PGIM Securitized Credit Fund (SCFZX)
Awards
Barron’s Best Fund Families: Ranked #4 for best fund family over the 1-year period ended 12/31/2024, among 48 qualifying fund families based on asset- weighted returns.
Seeks to maximize total return through a combination of current income and capital appreciation by investing primarily in securitized credit investments. The Fund may be appropriate for investors looking to gain exposure to structured product sectors within the fixed income market.
Growth of $10,000
Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost. This chart represents historical performance and does not assume the effects of sales charges or varying fees and expenses of other share classes. If shown with sales charges or these other fees and expenses, performance could have been lower. It is not possible to invest directly in an index. Click here to view benchmark index definitions.
Inception date is that of a predecessor fund that reorganized into the Fund prior to the Fund's launch on July 1, 2019.
FUND INFORMATION
Fund StatisticS
|
Name
|
Weight
|
|---|---|
| Average Maturity (years) | 4.4 |
| Duration (years) | 0.2 |
Source: Morningstar. The Morningstar Rating may be calculated based on its share class adjusted historical returns. If so, the fund’s independent Morningstar Rating metric uses its oldest class to determine its hypothetical rating for certain periods. The Fund’s Overall, 3-, 5-, and 10-year Star Ratings/Fund are, if applicable: 5/84.0, 4/84.0, 5/71.0 and 0/0.0, respectively. Morningstar Ratings are calculated for managed products with a 3-year minimum history. Comparatively, exchange-traded funds and open-ended mutual funds are considered a single population. Rating is calculated based on a Morningstar Risk-Adjusted Return measure accounting for variation in a managed product's monthly excess performance that emphasizes downward variations more and rewards consistency, with no sales load adjustment. In each category, the top 10% receive 5 stars, with 4 stars for the next 22.5%, 3 stars for the next 35%, 2 stars for the next 22.5%, and 1 star for the bottom 10%. Overall Morningstar Rating is derived from a weighted average of the performance associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics: for 36-59 months of total returns, 100% 3-year rating, for 60-119 months of total returns, 60% 5-year rating/40% 3-year rating, and for 120 or more months of total returns, 50% 10-year rating/30% 5-year rating/20% 3-year rating. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating period
The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is an objective, quantitative, risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see lipperfundawards.com. Although LSEG Lipper makes reasonable efforts to ensure the accuracy and reliability of the data used to calculate the awards, their accuracy is not guaranteed. LSEG Lipper Fund Awards, © 2025 LSEG. All rights reserved. Used under license.
PGIM Securitized Credit Fund (Class R6) total return ranking for the 1-year period: 2/106 funds as of 11/30/2023. Inception date: Class R6: 11/16/2015. Lipper Funds category rankings are based on total return, do not take sales charges into account, and are calculated against all funds in each fund’s respective Lipper category.
Class R6 Lipper total return ranking for the 1-, and 3-year periods as of 12/31/2024 for the Alternative Credit Focus Fund category were: 30/106, and 1/95 funds, respectively. Past performance is no guarantee of future results.
Under normal market conditions, the Fund invests at least 80% of its investable assets in securitized credit investments, including derivative instruments that provide exposure to securitized credit investments and other similar credit instruments. and other similar credit instruments. Securitized credit investments are also referred to as “structured product securities” or “structured products” which bear risks of the underlying investments, index or reference obligation. The Fund may invest in fixed-income securities, which are subject to credit, market and interest-rate risk, including high yield (“junk”) bonds, which are subject to greater credit and market risks. The Fund may also invest in foreign securities, which are subject to currency fluctuation and political uncertainty; mortgage-related and asset-backed securities which are subject to prepayment risks, credit risk, interest rate risk, and liquidity and valuation risk; leveraging techniques, which may magnify loses; and derivative securities, which may carry market, credit, and liquidity risks. The Fund may not be involved in all sectors at a given time. The Fund is non-diversified which means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. US Government and Agency Securities are subject to market risk, interest rate risk and credit risk. Not all US Government securities are insured or guaranteed by the full faith and credit of the US Government When investing in bank loans, the Fund’s ability to receive payments is subject to counterparty risk. As a new and relatively small fund, the Fund’s performance may not represent how the Fund is expected to perform in the long term. There is a risk that large shareholders may redeem all or a substantial portion of their investments in the Fund at any time, which could have a significantly negative impact on the Fund’s net asset value, liquidity and brokerage costs. These risks may increase the Fund’s share price volatility. There is no guarantee the Fund’s objective will be achieved. Please see the Fund’s Prospectus for more detailed information regarding risks.
- Monthly & Quarterly Performance
- Prices & Yields
Total Returns (%)
| TOTAL RETURNS (%) WITH SALES CHARGE WITHOUT SALES CHARGE | |||||||
|---|---|---|---|---|---|---|---|
| Cumulative | Average Annual | ||||||
| Class | Ticker | YTD | 1-Yr | 3-Yr | 5-Yr | 10-Yr | Since Inception |
Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost.
For periods prior to July 1, 2019, the Fund’s performance is that of an investment trust (the “Predecessor Fund”), which commenced operations on November 16, 2015. The performance of the Predecessor Fund has been adjusted to reflect the fees and expenses for the applicable class of shares of the Fund. If the performance of the Predecessor Fund had not been adjusted to reflect the fees and expenses of the Fund, the performance may have been higher than the performance shown for each class of shares. The Predecessor Fund was reorganized into the Fund immediately before the Fund commenced operations on July 1, 2019. Prior to the reorganization, the Predecessor Fund was managed by the Fund’s subadviser since its inception (using the same portfolio management team). The investment objective and strategies of the Predecessor Fund were, in all material respects, the same as those of the Fund, and the Predecessor Fund was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the Predecessor Fund was not registered as an investment company under the Investment Company Act of 1940 ("1940 Act") and the Predecessor Fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, daily net asset value calculation requirements and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986 which, if applicable, may have resulted in different performance.
See Daily Returns for the PGIM Securitized Credit Fund.
See Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM Securitized Credit Fund.
See Daily Returns for the PGIM Securitized Credit Fund.
See Quarterly SEC Standardized Performance of other PGIM Investments Mutual Funds.
See Calendar Year Performance for the PGIM Securitized Credit Fund.
|
Fund Expenses
|
Maximum sales charge (%)
|
|||
|---|---|---|---|---|
|
Class
|
Gross (%)
|
Net (%)
|
Date*
|
|
| A | 1.00 | 0.90 | 01/31/2027 | 3.25 |
| C | 1.82 | 1.65 | 01/31/2027 | 1.00 |
| R6 | 1.10 | 0.60 | 01/31/2027 | — |
| Z | 0.77 | 0.65 | 01/31/2027 | — |
*This date represents the contractual reduction date through which the net expense ratio is in effect.
Total return describes the return to the investor after net operating expenses but before any sales charges are imposed. Morningstar Category Average is unmanaged, is based on the average return of all funds in this category, and does not take into consideration applicable sales charges. Unless noted otherwise, Morningstar Category Average and index returns reflect performance beginning the closest month-end date to the Fund's inception. Benchmark since inception average is based on Class Z inception date. SEC standardized return describes the return to the investor after net operating expense and maximum sales charges are imposed. All returns assume share price changes as well as the compounding effect of reinvested dividends and capital gains. Returns may reflect fee waivers and/or expense reimbursements. Without such, returns would be lower. All returns 1-year or less are cumulative.
Morningstar Securitized Bond - Diversified Category Average: Funds in this category typically have at least 65% exposure to investment-grade securitized sectors. That may include funds focused on a mix of government- and nonagency residential mortgage debt, as well as funds with broader mandates. The latter may include offerings that allocate assets across multiple securitized sectors, including but not limited to government and nonagency residential mortgages, nonagency commercial mortgage-backed securities, collateralized loan obligations, or a variety of other asset-backed debt. Funds in this category do not concentrate on a single type of securitized bond sector.
An investment cannot be made directly in an index or average. All indexes and averages are unmanaged.
Prices
|
Class
|
NAV ($)
|
NAV Change ($)
|
NAV Change (%)
|
POP ($)
|
Total Net Assets ($)
|
|---|---|---|---|---|---|
| A | 9.78 | N/C 0.00 | 0.00 | 10.11 | 61,289,303.57 |
| C | 9.77 | N/C 0.00 | 0.00 | — | 34,931,192.98 |
| R6 | 9.77 | N/C 0.00 | 0.00 | — | 40,151,006.19 |
| Z | 9.78 | N/C 0.00 | 0.00 | — | 2,354,360,222.43 |
NAV (Net Asset Value) is the $U.S. value of a single share of a fund, excluding any sales charges. Change shows the change in $U.S. value over the previous day:
= Gain, 
= Loss, 
= No Change.
See Prices of other PGIM Investments Mutual Funds.
52 Week High/Low
|
Class
|
52 Week High ($)
|
52 Week High Date
|
52 Week Low ($)
|
52 Week Low Date
|
|---|---|---|---|---|
| A | 9.78 | 12/12/2025 | 9.63 | 04/15/2025 |
| C | 9.77 | 12/12/2025 | 9.62 | 04/15/2025 |
| R6 | 9.77 | 12/12/2025 | 9.62 | 04/14/2025 |
| Z | 9.78 | 12/12/2025 | 9.63 | 04/15/2025 |
For share classes less than one year old, the 52-week high and 52-week low NAVs are calculated from inception to the current date.
Yields
| Class | SEC 30-Day Subsidized Yield (%) | SEC 30-Day Unsubsidized Yield (%) | Offer Distb. Yield (%) | NAV Distb. Yield (%) | SEC-30 Day Sub Taxable Equivalent Yield (%) |
|---|---|---|---|---|---|
| A - View Prospectus | 4.76 | 4.71 | 4.67 | 4.83 | — |
| C - View Prospectus | 4.17 | 4.09 | — | 4.08 | — |
| R6 - View Prospectus | 5.23 | 5.13 | — | 5.13 | — |
| Z - View Prospectus | 5.17 | 5.09 | — | 5.08 | — |
See Yields of other PGIM Investments Mutual Funds.
Past performance does not guarantee future results and current performance may be lower or higher than the past performance data quoted. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than the original cost.
This material must be preceded or accompanied by a current prospectus or summary prospectus. Consider a fund's investment objectives, risks, charges, and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. For more information about a fund, click on the prospectus or summary prospectus link above. Read them carefully before investing.
- Portfolio Summary
- Complete Holdings
Portfolio Attributes
Sector Breakdown (% of Assets)
|
Sector Breakdown
|
% of Assets
|
|---|---|
| ABS | 48.0% |
| Non Agency MBS | 28.7% |
| Commercial MBS | 21.0% |
| Investment Grade Corporates | 1.6% |
| U.S. Treasuries | 0.1% |
| Other | -0.3% |
| Cash/Equiv | 0.9% |
Credit Quality (% of Assets)
|
Credit Quality
|
% of Assets
|
|---|---|
| AAA | 25.2% |
| AA | 35.7% |
| A | 13.5% |
| BBB | 11.7% |
| BB | 6.2% |
| B | 0.4% |
| Not Rated | 6.3% |
| Cash/Equiv | 0.9% |
FUND STATISTICS
|
Fund Statistics
|
Years
|
|---|---|
| Average Maturity (years) | 4.4 |
| Duration (years) | 0.2 |
All data is unaudited and subject to change. Holdings/allocations may vary. This is not a recommendation to buy or sell any security listed. Largest holdings exclude cash, cash equivalents, money market funds and enhanced cash strategies. Totals may not sum due to rounding. Negative holdings reflect outstanding trades at period end.
ABOUT
Fund Holdings
Holdings are unaudited, may vary and are subject to change. Please refer to the Fund's annual report for audited holdings information. This is not a recommendation to buy or sell any security listed.
Value ($): Cash securities are calculated using market value and derivative securities are calculated using notional value.
Source: Bank of New York Mellon. Holdings are provided to Prudential Financial by the custodian bank and Prudential Financial is not responsible for any errors or omissions related to the holdings data.
© 2025, American Bankers Association. CUSIP Database provided by FactSet Research Systems Inc. All rights reserved.
Consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. For more information about a fund, click on the prospectus or summary prospectus link above. Read them carefully before investing.
Investment products are distributed by Prudential Investment Management Services LLC (PIMS), member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. PGIM Fixed Income is a unit of PGIM, Inc., a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly-owned subsidiary of PGIM, Inc. (“PGIM”), the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates. ©2025 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Fixed Income, PGIM Limited, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact their financial professional.
INVESTMENT PRODUCTS | Are not insured by the FDIC or any federal government agency | May lose value | Are not a deposit of or guaranteed by any bank or any bank affiliate.
Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.
4072323 Ed. 12/2024
|
Security ID# (CUSIP/SEDOL)
|
Security Description
|
Ticker Symbol
|
Coupon Rate
|
Maturity Date
|
Shares/Notional
|
Value ($)
|
% of Portfolio
|
|---|---|---|---|---|---|---|---|
| 076912AA2 | Beignet Investor Llc | RPLDCI | 6.58 | 05/30/2049 | 37,254,000.00 | 39,786,599.00 | 1.65 |
| 69344A834 | PGIM Aaa Clo Etf | PAAA | — | — | 725,000.00 | 37,315,750.00 | 1.55 |
| 89183KAA5 | TOWD Point Mortgage Trust 2025-ces2 | TPMT | 5.35 | 07/25/2065 | 20,772,127.00 | 20,865,028.00 | 0.87 |
| 534747AA8 | Linct 2024-1 A1x | — | 3.98 | 06/27/2027 | 20,000,000.00 | 20,018,620.00 | 0.83 |
| 52476AAA1 | Legacy Mortgage Asset Trust 2025-pr1 | LMAT | 6.0 | 01/25/2061 | 19,844,083.00 | 19,833,291.00 | 0.82 |
| 10570MAC4 | Bravo Residential Funding Trust 2025-nqm | BRAVO | 5.33 | 06/01/2065 | 18,894,075.00 | 18,974,701.00 | 0.79 |
| XS29897613 | Palmer Square European Clo 2025-1 Dac | PLMER | 3.86 | 10/15/2039 | 15,000,000.00 | 17,318,682.00 | 0.72 |
| XS30851111 | Monument Clo 3 Dac | MNMNT | 3.89 | 04/15/2038 | 15,000,000.00 | 17,372,650.00 | 0.72 |
| XS30910405 | Tikehau Clo Xi Dac | TIKEH | 4.01 | 01/15/2038 | 15,000,000.00 | 17,398,573.00 | 0.72 |
| XS31482068 | Aurium Clo Viii Dac | ACLO | 3.86 | 10/16/2038 | 15,000,000.00 | 17,252,628.00 | 0.72 |
| XS30061475 | Tikehau Clo Xiii Dac | TIKEH | 3.71 | 10/15/2038 | 15,000,000.00 | 17,241,746.00 | 0.71 |
| XS29787348 | Nassau Euro Clo Ii Dac | NGCE | 3.97 | 04/25/2039 | 15,000,000.00 | 17,156,186.00 | 0.71 |
| XS31716498 | Anchorage Capital Europe Clo 6 Dac | ANCHE | 3.99 | 10/22/2038 | 14,750,000.00 | 16,922,885.00 | 0.70 |
| 74970WAJ9 | ROCK Trust 2024-cntr | ROCC | 8.82 | 11/13/2041 | 15,500,000.00 | 16,357,010.00 | 0.68 |
| 22757JAC1 | Cross 2025-h7 Mortgage Trust | CROSS | 4.93 | 09/01/2070 | 16,028,453.00 | 15,986,962.00 | 0.66 |
| 449251AW7 | ICG Us Clo 2020-1 Ltd | ICG | 5.53 | 01/20/2035 | 15,000,000.00 | 14,970,114.00 | 0.62 |
| 566076BE4 | Marble Point Clo Xviii Ltd | MP18 | 5.55 | 03/15/2038 | 15,000,000.00 | 14,995,585.00 | 0.62 |
| 631704AK9 | Nassau 2021-i Ltd | NCC | 5.6 | 08/26/2034 | 14,950,000.00 | 14,950,976.00 | 0.62 |
| 82666XAA8 | Signal Peak Clo 11 Ltd | SPEAK | 5.33 | 07/18/2037 | 15,000,000.00 | 15,042,958.00 | 0.62 |
| 87242BBL3 | TCW Clo 2019-2 Ltd | TCW | 5.63 | 01/20/2038 | 15,000,000.00 | 15,029,013.00 | 0.62 |
| 36271RAA4 | GS Mortgage Backed Securities Trust 2025 | GSMBS | 5.57 | 05/25/2055 | 14,447,064.00 | 14,545,503.00 | 0.60 |
| XS31961351 | Providus Clo V Dac | PRVD | 4.18 | 11/15/2039 | 12,250,000.00 | 14,119,962.00 | 0.59 |
| XS28930321 | Henley Clo Xi Dac | HNLY | 3.72 | 04/25/2039 | 12,250,000.00 | 14,069,917.00 | 0.58 |
| 28622EAW8 | Elevation Clo 2021-13 Ltd | AWPT | 5.5 | 07/15/2034 | 13,950,000.00 | 13,912,467.00 | 0.58 |
| XS31580819 | Albacore Euro Clo Vi Dac | ALBAC | 4.41 | 10/15/2037 | 11,950,000.00 | 13,794,305.00 | 0.57 |
| 90357PBC7 | US Bank Na | USCLN | 5.58 | 02/25/2032 | 13,671,521.00 | 13,678,180.00 | 0.57 |
| XS31218551 | Signal Harmonic Clo I Dac | SHCLO | 3.97 | 07/15/2038 | 11,500,000.00 | 13,284,491.00 | 0.55 |
| 67629HAG7 | OFSI Bsl Xii Ltd | OFSBS | 5.68 | 01/20/2035 | 12,950,000.00 | 12,971,152.00 | 0.54 |
| XS29620318 | Hayfin Emerald Clo Xiv Dac | HAYEM | 4.22 | 01/22/2039 | 11,000,000.00 | 12,694,276.00 | 0.53 |
| 62916TAA7 | NLT 2025-inv1 Trust | NLT | 5.51 | 02/01/2070 | 12,631,577.00 | 12,779,676.00 | 0.53 |
| 07135TAE9 | Battalion Clo Xxix Ltd | BATLN | 6.08 | 03/31/2038 | 12,500,000.00 | 12,491,981.00 | 0.52 |
| 55819GAW9 | Madison Park Funding Xxxiv Ltd | MDPK | 5.26 | 10/16/2037 | 11,500,000.00 | 11,531,135.00 | 0.48 |
| XS29885211 | SONA Fios Clo Iv Dac | FIOS | 3.9 | 04/20/2038 | 10,000,000.00 | 11,491,917.00 | 0.48 |
| XS29918879 | Canyon Euro Clo 2025-1 Dac | CANYE | 3.81 | 04/15/2038 | 10,000,000.00 | 11,509,873.00 | 0.48 |
| XS29938712 | Penta Clo 3 Dac | PENTA | 3.82 | 10/17/2038 | 10,000,000.00 | 11,522,909.00 | 0.48 |
| XS29996561 | ICG Euro Clo 2023-1 Dac | ICGE | 3.75 | 10/19/2038 | 10,000,000.00 | 11,472,429.00 | 0.48 |
| XS30040079 | TORO European Clo 10 Dac | TCLO | 3.88 | 04/15/2038 | 10,000,000.00 | 11,507,952.00 | 0.48 |
| XS30901088 | Grosvenor Place Clo 2025-3 Dac | GROSV | 4.24 | 08/15/2039 | 10,000,000.00 | 11,538,413.00 | 0.48 |
| XS31663658 | Hayfin Emerald Clo X Dac | HAYEM | 3.99 | 10/18/2039 | 10,000,000.00 | 11,512,918.00 | 0.48 |
| 74143HAA3 | PRET 2025-npl3 Llc | PRET | 6.71 | 04/25/2055 | 11,263,821.00 | 11,350,013.00 | 0.47 |
| 69291YAA6 | PK Alift Loan Funding 6 Lp | PKAIR | 5.37 | 11/15/2042 | 10,737,263.00 | 10,812,422.00 | 0.45 |
| 95004RAG1 | Wells Fargo Commercial Mortgage Trust 20 | WFCM | 6.53 | 08/15/2042 | 10,800,000.00 | 10,799,914.00 | 0.45 |
| 05625BAG4 | BLP Commercial Mortgage Trust 2025-ind | BLP | 6.28 | 03/15/2042 | 10,759,000.00 | 10,705,453.00 | 0.44 |
| 16473RAA2 | Cherry Securitization Trust 2025-1 | CHRY | 6.13 | 11/15/2032 | 10,300,000.00 | 10,432,632.00 | 0.43 |
| 00834MAD5 | Affirm Asset Securitization Trust 2025-x | AFFRM | 6.11 | 04/15/2030 | 10,400,000.00 | 10,429,543.00 | 0.43 |
| 97316DAQ9 | WIND River 2021-3 Clo Ltd | WINDR | 5.63 | 04/20/2038 | 10,350,000.00 | 10,364,842.00 | 0.43 |
| 91831UAF4 | VNDO Trust 2016-350p | VNDO | 3.9 | 01/01/2035 | 10,475,000.00 | 10,274,943.00 | 0.43 |
| 82670QAS8 | Signal Peak Clo 9 Ltd | SPEAK | 5.62 | 01/21/2038 | 10,415,000.00 | 10,414,921.00 | 0.43 |
| 749762AC4 | RR 40 Ltd | RRAM | 6.1 | 07/15/2038 | 10,000,000.00 | 10,029,083.00 | 0.42 |
| XS31401414 | Capital Four Clo X Dac | CFOUR | 5.13 | 10/25/2038 | 8,900,000.00 | 10,244,592.00 | 0.42 |
| 03331TAS9 | Anchorage Capital Clo 26 Ltd | ANCHC | 5.93 | 03/19/2038 | 10,000,000.00 | 10,030,726.00 | 0.42 |
| 12433FAJ7 | BX Commercial Mortgage Trust 2025-spot | BX | 7.72 | 04/15/2040 | 9,983,313.00 | 10,033,229.00 | 0.42 |
| 068751AS5 | Barrow Hanley Clo I Ltd | BARHN | 5.62 | 01/20/2038 | 10,000,000.00 | 10,011,655.00 | 0.42 |
| 12433EAN1 | BX Trust 2022-lba6 | BX | 6.73 | 01/15/2039 | 10,250,000.00 | 10,230,890.00 | 0.42 |
| 67120UAN7 | NYC Commercial Mortgage Trust 2025-3bp | NYC | 7.57 | 02/15/2042 | 10,000,000.00 | 10,061,232.00 | 0.42 |
| 26847NAD3 | EFMT 2025-inv3 | EFMT | 6.17 | 07/01/2070 | 10,000,000.00 | 10,085,584.00 | 0.42 |
| 29005DAA3 | Elmwood Clo 42 Ltd | ELM42 | 5.63 | 03/31/2038 | 10,000,000.00 | 10,024,340.00 | 0.42 |
| 61779KAA4 | Morgan Stanley Residential Mortgage Loan | MSRM | 4.98 | 09/01/2070 | 9,817,616.00 | 9,810,292.00 | 0.41 |
| 14319HAC3 | Carlyle Us Clo 2024-3 Ltd | CGMS | 5.58 | 07/25/2036 | 9,750,000.00 | 9,779,214.00 | 0.41 |
| 05556KAC6 | Bcred Bsl Static Clo 2025-1 Ltd | BCSTAT | 6.14 | 07/24/2035 | 10,000,000.00 | 10,004,523.00 | 0.41 |
| 05613UAJ0 | BX Trust 2025-dime | BX | 7.03 | 02/15/2030 | 10,000,000.00 | 9,993,774.00 | 0.41 |
| 78398EAJ4 | SCG Commercial Mortgage Trust 2025-dlfn | SCG | 6.98 | 03/15/2035 | 9,825,000.00 | 9,788,323.00 | 0.41 |
| 74390WAA0 | PRPM 2025-rpl1 Llc | PRPM | 4.0 | 03/25/2055 | 10,185,433.00 | 9,987,665.00 | 0.41 |
| 23306HAE5 | DBC 2025-dbc Mortgage Trust | DBC | 6.1 | 06/15/2038 | 9,650,000.00 | 9,670,986.00 | 0.40 |
| 617941AA7 | Morgan Stanley Residential Mortgage Loan | MSRM | 5.63 | 01/25/2070 | 9,270,518.00 | 9,334,379.00 | 0.39 |
| 12433FAG3 | BX Commercial Mortgage Trust 2025-spot | BX | 6.52 | 04/15/2040 | 9,434,231.00 | 9,446,023.00 | 0.39 |
| 123912AJ6 | BX Trust 2025-tail | BX | 7.33 | 06/15/2035 | 9,430,000.00 | 9,423,459.00 | 0.39 |
| 12433HAJ3 | BX Commercial Mortgage Trust 2025-bcat | BX | 7.53 | 08/15/2042 | 9,199,534.00 | 9,236,755.00 | 0.38 |
| 05618XAE0 | BX Commercial Mortgage Trust 2025-copt | BX | 6.53 | 08/15/2042 | 9,100,000.00 | 9,100,000.00 | 0.38 |
| 03466RAA9 | Angel Oak Mortgage Trust 2025-3 | AOMT | 5.42 | 03/01/2070 | 9,196,500.00 | 9,240,975.00 | 0.38 |
| 669985AE3 | NRTH Commercial Mortgage Trust 2025-park | NRTH | 6.34 | 10/15/2040 | 9,200,000.00 | 9,208,611.00 | 0.38 |
| 89183HAB0 | TOWD Point Mortgage Trust 2025-ces1 | TPMT | 5.93 | 02/01/2055 | 9,000,000.00 | 9,142,593.00 | 0.38 |
| XS31407845 | Invesco Euro Clo Xvi Dac | INVSC | 4.22 | 10/15/2038 | 8,000,000.00 | 9,265,978.00 | 0.38 |
| XS31243514 | Palmer Square European Clo 2022-2 Dac | PLMER | 4.01 | 01/15/2038 | 8,000,000.00 | 9,226,969.00 | 0.38 |
| XS29220804 | Sculptor European Clo Vii Dac | SCULE | 4.06 | 01/15/2038 | 8,000,000.00 | 9,253,396.00 | 0.38 |
| 95004RAA4 | Wells Fargo Commercial Mortgage Trust 20 | WFCM | 5.38 | 08/15/2042 | 9,250,000.00 | 9,255,806.00 | 0.38 |
| XS29543207 | Bastille Euro Clo 2020-3 Dac | BAST | 4.16 | 01/15/2039 | 7,750,000.00 | 8,967,866.00 | 0.37 |
| 77119RAA4 | ROC Mortgage Trust 2025-rtl1 | ROC | 5.63 | 02/25/2040 | 8,800,000.00 | 8,831,241.00 | 0.37 |
| 69356ABC5 | PPM Clo 4 Ltd | PPMC | 7.23 | 03/18/2038 | 8,800,000.00 | 8,874,697.00 | 0.37 |
| 45339NAA4 | Incref 2025-fl1 Llc | INCREF | 5.76 | 10/19/2042 | 9,000,000.00 | 8,999,467.00 | 0.37 |
| 05765AAE1 | Balboa Bay Loan Funding 2024-2 Ltd | BOBA | 5.58 | 01/20/2038 | 9,000,000.00 | 9,008,422.00 | 0.37 |
| 05606FAN3 | BX Trust 2019-oc11 | BX | 3.94 | 12/09/2041 | 9,700,000.00 | 8,909,076.00 | 0.37 |
| 05619GAE6 | BRES Commercial Mortgage Trust 2025-atca | BRES | 6.14 | 11/15/2042 | 8,625,000.00 | 8,613,145.00 | 0.36 |
| 05685BAQ9 | BAIN Capital Credit Clo 2022-4 Ltd | BCC | 5.27 | 10/16/2037 | 8,500,000.00 | 8,523,375.00 | 0.35 |
| 05608RAL9 | BX Trust 2021-aria | BX | 6.39 | 10/15/2036 | 8,500,000.00 | 8,497,359.00 | 0.35 |
| 31684PAA0 | Figre Trust 2025-he4 | FIGRE | 5.41 | 07/01/2055 | 8,507,040.00 | 8,549,290.00 | 0.35 |
| 749427AC4 | RCKT Mortgage Trust 2025-ces1 | RCKT | 5.91 | 01/01/2045 | 8,250,000.00 | 8,358,126.00 | 0.35 |
| 36272JAE3 | GS Mortgage Securities Corp Trust 2024-r | GSMS | 5.54 | 08/01/2041 | 8,000,000.00 | 8,105,782.00 | 0.34 |
| 05615EAA3 | BSTN Commercial Mortgage Trust 2025-1c | BSTN | 5.37 | 06/01/2044 | 8,000,000.00 | 8,248,925.00 | 0.34 |
| 14688RAA8 | Carval Clo Xi C Ltd | CARVL | 5.27 | 10/20/2037 | 8,250,000.00 | 8,269,022.00 | 0.34 |
| 04943PAE6 | Atlas Senior Loan Fund Xxiv Ltd | ATCLO | 5.78 | 01/20/2038 | 8,000,000.00 | 8,014,947.00 | 0.33 |
| 039955AJ8 | ARES Trust 2025-ind3 | ARES1 | 6.58 | 04/15/2027 | 8,050,000.00 | 8,055,031.00 | 0.33 |
| 009920AA7 | ALA Trust 2025-oana | ALA | 5.78 | 07/15/2040 | 7,860,000.00 | 7,889,475.00 | 0.33 |
| 38180HAA2 | Golub Capital Partners Clo 62b Ltd | GCBSL | 5.27 | 10/15/2037 | 8,000,000.00 | 8,020,995.00 | 0.33 |
| 67401RAN4 | Oaktree Clo 2022-3 Ltd | OAKCL | 5.28 | 10/15/2037 | 8,000,000.00 | 8,020,094.00 | 0.33 |
| 46659RAC1 | JP Morgan Mortgage Trust 2025-vis2 | JPMMT | 5.39 | 12/01/2055 | 7,865,633.00 | 7,908,070.00 | 0.33 |
| 80262BAA8 | Santander Mortgage Asset Receivable Trus | SAN | 5.55 | 01/01/2065 | 8,028,957.00 | 8,069,880.00 | 0.33 |
| 891946AA3 | TOWD Point Mortgage Trust 2025-crm1 | TPMT | 5.8 | 01/25/2065 | 7,994,746.00 | 8,073,564.00 | 0.33 |
| 951913AG7 | Wcore Commercial Mortgage Trust 2024-cor | WCORE | 6.97 | 11/15/2041 | 8,000,000.00 | 8,017,500.00 | 0.33 |
| 68269JAG6 | Onemain Financial Issuance Trust 2023-1 | OMFIT | 6.38 | 06/14/2038 | 7,500,000.00 | 7,771,813.00 | 0.32 |
| 50205PAA0 | Lhome Mortgage Trust 2024-rtl4 | LHOME | 5.92 | 07/25/2039 | 7,733,000.00 | 7,770,037.00 | 0.32 |
| 12433HAG9 | BX Commercial Mortgage Trust 2025-bcat | BX | 6.68 | 08/15/2042 | 7,666,279.00 | 7,705,383.00 | 0.32 |
| 12674LAA1 | COLT 2025-3 Mortgage Loan Trust | COLT | 5.35 | 03/25/2070 | 7,445,030.00 | 7,474,137.00 | 0.31 |
| 50205UAA9 | Lhome Mortgage Trust 2025-rtl1 | LHOME | 5.65 | 01/25/2040 | 7,400,000.00 | 7,440,011.00 | 0.31 |
| 59170JBB3 | Metronet Infrastructure Issuer Llc | MNET | 7.83 | 08/20/2055 | 7,500,000.00 | 7,572,557.00 | 0.31 |
| 62957JAC5 | NYMT Loan Trust 2025-inv2 | NYMT | 5.0 | 10/01/2060 | 7,485,065.00 | 7,483,265.00 | 0.31 |
| 22758PAA0 | Cross 2025-h2 Mortgage Trust | CROSS | 5.36 | 03/25/2070 | 7,462,229.00 | 7,485,515.00 | 0.31 |
| 924929AC6 | Verus Securitization Trust 2025-inv1 | VERUS | 5.55 | 02/01/2070 | 7,443,322.00 | 7,498,435.00 | 0.31 |
| 92540VAA3 | Verus Securitization Trust 2025-2 | VERUS | 5.31 | 03/01/2070 | 7,462,695.00 | 7,493,390.00 | 0.31 |
| 67120QAA4 | OBX 2025-nqm4 Trust | OBX | 5.4 | 02/01/2055 | 7,285,902.00 | 7,325,330.00 | 0.30 |
| XS31923732 | UK Logistics 2025-2 Dac | UKLOG | 0.01 | 08/17/2035 | 5,500,000.00 | 7,225,350.00 | 0.30 |
| 26846XAA8 | EFMT 2025-inv1 | EFMT | 5.63 | 03/01/2070 | 7,075,396.00 | 7,125,700.00 | 0.30 |
| 62475WAA3 | MTN Commercial Mortgage Trust 2022-lpfl | MTN | 5.44 | 03/15/2039 | 7,250,000.00 | 7,254,531.00 | 0.30 |
| 586915AA8 | Menlo Clo I Ltd | MENLO | 5.3 | 01/20/2038 | 7,250,000.00 | 7,270,339.00 | 0.30 |
| 05874XAL3 | Ballyrock Clo 14 Ltd | BALLY | 5.26 | 07/20/2037 | 7,100,000.00 | 7,118,735.00 | 0.30 |
| 12659UAN2 | CQS Us Clo 2021-1 Ltd | CQS | 5.63 | 01/20/2035 | 7,000,000.00 | 6,994,731.00 | 0.29 |
| 69392PAA3 | PRPM 2025-rcf3 Llc | PRPM | 5.25 | 07/01/2055 | 7,054,574.00 | 7,103,201.00 | 0.29 |
| 74143LAA4 | PRET 2025-npl5 Llc | PRET | 6.24 | 05/25/2055 | 7,054,817.00 | 7,099,673.00 | 0.29 |
| 73110MAG0 | Polen Capital Clo 2025-1 Ltd | POLEN | 5.58 | 04/20/2038 | 7,000,000.00 | 7,011,639.00 | 0.29 |
| 749426AD4 | RCKT Mortgage Trust 2024-ces9 | RCKT | 5.83 | 12/01/2044 | 6,700,000.00 | 6,772,934.00 | 0.28 |
| 74143VAA2 | PRET 2025-npl1 Trust | PRET | 6.06 | 02/25/2055 | 6,721,740.00 | 6,743,447.00 | 0.28 |
| 69382KAA6 | PRPM 2025-4 Llc | PRPM | 6.18 | 06/01/2030 | 6,824,825.00 | 6,839,667.00 | 0.28 |
| 83012BAC1 | Sixth Street Clo Xv Ltd | SIXST | 5.24 | 10/24/2037 | 6,760,000.00 | 6,778,262.00 | 0.28 |
| CURRENCY | Currency | — | — | — | 6,780,506.00 | 6,758,742.00 | 0.28 |
| 12551MAL3 | CIFC Funding 2017-v Ltd | CIFC | 5.29 | 07/17/2037 | 6,700,000.00 | 6,714,904.00 | 0.28 |
| 12571DAA3 | CIM Trust 2025-i1 | CIM | 5.66 | 10/25/2069 | 6,578,141.00 | 6,634,005.00 | 0.28 |
| 67448YAC8 | OBX 2025-nqm3 Trust | OBX | 5.65 | 11/07/2064 | 6,805,328.00 | 6,865,522.00 | 0.28 |
| 46590SAD9 | JP Morgan Mortgage Trust Series 2025-nqm | JPMMT | 5.77 | 09/01/2065 | 6,618,969.00 | 6,660,361.00 | 0.28 |
| 12673UAA2 | COLT 2025-inv2 Mortgage Loan Trust | COLT | 5.6 | 02/25/2070 | 6,423,429.00 | 6,476,540.00 | 0.27 |
| 05593VAN3 | BX Trust 2025-roic | BX | 6.97 | 03/15/2030 | 6,474,748.00 | 6,434,280.00 | 0.27 |
| 009920AE9 | ALA Trust 2025-oana | ALA | 6.13 | 07/15/2040 | 6,500,000.00 | 6,540,589.00 | 0.27 |
| 80262CAA6 | Santander Mortgage Asset Receivable Trus | SAN | 5.07 | 08/01/2065 | 6,420,354.00 | 6,412,853.00 | 0.27 |
| 89183HAC8 | TOWD Point Mortgage Trust 2025-ces1 | TPMT | 6.08 | 02/01/2055 | 6,500,000.00 | 6,602,558.00 | 0.27 |
| 86771PAA8 | Sunrun Bacchus Issuer 2025-1 Llc | SUNRN | 5.99 | 04/30/2060 | 6,459,559.00 | 6,455,878.00 | 0.27 |
| 90355PAD8 | US Bank C&i Credit-linked Notes Series 2 | USCLN | 6.08 | 09/25/2032 | 6,317,659.00 | 6,323,908.00 | 0.26 |
| 74391EAA9 | PRPM 2025-nqm1 Trust | PRPM | 5.8 | 11/01/2069 | 6,160,720.00 | 6,220,234.00 | 0.26 |
| 74937YAA6 | RCKT Mortgage Trust 2025-ces4 | RCKT | 5.81 | 04/01/2055 | 6,282,652.00 | 6,365,365.00 | 0.26 |
| XS23146519 | Albacore Euro Clo Ii Dac | ALBAC | 3.66 | 06/15/2034 | 5,400,000.00 | 6,204,613.00 | 0.26 |
| 47050EAN9 | Jamestown Clo Xv Ltd | JTWN | 5.27 | 07/15/2035 | 6,250,000.00 | 6,254,066.00 | 0.26 |
| 38238FAA8 | Goodleap Home Improvement Solutions Trus | GDLP | 5.32 | 06/20/2049 | 6,003,233.00 | 6,059,120.00 | 0.25 |
| 28623RBG2 | Elevation Clo 2021-14 Ltd | AWPT | 5.58 | 01/20/2038 | 6,000,000.00 | 6,010,341.00 | 0.25 |
| 00833BAE8 | Affirm Master Trust | AFRMT | 7.18 | 02/15/2033 | 6,000,000.00 | 5,988,870.00 | 0.25 |
| XS29478763 | Rockford Tower Europe Clo 2019-1 Dac | RFTE | 4.1 | 01/20/2038 | 5,200,000.00 | 6,031,462.00 | 0.25 |
| XS29169933 | Indigo Credit Management Ii Dac | INDI | 4.66 | 07/15/2038 | 5,250,000.00 | 6,055,715.00 | 0.25 |
| 92540YAA7 | Verus Securitization Trust 2025-6 | VERUS | 5.42 | 07/01/2070 | 5,954,186.00 | 5,992,709.00 | 0.25 |
| 92987LAL1 | Wharf Commercial Mortgage Trust 2025-dc | WHARF | 7.72 | 07/01/2040 | 6,000,000.00 | 6,147,051.00 | 0.25 |
| 82671EAA3 | Signal Peak Clo 7 Ltd | SPEAK | 5.3 | 10/20/2037 | 6,000,000.00 | 6,016,080.00 | 0.25 |
| 82811RBE6 | Silver Rock Clo I Ltd | SLVRK | 6.38 | 10/20/2037 | 6,000,000.00 | 6,033,317.00 | 0.25 |
| 92987LAJ6 | Wharf Commercial Mortgage Trust 2025-dc | WHARF | 6.61 | 07/01/2040 | 5,690,000.00 | 5,834,276.00 | 0.24 |
| 74440W862 | (pipa070) Pgim Core Government Money Mar | — | 4.12 | 12/01/2099 | 5,840,973.00 | 5,840,973.00 | 0.24 |
| 74939GAA3 | RCO Viii Mortgage Llc 2025-3 | RCO | 6.43 | 05/25/2030 | 5,711,921.00 | 5,724,636.00 | 0.24 |
| 69392JAA7 | PRET 2025-npl2 Llc | PRET | 5.84 | 03/25/2055 | 5,857,988.00 | 5,879,533.00 | 0.24 |
| XS29394106 | Invesco Euro Clo Xiv Dac | INVSC | 4.21 | 01/15/2039 | 5,000,000.00 | 5,799,038.00 | 0.24 |
| XS29553232 | Anchorage Capital Europe Clo 8 Dac | ANCHE | 4.17 | 10/25/2038 | 5,000,000.00 | 5,770,932.00 | 0.24 |
| XS29787837 | Armada Euro Clo Vii Dac | ARMDA | 3.71 | 04/15/2039 | 5,000,000.00 | 5,756,774.00 | 0.24 |
| XS23483137 | Carlyle Euro Clo 2017-1 Dac | CGMSE | 3.71 | 07/15/2034 | 5,125,000.00 | 5,904,485.00 | 0.24 |
| 97655EAC7 | Wireless Propco Funding Llc | SYMTOW | 4.07 | 06/25/2055 | 6,000,000.00 | 5,815,876.00 | 0.24 |
| 00833BAK4 | Affirm Master Trust | AFRMT | 5.6 | 07/15/2033 | 5,700,000.00 | 5,699,757.00 | 0.24 |
| 26846VAA2 | EFMT 2025-ces1 | EFMT | 5.73 | 02/01/2055 | 5,658,028.00 | 5,713,110.00 | 0.24 |
| 37186XAY1 | Genesis Sales Finance Master Trust | GSFMT | 6.26 | 12/20/2032 | 5,667,000.00 | 5,714,051.00 | 0.24 |
| 44855PAG3 | Hudson Yards 2025-sprl Mortgage Trust | HY | 6.34 | 01/01/2040 | 5,400,000.00 | 5,610,280.00 | 0.23 |
| 46658XAC9 | JP Morgan Mortgage Trust Series 2025-ces | JPMMT | 5.67 | 05/25/2055 | 5,541,937.00 | 5,581,602.00 | 0.23 |
| 05606FAL7 | BX Trust 2019-oc11 | BX | 3.94 | 12/01/2041 | 5,936,000.00 | 5,620,953.00 | 0.23 |
| 07135LAL0 | Battalion Clo Xxiii Ltd | BATLN | 5.32 | 10/15/2037 | 5,500,000.00 | 5,515,091.00 | 0.23 |
| XS31482070 | Aurium Clo Viii Dac | ACLO | 4.16 | 10/16/2038 | 4,830,000.00 | 5,542,575.00 | 0.23 |
| XS31869438 | Clavel Residential 4 Dac | CLAVE | — | 10/28/2066 | 5,000,000.00 | 5,652,774.00 | 0.23 |
| 69391NAA9 | PMT Credit Risk Transfer Trust 2024-2r | PMTCR | 7.55 | 03/29/2027 | 5,384,781.00 | 5,440,681.00 | 0.23 |
| 693968AA7 | PMT Issuer Trust - Fmsr | PNMSR | 7.07 | 12/25/2027 | 5,200,000.00 | 5,233,648.00 | 0.22 |
| 77341NAQ8 | Rockford Tower Clo 2021-3 Ltd | ROCKT | 5.75 | 01/15/2038 | 5,325,000.00 | 5,337,217.00 | 0.22 |
| 00833QAD7 | Affirm Asset Securitization Trust 2024-x | AFFRM | 6.08 | 12/17/2029 | 5,200,000.00 | 5,238,357.00 | 0.22 |
| 05555HAN0 | BFLD 2024-wrhs Mortgage Trust | BFLD | 7.72 | 08/15/2026 | 5,218,993.00 | 5,212,462.00 | 0.22 |
| 38237EAA2 | Goodleap Home Improvement Solutions Trus | GDLP | 5.38 | 02/20/2049 | 5,167,079.00 | 5,232,822.00 | 0.22 |
| 22790AAD7 | Cross 2025-h4 Mortgage Trust | CROSS | 5.78 | 06/01/2070 | 5,157,790.00 | 5,194,004.00 | 0.22 |
| 30023JCT3 | Evergreen Credit Card Trust | EVGRN | 5.64 | 10/15/2028 | 5,000,000.00 | 5,035,585.00 | 0.21 |
| 36362HAE8 | Gallatin Clo Xi 2024-1 Ltd | GALL | 5.83 | 10/20/2037 | 5,000,000.00 | 5,021,145.00 | 0.21 |
| 420916AG3 | Hayfin Us Xv Ltd | HAYFN | 6.06 | 04/28/2037 | 5,000,000.00 | 5,018,568.00 | 0.21 |
| 481939AR7 | KKR Clo 49 Ltd | KKR | 5.26 | 10/20/2037 | 5,000,000.00 | 5,013,827.00 | 0.21 |
| 56579UBE5 | Marathon Clo 2020-15 Ltd | MCLO | 5.66 | 08/15/2037 | 5,000,000.00 | 5,014,570.00 | 0.21 |
| 67449BAD5 | OBX 2025-nqm11 Trust | OBX | 6.15 | 05/01/2065 | 5,000,000.00 | 5,045,341.00 | 0.21 |
| 64131QAQ3 | Neuberger Berman Loan Advisers Clo 26 Lt | NEUB | 5.63 | 10/18/2038 | 5,000,000.00 | 5,011,019.00 | 0.21 |
| 00833BAS7 | Affirm Master Trust Series 2025-3 | AFRMT | 6.8 | 10/16/2034 | 5,000,000.00 | 4,962,620.00 | 0.21 |
| 04009GAU1 | ARES Liii Clo Ltd | ARES | 5.57 | 10/24/2036 | 5,000,000.00 | 5,005,075.00 | 0.21 |
| 05593VAL7 | BX Trust 2025-roic | BX | 6.02 | 03/15/2030 | 4,980,575.00 | 4,961,897.00 | 0.21 |
| 05685BAU0 | BAIN Capital Credit Clo 2022-4 Ltd | BCC | 5.64 | 10/16/2037 | 5,000,000.00 | 5,009,822.00 | 0.21 |
| 10569WAE1 | Bravo Residential Funding Trust 2025-nqm | BRAVO | 5.55 | 09/01/2065 | 4,961,512.00 | 4,961,538.00 | 0.21 |
| 73A1TP2OG8 | Eur/usd Fwd 20251202 00187 | EUR | — | 12/02/2025 | -373,653,100.00 | 5,044,814.00 | 0.21 |
| 94949FAS2 | Wellfleet Clo 2022-2 Ltd | WELF | 7.53 | 10/18/2037 | 5,000,000.00 | 5,027,441.00 | 0.21 |
| 89623VAL5 | Trimaran Cavu 2022-1 Ltd | CAVU | 5.26 | 10/22/2037 | 5,000,000.00 | 5,012,110.00 | 0.21 |
| 87241EAW5 | TCW Clo 2019-1 Amr Ltd | TCW | 6.14 | 08/16/2034 | 5,000,000.00 | 5,004,759.00 | 0.21 |
| 89183HAD6 | TOWD Point Mortgage Trust 2025-ces1 | TPMT | 6.57 | 02/01/2055 | 4,800,000.00 | 4,885,843.00 | 0.20 |
| 87231EAE7 | TCO Commercial Mortgage Trust 2024-dpm | TCO | 6.02 | 12/15/2039 | 4,920,000.00 | 4,926,150.00 | 0.20 |
| 89183MAA1 | TOWD Point Mortgage Trust 2025-fix1 | TPMT | 4.97 | 09/01/2065 | 4,926,995.00 | 4,917,954.00 | 0.20 |
| 89183QAC8 | TOWD Point Mortgage Trust 2024-ces5 | TPMT | 5.6 | 09/01/2064 | 4,855,000.00 | 4,874,467.00 | 0.20 |
| 749421AC7 | RCKT Mortgage Trust 2024-ces8 | RCKT | 5.66 | 11/01/2044 | 4,700,000.00 | 4,726,773.00 | 0.20 |
| 73015AAA5 | PMT Credit Risk Transfer Trust 2024-1r | PMTCR | 7.68 | 05/25/2033 | 4,749,656.00 | 4,805,341.00 | 0.20 |
| 69382HAA3 | PRPM 2025-2 Llc | PRPM | 6.47 | 05/01/2030 | 4,800,650.00 | 4,811,974.00 | 0.20 |
| 68237DAA1 | Ondeck Asset Securitization Iv Llc | ONDK | 5.08 | 04/19/2032 | 4,800,000.00 | 4,811,887.00 | 0.20 |
| 682413AA7 | ONE 2021-park Mortgage Trust | ONP | 4.85 | 03/15/2036 | 5,000,000.00 | 4,932,727.00 | 0.20 |
| 10568RAA1 | Bravo Residential Funding Trust 2025-ces | BRAVO | 4.96 | 07/02/2055 | 4,902,184.00 | 4,899,419.00 | 0.20 |
| 12433CAG0 | BX Commercial Mortgage Trust 2024-airc | BX | 7.12 | 08/15/2039 | 4,737,148.00 | 4,746,029.00 | 0.20 |
| 17332HAA3 | Citigroup Mortgage Loan Trust 2025-rp1 | CMLTI | 4.02 | 01/01/2064 | 5,034,007.00 | 4,762,356.00 | 0.20 |
| 64966TGS7 | NEW York City Housing Development Corp | NYCMFH | 5.46 | 12/15/2031 | 4,800,000.00 | 4,906,871.00 | 0.20 |
| 669985AA1 | NRTH Commercial Mortgage Trust 2025-park | NRTH | 5.54 | 10/15/2040 | 4,900,000.00 | 4,901,531.00 | 0.20 |
| 55821LAL8 | Madison Park Funding Xxxix Ltd | MDPK | 5.61 | 10/22/2034 | 4,750,000.00 | 4,750,267.00 | 0.20 |
| 46659RAE7 | JP Morgan Mortgage Trust 2025-vis2 | JPMMT | 5.74 | 12/01/2055 | 4,916,021.00 | 4,938,639.00 | 0.20 |
| 281907AB1 | EFMT 2024-ces1 | EFMT | 5.8 | 01/02/2060 | 4,685,000.00 | 4,746,969.00 | 0.20 |
| 39571VAF5 | Greensky Home Improvement Issuer Trust 2 | GSKY | 5.26 | 06/25/2060 | 4,500,000.00 | 4,531,881.00 | 0.19 |
| 48555NAA5 | Kapitus Asset Securitization V Llc | KAPT | 5.46 | 04/10/2032 | 4,500,000.00 | 4,521,910.00 | 0.19 |
| 078915AB1 | Bellemeade Re Ltd | BMIR | 7.38 | 08/25/2034 | 4,600,000.00 | 4,641,190.00 | 0.19 |
| 78398JAE4 | SCG Trust 2025-snip | SCG | 5.93 | 09/15/2042 | 4,500,000.00 | 4,502,812.00 | 0.19 |
| 89289EBQ6 | Tralee Clo Vi Ltd | TRAL | 5.79 | 10/25/2032 | 4,500,000.00 | 4,499,633.00 | 0.19 |
| 92540XAD3 | Verus Securitization Trust 2025-5 | VERUS | 6.01 | 06/01/2070 | 4,500,000.00 | 4,523,504.00 | 0.19 |
| 88676LAY7 | Tikehau Us Clo Ii Ltd | TKO | 5.68 | 01/20/2038 | 4,600,000.00 | 4,610,735.00 | 0.19 |
| XS29319662 | Tikehau Clo Ix Dac | TIKEH | 4.47 | 01/20/2037 | 4,000,000.00 | 4,613,260.00 | 0.19 |
| XS28617589 | Albacore Euro Clo Iv Dac | ALBAC | 3.91 | 07/15/2035 | 4,000,000.00 | 4,606,477.00 | 0.19 |
| XS23699189 | Barings Euro Clo 2021-2 Dac | BABSE | 3.78 | 10/15/2034 | 3,950,000.00 | 4,531,670.00 | 0.19 |
| 95003YAE2 | WFCM Commercial Mortgage Trust 2024-grp | WFCM | 6.97 | 10/15/2041 | 4,650,000.00 | 4,651,140.00 | 0.19 |
| 95004RAE6 | Wells Fargo Commercial Mortgage Trust 20 | WFCM | 6.03 | 08/15/2042 | 4,500,000.00 | 4,502,824.00 | 0.19 |
| 92243QAA4 | VCAT 2025-npl3 Llc | VCAT | 5.89 | 02/25/2055 | 4,254,846.00 | 4,255,737.00 | 0.18 |
| 895974AB9 | Tricon Residential 2025-sfr1 Trust | TCN | 5.38 | 03/17/2042 | 4,400,000.00 | 4,405,307.00 | 0.18 |
| 895974AC7 | Tricon Residential 2025-sfr1 Trust | TCN | 5.63 | 03/17/2042 | 4,250,000.00 | 4,257,973.00 | 0.18 |
| 55287JAA4 | MFA 2025-nqm1 Trust | MFRA | 5.44 | 03/01/2070 | 4,430,448.00 | 4,449,204.00 | 0.18 |
| 36271AAA1 | GS Mortgage-backed Securities Trust 2024 | GSMBS | 5.68 | 01/25/2055 | 4,238,498.00 | 4,249,926.00 | 0.18 |
| 38237AAA0 | Goodleap Sustainable Home Solutions Trus | GOOD | 5.7 | 05/20/2055 | 4,296,992.00 | 3,996,064.00 | 0.17 |
| 20754RAJ5 | Connecticut Avenue Securities Trust 2021 | CAS | 10.18 | 10/25/2041 | 4,000,000.00 | 4,157,520.00 | 0.17 |
| 50205WAA5 | Lhome Mortgage Trust 2024-rtl5 | LHOME | 5.32 | 09/25/2039 | 4,000,000.00 | 4,001,683.00 | 0.17 |
| 669985AC7 | NRTH Commercial Mortgage Trust 2025-park | NRTH | 5.79 | 10/15/2040 | 4,000,000.00 | 4,002,500.00 | 0.17 |
| 629162AA6 | NLT 2025-ces1 Trust | NLT | 5.04 | 08/01/2060 | 4,130,965.00 | 4,132,137.00 | 0.17 |
| 14686BAN7 | Carval Clo Vii-c Ltd | CARVL | 5.32 | 07/20/2037 | 4,000,000.00 | 4,011,200.00 | 0.17 |
| 05612FAA3 | BX Trust 2024-pat | BX | 6.12 | 03/15/2041 | 4,125,000.00 | 4,126,289.00 | 0.17 |
| 04942MAQ7 | Atlas Senior Loan Fund Xv Ltd | ATCLO | 5.61 | 10/23/2032 | 4,000,000.00 | 4,008,238.00 | 0.17 |
| 891949AB5 | TOWD Point Mortgage Trust 2025-ces3 | TPMT | 5.62 | 08/01/2065 | 4,000,000.00 | 4,026,627.00 | 0.17 |
| 88676PAE2 | Tikehau Us Clo Vi Ltd | TKO | 5.73 | 07/18/2037 | 4,100,000.00 | 4,111,125.00 | 0.17 |
| 89183HAE4 | TOWD Point Mortgage Trust 2025-ces1 | TPMT | 6.87 | 02/01/2055 | 4,000,000.00 | 4,070,856.00 | 0.17 |
| 67448PAD5 | OBX 2024-nqm12 Trust | OBX | 5.93 | 07/01/2064 | 4,000,000.00 | 3,999,280.00 | 0.17 |
| 682684AD7 | Onemain Direct Auto Receivables Trust 20 | ODART | 6.1 | 07/14/2037 | 4,000,000.00 | 4,040,408.00 | 0.17 |
| 693975AL8 | PPM Clo 6-r Ltd | PPMC | 6.03 | 01/20/2037 | 4,000,000.00 | 4,020,407.00 | 0.17 |
| 951913AE2 | Wcore Commercial Mortgage Trust 2024-cor | WCORE | 6.27 | 11/15/2041 | 4,000,000.00 | 4,007,500.00 | 0.17 |
| XS28765863 | Penta Clo 14 Dac | PENTA | 3.9 | 10/20/2037 | 3,500,000.00 | 4,031,204.00 | 0.17 |
| XS29305389 | LUGO Funding Dac | LUGO | 4.03 | 05/26/2066 | 3,535,000.00 | 3,958,849.00 | 0.16 |
| XS23527433 | Invesco Euro Clo Vi Dac | INVSC | 3.66 | 07/15/2034 | 3,250,000.00 | 3,739,772.00 | 0.16 |
| 748949AE4 | RCKT Mortgage Trust 2025-ces6 | RCKT | 6.16 | 06/01/2055 | 3,705,000.00 | 3,745,848.00 | 0.16 |
| 740934AA2 | PRET 2025-npl7 Llc | PRET | 5.66 | 07/25/2055 | 3,907,837.00 | 3,916,054.00 | 0.16 |
| 91831UAG2 | VNDO Trust 2016-350p | VNDO | 3.9 | 01/01/2035 | 4,000,000.00 | 3,857,444.00 | 0.16 |
| 05555VAC3 | BFLD 2024-vict Mortgage Trust | BFLD | 6.62 | 07/15/2041 | 3,900,000.00 | 3,890,320.00 | 0.16 |
| 05615EAC9 | BSTN Commercial Mortgage Trust 2025-1c | BSTN | 5.75 | 06/01/2044 | 3,850,000.00 | 3,978,235.00 | 0.16 |
| 12433CAA3 | BX Commercial Mortgage Trust 2024-airc | BX | 5.72 | 08/15/2039 | 3,838,400.00 | 3,843,198.00 | 0.16 |
| 67402CBG0 | Oaktree Clo 2019-4 Ltd | OAKCL | 5.8 | 07/20/2037 | 3,750,000.00 | 3,754,491.00 | 0.16 |
| 67121LAD8 | OBX 2025-nqm10 Trust | OBX | 6.04 | 05/01/2065 | 3,800,000.00 | 3,827,502.00 | 0.16 |
| 36270AAA2 | GS Mortgage-backed Securities Trust 2024 | GSMBS | 5.78 | 08/25/2054 | 3,858,602.00 | 3,869,573.00 | 0.16 |
| 36271AAB9 | GS Mortgage-backed Securities Trust 2024 | GSMBS | 6.18 | 01/25/2055 | 3,600,000.00 | 3,609,471.00 | 0.15 |
| 36273XAA9 | GS Mortgage Securities Corp Trust 2025-8 | GSMS | 6.68 | 11/25/2041 | 3,590,000.00 | 3,599,012.00 | 0.15 |
| 216926AA3 | Coopr Residential Mortgage Trust 2025-ce | COOPR | 4.84 | 09/01/2060 | 3,667,010.00 | 3,658,207.00 | 0.15 |
| 652927AJ3 | NGC 2024-i Ltd | NGC | 5.98 | 07/20/2037 | 3,500,000.00 | 3,504,963.00 | 0.15 |
| 10569NAC5 | Bravo Residential Funding Trust 2025-nqm | BRAVO | 5.68 | 11/25/2064 | 3,514,468.00 | 3,542,777.00 | 0.15 |
| 039955AG4 | ARES Trust 2025-ind3 | ARES1 | 6.13 | 04/15/2027 | 3,640,000.00 | 3,642,275.00 | 0.15 |
| 89170UAB6 | TOWD Point Mortgage Trust 2025-ces4 | TPMT | 5.29 | 10/01/2065 | 3,500,000.00 | 3,499,818.00 | 0.15 |
| 74942BAA9 | RCKT Mortgage Trust 2025-ces2 | RCKT | 5.5 | 02/25/2055 | 3,704,266.00 | 3,734,573.00 | 0.15 |
| 95003PAJ0 | Wells Fargo Commercial Mortgage Trust 20 | WFCM | 7.57 | 07/01/2035 | 3,500,000.00 | 3,541,153.00 | 0.15 |
| XS28110889 | Monument Clo 1 Dac | MNMNT | 6.39 | 05/15/2037 | 3,000,000.00 | 3,490,644.00 | 0.14 |
| XS23664204 | TORO European Clo 2 Dac | TCLO | 3.92 | 07/25/2034 | 3,000,000.00 | 3,457,496.00 | 0.14 |
| 86324XAB1 | Stream Innovations 2025-1 Issuer Trust | STRE | 5.48 | 09/15/2045 | 3,227,776.00 | 3,263,423.00 | 0.14 |
| 78449RAL9 | SLG Office Trust 2021-ova | SLG | 2.85 | 07/01/2041 | 4,000,000.00 | 3,431,752.00 | 0.14 |
| 03290CAA4 | Anchor Mortgage Trust 2025-rtl1 | ANCHR | 5.72 | 05/01/2040 | 3,300,000.00 | 3,308,637.00 | 0.14 |
| 05608RAJ4 | BX Trust 2021-aria | BX | 6.04 | 10/15/2036 | 3,370,000.00 | 3,364,734.00 | 0.14 |
| 05594CAG9 | BX Trust 2025-lunr | BX | 6.03 | 06/15/2040 | 3,248,989.00 | 3,257,111.00 | 0.14 |
| 67120VAA3 | OBX 2025-nqm2 Trust | OBX | 5.6 | 11/01/2064 | 3,344,669.00 | 3,370,539.00 | 0.14 |
| 451955AC2 | ILPT Commercial Mortgage Trust 2025-lpf2 | ILPT | 5.54 | 07/01/2042 | 3,250,000.00 | 3,300,462.00 | 0.14 |
| 46594EAC8 | JP Morgan Mortgage Trust 2025-vis3 | JPMMT | 5.06 | 02/01/2066 | 3,277,294.00 | 3,277,276.00 | 0.14 |
| 46594DAF3 | JP Morgan Mortgage Trust Series 2025-ces | JPMMT | 5.55 | 02/01/2056 | 3,023,000.00 | 3,023,191.00 | 0.13 |
| 50177BAL1 | LBA Trust 2024-bolt | LBA | 6.62 | 06/15/2039 | 3,120,000.00 | 3,123,879.00 | 0.13 |
| 19689DAD1 | COLT 2025-8 Mortgage Loan Trust | COLT | 6.21 | 08/01/2070 | 3,012,000.00 | 3,036,597.00 | 0.13 |
| 05592AAJ9 | BPR Trust 2021-ty | BPR | 5.85 | 09/15/2038 | 3,050,000.00 | 3,042,375.00 | 0.13 |
| 03328TBU8 | Anchorage Capital Clo 7 Ltd | ANCHC | 5.91 | 04/28/2037 | 3,124,000.00 | 3,135,064.00 | 0.13 |
| 12674UAF0 | Coopr Residential Mortgage Trust 2025-ce | COOPR | 6.13 | 06/01/2060 | 3,000,000.00 | 3,031,065.00 | 0.13 |
| 17179VAA8 | CIM Trust 2024-r1 | CIM | 4.75 | 06/01/2064 | 3,211,889.00 | 3,192,063.00 | 0.13 |
| 80288DAF3 | Santander Drive Auto Receivables Trust 2 | SDART | 5.43 | 03/17/2031 | 3,000,000.00 | 3,027,313.00 | 0.13 |
| 95003PAG6 | Wells Fargo Commercial Mortgage Trust 20 | WFCM | 6.71 | 07/01/2035 | 3,200,000.00 | 3,231,562.00 | 0.13 |
| AQA75ADSPV | Eur/usd Fwd 20251105 00187 | EUR | — | 11/05/2025 | 29,468,346.00 | 3,057,966.00 | 0.13 |
| 95003YAC6 | WFCM Commercial Mortgage Trust 2024-grp | WFCM | 6.32 | 10/15/2041 | 2,850,000.00 | 2,857,203.00 | 0.12 |
| 78398JAG9 | SCG Trust 2025-snip | SCG | 6.63 | 09/15/2042 | 3,000,000.00 | 3,012,834.00 | 0.12 |
| 75049AAB8 | Radnor Re 2024-1 Ltd | RMIR | 7.08 | 09/25/2034 | 2,900,000.00 | 2,920,152.00 | 0.12 |
| 75888TAQ8 | Regatta Xvi Funding Ltd | REG16 | 5.6 | 01/15/2033 | 3,000,000.00 | 3,003,285.00 | 0.12 |
| 05618XAG5 | BX Commercial Mortgage Trust 2025-copt | BX | 7.28 | 08/15/2042 | 3,000,000.00 | 3,000,000.00 | 0.12 |
| 05615EAE5 | BSTN Commercial Mortgage Trust 2025-1c | BSTN | 6.24 | 06/01/2044 | 2,775,000.00 | 2,865,273.00 | 0.12 |
| 05615EAG0 | BSTN Commercial Mortgage Trust 2025-1c | BSTN | 6.72 | 06/01/2044 | 2,875,000.00 | 2,927,885.00 | 0.12 |
| 05613QAA8 | BX Commercial Mortgage Trust 2024-air2 | BX | 5.53 | 10/15/2041 | 2,877,540.00 | 2,881,137.00 | 0.12 |
| 05613QAC4 | BX Commercial Mortgage Trust 2024-air2 | BX | 5.82 | 10/15/2041 | 2,973,458.00 | 2,977,175.00 | 0.12 |
| 266895AE1 | Durst Commercial Mortgage Trust 2025-151 | DURST | 5.82 | 08/01/2042 | 2,745,000.00 | 2,797,355.00 | 0.12 |
| 28623VAS8 | Elevation Clo 2021-15 Ltd | AWPT | 5.71 | 01/25/2035 | 3,000,000.00 | 2,998,109.00 | 0.12 |
| 446438SZ7 | Huntington Bank Auto Credit-linked Notes | HACLN | 6.43 | 03/21/2033 | 3,004,454.00 | 2,990,262.00 | 0.12 |
| 449843AG6 | IP 2025-ip Mortgage Trust | IP | 6.31 | 06/01/2042 | 2,830,000.00 | 2,865,172.00 | 0.12 |
| 47047RAU0 | Jamestown Clo Xviii Ltd | JTWN | 7.61 | 07/25/2035 | 3,000,000.00 | 2,999,989.00 | 0.12 |
| 482937AB5 | KKR Clo 32 Ltd | KKR | 6.0 | 04/15/2037 | 3,000,000.00 | 3,007,481.00 | 0.12 |
| 67515BAC6 | Ocean Trails Clo Xv Ltd | OCTR | 6.4 | 01/15/2037 | 3,000,000.00 | 3,003,892.00 | 0.12 |
| 449249AU5 | ICG Us Clo 2021-3 Ltd | ICG | 5.63 | 10/20/2034 | 2,750,000.00 | 2,745,948.00 | 0.11 |
| 05608RAG0 | BX Trust 2021-aria | BX | 5.79 | 10/15/2036 | 2,669,000.00 | 2,664,829.00 | 0.11 |
| 14051LAA0 | Capital Street Master Trust | CAPST | 5.55 | 10/16/2028 | 2,700,000.00 | 2,712,192.00 | 0.11 |
| 68269HAD7 | Onemain Financial Issuance Trust 2023-2 | OMFIT | 7.52 | 09/15/2036 | 2,500,000.00 | 2,575,719.00 | 0.11 |
| 89183EAA9 | TOWD Point Mortgage Trust 2024-ces3 | TPMT | 6.29 | 05/01/2064 | 2,635,657.00 | 2,664,776.00 | 0.11 |
| BHXDDW7 | Salus European Loan Conduit No 33 Dac | EURO | 6.16 | 01/23/2032 | 1,961,437.00 | 2,584,830.00 | 0.11 |
| XS30140101 | Contego Clo V Dac | CONTE | 3.73 | 10/15/2037 | 2,250,000.00 | 2,585,548.00 | 0.11 |
| XS24255144 | Barings Euro Clo 2015-1 Dac | BABSE | 3.87 | 07/25/2035 | 2,000,000.00 | 2,303,627.00 | 0.10 |
| XS28401194 | TORO European Clo 8 Dac | TCLO | 4.08 | 04/15/2035 | 2,000,000.00 | 2,311,975.00 | 0.10 |
| XS27989855 | Nassau Euro Clo Iv Dac | NGCE | 5.95 | 07/20/2038 | 2,000,000.00 | 2,311,413.00 | 0.10 |
| XS28091419 | UK Logistics 2024-1 Dac | UKLOG | 6.54 | 05/17/2034 | 1,850,000.00 | 2,429,978.00 | 0.10 |
| XS23222430 | Barings Euro Clo 2021-1 Dac | BABSE | 2.87 | 04/24/2034 | 2,198,244.00 | 2,524,795.00 | 0.10 |
| XS21149411 | Invesco Euro Clo Iv Dac | INVSC | 3.71 | 04/15/2033 | 2,000,000.00 | 2,300,123.00 | 0.10 |
| 89182QAA3 | TOWD Point Mortgage Trust 2024-ces4 | TPMT | 5.12 | 09/01/2064 | 2,385,329.00 | 2,385,564.00 | 0.10 |
| 89642XAE4 | Trinitas Clo Xxiv Ltd | TRNTS | 6.16 | 04/25/2037 | 2,500,000.00 | 2,504,703.00 | 0.10 |
| 78398JAJ3 | SCG Trust 2025-snip | SCG | 7.43 | 09/15/2042 | 2,500,000.00 | 2,515,764.00 | 0.10 |
| 74390PAA5 | PRPM 2024-6 Llc | PRPM | 5.7 | 11/25/2029 | 2,307,620.00 | 2,307,978.00 | 0.10 |
| 74939FAA5 | RCKT Mortgage Trust 2024-ces4 | RCKT | 6.15 | 06/01/2044 | 2,502,685.00 | 2,530,706.00 | 0.10 |
| 12649AAA7 | CSMC 2014-usa Oa Llc | CSMC | 3.3 | 09/01/2037 | 2,679,334.00 | 2,439,868.00 | 0.10 |
| 10570PAD5 | Bravo Residential Funding Trust 2024-ces | BRAVO | 5.59 | 09/01/2054 | 2,400,000.00 | 2,414,895.00 | 0.10 |
| 02007G6S7 | ALLY Bank Auto Credit-linked Notes Serie | ABCLN | 6.16 | 09/15/2033 | 2,400,000.00 | 2,400,096.00 | 0.10 |
| 46188DAE8 | Invitation Homes 2024-sfr1 Trust | IHSFR | 4.25 | 09/17/2041 | 2,400,000.00 | 2,336,437.00 | 0.10 |
| 28621YAS4 | Elevation Clo 2020-11 Ltd | AWPT | 5.9 | 10/15/2037 | 2,500,000.00 | 2,508,731.00 | 0.10 |
| 223929AE0 | CQS Us Clo 2023-3 Ltd | CQS | 6.51 | 01/25/2037 | 2,400,000.00 | 2,404,789.00 | 0.10 |
| 20755RAG0 | Connecticut Avenue Securities Trust 2024 | CAS | 6.23 | 09/25/2044 | 2,300,000.00 | 2,308,654.00 | 0.10 |
| 62916TAC3 | NLT 2025-inv1 Trust | NLT | 5.86 | 02/01/2070 | 2,430,253.00 | 2,449,129.00 | 0.10 |
| 19689AAD7 | COLT 2025-5 Mortgage Loan Trust | COLT | 6.3 | 05/01/2070 | 2,100,000.00 | 2,125,266.00 | 0.09 |
| 449843AJ0 | IP 2025-ip Mortgage Trust | IP | 6.85 | 06/01/2042 | 2,160,000.00 | 2,190,582.00 | 0.09 |
| 05609KAG4 | BX Commercial Mortgage Trust 2021-xl2 | BX | 5.54 | 10/15/2038 | 2,292,500.00 | 2,289,634.00 | 0.09 |
| 05610WAE0 | BPR Trust 2023-brk2 | BPR | 8.34 | 10/01/2038 | 2,000,000.00 | 2,080,097.00 | 0.09 |
| 07336YAK1 | Bbcms Mortgage Trust 2024-5c31 | BBCMS | 2.34 | 12/01/2057 | 26,275,000.00 | 2,227,452.00 | 0.09 |
| 89183QAB0 | TOWD Point Mortgage Trust 2024-ces5 | TPMT | 5.2 | 09/25/2064 | 2,289,000.00 | 2,288,385.00 | 0.09 |
| XS23143056 | Rockford Tower Europe Clo 2021-1 Dac | RFTE | 3.25 | 04/20/2034 | 2,000,000.00 | 2,284,131.00 | 0.09 |
| XS23198667 | Carysfort Park Clo Dac | CARPK | 3.32 | 07/28/2034 | 2,000,000.00 | 2,284,792.00 | 0.09 |
| XS29295035 | Kinbane 2024-rpl 2 Dac | KINBN | 4.56 | 01/24/2063 | 1,900,000.00 | 2,172,900.00 | 0.09 |
| XS30533660 | Taurus 2025-3 Uk Designated Activity Co | TAURS | — | 07/20/2035 | 1,650,000.00 | 2,157,139.00 | 0.09 |
| XS30533663 | Taurus 2025-3 Uk Designated Activity Co | TAURS | — | 07/20/2035 | 1,500,000.00 | 1,958,746.00 | 0.08 |
| 98877JAG7 | Z CApital Credit Partners Bsl Clo 2024-1 | ZBSL | 7.54 | 04/16/2036 | 2,000,000.00 | 2,013,870.00 | 0.08 |
| 89623VAN1 | Trimaran Cavu 2022-1 Ltd | CAVU | 5.71 | 10/22/2037 | 2,000,000.00 | 1,998,950.00 | 0.08 |
| 86773AAB7 | Sunrun Vesta Issuer 2024-3 Llc | SUNRN | 5.88 | 10/30/2059 | 2,073,892.00 | 2,011,667.00 | 0.08 |
| 82671XAS2 | Signal Peak Clo 12 Ltd | SPEAK | 5.68 | 07/18/2037 | 2,000,000.00 | 2,000,088.00 | 0.08 |
| 82811RAY3 | Silver Rock Clo I Ltd | SLVRK | 5.3 | 10/20/2037 | 2,000,000.00 | 2,005,598.00 | 0.08 |
| 82811RBC0 | Silver Rock Clo I Ltd | SLVRK | 5.73 | 10/20/2037 | 2,000,000.00 | 2,004,168.00 | 0.08 |
| 749421AD5 | RCKT Mortgage Trust 2024-ces8 | RCKT | 5.91 | 11/01/2044 | 1,900,000.00 | 1,910,619.00 | 0.08 |
| 74390WAB8 | PRPM 2025-rpl1 Llc | PRPM | 4.0 | 03/25/2055 | 1,987,000.00 | 1,902,593.00 | 0.08 |
| 74942AAA1 | RCKT Mortgage Trust 2024-ces3 | RCKT | 6.59 | 05/25/2044 | 1,969,265.00 | 1,996,658.00 | 0.08 |
| 69392AAA6 | PMT Credit Risk Transfer Trust 2024-3r | PMTCR | 7.3 | 09/27/2028 | 2,021,530.00 | 2,046,548.00 | 0.08 |
| 68270DAD3 | Onemain Financial Issuance Trust 2025-1 | OMFIT | 5.79 | 07/14/2038 | 1,800,000.00 | 1,817,204.00 | 0.08 |
| 07133PAL3 | Battalion Clo 17 Ltd | BATLN | 5.18 | 03/09/2034 | 2,000,000.00 | 2,001,351.00 | 0.08 |
| 12478CBA8 | Cbamr 2018-8 Ltd | CBAMR | 7.9 | 07/15/2037 | 2,000,000.00 | 2,006,589.00 | 0.08 |
| 13887TAW7 | Canyon Capital Clo 2019-1 Ltd | CANYC | 5.7 | 07/15/2037 | 2,000,000.00 | 2,004,768.00 | 0.08 |
| 03330NAW4 | Anchorage Capital Clo 11 Ltd | ANCHC | 5.81 | 07/22/2037 | 2,000,000.00 | 2,004,875.00 | 0.08 |
| 463920AA6 | Island Finance Trust 2025-1 | ISLN | 6.54 | 03/19/2035 | 2,000,000.00 | 2,022,512.00 | 0.08 |
| 38237BAA8 | Goodleap Sustainable Home Solutions Trus | GOOD | 6.25 | 06/20/2057 | 2,023,905.00 | 1,987,949.00 | 0.08 |
| 23306HAG0 | DBC 2025-dbc Mortgage Trust | DBC | 6.65 | 06/15/2038 | 2,000,000.00 | 2,004,780.00 | 0.08 |
| 28623VAU3 | Elevation Clo 2021-15 Ltd | AWPT | 6.16 | 01/25/2035 | 2,000,000.00 | 2,009,852.00 | 0.08 |
| 30166XAE4 | Exeter Automobile Receivables Trust | EART | 5.09 | 10/15/2031 | 2,000,000.00 | 2,017,543.00 | 0.08 |
| 66858HBC9 | Northwoods Capital 22 Ltd | WOODS | 6.47 | 09/16/2031 | 2,000,000.00 | 2,004,893.00 | 0.08 |
| 67515BAG7 | Ocean Trails Clo Xv Ltd | OCTR | 8.6 | 01/15/2037 | 2,000,000.00 | 2,019,817.00 | 0.08 |
| 50206RAA5 | Lhome Mortgage Trust 2025-rtl2 | LHOME | 5.61 | 04/25/2040 | 2,000,000.00 | 2,013,078.00 | 0.08 |
| 20754XAC7 | Connecticut Avenue Securities Trust 2024 | CAS | 5.88 | 07/25/2044 | 1,750,000.00 | 1,756,567.00 | 0.07 |
| 46593HAB4 | JP Morgan Mortgage Trust 2024-he2 | JPMMT | 5.88 | 10/20/2054 | 1,800,000.00 | 1,804,461.00 | 0.07 |
| 46188DAC2 | Invitation Homes 2024-sfr1 Trust | IHSFR | 4.0 | 09/01/2041 | 1,800,000.00 | 1,752,017.00 | 0.07 |
| 05609QAE6 | BX Commercial Mortgage Trust 2021-acnt | BX | 5.65 | 11/15/2038 | 1,806,855.00 | 1,806,187.00 | 0.07 |
| 05593UAG0 | BPR Commercial Mortgage Trust 2024-park | BPR | 6.18 | 11/01/2039 | 1,630,000.00 | 1,662,883.00 | 0.07 |
| 065924BE1 | Bank5 2025-5yr15 | BANK5 | 2.51 | 07/01/2058 | 16,932,000.00 | 1,795,779.00 | 0.07 |
| 74390RAC7 | PRPM 2025-rcf1 Llc | PRPM | 4.5 | 02/25/2055 | 1,766,000.00 | 1,719,802.00 | 0.07 |
| 749426AA0 | RCKT Mortgage Trust 2024-ces9 | RCKT | 5.58 | 12/25/2044 | 1,764,696.00 | 1,779,276.00 | 0.07 |
| 91282CLY5 | United States Treasury Note/bond | T | 4.25 | 11/30/2026 | 1,700,000.00 | 1,709,363.00 | 0.07 |
| BMXWTJ8 | Bluemountain Fuji Eur Clo V Dac | BLUME | 3.56 | 01/15/2033 | 1,500,000.00 | 1,728,990.00 | 0.07 |
| XS23342569 | Crosthwaite Park Clo Dac | CRWPK | 3.61 | 03/15/2034 | 1,500,000.00 | 1,723,619.00 | 0.07 |
| XS30140106 | Contego Clo V Dac | CONTE | 4.18 | 10/15/2037 | 1,500,000.00 | 1,720,646.00 | 0.07 |
| XS31715596 | PRPM Fundido 2025-2 Dac | FUNDD | — | 01/29/2075 | 1,529,000.00 | 1,723,156.00 | 0.07 |
| XS23699266 | ICG Euro Clo 2021-1 Dac | ICGE | 3.81 | 10/15/2034 | 1,500,000.00 | 1,728,699.00 | 0.07 |
| XS26975915 | Palmer Square European Clo 2023-2 Dac | PLMER | 6.7 | 10/15/2036 | 1,250,000.00 | 1,441,288.00 | 0.06 |
| XS31497979 | Contego Clo Xiv Dac | CONTE | — | 10/15/2037 | 1,200,000.00 | 1,381,393.00 | 0.06 |
| XS23053697 | CVC Cordatus Loan Fund Vii Dac | CORDA | 2.64 | 09/15/2031 | 1,274,468.00 | 1,468,900.00 | 0.06 |
| CA74625PAD | BX Commercial Mortgage Trust 2024-pure | BX | 5.04 | 11/15/2041 | 1,918,484.00 | 1,371,277.00 | 0.06 |
| CA74625PAF | BX Commercial Mortgage Trust 2024-pure | BX | 5.59 | 11/15/2041 | 1,918,484.00 | 1,371,291.00 | 0.06 |
| 80349BCD7 | Saratoga Investment Corp Clo 2013-1 Ltd | SARAT | 5.18 | 04/20/2033 | 1,564,709.00 | 1,566,042.00 | 0.06 |
| 74390RAB9 | PRPM 2025-rcf1 Llc | PRPM | 4.5 | 02/25/2055 | 1,400,000.00 | 1,371,577.00 | 0.06 |
| 682413AC3 | ONE 2021-park Mortgage Trust | ONP | 5.1 | 03/15/2036 | 1,500,000.00 | 1,463,759.00 | 0.06 |
| 12433BAE7 | BX Commercial Mortgage Trust 2024-mdhs | BX | 6.07 | 05/15/2041 | 1,520,830.00 | 1,523,681.00 | 0.06 |
| 05593RAJ1 | BMO 2024-5c5 Mortgage Trust | BMO | 2.48 | 02/01/2057 | 18,900,000.00 | 1,472,362.00 | 0.06 |
| 05594CAK0 | BX Trust 2025-lunr | BX | 6.53 | 06/15/2040 | 1,337,819.00 | 1,341,581.00 | 0.06 |
| 20754LAJ8 | Connecticut Avenue Securities Trust 2022 | CAS | 10.18 | 12/25/2041 | 1,300,000.00 | 1,360,878.00 | 0.06 |
| 216926AE5 | Coopr Residential Mortgage Trust 2025-ce | COOPR | 5.23 | 09/01/2060 | 1,500,000.00 | 1,496,461.00 | 0.06 |
| 28623MAW9 | Elevation Clo 2021-12 Ltd | AWPT | 6.05 | 04/20/2037 | 1,500,000.00 | 1,500,942.00 | 0.06 |
| 28623MBE8 | Elevation Clo 2021-12 Ltd | AWPT | 8.18 | 04/20/2037 | 1,500,000.00 | 1,508,586.00 | 0.06 |
| 55316VAL8 | MHC Commercial Mortgage Trust 2021-mhc | MHC | 6.75 | 04/15/2038 | 1,365,600.00 | 1,365,600.00 | 0.06 |
| 50205YAC7 | Lhome Mortgage Trust 2025-rtl3 | LHOME | 6.89 | 08/25/2040 | 1,500,000.00 | 1,507,181.00 | 0.06 |
| 61778GBC9 | Morgan Stanley Bank Of America Merrill L | MSBAM | 2.64 | 03/01/2058 | 14,216,000.00 | 1,426,417.00 | 0.06 |
| 66858HBG0 | Northwoods Capital 22 Ltd | WOODS | 8.97 | 09/16/2031 | 1,500,000.00 | 1,500,000.00 | 0.06 |
| 62916TAB5 | NLT 2025-inv1 Trust | NLT | 5.71 | 02/01/2070 | 1,416,053.00 | 1,427,807.00 | 0.06 |
| 44644NAK5 | Huntington Bank Auto Credit-linked Notes | HACLN | 8.18 | 10/20/2032 | 1,092,007.00 | 1,099,814.00 | 0.05 |
| 44855PAJ7 | Hudson Yards 2025-sprl Mortgage Trust | HY | 6.68 | 01/01/2040 | 1,070,000.00 | 1,105,318.00 | 0.05 |
| 39571MAB4 | Greensky Home Improvement Trust 2024-1 | GSKY | 5.88 | 07/25/2059 | 1,158,223.00 | 1,164,090.00 | 0.05 |
| 05592VAG9 | BPR Trust 2024-pmdw | BPR | 5.85 | 11/01/2041 | 1,200,000.00 | 1,208,216.00 | 0.05 |
| 05613QAE0 | BX Commercial Mortgage Trust 2024-air2 | BX | 6.27 | 10/15/2041 | 1,246,934.00 | 1,249,661.00 | 0.05 |
| 05554VAH3 | Bbcms Mortgage Trust 2024-5c25 | BBCMS | 3.14 | 03/01/2057 | 14,404,000.00 | 1,273,320.00 | 0.05 |
| 10569RAE2 | Bravo Residential Funding Trust 2025-nqm | BRAVO | 5.8 | 02/01/2065 | 1,233,227.00 | 1,239,346.00 | 0.05 |
| 06875VAJ9 | Barrow Hanley Clo Iii Ltd | BARHN | 8.03 | 04/20/2037 | 1,250,000.00 | 1,254,242.00 | 0.05 |
| 065923AA2 | Bank5 2024-5yr8 | BANK5 | 2.77 | 08/01/2057 | 13,643,000.00 | 1,191,104.00 | 0.05 |
| 68268VAD7 | Onemain Financial Issuance Trust 2022-2 | OMFIT | 6.55 | 10/14/2034 | 1,180,000.00 | 1,181,878.00 | 0.05 |
| 68269DAE4 | Onemain Direct Auto Receivables Trust 20 | ODART | 5.9 | 12/16/2030 | 1,100,000.00 | 1,102,660.00 | 0.05 |
| 74390WAC6 | PRPM 2025-rpl1 Llc | PRPM | 4.0 | 03/25/2055 | 1,172,000.00 | 1,108,414.00 | 0.05 |
| 89183EAC5 | TOWD Point Mortgage Trust 2024-ces3 | TPMT | 6.81 | 05/01/2064 | 1,100,000.00 | 1,118,909.00 | 0.05 |
| 95003EAE6 | Wells Fargo Commercial Mortgage Trust 20 | WFCM | 6.55 | 05/15/2031 | 1,100,000.00 | 1,097,576.00 | 0.05 |
| 95003VAJ7 | Wells Fargo Commercial Mortgage Trust 20 | WFCM | 2.63 | 07/01/2057 | 13,169,000.00 | 1,111,227.00 | 0.05 |
| BW5YW59 | Avoca Capital Clo X Ltd | AVOCA | 3.38 | 04/15/2035 | 750,000.00 | 859,317.00 | 0.04 |
| XS23312055 | Hayfin Emerald Clo Ii Dac | HAYEM | 3.72 | 05/27/2034 | 750,000.00 | 864,337.00 | 0.04 |
| 95003EAJ5 | Wells Fargo Commercial Mortgage Trust 20 | WFCM | 8.65 | 05/15/2031 | 1,000,000.00 | 1,001,773.00 | 0.04 |
| 89182FAA7 | TOWD Point Mortgage Trust | TPMT | 7.29 | 10/25/2063 | 1,067,633.00 | 1,080,769.00 | 0.04 |
| 83614XAS0 | Sound Point Clo Xxvi Ltd | SNDPT | 5.8 | 07/20/2034 | 990,000.00 | 989,500.00 | 0.04 |
| 83012DAQ6 | Sixth Street Clo Xvi Ltd | SIXST | 5.67 | 01/20/2037 | 1,000,000.00 | 1,002,092.00 | 0.04 |
| 74390WAD4 | PRPM 2025-rpl1 Llc | PRPM | 4.0 | 03/25/2055 | 1,144,000.00 | 1,068,756.00 | 0.04 |
| 682685AD4 | Onemain Direct Auto Receivables Trust 20 | ODART | 7.07 | 02/14/2033 | 1,000,000.00 | 1,030,488.00 | 0.04 |
| 682687AC2 | Onemain Direct Auto Receivables Trust 20 | ODART | 1.42 | 07/14/2028 | 900,000.00 | 893,574.00 | 0.04 |
| 682413AE9 | ONE 2021-park Mortgage Trust | ONP | 5.25 | 03/15/2036 | 1,000,000.00 | 959,929.00 | 0.04 |
| 69392PAC9 | PRPM 2025-rcf3 Llc | PRPM | 5.25 | 07/01/2055 | 876,000.00 | 871,853.00 | 0.04 |
| 072926AF5 | Bvabs 2024-sn1 D | BVABS | 6.36 | 07/16/2029 | 1,000,000.00 | 1,019,327.00 | 0.04 |
| 09660QAA2 | BMO 2024-5c3 Xd | BMO | 2.86 | 02/01/2057 | 12,604,000.00 | 1,023,579.00 | 0.04 |
| 05491VAE6 | Bbcms 2018-chrs Mortgage Trust | BBCMS | 4.27 | 08/01/2038 | 1,000,000.00 | 932,024.00 | 0.04 |
| 05491VAG1 | Bbcms 2018-chrs Mortgage Trust | BBCMS | 4.27 | 08/01/2038 | 1,000,000.00 | 911,215.00 | 0.04 |
| 05491VAJ5 | Bbcms 2018-chrs Mortgage Trust | BBCMS | 4.27 | 08/01/2038 | 990,000.00 | 889,793.00 | 0.04 |
| 04016DAU9 | ARES Xli Clo Ltd | ARES | 5.62 | 04/15/2034 | 1,000,000.00 | 1,000,336.00 | 0.04 |
| 00834BAJ6 | Affirm Asset Securitization Trust 2024-a | AFFRM | 6.89 | 02/15/2029 | 1,000,000.00 | 1,004,429.00 | 0.04 |
| 00834BAK3 | Affirm Asset Securitization Trust 2024-a | AFFRM | 9.17 | 02/15/2029 | 900,000.00 | 905,404.00 | 0.04 |
| 05592VAQ7 | BPR Trust 2024-pmdw | BPR | 0.21 | 11/01/2041 | 149,625,000.00 | 985,086.00 | 0.04 |
| 05610FAF4 | BX Commercial Mortgage Trust 2022-ahp | BX | 7.07 | 01/17/2039 | 1,010,000.00 | 1,005,922.00 | 0.04 |
| 36362MAE7 | Gallatin Clo X 2023-1 Ltd | GALL | 6.96 | 10/14/2035 | 1,000,000.00 | 1,002,496.00 | 0.04 |
| 223929AJ9 | CQS Us Clo 2023-3 Ltd | CQS | 8.06 | 01/25/2037 | 1,000,000.00 | 1,001,944.00 | 0.04 |
| 62916TAD1 | NLT 2025-inv1 Trust | NLT | 6.31 | 02/01/2070 | 1,070,000.00 | 1,083,722.00 | 0.04 |
| 67118VAJ8 | OFSI Bsl Clo Xiii Ltd | OFSBS | 8.38 | 04/20/2037 | 1,000,000.00 | 1,006,655.00 | 0.04 |
| 48585JAA8 | Katayma Clo I Ltd | KTAMA | 5.88 | 10/20/2036 | 1,000,000.00 | 1,002,329.00 | 0.04 |
| 465985AB5 | JP Morgan Mortgage Trust 2023-he3 | JPMMT | 6.28 | 05/20/2054 | 662,717.00 | 666,376.00 | 0.03 |
| 67121TAG4 | NYC Commercial Mortgage Trust 2025-300p | NYC | 6.16 | 07/01/2042 | 800,000.00 | 805,259.00 | 0.03 |
| 62916TAE9 | NLT 2025-inv1 Trust | NLT | 6.59 | 02/01/2070 | 750,000.00 | 745,546.00 | 0.03 |
| 62432BAQ6 | Mountain View Clo Ix Ltd | MVW | 5.95 | 07/15/2031 | 750,000.00 | 749,560.00 | 0.03 |
| 207942AB9 | Connecticut Avenue Securities Trust 2023 | CAS | 7.28 | 06/25/2043 | 600,000.00 | 624,959.00 | 0.03 |
| 35566CBD6 | Freddie Mac Stacr Remic Trust 2020-dna6 | STACR | 7.18 | 12/25/2050 | 750,000.00 | 802,120.00 | 0.03 |
| 38237YAA8 | Goodleap Sustainable Home Solutions Trus | GOOD | 6.48 | 03/20/2057 | 824,133.00 | 818,290.00 | 0.03 |
| 44644NAD1 | Huntington Bank Auto Credit-linked Notes | HACLN | 9.43 | 05/20/2032 | 775,127.00 | 791,346.00 | 0.03 |
| 05592AAL4 | BPR Trust 2021-ty | BPR | 6.5 | 09/25/2038 | 761,000.00 | 759,097.00 | 0.03 |
| 06211EBE0 | Bank5 2023-5yr3 | BANK5 | 3.32 | 09/01/2056 | 9,000,000.00 | 736,090.00 | 0.03 |
| 081927AH8 | Benchmark 2024-v6 Mortgage Trust | BMARK | 3.26 | 03/01/2057 | 8,633,500.00 | 822,557.00 | 0.03 |
| 09661XAJ7 | BMO 2024-5c8 Mortgage Trust | BMO | 2.07 | 12/01/2057 | 9,929,000.00 | 747,208.00 | 0.03 |
| 07336PAD6 | Bayview Opportunity Master Fund Vii 2024 | BVCLN | 6.93 | 06/25/2047 | 673,831.00 | 679,475.00 | 0.03 |
| 07336QAE2 | Bayview Opportunity Master Fund Vii 2024 | BVCLN | 7.78 | 12/26/2031 | 657,964.00 | 665,313.00 | 0.03 |
| 74390FAC3 | PRPM 2024-rcf6 Llc | PRPM | 4.0 | 10/25/2064 | 700,000.00 | 674,076.00 | 0.03 |
| 682413AG4 | ONE 2021-park Mortgage Trust | ONP | 5.65 | 03/15/2036 | 850,000.00 | 806,904.00 | 0.03 |
| 80282YAH9 | Santander Consumer Auto Receivables Trus | SCART | 3.28 | 03/15/2027 | 750,000.00 | 747,067.00 | 0.03 |
| 89181XAM3 | TOWD Point Mortgage Trust 2023-ces1 | TPMT | 6.75 | 07/01/2063 | 673,284.00 | 677,241.00 | 0.03 |
| 95003EAG1 | Wells Fargo Commercial Mortgage Trust 20 | WFCM | 7.65 | 05/15/2031 | 690,000.00 | 688,478.00 | 0.03 |
| 922972AE4 | Venture 49 Clo Ltd | VENTR | 5.68 | 04/20/2037 | 800,000.00 | 802,746.00 | 0.03 |
| 92330EAP2 | Venture Xix Clo Ltd | VENTR | 5.43 | 01/15/2032 | 613,720.00 | 614,388.00 | 0.03 |
| XS23881984 | ST Pauls Clo | SPAUL | 2.5 | 01/17/2032 | 750,000.00 | 813,517.00 | 0.03 |
| XS23918345 | Carlyle Euro Clo 2021-2 Dac | CGMSE | 3.76 | 10/15/2035 | 500,000.00 | 576,396.00 | 0.02 |
| XS23077409 | Jubilee Clo 2016-xvii Dac | JUBIL | 3.29 | 04/15/2031 | 500,000.00 | 572,515.00 | 0.02 |
| XS23390179 | Carlyle Global Market Strategies Euro Cl | CGMSE | 2.79 | 11/15/2031 | 348,449.00 | 401,520.00 | 0.02 |
| XS23264858 | BAIN Capital Euro Clo 2018-2 Dac | BCCE | 2.74 | 01/20/2032 | 350,913.00 | 403,999.00 | 0.02 |
| QD1NJG9O3S | Gbp/usd Fwd 20251105 Mslngb2x | GBP | — | 11/05/2025 | -12,436,890.00 | 368,917.00 | 0.02 |
| 91282CME8 | United States Treasury Note/bond | T | 4.25 | 12/31/2026 | 540,000.00 | 543,227.00 | 0.02 |
| 91282CMH1 | United States Treasury Note/bond | T | 4.13 | 01/31/2027 | 550,000.00 | 552,792.00 | 0.02 |
| 912797NL7 | United States Treasury Bill | B | 4.22 | 11/28/2025 | 600,000.00 | 598,391.00 | 0.02 |
| 90137LAL4 | 20 Times Square Trust 2018-20ts | TSQ | 3.1 | 05/01/2035 | 520,000.00 | 466,700.00 | 0.02 |
| 86773AAA9 | Sunrun Vesta Issuer 2024-3 Llc | SUNRN | 5.49 | 10/30/2059 | 540,394.00 | 530,689.00 | 0.02 |
| 682413AJ8 | ONE 2021-park Mortgage Trust | ONP | 5.9 | 03/15/2036 | 400,000.00 | 377,471.00 | 0.02 |
| 68249DAC3 | ONE New York Plaza Trust 2020-1nyp | ONYP | 5.4 | 01/15/2036 | 600,000.00 | 577,500.00 | 0.02 |
| 74390WAE2 | PRPM 2025-rpl1 Llc | PRPM | 4.0 | 03/25/2055 | 402,000.00 | 372,106.00 | 0.02 |
| 07336VBA8 | Bbcms Mortgage Trust 2024-c24 | BBCMS | 1.33 | 02/01/2057 | 5,200,000.00 | 457,450.00 | 0.02 |
| 07336HAA0 | Bayview Financing Trust 2023-1f | BVFT | 8.2 | 07/01/2026 | 404,125.00 | 405,171.00 | 0.02 |
| 07132JBC7 | Battalion Clo X Ltd | BATLN | 5.3 | 01/25/2035 | 500,000.00 | 499,998.00 | 0.02 |
| 09660SAA8 | BMO 2024-5c4 Mortgage Trust | BMO | 2.77 | 02/01/2057 | 5,500,000.00 | 432,924.00 | 0.02 |
| 12654FAC4 | COMM 2024-277p Mortgage Trust | COMM | 0.66 | 08/10/2044 | 16,500,000.00 | 408,883.00 | 0.02 |
| 173106AB1 | Citigroup Mortgage Loan Trust 2024-rp2 | CMLTI | 4.23 | 02/01/2063 | 593,449.00 | 531,138.00 | 0.02 |
| 06211FAC2 | Bank5 2023-5yr4 | BANK5 | 3.6 | 12/01/2056 | 4,500,000.00 | 404,102.00 | 0.02 |
| 05610QAJ2 | BMO 2023-5c2 Mortgage Trust | BMO | 2.24 | 11/01/2056 | 9,500,000.00 | 552,184.00 | 0.02 |
| 02007GZ97 | ALLY Bank Auto Credit-linked Notes Serie | ABCLN | 9.89 | 05/17/2032 | 466,243.00 | 480,937.00 | 0.02 |
| 00835AAD0 | Affirm Asset Securitization Trust 2024-b | AFFRM | 5.5 | 09/15/2029 | 500,000.00 | 500,553.00 | 0.02 |
| 04942PAL1 | Atlas Static Senior Loan Fund I Ltd | ATSTC | 6.55 | 07/15/2030 | 455,105.00 | 454,966.00 | 0.02 |
| 05335JAE3 | Auxilior Term Funding 2023-1 Llc | XCAP | 7.27 | 12/16/2030 | 500,000.00 | 523,351.00 | 0.02 |
| 38237CAA6 | Goodleap Sustainable Home Solutions Trus | GOOD | 6.5 | 07/20/2055 | 401,941.00 | 398,753.00 | 0.02 |
| 62916TAF6 | NLT 2025-inv1 Trust | NLT | 6.59 | 02/01/2070 | 590,000.00 | 573,396.00 | 0.02 |
| 62916TAH2 | NLT 2025-inv1 Trust | NLT | 0.9 | 02/01/2070 | 19,257,898.00 | 433,302.00 | 0.02 |
| 675930AE1 | Octagon 59 Ltd | OCT59 | 6.16 | 05/15/2035 | 600,000.00 | 600,804.00 | 0.02 |
| 56606KAA3 | Marble Point Clo Xxi Ltd | MP21 | 5.38 | 10/17/2034 | 500,000.00 | 500,343.00 | 0.02 |
| 5L0H6O1LSN | Eur/usd Fwd 20251105 Midlgb22 | EUR | — | 11/05/2025 | -13,811,111.00 | 290,285.00 | 0.01 |
| 51889RAD1 | Laurel Road Prime Student Loan Trust 201 | LRK | — | 10/25/2048 | 749,998.00 | 304,642.00 | 0.01 |
| 55316VAA2 | MHC Commercial Mortgage Trust 2021-mhc | MHC | 4.95 | 04/15/2038 | 287,506.00 | 287,415.00 | 0.01 |
| 62916TAK5 | NLT 2025-inv1 Trust | NLT | 0.4 | 02/01/2070 | 19,257,898.00 | 147,675.00 | 0.01 |
| 62916TAG4 | NLT 2025-inv1 Trust | NLT | 6.59 | 02/01/2070 | 370,000.00 | 337,437.00 | 0.01 |
| 2A3T5HRAEF | Gbp/usd Fwd 20251202 00187 | GBP | — | 12/02/2025 | -11,962,046.00 | 248,818.00 | 0.01 |
| 05491LAJ7 | Bbcms 2016-etc Mortgage Trust | BBCMS | 3.61 | 08/05/2036 | 250,000.00 | 232,011.00 | 0.01 |
| 05592AAG5 | BPR Trust 2021-ty | BPR | 5.3 | 09/15/2038 | 355,000.00 | 354,112.00 | 0.01 |
| 06540EAA1 | BANK 2021-bnk38 | BANK | 1.27 | 12/01/2064 | 245,226.00 | 240,964.00 | 0.01 |
| 173106AC9 | Citigroup Mortgage Loan Trust 2024-rp2 | CMLTI | 4.23 | 02/01/2063 | 398,942.00 | 343,067.00 | 0.01 |
| 173106AD7 | Citigroup Mortgage Loan Trust 2024-rp2 | CMLTI | 4.23 | 02/01/2063 | 304,204.00 | 250,004.00 | 0.01 |
| 173106AE5 | Citigroup Mortgage Loan Trust 2024-rp2 | CMLTI | 4.23 | 02/01/2063 | 179,547.00 | 141,320.00 | 0.01 |
| 17332HAD7 | Citigroup Mortgage Loan Trust 2025-rp1 | CMLTI | 4.02 | 01/01/2064 | 232,164.00 | 177,922.00 | 0.01 |
| 17332HAE5 | Citigroup Mortgage Loan Trust 2025-rp1 | CMLTI | 4.02 | 01/01/2064 | 198,120.00 | 141,646.00 | 0.01 |
| 07336MAA9 | Bayview Opportunity Master Fund Vii Trus | BVABS | 6.97 | 07/29/2032 | 336,491.00 | 337,134.00 | 0.01 |
| 75049AAA0 | Radnor Re 2024-1 Ltd | RMIR | 6.18 | 09/25/2034 | 302,305.00 | 302,476.00 | 0.01 |
| 78472UAL2 | Sreit Trust 2021-mfp | SREIT | 6.77 | 11/15/2038 | 218,099.00 | 217,758.00 | 0.01 |
| 82650BAD8 | Sierra Timeshare 2023-2 Receivables Fund | SRFC | 9.72 | 04/20/2040 | 159,972.00 | 168,271.00 | 0.01 |
| 90137LAN0 | 20 Times Square Trust 2018-20ts | TSQ | 3.1 | 05/01/2035 | 200,000.00 | 173,500.00 | 0.01 |
| 91282CLP4 | United States Treasury Note/bond | T | 3.5 | 09/30/2026 | 250,000.00 | 249,423.00 | 0.01 |
| BM8BFW5 | Taurus 2021-4 Uk Dac | TAURS | 6.09 | 08/17/2031 | 159,856.00 | 210,002.00 | 0.01 |
| L95T8U38RR | Eur/usd Fwd 20251202 0997 | EUR | — | 12/02/2025 | -12,249,999.00 | 169,236.00 | 0.01 |
| O3R63S07T4 | Eur/usd Fwd 20251105 955 | EUR | — | 11/05/2025 | -6,973,446.00 | 152,038.00 | 0.01 |
| UXYZ5 COMD | US 10yr Ultra Fut Dec25 | UXYZ5 | — | 12/19/2025 | -41,458,891.00 | 236,120.00 | 0.01 |
| BL3287994 | Allen Media Llc | ALNMED | 9.65 | 02/10/2027 | 288,181.00 | 201,726.00 | 0.01 |
| BL4045797 | Tenneco Inc | TENINC | 9.3 | 11/17/2028 | 350,000.00 | 343,923.00 | 0.01 |
| B8AC2XVL0 | Heritage Pwr Llc | — | — | — | 1,852.00 | 123,158.00 | 0.01 |
| B8A5CKF71 | Tfs_l 8-3-al 2.90 16-mar-2023 Private Pl | — | 2.9 | 03/15/2026 | 147,587.00 | 128,437.00 | 0.01 |
| B8AA7A744 | Tfs_18-3 | — | — | 04/16/2040 | 1 | 1.00 | 0.00 |
| B8AC24CC5 | Heritage Power Llc | — | 9.8 | 07/20/2028 | 13,783.00 | 13,576.00 | 0.00 |
| B8AC2XW47 | Heritage Pwr Llc | — | — | — | 81 | 5,386.00 | 0.00 |
| B8AC2XW54 | Heritage Pwr Llc | — | — | — | 2,132.00 | 1,066.00 | 0.00 |
| B8AC5MQN3 | Diamond Sports Grp Llc- Cs | — | — | — | 3,163.00 | 23,131.00 | 0.00 |
| B8AD9KJQ2 | Diamond Sports Grp Llc- Warrants | — | — | — | 5,916.00 | 0.00 | 0.00 |
| BL4938314 | MAIN Street Sports Group | DSPORT | 15.0 | 01/02/2028 | 22,600.00 | 16,836.00 | 0.00 |
| DCEVIEDJIE | Eur/usd Fwd 20251202 955 | EUR | — | 12/02/2025 | 3,162,037.00 | -19,402.00 | 0.00 |
| DUZ5 COMDT | Euro-schatz Fut Dec25 | DUZ5 | — | 12/08/2025 | -123,426.00 | 91.00 | 0.00 |
| WNZ5 COMDT | US Ultra Bond Cbt Dec25 | WNZ5 | — | 12/19/2025 | 121,281.00 | 4,037.00 | 0.00 |
| SWB8ACX1VG | CDS: (gs_24-pc-a Jul 24) | — | 1.65 | 08/02/2027 | 14,999,658.00 | 22,802.00 | 0.00 |
| TUZ5 COMDT | US 2yr Note (cbt) Dec25 | TUZ5 | — | 12/31/2025 | -356,094,141.00 | 61,635.00 | 0.00 |
| USZ5 COMDT | US Long Bond(cbt) Dec25 | USZ5 | — | 12/19/2025 | -7,156,063.00 | -36,119.00 | 0.00 |
| XS23565698 | LAST Mile Logistics Pan Euro Finance Dac | LMLOG | 3.93 | 08/17/2033 | 98,186.00 | 113,074.00 | 0.00 |
| OEZ5 COMDT | Euro-bobl Future Dec25 | OEZ5 | — | 12/08/2025 | -681,562.00 | -1,410.00 | 0.00 |
| GO8RT73BEO | Eur/usd Fwd 20251105 Mslngb2x | EUR | — | 11/05/2025 | -1,611,032.00 | 15,217.00 | 0.00 |
| HVIF7TERHF | Gbp/usd Fwd 20251105 57918 | GBP | — | 11/05/2025 | 474,844.00 | -15,228.00 | 0.00 |
| LU41R99TVN | Cad/usd Fwd 20251105 57918 | CAD | — | 11/05/2025 | 378,048.00 | -1,621.00 | 0.00 |
| MOKLIAA7SV | Cad/usd Fwd 20251105 Mslngb2x | CAD | — | 11/05/2025 | -378,048.00 | 37,818.00 | 0.00 |
| MPS421GGT0 | Cad/usd Fwd 20251202 Mslngb2x | CAD | — | 12/02/2025 | -3,621,952.00 | 9,261.00 | 0.00 |
| PFVSRUPUMQ | Eur/usd Fwd 20251105 0997 | EUR | — | 11/05/2025 | -2,400,486.00 | 53,257.00 | 0.00 |
| RXZ5 COMDT | Euro-bund Future Dec25 | RXZ5 | — | 12/08/2025 | -745,707.00 | -4,776.00 | 0.00 |
| SFRZ5 COMD | 3 MOnth Sofr Fut Dec25 | SFRZ5 | — | 03/17/2026 | -16,117,688.00 | -2,635.00 | 0.00 |
| SWB8ACMDEY | SWP: Ois Sofr 4.497000 13-may-2027 | — | — | 05/13/2027 | -5,215,000.00 | -78,186.00 | 0.00 |
| SWB8ACMDF1 | SWP: Ois Sofr 4.253000 13-may-2029 | — | — | 05/13/2029 | 3,245,000.00 | 95,683.00 | 0.00 |
| 90137LAQ3 | 20 Times Square Trust 2018-20ts | TSQ | 3.1 | 05/01/2035 | 100,000.00 | 84,250.00 | 0.00 |
| 95000AAY3 | Wells Fargo Commercial Mortgage Trust 20 | WFCM | 0.37 | 12/01/2048 | 6,400,000.00 | 64.00 | 0.00 |
| 83608GAN6 | Sound Point Clo Ii Ltd | SNDPT | 5.19 | 01/26/2031 | 53,427.00 | 53,454.00 | 0.00 |
| 80290CBX1 | Santander Bank Auto Credit-linked Notes | SBCLN | 10.07 | 06/15/2033 | 16,469.00 | 16,546.00 | 0.00 |
| 17332HAF2 | Citigroup Mortgage Loan Trust 2025-rp1 | CMLTI | 4.02 | 01/01/2064 | 123,808.00 | 83,960.00 | 0.00 |
| 17332HAG0 | Citigroup Mortgage Loan Trust 2025-rp1 | CMLTI | 4.02 | 01/01/2064 | 92,866.00 | 58,817.00 | 0.00 |
| 17332HAH8 | Citigroup Mortgage Loan Trust 2025-rp1 | CMLTI | 4.02 | 01/01/2064 | 58,821.00 | 34,264.00 | 0.00 |
| 17332HAJ4 | Citigroup Mortgage Loan Trust 2025-rp1 | CMLTI | — | 01/01/2064 | 74,293.00 | 36,422.00 | 0.00 |
| 17332HAK1 | Citigroup Mortgage Loan Trust 2025-rp1 | CMLTI | — | 01/01/2064 | 70,623.00 | 28,708.00 | 0.00 |
| 17332HAL9 | Citigroup Mortgage Loan Trust 2025-rp1 | CMLTI | — | 01/01/2064 | 5,930,145.00 | 593.00 | 0.00 |
| 17332HAM7 | Citigroup Mortgage Loan Trust 2025-rp1 | CMLTI | — | 01/01/2064 | 10,824.00 | 9,581.00 | 0.00 |
| 173106AF2 | Citigroup Mortgage Loan Trust 2024-rp2 | CMLTI | — | 02/01/2063 | 64,822.00 | 48,408.00 | 0.00 |
| 173106AG0 | Citigroup Mortgage Loan Trust 2024-rp2 | CMLTI | — | 02/01/2063 | 164,547.00 | 22,343.00 | 0.00 |
| 173106AH8 | Citigroup Mortgage Loan Trust 2024-rp2 | CMLTI | — | 02/01/2063 | 298,036.00 | 27,134.00 | 0.00 |
| 173106AJ4 | Citigroup Mortgage Loan Trust 2024-rp2 | CMLTI | — | 02/01/2063 | 8,786,670.00 | 878.00 | 0.00 |
| 173106AK1 | Citigroup Mortgage Loan Trust 2024-rp2 | CMLTI | — | 02/01/2063 | 8,510.00 | 7,828.00 | 0.00 |
| 12482JAA8 | CBAM 2018-7 Ltd | CBAM | 5.25 | 07/20/2031 | 109,032.00 | 109,032.00 | 0.00 |
| 05491LAC2 | Bbcms 2016-etc Mortgage Trust | BBCMS | 3.19 | 08/05/2036 | 100,000.00 | 96,696.00 | 0.00 |
| 05491LAE8 | Bbcms 2016-etc Mortgage Trust | BBCMS | 3.39 | 08/05/2036 | 100,000.00 | 95,397.00 | 0.00 |
| 04941YAC3 | Atlas Senior Loan Fund Xi Ltd | ATCLO | 5.22 | 07/26/2031 | 15,973.00 | 15,980.00 | 0.00 |
| 30298FAG9 | Fremf 2019-k735 Mortgage Trust | FREMF | 0.1 | 05/01/2026 | 72,144,248.00 | 18,440.00 | 0.00 |
| 3137BMTY2 | Freddie Mac Multifamily Structured Pass | FHMS | 0.71 | 11/25/2025 | 5,743.00 | 0.00 | 0.00 |
| 3137BSP98 | Freddie Mac Multifamily Structured Pass | FHMS | 0.89 | 08/01/2026 | 3,307,609.00 | 15,937.00 | 0.00 |
| 3OTSAM4HCF | Eur/usd Fwd 20251105 5 | EUR | — | 11/05/2025 | -4,672,270.00 | 77,070.00 | 0.00 |
| 61764XAA3 | Morgan Stanley Bank Of America Merrill L | MSBAM | — | 03/01/2048 | 8,658,867.00 | 86.00 | 0.00 |
| 59802UAN9 | Midocean Credit Clo Iii | MIDO | 5.93 | 04/21/2031 | 32,023.00 | 32,038.00 | 0.00 |
| 46645JAL6 | Jpmbb Commercial Mortgage Securities Tru | JPMBB | 0.4 | 12/01/2048 | 1,620,000.00 | 23.00 | 0.00 |
| SFRU5 COMD | 3 MOnth Sofr Fut Sep25 | SFRU5 | — | 12/16/2025 | 393,909,250.00 | -207,731.00 | -0.01 |
| P14LD14H95 | Gbp/usd Fwd 20251105 00187 | GBP | — | 11/05/2025 | 11,962,046.00 | -249,044.00 | -0.01 |
| TYZ5 COMDT | US 10yr Note (cbt)dec25 | TYZ5 | — | 12/19/2025 | -26,252,547.00 | -142,527.00 | -0.01 |
| FVZ5 COMDT | US 5yr Note (cbt) Dec25 | FVZ5 | — | 12/31/2025 | -161,304,555.00 | -178,203.00 | -0.01 |
| SWB8ACMUJQ | SWP: Ois Sofr 4.150000 11-may-2030_c | — | — | 05/11/2030 | -92,400,000.00 | -2,936,699.00 | -0.12 |
The CUSIP information contained in pgimfunds.com and/or prudential.com consists of security identifiers and related descriptive information (“the CUSIP Database”) and is protected under the copyright laws and is licensed with permission from CUSIP Global Services (“CGS”), on behalf of the American Bankers Association (“ABA”).
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PGIM Fixed Income, with $862 billion in assets under management as of March 31, 2025, is a global asset manager offering active solutions across all fixed income markets. The company is headquartered in Newark, New Jersey, U.S.A. with affiliated offices across the globe, including in Amsterdam, Hong Kong, London, Munich, Paris, Singapore, Tokyo, and Zurich. At PGIM Fixed Income we believe that research-driven security selection is the most consistent strategy for adding value to client portfolios. The firm complements that base strategy with active sector rotation, duration management, and superior trade execution. Risk budgeting is central to this approach. PGIM Limited is also a subadvisor on this fund. PGIM Limited is an indirect, wholly-owned subsidiary of PGIM, Inc. (“PGIM”), the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States.
Brian Juliano, Edwin Wilches, CFA, Gabriel Rivera and Jordan Cohen are jointly and primarily responsible for the day-to-day management of the PGIM Securitized Credit Fund.
Brian Juliano
Managing Director and Head of the U.S. Leveraged Loan Team
Brian Juliano is a Managing Director and Head of the U.S. Leveraged Loan Team for PGIM Fixed Income.
Edwin Wilches, CFA
Managing Director and Co-Head of PGIM Fixed Income Securitized Products team
Edwin Wilches, CFA, is a Managing Director and Co-Head of PGIM Fixed Income’s Securitized Products team.
Gabriel Rivera
Managing Director and Co-Head PGIM Fixed Income’s Securitized Products Team
PGIM Fixed Income
Gabriel Rivera is a Managing Director and Co-Head of PGIM Fixed Income’s Securitized Products Team.
Jordan Cohen
PGIM Fixed Income Principal and CMBS Portfolio Manager
PGIM Fixed Income
Jordan Cohen is a PGIM Fixed Income Principal and CMBS Portfolio Manager.
Average Maturity is the average time to maturity for a bond. Credit quality is calculated using the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s, S&P, or Fitch. The Not Rated category consists of securities that have not been rated by an NRSRO. Duration measures investment risk that takes into account both a bond's interest payments and its value to maturity. Standard deviation depicts how widely returns vary around its average and is used to understand the range of returns most likely for a given fund. A higher standard deviation generally implies greater volatility. Overweight/Underweights are benchmarked against the Bloomberg US Aggregate Bond Index, which covers the USD-denominated, investment-grade, fixed-rate or step up, taxable bond market of SEC-registered securities and includes bonds from Treasury, Government- Related, Corporate, MBS (agency fixed-rate & hybrid ARM passthroughs), ABS, & CMBS sectors. Securities included in the index must have at least 1 year until final maturity & be rated investment-grade (Baa3/ BBB-/BBB-) or better using middle rating of Moody’s, S&P, & Fitch. All indexes and averages are unmanaged. Due to data availability, statistics may not be as of the current reporting period.
Enhanced cash strategies are variations on traditional money market vehicles. They are designed to provide liquidity and principal preservation, but with more of an emphasis on seeking returns that are superior to those of traditional money market offerings.
Source: Benchmarks - Lipper Inc.; Statistics - Morningstar Inc.; All other data from PGIM, Inc.
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BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves nor endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results obtained therefrom and, to the maximum extend allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Class R6 and Z shares may be available to group retirement plans and institutional investors through certain retirement, mutual fund wrap and asset allocation programs. They may also be available to institutional investors. Class Z shares may be available through fee- or commission-based retail brokerage programs of certain financial intermediaries. Class A, C, and Z shares are generally closed to new retirement plans. Please see the prospectus for additional information about fees, expenses, and investor eligibility.
Consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. For more information about a fund, click on the prospectus or summary prospectus link above. Read them carefully before investing.
Investment products are distributed by Prudential Investment Management Services LLC (PIMS), member FINRA and SIPC. PGIM Investments is a registered investment advisor and investment manager to PGIM registered investment companies. PGIM Fixed Income is a unit of PGIM, Inc., a registered investment advisor. PGIM Limited acts as a subadvisor to all fixed income funds. PGIM Limited is an indirect, wholly-owned subsidiary of PGIM, Inc. (“PGIM”), the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. All are Prudential Financial affiliates. PGIM is the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates. ©2025 Prudential Financial, Inc. and its related entities. PGIM, PGIM Investments, PGIM Fixed Income, PGIM Limited, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact their financial professional.
INVESTMENT PRODUCTS | Are not insured by the FDIC or any federal government agency | May lose value | Are not a deposit of or guaranteed by any bank or any bank affiliate.
Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.
5020093 Ed. 11/2025
Fund Literature
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