037 | &nbsp;&nbsp;&nbsp; $5733912 | &nbsp;&nbsp;&nbsp;&nbsp; $54875 | $— |
| Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, |
| &nbsp;&nbsp;Expiring 07/02/25 | MSI | CAD | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2917224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2937696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20472 | &nbsp;&nbsp;&nbsp;— |
| Euro, | Euro, | Euro, | Euro, | Euro, | Euro, | Euro, | Euro, |
| &nbsp;&nbsp;Expiring 07/02/25 | HSBC | EUR | &nbsp;&nbsp;&nbsp;&nbsp;5435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6203057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6402544 | &nbsp;&nbsp;&nbsp;&nbsp;199487 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Expiring 07/02/25 | JPM | EUR | 297056 | &nbsp;&nbsp;&nbsp;344723964 | &nbsp;&nbsp;&nbsp;349963596 | &nbsp;&nbsp;&nbsp;5239632 | &nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Expiring 07/02/25 | UAG | EUR | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5148240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5301471 | &nbsp;&nbsp;&nbsp;&nbsp;153231 | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  | $364671522 | $370339219 | &nbsp;&nbsp;&nbsp;5667697 | &nbsp;&nbsp;&nbsp;— |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br> Contracts** | **Counterparty** | **Notional<br> Amount<br> (000)** | **Notional<br> Amount<br> (000)** | **Value at<br> Settlement<br> Date** | **Current<br> Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
| British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, |
| &nbsp;&nbsp;Expiring 07/02/25 | BOA | GBP | &nbsp;&nbsp;&nbsp;&nbsp;4177 | &nbsp;&nbsp;&nbsp; $5637943 | &nbsp;&nbsp;&nbsp; $5733912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(95969) |
| &nbsp;&nbsp;Expiring 08/04/25 | CITI | GBP | &nbsp;&nbsp;&nbsp;&nbsp;4177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5679837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5734872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55035) |
| Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, |
| &nbsp;&nbsp;Expiring 07/02/25 | SCB | CAD | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2911585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2937696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26111) |

---

PGIM Securitized Credit Fund

------

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited) (continued)

#### Forward foreign currency exchange contracts outstanding at June 30, 2025 (continued):<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br> Contracts** | **Counterparty** | **Notional<br> Amount<br> (000)** | **Notional<br> Amount<br> (000)** | **Value at<br> Settlement<br> Date** | **Current<br> Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
| Canadian Dollar (cont'd.), | Canadian Dollar (cont'd.), | Canadian Dollar (cont'd.), | Canadian Dollar (cont'd.), | Canadian Dollar (cont'd.), | Canadian Dollar (cont'd.), | Canadian Dollar (cont'd.), | Canadian Dollar (cont'd.), |
| &nbsp;&nbsp;Expiring 08/05/25 | MSI | CAD | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp; $2922083 | &nbsp;&nbsp;&nbsp; $2943069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(20986) |
| Euro, | Euro, | Euro, | Euro, | Euro, | Euro, | Euro, | Euro, |
| &nbsp;&nbsp;Expiring 07/02/25 | JPM | EUR | 302209 | &nbsp;&nbsp;&nbsp;344189710 | &nbsp;&nbsp;&nbsp;356034075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(11844365) |
| &nbsp;&nbsp;Expiring 07/02/25 | SCB | EUR | &nbsp;&nbsp;&nbsp;&nbsp;4782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5444677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5633536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188859) |
| &nbsp;&nbsp;Expiring 08/04/25 | JPM | EUR | 297056 | &nbsp;&nbsp;&nbsp;345479230 | &nbsp;&nbsp;&nbsp;350767869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5288639) |
| &nbsp;&nbsp;Expiring 08/04/25 | MSI | EUR | &nbsp;&nbsp;&nbsp;17470 | &nbsp;&nbsp;&nbsp;&nbsp;20530021 | &nbsp;&nbsp;&nbsp;&nbsp;20628938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98917) |
|  |  |  |  | $732795086 | $750413967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(17618881) |
|  |  |  |  |  |  | $5667697 | $(17618881) |

---

#### Credit default swap agreement outstanding at June 30, 2025 :

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> Entity/<br> Obligation** | **Termination<br> Date** | &nbsp;&nbsp;&nbsp;**Fixed<br> Rate** | &nbsp;&nbsp;&nbsp;**Notional<br> Amount<br> (000)#(3)** | &nbsp;&nbsp;&nbsp;**Fair<br> Value** | &nbsp;&nbsp;&nbsp;**Upfront<br> Premiums<br> Paid<br> (Received)** | &nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Counterparty** |
| **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** |
| GS_24-PCA | 08/02/27 | &nbsp;&nbsp;1.650%(M) | &nbsp;&nbsp;15000 &nbsp;&nbsp;\* | &nbsp;&nbsp; $20037 | &nbsp;&nbsp;$(6164) | &nbsp;&nbsp;$26201 | &nbsp;&nbsp;GSI |

---

The Fund entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Interest rate swap agreements outstanding at June 30, 2025 :

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount<br> (000)#** | &nbsp;&nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;&nbsp;**Fixed<br> Rate** | &nbsp;&nbsp;&nbsp;**Floating<br> Rate** | &nbsp;&nbsp;&nbsp;**Value at<br> Trade Date** | &nbsp;&nbsp;&nbsp;**Value at<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |
| 2135 | &nbsp;&nbsp;08/31/25 | &nbsp;&nbsp;4.805%(A) | &nbsp;&nbsp;1 Day SOFR(1)(A)/ 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(4774) | &nbsp;&nbsp;&nbsp;&nbsp; $(4774) |

---

------

#### PGIM Securitized Credit Fund

#### Schedule of Investments as of June 30, 2025 (unaudited) (continued)

#### Interest rate swap agreements outstanding at June 30, 2025 (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount<br> (000)#** | &nbsp;&nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;&nbsp;**Fixed<br> Rate** | &nbsp;&nbsp;&nbsp;**Floating<br> Rate** | &nbsp;&nbsp;&nbsp;**Value at<br> Trade Date** | &nbsp;&nbsp;&nbsp;**Value at<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |
| 5215 | &nbsp;&nbsp;05/13/27 | &nbsp;&nbsp;4.497%(A) | &nbsp;&nbsp;1 Day SOFR(1)(A)/ 4.450% | &nbsp;&nbsp;&nbsp;&nbsp; $(1662) | &nbsp;&nbsp;&nbsp;&nbsp; $(92167) | &nbsp;&nbsp;&nbsp;&nbsp; $(90505) |
| 3245 | &nbsp;&nbsp;05/13/29 | &nbsp;&nbsp;4.253%(A) | &nbsp;&nbsp;1 Day SOFR(2)(A)/ 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96795 |
| 92400 | &nbsp;&nbsp;05/11/30 | &nbsp;&nbsp;4.150%(A) | &nbsp;&nbsp;1 Day SOFR(1)(A)/ 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;(1503868) | &nbsp;&nbsp;&nbsp;&nbsp;(2972237) | &nbsp;&nbsp;&nbsp;&nbsp;(1468369) |
|  |  |  |  | &nbsp;&nbsp;$(1502473) | &nbsp;&nbsp;$(2969326) | &nbsp;&nbsp;$(1466853) |

---

(1) The Fund pays the fixed rate and receives the floating rate.

(2) The Fund pays the floating rate and receives the fixed rate.

*Other information regarding the Fund is available in the Fund's most recent Report to Shareholders. This information is available on the Securities and Exchange Commission's website (www.sec.gov).*

PGIM Securitized Credit Fund

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Prudential Investment Portfolios 8

- **b. Investment Company Act file number:** 811-06677

- **c. CIK number of Registrant:** 0000887991

- **d. LEI of Registrant:** 549300VRUTQ35U0X1D46

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

  - **Street Address 1:** 655 Broad Street

  - **City:** Newark

  - **State:** NJ

  - **Foreign country:** US

  - **Zip / Postal Code:** 07102-4077

  - **Telephone number:** 1-800-225-1852

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

- **a. Name of Series:** PGIM Securitized Credit Fund

- **b. EDGAR series identifier (if any):** S000065752

- **c. LEI of Series:** 549300GWAUUOGWWFGS88

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2278957775.65

**Total Liabilities:** $95403425.71

**Net Assets:** $2183554349.94

**Delayed Delivery Securities:** $13579833.56

**Cash Not Reported:** $11219794.92

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 3566.82108000 | **1-Year:** 89521.61215000 | **5-Year:** 496853.27765000 | **10-Year:** 145250.03447000 | **30-Year:** 1646.71801000

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

- **3-Month:** 135.53404000 | **1-Year:** 28893.73765000 | **5-Year:** 60541.79407000 | **10-Year:** 21047.50935000 | **30-Year:** 431.36031000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000212601 | -0.08%               | 0.95%                | 0.54%                |
| Class ID C000212600 | -0.06%               | 0.97%                | 0.56%                |
| Class ID C000212603 | 0.04%                | 0.97%                | 0.56%                |
| Class ID C000212602 | -0.04%               | 0.78%                | 0.48%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $85907.92                | $9902706.29                                |
| Month 2  | $395519.75               | $6171340.77                                |
| Month 3  | $1769363.44              | $17272273.40                               |

**Designated Index Information**

- **Index Name:** PGIM Securitized Credit Fund - ExDerivatives

- **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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mountain View CLO Ltd                             | Mountain View CLO IX Ltd                                        | CUSIP: 62432BAQ6<br>LEI: 549300URXZ1TS31FK720 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $753339.00    | 0.03%             | 2031-07-15      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| AlbaCore Euro CLO                                 | AlbaCore Euro CLO IV DAC                                        | CUSIP: 000000000<br>LEI: 635400OMGYX1QQYCTI48 | Long             | ABS-CBDO         | CORP              | IE        |   4000000 | PA      | $4718898.80   | 0.22%             | 2035-07-15      | Floating      | 4.18%                 | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO                               | MidOcean Credit CLO X                                           | CUSIP: 59803ABG6<br>LEI: 549300N3ZTBJCCPR2038 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2506527.50   | 0.11%             | 2034-10-23      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Atlas Static Senior Loan Fund                     | Atlas Static Senior Loan Fund I Ltd                             | CUSIP: 04942PAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501380.80    | 0.02%             | 2030-07-15      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                    | Avis Budget Rental Car Funding AESOP LLC                        | CUSIP: 05377RGC2<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   4120000 | PA      | $4199633.83   | 0.19%             | 2029-04-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                   | United States Treasury Note/Bond                                | CUSIP: 91282CLP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $248730.47    | 0.01%             | 2026-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                                  | Bellemeade Re Ltd                                               | CUSIP: 078915AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   4600000 | PA      | $4651831.88   | 0.21%             | 2034-08-25      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| UBS Securities LLC                                | EUR/USD FORWARD                                                 | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DFE              | CORP              | US        |         1 | NC      | $153231.33    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2025-RP1                          | CUSIP: 17332HAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     92866 | PA      | $55605.57     | 0.00%             | 2064-01-25      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| Bank5                                             | BANK5 2023-5YR3                                                 | CUSIP: 06211EBE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9000000 | PA      | $822880.80    | 0.04%             | 2056-09-15      | Variable      | 3.56%                 | No            |                  2 | On Loan: No      |
| Polen Capital CLO Ltd                             | Polen Capital CLO 2025-1 Ltd                                    | CUSIP: 73110MAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7000000 | PA      | $6998621.00   | 0.32%             | 2038-03-06      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Tikehau                                           | Tikehau CLO XI DAC                                              | CUSIP: 000000000<br>LEI: 635400Y4WR1VBVIMMD77 | Long             | ABS-CBDO         | CORP              | IE        |  15000000 | PA      | $17695778.61  | 0.81%             | 2038-01-15      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                         | Auxilior Term Funding 2023-1 LLC                                | CUSIP: 05335JAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $525891.60    | 0.02%             | 2030-12-16      | Fixed         | 7.27%                 | No            |                  2 | On Loan: No      |
| Pnmac Gmsr Issuer Trust                           | PMT Issuer Trust - FMSR                                         | CUSIP: 693968AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5200000 | PA      | $5235273.16   | 0.24%             | 2027-12-25      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                          | Octane Receivables Trust 2024-RVM1                              | CUSIP: 67579FAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1233550 | PA      | $1245412.06   | 0.06%             | 2046-01-22      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Invesco Euro CLO                                  | Invesco Euro CLO VI DAC                                         | CUSIP: 000000000<br>LEI: 549300YQUO4XFJGG1T54 | Long             | ABS-CBDO         | CORP              | IE        |   3250000 | PA      | $3821494.73   | 0.18%             | 2034-07-15      | Floating      | 3.93%                 | No            |                  2 | On Loan: No      |
| BlueMountain EUR CLO                              | BlueMountain Fuji Eur CLO V DAC                                 | CUSIP: 000000000<br>LEI: 635400IYPG2G6NM3OV52 | Long             | ABS-CBDO         | CORP              | IE        |   1500000 | PA      | $1764352.18   | 0.08%             | 2033-01-15      | Floating      | 3.83%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit                    | Bain Capital Credit CLO 2022-4 Ltd                              | CUSIP: 05685BAU0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   5000000 | PA      | $5005870.50   | 0.23%             | 2037-10-16      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Contego CLO DAC                                   | Contego Clo V DAC                                               | CUSIP: 000000000<br>LEI: 549300RF10WJ1D9VYK55 | Long             | ABS-CBDO         | CORP              | IE        |   2250000 | PA      | $2635921.69   | 0.12%             | 2037-10-15      | Floating      | 4.01%                 | No            |                  2 | On Loan: No      |
| Allen Media LLC                                   | Allen Media LLC                                                 | CUSIP: 01771JAG8<br>LEI: 549300ERNJNM4RN5JP79 | Long             | LON              | CORP              | US        |    288944 | PA      | $182576.55    | 0.01%             | 2027-02-10      | Floating      | 9.95%                 | No            |                  2 | On Loan: No      |
| Northwoods Capital Ltd                            | Northwoods Capital 22 Ltd                                       | CUSIP: 66858HBG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1500795.90   | 0.07%             | 2031-09-16      | Floating      | 9.27%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                    | Freddie Mac Multifamily Structured Pass Through Certificates    | CUSIP: 3137BMTY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    906757 | PA      | $1307.63      | 0.00%             | 2025-11-25      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Toro European CLO                                 | Toro European CLO 8 DAC                                         | CUSIP: 000000000<br>LEI: 635400NGHEB1GFYATU96 | Long             | ABS-CBDO         | CORP              | IE        |   2000000 | PA      | $2367720.26   | 0.11%             | 2035-04-15      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 42 Ltd                                | Elmwood CLO 42 Ltd                                              | CUSIP: 29005DAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $10025683.00  | 0.46%             | 2038-03-31      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                  | COLT 2025-5 Mortgage Loan Trust                                 | CUSIP: 19689AAD7<br>LEI: 213800S6EGXVNRKXHN58 | Long             | ABS-MBS          | CORP              | US        |   2100000 | PA      | $2124500.07   | 0.10%             | 2070-05-25      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| Trimaran CAVU Ltd                                 | Trimaran CAVU 2022-1 Ltd                                        | CUSIP: 89623VAN1<br>LEI: 549300UZ4DECMUVOVS09 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1995371.00   | 0.09%             | 2037-10-22      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| PMT CREDIT RISK TRANSFER TRUST                    | PMT Credit Risk Transfer Trust 2024-1R                          | CUSIP: 73015AAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4903387 | PA      | $5023104.89   | 0.23%             | 2033-05-25      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2024-AIRC                          | CUSIP: 12433CAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4911841 | PA      | $4929791.59   | 0.23%             | 2039-08-15      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| Marble Point CLO XVIII Ltd                        | Marble Point CLO XVIII Ltd                                      | CUSIP: 566076BE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  15000000 | PA      | $14943505.50  | 0.68%             | 2038-03-15      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Bank                                              | BANK 2021-BNK38                                                 | CUSIP: 06540EAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    322600 | PA      | $314548.73    | 0.01%             | 2064-12-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                    | CarVal CLO XI C Ltd                                             | CUSIP: 14688RAA8<br>LEI: 254900BDRF474L9PWM54 | Long             | ABS-CBDO         | CORP              | KY        |   8250000 | PA      | $8282713.73   | 0.38%             | 2037-10-20      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Babson Euro CLO B.V.                              | Barings Euro CLO 2021-1 DAC                                     | CUSIP: 000000000<br>LEI: 549300D83T2O13OUPP03 | Long             | ABS-CBDO         | CORP              | IE        |   2200000 | PA      | $2580778.59   | 0.12%             | 2034-04-24      | Floating      | 2.99%                 | No            |                  2 | On Loan: No      |
| ICG Euro CLO                                      | ICG Euro CLO 2023-1 DAC                                         | CUSIP: 000000000<br>LEI: 635400IDZDV7D9IJ8J46 | Long             | ABS-CBDO         | CORP              | IE        |  10000000 | PA      | $11747660.01  | 0.54%             | 2038-10-19      | Floating      | 4.18%                 | No            |                  2 | On Loan: No      |
| Gallatin Funding Ltd                              | Gallatin CLO XI 2024-1 Ltd                                      | CUSIP: 36362HAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   5000000 | PA      | $5020356.50   | 0.23%             | 2037-10-20      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| CBAMR Ltd                                         | CBAMR 2018-8 Ltd                                                | CUSIP: 12478CBA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2015852.40   | 0.09%             | 2037-07-15      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                                 | Elevation CLO 2020-11 Ltd                                       | CUSIP: 28621YAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2501512.25   | 0.11%             | 2037-10-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                         | IRS USD                                                         | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-92175.83    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| The Huntington National Bank                      | Huntington Bank Auto Credit-Linked Notes Series 2024-1          | CUSIP: 44644NAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    939170 | PA      | $961505.30    | 0.04%             | 2032-05-20      | Floating      | 9.55%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                 | EURO-BUND                                                       | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -5 | NC      | $3964.63      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tikehau US CLO Ltd                                | Tikehau US CLO VI Ltd                                           | CUSIP: 88676PAE2<br>LEI: 254900G2SWUGII8WH893 | Long             | ABS-CBDO         | CORP              | BM        |   4100000 | PA      | $4106982.30   | 0.19%             | 2037-07-18      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                         | BPR Trust 2021-TY                                               | CUSIP: 05592AAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3050000 | PA      | $3031060.42   | 0.14%             | 2038-09-15      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Battalion CLO LTD                                 | Battalion CLO XXIII Ltd                                         | CUSIP: 07135LAL0<br>LEI: 54930050XKM90CCQIQ92 | Long             | ABS-CBDO         | CORP              | KY        |   5500000 | PA      | $5522421.85   | 0.25%             | 2037-10-15      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2025-RPL1 LLC                                              | CUSIP: 74390WAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10764033 | PA      | $10475479.20  | 0.48%             | 2055-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                     | Ballyrock CLO 14 Ltd                                            | CUSIP: 05874XAL3<br>LEI: 254900GXTF670X967J67 | Long             | ABS-CBDO         | CORP              | KY        |   7100000 | PA      | $7123430.00   | 0.33%             | 2037-07-20      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                               | LCM 40 Ltd                                                      | CUSIP: 50190KAN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |  28000000 | PA      | $28104356.00  | 1.29%             | 2038-01-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2024-RP2                          | CUSIP: 173106AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    179547 | PA      | $134153.19    | 0.01%             | 2063-02-25      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2025-SPOT                          | CUSIP: 12433FAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9000000 | PA      | $8910112.50   | 0.41%             | 2040-04-15      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                        | Affirm Asset Securitization Trust 2024-B                        | CUSIP: 00835AAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $498400.50    | 0.02%             | 2029-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                      | Huntington Bank Auto Credit-Linked Notes Series 2025-1          | CUSIP: 446438SZ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3452451 | PA      | $3440815.83   | 0.16%             | 2033-03-21      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                       | RCKT Mortgage Trust 2024-CES9                                   | CUSIP: 749426AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1935111 | PA      | $1943354.34   | 0.09%             | 2044-12-25      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2025-4 LLC                                                 | CUSIP: 69382KAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7163000 | PA      | $7212794.31   | 0.33%             | 2030-06-25      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                                     | United States Treasury Bill                                     | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $589681.37    | 0.03%             | 2025-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust                               | Affirm Master Trust                                             | CUSIP: 00833BAK4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5700000 | PA      | $5718686.31   | 0.26%             | 2033-07-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Kapitus Asset Securitization L                    | Kapitus Asset Securitization V LLC                              | CUSIP: 48555NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4500000 | PA      | $4526429.40   | 0.21%             | 2032-04-10      | Fixed         | 5.46%                 | 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        |       -27 | NC      | $-52801.61    | -0.00%            |  |  |  | No            |                  1 | 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        |     -1210 | NC      | $-802009.68   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Financial Issuance Tru                    | OneMain Financial Issuance Trust 2022-2                         | CUSIP: 68268VAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1180000 | PA      | $1186156.89   | 0.05%             | 2034-10-14      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2025-RCF1 LLC                                              | CUSIP: 74390RAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1766000 | PA      | $1696057.57   | 0.08%             | 2055-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Capital Street Master Trust                       | Capital Street Master Trust                                     | CUSIP: 14051LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2700000 | PA      | $2698552.53   | 0.12%             | 2028-10-16      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Wireless PropCo Funding LLC                       | Wireless PropCo Funding LLC                                     | CUSIP: 97655EAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $5731637.40   | 0.26%             | 2055-06-25      | Fixed         | 4.07%                 | No            |                  2 | On Loan: No      |
| Bayview Financing Trust                           | Bayview Financing Trust 2023-1F                                 | CUSIP: 07336HAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    418266 | PA      | $418600.87    | 0.02%             | 2026-07-01      | Floating      | 8.31%                 | No            |                  3 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2025-SPOT                          | CUSIP: 12433FAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $9919919.00   | 0.45%             | 2040-04-15      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| ONSLOW BAY FINANCIAL LLC                          | OBX 2025-NQM11 TRUST                                            | CUSIP: 67449BAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10009723.00  | 0.46%             | 2065-05-25      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                    | Wells Fargo Commercial Mortgage Trust 2015-P2                   | CUSIP: 95000AAY3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6400000 | PA      | $11516.16     | 0.00%             | 2048-12-15      | Variable      | 0.56%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.       | US 10YR NOTE (CBT)                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -269 | NC      | $-576071.85   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Capital Management                       | RCKT Mortgage Trust 2024-CES3                                   | CUSIP: 74942AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2249701 | PA      | $2278782.94   | 0.10%             | 2044-05-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| Cent CLO LP                                       | Columbia Cent CLO 30 Ltd                                        | CUSIP: 19736WAY6<br>LEI: 549300EPPYTG18BLNK44 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2001425.00   | 0.09%             | 2034-01-20      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                        | Affirm Asset Securitization Trust 2025-X1                       | CUSIP: 00834MAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10400000 | PA      | $10412225.20  | 0.48%             | 2030-04-15      | Fixed         | 6.11%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                    | EFMT 2024-CES1                                                  | CUSIP: 281907AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4685000 | PA      | $4727579.62   | 0.22%             | 2060-01-26      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2025-RP1                          | CUSIP: 17332HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5194278 | PA      | $4903796.63   | 0.22%             | 2064-01-25      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                        | EUR/USD FORWARD                                                 | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-11844364.97 | -0.54%            |  |  |  | No            |                  2 | On Loan: No      |
| Cordatus CLO PLC                                  | CVC Cordatus Loan Fund XXVIII DAC                               | CUSIP: 000000000<br>LEI: 549300JSRW9KFNLBLI94 | Long             | ABS-CBDO         | CORP              | IE        |   9000000 | PA      | $10623998.78  | 0.49%             | 2036-08-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| MHC Commercial Mortgage Trust                     | MHC Commercial Mortgage Trust 2021-MHC                          | CUSIP: 55316VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    287506 | PA      | $287505.76    | 0.01%             | 2038-04-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                              | Cross 2025-H4 Mortgage Trust                                    | CUSIP: 22790AAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5407971 | PA      | $5447035.89   | 0.25%             | 2070-06-25      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| Invitation Homes Trust                            | Invitation Homes 2024-SFR1 Trust                                | CUSIP: 46188DAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1800000 | PA      | $1732089.42   | 0.08%             | 2041-09-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                    | BBCMS 2018-CHRS Mortgage Trust                                  | CUSIP: 05491VAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $919598.50    | 0.04%             | 2038-08-05      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| STREAM INNOVATIONS ISSUER TRUS                    | Stream Innovations 2025-1 Issuer Trust                          | CUSIP: 86324XAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3230000 | PA      | $3260127.83   | 0.15%             | 2045-09-15      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                          | OBX 2025-NQM10 Trust                                            | CUSIP: 67121LAD8<br>LEI: 254900NDJVO62R77II89 | Long             | ABS-MBS          | CORP              | US        |   3800000 | PA      | $3821665.32   | 0.18%             | 2065-05-25      | Variable      | 6.04%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                  | Ocean Trails CLO XV Ltd                                         | CUSIP: 67515BAG7<br>LEI: 5493000CJCL8E235WY49 | Long             | ABS-CBDO         | CORP              | JE        |   2000000 | PA      | $2001049.20   | 0.09%             | 2037-01-15      | Floating      | 8.96%                 | No            |                  2 | On Loan: No      |
| Trimaran CAVU Ltd                                 | Trimaran CAVU 2022-1 Ltd                                        | CUSIP: 89623VAL5<br>LEI: 549300UZ4DECMUVOVS09 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5019460.00   | 0.23%             | 2037-10-22      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                          | USD/CAD FORWARD                                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $20472.16     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FIGRE Trust                                       | FIGRE Trust 2025-HE4                                            | CUSIP: 31684PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9200000 | PA      | $9199881.32   | 0.42%             | 2055-07-01      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                                     | Radnor RE 2021-2 Ltd                                            | CUSIP: 75049GAB5<br>LEI: 254900JO0CMUL2VM8206 | Long             | ABS-MBS          | CORP              | BM        |    155741 | PA      | $158137.91    | 0.01%             | 2031-11-25      | Floating      | 8.01%                 | Yes           |                  2 | On Loan: No      |
| Barrow Hanley CLO I Ltd                           | Barrow Hanley CLO I Ltd                                         | CUSIP: 068751AS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $10018724.00  | 0.46%             | 2038-01-20      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                        | NLT 2025-INV1 Trust                                             | CUSIP: 62916TAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1070000 | PA      | $1079457.20   | 0.05%             | 2070-02-25      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2021-ARIA                                              | CUSIP: 05608RAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2669000 | PA      | $2665130.75   | 0.12%             | 2036-10-15      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2025-RP1                          | CUSIP: 17332HAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    123808 | PA      | $81239.17     | 0.00%             | 2064-01-25      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| ROC Securities Trust                              | Roc Mortgage Trust 2025-RTL1                                    | CUSIP: 77119RAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8800000 | PA      | $8818184.32   | 0.40%             | 2040-02-25      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                 | EURO-SCHATZ                                                     | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -1 | NC      | $181.72       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hayfin US XV, Ltd.                                | Hayfin US XV Ltd                                                | CUSIP: 420916AG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5039237.50   | 0.23%             | 2037-04-28      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| BSTN Commercial Mortgage Trust                    | BSTN Commercial Mortgage Trust 2025-1C                          | CUSIP: 05615EAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2775000 | PA      | $2840594.62   | 0.13%             | 2044-06-15      | Variable      | 6.94%                 | No            |                  2 | On Loan: No      |
| Taurus CMBS                                       | Taurus CMBS                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |   1650000 | PA      | $2264872.50   | 0.10%             | 2035-07-20      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| BCRED BSL Static CLO Ltd                          | BCRED BSL Static CLO 2025-1 Ltd                                 | CUSIP: 05556KAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $10006844.00  | 0.46%             | 2035-07-24      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2025-RPL1 LLC                                              | CUSIP: 74390WAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1172000 | PA      | $1077769.79   | 0.05%             | 2055-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                        | MFA 2025-NQM1 Trust                                             | CUSIP: 55287JAA4<br>LEI: 254900T233AM4RM23465 | Long             | ABS-MBS          | CORP              | US        |   4758294 | PA      | $4764980.03   | 0.22%             | 2070-03-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Impr                    | Goodleap Sustainable Home Solutions Trust 2023-3                | CUSIP: 38237CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    417026 | PA      | $399357.26    | 0.02%             | 2055-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                    | Carlyle US CLO 2024-3 Ltd                                       | CUSIP: 14319HAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   9750000 | PA      | $9774052.28   | 0.45%             | 2036-07-25      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.       | U.S. TREASURY BOND                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -36 | NC      | $-116652.30   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| SILVER ROCK CLO LTD                               | Silver Rock CLO I Ltd                                           | CUSIP: 82811RBC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2003325.00   | 0.09%             | 2037-10-20      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Carysfort Park CLO                                | Carysfort Park CLO DAC                                          | CUSIP: 000000000<br>LEI: 254900X3LEXBMRCA3Y50 | Long             | ABS-CBDO         | CORP              | IE        |   2000000 | PA      | $2333828.75   | 0.11%             | 2034-07-28      | Floating      | 3.41%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                   | United States Treasury Note/Bond                                | CUSIP: 91282CME8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    540000 | PA      | $543206.25    | 0.02%             | 2026-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                  | Connecticut Avenue Securities Trust 2021-R01                    | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $665752.43    | 0.03%             | 2041-10-25      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                               | Sound Point CLO XXVI Ltd                                        | CUSIP: 83614XAS0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    990000 | PA      | $990320.07    | 0.05%             | 2034-07-20      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked N                    | Ally Bank Auto Credit-Linked Notes Series 2024-A                | CUSIP: 02007GZ97<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    554148 | PA      | $570772.27    | 0.03%             | 2032-05-17      | Fixed         | 9.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                  | Connecticut Avenue Securities Trust 2021-R01                    | CUSIP: 20754RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $4175661.20   | 0.19%             | 2041-10-25      | Floating      | 10.31%                | No            |                  2 | On Loan: No      |
| ALA Trust                                         | ALA Trust 2025-OANA                                             | CUSIP: 009920AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7860000 | PA      | $7901767.25   | 0.36%             | 2040-06-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                    | BBCMS 2016-ETC Mortgage Trust                                   | CUSIP: 05491LAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $93502.19     | 0.00%             | 2036-08-14      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| Monument CLO                                      | Monument Clo 1 DAC                                              | CUSIP: 000000000<br>LEI: 254900PSVC5Y0GWN0R36 | Long             | ABS-CBDO         | CORP              | IE        |   3000000 | PA      | $3581418.09   | 0.16%             | 2037-05-15      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| PENTA CLO 3 DESIGNATED ACTIVIT                    | Penta CLO 3 DAC                                                 | CUSIP: 000000000<br>LEI: 6354005OXNNWWOAOCX44 | Long             | ABS-CBDO         | CORP              | IE        |  10000000 | PA      | $11797004.34  | 0.54%             | 2038-10-17      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| CQS US CLO Ltd                                    | CQS US CLO 2021-1 Ltd                                           | CUSIP: 12659UAN2<br>LEI: 549300GF7PVRIKZNMY06 | Long             | ABS-CBDO         | CORP              | KY        |   7000000 | PA      | $7007648.20   | 0.32%             | 2035-01-20      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| ONE Park Mortgage Trust                           | ONE 2021-PARK Mortgage Trust                                    | CUSIP: 682413AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4908432.50   | 0.22%             | 2036-03-15      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                        | BFLD 2024-VICT Mortgage Trust                                   | CUSIP: 05555VAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3900000 | PA      | $3890250.00   | 0.18%             | 2041-07-15      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                          | OBX 2025-NQM3 Trust                                             | CUSIP: 67448YAC8<br>LEI: 254900MBGY6CR10DAX67 | Long             | ABS-MBS          | CORP              | US        |   7367389 | PA      | $7407173.59   | 0.34%             | 2064-12-01      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| PMT CREDIT RISK TRANSFER TRUST                    | PMT Credit Risk Transfer Trust 2024-2R                          | CUSIP: 69391NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5559345 | PA      | $5686972.25   | 0.26%             | 2027-03-29      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| Taurus CMBS                                       | Taurus 2021-4 UK DAC                                            | CUSIP: 000000000<br>LEI: 6354001CXJE7XMMVG324 | Long             | ABS-MBS          | CORP              | IE        |    159856 | PA      | $219692.79    | 0.01%             | 2031-08-17      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                             | KKR CLO 49 Ltd                                                  | CUSIP: 481939AR7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $4999965.00   | 0.23%             | 2037-10-20      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Katayma CLO Ltd                                   | Katayma CLO I Ltd                                               | CUSIP: 48585JAA8<br>LEI: 254900I6JJYMZNFX8987 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1005506.60   | 0.05%             | 2036-10-20      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                       | Rckt Mortgage Trust 2025-CES4                                   | CUSIP: 74937YAA6<br>LEI: 254900VY2F6O6C6XTD40 | Long             | ABS-MBS          | CORP              | US        |   6759726 | PA      | $6826896.34   | 0.31%             | 2055-05-25      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                  | Connecticut Avenue Securities Trust 2022-R04                    | CUSIP: 20753YAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    620000 | PA      | $660060.87    | 0.03%             | 2042-03-25      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                | BMO 2024-5C8 Mortgage Trust                                     | CUSIP: 09661XAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9929000 | PA      | $806279.48    | 0.04%             | 2057-12-15      | Variable      | 2.29%                 | No            |                  2 | On Loan: No      |
| MENLO CLO                                         | Menlo CLO I Ltd                                                 | CUSIP: 586915AA8<br>LEI: 2549005RHPY3C68SIP61 | Long             | ABS-CBDO         | CORP              | KY        |   7250000 | PA      | $7273825.68   | 0.33%             | 2038-01-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| ARES Commercial Mortgage Trust                    | ARES Trust 2025-IND3                                            | CUSIP: 039955AG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3640000 | PA      | $3639998.91   | 0.17%             | 2042-04-15      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivable                    | OneMain Direct Auto Receivables Trust 2023-1                    | CUSIP: 682685AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1049158.80   | 0.05%             | 2033-02-14      | Fixed         | 7.07%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                    | Avis Budget Rental Car Funding AESOP LLC                        | CUSIP: 05377RGY4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   3400000 | PA      | $3491030.92   | 0.16%             | 2029-06-20      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| PK ALIFT LOAN FUNDING                             | Pk Alift Loan Funding 6 LP                                      | CUSIP: 69291YAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11200000 | PA      | $11233112.80  | 0.51%             | 2042-11-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2024-RP2                          | CUSIP: 173106AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    398942 | PA      | $333108.79    | 0.02%             | 2063-02-25      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST                          | JP MORGAN MORTGAGE TRUST 2025-VIS2                              | CUSIP: 46659RAF4<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |   4943000 | PA      | $4946796.72   | 0.23%             | 2063-01-25      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                        | NLT 2025-INV1 Trust                                             | CUSIP: 62916TAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    590000 | PA      | $561315.26    | 0.03%             | 2070-02-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                  | THREE-MONTH SOFR                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -67 | NC      | $14114.89     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Verus Securitization Trust                        | Verus Securitization Trust 2025-2                               | CUSIP: 92540VAA3<br>LEI: 213800TTP1CNX4WER720 | Long             | ABS-MBS          | CORP              | US        |   7988345 | PA      | $7988650.21   | 0.37%             | 2070-03-25      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                         | Anchorage Capital CLO 26 Ltd                                    | CUSIP: 03331TAS9<br>LEI: 5493004K3H2URWHGJT03 | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $10041921.00  | 0.46%             | 2038-03-19      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Rockford Tower Europe CLO                         | Rockford Tower Europe CLO 2021-1 DAC                            | CUSIP: 000000000<br>LEI: 635400LBXBN24UFB2Z59 | Long             | ABS-CBDO         | CORP              | IE        |   2000000 | PA      | $2333459.82   | 0.11%             | 2034-04-20      | Floating      | 3.49%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit                    | Bain Capital Credit CLO 2022-4 Ltd                              | CUSIP: 05685BAQ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   2000000 | PA      | $2008000.00   | 0.09%             | 2037-10-16      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2025-RP1                          | CUSIP: 17332HAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     58821 | PA      | $29633.45     | 0.00%             | 2064-01-25      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                       | RCKT Mortgage Trust 2024-CES8                                   | CUSIP: 749421AD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1900000 | PA      | $1901590.30   | 0.09%             | 2044-11-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| INCREF LLC                                        | INCREF 2025-FL1 LLC                                             | CUSIP: 45339NAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   9000000 | PA      | $9017713.80   | 0.41%             | 2042-10-19      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Wind River CLO Ltd                                | Wind River 2021-3 CLO Ltd                                       | CUSIP: 97316DAQ9<br>LEI: 254900AGKLJSTAXGRN27 | Long             | ABS-CBDO         | CORP              | KY        |  10350000 | PA      | $10368828.72  | 0.47%             | 2038-04-20      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2025-RPL1 LLC                                              | CUSIP: 74390WAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    402000 | PA      | $356339.63    | 0.02%             | 2055-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2025-RP1                          | CUSIP: 17332HAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    198120 | PA      | $141317.63    | 0.01%             | 2064-01-25      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| Tikehau                                           | Tikehau CLO XIII DAC                                            | CUSIP: 000000000<br>LEI: 6354006QUI9OYIL7LT78 | Long             | ABS-CBDO         | CORP              | IE        |  15000000 | PA      | $17662662.90  | 0.81%             | 2038-10-15      | Floating      | 4.02%                 | No            |                  2 | On Loan: No      |
| LBA Trust                                         | LBA Trust 2024-BOLT                                             | CUSIP: 50177BAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3120000 | PA      | $3112200.00   | 0.14%             | 2039-06-15      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| Kinbane DAC                                       | Kinbane 2024-Rpl 2 DAC                                          | CUSIP: 000000000<br>LEI: 635400B9FSRJAFAZIY56 | Long             | ABS-MBS          | CORP              | IE        |   1900000 | PA      | $2227272.57   | 0.10%             | 2063-01-24      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST                          | JP MORGAN MORTGAGE TRUST 2025-VIS2                              | CUSIP: 46659RAC1<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $8005962.40   | 0.37%             | 2063-01-25      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                         | CIM Trust 2025-I1                                               | CUSIP: 12571DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7139485 | PA      | $7195571.14   | 0.33%             | 2069-10-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                                     | Radnor Re 2024-1 Ltd                                            | CUSIP: 75049AAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2900000 | PA      | $2925383.70   | 0.13%             | 2034-09-25      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                              | LHOME Mortgage Trust 2024-RTL4                                  | CUSIP: 50205PAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7733000 | PA      | $7773560.36   | 0.36%             | 2039-07-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                      | GS Mortgage Securities Corp Trust 2024-RVR                      | CUSIP: 36272JAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $8059144.00   | 0.37%             | 2041-08-10      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2025-RP1                          | CUSIP: 17332HAK1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     70623 | PA      | $26672.43     | 0.00%             | 2064-01-25      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| Strata CLO, Ltd                                   | Strata CLO II Ltd                                               | CUSIP: 86271PAN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2003600.60   | 0.09%             | 2033-10-20      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| HERITAGE PWR LLC                                  | HERITAGE PWR LLC                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1852 | NS      | $105101.00    | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC | CAD/USD FORWARD                                                 | CUSIP: 000000000<br>LEI: 5493003GCX71N8988W38 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-26111.16    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hayfin Emerald CLO                                | Hayfin Emerald CLO XII DAC                                      | CUSIP: 000000000<br>LEI: 635400BXG1TVMV17VA90 | Long             | ABS-CBDO         | CORP              | IE        |   1500000 | PA      | $1768107.60   | 0.08%             | 2037-01-25      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                  | THREE-MONTH SOFR                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       774 | NC      | $-62191.42    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST                          | JP MORGAN MORTGAGE TRUST 2025-VIS2                              | CUSIP: 46659RAE7<br>LEI: 529900371ZWA9WXVGB88 | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5003621.00   | 0.23%             | 2063-01-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                               | Freddie Mac STACR REMIC Trust 2025-DNA1                         | CUSIP: 35564NGA5<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-MBS          | CORP              | US        |   5300000 | PA      | $5293418.46   | 0.24%             | 2045-01-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                    | EFMT 2025-INV1                                                  | CUSIP: 26846XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7471813 | PA      | $7490955.10   | 0.34%             | 2070-03-25      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2025-CES1                             | CUSIP: 89183HAD6<br>LEI: 254900FMI2GPXLO84795 | Long             | ABS-MBS          | CORP              | US        |   4800000 | PA      | $4799995.20   | 0.22%             | 2055-02-25      | Variable      | 6.57%                 | No            |                  3 | On Loan: No      |
| Avoca CLO                                         | Avoca CLO XIX DAC                                               | CUSIP: 000000000<br>LEI: 549300NGDD4R94T9WF80 | Long             | ABS-CBDO         | CORP              | IE        |  14000000 | PA      | $16476474.32  | 0.75%             | 2038-04-15      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                         | BPR Trust 2024-PMDW                                             | CUSIP: 05592VAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 149625000 | PA      | $1068083.10   | 0.05%             | 2041-11-05      | Variable      | 0.21%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                          | JP Morgan Mortgage Trust Series 2025-NQM2                       | CUSIP: 46590SAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6879521 | PA      | $6904058.49   | 0.32%             | 2065-09-25      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2024-MDHS                          | CUSIP: 12433BAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1520830 | PA      | $1522731.37   | 0.07%             | 2041-05-15      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                         | Anchorage Capital CLO 19 Ltd                                    | CUSIP: 03328JAC1<br>LEI: 549300ZNOS7Q8W8H3S38 | Long             | ABS-CBDO         | CORP              | KY        |   1075000 | PA      | $1080266.43   | 0.05%             | 2034-10-15      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                     | Exeter Automobile Receivables Trust                             | CUSIP: 30166XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2020767.40   | 0.09%             | 2031-10-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Genesis Sales Finance Master T                    | Genesis Sales Finance Master Trust                              | CUSIP: 37186XAY1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5667000 | PA      | $5702775.20   | 0.26%             | 2032-12-20      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association             | GBP/USD FORWARD                                                 | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-95968.64    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                    | BBCMS 2018-CHRS Mortgage Trust                                  | CUSIP: 05491VAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    990000 | PA      | $857566.22    | 0.04%             | 2038-08-05      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2025-RP1                          | CUSIP: 17332HAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    232164 | PA      | $175278.13    | 0.01%             | 2064-01-25      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2025-RCF1 LLC                                              | CUSIP: 74390RAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1360064.30   | 0.06%             | 2055-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| SCG Hotel Issuer Inc                              | SCG Commercial Mortgage Trust 2025-DLFN                         | CUSIP: 78398EAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9825000 | PA      | $9575568.80   | 0.44%             | 2035-03-15      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2025-CES1                             | CUSIP: 89183HAB0<br>LEI: 254900FMI2GPXLO84795 | Long             | ABS-MBS          | CORP              | US        |   9000000 | PA      | $8999757.00   | 0.41%             | 2055-02-25      | Variable      | 5.93%                 | No            |                  3 | On Loan: No      |
| Tenneco Inc                                       | TENNECO INC                                                     | CUSIP: 88037HAP9<br>LEI: 549300U0EXXFAQFAD785 | Long             | LON              | CORP              | US        |    349014 | PA      | $340725.39    | 0.02%             | 2028-11-17      | Floating      | 9.41%                 | No            |                  2 | On Loan: No      |
| Jamestown CLO Ltd                                 | Jamestown CLO XVIII Ltd                                         | CUSIP: 47047RAU0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3023899.20   | 0.14%             | 2035-07-25      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| LV Trust                                          | Fashion Show Mall LLC                                           | CUSIP: 50245XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $504931.55    | 0.02%             | 2041-10-10      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                                  | Bellemeade Re 2022-1 Ltd                                        | CUSIP: 078774AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    510000 | PA      | $524890.42    | 0.02%             | 2032-01-26      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Barings Euro CLO                                  | Barings Euro CLO 2020-1 DAC                                     | CUSIP: 000000000<br>LEI: 5493007R4SFFXIAHHB67 | Long             | ABS-CBDO         | CORP              | IE        |   4400000 | PA      | $5178222.02   | 0.24%             | 2034-10-21      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                          | JP Morgan Mortgage Trust Series 2025-CES1                       | CUSIP: 46658XAC9<br>LEI: 5299003TKRYXBBT76K08 | Long             | ABS-MBS          | CORP              | US        |   6226023 | PA      | $6256451.04   | 0.29%             | 2055-05-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                                   | Venture XIX CLO Ltd                                             | CUSIP: 92330EAP2<br>LEI: 549300KIDQKDB48YU144 | Long             | ABS-CBDO         | CORP              | KY        |   1065384 | PA      | $1067497.78   | 0.05%             | 2032-01-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru                    | Onemain Financial Issuance Trust 2025-1                         | CUSIP: 68270DAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1800000 | PA      | $1807312.50   | 0.08%             | 2038-07-14      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                     | GS Mortgage-Backed Securities Trust 2024-HE1                    | CUSIP: 36270AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4339322 | PA      | $4339307.21   | 0.20%             | 2054-08-25      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                        | NLT 2025-INV1 Trust                                             | CUSIP: 62916TAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2509554 | PA      | $2522521.05   | 0.12%             | 2070-02-25      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                        | Verus Securitization Trust 2025-5                               | CUSIP: 92540XAD3<br>LEI: 213800Z7TIVJRAYLRV98 | Long             | ABS-MBS          | CORP              | US        |   4500000 | PA      | $4531544.55   | 0.21%             | 2070-06-25      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2024-RP2                          | CUSIP: 173106AD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    304204 | PA      | $242266.67    | 0.01%             | 2063-02-25      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                                   | Venture 49 CLO Ltd                                              | CUSIP: 922972AE4<br>LEI: 254900CWURXJKKIUGG97 | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $802509.52    | 0.04%             | 2037-04-20      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Hayfin Emerald CLO                                | Hayfin Emerald CLO II DAC                                       | CUSIP: 000000000<br>LEI: 549300E8ZEPKJLF1M088 | Long             | ABS-CBDO         | CORP              | IE        |    750000 | PA      | $884535.64    | 0.04%             | 2034-05-27      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                                     | Radnor RE 2023-1 Ltd                                            | CUSIP: 75050KAA4<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |    242994 | PA      | $244202.64    | 0.01%             | 2033-07-25      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2024-PAT                                               | CUSIP: 05612FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4125000 | PA      | $4125000.00   | 0.19%             | 2041-03-15      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                        | USD/EUR FORWARD                                                 | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $199486.75    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co                     | Sierra Timeshare 2023-2 Receivables Funding LLC                 | CUSIP: 82650BAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    185234 | PA      | $192546.81    | 0.01%             | 2040-04-20      | Fixed         | 9.72%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                        | NLT 2025-INV1 Trust                                             | CUSIP: 62916TAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    370000 | PA      | $335147.55    | 0.02%             | 2070-02-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| Madison Avenue Trust                              | Eleven Madison Trust 2015-11MD Mortgage Trust                   | CUSIP: 556227AG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $335854.30    | 0.02%             | 2035-09-10      | Variable      | 3.67%                 | No            |                  2 | On Loan: No      |
| Hayfin Emerald CLO                                | Hayfin Emerald CLO XIV DAC                                      | CUSIP: 000000000<br>LEI: 635400DTCNEUJDSEHR95 | Long             | ABS-CBDO         | CORP              | IE        |  11000000 | PA      | $12996879.52  | 0.60%             | 2039-01-22      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                     | NYC Commercial Mortgage Trust 2025-3BP                          | CUSIP: 67120UAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $9863810.00   | 0.45%             | 2042-02-15      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2024-5 LLC                                                 | CUSIP: 69381KAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1852578 | PA      | $1853773.34   | 0.08%             | 2029-09-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| ILPT Commercial Mortgage Trust                    | ILPT Commercial Mortgage Trust 2022-LPF2                        | CUSIP: 449652AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1190000 | PA      | $1188512.50   | 0.05%             | 2039-10-15      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                    | BBCMS 2016-ETC Mortgage Trust                                   | CUSIP: 05491LAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $224966.10    | 0.01%             | 2036-08-14      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| IP 2025-IP Mortgage Trust                         | IP 2025-IP Mortgage Trust                                       | CUSIP: 449843AJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2160000 | PA      | $2179671.77   | 0.10%             | 2042-06-10      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun                    | Bayview Opportunity Master Fund VII 2024-EDU1 LLC               | CUSIP: 07336PAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    729415 | PA      | $743328.05    | 0.03%             | 2047-06-25      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                  | Connecticut Avenue Securities Trust 2023-R02                    | CUSIP: 20755AAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $8722973.60   | 0.40%             | 2043-01-25      | Floating      | 9.86%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                          | USD/EUR FORWARD                                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-98917.33    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-LUNR                                              | CUSIP: 05594CAK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1402187.50   | 0.06%             | 2040-06-15      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| Jubilee CDO BV                                    | Jubilee CLO 2016-XVII DAC                                       | CUSIP: 000000000<br>LEI: 635400JSFGFQPD2VOA16 | Long             | ABS-CBDO         | CORP              | IE        |    500000 | PA      | $586076.54    | 0.03%             | 2031-04-15      | Floating      | 3.56%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                              | Cross 2025-H2 Mortgage Trust                                    | CUSIP: 22758PAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8082199 | PA      | $8082602.73   | 0.37%             | 2070-03-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| DIAMOND SPORTS GRP LLC- WARRANTS                  | DIAMOND SPORTS GRP LLC- WARRANTS                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5916 | NS      | $1313.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                              | Signal Peak CLO 7 Ltd                                           | CUSIP: 82671EAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6000000 | PA      | $6024624.00   | 0.28%             | 2037-10-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun                    | Bayview Opportunity Master Fund VII 2024-CAR1 LLC               | CUSIP: 07336QAE2<br>LEI: 254900S53K9VTUR1UX42 | Long             | ABS-O            | CORP              | US        |    810965 | PA      | $815710.77    | 0.04%             | 2031-12-26      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| Battalion CLO LTD                                 | Battalion Clo 17 Ltd                                            | CUSIP: 07133PAL3<br>LEI: 549300QQUW46V6EB1N30 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2002806.00   | 0.09%             | 2034-03-09      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                  | Trinitas CLO XXIV Ltd                                           | CUSIP: 89642XAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   2500000 | PA      | $2519845.25   | 0.12%             | 2037-04-25      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Marble Point CLO XXI Ltd.                         | Marble Point CLO XXI Ltd                                        | CUSIP: 56606KAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500644.45    | 0.02%             | 2034-10-17      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                  | Ocean Trails CLO XV Ltd                                         | CUSIP: 67515BAC6<br>LEI: 5493000CJCL8E235WY49 | Long             | ABS-CBDO         | CORP              | JE        |   3000000 | PA      | $3022890.30   | 0.14%             | 2037-01-15      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| Rockford Tower Europe CLO                         | Rockford Tower Europe CLO 2019-1 DAC                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |   5200000 | PA      | $6210635.36   | 0.28%             | 2038-01-20      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                    | BBCMS Mortgage Trust 2024-C24                                   | CUSIP: 07336VBA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5200000 | PA      | $473891.60    | 0.02%             | 2057-02-15      | Variable      | 1.57%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2024-CES4                             | CUSIP: 89182QAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2480740 | PA      | $2469693.59   | 0.11%             | 2064-09-25      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                  | COLT 2025-3 Mortgage Loan Trust                                 | CUSIP: 12674LAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8192903 | PA      | $8208438.63   | 0.38%             | 2070-03-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                              | Signal Peak CLO 10 Ltd                                          | CUSIP: 82671CAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7000000 | PA      | $6953431.10   | 0.32%             | 2038-01-24      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| SILVER ROCK CLO LTD                               | Silver Rock CLO I Ltd                                           | CUSIP: 82811RBE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6000000 | PA      | $6039222.60   | 0.28%             | 2037-10-20      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                       | RCKT Mortgage Trust 2024-CES9                                   | CUSIP: 749426AD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6700000 | PA      | $6750191.04   | 0.31%             | 2044-12-25      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivable                    | OneMain Direct Auto Receivables Trust 2025-1                    | CUSIP: 682684AD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4060712.80   | 0.19%             | 2037-07-14      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Cordatus CLO PLC                                  | CVC Cordatus Loan Fund VII DAC                                  | CUSIP: 000000000<br>LEI: 635400CLBI5JM6YQBR92 | Long             | ABS-CBDO         | CORP              | IE        |   1511552 | PA      | $1776970.68   | 0.08%             | 2031-09-15      | Floating      | 2.60%                 | No            |                  2 | On Loan: No      |
| Bank5                                             | BANK5 2024-5YR8                                                 | CUSIP: 065923AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13643000 | PA      | $1300674.51   | 0.06%             | 2057-08-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Barrow Hanley CLO LTD                             | Barrow Hanley CLO III Ltd                                       | CUSIP: 06875VAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1266337.00   | 0.06%             | 2037-04-20      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                          | OBX 2024-NQM12 Trust                                            | CUSIP: 67448PAD5<br>LEI: 254900MY906NOBBPOA44 | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3995158.80   | 0.18%             | 2064-07-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solu                    | GoodLeap Home Improvement Solutions Trust 2025-2                | CUSIP: 38238FAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $7095081.00   | 0.32%             | 2049-06-20      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                      | GS Mortgage Securities Corp Trust 2025-800D                     | CUSIP: 36273XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3590000 | PA      | $3596416.41   | 0.16%             | 2041-11-25      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| Octagon 59 Ltd                                    | Octagon 59 Ltd                                                  | CUSIP: 675930AE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $601845.66    | 0.03%             | 2035-05-15      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| RCO Mortgage LLC                                  | RCO VIII Mortgage LLC 2025-3                                    | CUSIP: 74939GAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6653086 | PA      | $6593422.50   | 0.30%             | 2030-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                        | Affirm Asset Securitization Trust 2024-X2                       | CUSIP: 00833QAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5200000 | PA      | $5238757.68   | 0.24%             | 2029-12-17      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                    | BBCMS 2016-ETC Mortgage Trust                                   | CUSIP: 05491LAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $95281.44     | 0.00%             | 2036-08-14      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2024-CES3                             | CUSIP: 89183EAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1120593.54   | 0.05%             | 2064-05-25      | Variable      | 6.81%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                    | Pret 2025-NPL2 LLC                                              | CUSIP: 69392JAA7<br>LEI: 254900S0KCA0ULKWBW61 | Long             | ABS-O            | CORP              | US        |   6101908 | PA      | $6078928.40   | 0.28%             | 2055-03-25      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| ROCKFORD TOWER EUROPE CLO                         | Rockford Tower Europe CLO 2018-1 DAC                            | CUSIP: 000000000<br>LEI: 635400J1BXSISHD5XN53 | Long             | ABS-CBDO         | CORP              | IE        |   1250000 | PA      | $1468238.26   | 0.07%             | 2037-04-24      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| HERITAGE PWR LLC                                  | HERITAGE PWR LLC                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2132 | NS      | $1066.00      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Barclays Commercial Mortgage S                    | BBCMS 2020-BID Mortgage Trust                                   | CUSIP: 05493BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7660000 | PA      | $7660000.00   | 0.35%             | 2037-10-15      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                     | GS Mortgage Backed Securities Trust 2025 CES1                   | CUSIP: 36271RAA4<br>LEI: 254900R6PO5A0PCKSU63 | Long             | ABS-MBS          | CORP              | US        |  16270441 | PA      | $16341090.97  | 0.75%             | 2055-05-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| DIAMOND SPORTS GRP LLC- CS                        | DIAMOND SPORTS GRP LLC- CS                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3163 | NS      | $43491.25     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2025-RCF3 LLC                                              | CUSIP: 69392PAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7752000 | PA      | $7745948.79   | 0.35%             | 2055-07-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| U.S. Bank National Association                    | US Bank NA                                                      | CUSIP: 90357PBC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  16347408 | PA      | $16322969.93  | 0.75%             | 2032-02-25      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2025-RCF3 LLC                                              | CUSIP: 69392PAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    876000 | PA      | $843254.16    | 0.04%             | 2055-07-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| BFLD Trust                                        | BFLD 2024-WRHS Mortgage Trust                                   | CUSIP: 05555HAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5218993 | PA      | $5205945.86   | 0.24%             | 2026-08-15      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2024-PURE                          | CUSIP: 74625PAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | CA        |   2000000 | PA      | $1470669.07   | 0.07%             | 2041-11-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                         | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21     | CUSIP: 61764XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $100.00       | 0.00%             | 2048-03-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                  | CIFC Funding 2017-V Ltd                                         | CUSIP: 12551MAL3<br>LEI: 635400BTAKRBKGRV3X14 | Long             | ABS-CBDO         | CORP              | KY        |   6700000 | PA      | $6721100.31   | 0.31%             | 2037-07-17      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2021-XL2                           | CUSIP: 05609KAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2292500 | PA      | $2291067.19   | 0.10%             | 2038-10-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                  | COLT 2025-INV2 Mortgage Loan Trust                              | CUSIP: 12673UAA2<br>LEI: 213800M5KYYIOHI7KW93 | Long             | ABS-MBS          | CORP              | US        |   6928424 | PA      | $6967118.30   | 0.32%             | 2070-02-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Laurel Road Prime Student Loan                    | Laurel Road Prime Student Loan Trust 2019-A                     | CUSIP: 51889RAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    809295 | PA      | $279721.93    | 0.01%             | 2048-10-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Heritage Power LLC                                | HERITAGE POWER LLC                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13783 | PA      | $13576.15     | 0.00%             | 2028-07-20      | Floating      | 9.80%                 | No            |                  3 | On Loan: No      |
| Elevation CLO Ltd                                 | Elevation Clo 2021-13 Ltd                                       | CUSIP: 28622EAW8<br>LEI: 549300YZ3RIOTSOP0V95 | Long             | ABS-CBDO         | CORP              | KY        |  13950000 | PA      | $13891557.87  | 0.64%             | 2034-07-15      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| ONE Park Mortgage Trust                           | ONE 2021-PARK Mortgage Trust                                    | CUSIP: 682413AJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $367386.96    | 0.02%             | 2036-03-15      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| ICG US CLO Ltd                                    | ICG US Clo 2021-3 Ltd                                           | CUSIP: 449249AU5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2750000 | PA      | $2747868.20   | 0.13%             | 2034-10-20      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Penta CLO 14 DAC                                  | Penta CLO 14 DAC                                                | CUSIP: 000000000<br>LEI: 549300KV4K41MAFRA061 | Long             | ABS-CBDO         | CORP              | IE        |   3500000 | PA      | $4131070.65   | 0.19%             | 2037-10-20      | Floating      | 4.14%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2025-CRM1                             | CUSIP: 891946AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8750422 | PA      | $8813262.57   | 0.40%             | 2065-01-25      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                          | JP Morgan Mortgage Trust 2023-HE3                               | CUSIP: 465985AB5<br>LEI: 5299007DSRZLE19EYU93 | Long             | ABS-O            | CORP              | US        |    705000 | PA      | $709587.86    | 0.03%             | 2054-05-20      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| Madison Park Euro Funding                         | Madison Park Euro Funding XIII DAC                              | CUSIP: 000000000<br>LEI: 635400DWZPBUYDTIFB95 | Long             | ABS-CBDO         | CORP              | IE        |   4406255 | PA      | $5172830.87   | 0.24%             | 2032-01-15      | Floating      | 3.03%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                         | IRS USD                                                         | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-2972364.81  | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| Radnor Re LTD                                     | Radnor Re 2024-1 Ltd                                            | CUSIP: 75049AAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    665690 | PA      | $666341.35    | 0.03%             | 2034-09-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| NGC Ltd                                           | NGC 2024-I Ltd                                                  | CUSIP: 652927AJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   3500000 | PA      | $3516627.80   | 0.16%             | 2037-07-20      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Taurus CMBS                                       | Taurus 2021-1 UK DAC                                            | CUSIP: 000000000<br>LEI: 635400SG2ZVJCYHITE32 | Long             | ABS-MBS          | CORP              | IE        |    248177 | PA      | $341186.75    | 0.02%             | 2031-05-17      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                    | PRET 2025-NPL3 LLC                                              | CUSIP: 74143HAA3<br>LEI: 254900UGRYVHG7BY6M45 | Long             | ABS-O            | CORP              | US        |  11616375 | PA      | $11717219.54  | 0.54%             | 2055-04-25      | Variable      | 6.71%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2024-6 LLC                                                 | CUSIP: 74390PAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2411831 | PA      | $2417470.02   | 0.11%             | 2029-11-25      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2024-CES5                             | CUSIP: 89183QAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4855000 | PA      | $4862608.76   | 0.22%             | 2064-09-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| ONE Park Mortgage Trust                           | ONE 2021-PARK Mortgage Trust                                    | CUSIP: 682413AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1440000.00   | 0.07%             | 2036-03-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| PMT CREDIT RISK TRANSFER TRUST                    | PMT Credit Risk Transfer Trust 2024-3R                          | CUSIP: 69392AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2096131 | PA      | $2095599.07   | 0.10%             | 2028-09-27      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| UK Logisitics                                     | UK Logistics 2024-1 DAC                                         | CUSIP: 000000000<br>LEI: 635400H22JMICKOJRJ36 | Long             | ABS-MBS          | CORP              | GB        |   1850000 | PA      | $2582427.60   | 0.12%             | 2034-05-17      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Z Capital Credit Partners BSL                     | Z Capital Credit Partners BSL CLO 2024-1 Ltd                    | CUSIP: 98877JAG7<br>LEI: 254900DSGRS62ZX4HI79 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2015602.80   | 0.09%             | 2036-04-16      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                                  | Bellemeade Re Ltd                                               | CUSIP: 078915AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   1000000 | PA      | $1001979.90   | 0.05%             | 2034-08-25      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                                 | Elevation CLO 2021-14 Ltd                                       | CUSIP: 28623RBG2<br>LEI: 549300JPI8D017HI2768 | Long             | ABS-CBDO         | CORP              | KY        |  11000000 | PA      | $10989003.30  | 0.50%             | 2038-01-20      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2021-ACNT                          | CUSIP: 05609QAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1985503 | PA      | $1983021.39   | 0.09%             | 2038-11-15      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2024-RP2                          | CUSIP: 173106AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    164547 | PA      | $19891.74     | 0.00%             | 2063-02-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sunrun Issuer                                     | Sunrun Vesta Issuer 2024-3 LLC                                  | CUSIP: 86773AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    555952 | PA      | $536364.59    | 0.02%             | 2059-10-30      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                    | WFCM Commercial Mortgage Trust 2024-GRP                         | CUSIP: 95003YAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4650000 | PA      | $4666254.08   | 0.21%             | 2041-10-15      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| Deco                                              | Deco 2019-RAM DAC                                               | CUSIP: 000000000<br>LEI: 549300BXZQDWLENUZL17 | Long             | ABS-MBS          | CORP              | IE        |    105291 | PA      | $144549.00    | 0.01%             | 2030-08-07      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Gallatin Funding Ltd                              | Gallatin CLO X 2023-1 Ltd                                       | CUSIP: 36362MAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   1000000 | PA      | $1005568.30   | 0.05%             | 2035-10-14      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| Hayfin Emerald CLO                                | Hayfin Emerald CLO X DAC                                        | CUSIP: 000000000<br>LEI: 635400QPLMTTI1BZII42 | Long             | ABS-CBDO         | CORP              | IE        |   3000000 | PA      | $3534489.27   | 0.16%             | 2038-07-18      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                         | BPR Trust 2023-BRK2                                             | CUSIP: 05610WAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2105309.40   | 0.10%             | 2038-10-05      | Variable      | 8.63%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2024-CES3                             | CUSIP: 89183EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3029571 | PA      | $3058033.34   | 0.14%             | 2064-05-25      | Variable      | 6.29%                 | No            |                  2 | On Loan: No      |
| ILPT Commercial Mortgage Trust                    | ILPT Commercial Mortgage Trust 2025-LPF2                        | CUSIP: 451955AC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3250000 | PA      | $3290494.68   | 0.15%             | 2042-07-15      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| Taurus CMBS                                       | Taurus CMBS                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |   1500000 | PA      | $2058975.00   | 0.09%             | 2035-07-20      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| Barings Euro CLO DAC                              | Barings Euro CLO 2015-1 DAC                                     | CUSIP: 000000000<br>LEI: 635400AW6SPWCAGJKI82 | Long             | ABS-CBDO         | CORP              | IE        |   2000000 | PA      | $2362545.52   | 0.11%             | 2035-07-25      | Floating      | 3.96%                 | No            |                  2 | On Loan: No      |
| AlbaCore Euro CLO                                 | AlbaCore EURO CLO II DAC                                        | CUSIP: 000000000<br>LEI: 549300WN8XXHR94EX575 | Long             | ABS-CBDO         | CORP              | IE        |   5400000 | PA      | $6359201.74   | 0.29%             | 2034-06-15      | Floating      | 3.62%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                                 | Elevation CLO 2021-12 Ltd                                       | CUSIP: 28623MBE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1512034.50   | 0.07%             | 2037-04-20      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Battalion CLO LTD                                 | Battalion CLO VIII Ltd                                          | CUSIP: 07132ACC5<br>LEI: 549300WH2OE0BGHQQP83 | Long             | ABS-CBDO         | CORP              | KY        |    105960 | PA      | $105949.71    | 0.00%             | 2030-07-18      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                               | Sound Point CLO II Ltd                                          | CUSIP: 83608GAN6<br>LEI: 549300Q00FJ0WHHYC788 | Long             | ABS-CBDO         | CORP              | KY        |    184186 | PA      | $184343.07    | 0.01%             | 2031-01-26      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Sunrun Issuer                                     | Sunrun Vesta Issuer 2024-3 LLC                                  | CUSIP: 86773AAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2092579 | PA      | $1981864.02   | 0.09%             | 2059-10-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solu                    | GoodLeap Home Improvement Solutions Trust 2025-1                | CUSIP: 38237EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5903409 | PA      | $5976841.90   | 0.27%             | 2049-02-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SILVER ROCK CLO LTD                               | Silver Rock CLO I Ltd                                           | CUSIP: 82811RAY3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2009513.80   | 0.09%             | 2037-10-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Avoca CLO                                         | Avoca Capital CLO X Ltd                                         | CUSIP: 000000000<br>LEI: 635400SFFWCTHJHBZK84 | Long             | ABS-CBDO         | CORP              | IE        |    750000 | PA      | $878963.03    | 0.04%             | 2035-04-15      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                    | Mariner Finance Issuance Trust 2025-A                           | CUSIP: 567920AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5900000 | PA      | $5980054.74   | 0.27%             | 2038-05-20      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                    | PRET 2025-NPL1 Trust                                            | CUSIP: 74143VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7266694 | PA      | $7289850.36   | 0.33%             | 2055-02-25      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2024-AIRC                          | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3979950 | PA      | $3994874.85   | 0.18%             | 2039-08-15      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                         | IRS USD                                                         | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $99857.59     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cent CLO LP                                       | Columbia Cent CLO 30 Ltd                                        | CUSIP: 19736WAU4<br>LEI: 549300EPPYTG18BLNK44 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3004400.40   | 0.14%             | 2034-01-20      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2021-ARIA                                              | CUSIP: 05608RAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5150000 | PA      | $5137125.00   | 0.24%             | 2036-10-15      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                     | GS Mortgage-Backed Securities Trust 2024-HE2                    | CUSIP: 36271AAA1<br>LEI: 254900W4Z6DJOVCWAH28 | Long             | ABS-O            | CORP              | US        |   4789909 | PA      | $4794111.37   | 0.22%             | 2055-01-25      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| OFSI Fund LTD                                     | OFSI BSL XII Ltd                                                | CUSIP: 67629HAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  12950000 | PA      | $12956908.83  | 0.59%             | 2038-01-20      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                        | Affirm Asset Securitization Trust 2024-A                        | CUSIP: 00834BAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1009251.30   | 0.05%             | 2029-02-15      | Fixed         | 6.89%                 | No            |                  2 | On Loan: No      |
| MTN Commercial Mortgage Trust                     | MTN Commercial Mortgage Trust 2022-LPFL                         | CUSIP: 62475WAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7250000 | PA      | $7245468.75   | 0.33%             | 2039-03-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                        | NLT 2025-INV1 Trust                                             | CUSIP: 62916TAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $735976.88    | 0.03%             | 2070-02-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| Invesco Euro CLO                                  | Invesco Euro CLO IV DAC                                         | CUSIP: 000000000<br>LEI: 549300LLUOZ9GWTWJV80 | Long             | ABS-CBDO         | CORP              | IE        |   2000000 | PA      | $2350316.05   | 0.11%             | 2033-04-15      | Floating      | 3.98%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO XVI, Ltd.                        | Sixth Street CLO XVI Ltd                                        | CUSIP: 83012DAQ6<br>LEI: 549300YD05LZSDNMVF16 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003978.70   | 0.05%             | 2037-01-20      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                       | SREIT Trust 2021-MFP                                            | CUSIP: 78472UAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    218099 | PA      | $218098.79    | 0.01%             | 2038-11-15      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                           | CDS CDX.NA.HY.42.V1                                             | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCR              | CORP              | US        |         1 | NC      | $20036.75     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Barrow Hanley CLO LTD                             | Barrow Hanley CLO II Ltd                                        | CUSIP: 06875RAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1150000 | PA      | $1156369.97   | 0.05%             | 2035-10-20      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Impr                    | Goodleap Sustainable Home Solutions Trust 2023-4                | CUSIP: 38237YAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    851614 | PA      | $844748.31    | 0.04%             | 2057-03-20      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin                    | Santander Bank Auto Credit-Linked Notes Series 2022-C           | CUSIP: 80290CBJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10026 | PA      | $10064.68     | 0.00%             | 2032-12-15      | Fixed         | 11.37%                | No            |                  2 | On Loan: No      |
| NMLT Trust                                        | NLT 2025-INV1 Trust                                             | CUSIP: 62916TAK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19795574 | PA      | $164449.75    | 0.01%             | 2070-02-25      | Variable      | 0.40%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Impr                    | Goodleap Sustainable Home Solutions Trust 2023-2                | CUSIP: 38237AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4429911 | PA      | $4152349.03   | 0.19%             | 2055-05-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ONE Park Mortgage Trust                           | ONE 2021-PARK Mortgage Trust                                    | CUSIP: 682413AE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $948467.40    | 0.04%             | 2036-03-15      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                  | Bayview Opportunity Master Fund VII Trust 2024-SN1              | CUSIP: 072926AF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1013398.70   | 0.05%             | 2029-07-16      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor                    | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM2        | CUSIP: 617941AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9609187 | PA      | $9659189.61   | 0.44%             | 2070-01-25      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| ONE Park Mortgage Trust                           | ONE 2021-PARK Mortgage Trust                                    | CUSIP: 682413AG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $797697.29    | 0.04%             | 2036-03-15      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                      | Huntington Bank Auto Credit-Linked Notes Series 2024-2          | CUSIP: 44644NAK5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1301939 | PA      | $1316186.16   | 0.06%             | 2032-10-20      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-ROIC                                              | CUSIP: 05593VAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4925000.00   | 0.23%             | 2030-03-15      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| PPM Clo, Ltd.                                     | PPM CLO 6-R Ltd                                                 | CUSIP: 693975AL8<br>LEI: 2549003CULWUB4AA0151 | Long             | ABS-CBDO         | CORP              | JE        |   4000000 | PA      | $4016404.40   | 0.18%             | 2037-01-20      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| WHARF Commercial Mortgage Trus                    | WHARF Commercial Mortgage Trust 2025-DC                         | CUSIP: 92987LAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $6146426.40   | 0.28%             | 2040-07-15      | Variable      | 7.72%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                                | Tricon Residential 2025-SFR1 Trust                              | CUSIP: 895974AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4400000 | PA      | $4406183.32   | 0.20%             | 2042-03-17      | Floating      | 5.66%                 | 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        |     98186 | PA      | $115015.16    | 0.01%             | 2033-08-17      | Floating      | 4.03%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2024-AIR2                          | CUSIP: 05613QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2877540 | PA      | $2882924.02   | 0.13%             | 2041-10-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                | BMO 2024-5C4 Mortgage Trust                                     | CUSIP: 09660SAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5500000 | PA      | $473209.55    | 0.02%             | 2057-05-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                  | Connecticut Avenue Securities Trust 2024-R05                    | CUSIP: 20754XAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1750000 | PA      | $1756406.23   | 0.08%             | 2044-07-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2025-RP1                          | CUSIP: 17332HAM7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10824 | PA      | $9578.81      | 0.00%             | 2064-01-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| CBAM CLO Management                               | Cbam 2018-7 Ltd                                                 | CUSIP: 12482JAA8<br>LEI: 2549002XHTMWO4GGPF51 | Long             | ABS-CBDO         | CORP              | KY        |    197773 | PA      | $197978.98    | 0.01%             | 2031-07-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Regatta XVI Funding Ltd.                          | Regatta XVI Funding Ltd                                         | CUSIP: 75888TAQ8<br>LEI: 254900XPJFGKL5R4O429 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3004415.40   | 0.14%             | 2033-01-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Nassau Euro CLO DAC                               | Nassau Euro CLO IV DAC                                          | CUSIP: 000000000<br>LEI: 2549009H5IFGWCGJGZ84 | Long             | ABS-CBDO         | CORP              | IE        |   2000000 | PA      | $2394690.84   | 0.11%             | 2038-07-20      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2025-RPL1 LLC                                              | CUSIP: 74390WAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1144000 | PA      | $1034559.47   | 0.05%             | 2055-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Saratoga Investment Corp CLO L                    | Saratoga Investment Corp CLO 2013-1 Ltd                         | CUSIP: 80349BCD7<br>LEI: 549300471O2DE0Y4L506 | Long             | ABS-CBDO         | CORP              | KY        |   2058157 | PA      | $2060272.14   | 0.09%             | 2033-04-20      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                      | Ares XLI Clo Ltd                                                | CUSIP: 04016DAU9<br>LEI: 549300X38KZ67Q2FQG11 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002271.10   | 0.05%             | 2034-04-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                         | Anchorage Capital Clo 11 Ltd                                    | CUSIP: 03330NAW4<br>LEI: 549300NPGT86ACOLIL14 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2006822.40   | 0.09%             | 2037-07-22      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2024-AIR2                          | CUSIP: 05613QAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1246934 | PA      | $1250044.91   | 0.06%             | 2041-10-15      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                | BMO 2023-5C2 Mortgage Trust                                     | CUSIP: 05610QAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9500000 | PA      | $615329.25    | 0.03%             | 2056-11-15      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| OFSI Fund LTD                                     | OFSI BSL CLO XIII Ltd                                           | CUSIP: 67118VAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1008820.00   | 0.05%             | 2037-04-20      | Floating      | 8.77%                 | No            |                  2 | On Loan: No      |
| Bastille Funding                                  | Bastille Euro CLO 2020-3 DAC                                    | CUSIP: 000000000<br>LEI: 2138006IJX5FOJF25485 | Long             | ABS-CBDO         | CORP              | IE        |   7750000 | PA      | $9181102.80   | 0.42%             | 2039-01-15      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                | BMO 2024-5C5 Mortgage Trust                                     | CUSIP: 05593RAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18900000 | PA      | $1603285.11   | 0.07%             | 2057-02-15      | Variable      | 2.71%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association                    | USD/GBP FORWARD                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-55034.27    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| 20 TSQ GroundCo LLC                               | 20 Times Square Trust 2018-20TS                                 | CUSIP: 90137LAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $157000.00    | 0.01%             | 2035-05-15      | Variable      | 3.20%                 | Yes           |                  2 | On Loan: No      |
| SONA FIOS CLO                                     | Sona Fios Clo IV DAC                                            | CUSIP: 000000000<br>LEI: 635400QGIDXZNEITGK95 | Long             | ABS-CBDO         | CORP              | IE        |  10000000 | PA      | $11795308.09  | 0.54%             | 2038-04-20      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| Battalion CLO LTD                                 | Battalion CLO X Ltd                                             | CUSIP: 07132JBC7<br>LEI: 549300RRK5G3IT4Y7N27 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501093.05    | 0.02%             | 2035-01-25      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| 20 TSQ GroundCo LLC                               | 20 Times Square Trust 2018-20TS                                 | CUSIP: 90137LAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    520000 | PA      | $416000.00    | 0.02%             | 2035-05-15      | Variable      | 3.20%                 | Yes           |                  2 | On Loan: No      |
| HERITAGE PWR LLC                                  | HERITAGE PWR LLC                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        81 | NS      | $4596.75      | 0.00%             |  |  |  | Yes           |                  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        |     46312 | PA      | $46594.59     | 0.00%             | 2033-06-15      | Fixed         | 10.07%                | No            |                  2 | On Loan: No      |
| Intermediate Capital Managers                     | ICG Euro CLO 2021-1 DAC                                         | CUSIP: 000000000<br>LEI: 5493002JC8KETPN3UB70 | Long             | ABS-CBDO         | CORP              | IE        |   1500000 | PA      | $1769819.40   | 0.08%             | 2034-10-15      | Floating      | 4.08%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2025-2 LLC                                                 | CUSIP: 69382HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5091718 | PA      | $5085975.76   | 0.23%             | 2030-05-25      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                      | GS Mortgage Securities Corportation Trust 2021-IP               | CUSIP: 36262MAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    140000 | PA      | $137412.32    | 0.01%             | 2036-10-15      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                    | Wells Fargo Commercial Mortgage Trust 2021-FCMT                 | CUSIP: 95003EAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1089190.19   | 0.05%             | 2031-05-15      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                      | GS Mortgage Securities Corportation Trust 2021-IP               | CUSIP: 36262MAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1950000 | PA      | $1916098.28   | 0.09%             | 2036-10-15      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                 | EURO-BOBL                                                       | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -6 | NC      | $2337.90      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BPR Trust                                         | BPR Trust 2024-PMDW                                             | CUSIP: 05592VAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $1197716.88   | 0.05%             | 2041-11-05      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| Contego CLO DAC                                   | Contego Clo V DAC                                               | CUSIP: 000000000<br>LEI: 549300RF10WJ1D9VYK55 | Long             | ABS-CBDO         | CORP              | IE        |   1500000 | PA      | $1764285.21   | 0.08%             | 2037-10-15      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Impr                    | GoodLeap Sustainable Home Solutions Trust 2024-1                | CUSIP: 38237BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2091166 | PA      | $2037153.21   | 0.09%             | 2057-06-20      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                  | Connecticut Avenue Securities Trust 2024-R06                    | CUSIP: 20755RAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2300000 | PA      | $2310766.07   | 0.11%             | 2044-09-25      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                              | Lhome Mortgage Trust 2025-Rtl2                                  | CUSIP: 50206RAA5<br>LEI: 529900COAFD3IY51O355 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2008321.00   | 0.09%             | 2040-04-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                       | Balboa Bay Loan Funding 2024-2 Ltd                              | CUSIP: 05765AAE1<br>LEI: 254900FG1DS8PNX30R63 | Long             | ABS-CBDO         | CORP              | KY        |   9000000 | PA      | $9016773.30   | 0.41%             | 2038-01-20      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| ARES Commercial Mortgage Trust                    | ARES Trust 2025-IND3                                            | CUSIP: 039955AJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8050000 | PA      | $8029875.00   | 0.37%             | 2042-04-15      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2025-CES1                             | CUSIP: 89183HAC8<br>LEI: 254900FMI2GPXLO84795 | Long             | ABS-MBS          | CORP              | US        |   6500000 | PA      | $6499941.50   | 0.30%             | 2055-02-25      | Variable      | 6.08%                 | No            |                  3 | On Loan: No      |
| Fannie Mae - CAS                                  | Connecticut Avenue Securities Trust 2022-R07                    | CUSIP: 20754MAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5800000 | PA      | $6380445.44   | 0.29%             | 2042-06-25      | Floating      | 11.11%                | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2022-AHP                           | CUSIP: 05610FAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1010000 | PA      | $985889.38    | 0.05%             | 2039-01-17      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| MHC Commercial Mortgage Trust                     | MHC Commercial Mortgage Trust 2021-MHC                          | CUSIP: 55316VAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1365600 | PA      | $1365600.00   | 0.06%             | 2038-04-15      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                            | Rockford Tower CLO 2021-3 Ltd                                   | CUSIP: 77341NAQ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5325000 | PA      | $5335295.89   | 0.24%             | 2038-01-15      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2014-USA OA LLC                                            | CUSIP: 12649AAA7<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |   2679334 | PA      | $2471711.98   | 0.11%             | 2037-09-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                        | NLT 2025-INV1 Trust                                             | CUSIP: 62916TAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13043755 | PA      | $13111921.63  | 0.60%             | 2070-02-25      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2024-RP2                          | CUSIP: 173106AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    593449 | PA      | $512538.40    | 0.02%             | 2063-02-25      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2021-ARIA                                              | CUSIP: 05608RAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3370000 | PA      | $3363681.25   | 0.15%             | 2036-10-15      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                        | EUR/USD FORWARD                                                 | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-5288639.47  | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2024-RP2                          | CUSIP: 173106AH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    298199 | PA      | $24077.72     | 0.00%             | 2063-02-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                       | RCKT Mortgage Trust 2025-CES2                                   | CUSIP: 74942BAA9<br>LEI: 2549001985H26N17CK52 | Long             | ABS-MBS          | CORP              | US        |   4081479 | PA      | $4100942.63   | 0.19%             | 2055-02-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                    | BRAVO Residential Funding Trust 2025-NQM2                       | CUSIP: 10569NAC5<br>LEI: 254900TZWRKTBX2YNW23 | Long             | ABS-MBS          | CORP              | US        |   3701393 | PA      | $3719197.34   | 0.17%             | 2064-11-25      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                    | BBCMS 2018-CHRS Mortgage Trust                                  | CUSIP: 05491VAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $896710.80    | 0.04%             | 2038-08-05      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                  | Connecticut Avenue Securities Trust 2022-R08                    | CUSIP: 20755DAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3520301 | PA      | $3794338.13   | 0.17%             | 2042-07-25      | Floating      | 9.91%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                      | Hudson Yards 2025-SPRL Mortgage Trust                           | CUSIP: 44855PAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    970000 | PA      | $1003951.36   | 0.05%             | 2040-01-13      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| VNO Mortgage Trust                                | VNDO Trust 2016-350P                                            | CUSIP: 91831UAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10030000 | PA      | $9756974.37   | 0.45%             | 2035-01-10      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| Cherry Securitization Trust                       | Cherry Securitization Trust 2025-1                              | CUSIP: 16473RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10300000 | PA      | $10404332.82  | 0.48%             | 2032-11-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                          | Angel Oak Mortgage Trust 2025-3                                 | CUSIP: 03466RAA9<br>LEI: 254900U85BAJNPG0MG65 | Long             | ABS-MBS          | CORP              | US        |   9532363 | PA      | $9529199.37   | 0.44%             | 2070-03-25      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                              | LHOME Mortgage Trust 2024-RTL5                                  | CUSIP: 50205WAA5<br>LEI: 529900ZQNJ23BIJVY871 | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3988769.20   | 0.18%             | 2039-09-25      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| Diamond Sports Net, LLC                           | DIAMOND SPORTS NET LLC                                          | CUSIP: 25277EAB8<br>LEI: 549300MPO5H6LGX4RJ82 | Long             | LON              | CORP              | US        |     20970 | PA      | $18820.93     | 0.00%             | 2028-01-02      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| WCORE Commercial Mortgage Trus                    | WCORE Commercial Mortgage Trust 2024-CORE                       | CUSIP: 951913AG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $8002500.00   | 0.37%             | 2041-11-15      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                      | Hudson Yards 2025-SPRL Mortgage Trust                           | CUSIP: 44855PAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5400000 | PA      | $5590718.82   | 0.26%             | 2040-01-13      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                       | RCKT Mortgage Trust 2025-CES6                                   | CUSIP: 748949AE4<br>LEI: 2549002LEW4WNQBOMB89 | Long             | ABS-MBS          | CORP              | US        |   3705000 | PA      | $3704981.48   | 0.17%             | 2055-06-25      | Variable      | 6.16%                 | No            |                  3 | On Loan: No      |
| Canyon Euro CLO DAC                               | Canyon Euro CLO 2025-1 DAC                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |  10000000 | PA      | $11690282.07  | 0.54%             | 2038-04-15      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| TFS_18-3                                          | TFS_18-3                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | N/A       |         1 | PA      | $1.18         | 0.00%             | 2040-04-16      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| PGIM AAA CLO ETF                                  | PGIM AAA CLO ETF                                                | CUSIP: 69344A834<br>LEI: 5493000IJ4TGDWNHKI54 | Long             | EC               | RF                | US        |    725000 | NS      | $37301250.00  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Inc                                        | Affirm Asset Securitization Trust 2024-A                        | CUSIP: 00834BAK3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $909674.10    | 0.04%             | 2029-02-15      | Fixed         | 9.17%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                          | JP Morgan Mortgage Trust Series 2025-HE1                        | CUSIP: 46593PAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  21137880 | PA      | $21093784.26  | 0.97%             | 2055-07-20      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Ondeck Asset Securitization Tr                    | OnDeck Asset Securitization IV LLC                              | CUSIP: 68237DAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4800000 | PA      | $4793791.68   | 0.22%             | 2032-04-19      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                              | Signal Peak CLO 12 Ltd                                          | CUSIP: 82671XAS2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   2000000 | PA      | $2001387.60   | 0.09%             | 2037-07-18      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2024-RP2                          | CUSIP: 173106AF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     64822 | PA      | $45453.40     | 0.00%             | 2063-02-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| ROCKFORD TOWER EUROPE CLO                         | Rockford Tower Europe CLO 2018-1 DAC                            | CUSIP: 000000000<br>LEI: 635400J1BXSISHD5XN53 | Long             | ABS-CBDO         | CORP              | IE        |   1000000 | PA      | $1189136.40   | 0.05%             | 2037-04-24      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| 20 TSQ GroundCo LLC                               | 20 Times Square Trust 2018-20TS                                 | CUSIP: 90137LAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $73500.00     | 0.00%             | 2035-05-15      | Variable      | 3.20%                 | Yes           |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2024-4 LLC                                                 | CUSIP: 74390EAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2181504 | PA      | $2186977.17   | 0.10%             | 2029-08-25      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2024-RCF6 LLC                                              | CUSIP: 74390FAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $656427.66    | 0.03%             | 2054-10-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BLP Commercial Mortgage Trust                     | BLP Commercial Mortgage Trust 2025-IND                          | CUSIP: 05625BAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10759000 | PA      | $10651606.89  | 0.49%             | 2042-03-15      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                    | Wells Fargo Commercial Mortgage Trust 2021-FCMT                 | CUSIP: 95003EAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $990170.20    | 0.05%             | 2031-05-15      | Floating      | 8.93%                 | No            |                  2 | On Loan: No      |
| Invitation Homes Trust                            | Invitation Homes 2024-SFR1 Trust                                | CUSIP: 46188DAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2400000 | PA      | $2305747.92   | 0.11%             | 2041-09-17      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                     | GS Mortgage-Backed Securities Trust 2024-HE2                    | CUSIP: 36271AAB9<br>LEI: 254900W4Z6DJOVCWAH28 | Long             | ABS-O            | CORP              | US        |   3600000 | PA      | $3603639.96   | 0.17%             | 2055-01-25      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Tikehau US CLO Ltd                                | Tikehau US CLO II Ltd                                           | CUSIP: 88676LAY7<br>LEI: 254900I3YTWHVZHM1B33 | Long             | ABS-CBDO         | CORP              | BM        |   4600000 | PA      | $4605902.72   | 0.21%             | 2038-01-20      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                          | OBX 2025-NQM4 Trust                                             | CUSIP: 67120QAA4<br>LEI: 254900IAVXYLOCPK6W54 | Long             | ABS-MBS          | CORP              | US        |   8116112 | PA      | $8119146.21   | 0.37%             | 2055-02-25      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| Wellfleet CLO Ltd                                 | Wellfleet CLO 2022-2 Ltd                                        | CUSIP: 94949FAS2<br>LEI: 2549008BRKHJZB917M86 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5023695.50   | 0.23%             | 2037-10-18      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| WCORE Commercial Mortgage Trus                    | WCORE Commercial Mortgage Trust 2024-CORE                       | CUSIP: 951913AE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $4001250.00   | 0.18%             | 2041-11-15      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                  | Connecticut Avenue Securities Trust 2023-R05                    | CUSIP: 207942AB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $626002.50    | 0.03%             | 2043-06-25      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| Babson Euro CLO B.V.                              | Barings Euro CLO 2021-2 DAC                                     | CUSIP: 000000000<br>LEI: 549300WLKHU1JJG5SG04 | Long             | ABS-CBDO         | CORP              | IE        |   3950000 | PA      | $4639571.47   | 0.21%             | 2034-10-15      | Floating      | 4.03%                 | No            |                  2 | On Loan: No      |
| Sculptor European CLO                             | Sculptor European CLO VII DAC                                   | CUSIP: 000000000<br>LEI: 6354009MYVCVIBG64Q24 | Long             | ABS-CBDO         | CORP              | IE        |   8000000 | PA      | $9453529.35   | 0.43%             | 2038-01-15      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                            | RR 40 LTD                                                       | CUSIP: 749762AC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $10010780.00  | 0.46%             | 2038-07-15      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-                    | One New York Plaza Trust 2020-1NYP                              | CUSIP: 68249DAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $578761.44    | 0.03%             | 2036-01-15      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                            | Rockford Tower CLO 2022-2 Ltd                                   | CUSIP: 77340LAP5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4500000 | PA      | $4518808.20   | 0.21%             | 2035-10-20      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                    | WFCM Commercial Mortgage Trust 2024-GRP                         | CUSIP: 95003YAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2850000 | PA      | $2864889.54   | 0.13%             | 2041-10-15      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO                               | MidOcean Credit CLO III                                         | CUSIP: 59802UAN9<br>LEI: 549300XSCUX0ONI5KZ96 | Long             | ABS-CBDO         | CORP              | KY        |    203581 | PA      | $204184.09    | 0.01%             | 2031-04-21      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC                    | VCAT 2025-NPL3 LLC                                              | CUSIP: 92243QAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5082619 | PA      | $5085888.68   | 0.23%             | 2055-02-25      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| Northwoods Capital Ltd                            | Northwoods Capital 22 Ltd                                       | CUSIP: 66858HBC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2017314.20   | 0.09%             | 2031-09-16      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                               | LCM 33 Ltd                                                      | CUSIP: 50202CAC8<br>LEI: 5493006LYYH2XWCWW153 | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $350567.56    | 0.02%             | 2034-07-20      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                          | Madison Park Funding XXXVIII Ltd                                | CUSIP: 55821KAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $751239.08    | 0.03%             | 2034-07-17      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                          | Neuberger Berman Loan Advisers CLO 26 Ltd                       | CUSIP: 64131QAQ3<br>LEI: 549300P0MOXZPIM3AS61 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5015310.00   | 0.23%             | 2038-10-18      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association                    | GBP/USD FORWARD                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $54874.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                                     | United States Treasury Bill                                     | CUSIP: 912797PF8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $199467.96    | 0.01%             | 2025-07-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust                                       | CUSIP: 89182FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1275751 | PA      | $1296509.76   | 0.06%             | 2063-10-25      | Variable      | 7.29%                 | No            |                  2 | On Loan: No      |
| Aqueduct European CLO                             | Aqueduct European CLO 10 DAC                                    | CUSIP: 000000000<br>LEI: 635400SCIIZBJOEMZP09 | Long             | ABS-CBDO         | CORP              | IE        |   5000000 | PA      | $5883901.48   | 0.27%             | 2039-01-18      | Floating      | 4.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                  | Connecticut Avenue Securities Trust 2025-R03                    | CUSIP: 20754VAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3045866.10   | 0.14%             | 2045-03-25      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| Bank5                                             | BANK5 2023-5YR4                                                 | CUSIP: 06211FAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4500000 | PA      | $451065.15    | 0.02%             | 2056-12-15      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2025-RPL1 LLC                                              | CUSIP: 74390WAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1987000 | PA      | $1861314.30   | 0.09%             | 2055-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                    | BBCMS Mortgage Trust 2024-5C25                                  | CUSIP: 05554VAH3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14404000 | PA      | $1403844.09   | 0.06%             | 2057-03-15      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                    | BRAVO Residential Funding Trust 2025-NQM6                       | CUSIP: 10570MAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20200000 | PA      | $20184169.26  | 0.92%             | 2065-06-25      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| European Loan Conduit                             | Salus European Loan Conduit NO 33 DAC                           | CUSIP: 000000000<br>LEI: 635400BIYQM1LPPW1N05 | Long             | ABS-MBS          | CORP              | IE        |   1961437 | PA      | $2699621.93   | 0.12%             | 2032-01-23      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Henley Funding Ltd.                               | Henley Clo Xi DAC                                               | CUSIP: 000000000<br>LEI: 6354004ZEQIYPXESRG76 | Long             | ABS-CBDO         | CORP              | IE        |  12250000 | PA      | $14371157.86  | 0.66%             | 2039-04-25      | Floating      | 4.01%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                    | BBCMS Mortgage Trust 2024-5C31                                  | CUSIP: 07336YAK1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  26275000 | PA      | $2402783.06   | 0.11%             | 2057-12-15      | Variable      | 2.56%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                              | Signal Peak CLO 9 Ltd                                           | CUSIP: 82670QAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10415000 | PA      | $10419621.14  | 0.48%             | 2038-01-21      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                     | New York City Housing Development Corp                          | CUSIP: 64966TGS7<br>LEI: 549300SQWVHKBRF8D702 | Long             | ABS-MBS          | MUN               | US        |   4800000 | PA      | $4930395.63   | 0.23%             | 2031-12-15      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                         | BPR Commercial Mortgage Trust 2024-PARK                         | CUSIP: 05593UAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1630000 | PA      | $1653545.68   | 0.08%             | 2039-11-05      | Variable      | 6.39%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivable                    | OneMain Direct Auto Receivables Trust 2021-1                    | CUSIP: 682687AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $884825.64    | 0.04%             | 2028-07-14      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2023-CES1                             | CUSIP: 89181XAM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    792424 | PA      | $798670.41    | 0.04%             | 2063-07-25      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                    | Wells Fargo Commercial Mortgage Trust 2024-5C1                  | CUSIP: 95003VAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13169000 | PA      | $1209751.75   | 0.06%             | 2057-07-15      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| Santander Mortgage Asset Recei                    | Santander Mortgage Asset Receivable Trust 2025-NQM1             | CUSIP: 80262BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8552501 | PA      | $8576414.81   | 0.39%             | 2065-01-25      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                    | Carlyle Global Market Strategies Euro CLO 2014-2 Ltd            | CUSIP: 000000000<br>LEI: 6354006SCMVW8LXU4P40 | Long             | ABS-CBDO         | CORP              | IE        |    554085 | PA      | $651098.82    | 0.03%             | 2031-11-15      | Floating      | 2.89%                 | No            |                  2 | On Loan: No      |
| Tralee CDO Ltd                                    | Tralee Clo VI Ltd                                               | CUSIP: 89289EBQ6<br>LEI: 5493008UP9ZP8RMZTC21 | Long             | ABS-CBDO         | CORP              | KY        |   4500000 | PA      | $4510206.00   | 0.21%             | 2032-10-25      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Crosthwaite Park CLO                              | Crosthwaite Park CLO DAC                                        | CUSIP: 000000000<br>LEI: 54930071G03PWEE1JC86 | Long             | ABS-CBDO         | CORP              | IE        |   1500000 | PA      | $1764177.43   | 0.08%             | 2034-03-15      | Floating      | 3.58%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                   | United States Treasury Note/Bond                                | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    550000 | PA      | $552578.13    | 0.03%             | 2027-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru                    | OneMain Financial Issuance Trust 2023-2                         | CUSIP: 68269HAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2573384.25   | 0.12%             | 2036-09-15      | Fixed         | 7.52%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2025-RP1                          | CUSIP: 17332HAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     74293 | PA      | $29572.28     | 0.00%             | 2064-01-25      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                                 | Elevation CLO 2021-12 Ltd                                       | CUSIP: 28623MAW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1509599.70   | 0.07%             | 2037-04-20      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                   | United States Treasury Note/Bond                                | CUSIP: 91282CLY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1700000 | PA      | $1708898.44   | 0.08%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Atlas Senior Loan Fund LTD                        | Atlas Senior Loan Fund XI Ltd                                   | CUSIP: 04941YAC3<br>LEI: 635400RPGP64VI1SZW03 | Long             | ABS-CBDO         | CORP              | KY        |    166594 | PA      | $166596.28    | 0.01%             | 2031-07-26      | Floating      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| Ares European CLO                                 | Ares European CLO X DAC                                         | CUSIP: 000000000<br>LEI: 635400SFL7VSI4HNPI68 | Long             | ABS-CBDO         | CORP              | IE        |   1484168 | PA      | $1747447.24   | 0.08%             | 2031-10-15      | Floating      | 3.06%                 | No            |                  2 | On Loan: No      |
| Deco                                              | Deco 2019-RAM DAC                                               | CUSIP: 000000000<br>LEI: 549300BXZQDWLENUZL17 | Long             | ABS-MBS          | CORP              | IE        |     48946 | PA      | $67745.31     | 0.00%             | 2030-08-07      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu                    | GreenSky Home Improvement Trust 2024-1                          | CUSIP: 39571MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2125687 | PA      | $2136517.16   | 0.10%             | 2059-06-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Palmer Square European CLO                        | Palmer Square European CLO 2023-2 DAC                           | CUSIP: 000000000<br>LEI: 549300EVQ1VRDUGS6I93 | Long             | ABS-CBDO         | CORP              | IE        |   1250000 | PA      | $1474284.23   | 0.07%             | 2036-10-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                        | ROCK Trust 2024-CNTR                                            | CUSIP: 74970WAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7500000 | PA      | $7890580.50   | 0.36%             | 2041-11-13      | Fixed         | 8.82%                 | No            |                  2 | On Loan: No      |
| Nassau LTD                                        | Nassau 2021-I Ltd                                               | CUSIP: 631704AK9<br>LEI: 5493000NDRKPTT45F149 | Long             | ABS-CBDO         | CORP              | KY        |  14950000 | PA      | $14946785.75  | 0.68%             | 2034-08-26      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Carlyle Euro CLO                                  | Carlyle Euro CLO 2021-2 DAC                                     | CUSIP: 000000000<br>LEI: 635400GXUD5SKWFXE966 | Long             | ABS-CBDO         | CORP              | IE        |    500000 | PA      | $589050.39    | 0.03%             | 2035-10-15      | Floating      | 4.03%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus                    | CSAIL 2015-C4 Commercial Mortgage Trust                         | CUSIP: 12635RBA5<br>LEI: 54930025J96YEH8FQE77 | Long             | ABS-MBS          | CORP              | US        |  25076000 | PA      | $162.99       | 0.00%             | 2048-11-15      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| Monument CLO                                      | Monument Clo 3 DAC                                              | CUSIP: 000000000<br>LEI: 254900274MJH69SRXW98 | Long             | ABS-CBDO         | CORP              | IE        |  15000000 | PA      | $17669250.00  | 0.81%             | 2038-04-15      | Floating      | 3.92%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                    | EFMT 2025-CES1                                                  | CUSIP: 26846VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6027661 | PA      | $6079503.80   | 0.28%             | 2060-01-25      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2024-RP2                          | CUSIP: 173106AJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9079706 | PA      | $907.97       | 0.00%             | 2063-02-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                               | SOUND POINT CLO VII-R Ltd                                       | CUSIP: 83610HAL4<br>LEI: 549300IYECLSB6ZQZB89 | Long             | ABS-CBDO         | CORP              | KY        |   1057089 | PA      | $1057845.80   | 0.05%             | 2031-10-23      | Floating      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu                    | JPMBB Commercial Mortgage Securities Trust 2015-C33             | CUSIP: 46645JAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1620000 | PA      | $2634.77      | 0.00%             | 2048-12-15      | Variable      | 0.51%                 | No            |                  2 | On Loan: No      |
| ICG US CLO Ltd                                    | ICG US Clo 2020-1 Ltd                                           | CUSIP: 449251AW7<br>LEI: 254900UXTGDH0QOBDH07 | Long             | ABS-CBDO         | CORP              | KY        |  15000000 | PA      | $14979825.00  | 0.69%             | 2035-01-20      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Tru                    | OneMain Financial Issuance Trust 2023-1                         | CUSIP: 68269JAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7500000 | PA      | $7714428.00   | 0.35%             | 2038-06-14      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Tikehau CLO IX DAC                                | Tikehau Clo IX DAC                                              | CUSIP: 000000000<br>LEI: 635400WF4D7I3IFMCZ19 | Long             | ABS-CBDO         | CORP              | IE        |   4000000 | PA      | $4724093.09   | 0.22%             | 2037-01-20      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Island Finance Trust 2025-1                       | Island Finance Trust 2025-1                                     | CUSIP: 463920AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2039676.80   | 0.09%             | 2035-03-19      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                  | Connecticut Avenue Securities Trust 2022-R03                    | CUSIP: 20753XAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3247439.40   | 0.15%             | 2042-03-25      | Floating      | 10.56%                | No            |                  2 | On Loan: No      |
| Jamestown CLO Ltd                                 | Jamestown CLO XV Ltd                                            | CUSIP: 47050EAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6250000 | PA      | $6263480.63   | 0.29%             | 2035-07-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT                    | Golub Capital Partners CLO 62B Ltd                              | CUSIP: 38180HAA2<br>LEI: 2549009X711NFO0AZT83 | Long             | ABS-CBDO         | CORP              | JE        |   8000000 | PA      | $8030860.00   | 0.37%             | 2037-10-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                | BMO 2024-5C3 Mortgage Trust                                     | CUSIP: 09660QAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12604000 | PA      | $1129208.75   | 0.05%             | 2057-02-15      | Variable      | 3.09%                 | No            |                  2 | On Loan: No      |
| TFS_18-3-A1                                       | TFS_18-3-A1                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | LU        |    158533 | PA      | $139124.04    | 0.01%             | 2026-03-15      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| PRP Advisors, LLC                                 | PRPM 2025-NQM1 Trust                                            | CUSIP: 74391EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7002008 | PA      | $7059166.68   | 0.32%             | 2069-11-25      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                                 | Elevation Clo 2021-15 Ltd                                       | CUSIP: 28623VAS8<br>LEI: 5493005VN5WX000OV470 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3005882.10   | 0.14%             | 2035-01-25      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-TAIL                                              | CUSIP: 123912AJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9430000 | PA      | $9431947.30   | 0.43%             | 2035-06-15      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| Atlas Senior Loan Fund LTD                        | Atlas Senior Loan Fund XXIV Ltd                                 | CUSIP: 04943PAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8000000 | PA      | $8010904.00   | 0.37%             | 2038-01-20      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Tru                    | COOPR Residential Mortgage Trust 2025-CES2                      | CUSIP: 12674UAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3028162.72   | 0.14%             | 2060-06-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| IP 2025-IP Mortgage Trust                         | IP 2025-IP Mortgage Trust                                       | CUSIP: 449843AG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2830000 | PA      | $2861470.45   | 0.13%             | 2042-06-10      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| Carlyle Euro CLO                                  | Carlyle Euro CLO 2017-1 DAC                                     | CUSIP: 000000000<br>LEI: 635400PVBNAP8EJWQD44 | Long             | ABS-CBDO         | CORP              | IE        |   5125000 | PA      | $6033969.22   | 0.28%             | 2034-07-15      | Floating      | 3.98%                 | No            |                  2 | On Loan: No      |
| Anchor Mortgage Trust                             | Anchor Mortgage Trust 2025-RTL1                                 | CUSIP: 03290CAA4<br>LEI: 254900S7O2LYCU17JI96 | Long             | ABS-MBS          | CORP              | US        |   3300000 | PA      | $3299933.67   | 0.15%             | 2040-05-25      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                       | RCKT Mortgage Trust 2024-CES4                                   | CUSIP: 74939FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2824152 | PA      | $2848859.90   | 0.13%             | 2044-06-25      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                          | Benchmark 2024-V6 Mortgage Trust                                | CUSIP: 081927AH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8633500 | PA      | $904718.28    | 0.04%             | 2057-03-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2025-RP1                          | CUSIP: 17332HAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6080851 | PA      | $608.09       | 0.00%             | 2064-01-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                         | BPR Trust 2021-TY                                               | CUSIP: 05592AAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    761000 | PA      | $756274.19    | 0.03%             | 2038-09-15      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne                    | PRET 2025-NPL5 LLC                                              | CUSIP: 74143LAA4<br>LEI: 2549000L41AJEKAJNL30 | Long             | ABS-O            | CORP              | US        |   7242443 | PA      | $7270242.83   | 0.33%             | 2055-05-25      | Variable      | 6.24%                 | No            |                  2 | On Loan: No      |
| Eaton Vance CDO Ltd                               | Eaton Vance CLO 2013-1 Ltd                                      | CUSIP: 27830BBN3<br>LEI: 5493001O5CL3BBUIEH94 | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $801909.92    | 0.04%             | 2034-01-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| ALA Trust                                         | ALA Trust 2025-OANA                                             | CUSIP: 009920AE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6500000 | PA      | $6502031.25   | 0.30%             | 2040-06-15      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                                | Tricon Residential 2025-SFR1 Trust                              | CUSIP: 895974AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4250000 | PA      | $4248744.13   | 0.19%             | 2042-03-17      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| BSTN Commercial Mortgage Trust                    | BSTN Commercial Mortgage Trust 2025-1C                          | CUSIP: 05615EAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3850000 | PA      | $3934590.28   | 0.18%             | 2044-06-15      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                        | Verus Securitization Trust 2025-INV1                            | CUSIP: 924929AC6<br>LEI: 213800YO7QOQOFRSRN78 | Long             | ABS-MBS          | CORP              | US        |   7684406 | PA      | $7713958.81   | 0.35%             | 2070-02-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                       | RCKT Mortgage Trust 2024-CES8                                   | CUSIP: 749421AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4700000 | PA      | $4699256.46   | 0.22%             | 2044-11-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                    | Santander Drive Auto Receivables Trust 2025-1                   | CUSIP: 80288DAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3047878.20   | 0.14%             | 2031-03-17      | Fixed         | 5.43%                 | 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        |         2 | NC      | $10945.29     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| St Pauls CLO                                      | St Pauls CLO                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |    750000 | PA      | $820105.69    | 0.04%             | 2032-01-17      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                               | Freddie Mac STACR REMIC Trust 2020-DNA6                         | CUSIP: 35566CBD6<br>LEI: 5493000ITBQFEOXM0S98 | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $800451.53    | 0.04%             | 2050-12-25      | Floating      | 7.31%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Euro CLO                             | Bain Capital Euro Clo 2018-2 DAC                                | CUSIP: 000000000<br>LEI: 635400CJJQJHYAMATG34 | Long             | ABS-CBDO         | CORP              | IE        |    663659 | PA      | $779757.44    | 0.04%             | 2032-01-20      | Floating      | 2.98%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2021-XL2                           | CUSIP: 05609KAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4760700 | PA      | $4757724.56   | 0.22%             | 2038-10-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivable                    | Onemain Direct Auto Receivables Trust 2022-1                    | CUSIP: 68269DAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | PA      | $1104219.49   | 0.05%             | 2030-12-16      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Canyon Capital CLO Ltd                            | Canyon Capital CLO 2019-1 Ltd                                   | CUSIP: 13887TAW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2003507.00   | 0.09%             | 2037-07-15      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                      | Ares LIII CLO Ltd                                               | CUSIP: 04009GAU1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5012503.50   | 0.23%             | 2036-10-24      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Oaktown Re Ltd                                    | Oaktown Re VII Ltd                                              | CUSIP: 67389JAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    611097 | PA      | $616601.22    | 0.03%             | 2034-04-25      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2024-CES5                             | CUSIP: 89183QAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2289000 | PA      | $2281052.82   | 0.10%             | 2064-09-25      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Armada Euro CLO                                   | Armada Euro CLO VII DAC                                         | CUSIP: 000000000<br>LEI: 254900X3N0A6IK91HI28 | Long             | ABS-CBDO         | CORP              | IE        |   5000000 | PA      | $5898920.34   | 0.27%             | 2039-04-15      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| Evergreen Credit Card Trust                       | Evergreen Credit Card Trust                                     | CUSIP: 30023JCT3<br>LEI: 5493002G9KVV6J3CNU15 | Long             | ABS-O            | CORP              | CA        |   5000000 | PA      | $5001321.00   | 0.23%             | 2028-10-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Battalion CLO LTD                                 | Battalion CLO XXIX Ltd                                          | CUSIP: 07135TAE9<br>LEI: 254900BHK74DPDADPT35 | Long             | ABS-CBDO         | CORP              | KY        |  12500000 | PA      | $12500000.00  | 0.57%             | 2038-03-31      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                         | IRS USD                                                         | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-4777.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                    | Wells Fargo Commercial Mortgage Trust 2021-FCMT                 | CUSIP: 95003EAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    690000 | PA      | $683218.34    | 0.03%             | 2031-05-15      | Floating      | 7.93%                 | No            |                  2 | On Loan: No      |
| Toro European CLO                                 | Toro European CLO 2 DAC                                         | CUSIP: 000000000<br>LEI: 213800UUXX2DYH3TCG21 | Long             | ABS-CBDO         | CORP              | IE        |   3000000 | PA      | $3533298.37   | 0.16%             | 2034-07-25      | Floating      | 4.01%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                    | BRAVO Residential Funding Trust 2025-NQM5                       | CUSIP: 10569RAE2<br>LEI: 254900HGOJX787MBR512 | Long             | ABS-MBS          | CORP              | US        |   1363233 | PA      | $1368379.12   | 0.06%             | 2065-02-25      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                    | BRAVO Residential Funding Trust 2024-CES2                       | CUSIP: 10570PAD5<br>LEI: 2549009UFWL9U1TS6959 | Long             | ABS-MBS          | CORP              | US        |   2400000 | PA      | $2412520.08   | 0.11%             | 2054-09-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| BSTN Commercial Mortgage Trust                    | BSTN Commercial Mortgage Trust 2025-1C                          | CUSIP: 05615EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10200000 | PA      | $10428781.92  | 0.48%             | 2044-06-15      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Trinitas Euro CLO                                 | Trinitas Euro CLO V DAC                                         | CUSIP: 000000000<br>LEI: 635400DBDKTTFX5N9Q18 | Long             | ABS-CBDO         | CORP              | IE        |   6500000 | PA      | $7662500.20   | 0.35%             | 2037-10-25      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                          | OBX 2025-NQM2 Trust                                             | CUSIP: 67120VAA3<br>LEI: 2549006BC0G3YEF5SL09 | Long             | ABS-MBS          | CORP              | US        |   3713907 | PA      | $3727180.39   | 0.17%             | 2064-11-25      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-DIME                                              | CUSIP: 05613UAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $9921937.00   | 0.45%             | 2035-02-15      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Indigo Credit Management                          | Indigo Credit Management II DAC                                 | CUSIP: 000000000<br>LEI: 635400ZBUBZKOZYRMX14 | Long             | ABS-CBDO         | CORP              | IE        |   5250000 | PA      | $6201800.73   | 0.28%             | 2038-07-15      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                    | ELM Trust 2024-ELM                                              | CUSIP: 26860XAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2750000 | PA      | $2759311.50   | 0.13%             | 2039-06-10      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-LUNR                                              | CUSIP: 05594CAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3400000 | PA      | $3404250.00   | 0.16%             | 2040-06-15      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                               | COMM 2024-277P Mortgage Trust                                   | CUSIP: 12654FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5270112.50   | 0.24%             | 2044-08-10      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Lugo Funding DAC                                  | Lugo Funding DAC                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |   3535000 | PA      | $4045161.20   | 0.19%             | 2066-05-26      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                               | COMM 2024-277P Mortgage Trust                                   | CUSIP: 12654FAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  16500000 | PA      | $449055.75    | 0.02%             | 2044-08-10      | Variable      | 0.89%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital Europe CLO                      | Anchorage Capital Europe CLO 8 DAC                              | CUSIP: 000000000<br>LEI: 635400VEGED5ZD9DOU65 | Long             | ABS-CBDO         | CORP              | IE        |   5000000 | PA      | $5908526.52   | 0.27%             | 2038-10-25      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                       | Legacy Mortgage Asset Trust 2025-PR1                            | CUSIP: 52476AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  21000000 | PA      | $20941743.90  | 0.96%             | 2061-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                         | Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1     | CUSIP: 61778GBC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14216000 | PA      | $1530966.53   | 0.07%             | 2058-03-15      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                          | Madison Park Funding XXXIX Ltd                                  | CUSIP: 55821LAL8<br>LEI: 254900K0MU6TXERK4I83 | Long             | ABS-CBDO         | CORP              | KY        |   4750000 | PA      | $4759930.83   | 0.22%             | 2034-10-22      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED SECURITIES (NORTH AMERICA) LLC | EUR/USD FORWARD                                                 | CUSIP: 000000000<br>LEI: 5493003GCX71N8988W38 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-188858.75   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Palmer Square European CLO                        | Palmer Square European CLO 2025-1 DAC                           | CUSIP: 000000000<br>LEI: 2549005G74H3SLK9WL32 | Long             | ABS-CBDO         | CORP              | IE        |  15000000 | PA      | $17694623.04  | 0.81%             | 2039-10-15      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                        | EUR/USD FORWARD                                                 | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |         1 | NC      | $5239631.51   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| (PIPA070) PGIM Core Government Money Market Fund  | (PIPA070) PGIM Core Government Money Market Fund                | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  81620863 | NS      | $81620862.70  | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMBB Commercial Mortgage Secu                    | JPMBB Commercial Mortgage Securities Trust 2014-C23             | CUSIP: 46643ABE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9618 | PA      | $9555.12      | 0.00%             | 2047-09-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2024-AIR2                          | CUSIP: 05613QAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2973458 | PA      | $2979021.78   | 0.14%             | 2041-10-15      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                         | BPR Trust 2021-TY                                               | CUSIP: 05592AAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    355000 | PA      | $353677.34    | 0.02%             | 2038-09-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                              | FREMF 2019-K735 Mortgage Trust                                  | CUSIP: 30298FAG9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  89825597 | PA      | $38651.95     | 0.00%             | 2026-05-25      | Fixed         | 0.10%                 | No            |                  2 | On Loan: No      |
| TCW Ltd                                           | TCW CLO 2019-2 Ltd                                              | CUSIP: 87242BBL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  15000000 | PA      | $15023407.50  | 0.69%             | 2038-01-20      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                        | NLT 2025-INV1 Trust                                             | CUSIP: 62916TAH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19795574 | PA      | $663151.71    | 0.03%             | 2070-02-25      | Variable      | 0.90%                 | No            |                  3 | On Loan: No      |
| Sunrun Issuer                                     | Sunrun Bacchus Issuer 2025-1 LLC                                | CUSIP: 86771PAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6656301 | PA      | $6637273.52   | 0.30%             | 2060-04-30      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                   | Oaktree CLO 2022-3 Ltd                                          | CUSIP: 67401RAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8000000 | PA      | $8030577.60   | 0.37%             | 2037-10-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                          | JP Morgan Mortgage Trust 2024-HE2                               | CUSIP: 46593HAB4<br>LEI: 529900ELA1S09AZO9Q54 | Long             | ABS-O            | CORP              | US        |   1800000 | PA      | $1799990.10   | 0.08%             | 2054-10-20      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| TCW CLO 2019-1 AMR, LTD.                          | TCW CLO 2019-1 AMR Ltd                                          | CUSIP: 87241EAW5<br>LEI: 549300RWQDI4UTTLDE63 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5019921.00   | 0.23%             | 2034-08-16      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Atlas Senior Loan Fund LTD                        | Atlas Senior Loan Fund XV Ltd                                   | CUSIP: 04942MAQ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4004140.00   | 0.18%             | 2032-10-23      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust 2024-VLT4                                              | CUSIP: 05612TAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6400000 | PA      | $6386292.48   | 0.29%             | 2029-07-15      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                  | THREE-MONTH SOFR                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -67 | NC      | $-20222.61    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Chase Commercial Mor                    | J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-AON | CUSIP: 46649XAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $140999.76    | 0.01%             | 2031-07-05      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                    | Wells Fargo Commercial Mortgage Trust 2024-1CHI                 | CUSIP: 95003PAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3553424.70   | 0.16%             | 2035-07-15      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                         | Towd Point Mortgage Trust 2025-CES1                             | CUSIP: 89183HAE4<br>LEI: 254900FMI2GPXLO84795 | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3999956.00   | 0.18%             | 2055-02-25      | Variable      | 6.87%                 | No            |                  3 | On Loan: No      |
| BX Trust                                          | BX Trust 2025-ROIC                                              | CUSIP: 05593VAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6500000 | PA      | $6370366.60   | 0.29%             | 2030-03-15      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| Taubman Centers Commercial Mor                    | TCO Commercial Mortgage Trust 2024-DPM                          | CUSIP: 87231EAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4920000 | PA      | $4907700.00   | 0.22%             | 2039-12-15      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                         | CIM Trust 2024-R1                                               | CUSIP: 17179VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3438411 | PA      | $3410061.13   | 0.16%             | 2064-06-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Invesco Euro CLO XIV DAC                          | Invesco Euro CLO XIV DAC                                        | CUSIP: 000000000<br>LEI: 635400MNIFG73L1C7S65 | Long             | ABS-CBDO         | CORP              | IE        |   5000000 | PA      | $5922408.66   | 0.27%             | 2039-01-15      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital Europe CLO                      | Anchorage Capital Europe CLO 6 DAC                              | CUSIP: 000000000<br>LEI: 635400ZNDJ8ARDAHOM33 | Long             | ABS-CBDO         | CORP              | IE        |   1000000 | PA      | $1182217.01   | 0.05%             | 2038-01-22      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                         | Anchorage Capital CLO 7 Ltd                                     | CUSIP: 03328TBU8<br>LEI: 54930014PVHLSZJQK139 | Long             | ABS-CBDO         | CORP              | KY        |   3124000 | PA      | $3133372.94   | 0.14%             | 2037-04-28      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                          | USD/CAD FORWARD                                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-20985.77    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                                     | United States Treasury Bill                                     | CUSIP: 912797MH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $198462.12    | 0.01%             | 2025-09-04      | None          | 0.00%                 | 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        |     -1740 | NC      | $-2075249.26  | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Carval CLO LTD                                    | CarVal CLO VII-C Ltd                                            | CUSIP: 14686BAN7<br>LEI: 254900KRTGHP264UWC15 | Long             | ABS-CBDO         | CORP              | JE        |   4000000 | PA      | $4016303.60   | 0.18%             | 2037-07-20      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Santander Consumer Auto Receiv                    | Santander Consumer Auto Receivables Trust 2021-A                | CUSIP: 80282YAH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $742166.78    | 0.03%             | 2027-03-15      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                              | LHOME Mortgage Trust 2025-RTL1                                  | CUSIP: 50205UAA9<br>LEI: 5299002NGIWITLMXOH85 | Long             | ABS-MBS          | CORP              | US        |   7400000 | PA      | $7422528.56   | 0.34%             | 2040-01-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| Aimco                                             | AIMCO CLO 18 Ltd                                                | CUSIP: 00889EBA2<br>LEI: 2549005IX0D6XDJNNS95 | Long             | ABS-CBDO         | CORP              | JE        |   5000000 | PA      | $5016244.50   | 0.23%             | 2037-07-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| CQS US CLO Ltd                                    | CQS US CLO 2023-3 Ltd                                           | CUSIP: 223929AJ9<br>LEI: 254900OIQPM0JE7KVZ52 | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1009019.60   | 0.05%             | 2037-01-25      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| Toro European CLO                                 | Toro European CLO 10 DAC                                        | CUSIP: 000000000<br>LEI: 6354001HJSVF7BJWDP89 | Long             | ABS-CBDO         | CORP              | IE        |  10000000 | PA      | $11772408.74  | 0.54%             | 2038-04-15      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust                               | Affirm Master Trust                                             | CUSIP: 00833BAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $5982816.00   | 0.27%             | 2033-02-15      | Fixed         | 7.18%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                          | Madison Park Funding XXXIV Ltd                                  | CUSIP: 55819GAW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  11500000 | PA      | $11544739.60  | 0.53%             | 2037-10-16      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| CQS US CLO Ltd                                    | CQS US CLO 2023-3 Ltd                                           | CUSIP: 223929AE0<br>LEI: 254900OIQPM0JE7KVZ52 | Long             | ABS-CBDO         | CORP              | JE        |   2400000 | PA      | $2417565.12   | 0.11%             | 2037-01-25      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                        | NLT 2025-INV1 Trust                                             | CUSIP: 62916TAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1462260 | PA      | $1469843.63   | 0.07%             | 2070-02-25      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                              | Signal Peak CLO 11 Ltd                                          | CUSIP: 82666XAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  15000000 | PA      | $15062623.50  | 0.69%             | 2037-07-18      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                | BX Trust 2019-OC11                                              | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5936000 | PA      | $5549023.26   | 0.25%             | 2041-12-09      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| ELM Trust 2024                                    | ELM Trust 2024-ELM                                              | CUSIP: 26860XBE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1830000 | PA      | $1836207.54   | 0.08%             | 2039-06-10      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| BSTN Commercial Mortgage Trust                    | BSTN Commercial Mortgage Trust 2025-1C                          | CUSIP: 05615EAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2775000 | PA      | $2850100.38   | 0.13%             | 2044-06-15      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust 2024-PURE                          | CUSIP: 74625PAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | CA        |   2000000 | PA      | $1475145.51   | 0.07%             | 2041-11-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                       | RCKT Mortgage Trust 2025-CES1                                   | CUSIP: 749427AC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8250000 | PA      | $8321531.63   | 0.38%             | 2045-01-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| LINCT 2024-1 A1X                                  | LINCT 2024-1 A1X                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9306750 | PA      | $9306750.00   | 0.43%             | 2025-08-04      | Floating      | 2.75%                 | No            |                  3 | On Loan: No      |
| Marathon CLO LTD                                  | Marathon CLO 2020-15 Ltd                                        | CUSIP: 56579UBE5<br>LEI: 549300T57AS4PEWI4U14 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $5021803.50   | 0.23%             | 2037-08-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                                  | Bayview Opportunity Master Fund VII Trust 2024-CAR1F            | CUSIP: 07336MAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    421161 | PA      | $421050.86    | 0.02%             | 2032-07-29      | Fixed         | 6.97%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                    | Freddie Mac Multifamily Structured Pass Through Certificates    | CUSIP: 3137BSP98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3336283 | PA      | $26249.21     | 0.00%             | 2026-08-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                             | KKR Clo 32 Ltd                                                  | CUSIP: 482937AB5<br>LEI: 5493004Y6G18HN4CQ515 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3016564.80   | 0.14%             | 2037-04-15      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                     | Citigroup Mortgage Loan Trust 2024-RP2                          | CUSIP: 173106AK1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     12879 | PA      | $11091.56     | 0.00%             | 2063-02-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Nassau Euro CLO DAC                               | Nassau Euro CLO II DAC                                          | CUSIP: 000000000<br>LEI: 549300Z3XUKK0APT1D50 | Long             | ABS-CBDO         | CORP              | IE        |  15000000 | PA      | $17656828.52  | 0.81%             | 2039-04-25      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                                 | Elevation Clo 2021-15 Ltd                                       | CUSIP: 28623VAU3<br>LEI: 5493005VN5WX000OV470 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2011956.60   | 0.09%             | 2035-01-25      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                   | Oaktree CLO 2019-4 Ltd                                          | CUSIP: 67402CBG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3750000 | PA      | $3750238.88   | 0.17%             | 2037-07-20      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                    | Wells Fargo Commercial Mortgage Trust 2024-1CHI                 | CUSIP: 95003PAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3200000 | PA      | $3232295.36   | 0.15%             | 2035-07-15      | Variable      | 6.93%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-27

**Name of Applicant:** Prudential Investment Portfolios 8

**Signature:** Christian J. Kelly

**Name of Signer:** Christian J. Kelly

**Title:** Chief Financial Officer