FSEC Portfolio moves — Fidelity Investment Grade Securitized ETF

FSEC

Fidelity Investment Grade Securitized ETF

Fidelity Merrimack Street Trust

ETF

Portfolio moves

Net position changes between two of this fund's N-PORT snapshots. These are differences between point-in-time reports — not a trade log — and share counts can be affected by splits and other corporate actions.

From To

Nov 30, 2025 → Feb 28, 2026

Expand a category to see the positions behind it, ranked by weight.

Security	Shares Feb 2026	Δ shares	End %	Δ value
G2SF 5.5 4/25	245,525,000	245,525,000	4.40%	$248.43M
G2SF 6 4/25	169,025,000	169,025,000	3.05%	$172.33M
FNCI 5 4/21	127,375,000	127,375,000	2.29%	$129.24M
G2SF 2 4/26	135,325,000	135,325,000	2.03%	$114.64M
GNII II 5.5% 03/01/2056 #TBA	110,800,000	110,800,000	1.99%	$112.23M
G2SF 5 4/26	92,650,000	92,650,000	1.65%	$92.85M
Government National Mortgage Association, TBA	95,525,000	95,525,000	1.49%	$84.28M
Fannie Mae or Freddie Mac	73,250,000	73,250,000	1.32%	$74.36M
GNMA TBA	86,175,000	86,175,000	1.29%	$72.99M
US TREASURY N/B	62,310,000	62,310,000	1.11%	$62.50M
G2SF 2.5 4/24	70,525,000	70,525,000	1.10%	$62.21M
US TREASURY N/B	28,948,000	28,948,000	0.51%	$29.04M
FHLG 30YR 5% 08/01/2052#SD1482	28,002,426	28,002,426	0.51%	$28.50M
FNMA 30YR 6% 11/01/2054#FA2958	25,515,042	25,515,042	0.47%	$26.64M
TOYOTA LEASE OWNER TRUST 2026-A 4.09% 02/22/2028 144A	26,025,000	26,025,000	0.46%	$26.01M
BMO 2024-C9 A5	18,034,000	18,034,000	0.35%	$19.49M
FEDERAL HOME LN MTG MLT CTF GT SOFR30A+50 12/25/2030	19,000,000	19,000,000	0.34%	$19.01M
FHLG 30YR 6.5% 07/01/2055#SL2500	16,813,708	16,813,708	0.32%	$17.84M
FHMS K555 SOFR30A+50 11/25/2030	17,700,000	17,700,000	0.31%	$17.70M
Uniform Mortgage-Backed Security, TBA	17,425,000	17,425,000	0.31%	$17.49M
FEDERAL HOME LN MTG MLT CTF GT SOFR30A+52 11/25/2030	17,398,346	17,398,346	0.31%	$17.40M
FNMA 30YR 6.5% 08/01/2054#FA4066	15,424,972	15,424,972	0.29%	$16.33M
Freddie Mac Multifamily Structured Pass Through Certificates	16,296,320	16,296,320	0.29%	$16.30M
SoFi Consumer Loan Program Trust 2026-1	15,500,000	15,500,000	0.27%	$15.51M
FNMA 30YR 6.5% 07/01/2054#FS8542	13,283,012	13,283,012	0.25%	$14.16M
FHLG 30YR 6.5% 12/01/2054#SL0365	11,268,040	11,268,040	0.21%	$12.01M
FNMA 30YR 6% 07/01/2055#FA3806	11,318,847	11,318,847	0.21%	$11.83M
FNMA 30YR 6.5% 07/01/2054#FS8587	10,872,086	10,872,086	0.20%	$11.51M
FNMA 30YR 6% 10/01/2055#FA3812	10,614,490	10,614,490	0.20%	$11.08M
FHLG 30YR 6.5% 11/01/2054#SL3775	8,043,241	8,043,241	0.15%	$8.51M
Extended Stay America Trust, Series 2026-ESH2, Class A	7,947,000	7,947,000	0.14%	$7.95M
WLAKE 2026-1A A3	7,600,000	7,600,000	0.13%	$7.61M
FNMA 30YR 6% 01/01/2056#CC1868	7,149,798	7,149,798	0.13%	$7.49M
BMO MORTGAGE TRUST 5C13 A2 4.8342% 12/15/2058	7,300,000	7,300,000	0.13%	$7.45M
G2 MA7368	8,101,579	8,101,579	0.13%	$7.44M
AFRMT 2026-1A A 144A 4.37% 02-15-34	7,020,000	7,020,000	0.13%	$7.06M
FEDERAL HOME LN MTG MLT CTF GT SOFR30A+54 10/25/2030	6,906,336	6,906,336	0.12%	$6.91M
FHMS K763 A2	6,800,000	6,800,000	0.12%	$6.86M
US TREASURY N/B	6,750,000	6,750,000	0.12%	$6.74M
PLYM Commercial Mortgage Trust 2026-IND	6,465,000	6,465,000	0.11%	$6.46M
BANK 2024-BNK48 A5	6,115,000	6,115,000	0.11%	$6.33M
FNMA 30YR 6% 01/01/2056#FA4441	5,983,069	5,983,069	0.11%	$6.27M
BMARK 2026-V20 A3	5,500,000	5,500,000	0.10%	$5.74M
BX COMMERCIAL MORTGAGE TRUST 2026-XL6 TSFR1M+130 03/15/2043 144A	5,679,000	5,679,000	0.10%	$5.68M
US TREASURY N/B	5,440,000	5,440,000	0.10%	$5.66M
CARMX 2026-1 A3	5,600,000	5,600,000	0.10%	$5.65M
BANK5 2026-5YR20 A3 5.244% 02/15/2057	5,400,000	5,400,000	0.10%	$5.61M
PRPM 2026-RCF1 A1	5,000,000	5,000,000	0.09%	$5.04M
FNMA 30YR 6.5% 12/01/2053#FS6526	4,564,123	4,564,123	0.09%	$4.83M
WILLIS ENGINE STRUCTURED TRUST WESTF 2025 B A 144A	4,710,683	4,710,683	0.08%	$4.76M
Enterprise Fleet Financing 2026-1 LLC	4,700,000	4,700,000	0.08%	$4.74M
MFF 2025-1A A	4,245,000	4,245,000	0.08%	$4.28M
BMO 2025-5C13 A3	4,000,000	4,000,000	0.07%	$4.17M
FHLG 30YR 6.5% 07/01/2055#SL2505	3,499,269	3,499,269	0.07%	$3.70M
VCAT ASSET SECURITIZATION LLC STEP 02/25/2056 144A	3,700,000	3,700,000	0.07%	$3.70M
Freddie Mac Multifamily Structured Pass Through Certificates	3,200,000	3,200,000	0.06%	$3.26M
Barings 2026-SBP Issuer LLC	3,226,000	3,226,000	0.06%	$3.23M
REACH 2026-1A B 144A 4.37% 02-15-33	3,100,000	3,100,000	0.06%	$3.11M
FHLG 30YR 6% 12/01/2055#SL3475	2,949,174	2,949,174	0.05%	$3.09M
FNMA 30YR 6% 07/01/2055#FA3377	2,941,928	2,941,928	0.05%	$3.07M
FHMS K551 A2	3,000,000	3,000,000	0.05%	$3.04M
NEW RESIDENTIAL MORTGAGE LOAN TRUST 2025-NQM7 A1FC VAR 10/26/2065 144A	3,013,338	3,013,338	0.05%	$3.02M
CROSS 2026-NQM2 A1A MTG TR VAR 03/25/2061 144A	3,000,000	3,000,000	0.05%	$3.00M
GREENSKY HOME IMPROVEMENT ISSU GSKY 2025 3A A3 144A	2,942,379	2,942,379	0.05%	$2.96M
G2 MA7535	3,229,129	3,229,129	0.05%	$2.96M
SDART 2026-1 A3	2,925,000	2,925,000	0.05%	$2.93M
PEAC SOLUTIONS RECEIVABLES 2026-1 LLC PEAC 2026-1A A2	2,760,000	2,760,000	0.05%	$2.77M
DLLMT 2026-1 LLC	2,675,000	2,675,000	0.05%	$2.68M
FHMS K549 A2	2,600,000	2,600,000	0.05%	$2.66M
G2 MA7473	2,720,954	2,720,954	0.04%	$2.50M
DRVPNK 2026-1A A3	2,400,000	2,400,000	0.04%	$2.41M
SFS AUTO RECEIVABLES SECURITIZATION TRUST 2026-1A A3 4.13% 07/21/2031 144A	2,300,000	2,300,000	0.04%	$2.31M
US TREASURY N/B	2,160,000	2,160,000	0.04%	$2.20M
CarMax Select Receivables Trust 2026-A	2,170,000	2,170,000	0.04%	$2.17M
CSTL COMMERCIAL MORTGAGE TRUST 2026-GATE3 4.7579% 02/10/2043 144A	2,000,000	2,000,000	0.04%	$2.02M
SFS AUTO RECEIVABLES SECURITIZATION TRUST 2026-1 4.05% 08/20/2029 144A	2,000,000	2,000,000	0.04%	$2.00M
G2 MA7419	2,146,475	2,146,475	0.03%	$1.97M
Nissan Auto Lease Trust 2026-A	1,960,000	1,960,000	0.03%	$1.96M
SOFI CONSUMER LOAN PROGRAM TRUST 2026-1 SCLP 2026-1 B	1,800,000	1,800,000	0.03%	$1.81M
FNCL 2 4/26	2,150,000	2,150,000	0.03%	$1.78M
G2 MA7418	1,978,937	1,978,937	0.03%	$1.75M
FNMA POOL FS7160 FN 02/54 FIXED VAR	1,575,624	1,575,624	0.03%	$1.67M
AOMT 2026-2 4.684% 02/25/2071 144A	1,600,000	1,600,000	0.03%	$1.60M
ARES Commercial Mortgage Trust, Series 2026-GCP, Class A	1,490,000	1,490,000	0.03%	$1.49M
DLLMT 2026-1 LLC DLLMT 2026-1A A3	1,355,000	1,355,000	0.02%	$1.36M
PLYM COMMERCIAL MORTGAGE TRUST 2026-IND TSFR1M+155 03/15/2043 144A	1,303,000	1,303,000	0.02%	$1.30M
RKTL 2026-1A 4.7% 02/26/2035 144A	1,200,000	1,200,000	0.02%	$1.20M
FNMA POOL FS7963 FN 05/54 FIXED VAR	1,099,694	1,099,694	0.02%	$1.16M
DEXT ABS 2025-2 LLC 4.28% 04/17/2028 144A	1,045,000	1,045,000	0.02%	$1.04M
OPTN 2026-A A 0% 01/09/2034 144A	985,000	985,000	0.02%	$988.15K
EXETER AUTOMOBILE RECEIVABLES TRUST 2026-1 SER 2026-1A CL A3 REGD 4.03000000	930,000	930,000	0.02%	$932.27K
FNMA 30YR 6.5% 07/01/2053#BY5321	830,400	830,400	0.02%	$875.24K
FHLG 30YR 6.5% 04/01/2054#SD5901	825,397	825,397	0.02%	$872.02K
Onity Loan Investment Trust 2025-HB2	779,171	779,171	0.01%	$755.25K
CMXS 2026-A A3	715,000	715,000	0.01%	$717.00K
PEAC SOLUTIONS RECEIVABLES LLC PEAC 2026 1A A3 144A	620,000	620,000	0.01%	$626.48K
UPX HIL 2025-1 Issuer Trust	600,000	600,000	0.01%	$611.13K
Extended Stay America Trust, Series 2026-ESH2, Class B	528,000	528,000	0.01%	$528.99K
FNMA 30YR 6.5% 06/01/2055#DE1640	452,845	452,845	0.01%	$481.42K
FREDDIE MAC POOL UMBS P#SD5219 6.00000000	433,896	433,896	0.01%	$452.16K
FNMA 30YR 6.5% 02/01/2055#DD0407	373,766	373,766	0.01%	$395.16K
FNMA 30YR 6.5% 02/01/2055#DD0441	341,960	341,960	0.01%	$362.43K
FNMA 30YR 6.5% 09/01/2054#DB9458	333,585	333,585	0.01%	$351.13K
BANK5 2025-5YR19 XB VAR 12/15/2030	12,200,000	12,200,000	0.01%	$348.98K
FNMA 30YR 6.5% 12/01/2054#DC7824	292,640	292,640	0.01%	$308.10K
FNMA 30YR 6.5% 02/01/2055#DD0114	283,744	283,744	0.01%	$300.68K
FHLG 30YR 6.5% 07/01/2054#QI9129	156,829	156,829	0.00%	$166.87K
G2 MA6710	67,419	67,419	0.00%	$61.96K
G2 MA7590	39,127	39,127	0.00%	$35.90K
Uniform Mortgage-Backed Security, TBA	0	0	0.00%	$0
Uniform Mortgage-Backed Security, TBA	0	0	0.00%	$0
FNCL 5.5 3/25	0	0	0.00%	$0
FNCL 6 3/24	0	0	0.00%	$0
G2SF 4.5 4/26	0	0	0.00%	$0
Uniform Mortgage-Backed Security, TBA	0	0	0.00%	$0
FNCL 4.5 4/26	0	0	0.00%	$0
GNII II 6.5% 03/01/2056 #TBA	0	0	0.00%	$0
G2SF 5 3/25	0	0	0.00%	$0
Ginnie Mae	0	0	0.00%	$0
FNCL 5 3/24	0	0	0.00%	$0
Government National Mortgage Association, TBA	0	0	0.00%	$0
Uniform Mortgage-Backed Security, TBA	-10,225,000	-10,225,000	-0.15%	-$8.47M
Uniform Mortgage-Backed Security, TBA	-40,000,000	-40,000,000	-0.64%	-$36.17M

Security	Shares Nov 2025	Δ shares	End %	Δ value
FNCL 6 1/26	204,000,000	-204,000,000	0.00%	-$208.85M
G2SF 6 1/25	150,050,000	-150,050,000	0.00%	-$152.95M
Government National Mortgage Association, TBA	147,875,000	-147,875,000	0.00%	-$150.63M
Government National Mortgage Association, TBA	120,650,000	-120,650,000	0.00%	-$104.72M
GNMA II, Single-family, 30 Year	113,350,000	-113,350,000	0.00%	-$94.45M
G2SF 5 1/26	93,050,000	-93,050,000	0.00%	-$92.85M
FNCL 5.5 1/26	66,050,000	-66,050,000	0.00%	-$66.83M
G2 MA7880	66,517,869	-66,517,869	0.00%	-$55.47M
G2SF 5.5 1/25	52,425,000	-52,425,000	0.00%	-$52.91M
G2 MA7135	51,641,530	-51,641,530	0.00%	-$43.07M
G2 MA7534	49,049,991	-49,049,991	0.00%	-$42.60M
FNCL 4.5 1/26	39,675,000	-39,675,000	0.00%	-$38.81M
G2 MA7986	44,657,597	-44,657,597	0.00%	-$37.24M
Uniform Mortgage-Backed Security, TBA	32,525,000	-32,525,000	0.00%	-$32.90M
FNMA 30YR 4.5% 08/01/2053#FA1108	28,571,065	-28,571,065	0.00%	-$28.28M
FNCL 6 12/24	17,300,000	-17,300,000	0.00%	-$17.71M
FNCI 4.5 1/25	17,425,000	-17,425,000	0.00%	-$17.42M
Freddie Mac Pool	17,026,727	-17,026,727	0.00%	-$17.28M
G2 MB0368	14,902,742	-14,902,742	0.00%	-$15.36M
FNMA 15YR 5% 10/01/2040#MA5860	7,551,679	-7,551,679	0.00%	-$7.64M
Freddie Mac Pool	7,682,366	-7,682,366	0.00%	-$7.38M
FREDDIE MAC POOL UMBS P#SD2413 4.00000000	7,096,204	-7,096,204	0.00%	-$6.87M
FNCL 5.5 12/24	6,075,000	-6,075,000	0.00%	-$6.15M
AVIS BUDGET RENTCAR FDG AE LLC 4.62% 02/20/2027 144A	4,499,500	-4,499,500	0.00%	-$4.50M
Uniform Mortgage-Backed Securities	3,541,074	-3,541,074	0.00%	-$2.90M
Federal National Mortgage Association, Inc.	2,950,185	-2,950,185	0.00%	-$2.54M
Freddie Mac Pool	2,920,809	-2,920,809	0.00%	-$2.52M
Freddie Mac Pool	2,778,868	-2,778,868	0.00%	-$2.38M
DBJPM 16-C1 MORTGAGE TRUST SER 2016-C1 CL A3A REGD 3.01500000	2,203,948	-2,203,948	0.00%	-$2.20M
FHLG 30YR 2.5% 10/01/2051#QC9148	2,534,370	-2,534,370	0.00%	-$2.19M
Freddie Mac Pool	2,085,149	-2,085,149	0.00%	-$2.11M
EXETER AUTO RECEIVBLES 2012-2 4.7% 09/15/2027	2,112,301	-2,112,301	0.00%	-$2.11M
FNMA 30YR 5% 03/01/2054#FS8634	1,896,275	-1,896,275	0.00%	-$1.92M
FNMA 30YR 4% 6/1/52#CB3785	1,730,795	-1,730,795	0.00%	-$1.66M
FNMA 30YR 4% 6/1/52#CB3766	1,657,490	-1,657,490	0.00%	-$1.59M
FN FA2096	1,193,976	-1,193,976	0.00%	-$1.21M
FN MA5829	952,924	-952,924	0.00%	-$964.02K
FNMA 15YR 5% 06/01/2040#MA5745	945,920	-945,920	0.00%	-$956.93K
FHLG 30YR 5% 09/01/2054#RJ2406	924,605	-924,605	0.00%	-$930.44K
FR SB1497	859,851	-859,851	0.00%	-$869.86K
G2 MA7935	1,017,488	-1,017,488	0.00%	-$848.56K
FORD CREDIT AUTO LEASE TRUST FORDL 2024 B A2B	834,633	-834,633	0.00%	-$834.72K
MHC Commercial Mortgage Trust, Series 2021-MHC, Class A	830,065	-830,065	0.00%	-$829.81K
FHMS K734 A2	544,249	-544,249	0.00%	-$542.25K
Upgrade Receivables Trust, Series 2024-1A, Class A	534,222	-534,222	0.00%	-$534.43K
WELLS FARGO COML MORTAGE TR 2024-MGP TSFR1M+199.073 08/15/2041 144A	347,815	-347,815	0.00%	-$346.40K
WELLS FARGO COMMERCIAL MORTGAG WFCM 2018 C45 ASB	300,144	-300,144	0.00%	-$300.57K
FNMA 15YR 5% 03/01/2040#MA5651	279,134	-279,134	0.00%	-$282.38K
Wells Fargo Commercial Mortgage Trust 2024-MGP	233,271	-233,271	0.00%	-$233.28K
FNMA 30YR 2.5% 08/01/2051#CB1274	229,262	-229,262	0.00%	-$197.99K
AFFRM 2024-X2 A 144A 5.22% 12-17-29	166,922	-166,922	0.00%	-$167.02K
FHLG 30YR 4% 03/01/2049#ZN6553	42,622	-42,622	0.00%	-$41.19K
FN MA4841	39,936	-39,936	0.00%	-$40.13K
US TREASURY N/B	33,000	-33,000	0.00%	-$33.44K
FHMS K054 A2	4,125	-4,125	0.00%	-$4.11K
Uniform Mortgage-Backed Security, TBA	0	0	0.00%	$0
Uniform Mortgage-Backed Security, TBA	0	0	0.00%	$0
FNCL 5 12/22	0	0	0.00%	$0
Government National Mortgage Association, TBA	0	0	0.00%	$0
FNCL 4 12/22	0	0	0.00%	$0
Government National Mortgage Association, TBA	0	0	0.00%	$0
G2SF 5 12/24	0	0	0.00%	$0
Uniform Mortgage-Backed Security, TBA	0	0	0.00%	$0
Uniform Mortgage-Backed Security, TBA	0	0	0.00%	$0
FNCL 4.5 12/23	0	0	0.00%	$0
FNCL 2 1/26	-25,000	25,000	0.00%	$20.36K
FNCL 3 12/22	-10,600,000	10,600,000	0.00%	$9.41M

Security	Shares Nov 2025	Shares Feb 2026	Δ shares	End %	Δ value
FORDF 2024-1 A1	6,045,000	16,845,000	10,800,000	0.30%	$10.97M
Dell Equipment Finance Trust, Series 2025-2, Class A2	8,400,000	15,300,000	6,900,000	0.27%	$6.93M
TCO Commercial Mortgage Trust, Series 2024-DPM, Class A	1,635,000	9,227,000	7,592,000	0.16%	$7.60M
FHMS K548 A2	2,700,000	8,700,000	6,000,000	0.16%	$6.14M
BX Trust, Series 2025-ROIC, Class A	5,924,892	7,625,610	1,700,718	0.13%	$1.70M
BX Trust, Series 2025-DIME, Class A	4,932,000	5,616,000	684,000	0.10%	$686.03K
VOYG 5/07/2026 JPM 0bps + OBFR ETRS	89,840,000	181,240,000	91,400,000	0.09%	$2.37M
Freddie Mac Multifamily Structured Pass Through Certificates	2,600,000	4,800,000	2,200,000	0.09%	$2.26M
FHMS K543 A2	2,800,000	4,700,000	1,900,000	0.09%	$1.96M
WHEAT SEP 26	2,527	3,371	844	0.02%	$1.05M
WHEAT MAY 26	1,900,000	4,997,529	3,097,529	0.01%	$93.47K
SBLOFI SWAP CZ030008 12/17/57 B	30,889,700	40,499,931	9,610,231	0.01%	-$257.42K

Security	Shares Nov 2025	Shares Feb 2026	Δ shares	End %	Δ value
FR SD7548	83,968,807	82,240,354	-1,728,453	1.29%	-$354.68K
FEDERAL NAT MTG ASN GTD REM PA 21-13 BE 1.25% 02/25/2050	77,169,262	75,673,685	-1,495,577	1.08%	$19.83K
FNMA 30YR 5.5% 04/01/2055#CC0241	57,789,321	56,744,503	-1,044,817	1.04%	-$723.19K
Fidelity Cash Central Fund	118,070,809	56,422,753	-61,648,057	1.00%	-$61.66M
FHLG 30YR 2.5% 04/01/2052#SL1958	64,214,238	62,717,308	-1,496,930	0.98%	-$425.78K
G2 MA7988	70,987,447	53,128,796	-17,858,651	0.86%	-$15.34M
FNMA 30YR 2.5% 09/01/2050#CA6947	54,909,669	53,607,428	-1,302,241	0.84%	-$370.19K
FNMA 30YR 2.5% 08/01/2050#CA6709	50,880,948	49,779,643	-1,101,304	0.78%	-$249.73K
FNMA 30YR 2.5% 09/01/2051#CB1547	49,967,124	49,077,037	-890,087	0.77%	-$119.54K
FHLG 15YR 1.5% 05/01/2036#RC1950	46,153,940	44,671,900	-1,482,040	0.73%	-$960.12K
FR SD8106	48,501,822	47,791,568	-710,254	0.71%	$162.86K
US TREASURY N/B	47,510,000	34,870,000	-12,640,000	0.62%	-$12.33M
FNMA 30YR 2.5% 12/01/2051#FM9695	39,741,153	39,308,774	-432,379	0.61%	$172.77K
G2 MA8043	38,392,187	37,568,762	-823,426	0.61%	-$189.12K
G2 MB0024	33,668,805	32,998,551	-670,253	0.58%	-$319.45K
Freddie Mac Multifamily Structured Pass Through Certificates	27,300,000	27,295,591	-4,409	0.48%	-$15.78K
FR RB5099	29,917,842	29,324,567	-593,274	0.45%	-$208.15K
Freddie Mac Pool	25,607,666	23,546,248	-2,061,418	0.44%	-$2.03M
FNMA POOL MA4202 FN 12/40 FIXED 1.5	29,183,363	28,563,128	-620,235	0.44%	-$259.66K
FNMA 15YR 1.5% 04/01/2036#FM6100	25,081,463	24,272,446	-809,016	0.39%	-$569.84K
UMBS	21,994,043	20,729,975	-1,264,068	0.39%	-$1.24M
UMBS	24,028,323	23,585,719	-442,604	0.39%	-$19.57K
Uniform Mortgage-Backed Securities	25,935,574	25,503,538	-432,035	0.38%	$26.61K
Freddie Mac Multifamily Structured Pass Through Certificates	20,792,889	20,782,344	-10,545	0.37%	-$10.53K
Freddie Mac REMICS	22,973,139	20,318,627	-2,654,512	0.36%	-$2.55M
FEDERAL NAT MTG ASN GTD REM PA 22-67 FA SOFR30A+80 10/25/2052	20,878,561	20,141,470	-737,091	0.36%	-$636.73K
FNMA 30YR 6% 07/01/2055#CC0718	19,513,771	19,065,999	-447,772	0.35%	-$396.33K
FNMA 30YR 2.5% 07/01/2051#FM8159	22,943,128	22,408,882	-534,245	0.35%	-$165.94K
FNMA 30YR 2.5% 05/01/2051#CB0443	22,646,204	22,377,069	-269,135	0.35%	$92.38K
Freddie Mac Pool	22,782,256	22,307,863	-474,393	0.35%	-$115.26K
FR SD7554	22,704,481	22,252,626	-451,855	0.35%	-$81.94K
FEDERAL NAT MTG ASN GTD REM PA 2.5% 02/25/2046	21,949,680	21,452,368	-497,312	0.34%	-$105.18K
FN MA4328	21,571,222	20,869,366	-701,856	0.34%	-$475.40K
Freddie Mac Pool	20,848,064	20,469,083	-378,981	0.33%	-$46.62K
FNMA 30YR 5% 04/01/2055#CC0225	18,458,884	18,256,814	-202,070	0.33%	-$64.51K
FEDERAL HOME LN MTG MLT CTF GT 2022-5201 MN 3% 04/25/2048	19,422,383	18,792,190	-630,193	0.32%	-$390.47K
UMBS, 30 Year	18,485,939	17,913,393	-572,546	0.31%	-$260.60K
FNMA 30YR 2% 03/01/2052#FS1112	21,233,613	20,755,814	-477,799	0.31%	-$138.77K
FNMA 30YR 3% 09/01/2051#FM8747	19,432,357	19,048,135	-384,222	0.31%	-$56.74K
UMBS Pool, 30 Year	19,878,670	19,467,636	-411,034	0.31%	-$80.15K
FHLG 30YR 6% 02/01/2055#SL0430	16,688,450	16,031,662	-656,788	0.30%	-$609.69K
FNMA 30YR 2.5% 02/01/2052#FA2064	18,528,136	18,229,114	-299,021	0.29%	-$17.15K
FHLG 30YR 5.5% 01/01/2055#SL0307	15,965,843	15,556,301	-409,543	0.29%	-$378.62K
Freddie Mac Pool	17,080,601	16,747,853	-332,748	0.28%	-$45.20K
FR SD7553	17,624,772	17,205,039	-419,733	0.28%	-$111.17K
FANNIEMAE 30YR 2% 03/01/2052#	18,941,037	18,694,972	-246,065	0.28%	$95.96K
Uniform Mortgage-Backed Securities	16,606,409	16,232,420	-373,989	0.27%	-$92.15K
FANNIEMAE 30YR 3% 12/01/2051#FA0145	17,051,433	16,803,252	-248,182	0.27%	$27.96K
Barings Equipment Finance LLC, Series 2025-A, Class A2	17,168,082	15,232,354	-1,935,728	0.27%	-$1.94M
FHLG 30YR 4% 02/01/2053#SD6527	15,784,716	15,443,143	-341,573	0.27%	-$37.61K
FNMA 30YR 2.5% 04/01/2052#FA0903	17,227,251	16,868,099	-359,152	0.27%	-$68.47K
FNMA 30YR 5% 08/01/2052#CB4354	14,891,271	14,557,403	-333,869	0.26%	-$217.14K
GNII II 3.5% 08/20/2052#788182	16,011,068	15,710,162	-300,906	0.26%	$89.43K
FHLM 30YR 2% 03/01/2052#SL1485	17,773,661	17,457,602	-316,059	0.26%	-$27.28K
FNMA 30YR 5% 04/01/2055#CC0224	14,325,856	14,236,292	-89,564	0.26%	$18.34K
FN MA3744	15,979,318	15,643,256	-336,061	0.25%	-$99.25K
U.S. Treasury Inflation-Protected Indexed Bonds	18,150,000	14,000,000	-4,150,000	0.25%	-$4.07M
FHMS K059 A2	14,934,682	14,145,260	-789,423	0.25%	-$755.15K
FNMA 30YR 2.5% 06/01/2052#FS9613	16,136,392	15,850,786	-285,606	0.25%	-$2.40K
FANNIEMAE 30YR 2.5% 04/01/2052#FA0351	16,116,150	15,874,228	-241,922	0.25%	$36.60K
FNMA 30YR 2.5% 11/01/2051#FS9614	16,101,568	15,696,202	-405,366	0.25%	-$128.60K
FREDDIE MAC POOL FR RA5117	16,764,147	16,461,214	-302,933	0.25%	-$29.79K
GS MTG-BACKED SECS TR 2024-RPL2 A1 3.75% 07/25/2061 144A	14,427,627	14,000,194	-427,433	0.24%	-$376.79K
PRET Trust, Series 2025-RPL2, Class A1	14,274,601	13,964,196	-310,405	0.24%	-$192.08K
G2 MA8149	14,666,182	14,360,219	-305,963	0.24%	-$161
FEDERAL NAT MTG ASN GTD REM PA 22-56 FJ SOFR30A+80 09/25/2052	14,135,271	13,654,750	-480,520	0.24%	-$412.73K
FHLG 30YR 2.5% 05/01/2052#SL0225	15,725,302	15,400,857	-324,445	0.24%	-$71.19K
FNMA 30YR 3.5% 08/01/2050#FM7147	14,112,230	13,878,294	-233,936	0.23%	-$37.54K
FR RB5107	15,516,322	15,204,578	-311,744	0.23%	-$120.82K
FR SD8090	15,819,144	15,580,300	-238,845	0.23%	$42.00K
FNMA 30YR 2.5% 04/01/2052#FA2214	14,960,151	14,715,453	-244,698	0.23%	-$11.44K
FHLG 30YR 6.5% 09/01/2054#SD6617	12,721,128	12,109,134	-611,995	0.23%	-$584.43K
FNMA 30YR 3.5% 10/01/2048#FS9071	13,730,409	13,351,618	-378,791	0.23%	-$149.99K
Verus Securitization Trust, Series 2025-4, Class A1	13,314,028	12,364,004	-950,024	0.22%	-$946.42K
FNMA 30YR 3% 03/01/2052#CB3114	13,854,223	13,552,511	-301,712	0.22%	-$61.46K
FNMA GTD MTG PASS THRU CTF SOFR30A+110 02/25/2055	13,257,468	12,156,311	-1,101,157	0.22%	-$1.05M
FHLM 30YR 6% 06/01/2054#RJ1709	11,557,172	11,071,327	-485,845	0.20%	-$441.73K
FNMA 30YR 2% 04/01/2052#FS8195	13,968,477	13,741,831	-226,645	0.20%	$24.26K
FNMA 30YR 6% 07/01/2055#CC0730	11,222,199	11,073,634	-148,565	0.20%	-$133.80K
FR SD7569	11,051,520	10,609,425	-442,095	0.20%	-$404.06K
Fannie Mae Pool	12,711,898	12,511,956	-199,942	0.19%	$17.29K
FNMA 30YR 4% 09/01/2053#FS9322	11,521,508	11,185,687	-335,821	0.19%	-$119.65K
FEDERAL NAT MTG ASN GTD REM PA SOFR30A+150 11/25/2053	11,930,181	10,610,659	-1,319,522	0.19%	-$1.31M
Freddie Mac REMICS	12,921,103	12,517,066	-404,037	0.19%	-$218.78K
FNMA 30YR 3% 04/01/2052#CB3239	11,815,236	11,542,342	-272,894	0.19%	-$67.24K
FANNIEMAE 30YR 5.5% 02/01/2055#FA0629	10,458,892	10,222,187	-236,706	0.19%	-$167.43K
FHLG 30YR 3.5% 04/01/2052#SL0592	11,335,844	11,082,183	-253,662	0.19%	-$56.53K
CARVANA AUTO RECEIVABLES TRUST CRVNA 2024 N2 A3 144A	17,068,927	10,473,588	-6,595,338	0.19%	-$6.63M
OWN Equipment Fund I LLC, Series 2024-2M, Class A	10,842,373	10,254,878	-587,495	0.19%	-$410.24K
FEDERAL HOME LN MTG MLT CTF GT 2% 04/25/2043	11,130,526	10,532,505	-598,022	0.18%	-$519.20K
FR SD7555	11,282,644	11,035,853	-246,791	0.18%	-$51.13K
FNMA 30YR 6% 02/01/2055#CB9989	10,142,733	9,662,665	-480,069	0.18%	-$451.31K
Freddie Mac Pool	9,826,189	9,632,277	-193,911	0.18%	-$151.04K
FHLG 30YR 5.5% 10/01/2054#RJ2653	9,792,346	9,598,610	-193,736	0.18%	-$124.42K
WHEELS FLEET LEASE FUNDING LLC WFLF 2024 1A A1 144A	11,339,399	9,770,639	-1,568,759	0.18%	-$1.59M
FNMA 15YR 1.5% 10/01/2036#FS9362	10,843,580	10,503,161	-340,419	0.17%	-$198.44K
WHEELS FLEET LEASE FUNDING LLC WFLF 2025 1A A1 144A	10,100,000	9,523,616	-576,384	0.17%	-$546.61K
FN MA4237	11,634,321	11,450,289	-184,032	0.17%	$31.21K
FNMA 30YR 7% 01/01/2054#CB7813	9,827,866	8,975,533	-852,332	0.17%	-$864.39K
FNMA GTD MTG PASS THRU 25-12 CTF SOFR30A+140 03/25/2055	10,246,296	9,331,971	-914,324	0.17%	-$879.79K
FN MA4077	11,222,082	11,045,880	-176,203	0.16%	$24.13K
FHLG 30YR 5.5% 11/01/2054#SD6971	9,049,790	8,861,528	-188,262	0.16%	-$142.00K
FNMA 30YR 2% 03/01/2052#FA2169	11,052,762	10,843,594	-209,167	0.16%	-$24.13K
UMBS	10,091,016	9,882,479	-208,537	0.16%	-$35.31K
FNMA 30YR 3% 06/01/2052#FS9376	9,930,396	9,731,860	-198,536	0.16%	-$21.01K
BX TRUST	10,345,736	8,909,293	-1,436,443	0.16%	-$1.44M
FNMA, Series 2023-54, Class FD	9,477,293	8,728,344	-748,949	0.16%	-$737.75K
Freddie Mac Multifamily Structured Pass Through Certificates	8,778,759	8,773,640	-5,119	0.16%	-$4.05K
UMBS, 30 Year	9,702,151	9,474,759	-227,393	0.15%	-$60.86K
ONEMAIN FINL ISSUANCE TR 2020-2 1.75% 09/14/2035 144A	11,154,604	8,813,942	-2,340,662	0.15%	-$2.28M
FNMA 30YR 2% 03/01/2052#FA0995	10,506,928	10,292,713	-214,215	0.15%	-$42.31K
FR SD8121	10,053,809	9,887,862	-165,946	0.15%	$21.28K
FEDERAL NAT MTG ASN GTD REM PA SOFR30A+120 12/25/2054	8,926,353	8,157,575	-768,778	0.15%	-$737.23K
FHLG 15YR 1.5% 02/01/2037#SB1503	9,276,653	8,985,139	-291,514	0.15%	-$204.85K
G2 MA4126	8,961,146	8,755,418	-205,729	0.14%	-$75.58K
G2 MA8199	8,712,312	8,546,606	-165,706	0.14%	$9.79K
REACH FINANCIAL LLC REACH 2025 1A A 144A	10,552,245	8,074,217	-2,478,028	0.14%	-$2.48M
FHLG 30YR 7% 01/01/2054#SD4982	8,792,064	7,571,932	-1,220,132	0.14%	-$1.27M
FNMA 30YR 6% 03/01/2055#CC0116	7,742,360	7,512,213	-230,147	0.14%	-$207.09K
FNMA 15YR 1.5% 06/01/2036#FS9109	8,832,488	8,543,058	-289,430	0.14%	-$191.46K
Federal Home Loan Mortgage Corporation	8,177,243	7,864,569	-312,673	0.14%	-$324.09K
BX Commercial Mortgage Trust, Series 2024-XL5, Class A	8,928,256	7,776,777	-1,151,479	0.14%	-$1.15M
Freddie Mac REMICS	8,444,694	8,119,611	-325,083	0.14%	-$236.70K
FHLG 30YR 5.5% 08/01/2055#SL2271	7,488,929	7,436,997	-51,931	0.14%	-$9.94K
Uniform Mortgage-Backed Securities	9,334,941	9,176,755	-158,186	0.14%	$10.34K
FEDERAL NAT MTG ASN GTD REM PA 22-64 GF SOFR30A+80 10/25/2052	8,045,105	7,713,444	-331,660	0.14%	-$303.18K
FHLM 30YR 5.5% 04/01/2055#SL1111	7,551,618	7,375,333	-176,285	0.13%	-$133.25K
FHLG 30YR 3% 04/01/2050#SD0516	8,478,082	8,315,338	-162,744	0.13%	-$35.35K
FEDERAL HOME LN MTG MLT CTF GT SOFR30A+115 02/25/2055	8,926,618	7,498,319	-1,428,299	0.13%	-$1.41M
FNMA 15YR 2.5% 12/01/2036#FS4058	8,191,568	7,889,261	-302,308	0.13%	-$248.95K
FR SD8174	8,442,213	8,269,326	-172,887	0.13%	-$24.39K
FHLM 30YR 6.5% 01/01/2055#RJ3308	7,748,790	7,069,356	-679,434	0.13%	-$672.51K
FHLG 30YR 5.5% 01/01/2055#SL0002	7,283,136	7,159,572	-123,563	0.13%	-$75.86K
FNMA 30YR 3% 04/01/2047#FP0111	8,037,763	7,843,832	-193,931	0.13%	-$80.02K
G2 MA6930	8,787,841	8,614,042	-173,799	0.13%	-$32.09K
FHLG 30YR 6.5% 09/01/2054#SD6620	7,162,171	6,871,677	-290,494	0.13%	-$277.68K
FNMA 30YR 6.5% 01/01/2055#CB9828	7,177,875	6,850,010	-327,866	0.13%	-$314.86K
FHLG 15YR 6% 09/01/2039#SB1239	7,819,126	6,939,543	-879,583	0.13%	-$913.49K
Cross Mortgage Trust, Series 2025-H4, Class A1	7,603,262	7,006,237	-597,025	0.13%	-$582.83K
FHLG 30YR 2% 04/01/2052#SD6932	8,658,636	8,441,904	-216,732	0.13%	-$57.44K
FHLG 30YR 6% 09/01/2054#SD6419	6,979,842	6,741,926	-237,916	0.13%	-$227.48K
Uniform Mortgage-Backed Securities	7,034,114	6,708,677	-325,437	0.12%	-$297.50K
FNMA 30YR 6.5% 07/01/2055#CC0736	6,782,570	6,523,457	-259,113	0.12%	-$245.41K
FHLMC REMI 30YR 6% 03/01/2055#RJ3645	6,866,827	6,632,559	-234,268	0.12%	-$210.69K
G2 MA6864	8,284,924	8,131,913	-153,010	0.12%	-$13.61K
FREDDIE MAC POOL UMBS P#SD7570 6.00000000	6,770,499	6,524,566	-245,932	0.12%	-$223.90K
FEDERAL NAT MTG ASN GTD REM PA 22-53 FG SOFR30A+80 08/25/2052	7,031,145	6,792,126	-239,020	0.12%	-$205.30K
FNMA GTD MTG PASS THRU CTF 54 DA 2% 06/25/2044	7,184,163	6,887,547	-296,616	0.12%	-$227.60K
FHLG 15YR 5% 07/01/2038#SB0894	6,768,938	6,450,186	-318,752	0.12%	-$282.14K
FHLM 30YR 5.5% 07/01/2053#RA9373	6,485,597	6,277,863	-207,734	0.11%	-$172.01K
FHLG 30YR 5.5% 11/01/2054#QJ8006	6,310,212	6,259,705	-50,508	0.11%	-$11.41K
FNMA 30YR 3% 08/01/2052#FS8710	7,136,684	6,977,467	-159,217	0.11%	-$30.89K
FNMA 30YR 2.5% 03/01/2052#FA2410	7,360,191	7,227,964	-132,227	0.11%	-$14.08K
UPG HI ISSUER TRUST UPGHI 2025 2 A 144A	6,600,000	6,264,456	-335,544	0.11%	-$301.91K
G2 MA8266	6,750,298	6,613,733	-136,565	0.11%	-$168
CIM TRUST CIM 2025 R1 A1 144A	6,407,476	6,256,951	-150,524	0.11%	-$137.23K
FN FM7484	7,208,147	7,046,717	-161,430	0.11%	-$40.17K
FN MA4231	7,264,307	7,108,607	-155,699	0.11%	-$65.62K
FHLG 30YR 6.5% 06/01/2054#SD5521	5,958,341	5,735,340	-223,001	0.11%	-$209.32K
GNMA II POOL 785657 G2 10/51 FIXED 2.5	7,043,748	6,863,926	-179,822	0.11%	-$37.85K
FNMA 30YR 2.5% 04/01/2052#FA2409	6,859,322	6,729,258	-130,064	0.10%	-$16.68K
FNMA 30YR 2.5% 07/01/2049#SD3738	6,787,463	6,648,623	-138,840	0.10%	-$33.09K
NYMT Loan Trust, Series 2025-CP1, Class A1	6,226,240	6,018,959	-207,281	0.10%	-$102.62K
UMBS, 30 Year	6,549,357	6,427,556	-121,800	0.10%	-$7.35K
FHLG 30YR 6.5% 01/01/2054#SD4623	6,076,624	5,452,182	-624,442	0.10%	-$622.12K
FN MA2868	6,300,128	5,915,648	-384,480	0.10%	-$346.63K
FNMA 30YR 6% 11/01/2054#CB9502	5,660,361	5,498,052	-162,308	0.10%	-$143.30K
FNMA 30YR 1.5% 04/01/2036#MA4321	6,451,455	6,266,481	-184,974	0.10%	-$100.63K
SDART 2024-5 A3 4.62% 11-15-28	7,900,000	5,686,705	-2,213,295	0.10%	-$2.22M
Exeter Automobile Receivables Trust, Series 2025-2A, Class A3	5,615,000	5,602,049	-12,951	0.10%	-$13.73K
FN MA4281	6,795,775	6,692,448	-103,327	0.10%	$17.60K
FNMA 30YR 6% 05/01/2055#CC0404	5,448,525	5,329,157	-119,368	0.10%	-$96.06K
FANNIEMAE 30YR 3% 06/01/2052#FA0115	6,246,852	6,054,677	-192,175	0.10%	-$75.72K
FNMA 15YR 1.5% 10/01/2036#FA2627	6,292,501	6,087,189	-205,313	0.10%	-$139.20K
FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD 1.75% 10/25/2051	6,746,434	6,579,334	-167,099	0.10%	$22.34K
FHLG 30YR 7% 01/01/2054#RJ0718	5,719,100	5,085,109	-633,991	0.10%	-$652.36K
VOLVO FINANCIAL EQUIPMENT LLC SERIES 2025-1 VFET 2025-1A A2	6,700,000	5,393,633	-1,306,367	0.10%	-$1.31M
WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-LC24 2.684% 10/15/2049	5,985,234	5,428,782	-556,451	0.10%	-$533.94K
GreatAmerica Leasing Receivables Funding LLC, Series 2025-1, Class A2	6,300,000	5,376,813	-923,187	0.10%	-$925.43K
FANNIEMAE 30YR 6% 10/01/2054#BU5135	5,567,576	5,127,355	-440,221	0.09%	-$426.22K
FNMA 30YR 7% 01/01/2054#FS6966	5,560,208	4,986,382	-573,826	0.09%	-$592.45K
FEDERAL HOME LN MTG MLT CTF GT 1.75% 02/25/2052	5,987,670	5,818,879	-168,791	0.09%	-$80.77K
Federal Home Loan Mortgage Corporation	5,468,342	5,230,806	-237,535	0.09%	-$202.88K
SoFi Consumer Loan Program Trust, Series 2025-1, Class A	7,114,487	5,239,411	-1,875,077	0.09%	-$1.87M
FNMA 15YR 2.5% 06/01/2031#AS7347	5,722,896	5,326,291	-396,604	0.09%	-$356.08K
Freddie Mac Pool	5,357,392	4,830,861	-526,531	0.09%	-$541.31K
Freddie Mac Pool	5,107,026	4,843,087	-263,939	0.09%	-$257.47K
FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD 4383 BD 2% 09/15/2044	5,712,427	5,550,800	-161,628	0.09%	-$69.91K
Uniform Mortgage-Backed Securities	6,091,444	5,984,851	-106,593	0.09%	$3.93K
Freddie Mac Pool	5,140,213	4,700,397	-439,816	0.09%	-$447.79K
FNMA 30YR 7% 11/01/2053#FS6420	5,104,256	4,690,091	-414,165	0.09%	-$421.28K
Fannie Mae Pool Pool # FA0543	5,791,871	5,669,378	-122,494	0.09%	-$23.73K
FNMA 30YR 3% 11/01/2051#FS9709	5,465,118	5,352,437	-112,682	0.09%	-$22.16K
FNMA 30YR 2.5% 04/01/2052#FA2411	5,642,617	5,518,809	-123,808	0.09%	-$22.12K
FR SD7503	5,192,559	5,048,701	-143,858	0.09%	-$65.83K
FHLG 30YR 2% 05/01/2052#SD7328	5,808,256	5,716,989	-91,267	0.09%	-$7.82K
FHLG 30YR 2.5% 04/01/2052#SL0413	5,572,384	5,449,094	-123,290	0.09%	-$27.55K
Government National Mortgage Association	4,841,463	4,734,110	-107,353	0.08%	-$76.69K
Freddie Mac Pool	4,691,132	4,474,783	-216,349	0.08%	-$211.84K
FNMA GTD MTG PASS THRU CTF SOFR30A+160 08/25/2054	5,307,047	4,710,404	-596,644	0.08%	-$579.77K
FHLG 30YR 3.5% 07/01/2048#SD6922	5,102,264	4,995,176	-107,089	0.08%	-$22.47K
BX TRUST	4,875,350	4,762,776	-112,574	0.08%	-$78.86K
FNMA 30YR 2% 02/01/2052#FS8764	5,683,443	5,585,847	-97,596	0.08%	-$18.27K
Freddie Mac Pool	4,746,670	4,405,877	-340,793	0.08%	-$347.31K
FNMA 30YR 5.5% 10/01/2054#CB9365	4,657,513	4,569,611	-87,902	0.08%	-$55.51K
Federal National Mortgage Association, Inc.	5,564,931	5,445,305	-119,626	0.08%	-$9.76K
OBX Trust, Series 2025-NQM10, Class A1	4,973,651	4,476,156	-497,495	0.08%	-$487.82K
Government National Mortgage Association	5,174,437	4,303,411	-871,026	0.08%	-$871.54K
FR SD8189	5,073,187	4,977,020	-96,167	0.08%	-$9.91K
MFF 2024-1A A 144A 5.82% 04-20-37	4,845,896	4,280,037	-565,860	0.08%	-$573.73K
FR SD7525	4,972,788	4,858,557	-114,231	0.08%	-$30.25K
BX Trust, Series 2024-CNYN, Class A	4,348,181	4,298,446	-49,735	0.08%	-$48.39K
FNMA 30YR 2.5% 03/01/2050#MA3964	4,976,516	4,891,736	-84,780	0.08%	-$347
FR SB1215	4,649,148	4,123,077	-526,071	0.08%	-$551.17K
FHLG 30YR 6% 12/01/2054#QX0359	4,597,595	4,078,977	-518,618	0.08%	-$516.74K
Federal Home Loan Mortgage Corporation	4,745,766	4,219,610	-526,155	0.08%	-$511.11K
FNMA GTD MTG PASS THRU CTF 2025-7 DF SOFR30A+140 09/25/2054	4,708,212	4,168,451	-539,761	0.07%	-$521.70K
FR SD8016	4,658,293	4,577,241	-81,052	0.07%	-$330
FN MA4305	5,049,076	4,969,885	-79,191	0.07%	$14.21K
GMCAR 2024-1 A3	5,141,382	4,122,327	-1,019,055	0.07%	-$1.02M
FNMA 15YR 2.5% 05/01/2031#AS7126	4,539,347	4,237,301	-302,046	0.07%	-$270.84K
FNMA 30YR 2.5% 01/01/2052#FS8108	4,748,974	4,661,706	-87,268	0.07%	-$8.75K
UMBS, 30 Year	4,072,092	3,946,517	-125,575	0.07%	-$107.17K
CIM Trust, Series 2025-NR1, Class A1	4,401,596	4,119,986	-281,610	0.07%	-$263.58K
FNMA 30YR 6.5% 08/01/2054#FS8620	3,999,484	3,814,231	-185,253	0.07%	-$180.52K
FNMA 15YR 2.5% 05/01/2031#AS7111	4,492,197	4,125,472	-366,725	0.07%	-$335.21K
FNMA 30YR 7% 01/01/2054#FS6771	4,224,278	3,768,626	-455,652	0.07%	-$469.86K
FNMA 30YR 6% 07/01/2053#FS5067	3,967,170	3,826,760	-140,410	0.07%	-$127.82K
FNMA 30YR 2.5% 06/01/2051#FM7673	4,579,438	4,487,215	-92,223	0.07%	-$15.88K
FHLMC REMI 30YR 6% 04/01/2055#RJ4028	3,871,773	3,771,217	-100,556	0.07%	-$83.45K
FNMA 30YR 5.5% 10/01/2053#CB7297	3,899,762	3,794,101	-105,661	0.07%	-$83.98K
FNMA 15YR 1.5% 03/01/2037#FS9361	4,432,242	4,292,206	-140,036	0.07%	-$93.87K
UMBS	4,536,177	4,436,376	-99,800	0.07%	-$18.85K
FNMA 30YR 2.5% 04/01/2052#FS5385	4,496,006	4,420,543	-75,463	0.07%	$443
FHLG 30YR 2.5% 04/01/2052#SD5596	4,474,622	4,397,295	-77,327	0.07%	-$5.81K
FNMA 30YR 2.5% 03/01/2052#FS7149	4,480,485	4,392,701	-87,784	0.07%	-$13.38K
SoFi Consumer Loan Program Trust, Series 2025-2, Class A	5,051,351	3,842,351	-1,209,000	0.07%	-$1.21M
FNMA 30YR 5.5% 10/01/2054#CB9320	3,830,935	3,720,979	-109,956	0.07%	-$91.43K
Freddie Mac Pool	3,802,050	3,699,388	-102,663	0.07%	-$80.30K
FNMA 30YR 6% 08/01/2055#FA2563	3,716,231	3,653,798	-62,433	0.07%	-$48.51K
FNMA 30YR 3% 08/01/2051#FS2097	4,223,008	4,168,478	-54,530	0.07%	$13.29K
Freddie Mac REMICS	3,944,689	3,807,987	-136,702	0.07%	-$117.11K
FNMA 30YR 2% 03/01/2052#FS7234	4,562,536	4,476,896	-85,640	0.07%	-$735
FNMA 30YR 6% 02/01/2055#CB9985	3,673,767	3,553,367	-120,400	0.07%	-$110.43K
FNMA 30YR 7% 02/01/2054#FS7546	3,793,517	3,491,678	-301,839	0.07%	-$307.32K
FHMS K074 A2	3,700,000	3,683,111	-16,889	0.07%	-$7.50K
FNMA 15YR 2.5% 05/01/2031#AS7145	4,054,280	3,737,496	-316,785	0.06%	-$287.77K
FN MA4325	4,424,562	4,357,205	-67,358	0.06%	$14.16K
FNMA GTD MTG PASS THRU CTF SOFR30A+140 02/25/2055	4,480,652	3,602,654	-877,998	0.06%	-$869.62K
FNMA 15YR 1.5% 11/01/2037#FA3000	4,101,760	3,969,541	-132,219	0.06%	-$86.91K
FEDERAL NAT MTG ASN GTD REM PA 1.75% 02/25/2043	4,022,490	3,927,858	-94,632	0.06%	-$37.63K
GNII II 5.5% 12/20/2054#787741	3,592,430	3,488,580	-103,849	0.06%	-$88.18K
CIM TRUST CIM 2021 R3 A1A 144A	4,048,086	3,821,858	-226,228	0.06%	-$189.39K
Freddie Mac Pool	3,883,155	3,749,608	-133,547	0.06%	-$69.16K
FNMA 30YR 4% 11/01/2050#FS7615	3,727,097	3,625,474	-101,623	0.06%	-$46.23K
FNMA 15YR 2.5% 05/01/2031#AS7110	3,883,589	3,665,473	-218,116	0.06%	-$192.16K
FEDERAL HOME LN MTG MLT CTF GT 2021-5181 TA 2.5% 06/25/2048	3,933,663	3,832,844	-100,819	0.06%	-$31.23K
FNMA 15YR 2.5% 05/01/2031#AS7140	3,827,099	3,597,775	-229,324	0.06%	-$203.14K
FNMA 30YR 3% 04/01/2052#CB3233	3,917,595	3,826,888	-90,707	0.06%	-$23.27K
FEDERAL NAT MTG ASN GTD REM PA 2% 11/25/2044	3,883,339	3,686,019	-197,320	0.06%	-$143.34K
GNMA II 5.5% 03/20/2054#787292	3,503,572	3,382,829	-120,743	0.06%	-$108.08K
FN MA3663	3,737,252	3,651,342	-85,910	0.06%	-$29.12K
FNMA 30YR 2.5% 05/01/2052#FS9743	3,966,825	3,884,524	-82,301	0.06%	-$12.11K
PRET Trust, Series 2025-RPL3, Class A1	3,544,401	3,442,886	-101,514	0.06%	-$67.64K
BHG SECURITIZATION TRUST 2025-1CON SER 2025-1CON CL A REGD 144A P/P 4.82000000	3,830,108	3,319,286	-510,822	0.06%	-$499.01K
G2 MA6818	4,044,184	3,961,338	-82,846	0.06%	-$13.57K
FNMA 15YR 6% 03/01/2039#FS7558	3,389,220	3,189,179	-200,042	0.06%	-$215.83K
FEDERAL NAT MTG ASN GTD REM PA 2.25% 09/25/2046	3,621,498	3,504,178	-117,320	0.06%	-$59.34K
FNMA 15YR 2.5% 06/01/2031#AS7325	3,617,496	3,378,374	-239,122	0.06%	-$213.80K
GNMA II POOL 785568 G2 08/51 FIXED 2.5	3,846,001	3,733,229	-112,772	0.06%	-$32.38K
Freddie Mac Pool	3,307,037	3,054,941	-252,097	0.06%	-$256.49K
Freddie Mac Pool	3,618,045	3,558,126	-59,919	0.06%	-$1.68K
FNMA 15YR 2.5% 04/01/2031#AS6933	3,485,762	3,306,448	-179,314	0.06%	-$156.67K
FNMA 15YR 2.5% 06/01/2031#AS7346	3,528,888	3,288,769	-240,118	0.06%	-$215.74K
FNMA 30YR 6.5% 03/01/2055#CC0136	3,190,231	2,992,516	-197,716	0.06%	-$200.00K
FR SD7549	3,825,384	3,752,686	-72,698	0.06%	-$12.40K
FEDERAL NAT MTG ASN GTD REM PA 1% 05/25/2041	3,631,671	3,498,628	-133,043	0.06%	-$80.14K
CFMT LLC, Series 2024-R1, Class A1	3,321,088	3,183,729	-137,359	0.06%	-$126.57K
FHLG 30YR 7% 01/01/2054#SD4777	3,319,958	2,927,092	-392,866	0.06%	-$407.28K
Onslow Bay Financial LLC	3,257,635	3,103,442	-154,193	0.06%	-$141.22K
Verus Securitization Trust, Series 2025-5, Class A1	3,321,100	3,072,872	-248,228	0.06%	-$247.95K
FNMA 30YR 6.5% 01/01/2053#CB5494	3,035,024	2,894,370	-140,653	0.05%	-$133.85K
FNMA 30YR 7% 09/01/2053#FS5897	2,985,420	2,843,108	-142,312	0.05%	-$142.66K
Uniform Mortgage-Backed Securities	3,224,330	3,159,546	-64,784	0.05%	-$10.42K
GNII II 5.5% 01/20/2055#787767	2,999,223	2,868,463	-130,760	0.05%	-$120.69K
Uniform Mortgage-Backed Securities	3,547,927	3,495,812	-52,115	0.05%	$11.52K
FNMA 30YR 7% 06/01/2054#FS8247	2,843,375	2,725,860	-117,515	0.05%	-$114.72K
UMBS	3,246,552	3,152,028	-94,524	0.05%	-$36.66K
FNMA 15YR 2.5% 05/01/2031#BC8289	3,181,613	2,972,916	-208,696	0.05%	-$186.87K
FR SD7535	3,338,529	3,267,341	-71,188	0.05%	-$15.30K
FNMA GTD MTG PASS THRU CTF SOFR30A+120 02/25/2055	3,015,255	2,808,495	-206,760	0.05%	-$193.03K
Federal National Mortgage Association, Inc.	2,812,131	2,682,293	-129,838	0.05%	-$125.40K
FNMA 30YR 5.5% 12/01/2054#CB9668	2,775,794	2,747,209	-28,586	0.05%	-$9.57K
FNMA GTD MTG PASS THRU CTF SOFR30A+115 02/25/2055	2,940,272	2,786,755	-153,517	0.05%	-$135.24K
GNMA II POOL 785667 G2 10/51 FIXED 2.5	3,260,433	3,189,516	-70,917	0.05%	-$6.67K
ARI Fleet Lease Trust, Series 2024-A, Class A2	3,692,401	2,793,563	-898,838	0.05%	-$905.85K
FNMA 30YR 5.5% 08/01/2054#CB8984	2,765,802	2,698,487	-67,315	0.05%	-$54.51K
FNMA 30YR 2% 03/01/2051#FM6624	3,387,255	3,306,393	-80,862	0.05%	-$14.14K
FEDERAL NAT MTG ASN GTD REM PA SOFR30A+ 12/25/2054	2,992,264	2,765,244	-227,020	0.05%	-$217.44K
FNMA GTD MTG PASS THRU CTF SOFR30A+ 09/25/2054	3,104,286	2,756,682	-347,604	0.05%	-$337.33K

Top 300 of 703, by weight.

Security	Shares Nov 2025	Shares Feb 2026	End %	Δ value
ONEMAIN FINL ISSUANCE TR 2019-2 3.14% 10/14/2036 144A	27,800,000	27,800,000	0.49%	$132.79K
US TREASURY N/B	20,990,000	20,990,000	0.38%	$193.50K
Freddie Mac Multifamily Structured Pass Through Certificates	21,200,000	21,200,000	0.34%	$254.92K
ALA Trust 2025-OANA	17,948,000	17,948,000	0.32%	$22.82K
SBNA Auto Lease Trust, Series 2024-A, Class A4	17,600,000	17,600,000	0.31%	-$43.57K
FNMA GTD MTG PASS THRU CTF 4.62% 04/25/2030	15,900,000	15,900,000	0.29%	$114.00K
FORDF 2023-1 A1 144A 4.92% 05-15-28	14,518,000	14,518,000	0.26%	-$21.82K
GREATAMERICA LSNG REC FDS LLC 4.37% 05/15/2028 144A	13,400,000	13,400,000	0.24%	$42.45K
JPMDB 2019-COR6 A4	14,477,167	14,477,167	0.24%	$150.27K
ONEMAIN FINANCIAL ISSUANCE TRUST 2025-1 SER 2025-1A CL A REGD 144A P/P 4.82000000	11,900,000	11,900,000	0.21%	$77.05K
SCG Commercial Mortgage Trust, Series 2025-FLWR, Class A	11,500,000	11,500,000	0.20%	$21.51K
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1	11,378,000	11,378,000	0.20%	-$23.93K
FHMS K762 A2	10,800,000	10,800,000	0.20%	$90.33K
Exeter Automobile Receivables Trust, Series 2025-5A, Class A3	10,600,000	10,600,000	0.19%	$32.18K
SREIT Trust 2021-MFP	10,649,932	10,649,932	0.19%	$6.62K
BMARK 2019-B12 A5	10,895,000	10,895,000	0.19%	$82.40K
FHMS K068 A2	9,800,000	9,800,000	0.17%	$22.88K
GMF Floorplan Owner Revolving Trust	9,320,000	9,320,000	0.17%	-$16.04K
FHMS K746 A2	7,600,000	7,600,000	0.13%	$46.91K
CARMX 2024-4 A3	6,800,000	6,800,000	0.12%	$14.84K
OPORTUN ISSUANCE TRUST 2025-D SER 2025-D CL A REGD 144A P/P 4.53000000	6,800,000	6,800,000	0.12%	$14.57K
SCMS 2025-BNC1 MORTGAGE TRUST SCMS 2025-BNC1 A2	6,110,000	6,110,000	0.11%	$23.95K
DLLAA LLC, Series 2025-1A, Class A3	5,800,000	5,800,000	0.11%	$9.91K
FNA 2025-M4 A2	5,800,000	5,800,000	0.10%	$74.76K
BMO Mortgage Trust	5,380,000	5,380,000	0.10%	$22.02K
BMARK 2024-V9 A3 5.6019% 08-15-57	5,400,000	5,400,000	0.10%	$15.72K
Extended Stay America Trust, Series 2025-ESH, Class A	5,605,000	5,605,000	0.10%	-$1.74K
CENT 2025-CITY A	5,238,000	5,238,000	0.10%	$39.35K
FHMS K547 A2	5,200,000	5,200,000	0.09%	$31.46K
CGCMT 2017-C4 A4	5,350,000	5,350,000	0.09%	$19.50K
MSBAM 2017-C34 A4	5,210,000	5,210,000	0.09%	$21.07K
BENCHMARK 2021 B25 MORTGAGE TRUST	5,368,000	5,368,000	0.09%	$42.53K
FHMS K085 A2	5,000,000	5,000,000	0.09%	$9.55K
GSMS 2019-GC40 A4	4,850,000	4,850,000	0.08%	$43.37K
BBCMS 2020-C7 A5	4,675,000	4,675,000	0.08%	$56.25K
BMO 2025-5C10 MORTGAGE TRUST 5.5784% 05/15/2058	3,900,000	3,900,000	0.07%	$18.42K
FHMS K761 A2	4,000,000	4,000,000	0.07%	$39.66K
FHMS K070 A2	3,900,000	3,900,000	0.07%	$10.89K
FHMS K753 A2	3,600,000	3,600,000	0.07%	$24.51K
MSC 2018-H4 A4	3,405,000	3,405,000	0.06%	$41.28K
OPTN 2025-B A	3,200,000	3,200,000	0.06%	$8.68K
MSC 2021-L6 A4	3,435,715	3,435,715	0.06%	$51.71K
BANK 2021-BN33 A5	3,325,548	3,325,548	0.05%	$34.28K
DELL EQUIPMENT FINANCE TRUST 2025-2 SER 2025-2 CL A3 REGD 144A P/P 4.12000000	2,900,000	2,900,000	0.05%	$14.71K
CARVANA AUTO RECEIVABLES TRUST CRVNA 2025 P1 B	2,800,000	2,800,000	0.05%	$37.84K
World Omni Automobile Lease Securitization Trust 2025-A	2,750,000	2,750,000	0.05%	$4.99K
FHMS K066 A2	2,800,400	2,800,400	0.05%	$8.23K
ARI FLEET LEASE TRUST 2024-B ARIFL 2024 B A3 144A	2,670,000	2,670,000	0.05%	-$1.18K
BofA Auto Trust, Series 2025-1A, Class A3	2,700,000	2,700,000	0.05%	-$391
WHEELS FLEET LEASE FUNDING LLC WFLF 2025 3A A1 144A	2,700,000	2,700,000	0.05%	$14.23K
FREDDIE MAC MULTIFAMI VAR	2,700,000	2,700,000	0.05%	$5.84K
GSMS 2020-GSA2 A5	3,018,000	3,018,000	0.05%	$27.05K
CITIGROUP COMMERCIAL MORTGAGE TRUST 2017-P8 SER 2017-P8 CL A3 REGD 3.20300000	2,600,000	2,600,000	0.05%	$15.21K
OPTN 2025-C A	2,510,000	2,510,000	0.04%	$3.52K
MHP Commercial Mortgage Trust, Series 2025-MHIL2, Class A	2,512,000	2,512,000	0.04%	$6.46K
WFCM Commercial Mortgage Trust 2024-GRP	2,500,000	2,500,000	0.04%	-$4.03K
DTP COMMERCIAL MORTGAGE TRUST 2023 STE2	2,420,000	2,420,000	0.04%	$5.64K
BANK, Series 2017-BNK8, Class A3	2,506,122	2,506,122	0.04%	-$3.93K
BX Mortgage Trust, Series 2021-PAC, Class A	2,461,000	2,461,000	0.04%	-$42
TPMT 2018-1 A2 144A FRN 01-25-58	2,466,711	2,466,711	0.04%	$14.34K
FORD CR FLOORPLN MAST OWN TR A2 SOFR30A+75 04/15/2029 144A	2,400,000	2,400,000	0.04%	$5.03K
Dext ABS LLC, Series 2025-1, Class A3	2,340,000	2,340,000	0.04%	$653
CGCMT 2019-C7 A4	2,450,626	2,450,626	0.04%	$23.14K
FHMS K072 A2	2,300,000	2,300,000	0.04%	$5.58K
FHMS K083 A2	2,200,000	2,200,000	0.04%	$5.28K
ONEMAIN FINANCIAL ISSUANCE TRUST 2023-1 SER 2023-1A CL A REGD 144A P/P 5.50000000	2,000,000	2,000,000	0.04%	$930
GMF Floorplan Owner Revolving Trust Series 2025-1	2,000,000	2,000,000	0.04%	-$143
FHMS K135 A2	2,200,000	2,200,000	0.04%	$26.31K
DBJPM 20-C9 MORTGAGE TRUST SER 2020-C9 CL A4 REGD 1.64400000	2,100,000	2,100,000	0.03%	$25.07K
DBJPM 2020-C9 A5	2,000,000	2,000,000	0.03%	$24.79K
WELLS FARGO COMMERCIAL MORTGAGE TRUST 2021-C61 2.525% 11/15/2054	1,825,000	1,825,000	0.03%	$16.55K
INTL Commercial Mortgage Trust 2025-PLAZA	1,637,000	1,637,000	0.03%	$20.46K
UBSCM 2019-C18 A4	1,700,000	1,700,000	0.03%	$15.87K
HILTON USA TRUST 2016 HHV	1,456,000	1,456,000	0.03%	$4.37K
CarMax Select Receivables Trust, Series 2025-A, Class A3	1,425,000	1,425,000	0.03%	$2.19K
FNA 2023-M8 A2	1,400,000	1,400,000	0.03%	$15.59K
WELLS FARGO COMMERCIAL MORTGAGE TRUST 2021-C60 VAR 08/15/2054	25,751,000	25,751,000	0.02%	-$51.34K
3650R 2021-PF1 ASB COMMERCIAL MORTGAGE TRUST 2.372% 11/15/2054	1,400,000	1,400,000	0.02%	$8.81K
BENCHMARK 2018-B6 MORTGAGE TRUST 3.995% 10/10/2051	1,300,000	1,300,000	0.02%	$3.95K
WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-5C4 XB CSTR 05/15/2058	57,043,000	57,043,000	0.02%	-$45.33K
WFCM 2025-VTT A	1,226,000	1,226,000	0.02%	$5.22K
FORDR 2021-1 A 144A 1.37% 10-17-33	1,227,000	1,227,000	0.02%	$8.61K
EVGRN 2025-CRT5 B 144A 5.24% 05-15-29	1,200,000	1,200,000	0.02%	$286
FNA 2023-M1S A2	1,100,000	1,100,000	0.02%	$14.32K
ARI FLEET LEASE TRUST ARIFL 2025 A B 144A	1,100,000	1,100,000	0.02%	$7.03K
BMO MORTGAGE TRUST BMO 2024 5C5 A3	1,000,000	1,000,000	0.02%	$2.73K
BX Trust, Series 2025-TAIL, Class A	1,026,000	1,026,000	0.02%	$0
CCG RECEIVABLES TRUST. 4.69% 10/14/2032 144A	1,000,000	1,000,000	0.02%	$1.85K
BBCMS Mortgage Trust 2025-5C38	24,896,000	24,896,000	0.02%	-$44.87K
Extended Stay America Trust, Series 2025-ESH, Class B	995,000	995,000	0.02%	$1
BMO 2025-5C11 MTG TR CSTR 07/15/2058	39,396,000	39,396,000	0.02%	-$42.89K
BMARK 2018-B8 A5	970,000	970,000	0.02%	$3.53K
BANK5 2025-5YR14 XB CSTR 04/15/2058	74,200,000	74,200,000	0.02%	-$36.67K
BX Trust, Series 2021-BXMF, Class A	803,605	803,605	0.01%	$1.74K
AFFRM 2025-X1 B	800,000	800,000	0.01%	-$677
BMARK 2019-B10 A4	750,000	750,000	0.01%	$4.28K
BENCHMARK 2025-V16 MORTGAGE TRUST VAR 08/15/2057 144A	45,400,000	45,400,000	0.01%	-$30.37K
BENCHMARK 2025-V16 MORTGAGE TRUST VAR 08/15/2057 144A	9,700,000	9,700,000	0.01%	-$32.43K
HAVN Trust 2025-MOB	605,000	605,000	0.01%	-$1.32K
WELLS FARGO COML MTG 2024-GRP A TSFR1M+179.132 10/15/2041 144A	603,000	603,000	0.01%	-$810
BX Trust, Series 2021-LBA, Class AJV	598,000	598,000	0.01%	$366
BBCMS Mortgage Trust 2022-C14 ASB 2.901% 02/15/2055	600,000	600,000	0.01%	$2.80K
GMREV 2025-1 B	500,000	500,000	0.01%	$4.98K
FNMA ACES, Series 2021-M2S, Class A2	500,000	500,000	0.01%	$5.71K
Enterprise Fleet Financing LLC, Series 2024-3, Class A3	414,000	414,000	0.01%	-$211
GS MTG SECS TR 2018-GS10 A5 4.155% 07/10/2051	400,000	400,000	0.01%	$4.76K
Enterprise Fleet Financing LLC, Series 2024-4, Class A3	340,000	340,000	0.01%	$341
Exeter Select Automobile Receivables Trust, Series 2025-1, Class A3	325,000	325,000	0.01%	$557
EXETER SELECT AUTOMOBILE RECEIVABLES TRUST 2025-2	305,000	305,000	0.01%	$517
WELLS FARGO COMMERCIAL MORTGAGE TRUST 2021-FCMT A TSFR1M+131.448 12/31/2049 144A	100,000	100,000	0.00%	$150
Freddie Mac Multifamily Structured Pass Through Certificates	100,000	100,000	0.00%	$711
GSMS 2019-GSA1 A4	100,000	100,000	0.00%	$1.40K
JPMDB 2020-COR7 A5	100,000	100,000	0.00%	$2.48K
US TREASURY N/B	15,000	15,000	0.00%	$66
US TREASURY N/B	14,000	14,000	0.00%	$74
MSC 2016-UB11 A4	10,000	10,000	0.00%	$35
US TREASURY N/B	5,000	5,000	0.00%	$11

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