# EDGAR Filing Document

**Accession Number:** 0001831313
**File Stem:** 0001193125-25-336243
**Filing Date:** 2025-12
**Character Count:** 368323
**Document Hash:** 75f11b20334b9ed24554787ee4f474ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-336243.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001193125-25-336243

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW ETF Trust
- **CENTRAL INDEX KEY:** 0001831313

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23617
- **FILM NUMBER:** 251612254

**BUSINESS ADDRESS:**
- **STREET 1:** 515 SOUTH FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-244-0000

**MAIL ADDRESS:**
- **STREET 1:** 515 SOUTH FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Engine No. 1 ETF Trust
- **DATE OF NAME CHANGE:** 20210211

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Deer Lane ETF Trust
- **DATE OF NAME CHANGE:** 20201104

## Series and Classes Contracts Data

### TCW Senior Loan ETF (Series ID: S000085549)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000250842 | TCW Senior Loan ETF |  |

### TCW Corporate Bond ETF (Series ID: S000088743)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000255118 | TCW Corporate Bond ETF |  |

?xml version='1.0' encoding='ASCII'? N-CSR

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-23617

## TCW ETF Trust

#### On behalf of the following series:

#### TCW Corporate Bond ETF (Ticker: IGCB)

#### TCW Senior Loan ETF (Ticker: SLNZ)

#### (Exact name of registrant as specified in charter)

#### 515 South Flower Street, Los Angeles, CA 90071

#### (Address of principal executive offices)

#### Peter Davidson, Esq.

#### Vice President and Secretary

#### 515 South Flower Street

#### Los Angeles, CA 90071

#### (Name and address of agent for service)

#### Registrant's telephone number, including area code: (213) 244-0000

#### Date of fiscal year end: March 31

#### Date of reporting period: March 31, 2025
Note: The Registrant is making this filing on Form N-CSR to file the audited financial statements for each of TCW Corporate Bond ETF and TCW Senior Loan ETF for the fiscal year ended March 31, 2025.

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

**Item 1.** **Reports to Shareholders.** <br>

(a) The following is a copy of each Fund's reports pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act"):

TCW Corporate Bond ETF

![Image](g23254i1874d51768ba637ee488.jpg)

Ticker: IGCB \| Listing Exchange: New York Stock Exchange LLC

Annual Shareholder Report — March 31, 2025

This annual shareholder report contains important information about the TCW Corporate Bond ETF for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| TCW Corporate Bond ETF | $52 | 0.51% |

---

# How did the Fund perform last year and what affected its performance?
The TCW Corporate Bond ETF transitioned from the predecessor mutual fund, the TCW MetWest Corporate Bond Fund on November 15, 2024. Strong outperformance versus the Bloomberg U.S. Corporate Bond Index was attributable to issue selection across corporate sectors, led by industrials and financials. Positioning across industrials was biased towards more defensive industries like communications and non-cyclicals, with holdings in both driving robust issue-level performance benefits. In financials, banking represented a large allocation and was focused on U.S. GSIB issuers, with these positions rewarding relative returns as the spread differential between them and the broader IG corporate universe compressed over the year. Away from issue selection, sector allocations were a drag and weighed down by the continued underweight to corporate credit, with this underweight a product of tightening credit spreads and dissipation of attractive value. However, the issue selection benefits more than offset the drag from being underweight, while an emphasis on the front-end of the yield curve and longer-than-Index duration position further rewarded relative returns as short and intermediate rates fell alongside a steepening curve.

# Fund Performance
*(based on Net Asset Value)*

![Growth of 10K Chart](g23254i5f2d47bddc37807b4190.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TCW Corporate Bond ETF (IGCB)** | **Bloomberg U.S. Aggregate Bond Index** | **BBG U.S. Corporate Investment Grade Index** |
| **06/2018** | $10000 | $10000 | $10000 |
| **07/2018** | $10030 | $10002 | $10083 |
| **08/2018** | $10214 | $10067 | $10133 |
| **09/2018** | $10176 | $10002 | $10097 |
| **10/2018** | $10072 | $9923 | $9949 |
| **11/2018** | $10091 | $9982 | $9933 |
| **12/2018** | $10278 | $10165 | $10079 |
| **01/2019** | $10480 | $10273 | $10316 |
| **02/2019** | $10491 | $10267 | $10338 |
| **03/2019** | $10795 | $10465 | $10597 |
| **04/2019** | $10873 | $10467 | $10655 |
| **05/2019** | $11066 | $10653 | $10807 |
| **06/2019** | $11378 | $10787 | $11072 |
| **07/2019** | $11401 | $10811 | $11134 |
| **08/2019** | $11794 | $11091 | $11484 |
| **09/2019** | $11703 | $11032 | $11409 |
| **10/2019** | $11764 | $11065 | $11478 |
| **11/2019** | $11804 | $11059 | $11507 |
| **12/2019** | $11819 | $11052 | $11544 |
| **01/2020** | $12138 | $11264 | $11815 |
| **02/2020** | $12309 | $11467 | $11973 |
| **03/2020** | $11816 | $11400 | $11125 |
| **04/2020** | $12372 | $11602 | $11708 |
| **05/2020** | $12492 | $11656 | $11891 |
| **06/2020** | $12707 | $11730 | $12124 |
| **07/2020** | $13020 | $11905 | $12518 |
| **08/2020** | $12905 | $11809 | $12346 |
| **09/2020** | $12899 | $11802 | $12310 |
| **10/2020** | $12879 | $11750 | $12288 |
| **11/2020** | $13214 | $11865 | $12630 |
| **12/2020** | $13281 | $11881 | $12685 |
| **01/2021** | $13150 | $11796 | $12523 |
| **02/2021** | $12947 | $11626 | $12307 |
| **03/2021** | $12739 | $11480 | $12096 |
| **04/2021** | $12860 | $11571 | $12230 |
| **05/2021** | $12945 | $11609 | $12324 |
| **06/2021** | $13162 | $11691 | $12525 |
| **07/2021** | $13345 | $11821 | $12696 |
| **08/2021** | $13310 | $11799 | $12658 |
| **09/2021** | $13177 | $11697 | $12525 |
| **10/2021** | $13200 | $11693 | $12556 |
| **11/2021** | $13200 | $11728 | $12563 |
| **12/2021** | $13169 | $11698 | $12553 |
| **01/2022** | $12753 | $11446 | $12131 |
| **02/2022** | $12505 | $11318 | $11888 |
| **03/2022** | $12174 | $11004 | $11588 |
| **04/2022** | $11535 | $10586 | $10955 |
| **05/2022** | $11647 | $10655 | $11057 |
| **06/2022** | $11317 | $10487 | $10747 |
| **07/2022** | $11667 | $10744 | $11095 |
| **08/2022** | $11310 | $10440 | $10770 |
| **09/2022** | $10678 | $9989 | $10204 |
| **10/2022** | $10546 | $9860 | $10098 |
| **11/2022** | $11078 | $10222 | $10621 |
| **12/2022** | $11021 | $10176 | $10575 |
| **01/2023** | $11505 | $10489 | $10998 |
| **02/2023** | $11106 | $10218 | $10649 |
| **03/2023** | $11470 | $10477 | $10945 |
| **04/2023** | $11530 | $10541 | $11029 |
| **05/2023** | $11348 | $10426 | $10869 |
| **06/2023** | $11359 | $10389 | $10914 |
| **07/2023** | $11385 | $10382 | $10951 |
| **08/2023** | $11319 | $10315 | $10866 |
| **09/2023** | $10980 | $10053 | $10576 |
| **10/2023** | $10761 | $9895 | $10378 |
| **11/2023** | $11412 | $10343 | $10999 |
| **12/2023** | $11945 | $10739 | $11476 |
| **01/2024** | $11959 | $10709 | $11456 |
| **02/2024** | $11744 | $10558 | $11284 |
| **03/2024** | $11874 | $10655 | $11430 |
| **04/2024** | $11530 | $10386 | $11139 |
| **05/2024** | $11767 | $10562 | $11347 |
| **06/2024** | $11873 | $10662 | $11420 |
| **07/2024** | $12193 | $10911 | $11692 |
| **08/2024** | $12421 | $11068 | $11876 |
| **09/2024** | $12661 | $11216 | $12086 |
| **10/2024** | $12311 | $10938 | $11793 |
| **11/2024** | $12473 | $11054 | $11951 |
| **12/2024** | $12198 | $10873 | $11719 |
| **01/2025** | $12263 | $10931 | $11784 |
| **02/2025** | $12539 | $11171 | $12024 |
| **03/2025** | $12533 | $11175 | $11990 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *Since Inception 06/29/18* |
| TCW Corporate Bond ETF (IGCB) | 5.55% | 1.19% | 3.40% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -1.51% | 1.66% |
| BBG U.S. Corporate Investment Grade Index | 4.90% | 7.78% | 2.72% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$8,243,548

* # of Portfolio Holdings302

* Portfolio Turnover Rate169%

* Total Advisory Fees Paid - Net$0

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 81.9% |
| U.S. Treasury Securities | 8.8% |
| Short-Term Investments | 7.2% |
| Municipal Bonds | 1.5% |
| Asset-Backed Securities | 0.4% |
| Commercial Mortgage-Backed Securities - Agency | 0.2% |
| Residential Mortgage-Backed Securities - Agency | 0.1% |
| Convertible Corporate Bonds | 0.1% |
| Other Security Types<sup>Footnote Reference\*</sup> | 0.0% |
| Liabilities in Excess of Other Assets | (0.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/Literature/Fund-Literature for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bonds, 4.63%, due 02/15/55 | 6.8% |
| T-Mobile USA, Inc., 2.55%, due 02/15/31 | 1.6% |
| Wells Fargo & Co., 3.35%, due 03/02/33 (1 day USD SOFR + 1.500%) | 1.5% |
| Bank of America Corp., 2.09%, due 06/14/29 (1 day USD SOFR + 1.060%) | 1.4% |
| JPMorgan Chase & Co., 2.07%, due 06/01/29 (1 day USD SOFR + 1.015%) | 1.3% |
| Bank of America Corp., 2.69%, due 04/22/32 (1 day USD SOFR + 1.320%) | 1.2% |
| UnitedHealth Group, Inc., 5.15%, due 07/15/34 | 1.2% |
| U.S. Treasury Notes, 4.00%, due 03/31/30 | 1.0% |
| U.S. Treasury Notes, 4.63%, due 02/15/35 | 1.0% |
| Metropolitan Life Global Funding I, 3.30%, due 03/21/29 | 0.9% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g23254i1874d51768ba637ee488.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

TCW Corporate Bond ETF

Annual Shareholder Report — March 31, 2025

Ticker: IGCB

TSR IGCB-0325

TCW Senior Loan ETF

![Image](g23254i1874d51768ba637ee488.jpg)

Ticker: SLNZ \| Listing Exchange: New York Stock Exchange LLC

Annual Shareholder Report — March 31, 2025

This annual shareholder report contains important information about the TCW Senior Loan ETF for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| TCW Senior Loan ETF | $71 | 0.69% |

---

# How did the Fund perform last year and what affected its performance?
The TCW Senior Loan ETF transitioned from the predecessor mutual fund, the MetWest Floating Rate Income Fund on November 15, 2024. Outperformance relative to the Morningstar LSTA Leveraged Loan Index was driven primarily by a combination of favorable issue selection and sector weighting within the capital goods and commercial service industries. The strategy's emphasis on bottom-up credit analysis resulted in high-conviction position sizing to borrowers in these industries with durable revenue streams that held up well despite some periodic volatility, with underweight allocations to both industries further enhancing relative performance as they lagged the broader loan universe. Fund returns were also supported by an avoidance to weaker credits that were held in the Index and experienced defaults, including one large issuer default in the materials space. Meanwhile, consistent with the strategy's more defensive tilt over the year and emphasis on non-cyclical industries, the Fund maintained an overweight to food & beverage, though this position detracted from relative returns somewhat as the industry was among the bottom performers.

# Fund Performance
*(based on Net Asset Value)*

![Growth of 10K Chart](g23254i2fde4eab8b1a0f71cfe4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TCW Senior Loan ETF (SLNZ)** | **Bloomberg U.S. Universal Bond Index** | **Morningstar LSTA Leveraged Loan Index** |
| **03/2015** | $10000 | $10000 | $10000 |
| **04/2015** | $10076 | $9988 | $10092 |
| **05/2015** | $10097 | $9971 | $10111 |
| **06/2015** | $10068 | $9859 | $10069 |
| **07/2015** | $10107 | $9917 | $10068 |
| **08/2015** | $10079 | $9888 | $9998 |
| **09/2015** | $10029 | $9926 | $9933 |
| **10/2015** | $10050 | $9958 | $9915 |
| **11/2015** | $10018 | $9921 | $9828 |
| **12/2015** | $9990 | $9872 | $9724 |
| **01/2016** | $9959 | $9981 | $9661 |
| **02/2016** | $9908 | $10052 | $9610 |
| **03/2016** | $10053 | $10175 | $9875 |
| **04/2016** | $10154 | $10244 | $10071 |
| **05/2016** | $10215 | $10252 | $10161 |
| **06/2016** | $10236 | $10433 | $10163 |
| **07/2016** | $10340 | $10519 | $10308 |
| **08/2016** | $10380 | $10530 | $10386 |
| **09/2016** | $10452 | $10533 | $10475 |
| **10/2016** | $10503 | $10463 | $10562 |
| **11/2016** | $10520 | $10228 | $10590 |
| **12/2016** | $10604 | $10258 | $10712 |
| **01/2017** | $10635 | $10294 | $10772 |
| **02/2017** | $10675 | $10374 | $10826 |
| **03/2017** | $10685 | $10370 | $10835 |
| **04/2017** | $10706 | $10456 | $10882 |
| **05/2017** | $10749 | $10537 | $10922 |
| **06/2017** | $10760 | $10528 | $10917 |
| **07/2017** | $10827 | $10580 | $10992 |
| **08/2017** | $10828 | $10672 | $10988 |
| **09/2017** | $10861 | $10634 | $11031 |
| **10/2017** | $10928 | $10647 | $11097 |
| **11/2017** | $10941 | $10631 | $11109 |
| **12/2017** | $10986 | $10678 | $11153 |
| **01/2018** | $11066 | $10575 | $11261 |
| **02/2018** | $11067 | $10475 | $11283 |
| **03/2018** | $11083 | $10527 | $11315 |
| **04/2018** | $11132 | $10457 | $11362 |
| **05/2018** | $11149 | $10514 | $11381 |
| **06/2018** | $11145 | $10499 | $11394 |
| **07/2018** | $11220 | $10521 | $11478 |
| **08/2018** | $11260 | $10573 | $11524 |
| **09/2018** | $11322 | $10527 | $11603 |
| **10/2018** | $11330 | $10439 | $11600 |
| **11/2018** | $11258 | $10486 | $11495 |
| **12/2018** | $11040 | $10650 | $11203 |
| **01/2019** | $11281 | $10797 | $11488 |
| **02/2019** | $11428 | $10809 | $11671 |
| **03/2019** | $11418 | $11004 | $11650 |
| **04/2019** | $11570 | $11020 | $11843 |
| **05/2019** | $11548 | $11188 | $11817 |
| **06/2019** | $11605 | $11347 | $11846 |
| **07/2019** | $11699 | $11380 | $11941 |
| **08/2019** | $11673 | $11638 | $11908 |
| **09/2019** | $11718 | $11587 | $11964 |
| **10/2019** | $11691 | $11625 | $11910 |
| **11/2019** | $11755 | $11623 | $11980 |
| **12/2019** | $11867 | $11640 | $12171 |
| **01/2020** | $11920 | $11849 | $12239 |
| **02/2020** | $11813 | $12026 | $12077 |
| **03/2020** | $10828 | $11791 | $10583 |
| **04/2020** | $11210 | $12028 | $11060 |
| **05/2020** | $11534 | $12140 | $11479 |
| **06/2020** | $11590 | $12241 | $11610 |
| **07/2020** | $11770 | $12456 | $11837 |
| **08/2020** | $11891 | $12384 | $12014 |
| **09/2020** | $11936 | $12362 | $12090 |
| **10/2020** | $11919 | $12318 | $12115 |
| **11/2020** | $12122 | $12479 | $12384 |
| **12/2020** | $12258 | $12522 | $12551 |
| **01/2021** | $12366 | $12443 | $12700 |
| **02/2021** | $12406 | $12282 | $12775 |
| **03/2021** | $12400 | $12139 | $12775 |
| **04/2021** | $12457 | $12242 | $12840 |
| **05/2021** | $12502 | $12288 | $12915 |
| **06/2021** | $12522 | $12378 | $12963 |
| **07/2021** | $12505 | $12502 | $12961 |
| **08/2021** | $12563 | $12494 | $13023 |
| **09/2021** | $12634 | $12387 | $13106 |
| **10/2021** | $12643 | $12377 | $13141 |
| **11/2021** | $12614 | $12392 | $13120 |
| **12/2021** | $12689 | $12384 | $13204 |
| **01/2022** | $12689 | $12112 | $13252 |
| **02/2022** | $12623 | $11947 | $13184 |
| **03/2022** | $12599 | $11626 | $13190 |
| **04/2022** | $12613 | $11193 | $13219 |
| **05/2022** | $12308 | $11254 | $12881 |
| **06/2022** | $12018 | $11029 | $12602 |
| **07/2022** | $12242 | $11307 | $12870 |
| **08/2022** | $12411 | $11013 | $13065 |
| **09/2022** | $12140 | $10538 | $12767 |
| **10/2022** | $12199 | $10423 | $12894 |
| **11/2022** | $12327 | $10811 | $13049 |
| **12/2022** | $12367 | $10775 | $13102 |
| **01/2023** | $12657 | $11109 | $13452 |
| **02/2023** | $12713 | $10836 | $13529 |
| **03/2023** | $12759 | $11090 | $13525 |
| **04/2023** | $12890 | $11158 | $13667 |
| **05/2023** | $12875 | $11042 | $13642 |
| **06/2023** | $13106 | $11025 | $13951 |
| **07/2023** | $13261 | $11036 | $14130 |
| **08/2023** | $13377 | $10970 | $14296 |
| **09/2023** | $13489 | $10708 | $14434 |
| **10/2023** | $13502 | $10547 | $14431 |
| **11/2023** | $13673 | $11022 | $14607 |
| **12/2023** | $13864 | $11440 | $14848 |
| **01/2024** | $13965 | $11412 | $14948 |
| **02/2024** | $14086 | $11276 | $15084 |
| **03/2024** | $14236 | $11386 | $15212 |
| **04/2024** | $14342 | $11120 | $15304 |
| **05/2024** | $14496 | $11305 | $15447 |
| **06/2024** | $14552 | $11408 | $15501 |
| **07/2024** | $14667 | $11667 | $15607 |
| **08/2024** | $14751 | $11839 | $15706 |
| **09/2024** | $14813 | $12001 | $15818 |
| **10/2024** | $14920 | $11728 | $15954 |
| **11/2024** | $15043 | $11852 | $16086 |
| **12/2024** | $15124 | $11673 | $16177 |
| **01/2025** | $15218 | $11743 | $16289 |
| **02/2025** | $15255 | $11986 | $16306 |
| **03/2025** | $15250 | $11983 | $16255 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| TCW Senior Loan ETF (SLNZ) | 7.13% | 7.09% | 4.31% |
| Bloomberg U.S. Universal Bond Index | 5.24% | 0.42% | 1.82% |
| Morningstar LSTA Leveraged Loan Index | 6.86% | 8.96% | 4.97% |

---

Past Performance: Performance data represent past performance which does not guarantee future result.

Key Fund Statistics

* Total Net Assets$293,767,995

* # of Portfolio Holdings351

* Portfolio Turnover Rate111%

* Total Advisory Fees Paid - Net$1,686,235

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Bank Loans | 89.6% |
| Short-Term Investments | 9.1% |
| Corporate Bonds | 3.2% |
| Asset-Backed Securities | 0.8% |
| U.S. Treasury Securities | 0.5% |
| Common Stock | 0.1% |
| Preferred Stock | 0.1% |
| Warrants | 0.0% |
| Liabilities in Excess of Other Assets | (3.4%) |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| Maverick Bidco, Inc., 0.00%, due 05/18/28 | 0.9% |
| EagleView Technology Corp., 8.07%, due 08/14/25 (3 mo. USD Term SOFR + 3.500%) | 0.8% |
| Magnite, Inc., 7.30%, due 02/06/31 (3 mo. USD Term SOFR + 3.000%) | 0.6% |
| Delivery Hero SE, 9.31%, due 12/12/29 (3 mo. USD Term SOFR + 5.000%) | 0.6% |
| Peer Holding III BV, 6.80%, due 10/28/30 (3 mo. USD Term SOFR + 2.500%) | 0.6% |
| United Natural Foods, Inc., 9.07%, due 05/01/31 (1 mo. USD Term SOFR + 4.750%) | 0.6% |
| Flutter Financing BV, 6.05%, due 11/30/30 (3 mo. USD Term SOFR + 1.750%) | 0.6% |
| KAMC Holdings, Inc., 8.57%, due 08/14/26 (3 mo. USD Term SOFR + 4.000%) | 0.6% |
| TransDigm, Inc., 7.05%, due 08/24/28 (3 mo. USD Term SOFR + 2.750%) | 0.6% |
| DTI Holdco, Inc., 8.32%, due 04/26/29 (1 mo. USD Term SOFR + 4.000%) | 0.6% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g23254i1874d51768ba637ee488.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/Literature/Fund-Literature.

Phone: 800-FUND-TCW (800-386-3829)

TCW Senior Loan ETF

Annual Shareholder Report — March 31, 2025

Ticker: SLNZ

TSR SLNZ-0325

------

(b) Not applicable.

**Item 2.** **Code of Ethics.** <br>

(a) The Registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer or persons performing similar functions.

(b) No disclosures are required by this Item 2(b).

(c) The Registrant has made no material changes to its code of ethics during the period covered by this Form N-CSR.

(d) The Registrant has not granted any waivers from any provisions of its code of ethics during the period covered by this Form N-CSR.

(e) Not applicable.

(f) A copy of the Registrant's code of ethics is filed as Exhibit 19(a)(1) to this Form N-CSR.

**Item 3.** **Audit Committee Financial Expert.** <br>

(a)(1) The Registrant's Board of Trustees (the "Board") has determined that the Registrant has at least one member serving on the Registrant's Audit Committee that possesses the attributes identified in Form N-CSR to qualify as an "audit committee financial expert."

(a)(2) The audit committee financial experts are Victoria B. Rogers, Robert Rooney, and Michael Swell. Each has been deemed to be "independent" as that term is defined in Form N-CSR.

(a)(3) Not applicable.

**Item 4.** **Principal Accountant Fees and Services.** <br>

The firm of Deloitte & Touche LLP ("Deloitte") serves as the independent registered public accounting firm for the Registrant.

(a) <u>Audit Fees</u> 

For the period covered by this Form N-CSR, the aggregate fees billed for professional services rendered by Deloitte for the audit of the Registrant's annual financial statements or for services that are normally provided by Deloitte in connection with statutory and regulatory filings or engagements were $60,000.

------

(b) <u>Audit-Related Fees</u> 

For the period covered by this Form N-CSR, the aggregate fees billed for assurance and related services rendered by Deloitte that are reasonably related to the performance of the audit or review of the Registrant's financial statements and that are not reported under Audit Fees above were $0.

(c) <u>Tax Fees</u> 

For the period covered by this Form N-CSR, the aggregate fees billed for tax compliance, tax advice and tax planning by Deloitte were $9,672.

These services consisted of tax return review, tax advice and tax planning.

(d) <u>All Other Fees</u> 

For the period covered by this Form N-CSR, the aggregate fees billed by Deloitte to the Registrant for all services other than services reported under Audit Fees, Audit-Related Fees, and Tax Fees were $0.

---

| | |
|:---|:---|
| (e)(1) | Pursuant to the Registrant's Audit Committee Charter that has been adopted by the Audit Committee, the Audit Committee shall approve all audit and permissible non-audit services to be provided to the Registrant and all permissible non-audit services to be provided to its investment adviser or any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant if the engagement relates directly to the operations and financial reporting of the Registrant. The Audit Committee has delegated to its Chair the approval of such services subject to reports to the full Audit Committee at its next subsequent meeting.  |

---

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the Registrant's Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X with respect to Audit-Related Fees were 0%, Tax Fees were 0%, and Other Fees were 0% for the period covered by this Form N-CSR.  |

---

(f) Not applicable.

(g) For the period covered by this Form N-CSR, the aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant were $882,033.

(h) Not applicable.

(i) Not applicable.

------

(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

(a) The Registrant is an issuer as defined in Section 10 A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of such Act. The Registrant's Audit Committee members, consisting solely of independent trustees, are

Patrick C. Haden

Martin Luther King III

Peter McMillan

Victoria B. Rogers

Robert G. Rooney

Michael Swell

Andrew Tarica

(b) Not applicable.

**Item 6.** **Investments.** <br>

(a) The Schedule of Investments is included as part of the Report to Shareholders filed under Item 7(a) of this Form N-CSR.

(b) Not applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

(a) The Registrant's Financial Statements are attached herewith.

(b) The Registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

------

![LOGO](g23254g81l51.jpg)

## Financial Statements

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Other Information Form N-CSR Items 7-11

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
![LOGO](g23254g00k01.jpg)

------

## TCW ETF Trust
**Table of Contents**

---

| | |
|:---|:---|
|  [Schedules of Investments](#toc23254_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Corporate Bond ETF](#toc23254_4) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Senior Loan ETF](#toc23254_8) | 11 |
|  [Statements of Assets and Liabilities](#toc23254_9) | 28 |
|  [Statements of Operations](#toc23254_10) | 29 |
|  [Statements of Changes in Net Assets](#toc23254_11) | 30 |
|  [Financial Highlights](#toc23254_13) | 31 |
|  [Notes to Financial Statements](#toc23254_12) | 33 |
|  [Report of Independent Registered Public Accounting Firm](#toc23254_14) | 61 |
|  [Board Approval of Investment Advisory Agreement (Unaudited)](#toc23254_15) | 62 |
|  [Supplemental Information (Unaudited)](#toc23254_16) | 68 |
|  [General Information](#toc23254_17) | 69 |

---

------

## TCW Corporate Bond ETF
Schedule of Investments March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 92.9% of Net Assets** | **FIXED INCOME SECURITIES — 92.9% of Net Assets** | **FIXED INCOME SECURITIES — 92.9% of Net Assets** | **FIXED INCOME SECURITIES — 92.9% of Net Assets** |
| **ASSET-BACKED SECURITIES — 0.4%** | **ASSET-BACKED SECURITIES — 0.4%** | **ASSET-BACKED SECURITIES — 0.4%** | **ASSET-BACKED SECURITIES — 0.4%** |
|  Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23% *<sup>(1)</sup>* | 07/03/38 | $34376 | $31736 |
|  **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
|  (Cost: $34,376) | (Cost: $34,376) |  | 31736 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.1%** |
|  Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55% (-30 day USD SOFR Average + 5.886%) *<sup>(2)</sup>* | 11/25/41 | 17255 | 1284 |
|  Federal National Mortgage Association REMICS Series 2012-128, Class UA | Federal National Mortgage Association REMICS Series 2012-128, Class UA | Federal National Mortgage Association REMICS Series 2012-128, Class UA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 06/25/42 | 6926 | 5928 |
|  **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** |  |
|  (Cost: $15,698) | (Cost: $15,698) |  | 7212 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 0.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 0.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 0.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 0.0%** |
|  COMM Mortgage Trust Series 2014-UBS5, <br>Class XA (I/O) | COMM Mortgage Trust Series 2014-UBS5, <br>Class XA (I/O) | COMM Mortgage Trust Series 2014-UBS5, <br>Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.47% *<sup>(1),(3)</sup>* | 09/10/47 | 42553 |  |
|  GS Mortgage Securities Trust Series 2010-C1, <br>Class X (I/O) | GS Mortgage Securities Trust Series 2010-C1, <br>Class X (I/O) | GS Mortgage Securities Trust Series 2010-C1, <br>Class X (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.43% *<sup>(3),(4)</sup>* | 08/10/43 | 1202830 | 536 |
|  **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** |  |
|  (Cost: $55,617) | (Cost: $55,617) |  | 536 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.2%** |
|  Government National Mortgage Association <br>Series 2009-111, Class IO (I/O) | Government National Mortgage Association <br>Series 2009-111, Class IO (I/O) | Government National Mortgage Association <br>Series 2009-111, Class IO (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.19% *<sup>(3),(5)</sup>* | 09/16/51 | 482595 | 17659 |
|  Government National Mortgage Association <br>Series 2012-144, Class IO (I/O) | Government National Mortgage Association <br>Series 2012-144, Class IO (I/O) | Government National Mortgage Association <br>Series 2012-144, Class IO (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.33% *<sup>(3)</sup>* | 01/16/53 | 129728 | 1489 |
|  **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** |  |
|  (Cost: $19,849) | (Cost: $19,849) |  | 19148 |
|  **CORPORATE BONDS — 81.9%** | **CORPORATE BONDS — 81.9%** | **CORPORATE BONDS — 81.9%** | **CORPORATE BONDS — 81.9%** |
| **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** |
|  BAE Systems Holdings, Inc. (United Kingdom) | BAE Systems Holdings, Inc. (United Kingdom) | BAE Systems Holdings, Inc. (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85% *<sup>(4)</sup>* | 12/15/25 | 20000 | 19890 |
|  Boeing Co. | Boeing Co. | Boeing Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81% | 05/01/50 | 5000 | 4761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93% | 05/01/60 | 12000 | 11290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.53% | 05/01/34 | 23000 | 24646 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** |
|  Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/15/34 | 35000 | $| 34503 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 05/01/40 | 5000 |  | 4866 |
|  |  |  |  | 99956 |
| **Agriculture — 1.4%** | **Agriculture — 1.4%** | **Agriculture — 1.4%** | **Agriculture — 1.4%** | **Agriculture — 1.4%** |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 02/04/51 | 5000 |  | 3443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 02/04/28 | 45000 |  | 45315 |
|  BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% | 08/15/37 | 35000 |  | 30742 |
|  Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% *<sup>(4)</sup>* | 07/21/25 | 35000 |  | 34937 |
|  |  |  |  | 114437 |
| **Airlines — 1.0%** | **Airlines — 1.0%** | **Airlines — 1.0%** | **Airlines — 1.0%** | **Airlines — 1.0%** |
|  Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/10/29 | 18273 |  | 17209 |
|  JetBlue Pass-Through Trust Series 2019-1, Class AA | JetBlue Pass-Through Trust Series 2019-1, Class AA | JetBlue Pass-Through Trust Series 2019-1, Class AA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 11/15/33 | 11525 |  | 10000 |
|  JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/15/34 | 22148 |  | 20624 |
|  United Airlines Pass-Through Trust Series 2016-2, Class AA | United Airlines Pass-Through Trust Series 2016-2, Class AA | United Airlines Pass-Through Trust Series 2016-2, Class AA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88% | 04/07/30 | 6450 |  | 6025 |
|  United Airlines Pass-Through Trust Series 2023-1, Class A | United Airlines Pass-Through Trust Series 2023-1, Class A | United Airlines Pass-Through Trust Series 2023-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 07/15/37 | 28659 |  | 29092 |
|  |  |  |  | 82950 |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
|  Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% *<sup>(4)</sup>* | 03/25/32 | 17000 |  | 16942 |
| **Banks — 16.5%** | **Banks — 16.5%** | **Banks — 16.5%** | **Banks — 16.5%** | **Banks — 16.5%** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.66% (1 day USD SOFR + 0.910%) *<sup>(2)</sup>* | 03/11/27 | 8000 |  | 7783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92% (1 day USD SOFR + 1.370%) *<sup>(2)</sup>* | 10/24/31 | 30000 |  | 25671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09% (1 day USD SOFR + 1.060%) *<sup>(2)</sup>* | 06/14/29 | 125000 |  | 115595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69% (1 day USD SOFR + 1.320%) *<sup>(2)</sup>* | 04/22/32 | 115000 |  | 101286 |
|  Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83% (1 Day USD SOFR Index + 2.074%) *<sup>(2)</sup>* | 10/25/33 | 60000 |  | 63115 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46% (1 day USD SOFR + 0.770%) *<sup>(2)</sup>* | 06/09/27 | $15000 | $14452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% (1 day USD SOFR + 1.177%) *<sup>(2)</sup>* | 11/03/32 | 70000 | 59831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57% (1 day USD SOFR + 2.107%) *<sup>(2)</sup>* | 06/03/31 | 50000 | 44552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98% (1 day USD SOFR + 1.422%) *<sup>(2)</sup>* | 11/05/30 | 1000 | 921 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99% (1 day USD SOFR + 1.090%) *<sup>(2)</sup>* | 01/27/32 | 80000 | 67789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60% | 02/07/30 | 80000 | 72505 |
|  HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80% (1 day USD SOFR + 1.187%) *<sup>(2)</sup>* | 05/24/32 | 70000 | 61245 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04% (3 mo. USD Term SOFR + 0.695%) *<sup>(2)</sup>* | 02/04/27 | 5000 | 4854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05% (1 day USD SOFR + 0.800%) *<sup>(2)</sup>* | 11/19/26 | 40000 | 39131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58% (1 day USD SOFR + 0.885%) *<sup>(2)</sup>* | 04/22/27 | 5000 | 4849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07% (1 day USD SOFR + 1.015%) *<sup>(2)</sup>* | 06/01/29 | 115000 | 106553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08% (1 day USD SOFR + 1.850%) *<sup>(2)</sup>* | 04/22/26 | 30000 | 29952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% (3 mo. USD Term SOFR + 1.482%) *<sup>(2)</sup>* | 01/23/49 | 48000 | 37480 |
|  Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63% (1 yr. CMT + 0.850%) *<sup>(2)</sup>* | 05/11/27 | 10000 | 9674 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59% (1 day USD SOFR + 0.879%) *<sup>(2)</sup>* | 05/04/27 | 25000 | 24212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93% (1 day USD SOFR + 1.020%) *<sup>(2)</sup>* | 04/28/32 | 65000 | 54502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19% (1 day USD SOFR + 1.990%) *<sup>(2)</sup>* | 04/28/26 | 60000 | 59884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24% (1 day USD SOFR + 1.178%) *<sup>(2)</sup>* | 07/21/32 | 85000 | 72291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77% (3 mo. USD Term SOFR + 1.402%) *<sup>(2)</sup>* | 01/24/29 | 20000 | 19564 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22% (1 day USD SOFR + 1.072%) *<sup>(2)</sup>* | 01/29/31 | 15000 | 15264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% (1 day USD SOFR + 2.284%) *<sup>(2)</sup>* | 10/20/34 | 25000 | 27654 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% (1 day USD SOFR + 1.600%) *<sup>(2)</sup>* | 02/01/34 | 35000 | 33999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 day USD SOFR + 1.411%) *<sup>(2)</sup>* | 02/12/36 | 10000 | 10074 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39% (1 day USD SOFR + 2.100%) *<sup>(2)</sup>* | 06/02/28 | 30000 | $| 28637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% (1 day USD SOFR + 1.500%) *<sup>(2)</sup>* | 03/02/33 | 140000 |  | 125621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24% (1 day USD SOFR + 1.110%) *<sup>(2)</sup>* | 01/24/31 | 20000 |  | 20336 |
|  |  |  |  | 1359276 |
| **Beverages — 1.4%** | **Beverages — 1.4%** | **Beverages — 1.4%** | **Beverages — 1.4%** | **Beverages — 1.4%** |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% *<sup>(4)</sup>* | 05/15/28 | 30000 |  | 29874 |
|  Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(4)</sup>* | 10/14/31 | 20000 |  | 16191 |
|  Coca-Cola Co. | Coca-Cola Co. | Coca-Cola Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 08/14/34 | 45000 |  | 44723 |
|  JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% *<sup>(4)</sup>* | 09/24/31 | 25000 |  | 20960 |
|  |  |  |  | 111748 |
| **Biotechnology — 1.9%** | **Biotechnology — 1.9%** | **Biotechnology — 1.9%** | **Biotechnology — 1.9%** | **Biotechnology — 1.9%** |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 05/01/45 | 5000 |  | 4232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 03/01/53 | 10000 |  | 8751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 03/02/53 | 20000 |  | 19624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 03/02/63 | 10000 |  | 9753 |
|  Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% | 06/15/35 | 55000 |  | 55237 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 03/23/31 | 20000 |  | 17261 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% | 09/02/27 | 45000 |  | 42012 |
|  |  |  |  | 156870 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23% *<sup>(4)</sup>* | 10/01/25 | 35000 |  | 34366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 09/26/48 | 5000 |  | 4268 |
|  Solvay Finance America LLC (Belgium) | Solvay Finance America LLC (Belgium) | Solvay Finance America LLC (Belgium) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% *<sup>(4)</sup>* | 06/04/34 | 10000 |  | 10201 |
|  |  |  |  | 48835 |
| **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% | 06/01/28 | 30000 |  | 29823 |
|  RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/18/29 | 10000 |  | 9804 |
|  Rollins, Inc. | Rollins, Inc. | Rollins, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(4)</sup>* | 02/24/35 | 25000 |  | 24906 |
|  |  |  |  | 64533 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Computers — 1.4%** | **Computers — 1.4%** | **Computers — 1.4%** | **Computers — 1.4%** |
|  Apple, Inc. | Apple, Inc. | Apple, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 02/08/51 | $55000 | $34480 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 04/15/35 | 15000 | 14906 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/30 | 30000 | 30131 |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/10/35 | 35000 | 35107 |
|  |  |  | 114624 |
| **Diversified Financial Services — 2.4%** | **Diversified Financial Services — 2.4%** | **Diversified Financial Services — 2.4%** | **Diversified Financial Services — 2.4%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/29/28 | 15000 | 14089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | 01/30/32 | 28000 | 24799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 01/23/28 | 4000 | 3909 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 12/01/27 | 34000 | 33160 |
|  American Express Co. | American Express Co. | American Express Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.49% (1 day USD SOFR + 1.940%) *<sup>(2)</sup>* | 10/30/31 | 40000 | 43204 |
|  Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53% *<sup>(4)</sup>* | 11/18/27 | 3000 | 2810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(4)</sup>* | 02/21/28 | 10000 | 9411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(4)</sup>* | 05/01/26 | 10000 | 9945 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27% (1 day USD SOFR + 1.790%) *<sup>(2)</sup>* | 03/01/30 | 10000 | 9377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% | 11/29/32 | 10000 | 10746 |
|  LSEGA Financing PLC (United Kingdom) | LSEGA Financing PLC (United Kingdom) | LSEGA Financing PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(4)</sup>* | 04/06/28 | 20000 | 18617 |
|  Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% | 01/15/35 | 15000 | 14620 |
|  Raymond James Financial, Inc. | Raymond James Financial, Inc. | Raymond James Financial, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 04/01/51 | 10000 | 7268 |
|  |  |  | 201955 |
| **Electric — 7.1%** | **Electric — 7.1%** | **Electric — 7.1%** | **Electric — 7.1%** |
|  AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 08/15/51 | 40000 | 24378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65% | 04/01/50 | 5000 | 3657 |
|  Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% | 04/02/35 | 30000 | 30015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/15/41 | 9000 | 8953 |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40% *<sup>(4)</sup>* | 03/15/26 | 60000 | 58074 |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% | 06/01/45 | 10000 | 8173 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% | 05/15/50 | 15000 | 10267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 12/15/32 | 10000 | 10652 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** |
|  Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 06/15/50 | 48000 | $| 30211 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% | 05/01/33 | 15000 |  | 14039 |
|  Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45% | 01/15/38 | 5000 |  | 5479 |
|  Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 06/15/47 | 35000 |  | 27003 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 06/01/45 | 70000 |  | 54283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/15/46 | 10000 |  | 7844 |
|  Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 03/15/53 | 10000 |  | 9958 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% *<sup>(4)</sup>* | 07/15/44 | 35000 |  | 34153 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 06/15/34 | 65000 |  | 66540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 06/15/54 | 15000 |  | 15101 |
|  Indianapolis Power & Light Co. | Indianapolis Power & Light Co. | Indianapolis Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% *<sup>(4)</sup>* | 04/01/54 | 5000 |  | 4980 |
|  International Transmission Co. | International Transmission Co. | International Transmission Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 08/15/43 | 25000 |  | 21587 |
|  Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 06/01/30 | 20000 |  | 17688 |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% | 09/15/54 | 5000 |  | 5141 |
|  Narragansett Electric Co. | Narragansett Electric Co. | Narragansett Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% *<sup>(4)</sup>* | 04/09/30 | 10000 |  | 9409 |
|  PacifiCorp |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 01/15/49 | 40000 |  | 30926 |
|  Public Service Co. of New Mexico | Public Service Co. of New Mexico | Public Service Co. of New Mexico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85% | 08/01/25 | 20000 |  | 19913 |
|  Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 05/01/51 | 10000 |  | 6653 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% | 12/15/50 | 27000 |  | 15279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80% | 09/15/47 | 10000 |  | 7574 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 09/15/41 | 35000 |  | 30860 |
|  |  |  |  | 588790 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Sydney Airport Finance Co. Pty. Ltd. (Australia) | Sydney Airport Finance Co. Pty. Ltd. (Australia) | Sydney Airport Finance Co. Pty. Ltd. (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% *<sup>(4)</sup>* | 04/28/26 | 5000 |  | 4948 |
| **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |
|  WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/42 | 27000 |  | 21602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 03/15/52 | 40000 |  | 29177 |
|  |  |  |  | 50779 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Environmental Control — 1.3%** | **Environmental Control — 1.3%** | **Environmental Control — 1.3%** | **Environmental Control — 1.3%** |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(4)</sup>* | 01/15/31 | $10000 | $10316 |
|  Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 03/15/35 | 40000 | 40251 |
|  Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 03/15/35 | 55000 | 54750 |
|  |  |  | 105317 |
| **Food — 1.5%** | **Food — 1.5%** | **Food — 1.5%** | **Food — 1.5%** |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 02/02/52 | 17000 | 13210 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 10/01/39 | 10000 | 9075 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% *<sup>(4)</sup>* | 03/01/30 | 50000 | 50321 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/32 | 30000 | 26446 |
|  Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% *<sup>(4)</sup>* | 09/13/31 | 25000 | 21303 |
|  |  |  | 120355 |
| **Gas — 0.6%** | **Gas — 0.6%** | **Gas — 0.6%** | **Gas — 0.6%** |
|  Boston Gas Co. | Boston Gas Co. | Boston Gas Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76% *<sup>(4)</sup>* | 03/16/32 | 10000 | 9116 |
|  KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82% *<sup>(4)</sup>* | 04/01/41 | 15000 | 14718 |
|  Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 06/01/43 | 10000 | 8496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 03/15/41 | 15000 | 15228 |
|  |  |  | 47558 |
| **Health Care-Products — 2.4%** | **Health Care-Products — 2.4%** | **Health Care-Products — 2.4%** | **Health Care-Products — 2.4%** |
|  Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60% *<sup>(4)</sup>* | 05/27/30 | 40000 | 36042 |
|  Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 04/01/30 | 10000 | 9632 |
|  Revvity, Inc. | Revvity, Inc. | Revvity, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 03/15/31 | 25000 | 21702 |
|  Smith & Nephew PLC (United Kingdom) | Smith & Nephew PLC (United Kingdom) | Smith & Nephew PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.03% | 10/14/30 | 30000 | 25870 |
|  STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 03/15/31 | 15000 | 13301 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 02/10/28 | 50000 | 50343 |
|  Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% | 08/10/33 | 40000 | 40500 |
|  |  |  | 197390 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Health Care-Services — 6.0%** | **Health Care-Services — 6.0%** | **Health Care-Services — 6.0%** | **Health Care-Services — 6.0%** |
|  Barnabas Health, Inc. | Barnabas Health, Inc. | Barnabas Health, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/01/28 | $5000 | $4823 |
|  Centene Corp. | Centene Corp. | Centene Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/15/30 | 38000 | 33260 |
|  Children's Hospital Medical Center | Children's Hospital Medical Center | Children's Hospital Medical Center |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82% | 11/15/50 | 20000 | 12754 |
|  Cigna Group | Cigna Group | Cigna Group |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 03/15/33 | 35000 | 35649 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78% | 10/01/30 | 15000 | 13495 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/15/35 | 55000 | 55152 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 06/15/49 | 15000 | 13200 |
|  Health Care Service Corp. A Mutual Legal Reserve Co. | Health Care Service Corp. A Mutual Legal Reserve Co. | Health Care Service Corp. A Mutual Legal Reserve Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% *<sup>(4)</sup>* | 06/15/34 | 20000 | 20297 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/15/31 | 25000 | 25214 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 02/01/29 | 10000 | 10437 |
|  Mass General Brigham, Inc. | Mass General Brigham, Inc. | Mass General Brigham, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34% | 07/01/60 | 10000 | 6651 |
|  Roche Holdings, Inc. | Roche Holdings, Inc. | Roche Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59% *<sup>(4)</sup>* | 09/09/34 | 35000 | 34259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% *<sup>(4)</sup>* | 11/13/33 | 15000 | 15773 |
|  Sharp HealthCare | Sharp HealthCare | Sharp HealthCare |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68% | 08/01/50 | 50000 | 31572 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 08/15/49 | 10000 | 7357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 04/15/47 | 15000 | 12366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 07/15/34 | 95000 | 95651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 07/15/54 | 10000 | 9824 |
|  Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 09/01/26 | 40000 | 38298 |
|  West Virginia United Health System Obligated Group | West Virginia United Health System Obligated Group | West Virginia United Health System Obligated Group |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13% | 06/01/50 | 35000 | 22742 |
|  |  |  | 498774 |
| **Insurance — 3.8%** | **Insurance — 3.8%** | **Insurance — 3.8%** | **Insurance — 3.8%** |
|  Allstate Corp. | Allstate Corp. | Allstate Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85% | 08/10/49 | 20000 | 15075 |
|  Aon Corp./Aon Global Holdings PLC | Aon Corp./Aon Global Holdings PLC | Aon Corp./Aon Global Holdings PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 02/28/52 | 15000 | 11132 |
|  Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 03/09/52 | 15000 | 9409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 02/15/34 | 10000 | 10859 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.61% *<sup>(4)</sup>* | 06/29/26 | 15000 | 14466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99% *<sup>(4)</sup>* | 08/19/28 | 10000 | 9115 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (3 mo. USD LIBOR + 3.231%) *<sup>(2),(4)</sup>* | 11/01/57 | 35000 | $| 28546 |
|  Guardian Life Insurance Co. of America | Guardian Life Insurance Co. of America | Guardian Life Insurance Co. of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% *<sup>(4)</sup>* | 01/22/70 | 45000 |  | 30709 |
|  Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% *<sup>(4)</sup>* | 03/21/29 | 80000 |  | 76338 |
|  MMI Capital Trust I | MMI Capital Trust I | MMI Capital Trust I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% | 12/15/27 | 25000 |  | 26494 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% *<sup>(4)</sup>* | 01/28/33 | 50000 |  | 48528 |
|  New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(4)</sup>* | 05/15/50 | 15000 |  | 11055 |
|  Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% | 05/15/33 | 20000 |  | 20176 |
|  |  |  |  | 311902 |
| **Internet — 1.6%** | **Internet — 1.6%** | **Internet — 1.6%** | **Internet — 1.6%** | **Internet — 1.6%** |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% | 05/12/51 | 35000 |  | 23802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 04/13/52 | 25000 |  | 19943 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 08/15/34 | 45000 |  | 44704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 05/15/53 | 15000 |  | 15137 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 09/15/34 | 30000 |  | 29217 |
|  |  |  |  | 132803 |
| **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% | 08/01/34 | 10000 |  | 10023 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/30/28 | 10000 |  | 10050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 06/30/34 | 10000 |  | 9830 |
|  |  |  |  | 29903 |
| **Media — 2.1%** | **Media — 2.1%** | **Media — 2.1%** | **Media — 2.1%** | **Media — 2.1%** |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 02/01/32 | 5000 |  | 4052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 06/01/52 | 45000 |  | 29138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 05/01/47 | 37000 |  | 30628 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/01/49 | 20000 |  | 15326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 08/15/35 | 30000 |  | 28193 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60% *<sup>(4)</sup>* | 06/15/31 | 35000 |  | 30163 |
|  Fox Corp. | Fox Corp. | Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 10/13/33 | 15000 |  | 16056 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Media (Continued)** | **Media (Continued)** | **Media (Continued)** | **Media (Continued)** | **Media (Continued)** |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/41 | 18000 | $| 15609 |
|  |  |  |  | 169165 |
| **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28% | 12/01/28 | 25000 |  | 23605 |
| **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** |
|  Aker BP ASA (Norway) | Aker BP ASA (Norway) | Aker BP ASA (Norway) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% *<sup>(4)</sup>* | 07/15/31 | 30000 |  | 26435 |
| **Packaging & Containers — 1.5%** | **Packaging & Containers — 1.5%** | **Packaging & Containers — 1.5%** | **Packaging & Containers — 1.5%** | **Packaging & Containers — 1.5%** |
|  Amcor Finance USA, Inc. | Amcor Finance USA, Inc. | Amcor Finance USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 05/26/33 | 20000 |  | 20521 |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 06/19/30 | 5000 |  | 4485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(4)</sup>* | 03/17/35 | 15000 |  | 15064 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57% | 01/15/26 | 13000 |  | 12679 |
|  CCL Industries, Inc. (Canada) | CCL Industries, Inc. (Canada) | CCL Industries, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% *<sup>(4)</sup>* | 06/01/30 | 25000 |  | 22785 |
|  Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57% *<sup>(4)</sup>* | 10/15/26 | 20000 |  | 19041 |
|  Smurfit Kappa Treasury ULC (Ireland) | Smurfit Kappa Treasury ULC (Ireland) | Smurfit Kappa Treasury ULC (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.44% *<sup>(4)</sup>* | 04/03/34 | 10000 |  | 10107 |
|  Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13% | 05/01/30 | 25000 |  | 22919 |
|  |  |  |  | 127601 |
| **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** | **Pharmaceuticals — 4.0%** |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 11/06/42 | 50000 |  | 44190 |
|  Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(4)</sup>* | 12/15/28 | 10000 |  | 9749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(4)</sup>* | 06/25/48 | 27000 |  | 21657 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/22/34 | 50000 |  | 50898 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/25/48 | 48000 |  | 40992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 06/01/33 | 28000 |  | 27730 |
|  Elanco Animal Health, Inc. | Elanco Animal Health, Inc. | Elanco Animal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65% | 08/28/28 | 5000 |  | 5064 |
|  Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 02/12/30 | 55000 |  | 55839 |
|  Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/17/53 | 20000 |  | 18507 |
|  Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 05/19/33 | 45000 |  | 44524 |
|  Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 11/16/32 | 10000 |  | 10430 |
|  |  |  |  | 329580 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Pipelines — 2.0%** | **Pipelines — 2.0%** | **Pipelines — 2.0%** | **Pipelines — 2.0%** |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/15/50 | $30000 | $25289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 12/15/45 | 7000 | 6895 |
|  Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% | 01/15/38 | 5000 | 5522 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% | 08/01/31 | 5000 | 5706 |
|  NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% *<sup>(4)</sup>* | 07/15/31 | 20000 | 17504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(4)</sup>* | 08/15/27 | 10000 | 9981 |
|  Pipeline Funding Co. LLC | Pipeline Funding Co. LLC | Pipeline Funding Co. LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(4)</sup>* | 01/15/30 | 23907 | 25144 |
|  Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/15/26 | 13000 | 12995 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% | 03/15/28 | 3000 | 2967 |
|  Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% *<sup>(4)</sup>* | 03/15/47 | 15000 | 12695 |
|  TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 03/01/34 | 35000 | 33064 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/15/51 | 15000 | 10278 |
|  |  |  | 168040 |
| **REIT — 7.0%** | **REIT — 7.0%** | **REIT — 7.0%** | **REIT — 7.0%** |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/01/31 | 30000 | 26425 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 07/15/31 | 30000 | 25753 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 04/15/31 | 61000 | 53987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 07/15/33 | 20000 | 20442 |
|  Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41% | 09/12/34 | 20000 | 19526 |
|  Boston Properties LP | Boston Properties LP | Boston Properties LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 04/01/32 | 10000 | 8239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% | 06/21/29 | 5000 | 4673 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | 07/01/30 | 75000 | 68919 |
|  CubeSmart LP | CubeSmart LP | CubeSmart LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 02/15/29 | 15000 | 14726 |
|  Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 07/01/29 | 15000 | 14333 |
|  DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 11/01/31 | 10000 | 8659 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 05/15/31 | 45000 | 39291 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 03/15/32 | 5000 | $| 4280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/01/34 | 15000 |  | 15148 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20% | 10/15/30 | 25000 |  | 21788 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 01/15/32 | 2000 |  | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/15/30 | 25000 |  | 23661 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 01/15/28 | 30000 |  | 28981 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/15/30 | 30000 |  | 27503 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 10000 |  | 8844 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 08/15/33 | 25000 |  | 25172 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 10/01/31 | 15000 |  | 12521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 09/15/30 | 10000 |  | 8811 |
|  NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 10/15/33 | 35000 |  | 35479 |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 04/01/32 | 30000 |  | 24241 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 05/15/32 | 25000 |  | 24529 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 03/09/33 | 10000 |  | 8835 |
|  |  |  |  | 576499 |
| **Retail — 0.9%** | **Retail — 0.9%** | **Retail — 0.9%** | **Retail — 0.9%** | **Retail — 0.9%** |
|  Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 06/25/34 | 50000 |  | 50178 |
|  Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 07/01/53 | 10000 |  | 9814 |
|  McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% | 04/01/50 | 20000 |  | 16094 |
|  |  |  |  | 76086 |
| **Semiconductors — 1.3%** | **Semiconductors — 1.3%** | **Semiconductors — 1.3%** | **Semiconductors — 1.3%** | **Semiconductors — 1.3%** |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60% *<sup>(4)</sup>* | 02/15/33 | 65000 |  | 54805 |
|  Intel Corp. | Intel Corp. | Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/12/31 | 5000 |  | 4184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 08/12/51 | 21000 |  | 12353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 11/15/49 | 5000 |  | 3136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 02/10/53 | 13000 |  | 11965 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 04/15/32 | 25000 |  | 21400 |
|  |  |  |  | 107843 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Software — 2.8%** | **Software — 2.8%** | **Software — 2.8%** | **Software — 2.8%** |
|  AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 12/01/34 | $25000 | $25005 |
|  Atlassian Corp. | Atlassian Corp. | Atlassian Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/15/34 | 20000 | 20326 |
|  Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 09/10/34 | 20000 | 19543 |
|  Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46% *<sup>(4)</sup>* | 02/16/34 | 25000 | 25480 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 06/01/30 | 25000 | 22503 |
|  Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% *<sup>(4)</sup>* | 12/01/27 | 17000 | 17604 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 04/01/50 | 45000 | 31280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 03/25/51 | 47000 | 34527 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 04/01/35 | 20000 | 20113 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/14/32 | 15000 | 14040 |
|  |  |  | 230421 |
| **Telecommunications — 4.1%** | **Telecommunications — 4.1%** | **Telecommunications — 4.1%** | **Telecommunications — 4.1%** |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55% | 09/15/55 | 10000 | 6772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80% | 12/01/57 | 28000 | 19671 |
|  Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 02/26/34 | 55000 | 55755 |
|  Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% | 03/15/32 | 25000 | 30079 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% *<sup>(4)</sup>* | 09/20/29 | 75000 | 75359 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 02/15/31 | 148000 | 130499 |
|  Vodafone Group PLC (United Kingdom) | Vodafone Group PLC (United Kingdom) | Vodafone Group PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 09/17/50 | 21000 | 16188 |
|  |  |  | 334323 |
| **Transportation — 1.3%** | **Transportation — 1.3%** | **Transportation — 1.3%** | **Transportation — 1.3%** |
|  Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05% | 06/15/48 | 15000 | 12108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/15/55 | 25000 | 24899 |
|  CSX Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 03/15/55 | 20000 | 18112 |
|  Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97% | 09/16/62 | 25000 | 14624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% | 02/20/35 | 40000 | 40348 |
|  |  |  | 110091 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
|  Essential Utilities, Inc. | Essential Utilities, Inc. | Essential Utilities, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 05/01/52 | $10000 | $9136 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** |  |  |
|  (Cost: $7,171,404) | (Cost: $7,171,404) |  | 6749470 |
| **MUNICIPAL BONDS — 1.5%** | **MUNICIPAL BONDS — 1.5%** | **MUNICIPAL BONDS — 1.5%** | **MUNICIPAL BONDS — 1.5%** |
|  City of Los Angeles Department of Airports, Revenue Bonds | City of Los Angeles Department of Airports, Revenue Bonds | City of Los Angeles Department of Airports, Revenue Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89% | 05/15/38 | 15000 | 13500 |
|  County of Miami-Dade Aviation Revenue, Revenue Bonds | County of Miami-Dade Aviation Revenue, Revenue Bonds | County of Miami-Dade Aviation Revenue, Revenue Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/31 | 15000 | 14079 |
|  Empire State Development Corp., Revenue Bonds | Empire State Development Corp., Revenue Bonds | Empire State Development Corp., Revenue Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54% | 03/15/34 | 5000 | 4184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54% | 03/15/34 | 5000 | 4212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59% | 03/15/35 | 20000 | 16397 |
|  Maryland Economic Development Corp., Revenue Bonds | Maryland Economic Development Corp., Revenue Bonds | Maryland Economic Development Corp., Revenue Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% | 05/31/56 | 10000 | 9776 |
|  Massachusetts School Building Authority, Series B | Massachusetts School Building Authority, Series B | Massachusetts School Building Authority, Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97% | 10/15/32 | 10000 | 9002 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.97% | 02/01/33 | 20000 | 16442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73% | 08/01/29 | 5000 | 4874 |
|  San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds | San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds | San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 05/01/34 | 35000 | 30863 |
|  **Total Municipal Bonds** | **Total Municipal Bonds** |  |  |
|  (Cost: $139,190) | (Cost: $139,190) |  | 123329 |
| **U.S. TREASURY SECURITIES — 8.8%** | **U.S. TREASURY SECURITIES — 8.8%** | **U.S. TREASURY SECURITIES — 8.8%** | **U.S. TREASURY SECURITIES — 8.8%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/55 | 554000 | 557679 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/31/30 | 86000 | 85637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/35 | 82000 | 84710 |
|  **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |  |
|  (Cost: $719,398) | (Cost: $719,398) |  | 728026 |
|  **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |  |
|  (Cost: $8,155,532) | (Cost: $8,155,532) |  | 7659457 |
|  **CONVERTIBLE SECURITIES — (0.1%)** | **CONVERTIBLE SECURITIES — (0.1%)** | **CONVERTIBLE SECURITIES — (0.1%)** |  |
|  **CONVERTIBLE CORPORATE BONDS — 0.1%** | **CONVERTIBLE CORPORATE BONDS — 0.1%** | **CONVERTIBLE CORPORATE BONDS — 0.1%** | **CONVERTIBLE CORPORATE BONDS — 0.1%** |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
|  Worldline SA (France) | Worldline SA (France) | Worldline SA (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5),(6)</sup>* | 07/30/26 | 5000 | 5275 |
|  **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** |  |
|  (Cost: $5,224) | (Cost: $5,224) |  | 5275 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | |
|:---|:---|:---|
| **Security** | **<br>Shares** | **Value** |
| **MONEY MARKET INVESTMENTS — 7.2%** | **MONEY MARKET INVESTMENTS — 7.2%** | **MONEY MARKET INVESTMENTS — 7.2%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class,<br>4.27% *<sup>(7)</sup>* | 40985 | $40985 |
|  TCW Central Cash Fund,<br>4.07% *<sup>(7),(8)</sup>* | 557982 | 557982 |
|  **Total Money Market Investments** | **Total Money Market Investments** |  |
|  (Cost: $598,967) |  | 598967 |
|  **Total Investments (100.2%)** | **Total Investments (100.2%)** |  |
|  (Cost: $8,759,723) | (Cost: $8,759,723) | 8263699 |
|  **Liabilities In Excess Of Other Assets (-0.2%)** | **Liabilities In Excess Of Other Assets (-0.2%)** | (20151) |
|  **Net Assets (100.0%)** |  | $8243548 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |  |  |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional<br>Contract<br>Value** | **Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** |  |  |  |  |  |
| 16 | 2-Year U.S. Treasury Note Futures | 06/30/25 | $3305926 | $3314750 | $8824 |
|  |  |  | $3305926 | $3314750 | $8824 |
|  **Short Futures** |  |  |  |  |  |
| 2 | 10-Year U.S. Treasury Note Futures | 06/18/25 | $(226483) | $(228250) | $(1767) |
| 5 | 5-Year U.S. Treasury Note Futures | 06/30/25 | (539930) | (540781) | (851) |
|  |  |  | $(766413) | $(769031) | $(2618) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts at<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **BUY** *<sup>(9)</sup>* |  |  |  |  |  |  |
|  Citibank N.A. | EUR | 4700 | 04/11/25 | $5075 | $5084 | $9 |
|  **SELL** *<sup>(10)</sup>* |  |  |  |  |  |  |
|  Citibank N.A. | EUR | 4700 | 04/11/25 | $4816 | $5084 | $(268) |
|  Citibank N.A. | EUR | 4700 | 07/11/25 | 5102 | 5111 | (9) |
|  |  |  |  | $9918 | $10195 | $(277) |

---

#### Notes to the Schedule of Investments:
*EUR* *Euro Currency.* 

*I/F* *Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates.* 

*I/O* *Interest Only Security.* 

*LIBOR* *London Interbank Offered Rate.* 

*REIT* *Real Estate Investment Trust.* 

*REMIC* *Real Estate Mortgage Investment Conduits.* 

*SOFR* *Secured Overnight Financing Rate.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW Corporate Bond ETF
March 31, 2025

*(1)* *For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.* 

*(2)* *Floating or variable rate security. The interest shown reflects the rate in effect at March 31, 2025.* 

*(3)* *Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.* 

*(4)* *Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At March 31, 2025, the value of these securities amounted to $1,185,625 or 14.4% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company's Board of Directors.* 

*(5)* *Security is not accruing interest.* 

*(6)* *Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At March 31, 2025, the value of these securities amounted to $5,275 or 0.1% of net assets.* 

*(7)* *Rate disclosed is the 7-day net yield as of March 31, 2025.* 

*(8)* *Affiliated issuer.* 

*(9)* *Fund buys foreign currency, sells USD.* 

*(10)* *Fund sells foreign currency, buys USD.* 

The summary of the TCW Corporate Bond ETF transactions in the affiliated funds for the year ended March 31, 2025 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of<br>Affiliated<br>Fund** | **Value at<br>April 1,<br>2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Number<br>of Shares Held<br>March 31,<br>2025** | **Value at<br>March 31,<br>2025** | **Dividends and<br>Interest<br>Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net Realized<br>Gain (Loss)<br>on<br>Investments** | **Net change in<br>Unrealized<br>Gain (Loss)<br>on<br>Investments** |
|  **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** |  |  |  |
|  | $— | $4021291 | $3463309 | 557982 | $557982 | $2286 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $557982 | $2286 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

Fair Valuation Summary March 31, 2025

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets**<br>**(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $6749470 | $— | $6749470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | 728026 |  |  | 728026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 123329 |  | 123329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  | 31736 | 31736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Agency |  | 19148 |  | 19148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Agency |  | 7212 |  | 7212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Non-Agency |  | 536 |  | 536 |
|  Total Fixed Income Securities | 728026 | 6899695 | 31736 | 7659457 |
|  Money Market Investments | 598967 |  |  | 598967 |
|  Convertible Corporate Bonds |  | 5275 |  | 5275 |
|  Total Investments | $1326993 | $6904970 | $31736 | $8263699 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 8824 |  |  | 8824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 9 |  | 9 |
|  Total | $1335817 | $6904979 | $31736 | $8272532 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | $(2618) | $— | $— | $(2618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | (277) |  | (277) |
|  Total | $(2618) | $(277) | $— | $(2895) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Senior Loan ETF
Schedule of Investments March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 94.1% of Net Assets** | **FIXED INCOME SECURITIES — 94.1% of Net Assets** | **FIXED INCOME SECURITIES — 94.1% of Net Assets** | **FIXED INCOME SECURITIES — 94.1% of Net Assets** |
| **ASSET-BACKED SECURITIES — 0.8%** | **ASSET-BACKED SECURITIES — 0.8%** | **ASSET-BACKED SECURITIES — 0.8%** | **ASSET-BACKED SECURITIES — 0.8%** |
|  AMMC CLO 18 Ltd. Series 2016-18A, Class BR | AMMC CLO 18 Ltd. Series 2016-18A, Class BR | AMMC CLO 18 Ltd. Series 2016-18A, Class BR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.18% (3 mo. USD Term SOFR + 1.862%) *<sup>(1),(2)</sup>* | 05/26/31 | $915000 | $917563 |
|  AMMC CLO 30 Ltd. Series 2024-30A, Class A1 | AMMC CLO 30 Ltd. Series 2024-30A, Class A1 | AMMC CLO 30 Ltd. Series 2024-30A, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.98% (3 mo. USD Term SOFR + 1.680%) *<sup>(1),(2)</sup>* | 01/15/37 | 750000 | 752152 |
|  Elmwood CLO 15 Ltd. Series 2022-2A, Class A1 | Elmwood CLO 15 Ltd. Series 2022-2A, Class A1 | Elmwood CLO 15 Ltd. Series 2022-2A, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% (3 mo. USD Term SOFR + 1.340%) *<sup>(1),(2)</sup>* | 04/22/35 | 250000 | 250000 |
|  Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1 | Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1 | Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%) *<sup>(1),(2)</sup>* | 11/09/36 | 500000 | 504291 |
|  **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
|  (Cost: $2,393,090) | (Cost: $2,393,090) |  | 2424006 |
|  **BANK LOANS — 89.6%** | **BANK LOANS — 89.6%** | **BANK LOANS — 89.6%** | **BANK LOANS — 89.6%** |
| **Advertising — 1.1%** | **Advertising — 1.1%** | **Advertising — 1.1%** | **Advertising — 1.1%** |
|  Advantage Sales & Marketing, Inc. 2024 Term Loan | Advantage Sales & Marketing, Inc. 2024 Term Loan | Advantage Sales & Marketing, Inc. 2024 Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.81% (3 mo. USD Term SOFR + 4.250%) *<sup>(1)</sup>* | 10/28/27 | 1279086 | 1237337 |
|  Neptune Bidco U.S., Inc. 2022 USD Term Loan A | Neptune Bidco U.S., Inc. 2022 USD Term Loan A | Neptune Bidco U.S., Inc. 2022 USD Term Loan A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.14% (3 mo. USD Term SOFR + 4.750%) *<sup>(1)</sup>* | 04/11/29 | 564938 | 487349 |
|  Planet U.S. Buyer LLC 2024 Term Loan B | Planet U.S. Buyer LLC 2024 Term Loan B | Planet U.S. Buyer LLC 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (3 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 02/07/31 | 1151182 | 1149622 |
|  Red Ventures LLC 2024 Term Loan B | Red Ventures LLC 2024 Term Loan B | Red Ventures LLC 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%) *<sup>(1)</sup>* | 03/03/30 | 231682 | 227820 |
|  |  |  | 3102128 |
| **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** |
|  Air Comm Corp. LLC 2024 Term Loan | Air Comm Corp. LLC 2024 Term Loan | Air Comm Corp. LLC 2024 Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%) *<sup>(1),(3)</sup>* | 11/21/31 | 324961 | 323742 |
|  Novaria Holdings LLC 2024 Term Loan B | Novaria Holdings LLC 2024 Term Loan B | Novaria Holdings LLC 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 06/06/31 | 948875 | 948875 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** |
|  TransDigm, Inc. 2024 Term Loan I | TransDigm, Inc. 2024 Term Loan I | TransDigm, Inc. 2024 Term Loan I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% (3 mo. USD Term SOFR + 2.750%) *<sup>(1)</sup>* | 08/24/28 | 1720737 | $| 1722174 |
|  |  |  |  | 2994791 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
|  Alltech, Inc. 2025 Term Loan | Alltech, Inc. 2025 Term Loan | Alltech, Inc. 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.69% (1 mo. USD Term SOFR + 4.250%) *<sup>(1)</sup>* | 08/13/30 | 549604 |  | 545757 |
| **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
|  Air Canada 2024 Term Loan B | Air Canada 2024 Term Loan B | Air Canada 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%) *<sup>(1)</sup>* | 03/21/31 | 507073 |  | 502159 |
|  United Airlines, Inc. 2024 1st Lien Term Loan B | United Airlines, Inc. 2024 1st Lien Term Loan B | United Airlines, Inc. 2024 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30% (3 mo. USD Term SOFR + 2.000%) *<sup>(1)</sup>* | 02/22/31 | 1074078 |  | 1073117 |
|  |  |  |  | 1575276 |
| **Apparel — 0.8%** | **Apparel — 0.8%** | **Apparel — 0.8%** | **Apparel — 0.8%** | **Apparel — 0.8%** |
|  ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%) *<sup>(1)</sup>* | 12/21/28 | 1037000 |  | 1027465 |
|  Crocs, Inc. 2024 Term Loan | Crocs, Inc. 2024 Term Loan | Crocs, Inc. 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% (3 mo. USD Term SOFR + 2.250%) *<sup>(1)</sup>* | 02/19/29 | 278852 |  | 280352 |
|  WH Borrower LLC 2025 Term Loan B | WH Borrower LLC 2025 Term Loan B | WH Borrower LLC 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (3 mo. USD Term SOFR + 4.750%) *<sup>(1)</sup>* | 02/20/32 | 1000000 |  | 996410 |
|  |  |  |  | 2304227 |
| **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** |
|  First Brands Group LLC 2021 Term Loan | First Brands Group LLC 2021 Term Loan | First Brands Group LLC 2021 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.55% (3 mo. USD Term SOFR + 5.000%) *<sup>(1)</sup>* | 03/30/27 | 974031 |  | 907373 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
|  Chrysaor Bidco SARL Delayed Draw Term Loan | Chrysaor Bidco SARL Delayed Draw Term Loan | Chrysaor Bidco SARL Delayed Draw Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 10/30/31 | 21408 |  | 21477 |
|  Chrysaor Bidco SARL Term Loan B | Chrysaor Bidco SARL Term Loan B | Chrysaor Bidco SARL Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 10/30/31 | 289479 |  | 290410 |
|  |  |  |  | 311887 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** |
|  Arterra Wines Canada, Inc. 2020 Term Loan | Arterra Wines Canada, Inc. 2020 Term Loan | Arterra Wines Canada, Inc. 2020 Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.06% (3 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 11/24/27 | $1019499 | $989664 |
|  Celsius Holdings, Inc. Term Loan | Celsius Holdings, Inc. Term Loan | Celsius Holdings, Inc. Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 03/21/32 | 750000 | 752344 |
|  City Brewing Co. LLC 2024 First Lien Second Out PIK TL | City Brewing Co. LLC 2024 First Lien Second Out PIK TL | City Brewing Co. LLC 2024 First Lien Second Out PIK TL |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.56% (3 mo. USD Term SOFR + 5.000%) *<sup>(1)</sup>* | 04/05/28 | 4632 | 110 |
|  Naked Juice LLC 2nd Lien Term Loan | Naked Juice LLC 2nd Lien Term Loan | Naked Juice LLC 2nd Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.40% (3 mo. USD Term SOFR + 6.000%) *<sup>(1)</sup>* | 01/24/30 | 600000 | 145749 |
|  Naked Juice LLC Term Loan | Naked Juice LLC Term Loan | Naked Juice LLC Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40% (3 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 01/24/29 | 983692 | 519124 |
|  Pegasus Bidco BV 2024 Term Loan B | Pegasus Bidco BV 2024 Term Loan B | Pegasus Bidco BV 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (3 mo. USD Term SOFR + 3.250%) *<sup>(1)</sup>* | 07/12/29 | 1350440 | 1350440 |
|  Triton Water Holdings, Inc. 2025 Term Loan B | Triton Water Holdings, Inc. 2025 Term Loan B | Triton Water Holdings, Inc. 2025 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% (3 mo. USD Term SOFR + 2.250%) *<sup>(1)</sup>* | 03/31/28 | 997500 | 994622 |
|  |  |  | 4752053 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
|  PHRG Intermediate LLC 2025 Term Loan B | PHRG Intermediate LLC 2025 Term Loan B | PHRG Intermediate LLC 2025 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.32% (3 mo. USD Term SOFR + 4.000%) *<sup>(1),(5)</sup>* | 02/20/32 | 396226 | 387807 |
|  Standard Industries, Inc. 2021 Term Loan B | Standard Industries, Inc. 2021 Term Loan B | Standard Industries, Inc. 2021 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 09/22/28 | 163182 | 163307 |
|  |  |  | 551114 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
|  Archroma Finance SARL 2023 USD Term Loan B2A | Archroma Finance SARL 2023 USD Term Loan B2A | Archroma Finance SARL 2023 USD Term Loan B2A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.96% (6 mo. USD Term SOFR + 5.500%) *<sup>(1)</sup>* | 06/30/27 | 1184416 | 1172572 |
|  Chemours Co. 2023 USD Term Loan B | Chemours Co. 2023 USD Term Loan B | Chemours Co. 2023 USD Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 08/18/28 | 496222 | 495601 |
|  Hexion Holdings Corp. 2024 Term Loan B | Hexion Holdings Corp. 2024 Term Loan B | Hexion Holdings Corp. 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.32% (1 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 03/15/29 | 1160492 | 1130859 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Chemicals (Continued)** | **Chemicals (Continued)** | **Chemicals (Continued)** | **Chemicals (Continued)** | **Chemicals (Continued)** |
|  Mativ Holdings, Inc. Delayed Draw Term Loan A | Mativ Holdings, Inc. Delayed Draw Term Loan A | Mativ Holdings, Inc. Delayed Draw Term Loan A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.92% (1 mo. USD Term SOFR + 2.500%) *<sup>(1)</sup>* | 05/06/27 | 1112320 | $| 1112320 |
|  SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B | SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B | SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.29% (3 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 01/31/29 | 1187977 |  | 1179810 |
|  |  |  |  | 5091162 |
| **Commercial Services — 12.8%** | **Commercial Services — 12.8%** | **Commercial Services — 12.8%** | **Commercial Services — 12.8%** | **Commercial Services — 12.8%** |
|  Albion Financing 3 SARL 2025 USD Term Loan B | Albion Financing 3 SARL 2025 USD Term Loan B | Albion Financing 3 SARL 2025 USD Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% (3 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 08/16/29 | 1536333 |  | 1539690 |
|  Allied Universal Holdco LLC 2021 USD Incremental Term Loan B | Allied Universal Holdco LLC 2021 USD Incremental Term Loan B | Allied Universal Holdco LLC 2021 USD Incremental Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.17% (1 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 05/12/28 | 389141 |  | 389172 |
|  Amspec Parent LLC 2024 Term Loan | Amspec Parent LLC 2024 Term Loan | Amspec Parent LLC 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.55% (3 mo. USD Term SOFR + 4.250%) *<sup>(1),(6)</sup>* | 12/22/31 | 1256667 |  | 1257458 |
|  Anticimex International AB 2024 Term Loan B6 | Anticimex International AB 2024 Term Loan B6 | Anticimex International AB 2024 Term Loan B6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.74% (3 mo. USD Term SOFR + 3.400%) *<sup>(1)</sup>* | 11/16/28 | 1504112 |  | 1503360 |
|  APi Group DE, Inc. 2025 Term Loan | APi Group DE, Inc. 2025 Term Loan | APi Group DE, Inc. 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 01/03/29 | 955701 |  | 953675 |
|  Archkey Solutions LLC 2024 Term Loan B | Archkey Solutions LLC 2024 Term Loan B | Archkey Solutions LLC 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (1 mo. USD Term SOFR + 4.750%) *<sup>(1),(7)</sup>* | 11/01/31 | 1062580 |  | 1063244 |
|  ASP Dream Acquisition Co. LLC Term Loan B | ASP Dream Acquisition Co. LLC Term Loan B | ASP Dream Acquisition Co. LLC Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.67% (1 mo. USD Term SOFR + 4.250%) *<sup>(1)</sup>* | 12/15/28 | 525000 |  | 509250 |
|  Belron Finance 2019 LLC 2024 USD Term Loan B | Belron Finance 2019 LLC 2024 USD Term Loan B | Belron Finance 2019 LLC 2024 USD Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% (3 mo. USD Term SOFR + 2.750%) *<sup>(1)</sup>* | 10/16/31 | 978026 |  | 977572 |
|  Berkeley Research Group LLC Term Loan B | Berkeley Research Group LLC Term Loan B | Berkeley Research Group LLC Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 03/17/32 | 480000 |  | 474674 |
|  BIFM U.S. Finance LLC 2024 Incremental Term Loan | BIFM U.S. Finance LLC 2024 Incremental Term Loan | BIFM U.S. Finance LLC 2024 Incremental Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (1 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 05/31/28 | 1493631 |  | 1496125 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Commercial Services (Continued)** | **Commercial Services (Continued)** | **Commercial Services (Continued)** | **Commercial Services (Continued)** |
|  Boost Newco Borrower LLC 2025 USD Term Loan B | Boost Newco Borrower LLC 2025 USD Term Loan B | Boost Newco Borrower LLC 2025 USD Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30% (3 mo. USD Term SOFR + 2.000%) *<sup>(1)</sup>* | 01/31/31 | $748125 | $744153 |
|  CCRR Parent, Inc. Term Loan B | CCRR Parent, Inc. Term Loan B | CCRR Parent, Inc. Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.82% (3 mo. USD Term SOFR + 4.250%) *<sup>(1)</sup>* | 03/06/28 | 836736 | 373046 |
|  Crisis Prevention Institute, Inc. 2024 Term Loan B | Crisis Prevention Institute, Inc. 2024 Term Loan B | Crisis Prevention Institute, Inc. 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 04/09/31 | 1246875 | 1250516 |
|  Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan | Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan | Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 07/06/29 | 1310920 | 1310507 |
|  Ensemble RCM LLC 2024 Term Loan B | Ensemble RCM LLC 2024 Term Loan B | Ensemble RCM LLC 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.29% (3 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 08/01/29 | 998816 | 999031 |
|  Fugue Finance BV 2025 Term Loan B | Fugue Finance BV 2025 Term Loan B | Fugue Finance BV 2025 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% (6 mo. USD Term SOFR + 3.250%) *<sup>(1)</sup>* | 01/09/32 | 1200000 | 1200468 |
|  Garda World Security Corp. 2025 Term Loan B | Garda World Security Corp. 2025 Term Loan B | Garda World Security Corp. 2025 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 02/01/29 | 1500000 | 1496565 |
|  Holding Socotec SAS 2024 Term Loan B | Holding Socotec SAS 2024 Term Loan B | Holding Socotec SAS 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 06/30/28 | 1248469 | 1250810 |
|  Kelso Industries LLC Delayed Draw Term Loan | Kelso Industries LLC Delayed Draw Term Loan | Kelso Industries LLC Delayed Draw Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 12/30/29 | 187793 | 187088 |
|  Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.07% (1 mo. USD Term SOFR + 5.750%) *<sup>(1)</sup>* | 12/30/29 | 747777 | 744973 |
|  KUEHG Corp. 2024 Term Loan | KUEHG Corp. 2024 Term Loan | KUEHG Corp. 2024 Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%) *<sup>(1)</sup>* | 06/12/30 | 741375 | 740796 |
|  Learning Care Group U.S. No. 2, Inc. 2024 Term Loan B | Learning Care Group U.S. No. 2, Inc. 2024 Term Loan B | Learning Care Group U.S. No. 2, Inc. 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 08/11/28 | 968363 | 962795 |
|  Nuvei Technologies Corp. 2024 Term Loan B1 | Nuvei Technologies Corp. 2024 Term Loan B1 | Nuvei Technologies Corp. 2024 Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 11/17/31 | 1042683 | 1037178 |
|  OMNIA Partners LLC 2024 Term Loan B | OMNIA Partners LLC 2024 Term Loan B | OMNIA Partners LLC 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.04% (3 mo. USD Term SOFR + 2.750%) *<sup>(1)</sup>* | 07/25/30 | 1 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Commercial Services (Continued)** | **Commercial Services (Continued)** | **Commercial Services (Continued)** | **Commercial Services (Continued)** |
|  Prime Security Services Borrower LLC 2024 1st Lien Term Loan B | Prime Security Services Borrower LLC 2024 1st Lien Term Loan B | Prime Security Services Borrower LLC 2024 1st Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%) *<sup>(1)</sup>* | 10/13/30 | $623968 | $622053 |
|  Priority Holdings LLC 2024 Term Loan B | Priority Holdings LLC 2024 Term Loan B | Priority Holdings LLC 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (1 mo. USD Term SOFR + 4.750%) *<sup>(1)</sup>* | 05/16/31 | 986944 | 988025 |
|  Prometric Holdings, Inc. 2024 Term Loan | Prometric Holdings, Inc. 2024 Term Loan | Prometric Holdings, Inc. 2024 Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.19% (1 mo. USD Term SOFR + 4.750%) *<sup>(1)</sup>* | 01/31/28 | 740644 | 745458 |
|  Raven Acquisition Holdings LLC Term Loan B | Raven Acquisition Holdings LLC Term Loan B | Raven Acquisition Holdings LLC Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%) *<sup>(1),(8)</sup>* | 11/19/31 | 606667 | 600093 |
|  Ryan LLC Term Loan | Ryan LLC Term Loan | Ryan LLC Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 11/14/30 | 1239844 | 1237519 |
|  Sabert Corp. 2024 Term Loan B | Sabert Corp. 2024 Term Loan B | Sabert Corp. 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.44% (1 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 12/10/26 | 1565329 | 1567286 |
|  Secretariat Advisors LLC 2025 Term Loan B | Secretariat Advisors LLC 2025 Term Loan B | Secretariat Advisors LLC 2025 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.31% (3 mo. USD Term SOFR + 4.000%) *<sup>(1),(9)</sup>* | 02/24/32 | 793309 | 791326 |
|  Teneo Holdings LLC 2024 Term Loan B | Teneo Holdings LLC 2024 Term Loan B | Teneo Holdings LLC 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 03/13/31 | 1246859 | 1251018 |
|  Trans Union LLC 2024 Term Loan B8 | Trans Union LLC 2024 Term Loan B8 | Trans Union LLC 2024 Term Loan B8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 06/24/31 | 418942 | 418157 |
|  Trans Union LLC 2024 Term Loan B9 | Trans Union LLC 2024 Term Loan B9 | Trans Union LLC 2024 Term Loan B9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 06/24/31 | 544469 | 543415 |
|  TruGreen LP 2020 2nd Lien Term Loan | TruGreen LP 2020 2nd Lien Term Loan | TruGreen LP 2020 2nd Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.05% (3 mo. USD Term SOFR + 8.500%) *<sup>(1)</sup>* | 11/02/28 | 500000 | 443250 |
|  TruGreen LP 2020 Term Loan | TruGreen LP 2020 Term Loan | TruGreen LP 2020 Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (1 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 11/02/27 | 209307 | 197622 |
|  TTF Holdings LLC 2024 Term Loan | TTF Holdings LLC 2024 Term Loan | TTF Holdings LLC 2024 Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% (6 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 07/18/31 | 1147125 | 1129918 |
|  Valvoline, Inc. Term Loan B | Valvoline, Inc. Term Loan B | Valvoline, Inc. Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 03/19/32 | 549580 | 549923 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Commercial Services (Continued)** | **Commercial Services (Continued)** | **Commercial Services (Continued)** | **Commercial Services (Continued)** | **Commercial Services (Continued)** |
|  Veritiv Corp. Term Loan B | Veritiv Corp. Term Loan B | Veritiv Corp. Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 11/30/30 | 1493747 | $| 1487623 |
|  Vistage Worldwide, Inc. Term Loan | Vistage Worldwide, Inc. Term Loan | Vistage Worldwide, Inc. Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 07/13/29 | 1246803 |  | 1247844 |
|  VT Topco, Inc. 2024 1st Lien Term Loan B | VT Topco, Inc. 2024 1st Lien Term Loan B | VT Topco, Inc. 2024 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% (3 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 08/09/30 | 663062 |  | 663477 |
|  XPLOR T1 LLC Term Loan B | XPLOR T1 LLC Term Loan B | XPLOR T1 LLC Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 06/24/31 | 603719 |  | 604474 |
|  |  |  |  | 37550628 |
| **Computers — 4.6%** | **Computers — 4.6%** | **Computers — 4.6%** | **Computers — 4.6%** | **Computers — 4.6%** |
|  Access CIG LLC 2023 Term Loan | Access CIG LLC 2023 Term Loan | Access CIG LLC 2023 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 08/18/28 | 1223734 |  | 1225606 |
|  Amentum Government Services Holdings LLC 2024 Term Loan B | Amentum Government Services Holdings LLC 2024 Term Loan B | Amentum Government Services Holdings LLC 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%) *<sup>(1)</sup>* | 09/29/31 | 1209543 |  | 1172125 |
|  Clover Holdings 2 LLC Term Loan B | Clover Holdings 2 LLC Term Loan B | Clover Holdings 2 LLC Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.29% (3 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 12/09/31 | 918367 |  | 909758 |
|  Idemia Group 2024 Term Loan B5 | Idemia Group 2024 Term Loan B5 | Idemia Group 2024 Term Loan B5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.55% (3 mo. USD Term SOFR + 4.250%) *<sup>(1)</sup>* | 09/30/28 | 437577 |  | 440541 |
|  Imprivata, Inc. 2024 Term Loan | Imprivata, Inc. 2024 Term Loan | Imprivata, Inc. 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 12/01/27 | 1508151 |  | 1510768 |
|  Magenta Buyer LLC 2021 USD 1st Lien Term Loan | Magenta Buyer LLC 2021 USD 1st Lien Term Loan | Magenta Buyer LLC 2021 USD 1st Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.55% (3 mo. USD Term SOFR + 5.000%) *<sup>(1)</sup>* | 07/27/28 | 461472 |  | 149978 |
|  McAfee LLC 2024 1st Lien Term Loan B | McAfee LLC 2024 1st Lien Term Loan B | McAfee LLC 2024 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 03/01/29 | 564775 |  | 540489 |
|  NCR Atleos LLC 2024 Term Loan B | NCR Atleos LLC 2024 Term Loan B | NCR Atleos LLC 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 04/16/29 | 1219101 |  | 1225654 |
|  Nielsen Consumer, Inc. 2025 USD Term Loan | Nielsen Consumer, Inc. 2025 USD Term Loan | Nielsen Consumer, Inc. 2025 USD Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 03/06/28 | 1421438 |  | 1418595 |
|  Peraton Corp. 2nd Lien Term Loan B1 | Peraton Corp. 2nd Lien Term Loan B1 | Peraton Corp. 2nd Lien Term Loan B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.18% (3 mo. USD Term SOFR + 7.750%) *<sup>(1)</sup>* | 02/01/29 | 248837 |  | 188962 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Computers (Continued)** | **Computers (Continued)** | **Computers (Continued)** | **Computers (Continued)** | **Computers (Continued)** |
|  Peraton Corp. Term Loan B | Peraton Corp. Term Loan B | Peraton Corp. Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.17% (1 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 02/01/28 | 1557710 | $| 1389890 |
|  SMX Group LLC Term Loan | SMX Group LLC Term Loan | SMX Group LLC Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.80% (3 mo. USD Term SOFR + 4.500%) *<sup>(1),(5)</sup>* | 02/06/32 | 1500000 |  | 1500000 |
|  Tempo Acquisition LLC 2025 Repriced Term Loan B | Tempo Acquisition LLC 2025 Repriced Term Loan B | Tempo Acquisition LLC 2025 Repriced Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 08/31/28 | 1220480 |  | 1212474 |
|  Twitter, Inc. Term Loan | Twitter, Inc. Term Loan | Twitter, Inc. Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.95% (3 mo. USD Term SOFR + 6.500%) *<sup>(1)</sup>* | 10/26/29 | 498725 |  | 496231 |
|  |  |  |  | 13381071 |
| **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** |
|  Opal Bidco SAS Term Loan B | Opal Bidco SAS Term Loan B | Opal Bidco SAS Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 04/28/32 | 1125000 |  | 1119375 |
| **Distribution &Wholesale — 1.0%** | **Distribution &Wholesale — 1.0%** | **Distribution &Wholesale — 1.0%** | **Distribution &Wholesale — 1.0%** | **Distribution &Wholesale — 1.0%** |
|  BCPE Empire Holdings, Inc. 2025 Term Loan B | BCPE Empire Holdings, Inc. 2025 Term Loan B | BCPE Empire Holdings, Inc. 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%) *<sup>(1)</sup>* | 12/11/30 | 526579 |  | 519996 |
|  Gates Global LLC 2022 Term Loan B4 | Gates Global LLC 2022 Term Loan B4 | Gates Global LLC 2022 Term Loan B4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 11/16/29 | 264643 |  | 262548 |
|  Gloves Buyer, Inc. 2025 Term Loan | Gloves Buyer, Inc. 2025 Term Loan | Gloves Buyer, Inc. 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 01/17/32 | 1188679 |  | 1146083 |
|  Resideo Funding, Inc. 2024 1st Lien Term Loan B | Resideo Funding, Inc. 2024 1st Lien Term Loan B | Resideo Funding, Inc. 2024 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 02/11/28 | 292778 |  | 293512 |
|  Windsor Holdings III LLC 2025 Term Loan B | Windsor Holdings III LLC 2025 Term Loan B | Windsor Holdings III LLC 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 08/01/30 | 652283 |  | 646713 |
|  |  |  |  | 2868852 |
| **Diversified Financial Services — 3.0%** | **Diversified Financial Services — 3.0%** | **Diversified Financial Services — 3.0%** | **Diversified Financial Services — 3.0%** | **Diversified Financial Services — 3.0%** |
|  Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 06/24/30 | 990019 |  | 990227 |
|  Blackhawk Network Holdings, Inc. 2025 Term Loan B | Blackhawk Network Holdings, Inc. 2025 Term Loan B | Blackhawk Network Holdings, Inc. 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.32% (1 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 03/12/29 | 1492509 |  | 1488509 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** |
|  Corpay Technologies Operating Co. LLC Term Loan B5 | Corpay Technologies Operating Co. LLC Term Loan B5 | Corpay Technologies Operating Co. LLC Term Loan B5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 04/28/28 | 498750 | $| 498009 |
|  Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B | Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B | Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.54% (6 mo. USD Term SOFR + 3.250%) *<sup>(1)</sup>* | 01/27/32 | 1529630 |  | 1528437 |
|  Deerfield Dakota Holding LLC 2020 USD Term Loan B | Deerfield Dakota Holding LLC 2020 USD Term Loan B | Deerfield Dakota Holding LLC 2020 USD Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 04/09/27 | 215150 |  | 204684 |
|  Guggenheim Partners LLC 2024 Term Loan B | Guggenheim Partners LLC 2024 Term Loan B | Guggenheim Partners LLC 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80% (3 mo. USD Term SOFR + 2.500%) *<sup>(1)</sup>* | 11/26/31 | 986875 |  | 985641 |
|  Jefferies Finance LLC 2024 Term Loan | Jefferies Finance LLC 2024 Term Loan | Jefferies Finance LLC 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 10/21/31 | 997500 |  | 996044 |
|  Orion Advisor Solutions, Inc. 2024 Term Loan B | Orion Advisor Solutions, Inc. 2024 Term Loan B | Orion Advisor Solutions, Inc. 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.04% (3 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 09/24/30 | 844811 |  | 845741 |
|  Setanta Aircraft Leasing DAC 2024 Term Loan B | Setanta Aircraft Leasing DAC 2024 Term Loan B | Setanta Aircraft Leasing DAC 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05% (3 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 11/05/28 | 600833 |  | 603705 |
|  Summit Acquisition, Inc. 2024 Term Loan B | Summit Acquisition, Inc. 2024 Term Loan B | Summit Acquisition, Inc. 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (1 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 10/16/31 | 750000 |  | 750938 |
|  |  |  |  | 8891935 |
| **Electric — 3.2%** | **Electric — 3.2%** | **Electric — 3.2%** | **Electric — 3.2%** | **Electric — 3.2%** |
|  Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%) *<sup>(1)</sup>* | 09/30/31 | 868131 |  | 869490 |
|  Calpine Corp. 2024 Term Loan B10 | Calpine Corp. 2024 Term Loan B10 | Calpine Corp. 2024 Term Loan B10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 01/31/31 | 184576 |  | 184095 |
|  Calpine Corp. 2024 Term Loan B5 | Calpine Corp. 2024 Term Loan B5 | Calpine Corp. 2024 Term Loan B5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 02/15/32 | 1214286 |  | 1211584 |
|  Carroll County Energy LLC 2024 Term Loan B | Carroll County Energy LLC 2024 Term Loan B | Carroll County Energy LLC 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%) *<sup>(1)</sup>* | 06/30/31 | 1069411 |  | 1070614 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** |
|  Compass Power Generation LLC 2024 Term Loan B3 | Compass Power Generation LLC 2024 Term Loan B3 | Compass Power Generation LLC 2024 Term Loan B3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (1 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 04/14/29 | 1112965 | $| 1116098 |
|  Cornerstone Generation LLC Term Loan B | Cornerstone Generation LLC Term Loan B | Cornerstone Generation LLC Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 10/28/31 | 1250000 |  | 1251563 |
|  Edgewater Generation LLC 2025 Repriced Term Loan | Edgewater Generation LLC 2025 Repriced Term Loan | Edgewater Generation LLC 2025 Repriced Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 08/01/30 | 1421860 |  | 1423125 |
|  Potomac Energy Center LLC 2025 Term Loan | Potomac Energy Center LLC 2025 Term Loan | Potomac Energy Center LLC 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 03/14/32 | 750000 |  | 747188 |
|  Potomac Energy Center LLC Term Loan | Potomac Energy Center LLC Term Loan | Potomac Energy Center LLC Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.56% (3 mo. USD Term SOFR + 6.000%) *<sup>(1)</sup>* | 11/12/26 | 746137 |  | 746137 |
|  South Field LLC 2025 Term Loan B | South Field LLC 2025 Term Loan B | South Field LLC 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (3 mo. USD Term SOFR + 3.250%) *<sup>(1)</sup>* | 08/29/31 | 695266 |  | 695266 |
|  South Field LLC 2025 Term Loan C | South Field LLC 2025 Term Loan C | South Field LLC 2025 Term Loan C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (3 mo. USD Term SOFR + 3.250%) *<sup>(1)</sup>* | 08/29/31 | 43342 |  | 43342 |
|  |  |  |  | 9358502 |
| **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** |
|  Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.81% (3 mo. USD Term SOFR + 4.250%) *<sup>(1)</sup>* | 12/29/28 | 1338128 |  | 1233794 |
| **Electronics — 1.1%** | **Electronics — 1.1%** | **Electronics — 1.1%** | **Electronics — 1.1%** | **Electronics — 1.1%** |
|  II-VI, Inc. 2024 1st Lien Term Loan B | II-VI, Inc. 2024 1st Lien Term Loan B | II-VI, Inc. 2024 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%) *<sup>(1)</sup>* | 07/02/29 | 1366663 |  | 1366520 |
|  LSF12 Crown U.S. Commercial Bidco LLC Term Loan B | LSF12 Crown U.S. Commercial Bidco LLC Term Loan B | LSF12 Crown U.S. Commercial Bidco LLC Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (1 mo. USD Term SOFR + 4.250%) *<sup>(1)</sup>* | 12/02/31 | 316327 |  | 311317 |
|  TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (3 mo. USD Term SOFR + 4.250%) *<sup>(1)</sup>* | 10/24/31 | 1500000 |  | 1498125 |
|  |  |  |  | 3175962 |
| **Energy-Alternate Sources — 1.1%** | **Energy-Alternate Sources — 1.1%** | **Energy-Alternate Sources — 1.1%** | **Energy-Alternate Sources — 1.1%** | **Energy-Alternate Sources — 1.1%** |
|  KAMC Holdings, Inc. 2019 Term Loan | KAMC Holdings, Inc. 2019 Term Loan | KAMC Holdings, Inc. 2019 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (3 mo. USD Term SOFR + 4.000%) *<sup>(1),(5)</sup>* | 08/14/26 | 1774613 |  | 1743007 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Energy-Alternate Sources (Continued)** | **Energy-Alternate Sources (Continued)** | **Energy-Alternate Sources (Continued)** | **Energy-Alternate Sources (Continued)** | **Energy-Alternate Sources (Continued)** |
|  Oregon Clean Energy LLC 2024 1st Lien Term Loan B | Oregon Clean Energy LLC 2024 1st Lien Term Loan B | Oregon Clean Energy LLC 2024 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 07/12/30 | 1539844 | $| 1548506 |
|  |  |  |  | 3291513 |
| **Engineering & Construction — 1.7%** | **Engineering & Construction — 1.7%** | **Engineering & Construction — 1.7%** | **Engineering & Construction — 1.7%** | **Engineering & Construction — 1.7%** |
|  Astrion Group LLC 2024 Term Loan | Astrion Group LLC 2024 Term Loan | Astrion Group LLC 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.31% (3 mo. USD Term SOFR + 5.000%) *<sup>(1)</sup>* | 08/15/31 | 1401665 |  | 1398161 |
|  DG Investment Intermediate Holdings 2, Inc. 2021 2nd Lien Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 2nd Lien Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 2nd Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.19% (1 mo. USD Term SOFR + 6.750%) *<sup>(1)</sup>* | 03/30/29 | 565000 |  | 561822 |
|  DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.19% (1 mo. USD Term SOFR + 3.750%) *<sup>(1),(10)</sup>* | 03/31/28 | 803561 |  | 800881 |
|  Legence Holdings LLC 2025 Term Loan B | Legence Holdings LLC 2025 Term Loan B | Legence Holdings LLC 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%) *<sup>(1)</sup>* | 12/18/28 | 1125880 |  | 1118843 |
|  Wrench Group LLC 2019 Term Loan B | Wrench Group LLC 2019 Term Loan B | Wrench Group LLC 2019 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.56% (3 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 10/30/28 | 1241666 |  | 1185791 |
|  |  |  |  | 5065498 |
| **Entertainment — 4.2%** | **Entertainment — 4.2%** | **Entertainment — 4.2%** | **Entertainment — 4.2%** | **Entertainment — 4.2%** |
|  Banijay Entertainment SAS 2025 USD Term Loan B3 | Banijay Entertainment SAS 2025 USD Term Loan B3 | Banijay Entertainment SAS 2025 USD Term Loan B3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%) *<sup>(1)</sup>* | 03/01/28 | 966597 |  | 967506 |
|  Churchill Downs, Inc. 2021 Incremental Term Loan B1 | Churchill Downs, Inc. 2021 Incremental Term Loan B1 | Churchill Downs, Inc. 2021 Incremental Term Loan B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 03/17/28 | 498701 |  | 498701 |
|  Delta 2 Lux SARL 2024 Term Loan B1 | Delta 2 Lux SARL 2024 Term Loan B1 | Delta 2 Lux SARL 2024 Term Loan B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30% (3 mo. USD Term SOFR + 2.000%) *<sup>(1)</sup>* | 09/30/31 | 242137 |  | 242062 |
|  Delta 2 Lux SARL 2024 Term Loan B2 | Delta 2 Lux SARL 2024 Term Loan B2 | Delta 2 Lux SARL 2024 Term Loan B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 09/30/31 | 122222 |  | 122184 |
|  Entain Holdings Gibraltar Ltd. 2021 USD Term Loan B4 | Entain Holdings Gibraltar Ltd. 2021 USD Term Loan B4 | Entain Holdings Gibraltar Ltd. 2021 USD Term Loan B4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% (3 mo. USD Term SOFR + 2.500%) *<sup>(1)</sup>* | 03/29/27 | 1684375 |  | 1686927 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Entertainment (Continued)** | **Entertainment (Continued)** | **Entertainment (Continued)** | **Entertainment (Continued)** | **Entertainment (Continued)** |
|  EOC Borrower LLC Term Loan B | EOC Borrower LLC Term Loan B | EOC Borrower LLC Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 03/24/32 | 1500000 | $| 1499070 |
|  Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05% (3 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 11/30/30 | 1747960 |  | 1743276 |
|  Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.05% (3 mo. USD Term SOFR + 4.750%) *<sup>(1)</sup>* | 11/01/29 | 831206 |  | 821077 |
|  GVC Holdings Gibraltar Ltd. 2024 USD Term Loan B3 | GVC Holdings Gibraltar Ltd. 2024 USD Term Loan B3 | GVC Holdings Gibraltar Ltd. 2024 USD Term Loan B3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% (3 mo. USD Term SOFR + 2.750%) *<sup>(1)</sup>* | 10/31/29 | 248748 |  | 249286 |
|  J&J Ventures Gaming LLC 2025 Repriced Term Loan B | J&J Ventures Gaming LLC 2025 Repriced Term Loan B | J&J Ventures Gaming LLC 2025 Repriced Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 04/26/30 | 1244997 |  | 1229435 |
|  Light & Wonder International, Inc. 2024 Term Loan B2 | Light & Wonder International, Inc. 2024 Term Loan B2 | Light & Wonder International, Inc. 2024 Term Loan B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%) *<sup>(1)</sup>* | 04/14/29 | 777692 |  | 776778 |
|  Penn Entertainment, Inc. 2022 Term Loan B | Penn Entertainment, Inc. 2022 Term Loan B | Penn Entertainment, Inc. 2022 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (1 mo. USD Term SOFR + 2.500%) *<sup>(1)</sup>* | 05/03/29 | 972500 |  | 973050 |
|  Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (3 mo. USD Term SOFR + 4.750%) *<sup>(1)</sup>* | 08/13/31 | 1393333 |  | 1401464 |
|  |  |  |  | 12210816 |
| **Environmental Control — 2.1%** | **Environmental Control — 2.1%** | **Environmental Control — 2.1%** | **Environmental Control — 2.1%** | **Environmental Control — 2.1%** |
|  Action Environmental Group, Inc. 2023 Term Loan B | Action Environmental Group, Inc. 2023 Term Loan B | Action Environmental Group, Inc. 2023 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.08% (3 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 10/24/30 | 1493861 |  | 1495728 |
|  ERM Emerald U.S., Inc. USD Term Loan B1 | ERM Emerald U.S., Inc. USD Term Loan B1 | ERM Emerald U.S., Inc. USD Term Loan B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% (3 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 07/12/28 | 979470 |  | 977785 |
|  Filtration Group Corp. 2025 USD Term Loan B | Filtration Group Corp. 2025 USD Term Loan B | Filtration Group Corp. 2025 USD Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 10/21/28 | 1000855 |  | 1001251 |
|  GFL Environmental, Inc. 2025 Term Loan B | GFL Environmental, Inc. 2025 Term Loan B | GFL Environmental, Inc. 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (3 mo. USD Term SOFR + 2.500%) *<sup>(1)</sup>* | 02/04/32 | 703704 |  | 698426 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Environmental Control (Continued)** | **Environmental Control (Continued)** | **Environmental Control (Continued)** | **Environmental Control (Continued)** | **Environmental Control (Continued)** |
|  Heritage-Crystal Clean, Inc. Term Loan B | Heritage-Crystal Clean, Inc. Term Loan B | Heritage-Crystal Clean, Inc. Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 10/17/30 | 356889 | $| 357560 |
|  Madison IAQ LLC 2025 Term Loan B | Madison IAQ LLC 2025 Term Loan B | Madison IAQ LLC 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 03/28/32 | 740741 |  | 734722 |
|  Reworld Holding Corp. Term Loan B | Reworld Holding Corp. Term Loan B | Reworld Holding Corp. Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%) *<sup>(1)</sup>* | 11/30/28 | 445992 |  | 445474 |
|  Reworld Holding Corp. Term Loan C | Reworld Holding Corp. Term Loan C | Reworld Holding Corp. Term Loan C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%) *<sup>(1)</sup>* | 11/30/28 | 34350 |  | 34310 |
|  Tidal Waste & Recycling Holdings LLC Term Loan B | Tidal Waste & Recycling Holdings LLC Term Loan B | Tidal Waste & Recycling Holdings LLC Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 10/24/31 | 568302 |  | 569456 |
|  |  |  |  | 6314712 |
| **Food — 3.4%** | **Food — 3.4%** | **Food — 3.4%** | **Food — 3.4%** | **Food — 3.4%** |
|  1440 Food Topco LLC Term Loan B | 1440 Food Topco LLC Term Loan B | 1440 Food Topco LLC Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.32% (1 mo. USD Term SOFR + 5.000%) *<sup>(1)</sup>* | 10/31/31 | 1404386 |  | 1356553 |
|  8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan | 8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan | 8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.19% (1 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 10/01/25 | 248674 |  | 244525 |
|  8th Avenue Food & Provisions, Inc. 2018 2nd Lien Term Loan | 8th Avenue Food & Provisions, Inc. 2018 2nd Lien Term Loan | 8th Avenue Food & Provisions, Inc. 2018 2nd Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.19% (1 mo. USD Term SOFR + 7.750%) *<sup>(1)</sup>* | 10/01/26 | 870000 |  | 805703 |
|  8th Avenue Food & Provisions, Inc. 2021 Incremental Term Loan | 8th Avenue Food & Provisions, Inc. 2021 Incremental Term Loan | 8th Avenue Food & Provisions, Inc. 2021 Incremental Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.19% (1 mo. USD Term SOFR + 4.750%) *<sup>(1)</sup>* | 10/01/25 | 247297 |  | 243381 |
|  BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.44% (1 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 06/09/28 | 1496126 |  | 1463862 |
|  Chobani LLC 2025 Repriced Term Loan B | Chobani LLC 2025 Repriced Term Loan B | Chobani LLC 2025 Repriced Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (1 mo. USD Term SOFR + 2.500%) *<sup>(1)</sup>* | 10/25/27 | 709051 |  | 710086 |
|  Simply Good Foods USA, Inc. 2023 Term Loan B | Simply Good Foods USA, Inc. 2023 Term Loan B | Simply Good Foods USA, Inc. 2023 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%) *<sup>(1)</sup>* | 03/17/27 | 997350 |  | 1003209 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Food (Continued)** | **Food (Continued)** | **Food (Continued)** | **Food (Continued)** | **Food (Continued)** |
|  Snacking Investments Bidco Pty. Ltd. USD Term Loan | Snacking Investments Bidco Pty. Ltd. USD Term Loan | Snacking Investments Bidco Pty. Ltd. USD Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 12/18/26 | 1324536 | $| 1330126 |
|  United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (1 mo. USD Term SOFR + 4.750%) *<sup>(1)</sup>* | 05/01/31 | 1736875 |  | 1761842 |
|  Upfield BV 2025 USD Term Loan B12 | Upfield BV 2025 USD Term Loan B12 | Upfield BV 2025 USD Term Loan B12 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (3 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 01/03/28 | 1074520 |  | 1070491 |
|  |  |  |  | 9989778 |
| **Food Service — 0.3%** | **Food Service — 0.3%** | **Food Service — 0.3%** | **Food Service — 0.3%** | **Food Service — 0.3%** |
|  Aramark Services, Inc. 2024 Term Loan B7 | Aramark Services, Inc. 2024 Term Loan B7 | Aramark Services, Inc. 2024 Term Loan B7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%) *<sup>(1)</sup>* | 04/06/28 | 1000000 |  | 1001565 |
| **Forest Products & Paper — 0.3%** | **Forest Products & Paper — 0.3%** | **Forest Products & Paper — 0.3%** | **Forest Products & Paper — 0.3%** | **Forest Products & Paper — 0.3%** |
|  Glatfelter Corp. Term Loan B | Glatfelter Corp. Term Loan B | Glatfelter Corp. Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.56% (3 mo. USD Term SOFR + 4.250%) *<sup>(1)</sup>* | 11/04/31 | 940236 |  | 938473 |
| **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** |
|  Madison Safety & Flow LLC 2025 Term Loan B | Madison Safety & Flow LLC 2025 Term Loan B | Madison Safety & Flow LLC 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%) *<sup>(1)</sup>* | 09/26/31 | 987000 |  | 986536 |
| **Health Care-Products — 0.7%** | **Health Care-Products — 0.7%** | **Health Care-Products — 0.7%** | **Health Care-Products — 0.7%** | **Health Care-Products — 0.7%** |
|  Bausch & Lomb Corp. 2023 Incremental Term Loan | Bausch & Lomb Corp. 2023 Incremental Term Loan | Bausch & Lomb Corp. 2023 Incremental Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.32% (1 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 09/29/28 | 236946 |  | 236651 |
|  Bausch & Lomb Corp. Term Loan | Bausch & Lomb Corp. Term Loan | Bausch & Lomb Corp. Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (1 mo. USD Term SOFR + 3.250%) *<sup>(1)</sup>* | 05/10/27 | 748578 |  | 746887 |
|  NSM Top Holdings Corp. 2024 Term Loan | NSM Top Holdings Corp. 2024 Term Loan | NSM Top Holdings Corp. 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.65% (3 mo. USD Term SOFR + 5.250%) *<sup>(1)</sup>* | 05/14/29 | 932813 |  | 939808 |
|  |  |  |  | 1923346 |
| **Health Care-Services — 4.7%** | **Health Care-Services — 4.7%** | **Health Care-Services — 4.7%** | **Health Care-Services — 4.7%** | **Health Care-Services — 4.7%** |
|  ADMI Corp. 2023 Term Loan B5 | ADMI Corp. 2023 Term Loan B5 | ADMI Corp. 2023 Term Loan B5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.07% (1 mo. USD Term SOFR + 5.750%) *<sup>(1)</sup>* | 12/23/27 | 1509783 |  | 1518276 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Health Care-Services (Continued)** | **Health Care-Services (Continued)** | **Health Care-Services (Continued)** | **Health Care-Services (Continued)** |
|  Certara LP 2024 Term Loan B | Certara LP 2024 Term Loan B | Certara LP 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% (3 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 06/26/31 | $574402 | $575120 |
|  Charlotte Buyer, Inc. 2025 Repriced Term Loan B | Charlotte Buyer, Inc. 2025 Repriced Term Loan B | Charlotte Buyer, Inc. 2025 Repriced Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (1 mo. USD Term SOFR + 4.250%) *<sup>(1)</sup>* | 02/11/28 | 1395691 | 1389467 |
|  Concentra Health Services, Inc. 2025 Repriced Term Loan B | Concentra Health Services, Inc. 2025 Repriced Term Loan B | Concentra Health Services, Inc. 2025 Repriced Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%) *<sup>(1)</sup>* | 07/26/31 | 799042 | 799042 |
|  Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B | Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B | Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.54% (3 mo. USD Term SOFR + 4.250%) *<sup>(1)</sup>* | 03/30/29 | 889213 | 837448 |
|  Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B | Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B | Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.79% (3 mo. USD Term SOFR + 5.500%) *<sup>(1)</sup>* | 03/30/29 | 198000 | 188905 |
|  Heartland Dental LLC 2024 Term Loan | Heartland Dental LLC 2024 Term Loan | Heartland Dental LLC 2024 Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.82% (1 mo. USD Term SOFR + 4.500%) *<sup>(1)</sup>* | 04/28/28 | 967043 | 967149 |
|  Help At Home, Inc. 2024 Term Loan B | Help At Home, Inc. 2024 Term Loan B | Help At Home, Inc. 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.32% (1 mo. USD Term SOFR + 5.000%) *<sup>(1)</sup>* | 09/24/31 | 1264179 | 1204130 |
|  Inception Holdco SARL 2025 USD Term Loan B | Inception Holdco SARL 2025 USD Term Loan B | Inception Holdco SARL 2025 USD Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 04/18/31 | 1376708 | 1380797 |
|  Loire Finco Luxembourg SARL 2025 Term Loan B | Loire Finco Luxembourg SARL 2025 Term Loan B | Loire Finco Luxembourg SARL 2025 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 01/31/30 | 447368 | 446881 |
|  Modivcare, Inc. 2024 Term Loan B | Modivcare, Inc. 2024 Term Loan B | Modivcare, Inc. 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% (3 mo. USD Term SOFR + 4.750%) *<sup>(1)</sup>* | 07/01/31 | 746856 | 558894 |
|  Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.79% (3 mo. USD Term SOFR + 8.500%) *<sup>(1)</sup>* | 01/09/26 | 255749 | 218665 |
|  NAPA Management Services Corp. Term Loan B | NAPA Management Services Corp. Term Loan B | NAPA Management Services Corp. Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.67% (1 mo. USD Term SOFR + 5.250%) *<sup>(1)</sup>* | 02/23/29 | 1550193 | 1434478 |
|  Parexel International Corp. 2025 Term Loan B | Parexel International Corp. 2025 Term Loan B | Parexel International Corp. 2025 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (1 mo. USD Term SOFR + 2.500%) *<sup>(1)</sup>* | 11/15/28 | 718948 | 718186 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Health Care-Services (Continued)** | **Health Care-Services (Continued)** | **Health Care-Services (Continued)** | **Health Care-Services (Continued)** | **Health Care-Services (Continued)** |
|  Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan | Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan | Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.80% (3 mo. USD Term SOFR + 5.500%) *<sup>(1)</sup>* | 06/20/28 | 1116653 | $| 1133403 |
|  U.S. Renal Care, Inc. 2023 Superpriority Term Loan | U.S. Renal Care, Inc. 2023 Superpriority Term Loan | U.S. Renal Care, Inc. 2023 Superpriority Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.44% (1 mo. USD Term SOFR + 5.000%) *<sup>(1)</sup>* | 06/20/28 | 181542 |  | 169779 |
|  Wellpath Holdings, Inc. 2024 New Money Delayed Draw Term Loan | Wellpath Holdings, Inc. 2024 New Money Delayed Draw Term Loan | Wellpath Holdings, Inc. 2024 New Money Delayed Draw Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.55% (3 mo. USD Term SOFR + 7.250%) *<sup>(1)</sup>* | 06/09/25 | 178839 |  | 181521 |
|  |  |  |  | 13722141 |
| **Holding Companies — Diversified — 0.2%** | **Holding Companies — Diversified — 0.2%** | **Holding Companies — Diversified — 0.2%** | **Holding Companies — Diversified — 0.2%** | **Holding Companies — Diversified — 0.2%** |
|  Emerald X, Inc. 2025 Term Loan B | Emerald X, Inc. 2025 Term Loan B | Emerald X, Inc. 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (1 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 01/30/32 | 500000 |  | 500000 |
| **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** |
|  Acrisure LLC 2024 1st Lien Term Loan B1 | Acrisure LLC 2024 1st Lien Term Loan B1 | Acrisure LLC 2024 1st Lien Term Loan B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%) *<sup>(1)</sup>* | 02/15/27 | 1418820 |  | 1416798 |
|  AmWINS Group, Inc. 2025 Term Loan B | AmWINS Group, Inc. 2025 Term Loan B | AmWINS Group, Inc. 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%) *<sup>(1)</sup>* | 01/30/32 | 997500 |  | 990722 |
|  Asurion LLC 2020 Term Loan B8 | Asurion LLC 2020 Term Loan B8 | Asurion LLC 2020 Term Loan B8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69% (1 mo. USD Term SOFR + 3.250%) *<sup>(1)</sup>* | 12/23/26 | 748377 |  | 747763 |
|  Asurion LLC 2021 Term Loan B9 | Asurion LLC 2021 Term Loan B9 | Asurion LLC 2021 Term Loan B9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69% (1 mo. USD Term SOFR + 3.250%) *<sup>(1)</sup>* | 07/31/27 | 316298 |  | 314224 |
|  Asurion LLC 2022 Term Loan B10 | Asurion LLC 2022 Term Loan B10 | Asurion LLC 2022 Term Loan B10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (1 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 08/19/28 | 750012 |  | 743397 |
|  Goosehead Insurance Holdings LLC Term Loan B | Goosehead Insurance Holdings LLC Term Loan B | Goosehead Insurance Holdings LLC Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 01/08/32 | 413793 |  | 415345 |
|  Sedgwick Claims Management Services, Inc. 2023 Term Loan B | Sedgwick Claims Management Services, Inc. 2023 Term Loan B | Sedgwick Claims Management Services, Inc. 2023 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.31% (3 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 07/31/31 | 723188 |  | 721662 |
|  |  |  |  | 5349911 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Internet — 5.3%** | **Internet — 5.3%** | **Internet — 5.3%** | **Internet — 5.3%** |
|  Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.79% (3 mo. USD Term SOFR + 4.500%) *<sup>(1)</sup>* | 08/15/29 | $1515724 | $1319438 |
|  BEP Intermediate Holdco LLC Replacement Term Loan | BEP Intermediate Holdco LLC Replacement Term Loan | BEP Intermediate Holdco LLC Replacement Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%) *<sup>(1)</sup>* | 04/25/31 | 738614 | 740461 |
|  Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.31% (3 mo. USD Term SOFR + 5.000%) *<sup>(1)</sup>* | 12/12/29 | 1786034 | 1791990 |
|  Getty Images, Inc. 2025 USD Term Loan B | Getty Images, Inc. 2025 USD Term Loan B | Getty Images, Inc. 2025 USD Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25% | 02/21/30 | 1000000 | 996250 |
|  Go Daddy Operating Co. LLC 2024 Term Loan B8 | Go Daddy Operating Co. LLC 2024 Term Loan B8 | Go Daddy Operating Co. LLC 2024 Term Loan B8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 11/09/29 | 621251 | 618950 |
|  Hoya Midco LLC 2025 Term Loan B | Hoya Midco LLC 2025 Term Loan B | Hoya Midco LLC 2025 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% (3 mo. USD Term SOFR + 2.250%) *<sup>(1)</sup>* | 02/03/29 | 1430000 | 1412125 |
|  Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (3 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 02/06/31 | 1875328 | 1874549 |
|  MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (1 mo. USD Term SOFR + 4.250%) *<sup>(1)</sup>* | 05/03/28 | 877583 | 835902 |
|  MH Sub I LLC 2024 Term Loan B4 | MH Sub I LLC 2024 Term Loan B4 | MH Sub I LLC 2024 Term Loan B4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (1 mo. USD Term SOFR + 4.250%) *<sup>(1)</sup>* | 12/31/31 | 249473 | 229862 |
|  Polaris Purchaser, Inc. 2025 Term Loan B | Polaris Purchaser, Inc. 2025 Term Loan B | Polaris Purchaser, Inc. 2025 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (1 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 03/03/31 | 1086992 | 1086992 |
|  Proofpoint, Inc. 2024 Term Loan | Proofpoint, Inc. 2024 Term Loan | Proofpoint, Inc. 2024 Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 08/31/28 | 997481 | 995456 |
|  PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (1 mo. USD Term SOFR + 4.750%) *<sup>(1)</sup>* | 03/15/30 | 409832 | 408808 |
|  Research Now Group, Inc. 2024 First Lien First Out Term Loan | Research Now Group, Inc. 2024 First Lien First Out Term Loan | Research Now Group, Inc. 2024 First Lien First Out Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.58% (3 mo. USD Term SOFR + 5.000%) *<sup>(1)</sup>* | 07/15/28 | 1270275 | 1273292 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** |
|  TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% (3 mo. USD Term SOFR + 2.750%) *<sup>(1)</sup>* | 07/08/31 | 722930 | $| 713394 |
|  WatchGuard Technologies, Inc. Term Loan | WatchGuard Technologies, Inc. Term Loan | WatchGuard Technologies, Inc. Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.57% (1 mo. USD Term SOFR + 5.250%) *<sup>(1)</sup>* | 07/02/29 | 1227078 |  | 1219869 |
|  |  |  |  | 15517338 |
| **Investment Companies — 1.0%** | **Investment Companies — 1.0%** | **Investment Companies — 1.0%** | **Investment Companies — 1.0%** | **Investment Companies — 1.0%** |
|  FinCo I LLC 2024 Term Loan B | FinCo I LLC 2024 Term Loan B | FinCo I LLC 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%) *<sup>(1)</sup>* | 06/27/29 | 734286 |  | 736529 |
|  HDI Aerospace Intermediate Holding III Corp. Term Loan B | HDI Aerospace Intermediate Holding III Corp. Term Loan B | HDI Aerospace Intermediate Holding III Corp. Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.82% (1 mo. USD Term SOFR + 4.500%) *<sup>(1)</sup>* | 02/11/32 | 833333 |  | 830209 |
|  Intrado Corp. 2023 Term Loan B | Intrado Corp. 2023 Term Loan B | Intrado Corp. 2023 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 01/31/30 | 732544 |  | 722775 |
|  Nvent Electric PLC Term Loan B | Nvent Electric PLC Term Loan B | Nvent Electric PLC Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 01/30/32 | 700000 |  | 700728 |
|  |  |  |  | 2990241 |
| **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** |
|  TMS International Corp. 2025 Term Loan B | TMS International Corp. 2025 Term Loan B | TMS International Corp. 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 03/02/30 | 681219 |  | 680367 |
| **Leisure Time — 1.7%** | **Leisure Time — 1.7%** | **Leisure Time — 1.7%** | **Leisure Time — 1.7%** | **Leisure Time — 1.7%** |
|  Alterra Mountain Co. 2024 Term Loan B | Alterra Mountain Co. 2024 Term Loan B | Alterra Mountain Co. 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%) *<sup>(1)</sup>* | 08/17/28 | 995006 |  | 995006 |
|  Alterra Mountain Co. 2024 Term Loan B7 | Alterra Mountain Co. 2024 Term Loan B7 | Alterra Mountain Co. 2024 Term Loan B7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 05/31/30 | 464724 |  | 465886 |
|  Arcis Golf LLC 2025 Term Loan B | Arcis Golf LLC 2025 Term Loan B | Arcis Golf LLC 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%) *<sup>(1)</sup>* | 11/24/28 | 1625150 |  | 1623371 |
|  City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.94% (1 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 07/22/30 | 2 |  | 2 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Leisure Time (Continued)** | **Leisure Time (Continued)** | **Leisure Time (Continued)** | **Leisure Time (Continued)** | **Leisure Time (Continued)** |
|  Lakeland Tours LLC 2020 HoldCo Term Loan | Lakeland Tours LLC 2020 HoldCo Term Loan | Lakeland Tours LLC 2020 HoldCo Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% *<sup>(5)</sup>* | 09/25/27 | 677334 | $| 33867 |
|  LC AHAB U.S. Bidco LLC Term Loan B | LC AHAB U.S. Bidco LLC Term Loan B | LC AHAB U.S. Bidco LLC Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 05/01/31 | 331667 |  | 329594 |
|  MajorDrive Holdings IV LLC Term Loan B | MajorDrive Holdings IV LLC Term Loan B | MajorDrive Holdings IV LLC Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 06/01/28 | 908574 |  | 826925 |
|  Sabre GLBL, Inc. 2021 Term Loan B1 | Sabre GLBL, Inc. 2021 Term Loan B1 | Sabre GLBL, Inc. 2021 Term Loan B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.94% (1 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 12/17/27 | 115193 |  | 111305 |
|  Sabre GLBL, Inc. 2021 Term Loan B2 | Sabre GLBL, Inc. 2021 Term Loan B2 | Sabre GLBL, Inc. 2021 Term Loan B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.94% (1 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 12/17/27 | 134436 |  | 129899 |
|  Sabre GLBL, Inc. 2022 Term Loan B | Sabre GLBL, Inc. 2022 Term Loan B | Sabre GLBL, Inc. 2022 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.67% (1 mo. USD Term SOFR + 4.250%) *<sup>(1)</sup>* | 06/30/28 | 364746 |  | 354564 |
|  Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.42% (1 mo. USD Term SOFR + 6.000%) *<sup>(1)</sup>* | 11/15/29 | 121905 |  | 119670 |
|  |  |  |  | 4990089 |
| **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** |
|  WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%) *<sup>(1)</sup>* | 01/27/31 | 748120 |  | 742184 |
| **Machinery-Diversified — 1.5%** | **Machinery-Diversified — 1.5%** | **Machinery-Diversified — 1.5%** | **Machinery-Diversified — 1.5%** | **Machinery-Diversified — 1.5%** |
|  Arcline FM Holdings LLC 2024 Term Loan | Arcline FM Holdings LLC 2024 Term Loan | Arcline FM Holdings LLC 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.05% (3 mo. USD Term SOFR + 4.500%) *<sup>(1)</sup>* | 06/23/28 | 1445358 |  | 1441021 |
|  Pro Mach Group, Inc. 2024 1st Lien Term Loan B | Pro Mach Group, Inc. 2024 1st Lien Term Loan B | Pro Mach Group, Inc. 2024 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%) *<sup>(1)</sup>* | 08/31/28 | 384211 |  | 383631 |
|  SPX Flow, Inc. 2024 1st Lien Term Loan B | SPX Flow, Inc. 2024 1st Lien Term Loan B | SPX Flow, Inc. 2024 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 04/05/29 | 1172576 |  | 1171749 |
|  TK Elevator U.S. Newco, Inc. USD Term Loan B | TK Elevator U.S. Newco, Inc. USD Term Loan B | TK Elevator U.S. Newco, Inc. USD Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.74% (6 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 04/30/30 | 657327 |  | 656384 |
|  Victory Buyer LLC Term Loan | Victory Buyer LLC Term Loan | Victory Buyer LLC Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.19% (1 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 11/19/28 | 689548 |  | 670955 |
|  |  |  |  | 4323740 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
|  CSC Holdings LLC 2019 Term Loan B5 | CSC Holdings LLC 2019 Term Loan B5 | CSC Holdings LLC 2019 Term Loan B5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (3 mo. USD Term SOFR + 1.500%) *<sup>(1)</sup>* | 04/15/27 | $866622 | $816636 |
|  NEP Group, Inc. 2023 Incremental Term Loan B | NEP Group, Inc. 2023 Incremental Term Loan B | NEP Group, Inc. 2023 Incremental Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (3 mo. USD Term SOFR + 4.000%) *<sup>(1),(11)</sup>* | 08/19/26 | 503968 | 470328 |
|  NEP Group, Inc. 2023 Term Loan B | NEP Group, Inc. 2023 Term Loan B | NEP Group, Inc. 2023 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (3 mo. USD Term SOFR + 3.250%) *<sup>(1),(11)</sup>* | 08/19/26 | 992411 | 925919 |
|  NEP/NCP Holdco, Inc. 2018 2nd Lien Term Loan | NEP/NCP Holdco, Inc. 2018 2nd Lien Term Loan | NEP/NCP Holdco, Inc. 2018 2nd Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.57% (3 mo. USD Term SOFR + 7.000%) *<sup>(1)</sup>* | 10/19/26 | 440000 | 337700 |
|  United Talent Agency LLC 2024 Term Loan B | United Talent Agency LLC 2024 Term Loan B | United Talent Agency LLC 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (1 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 07/07/28 | 479981 | 481781 |
|  |  |  | 3032364 |
| **Metal Fabricate & Hardware — 0.5%** | **Metal Fabricate & Hardware — 0.5%** | **Metal Fabricate & Hardware — 0.5%** | **Metal Fabricate & Hardware — 0.5%** |
|  AZZ, Inc. Term Loan B | AZZ, Inc. Term Loan B | AZZ, Inc. Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (1 mo. USD Term SOFR + 2.500%) *<sup>(1)</sup>* | 05/13/29 | 1359551 | 1363629 |
| **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
|  American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan | American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan | American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.44% (1 mo. USD Term SOFR + 7.000%) *<sup>(1),(12)</sup>* | 06/09/28 | 87839 | 88717 |
|  American Rock Salt Co. LLC 2024 First Out Term Loan | American Rock Salt Co. LLC 2024 First Out Term Loan | American Rock Salt Co. LLC 2024 First Out Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.44% (1 mo. USD Term SOFR + 7.000%) *<sup>(1)</sup>* | 06/09/28 | 330716 | 334023 |
|  Novelis Corp. 2025 Term Loan B | Novelis Corp. 2025 Term Loan B | Novelis Corp. 2025 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.29% (3 mo. USD Term SOFR + 2.000%) *<sup>(1)</sup>* | 03/11/32 | 488372 | 488475 |
|  |  |  | 911215 |
| **Miscellaneous Manufacturers — 0.5%** | **Miscellaneous Manufacturers — 0.5%** | **Miscellaneous Manufacturers — 0.5%** | **Miscellaneous Manufacturers — 0.5%** |
|  Rohm Holding GmbH USD Term Loan B | Rohm Holding GmbH USD Term Loan B | Rohm Holding GmbH USD Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.83% (3 mo. USD Term SOFR + 5.500%) *<sup>(1)</sup>* | 07/31/26 | 1344987 | 1338263 |
| **Office/Business Equipment — 0.5%** | **Office/Business Equipment — 0.5%** | **Office/Business Equipment — 0.5%** | **Office/Business Equipment — 0.5%** |
|  Xerox Holdings Corp. 2023 Term Loan B | Xerox Holdings Corp. 2023 Term Loan B | Xerox Holdings Corp. 2023 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 11/17/29 | 1518111 | 1451694 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** |
|  Apro LLC 2024 Term Loan B | Apro LLC 2024 Term Loan B | Apro LLC 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 07/09/31 | $705415 | $704096 |
|  Pasadena Performance Products LLC Term Loan B | Pasadena Performance Products LLC Term Loan B | Pasadena Performance Products LLC Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.81% (3 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 03/01/32 | 603448 | 603828 |
|  |  |  | 1307924 |
| **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** |
|  ChampionX Corp. 2022 Term Loan B2 | ChampionX Corp. 2022 Term Loan B2 | ChampionX Corp. 2022 Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.17% (1 mo. USD Term SOFR + 2.750%) *<sup>(1)</sup>* | 06/07/29 | 492500 | 493177 |
|  MRC Global U.S., Inc. 2024 Term Loan B | MRC Global U.S., Inc. 2024 Term Loan B | MRC Global U.S., Inc. 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% (6 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 10/24/31 | 400000 | 401000 |
|  |  |  | 894177 |
| **Packaging & Containers — 1.9%** | **Packaging & Containers — 1.9%** | **Packaging & Containers — 1.9%** | **Packaging & Containers — 1.9%** |
|  Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.04% (3 mo. USD Term SOFR + 4.750%) *<sup>(1)</sup>* | 10/10/31 | 1500000 | 1498125 |
|  Clydesdale Acquisition Holdings, Inc. 2025 Term Loan B | Clydesdale Acquisition Holdings, Inc. 2025 Term Loan B | Clydesdale Acquisition Holdings, Inc. 2025 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 03/26/32 | 336449 | 334977 |
|  Graham Packaging Co., Inc. 2024 Term Loan B | Graham Packaging Co., Inc. 2024 Term Loan B | Graham Packaging Co., Inc. 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (1 mo. USD Term SOFR + 2.500%) *<sup>(1)</sup>* | 08/04/27 | 1197642 | 1197642 |
|  Pactiv Evergreen Group Holdings, Inc. 2024 Term Loan B4 | Pactiv Evergreen Group Holdings, Inc. 2024 Term Loan B4 | Pactiv Evergreen Group Holdings, Inc. 2024 Term Loan B4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (1 mo. USD Term SOFR + 2.500%) *<sup>(1)</sup>* | 09/24/28 | 1144544 | 1144103 |
|  Plaze, Inc. 2020 Incremental Term Loan | Plaze, Inc. 2020 Incremental Term Loan | Plaze, Inc. 2020 Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.19% (1 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 08/03/26 | 1442562 | 1366308 |
|  Pretium Packaging LLC First Out Term Loan A | Pretium Packaging LLC First Out Term Loan A | Pretium Packaging LLC First Out Term Loan A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.32% (3 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 10/02/28 | 1131 | 1154 |
|  |  |  | 5542309 |
| **Pharmaceuticals — 3.5%** | **Pharmaceuticals — 3.5%** | **Pharmaceuticals — 3.5%** | **Pharmaceuticals — 3.5%** |
|  Curium Bidco SARL 2024 Term Loan B | Curium Bidco SARL 2024 Term Loan B | Curium Bidco SARL 2024 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 07/31/29 | 1235062 | 1235062 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Pharmaceuticals (Continued)** | **Pharmaceuticals (Continued)** | **Pharmaceuticals (Continued)** | **Pharmaceuticals (Continued)** | **Pharmaceuticals (Continued)** |
|  Gainwell Acquisition Corp. Term Loan B | Gainwell Acquisition Corp. Term Loan B | Gainwell Acquisition Corp. Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.40% (3 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 10/01/27 | 533607 | $| 501932 |
|  IVC Acquisition Ltd. 2025 USD Repriced Term Loan B | IVC Acquisition Ltd. 2025 USD Repriced Term Loan B | IVC Acquisition Ltd. 2025 USD Repriced Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 12/12/28 | 1309710 |  | 1311963 |
|  Jazz Financing Lux SARL 2024 1st Lien Term Loan B | Jazz Financing Lux SARL 2024 1st Lien Term Loan B | Jazz Financing Lux SARL 2024 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%) *<sup>(1)</sup>* | 05/05/28 | 746930 |  | 747490 |
|  LSCS Holdings, Inc. 2025 Term Loan | LSCS Holdings, Inc. 2025 Term Loan | LSCS Holdings, Inc. 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.80% (3 mo. USD Term SOFR + 4.500%) *<sup>(1)</sup>* | 03/04/32 | 1309983 |  | 1309577 |
|  Option Care Health, Inc. 2021 Term Loan B | Option Care Health, Inc. 2021 Term Loan B | Option Care Health, Inc. 2021 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.69% (1 mo. USD Term SOFR + 2.250%) *<sup>(1)</sup>* | 10/27/28 | 538120 |  | 541012 |
|  Organon & Co. 2024 USD Term Loan | Organon & Co. 2024 USD Term Loan | Organon & Co. 2024 USD Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%) *<sup>(1)</sup>* | 05/19/31 | 495161 |  | 488972 |
|  Perrigo Investments LLC 2024 Term Loan B | Perrigo Investments LLC 2024 Term Loan B | Perrigo Investments LLC 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.31% (3 mo. USD Term SOFR + 2.000%) *<sup>(1)</sup>* | 04/20/29 | 1291276 |  | 1291276 |
|  RxBenefits, Inc. 2020 Term Loan | RxBenefits, Inc. 2020 Term Loan | RxBenefits, Inc. 2020 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.94% (1 mo. USD Term SOFR + 4.500%) *<sup>(1)</sup>* | 12/20/27 | 241719 |  | 237489 |
|  RxBenefits, Inc. 2023 Incremental Term Loan | RxBenefits, Inc. 2023 Incremental Term Loan | RxBenefits, Inc. 2023 Incremental Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.57% (1 mo. USD Term SOFR + 5.250%) *<sup>(1)</sup>* | 12/20/27 | 505147 |  | 500095 |
|  Southern Veterinary Partners LLC 2024 1st Lien Term Loan | Southern Veterinary Partners LLC 2024 1st Lien Term Loan | Southern Veterinary Partners LLC 2024 1st Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%) *<sup>(1)</sup>* | 12/04/31 | 1530612 |  | 1528156 |
|  Vizient, Inc. 2024 Term Loan B | Vizient, Inc. 2024 Term Loan B | Vizient, Inc. 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 08/01/31 | 712159 |  | 712975 |
|  |  |  |  | 10405999 |
| **Pipelines — 0.9%** | **Pipelines — 0.9%** | **Pipelines — 0.9%** | **Pipelines — 0.9%** | **Pipelines — 0.9%** |
|  ITT Holdings LLC 2024 Term Loan B | ITT Holdings LLC 2024 Term Loan B | ITT Holdings LLC 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%) *<sup>(1)</sup>* | 10/11/30 | 1006977 |  | 1008865 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Pipelines (Continued)** | **Pipelines (Continued)** | **Pipelines (Continued)** | **Pipelines (Continued)** | **Pipelines (Continued)** |
|  M6 ETX Holdings II Midco LLC 2025 Term Loan B | M6 ETX Holdings II Midco LLC 2025 Term Loan B | M6 ETX Holdings II Midco LLC 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 04/01/32 | 223684 | $| 223475 |
|  NGP XI Midstream Holdings LLC 2025 Term Loan B | NGP XI Midstream Holdings LLC 2025 Term Loan B | NGP XI Midstream Holdings LLC 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.83% (3 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 07/25/31 | 922688 |  | 920381 |
|  WaterBridge Midstream Operating LLC 2024 Term Loan B | WaterBridge Midstream Operating LLC 2024 Term Loan B | WaterBridge Midstream Operating LLC 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.31% (3 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 05/10/29 | 464333 |  | 466439 |
|  |  |  |  | 2619160 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
|  Avison Young Canada, Inc. 2024 Second Out Term Loan | Avison Young Canada, Inc. 2024 Second Out Term Loan | Avison Young Canada, Inc. 2024 Second Out Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.06% (3 mo. USD Term SOFR + 1.500%) *<sup>(1)</sup>* | 03/12/29 | 15860 |  | 12757 |
| **REIT — 0.8%** | **REIT — 0.8%** | **REIT — 0.8%** | **REIT — 0.8%** | **REIT — 0.8%** |
|  Iron Mountain, Inc. 2023 Term Loan B | Iron Mountain, Inc. 2023 Term Loan B | Iron Mountain, Inc. 2023 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%) *<sup>(1)</sup>* | 01/31/31 | 535767 |  | 533591 |
|  OEG Borrower LLC 2024 Term Loan B | OEG Borrower LLC 2024 Term Loan B | OEG Borrower LLC 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 06/30/31 | 1028167 |  | 1029452 |
|  SBA Senior Finance II LLC 2024 Term Loan B | SBA Senior Finance II LLC 2024 Term Loan B | SBA Senior Finance II LLC 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.08% (1 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 01/25/31 | 746231 |  | 746388 |
|  |  |  |  | 2309431 |
| **Retail — 3.0%** | **Retail — 3.0%** | **Retail — 3.0%** | **Retail — 3.0%** | **Retail — 3.0%** |
|  BJ's Wholesale Club, Inc. 2023 Term Loan B | BJ's Wholesale Club, Inc. 2023 Term Loan B | BJ's Wholesale Club, Inc. 2023 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.06% (1 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 02/03/29 | 1000000 |  | 1008755 |
|  BW Gas & Convenience Holdings LLC 2021 Term Loan B | BW Gas & Convenience Holdings LLC 2021 Term Loan B | BW Gas & Convenience Holdings LLC 2021 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 03/31/28 | 250000 |  | 248646 |
|  Dave & Buster's, Inc. 2024 1st Lien Term Loan B | Dave & Buster's, Inc. 2024 1st Lien Term Loan B | Dave & Buster's, Inc. 2024 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%) *<sup>(1)</sup>* | 11/01/31 | 723304 |  | 634250 |
|  Great Outdoors Group LLC 2025 Term Loan B | Great Outdoors Group LLC 2025 Term Loan B | Great Outdoors Group LLC 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%) *<sup>(1)</sup>* | 01/23/32 | 622967 |  | 622422 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Retail (Continued)** | **Retail (Continued)** | **Retail (Continued)** | **Retail (Continued)** | **Retail (Continued)** |
|  K-Mac Holdings Corp. 2025 Term Loan | K-Mac Holdings Corp. 2025 Term Loan | K-Mac Holdings Corp. 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 07/21/28 | 1129603 | $| 1132545 |
|  KFC Holding Co. 2021 Term Loan B | KFC Holding Co. 2021 Term Loan B | KFC Holding Co. 2021 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.18% (1 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 03/15/28 | 1217622 |  | 1221884 |
|  Michaels Cos., Inc. 2021 Term Loan B | Michaels Cos., Inc. 2021 Term Loan B | Michaels Cos., Inc. 2021 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.81% (3 mo. USD Term SOFR + 4.250%) *<sup>(1)</sup>* | 04/17/28 | 147182 |  | 109702 |
|  Pacific Bells LLC 2024 Repriced Term Loan B | Pacific Bells LLC 2024 Repriced Term Loan B | Pacific Bells LLC 2024 Repriced Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.56% (3 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 11/13/28 | 981895 |  | 981693 |
|  Peer Holding III BV 2025 USD Term Loan B4B | Peer Holding III BV 2025 USD Term Loan B4B | Peer Holding III BV 2025 USD Term Loan B4B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80% (3 mo. USD Term SOFR + 2.500%) *<sup>(1)</sup>* | 10/28/30 | 1764347 |  | 1764629 |
|  Tacala LLC 2024 Term Loan B | Tacala LLC 2024 Term Loan B | Tacala LLC 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 01/31/31 | 990025 |  | 991030 |
|  |  |  |  | 8715556 |
| **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |
|  Ultra Clean Holdings, Inc. 2024 1st Lien Term Loan B | Ultra Clean Holdings, Inc. 2024 1st Lien Term Loan B | Ultra Clean Holdings, Inc. 2024 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 02/25/28 | 650259 |  | 652154 |
| **Software — 9.1%** | **Software — 9.1%** | **Software — 9.1%** | **Software — 9.1%** | **Software — 9.1%** |
|  AQA Acquisition Holding, Inc. 2024 Term Loan | AQA Acquisition Holding, Inc. 2024 Term Loan | AQA Acquisition Holding, Inc. 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.29% (3 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 03/03/28 | 250000 |  | 249375 |
|  Avison Young Canada, Inc. 2024 Third Out Term Loan | Avison Young Canada, Inc. 2024 Third Out Term Loan | Avison Young Canada, Inc. 2024 Third Out Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.08% (3 mo. USD Term SOFR + 1.500%) *<sup>(1),(5)</sup>* | 03/12/29 | 166158 |  | 93464 |
|  Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.29% (3 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 07/30/31 | 245000 |  | 241082 |
|  Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (1 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 12/29/28 | 1153772 |  | 1114273 |
|  Castle U.S. Holding Corp. USD Term Loan B | Castle U.S. Holding Corp. USD Term Loan B | Castle U.S. Holding Corp. USD Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.32% (3 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 01/29/27 | 958333 |  | 595139 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
|  Clearwater Analytics LLC 2025 Term Loan B | Clearwater Analytics LLC 2025 Term Loan B | Clearwater Analytics LLC 2025 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 02/07/32 | $1350000 | $1346625 |
|  Cloud Software Group, Inc. 2024 1st Lien Term Loan B | Cloud Software Group, Inc. 2024 1st Lien Term Loan B | Cloud Software Group, Inc. 2024 1st Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 03/30/29 | 935424 | 927982 |
|  Cloud Software Group, Inc. 2024 USD Term Loan | Cloud Software Group, Inc. 2024 USD Term Loan | Cloud Software Group, Inc. 2024 USD Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%) *<sup>(1)</sup>* | 03/21/31 | 517458 | 513117 |
|  Cotiviti Corp. 2025 Incremental Term Loan | Cotiviti Corp. 2025 Incremental Term Loan | Cotiviti Corp. 2025 Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 02/13/32 | 975000 | 954281 |
|  DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.32% (1 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 04/26/29 | 1725354 | 1713708 |
|  EagleView Technology Corp. 2018 Add On Term Loan B | EagleView Technology Corp. 2018 Add On Term Loan B | EagleView Technology Corp. 2018 Add On Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.82% (3 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 08/14/25 | 2361551 | 2305677 |
|  Ellucian Holdings, Inc. 2024 1st Lien Term Loan B | Ellucian Holdings, Inc. 2024 1st Lien Term Loan B | Ellucian Holdings, Inc. 2024 1st Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 10/09/29 | 480387 | 480173 |
|  EP Purchaser LLC 2023 Term Loan B | EP Purchaser LLC 2023 Term Loan B | EP Purchaser LLC 2023 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.06% (3 mo. USD Term SOFR + 4.500%) *<sup>(1)</sup>* | 11/06/28 | 281582 | 282638 |
|  Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B | Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B | Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (1 mo. USD Term SOFR + 2.500%) *<sup>(1)</sup>* | 01/30/32 | 950000 | 941179 |
|  IGT Holding IV AB 2025 Term Loan B5 | IGT Holding IV AB 2025 Term Loan B5 | IGT Holding IV AB 2025 Term Loan B5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 08/29/31 | 244898 | 245510 |
|  Maverick Bidco, Inc. 2021 Term Loan | Maverick Bidco, Inc. 2021 Term Loan | Maverick Bidco, Inc. 2021 Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 05/18/28 | 1250000 | 1251819 |
|  Maverick Bidco, Inc. 2023 Incremental Term Loan | Maverick Bidco, Inc. 2023 Incremental Term Loan | Maverick Bidco, Inc. 2023 Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 05/18/28 | 1250000 | 1254300 |
|  Modena Buyer LLC Term Loan | Modena Buyer LLC Term Loan | Modena Buyer LLC Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 07/01/31 | 250000 | 242630 |
|  Open Text Corp. 2023 Term Loan B | Open Text Corp. 2023 Term Loan B | Open Text Corp. 2023 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%) *<sup>(1)</sup>* | 01/31/30 | 1082856 | 1081562 |
|  Planview Parent, Inc. 2024 1st Lien Term Loan | Planview Parent, Inc. 2024 1st Lien Term Loan | Planview Parent, Inc. 2024 1st Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 12/17/27 | 1494380 | 1481304 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
|  Playtika Holding Corp. 2021 Term Loan B1 | Playtika Holding Corp. 2021 Term Loan B1 | Playtika Holding Corp. 2021 Term Loan B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.19% (1 mo. USD Term SOFR + 2.750%) *<sup>(1)</sup>* | 03/13/28 | 936023 | $| 927955 |
|  Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 10/28/30 | 1250000 |  | 1248694 |
|  PushPay USA, Inc. 2025 Term Loan | PushPay USA, Inc. 2025 Term Loan | PushPay USA, Inc. 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 08/16/31 | 1345200 |  | 1348563 |
|  Quartz Acquireco LLC 2025 Term Loan B | Quartz Acquireco LLC 2025 Term Loan B | Quartz Acquireco LLC 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% (3 mo. USD Term SOFR + 2.250%) *<sup>(1)</sup>* | 06/28/30 | 1449266 |  | 1442020 |
|  Renaissance Holding Corp. 2024 1st Lien Term Loan | Renaissance Holding Corp. 2024 1st Lien Term Loan | Renaissance Holding Corp. 2024 1st Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.32% (1 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 04/05/30 | 1181320 |  | 1161391 |
|  SolarWinds Holdings, Inc. 2025 Term Loan | SolarWinds Holdings, Inc. 2025 Term Loan | SolarWinds Holdings, Inc. 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 03/12/32 | 1125000 |  | 1094068 |
|  SS&C Technologies, Inc. 2024 Term Loan B8 | SS&C Technologies, Inc. 2024 Term Loan B8 | SS&C Technologies, Inc. 2024 Term Loan B8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%) *<sup>(1)</sup>* | 05/09/31 | 630618 |  | 630776 |
|  Surf Holdings LLC 2025 Incremental Term Loan | Surf Holdings LLC 2025 Incremental Term Loan | Surf Holdings LLC 2025 Incremental Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.94% (1 mo. USD Term SOFR + 3.500%) *<sup>(1)</sup>* | 03/05/27 | 1248692 |  | 1250365 |
|  Waystar Technologies, Inc. 2024 1st Lien Term Loan B | Waystar Technologies, Inc. 2024 1st Lien Term Loan B | Waystar Technologies, Inc. 2024 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%) *<sup>(1)</sup>* | 10/22/29 | 267979 |  | 267310 |
|  |  |  |  | 26686980 |
| **Telecommunications — 1.9%** | **Telecommunications — 1.9%** | **Telecommunications — 1.9%** | **Telecommunications — 1.9%** | **Telecommunications — 1.9%** |
|  Altice Financing SA 2022 USD Term Loan | Altice Financing SA 2022 USD Term Loan | Altice Financing SA 2022 USD Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.30% (3 mo. USD Term SOFR + 5.000%) *<sup>(1)</sup>* | 10/31/27 | 919442 |  | 756241 |
|  Altice France SA 2023 USD Term Loan B14 | Altice France SA 2023 USD Term Loan B14 | Altice France SA 2023 USD Term Loan B14 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.80% (3 mo. USD Term SOFR + 5.500%) *<sup>(1)</sup>* | 08/15/28 | 174792 |  | 157116 |
|  CCI Buyer, Inc. Term Loan | CCI Buyer, Inc. Term Loan | CCI Buyer, Inc. Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%) *<sup>(1)</sup>* | 12/17/27 | 1326022 |  | 1328415 |
|  Cyxtera DC Holdings, Inc. Term Loan B | Cyxtera DC Holdings, Inc. Term Loan B | Cyxtera DC Holdings, Inc. Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5)</sup>* | 01/16/26 | 292034 |  |  |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** |
|  Frontier Communications Corp. 2025 Term Loan B | Frontier Communications Corp. 2025 Term Loan B | Frontier Communications Corp. 2025 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.79% (6 mo. USD Term SOFR + 2.500%) *<sup>(1)</sup>* | 07/01/31 | 1246875 | 1247268 |
|  MasOrange Finco PLC 2024 Term Loan B4 | MasOrange Finco PLC 2024 Term Loan B4 | MasOrange Finco PLC 2024 Term Loan B4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 03/25/31 | 1020550 | 1020550 |
|  Zayo Group Holdings, Inc. USD Term Loan | Zayo Group Holdings, Inc. USD Term Loan | Zayo Group Holdings, Inc. USD Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.44% (1 mo. USD Term SOFR + 3.000%) *<sup>(1)</sup>* | 03/09/27 | 1147175 | 1070567 |
|  |  |  | 5580157 |
| **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** |
|  (Cost: $266,233,077) |  |  | 263077904 |
| **CORPORATE BONDS — 3.2%** | **CORPORATE BONDS — 3.2%** | **CORPORATE BONDS — 3.2%** | **CORPORATE BONDS — 3.2%** |
| **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** |
|  Boeing Co. | Boeing Co. | Boeing Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30% | 05/01/29 | 500000 | 524185 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
|  Block, Inc. | Block, Inc. | Block, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(2)</sup>* | 05/15/32 | 500000 | 506075 |
|  OT Midco Ltd. | OT Midco Ltd. | OT Midco Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% *<sup>(2)</sup>* | 02/15/30 | 239000 | 206616 |
|  |  |  | 712691 |
| **Electric — 0.3%** | **Electric — 0.3%** | **Electric — 0.3%** | **Electric — 0.3%** |
|  Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(2)</sup>* | 10/15/32 | 1000000 | 1001640 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
|  WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(2)</sup>* | 07/15/30 | 500000 | 463465 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% *<sup>(2)</sup>* | 02/01/33 | 500000 | 503900 |
| **Health Care-Services — 0.2%** | **Health Care-Services — 0.2%** | **Health Care-Services — 0.2%** | **Health Care-Services — 0.2%** |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/15/33 | 500000 | 483795 |
| **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
|  Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(2)</sup>* | 03/15/31 | 141000 | 120578 |
| **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 09/15/34 | 750000 | 730432 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
|  VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(2)</sup>* | 01/15/32 | 500000 | 435225 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 01/15/34 | $500000 | $506580 |
| **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
|  Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(2)</sup>* | 11/21/33 | 500000 | 524905 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/22/34 | 500000 | 508980 |
|  Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(2)</sup>* | 10/15/28 | 50000 | 46226 |
|  Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 02/26/33 | 250000 | 267230 |
|  |  |  | 1347341 |
| **REIT — 0.2%** | **REIT — 0.2%** | **REIT — 0.2%** | **REIT — 0.2%** |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 500000 | 442215 |
| **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
|  1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(2)</sup>* | 02/15/29 | 500000 | 463175 |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% *<sup>(2)</sup>* | 04/01/26 | 200000 | 198226 |
|  |  |  | 661401 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
|  Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46% *<sup>(2)</sup>* | 02/16/34 | 1000000 | 1019210 |
|  Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% *<sup>(2)</sup>* | 12/01/27 | 500000 | 517750 |
|  |  |  | 1536960 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |
|  (Cost: $9,355,385) |  |  | 9470408 |
| **U.S. TREASURY SECURITIES — 0.5%** | **U.S. TREASURY SECURITIES — 0.5%** | **U.S. TREASURY SECURITIES — 0.5%** | **U.S. TREASURY SECURITIES — 0.5%** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/31/30 | 1420000 | 1422829 |
| **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |
|  (Cost: $1,416,970) |  |  | 1422829 |
| **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |
|  (Cost: $279,398,522) |  |  | 276395147 |
| **Issues** |  | **<br>Shares** | **Value** |
|  **COMMON STOCK — 0.1%** | **COMMON STOCK — 0.1%** | **COMMON STOCK — 0.1%** | **COMMON STOCK — 0.1%** |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
|  Avison Young Canada,<br>Inc.*<sup>(5),(13)</sup>* | Avison Young Canada,<br>Inc.*<sup>(5),(13)</sup>* | 370 | 20 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2025

---

| | | |
|:---|:---|:---|
| **Issues** | **<br>Shares** | **Value** |
| **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
|  Intelsat SA *<sup>(5)</sup>* | 9683 | $357671 |
| **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |
|  (Cost: $324,132) |  | 357691 |
| **PREFERRED STOCK — 0.1%** | **PREFERRED STOCK — 0.1%** | **PREFERRED STOCK — 0.1%** |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
|  Avison Young Canada, Inc. *<sup>(5),(13)</sup>* | 1054697 | 316409 |
| **Total Preferred Stock** | **Total Preferred Stock** | **Total Preferred Stock** |
|  (Cost: $697,797) |  | 316409 |
| **WARRANTS — 0.0%** | **WARRANTS — 0.0%** | **WARRANTS — 0.0%** |
|  Cineworld Group PLC *<sup>(5),(13)</sup>* | 229579 | 3 |
|  **Total Warrants** |  |  |
|  (Cost: $—) |  | 3 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **<br>Shares** | **Value** |
| **MONEY MARKET INVESTMENTS — 9.1%** | **MONEY MARKET INVESTMENTS — 9.1%** | **MONEY MARKET INVESTMENTS — 9.1%** |
|  TCW Central Cash Fund, 4.07% *<sup>(14),(15)</sup>* | 26609139 | $26609139 |
|  **Total Money Market Investments** |  |  |
|  (Cost: $26,609,139) |  | 26609139 |
|  **Total Investments (103.4%)** |  |  |
|  (Cost: $307,029,590) |  | 303678389 |
|  **Net Unrealized Appreciation/depreciation On Unfunded Commitments (0.0%)** | **Net Unrealized Appreciation/depreciation On Unfunded Commitments (0.0%)** | 1638 |
| **Liabilities In Excess Of Other Assets (-3.4%)** | **Liabilities In Excess Of Other Assets (-3.4%)** | (9912032) |
|  **Net Assets (100.0%)** |  | $293767995 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional<br>Contract<br>Value** | **Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** |
| 3 | Euro-Bobl Future | 06/6/25 | $(381013) | $(382099) | $(1086) |
| 2 | Euro-Bund Future | 06/6/25 | (278368) | (278608) | (240) |
|  |  |  | $(659381) | $(660707) | $(1326) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts at<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **BUY** *<sup>(16)</sup>* |  |  |  |  |  |  |
|  Bank Of America | EUR | 252000 | 04/11/25 | $272437 | $272617 | $180 |
|  Citibank N.A. | EUR | 96000 | 04/11/25 | 100057 | 103854 | 3797 |
|  Bank Of New York | EUR | 868000 | 04/11/25 | 905748 | 939013 | 33265 |
|  |  |  |  | $1278242 | $1315484 | $37242 |
|  **SELL** *<sup>(17)</sup>* |  |  |  |  |  |  |
|  Goldman Sachs & Co. | EUR | 249000 | 04/11/25 | $260190 | $269371 | $(9181) |
|  Citibank N.A. | EUR | 61000 | 04/11/25 | 63629 | 65991 | (2362) |
|  Bank Of America | EUR | 906000 | 04/11/25 | 928423 | 980122 | (51699) |
|  Bank Of America | EUR | 252000 | 07/11/25 | 273859 | 274026 | (167) |
|  |  |  |  | $1526101 | $1589510 | $(63409) |

---

#### Notes to the Schedule of Investments:
*CLO* *Collateralized Loan Obligation.* 

*EUR* *Euro Currency.* 

*REIT* *Real Estate Investment Trust.* 

*SOFR* *Secured Overnight Financing Rate.* 

*(1)* *Floating or variable rate security. The interest shown reflects the rate in effect at March 31, 2025.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW Senior Loan ETF
Schedule of Investments (Continued)

*(2)* *Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At March 31, 2025, the value of these securities amounted to $8,430,997 or 2.9% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company's Board of Directors.* 

*(3)* *Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $27,080, at an interest rate of 7.32% and a maturity of December 11, 2031. The investment is accruing an unused commitment fee of 3.00% per annum.* 

*(4)* *This position represents an unsettled bank loan at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.* 

*(5)* *For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.* 

*(6)* *Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $193,333, at an interest rate of 8.55% and a maturity of December 22, 2031. The investment is accruing an unused commitment fee of 1.00% per annum.* 

*(7)* *Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $122,605, at an interest rate of 9.07% and a maturity of November 1, 2031. The investment is accruing an unused commitment fee of 4.75% per annum.* 

*(8)* *Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $43,333, at an interest rate of 7.57% and a maturity of November 19, 2031. The investment is accruing an unused commitment fee of 4.32% per annum.* 

*(9)* *Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $95,579, at an interest rate of 8.31% and a maturity of February 28, 2032. The investment is accruing an unused commitment fee of 4.30% per annum.* 

*(10)* *Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $26,041, at an interest rate of 8.19% and a maturity of March 31, 2028. The investment is accruing an unused commitment fee of 4.32% per annum.* 

*(11)* *Payment in kind.* 

*(12)* *Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $263,973, at an interest rate of 11.44% and a maturity of June 9, 2028. The investment is accruing an unused commitment fee of 7.00% per annum.* 

*(13)* *Non-income producing security.* 

*(14)* *Rate disclosed is the 7-day net yield as of March 31, 2025.* 

*(15)* *Affiliated issuer.* 

*(16)* *Fund buys foreign currency, sells USD.* 

*(17)* *Fund sells foreign currency, buys USD.* 

The summary of the TCW Senior Loan ETF transactions in the affiliated funds for the year ended March 31, 2025 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Affiliated<br>Fund** | **Value at<br>April 1,<br>2024** | **Purchases at<br>Cost** | **Proceeds<br>from Sales** | **Number of<br>Shares Held<br>March 31,<br>2025** | **Value at<br>March 31,<br>2025** | **Dividends and<br>Interest<br>Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net Realized<br>Gain (Loss)<br>on<br>Investments** | **Net change in<br>Unrealized<br>Gain (Loss)<br>on<br>Investments** |
|  **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** |  |  |  |
|  | $— | $77509139 | $50900000 | 26609139 | $26609139 | $289771 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $26609139 | $289771 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

Fair Valuation Summary March 31, 2025

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets**<br>**(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Loans | $920381 | $258399378 | $3758145 | $263077904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 9470408 |  | 9470408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 2424006 |  | 2424006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | 1422829 |  |  | 1422829 |
|  Total Fixed Income Securities | 2343210 | 270293792 | 3758145 | 276395147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 26609139 |  |  | 26609139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock |  |  | 357691 | 357691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock |  |  | 316409 | 316409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | 3 | 3 |
|  Net Unrealized Appreciation (Depreciation) on Unfunded Commitments |  | 1638 |  | 1638 |
|  Total Investments | $28952349 | $270295430 | $4432248 | $303680027 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 37242 |  | 37242 |
|  Total | $28952349 | $270332672 | $4432248 | $303717269 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk | $(63409) | $— | $— | $(63409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk |  | (1326) |  | (1326) |
|  Total | $(63409) | $(1326) | $— | $(64735) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW ETF Trust
Statements of Assets and Liabilities March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **TCW<br>Corporate<br>Bond ETF** | **TCW<br>Senior<br>Loan ETF** |
|  **ASSETS** | **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Value *<sup>(1)</sup>* | $7705717 | $277069250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in Affiliated Issuers, at Value *<sup>(2)</sup>* | 557982 | 26609139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Value *<sup>(3)</sup>* |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 39358 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Securities Sold | 13892 | 25372388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends Receivable | 73071 | 3017520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation on Forward Currency Exchange Contracts | 9 | 37242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Daily Variation Margin on Open Financial Futures Contracts | 32579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Collateral Held for Brokers | 17414 | 21423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Appreciation on Unfunded Loan Commitments |  | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 8440022 | 332128611 |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Securities Purchased | 194078 | 36969699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disbursements in Excess of Available Cash |  | 1163995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Management Fees | 2119 | 162193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker — variation margin on open futures contracts |  | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation on Forward Currency Exchange Contracts | 277 | 63409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 196474 | 38360616 |
|  **NET ASSETS** | $8243548 | $293767995 |
|  **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $10679966 | $320011527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated Earnings (Loss) | (2436418) | (26243532) |
|  **NET ASSETS** | $8243548 | $293767995 |
|  NET ASSETS | $8243548 | $293767995 |
|  SHARES OUTSTANDING | 180118 | 6223628 |
|  NET ASSET VALUE PER SHARE | $45.77 | $47.20 |

---

*(1)* *The identified cost for the TCW Corporate Bond ETF and the TCW Senior Loan ETF at March 31, 2025 was $8,201,741 and $280,420,451, respectively.* 

*(2)* *The identified cost for the TCW Corporate Bond ETF and the TCW Senior Loan ETF at March 31, 2025 was $557,982 and $26,609,139, respectively.* 

*(3)* *The identified cost for the TCW Corporate Bond ETF and the TCW Senior Loan ETF at March 31, 2025 was $- and $11, respectively.* 

*See accompanying Notes to Financial Statements.* 

------

Statements of Operations Year Ended March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **TCW<br>Corporate<br>Bond ETF** | **TCW<br>Senior<br>Loan ETF** |
|  **INVESTMENT INCOME** |  |  |
|  **Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1863 | $652143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Investment in Affiliated Issuers | 2286 | 289771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 208463 | 25050356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 212612 | 25992270 |
|  **Expenses:** | **Expenses:** | **Expenses:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees | 19946 | 1736739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 55718 | 98206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees | 21007 | 89428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 45623 | 58480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Fees | 14155 | 24952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' Fees and Expenses | 65 | 3817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration Fees | 18488 | 37836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees |  | 13654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Reporting Expense | 3601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 9602 | 16714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 188205 | 2079826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less Expenses Borne by Investment Advisor | (161341) | (50504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 26864 | 2029322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 185748 | 23962948 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized (Loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (128340) | (2859618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency | 12 | 13708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 365 | 88019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (5865) | 8414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 205780 | (551086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency |  | (8001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | (268) | (41284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 9703 | (976) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | (898) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions | 81137 | (3350824) |
|  **INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $266885 | $20612124 |

---

*See accompanying Notes to Financial Statements.* 

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW Corporate Bond ETF** *<sup>(1)</sup>* | **TCW Corporate Bond ETF** *<sup>(1)</sup>* | **TCW Senior Loan ETF** *<sup>(2)</sup>* | **TCW Senior Loan ETF** *<sup>(2)</sup>* |
|  | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $185748 | $217484 | $23962948 | $29723795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Loss on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions | (133180) | (592903) | (2749477) | (4304578) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts | 214317 | 524303 | (601347) | 11415223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Operations | 266885 | 148884 | 20612124 | 36834440 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | (179156) | (216921) | (21975885) | (29763381) |
|  **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF | 5843276 | (462090) | 2606406 | (42746247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M Class | (2875235) | (1447956) | (9514628) | (1703022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class |  |  | (10694) | 10506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | 2968041 | (1910046) | (6918916) | (44438763) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 3055770 | (1978083) | (8282677) | (37367704) |
|  **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 5187778 | 7165861 | 302050672 | 339418376 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $8243548 | $5187778 | $293767995 | $302050672 |

---

*(1)* *The TCW Corporate Bond ETF acquired the assets and liabilities of the TCW MetWest Corporate Bond Fund, a series of the TCW Metropolitan West Funds, Inc., at the close of business on November 15, 2024. As a result of the reorganization, the TCW Corporate Bond ETF is the accounting successor of the TCW MetWest Corporate Bond Fund. Financial information above for the periods prior to November 15, 2024 reflects the performance and expense limitation agreement that was in place for the TCW MetWest Corporate Bond Fund.* 

*(2)* *The TCW Senior Loan ETF acquired the assets and liabilities of the TCW MetWest Floating Rate Income Fund, a series of the TCW Metropolitan West Funds, Inc., at the close of business on November 15, 2024. As a result of the reorganization, the TCW Senior Loan ETF is the accounting successor of the TCW MetWest Floating Rate Income Fund. Financial information above for the periods prior to November 15, 2024 reflects the performance and expense limitation agreement that was in place for the TCW MetWest Floating Rate Income Fund.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW Corporate Bond ETF
Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025<sup>(1)(2)</sup>** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value per Share, Beginning of year | $44.95 | $45.15 | $49.45 | $53.25 | $51.60 |
|  **Income (Loss) from Investment Operations:** |  |  |  |  |  |
|  Net Investment Income<sup>(3)</sup> | 2.20 | 1.75 | 1.40 | 1.20 | 2.00 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.32 | (0.20) | (4.30) | (3.45) | 2.05 |
|  Total from Investment Operations | 2.52 | 1.55 | (2.90) | (2.25) | 4.05 |
|  **Less Distributions:** |  |  |  |  |  |
|  Distributions from Net Investment Income | (1.70) | (1.75) | (1.40) | (1.20) | (2.15) |
|  Distributions from Net Realized Gain |  |  |  | (0.35) | (0.25) |
|  Total Distributions | (1.70) | (1.75) | (1.40) | (1.55) | (2.40) |
|  Net Asset Value per Share, End of year | $45.77 | $44.95 | $45.15 | $49.45 | $53.25 |
|  Market Value per Share, End of year | 45.77 |  |  |  |  |
|  Total Return | 5.55% | 3.52% | (5.79%) | (4.44%) | 7.81% |
|  Total Return Market Price | 5.55% | N/A | N/A | N/A | N/A |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of year (in thousands) | $8244 | $2379 | $2870 | $6935 | $4730 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 3.59% | 4.24% | 3.39% | 2.40% | 3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.51% | 0.50% | 0.50% | 0.50% | 0.50% |
|  Ratio of Net Investment Income to Average Net Assets | 3.55% | 3.92% | 3.05% | 2.25% | 3.64% |
|  Portfolio Turnover Rate<sup>(4)(5)(6)</sup> | 169% | 136% | 124% | 148% | 84% |

---

*(1)* *Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.* 

*(2)* *The TCW Corporate Bond ETF acquired the assets and liabilities of the TCW MetWest Corporate Bond Fund, a series of the TCW Metropolitan West Funds, Inc., at the close of business on November 15, 2024. As a result of the reorganization, the TCW Corporate Bond ETF is the accounting successor of the TCW MetWest Corporate Bond Fund. Financial information above for the periods prior to November 15, 2024 reflects the performance and expense limitation agreement that was in place for the TCW MetWest Corporate Bond Fund.* 

*(3)* *Computed using average shares outstanding throughout the year.* 

*(4)* *Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.* 

*(5)* *The portfolio turnover calculation was adjusted to exclude the value of securities acquired in connection with the Fund's acquisition of the assets and liabilities of the TCW MetWest Corporate Bond Fund at the close of business on November 15, 2024.* 

*(6)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW Senior Loan ETF
Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | **2025<sup>(1)(2)</sup>** | **2024** | **2023** | **2022** | **2021** |
|  Net Asset Value per Share, Beginning of year | $47.45 | $46.45 | $48.90 | $49.75 | $44.90 |
|  **Income (Loss) from Investment Operations:** |  |  |  |  |  |
|  Net Investment Income<sup>(3)</sup> | 3.91 | 4.15 | 2.90 | 1.65 | 1.60 |
|  Net Realized and Unrealized Gain (Loss) on Investments | (0.49) | 1.00 | (2.35) | (0.85) | 4.85 |
|  Total from Investment Operations | 3.42 | 5.15 | 0.55 | 0.80 | 6.45 |
|  **Less Distributions:** |  |  |  |  |  |
|  Distributions from Net Investment Income | (3.67) | (4.15) | (3.00) | (1.65) | (1.60) |
|  Total Distributions | (3.67) | (4.15) | (3.00) | (1.65) | (1.60) |
|  Net Asset Value per Share, End of year | $47.20 | $47.45 | $46.45 | $48.90 | $49.75 |
|  Market Value per Share, End of year | 47.27 |  |  |  |  |
|  Total Return | 7.13% | 11.58% | 1.26% | 1.61% | 14.52% |
|  Total Return Market Price | 7.28% | N/A | N/A | N/A | N/A |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of year (in thousands) | $293768 | $292519 | $328416 | $475105 | $417927 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.70% | 0.70%<sup>(4)</sup> | 0.70% | 0.69%<sup>(5)</sup> | 0.70%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.69% | 0.70% | 0.70% | 0.69% | 0.70% |
|  Ratio of Net Investment Income to Average Net Assets | 8.09% | 8.85% | 6.22% | 3.32% | 3.25% |
|  Portfolio Turnover Rate<sup>(7)(8)(9)</sup> | 111% | 77% | 43% | 49% | 38% |

---

*(1)* *Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.* 

*(2)* *The TCW Senior Loan ETF acquired the assets and liabilities of the TCW MetWest Floating Rate Income Fund, a series of the TCW Metropolitan West Funds, Inc., at the close of business on November 15, 2024. As a result of the reorganization, the TCW Senior Loan ETF is the accounting successor of the TCW MetWest Floating Rate Income Fund. Financial information above for the periods prior to November 15, 2024 reflects the performance and expense limitation agreement that was in place for the TCW MetWest Floating Rate Income Fund.* 

*(3)* *Computed using average shares outstanding throughout the period.* 

*(4)* *Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.70%.* 

*(5)* *Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.69%.* 

*(6)* *Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.68%.* 

*(7)* *Portfolio turnover rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.* 

*(8)* *The portfolio turnover calculation was adjusted to exclude the value of securities acquired in connection with the Fund's acquisition of the assets and liabilities of the TCW MetWest Floating Rate Income Fund at the close of business on November 15, 2024.* 

*(9)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW ETF Trust
Notes to Financial Statements March 31, 2025

#### NOTE 1 — ORGANIZATION
TCW ETF Trust (formerly Engine No. 1 ETF) (the "Trust"), a Delaware statutory trust organized on October 26, 2020, is an open-end managment investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is authorized to issue multiple series of portfolios. As of March 31, 2025, the Trust consisted of eleven operating investment portfolios, two of which are presented herein: TCW Corporate Bond ETF and TCW Senior Loan ETF (each a "Fund" and collective, the "Funds").

TCW Investment Management Company LLC (the "Adviser") is the investment adviser to and an affiliate of the Funds and is registered under the Investment Advisers Act of 1940, as amended. Each Fund has its own investment objective and strategies. The following is a brief description of the investment objectives and principal investment strategies for the Funds that are covered in this report:

#### Investment Objectives and Principal Investment Strategies

---

| | |
|:---|:---|
| **ETF Fund** | **Strategies** |
| **Diversified Fund** |  |
| TCW Corporate Bond ETF | Seeks to maximize long-term total return, by investing at least 80% of value of its net assets, plus the amount of any borrowings for investment purposes, in a diversified portfolio of corporate bonds of varying maturities issued by U.S. and foreign corporations, including those in developed market and emerging market countries. There is no limit on the weighted average maturity of the Fund's portfolio, and the Fund's average portfolio duration is expected, but not required, to vary from three to nine years. |
| TCW Senior Loan ETF | Seeks current income with a secondary objective of long-term capital appreciation, by investing at least 80% of the value its net assets, plus the amount of any borrowings for investment purposes, in senior secured floating rate investments and in investments that are the economic equivalent of senior secured floating rate loans. The Fund's portfolio securities may have any duration or maturity. |

---

There can be no assurance that the Funds will achieve their respective investment objectives.

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which require management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amount of increase and decrease in net assets from operations during the fiscal period. Actual amounts could differ from these estimates. The Funds are investment companies and follow the investment company accounting standards and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standard Codification ("ASC") Topic 946, "Financial Services — Investment Companies". Rules and interpretive releases of the Securities and Exchange Commission ("SEC") under authority

------

## TCW ETF Trust
Notes to Financial Statements (Continued)

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)
of federal laws are also sources of authoritative guidance for SEC registrants. The following summarizes the significant accounting policies of the Funds:

**Principles of Accounting:** The Funds use the accrual method of accounting for financial reporting purposes.

**Net Asset Value:** The net asset value ("NAV") of each Fund's shares is calculated each business day as of the close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m., Eastern Time. NAV per share is computed by dividing the net assets by the number of each Fund's shares outstanding.

**Security Valuation:** Securities listed or traded on the NYSE and other stock exchanges were valued at the latest sale price on the exchange. Securities traded on the NASDAQ stock market ("NASDAQ") were valued during the period using official closing prices as reported by NASDAQ, which may not have been the last sale price. Investments in open-end mutual funds including money market funds were valued based on the NAV per share as reported by the investment companies. All other securities for which over-the-counter ("OTC") market quotations were readily available, including short-term securities, swap agreements and forward currency exchange contracts, were valued with prices furnished by independent pricing services or by broker-dealers.

Pursuant to Rule 2a-5 under the 1940 Act, the Trust's Board of Trustees (the "Board", and each member thereof, a "Trustee") has designated the Adviser as the "valuation designee" with respect to the fair valuation of the Funds' portfolio securities, subject to oversight by and periodic reporting to the Board. Fair valued securities are those for which market quotations were not readily available, including in circumstances under which it was determined by the Adviser that prices received were not reflective of their market values.

Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Fund disclose investments in their financial statements in a three-tier hierarchy. This hierarchy is utilized to establish classification of fair value measurements based on inputs. Inputs that go into fair value measurement refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the inputs market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

---

| | |
|:---|:---|
| Level 1 — | quoted prices in active markets for identical investments. |
| Level 2 — | other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3 — | significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments). |

---

------

## TCW ETF Trust
March 31, 2025

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)
Changes in valuation techniques may result in transfers in or out of an investment's assigned Level within the hierarchy. The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3.

In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Level 1, Level 2, or Level 3.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.

**Fair Value Measurements:** Descriptions of the valuation techniques applied to the Funds' major categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Asset-backed securities ("ABS") and mortgage-backed securities ("MBS").* The fair value of ABS and MBS is estimated based on pricing models that consider the estimated cash flows of each debt tranche of the issuer, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche including, but not limited to, the prepayment speed assumptions and attributes of the collateral. To the extent the inputs are observable and timely, the values would be categorized as Level 2 of the fair value hierarchy; otherwise, they would be categorized as Level 3.

*Bank loans.* The fair value of bank loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable and are obtained from independent sources. Bank loans are generally categorized as Level 2 of the fair value hierarchy.

*Corporate bonds*. The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Corporate bonds are generally categorized as Level 2 of the fair value hierarchy; in instances where prices, spreads, or any of the other aforementioned key inputs are unobservable, they are categorized as Level 3 of the hierarchy.

*Foreign currency contracts.* The fair values of foreign currency contracts are derived from indices, reference rates, and other inputs or a combination of these factors. To the extent that these factors can be observed, foreign currency contracts are categorized as Level 2 of the fair value hierarchy.

------

## TCW ETF Trust
Notes to Financial Statements (Continued)

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)
*Futures contracts.* Futures contracts are generally valued at the settlement price established at the close of business each day by the exchange on which they are traded. They are categorized as Level 1.To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

*Government and agency securities*. Government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Accordingly, government and agency securities are normally categorized as Level 1 or 2 of the fair value hierarchy depending on the liquidity and transparency of the market.

*Money market funds*. Money market funds are open-end mutual funds that invest in short-term debt securities. To the extent that these funds are valued based upon the reported NAV, they are categorized as Level 1 of the fair value hierarchy.

*Municipal bonds.* Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid-wanted lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds are categorized as Level 2; otherwise, the fair values are categorized as Level 3.

*Restricted securities*. Restricted securities, including illiquid Rule 144A securities, issued by non-public entities are categorized as Level 3 of the fair value hierarchy because they trade infrequently, and therefore the inputs are unobservable. Any other restricted securities valued similar to publicly traded securities may be categorized as Level 2 or 3 of the fair value hierarchy depending on whether a discount is applied and significant to the fair value.

*Short-term investments*. Short-term investments are valued using market price quotations, and are categorized as Level 1 or Level 2 of the fair value hierarchy.

*Warrants*. Warrants are generally valued based on quoted prices from the applicable exchange. To the extent these securities are actively traded, and valuation adjustments are not applied, they are generally categorized as Level 1 of the fair value hierarchy.

The summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing each Funds' investments is listed after the Schedule of Investments for each Fund.

------

## TCW ETF Trust
March 31, 2025

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

---

| | | | |
|:---|:---|:---|:---|
| **TCW Corporate Bond ETF** | **Asset-<br>Backed<br>Securities** | **Commercial<br>Mortgage-<br>Backed<br>Securities —<br>Non-Agency** | **Total** |
|  Balance as of April 1, 2024 | $33144 | $518 | $33662 |
|  Accrued Discounts (Premiums) |  | (1149) | (1149) |
|  Realized Gain (Loss) |  |  |  |
|  Change in Unrealized Appreciation (Depreciation) | 1324 | 19201 | 20525 |
|  Purchases |  |  |  |
|  Sales | (2732) | (18570) | (21302) |
|  Transfers in to Level 3\*  |  |  |  |
|  Transfers out of Level 3\* |  |  |  |
|  Balance as of March 31, 2025 | $31736 | $— | $31736 |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2025 | $1324 | $3944 | $5268 |

---

*\** *Financial assets transferred between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TCW Senior Loan ETF** | **Bank Loans** | **Common<br>Stock** | **Preferred<br>Stock** | **Warrant** | **Total** |
|  Balance as of April 1, 2024 | $1899654 | $260230 | $474614 | $— | $2634498 |
|  Accrued Discounts (Premiums) | 77309 |  |  |  | 77309 |
|  Realized Gain (Loss) | 30569 |  |  |  | 30569 |
|  Change in Unrealized Appreciation (Depreciation) | (634777) | 97461 | (158205) | 3 | (695518) |
|  Purchases | 3943247 |  |  |  | 3943247 |
|  Sales | (1557857) |  |  |  | (1557857) |
|  Transfers in to Level 3\*  |  |  |  |  |  |
|  Transfers out of Level 3\* |  |  |  |  |  |
|  Balance as of March 31, 2025 | $3758145 | $357691 | $316409 | $3 | $4432248 |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2025 | $(634777) | $97461 | $(158205) | $3 | $(695518) |

---

*\** *Financial assets transferred between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs.* 

------

## TCW ETF Trust
Notes to Financial Statements (Continued)

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)
Significant unobservable valuation inputs for Level 3 investments as of March 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at<br>3/31/2025** | **Valuation Techniques** | **Unobservable<br>Input** | **Price or Price Range** | **Average<br>Weighted<br>Price** | **Input to<br>Valuation<br>If Input<br>Increases** |
| **TCW Corporate Bond ETF** | **TCW Corporate Bond ETF** | **TCW Corporate Bond ETF** |  |  |  |  |
|  Asset-Backed Securities | $31736 | Broker Quote | Offered Quote | $92.319 | $92.319 | Increase |
|  Commercial Mortgage-Backed Securities — Non-Agency | $0 | Third-Party Vendor | Vendor Prices | $0.001 | $0.001 | Increase |
|  | **Fair Value at<br>3/31/2025** | **Valuation Techniques** | **Unobservable<br>Input** | **Price or Price Range** | **Average<br>Weighted<br>Price** | **Input to<br>Valuation<br>If Input<br>Increases** |
| **TCW Senior Loan ETF** | **TCW Senior Loan ETF** |  |  |  |  |  |
|  Bank Loans | $3758145 | Third-Party Vendor | Vendor Prices | $5.000 - 98.219 | $71.469 | Increase |
|  Bank Loans | $0 | Zero Market Value | Fair Value | $0.000 | $0.000 | Increase |
|  Common Stock | $357691 | Third-Party Vendor | Vendor Prices | $0.055 - 36.938 | $18.497 | Increase |
|  Preferred Stock | $316409 | Third-Party Vendor | Vendor Prices | $0.300 | $0.300 | Increase |
|  Warrants | $3 | Fair Value | Broker Pricing | $0.000 | $0.000 | Increase |

---

**Security Transactions and Related Investment Income:** Throughout the reporting period, security transactions are accounted for one business day following the trade date. For financial reporting purposes, security transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premiums and accretion of discounts. Dividend income, net of any applicable foreign withholding taxes, is recorded on the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the asset received. Large, non-recurring dividends recognized by a Fund, if any, are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds.

**Dividends and Distributions:** Dividends and distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds intend to declare and make distributions of taxable net investment income quarterly and net capital gains annually. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income for tax purposes. Therefore, no provision for federal income tax should be required.

**Use of Estimates:** The preparation of the accompanying financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates.

**Foreign Currency Translation:** The books and records of each Fund are maintained in U.S. dollars as follows: (1) foreign currency denominated securities, and other assets and liabilities stated in

------

## TCW ETF Trust
March 31, 2025

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)
foreign currencies are translated using the daily spot rate; and (2) purchases, sales, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resultant exchange gains and losses are included in net realized or net unrealized gain (loss) in the Statement of Operations. Pursuant to U.S. federal income tax regulations, certain foreign exchange gains and losses included in realized and unrealized gains and losses are included in, or are a reduction of, ordinary income for federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to withholding taxes on income and capital gains imposed by certain countries in which they invest. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability.

**Derivative Instruments:** Derivatives are financial instruments which are valued based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. A derivative contract may result in a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. It is possible that a derivative transaction will result in a loss greater than the principal amount invested. The Funds may not be able to close out a derivative transaction at a favorable time or price.

For the period ended March 31, 2025, each Fund had derivatives and transactions in derivatives, grouped in the following risk categories:

#### TCW Corporate Bond ETF

---

| | | | |
|:---|:---|:---|:---|
|  | **Foreign<br>Currency Risk** | **Interest<br>Rate<br>Risk** | **Total** |
|  **Statement of Assets and Liabilities:** | **Statement of Assets and Liabilities:** | **Statement of Assets and Liabilities:** | **Statement of Assets and Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<sup>(1)</sup> |  | 8824 | 8824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 9 |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $9 | $8824 | $8833 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | (277) |  | (277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<sup>(1)</sup> |  | (2618) | (2618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $(277) | $(2618) | $(2895) |
|  **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 365 |  | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | (5865) | (5865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  | 648 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $365 | $(5217) | $(4852) |

---

------

## TCW ETF Trust
Notes to Financial Statements (Continued)

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Foreign<br>Currency Risk** | **Interest Rate<br>Risk** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | (268) |  | (268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 9703 | 9703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  | (898) | (898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Appreciation (Depreciation) | $(268) | $8805 | $8537 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units <sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units <sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units <sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units <sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 6305 |  | 6305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  | 63000 | 63000 |
| TCW Senior Loan ETF | TCW Senior Loan ETF | TCW Senior Loan ETF | TCW Senior Loan ETF |
|  | **Foreign<br>Currency Risk** | **Interest Rate<br>Risk** | **Total** |
|  **Statement of Assets and Liabilities:** | **Statement of Assets and Liabilities:** | **Statement of Assets and Liabilities:** | **Statement of Assets and Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 37242 |  | 37242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $37242 | $— | $37242 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | (63409) |  | (63409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<sup>(1)</sup> |  | (1326) | (1326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $(63409) | $(1326) | $(64735) |
|  **Statement of Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 88019 |  | 88019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 8414 | 8414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $88019 | $8414 | $96433 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | (41284) |  | (41284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | (976) | (976) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Appreciation (Depreciation) | $(41284) | $(976) | $(42260) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units <sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units <sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units <sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units <sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 2111037 |  | 2111037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 4 | 4 |

---

*(1)* *Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin on March 31, 2025 is reported within the Statements of Assets and Liabilities.* 

*(2)* *Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the year ended March 31, 2025.* 

**Counterparty Credit Risk:** Derivative contracts may be exposed to counterparty credit risk. Losses can occur if the counterparty does not perform under the contract.

The Funds' risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Funds.

With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Funds do not have a contractual right of offset against a clearing broker or

------

## TCW ETF Trust
March 31, 2025

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)
clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

For OTC derivatives, the Funds mitigates their counterparty risk by entering into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with each counterparty. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund's net assets declines by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral pledged or received by the Fund.

Cash collateral that has been pledged to cover obligations of a Fund is reported separately on the Statement of Assets and Liabilities. Non-cash collateral pledged by a Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold, typically $250,000 or $500,000, before a transfer is required, which is determined at the close of each business day and the collateral is transferred on the next business day. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by entering into agreements only with counterparties that the Adviser believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. The Funds have implemented the disclosure requirements pursuant to ASC 210 Balance Sheet ("ASC 210"), Disclosures about Offsetting Assets and Liabilities that requires disclosures to make financial statements that are prepared under GAAP more comparable to those prepared under International Financial Reporting Standards.

------

## TCW ETF Trust
Notes to Financial Statements (Continued)

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)
*Master Agreements and Netting Arrangements.* Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively "Master Agreements"), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions ("netting arrangements"). The netting arrangements are generally tied to credit -related events that, if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/ moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund's financial statements. A Fund's overall exposure to credit risk subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions under the relevant Master Agreement with a counterparty in a given Fund exceeds a specified threshold, net of collateral already in place, typically $250,000 or $500,000 depending on the counterparty and the type of Master Agreement. Collateral under the Master Agreements is usually in the form of cash or U.S. Treasury Bills but could include other types of securities. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. The value of all derivative transactions outstanding under a Master Agreement is calculated daily to determine the amount of collateral to be received or pledged by the counterparty. Posting of collateral for OTC derivative transactions are covered under tri-party collateral agreements between the Fund, the Fund's custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.

The following table presents the Fund's OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreement and net of the related collateral received or pledged by the Fund as of March 31, 2025:

------

## TCW ETF Trust
March 31, 2025

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)
The following table presents TCW Corporate Bond ETF's OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Assets<br>Subject to Master<br>Agreements** | **Collateral<br>Received<sup>(1)</sup>** | **Derivatives Assets/<br>(Liabilities) Available<br>for Offset** | **Net Amount<br>of Assets<sup>(2)</sup>** |
|  Citibank N.A. |  |  |  |  |
|  Foreign Currency Exchange Contracts | $9 | $— | $(9) | $— |
|  Total | $9 | $— | $(9) | $— |

---

*<sup>(1)</sup>* *Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.* 

*<sup>(2)</sup>* *Represents the net amount receivable from the counterparty in the event of default.* 

The following table presents TCW Corporate Bond ETF's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Liabilities<br>Subject to Master<br>Agreements** | **Collateral<br>Pledged<sup>(1)</sup>** | **Derivatives (Assets)/<br>Liabilities Available<br>for Offset** | **Net Amount<br>of Liabilities<sup>(2)</sup>** |
|  Citibank N.A. |  |  |  |  |
|  Foreign Currency Exchange Contracts | $277 | $— | $(9) | $268 |
|  Total | $277 | $— | $(9) | $268 |

---

*<sup>(1)</sup>* *Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.* 

*<sup>(2)</sup>* *Represents the net amount payable to the counterparty in the event of default.* 

The following table presents TCW Senior Loan ETF's OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Assets<br>Subject to Master<br>Agreements** | **Collateral<br>Received<sup>(1)</sup>** | **Derivatives Assets/<br>(Liabilities) Available<br>for Offset** | **Net Amount<br>of Assets<sup>(2)</sup>** |
|  Bank Of America |  |  |  |  |
|  Foreign Currency Exchange Contracts | $180 | $— | $(180) | $— |
|  Bank Of New York |  |  |  |  |
|  Foreign Currency Exchange Contracts | 33265 |  |  | 33265 |
|  Citibank N.A. |  |  |  |  |
|  Foreign Currency Exchange Contracts | 3797 |  | (2362) | 1435 |
|  Total | $37242 | $— | $(2542) | $34700 |

---

*<sup>(1)</sup>* *Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.* 

*<sup>(2)</sup>* *Represents the net amount receivable from the counterparty in the event of default.* 

------

## TCW ETF Trust
Notes to Financial Statements (Continued)

#### NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (Continued)
The following table presents TCW Senior Loan ETF's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Liabilities<br>Subject to Master<br>Agreements** | **Collateral<br>Pledged<sup>(1)</sup>** | **Derivatives (Assets)/<br>Liabilities Available<br>for Offset** | **Net Amount<br>of Liabilities <sup>(2)</sup>** |
|  Bank Of America |  |  |  |  |
|  Foreign Currency Exchange Contracts | $51866 | $— | $(180) | $51686 |
|  Citibank N.A. |  |  |  |  |
|  Foreign Currency Exchange Contracts | 2362 |  | (2362) |  |
|  Goldman Sachs & Co. |  |  |  |  |
|  Foreign Currency Exchange Contracts | 9181 |  |  | 9181 |
|  Total | $63409 | $— | $(2542) | $60867 |

---

*<sup>(1)</sup>* *Excess of collateral pledged for individual counterparty may not be shown for financial reporting purposes.* 

*<sup>(2)</sup>* *Represents the net amount payable to the counterparty in the event of default.* 

#### NOTE 3 — PORTFOLIO INVESTMENTS
**Mortgage-Backed and Other Asset-Backed Securities:** The Funds may invest in MBS, which represent interests in pools of mortgages in which payments of both principal and interest on the securities are generally made monthly, in effect "passing through" monthly payments made by borrowers on the residential or commercial mortgage loans which underlie the securities (net of any fees paid to the issuer or guarantor of the securities). Mortgage pass-through securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. The Funds may also invest in Collateralized Mortgage Obligations ("CMOs"). CMOs are debt obligations collateralized by residential or commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass-through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by the Government National Mortgage Association (Ginnie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) or Federal National Mortgage Corporation (Fannie Mae). The issuer of a series of CMOs may elect to be treated for tax purposes as a Real Estate Mortgage Investment Conduit. CMOs are structured into multiple classes, each bearing a different stated maturity. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal only after shorter classes have been retired. An investor may be partially protected against a sooner than desired return of principal because of the sequential payments. The Funds may invest in stripped MBS. Stripped MBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest only or "IO" class), while the other class will receive all of the principal (the principal only or "PO" class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may not fully recoup its initial

------

## TCW ETF Trust
March 31, 2025

#### NOTE 3 — PORTFOLIO INVESTMENTS (Continued)
investment in IOs. Mortgage-backed and other asset-backed securities held by the Fund at March 31, 2025 are listed in the Fund's Schedule of Investments.

**Inflation-Indexed Bonds:** The Funds may invest in inflation-indexed bonds, which are fixed income securities whose principal value or coupon is periodically adjusted according to the rate of inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income.

Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten, twenty, or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount.

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Funds may also invest in other inflation-related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.

While the values of these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to declines in values. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond's inflation measure.

**When-Issued, Delayed-Delivery, To Be Announced ("TBA") and Forward Commitment Transactions:** The Funds may enter into when-issued, delayed-delivery, TBA or forward commitment transactions in order to lock in the purchase price of the underlying security or to adjust the interest rate exposure of each Fund's existing portfolio. In when-issued, delayed-delivery, TBA or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although a Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund's counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, TBA or forward commitment basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

------

## TCW ETF Trust
Notes to Financial Statements (Continued)

#### NOTE 3 — PORTFOLIO INVESTMENTS (Continued)
Prior to settlement of these transactions, the value of the subject securities will fluctuate with market conditions. In addition, because the Funds is not required to pay for when-issued, delayed-delivery, TBA or forward commitment securities until the delivery date, they may result in a form of leverage to the extent the Fund does not set aside liquid assets to cover the commitment. To guard against this deemed leverage, the Fund monitors the obligations under these transactions on a daily basis and ensures that the Fund has sufficient liquid assets to cover them.

**Dollar Roll Transactions:** The Funds may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the MBS market. A dollar roll transaction involves a simultaneous sale of securities by a Fund with an agreement to repurchase substantially similar securities at an agreed upon price and date, but generally will be collateralized at time of delivery by different pools of mortgages with different prepayment histories than those securities sold. These transactions are accounted for as financing transactions as opposed to sales and purchases. The differential between the sale price and the repurchase price is recorded as deferred income and recognized between the settlement dates of the sale and repurchase. During the period between the sale and repurchase, a Fund will not be entitled to receive interest and principal payments on the securities sold. Dollar roll transactions involve risk that the market value of the security sold by a Fund may decline below the repurchase price of the security and the counterparties may potentially be unable to complete the transaction. There were no such transactions by the Funds for the period ended March 31, 2025.

**Repurchase Agreements:** The Funds may enter into repurchase agreements under the terms of a Master Repurchase Agreement ("MRA"). In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. The MRA permits each Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty's bankruptcy or insolvency. Pursuant to the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund recognizes a liability with respect to such excess collateral to reflect the Fund's obligation under bankruptcy law to return the excess to the counterparty. The Funds had no repurchase agreements outstanding as of March 31, 2025.

**Reverse Repurchase Agreements:** The Funds may enter into reverse repurchase agreements. Under a reverse repurchase agreement, a Fund sells portfolio assets subject to an agreement by the Fund to repurchase the same assets at an agreed upon price and date. The Funds may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. During the term of the reverse repurchase agreement, the Funds continue to receive the principal and interest payments on the securities sold. There were no reverse repurchase agreements outstanding during the period ended March 31, 2025.

**Securities Lending:** The Funds may lend their securities to qualified brokers. The loans must be collateralized at all times primarily with cash although the Fund can accept money market

------

## TCW ETF Trust
March 31, 2025

#### NOTE 3 — PORTFOLIO INVESTMENTS (Continued)
instruments or U.S. Government securities with a market value at least equal to the market value of the securities on loan. As with any extensions of credit, the Funds may bear the risk of delay in recovery or even loss of rights in the collateral if the borrowers of the securities fail financially. The Funds earn additional income for lending their securities by investing the cash collateral in short-term investments. The Funds did not lend any securities during the period ended March 31, 2025.

#### Derivatives:
**Forward Currency Exchange Contracts:** The Funds enter into forward currency exchange contracts as a hedge against fluctuations in foreign exchange rates. Forward currency exchange contracts are marked-to-market daily and the change in market value is recorded by the Funds as unrealized gains or losses in the Statement of Assets and Liabilities. When a contract is closed or delivery is taken, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of the foreign currency relative to the U.S. dollar. Outstanding forward currency exchange contracts at March 31, 2025 are disclosed in the Schedule of Investments.

**Futures Contracts:** The Funds may enter into futures contracts. A Fund may seek to manage a variety of different risks through the use of futures contracts, such as interest rate risk, equity price risk, and currency risk. A Fund may use index futures to hedge against broad market risks to its portfolio or to gain broad market exposure. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made, and are settled in cash. Positions in futures may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk. Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by a Fund as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of a Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it.

When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. During the period ended March 31, 2025, the Funds utilized treasury futures to help manage interest rate duration and credit market exposure. Futures contracts outstanding at March 31, 2025 are listed in the Funds' Schedule of Investments.

------

## TCW ETF Trust
Notes to Financial Statements (Continued)

#### NOTE 3 — PORTFOLIO INVESTMENTS (Continued)
**Options:** The Funds may purchase and sell put and call options on a security or an index of securities to enhance investment performance and/or to protect against changes in market prices. The Funds may also enter into currency options to hedge against or to take advantage of currency fluctuations.

A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If a Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund ultimately wants to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit a Fund might have realized had it bought the underlying security at the time it purchased the call option.

Purchasing foreign currency options gives a Fund the right, but not the obligation, to buy or sell specified amounts of currency at a rate of exchange that may be exercised by a certain date. These currency options may be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option's expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. Premiums paid for purchasing options that expire are treated as realized losses.

Options purchased or sold by a Fund may be traded on a securities or options exchange. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by an exchange or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace the expiring series, and opening transactions in existing series may be prohibited.

OTC options are options not traded on exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by a Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration.

------

## TCW ETF Trust
March 31, 2025

#### NOTE 3 — PORTFOLIO INVESTMENTS (Continued)
**Swap Agreements:** The Funds may enter into swap agreements. Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount" (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a "basket" of securities representing a particular index).

In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying security or other asset, or index of securities or assets; if the underlying security, asset, or index declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. A Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. A Fund may enter into a total return swap to hedge against an exposure in its portfolio — such as interest rate risk (including to adjust the duration or credit quality of a Fund's bond portfolio), equity risk, or credit risk — or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. A Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions).

Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time. A Fund's maximum risk of loss due to counterparty default is the discounted NAV of the cash flows paid to/received from the counterparty over the interest rate swap's remaining life.

The Funds may write (sell) and purchase put and call swaptions. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a new swap agreement, or to shorten, extend, cancel or modify an existing swap agreement, on a future date on specified terms. See "Swap Agreements" below. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. During the period ended March 31, 2025, none of the Funds held written swaptions.

A Fund may enter into credit default swap transactions as a "buyer" or "seller" of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a "reference entity"). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a "credit event" occurs, the buyer has the right to deliver to the seller bonds (or other obligations of the reference entity with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to

------

## TCW ETF Trust
Notes to Financial Statements (Continued)

#### NOTE 3 — PORTFOLIO INVESTMENTS (Continued)
each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. When the Fund buys protection, it may or may not own securities of the reference entity. When a Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund's portfolio through the Fund's indirect long exposure to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create such a "synthetic" long position.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. A Fund also takes the risk that the market will move against its position in the swap agreement. In the case of a total return swap, the swap will change in value depending on the change in value of the asset or index on which the swap is written. When a Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and the Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking-to-market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and the Fund's basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund's Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on a Fund's Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Fund are recorded as realized gains and losses, respectively. During the period ended March 31, 2025 the TCW Corporate Bond ETF entered into interest rate swaps to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed-rate bonds which may decrease when interest rates rise (interest rate risk). Outstanding swap agreements at March 31, 2025, if any, are disclosed in the Schedules of Investments.

#### NOTE 4 — RISK CONSIDERATIONS
**Market Risk:** The Funds' investments will fluctuate with market conditions, and so will the value of your investment in the Funds. You could lose money on your investment in the Funds or the Funds could underperform other investments.

**Liquidity Risk:** The Funds' investments in illiquid securities may reduce the returns of the Funds because they may not be able to sell the illiquid securities at an advantageous time or price. Investments in high-yield securities, foreign securities, derivatives or other securities with substantial

------

## TCW ETF Trust
March 31, 2025

#### NOTE 4 — RISK CONSIDERATIONS (Continued)
market and/or credit risk tend to have the greatest exposure to liquidity risk. Certain investments in private placements and Rule 144A securities may be considered illiquid investments. The Funds may invest in private placements and Rule 144A securities.

**Interest Rate Risk:** The values of the Funds' investments fluctuate in response to movements in interest rates. If rates rise, the values of debt securities generally fall. The longer the average duration of a Fund's investment portfolio, the greater the change in value.

**Mortgage-Backed and Other Asset-Backed Securities Risk:** The Funds may invest in MBS or other ABS. The values of some mortgage-backed securities or other asset-backed securities may expose the Funds to a lower rate of return upon reinvestment of principal. When interest rates rise, the value of mortgage-related securities generally will decline; however, when interest rates are declining, the value of mortgage-related securities with prepayment features may not increase as much as other fixed-income securities. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may shorten or extend the effective maturity of the security beyond what was anticipated at the time of purchase. The value of these securities may fluctuate in response to the market's perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

**Derivatives Risk:** Use of derivatives, which at times is an important part of the Funds' investment strategies, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Investments in derivatives could cause the Funds to lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Funds will achieve their objective through the use of the derivatives.

**Credit Risk:** The values of any of the Funds' investments may also decline in response to events affecting the issuer or its credit rating. The lower-rated debt securities in which a Fund may invest are considered speculative and are subject to greater volatility and risk of loss than investment-grade securities, particularly in deteriorating economic conditions. The value of some mortgage-related securities in which the Funds invest also may fall because of unanticipated levels of principal prepayments that can occur when interest rates decline. The Funds invest a material portion of their assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market's perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market price and periods of illiquidity that can negatively impact the valuation of certain issuers held by the Funds.

MBS and ABS are characterized and classified in a variety of different ways. These classifications include a view of the securities' cash flow structure (pass-through, sequential pay, prepayment-protected, interest only, principal only, etc.), the security of the claim on the underlying assets (senior, mezzanine and subordinated), as well as types of underlying collateral (prime conforming loans,

------

## TCW ETF Trust
Notes to Financial Statements (Continued)

#### NOTE 4 — RISK CONSIDERATIONS (Continued)
prime non-conforming loans, Alt-A loans, subprime loans, commercial loans, etc.). In many cases, the classification incorporates a degree of subjectivity: a particular loan might be categorized as "prime" by the underwriting standards of one mortgage issuer while another might classify the loan as "subprime." In addition to other functions, the risk associated with an investment in a mortgage loan must take into account the nature of the collateral, the form and the level of credit enhancement, the vintage of the loan, the geography of the loan, the purpose of the loan (refinance versus purchase versus equity takeout), the borrower's credit quality (e.g., FICO score), and whether the loan is a first trust deed or a second lien.

**Counterparty Risk:** The Funds may be exposed to counterparty risk, the risk that an entity with which the Fund has unsettled or open transactions may not fulfill its obligations.

**Foreign Currency Risk:** The Funds may be exposed to the risk that the value of the Funds' investments denominated in foreign currencies will decline in value because the foreign currencies have declined in value relative to the U.S. dollar.

**Foreign Investing Risk:** The Funds may be exposed to the risk that the Funds' share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates in countries where the Funds invest.

**U.S. Trade Policy Risk:** There have been significant changes to United States trade policies, treaties and tariffs, and in the future there may be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, treaties and tariffs, may have a material adverse effect on global economic conditions, inflation and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict the access by issuers of our portfolio securities to suppliers or customers, increase their supply-chain costs and expenses and could have material adverse effects on our portfolio investments.

**Investment Style Risk:** Certain Funds may also be subject to investment style risk. The Adviser's investment styles may be out of favor at times or may not produce the best results over short or longer time periods and may increase the volatility of a Fund's share price.

**Bank Loan Risk:** There is a risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. A Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities. Bank loans are not registered and otherwise may not be treated as securities under the federal securities laws, meaning investors in loans have less protection against improper practices than investors in securities that are registered under or are otherwise subject to the protections of the securities laws.

------

## TCW ETF Trust
March 31, 2025

#### NOTE 5 — FEDERAL INCOME TAXES
It is the policy of the Funds to comply with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income, including any net realized gains on investments, to its shareholders. Therefore, no federal income tax provision is required. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of operations. Management of the Funds is required to determine whether a tax position taken by the Funds is more likely than not to be sustained upon examination by the applicable taxing authority. Based on its analysis, Management has concluded that the Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the period ended March 31, 2025. The Funds are subject to examination by the U.S. Federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

At March 31, 2025, net unrealized appreciation for federal income tax purposes is comprised of the following components:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** | **Cost of<br>Investments for<br>Federal Income<br>Tax Purposes** |
|  TCW Corporate Bond ETF | $52721 | $(559473) | $(506752) | $8770451 |
|  TCW Senior Loan ETF | 1560033 | (5041602) | (3481569) | 307159958 |

---

At March 31, 2025, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br>Income** | **Undistributed<br>Long-term**<br>**Gains** | **Accumulated**<br>**Capital loss**<br>**Carryforwards<br>and Post-**<br>**October<br>losses** | **Other**<br>**Temporary**<br>**Differences** | **Net<br>unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Total**<br>**Earnings**<br>**(Losses)** |
|  TCW Corporate Bond ETF | $30217 | $– $| (1959883) | $– $| (506752) | $(2436418) |
|  TCW Senior Loan ETF | 1858051 | – | (24621669) | – | (3479914) | (26243532) |

---

At March 31, 2024, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br>Income** | **Undistributed<br>Long-term**<br>**Gains** | **Accumulated**<br>**Capital loss**<br>**Carryforwards<br>and Post-**<br>**October<br>losses** | **Other**<br>**Temporary**<br>**Differences** | **Net<br>unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Total**<br>**Earnings**<br>**(Losses)** |
|  TCW Corporate Bond ETF | $533 | $– $| (1817448) | $(270) | $(706962) | $(2524147) |
|  TCW Senior Loan ETF | 671369 | – | (22106088) | (520482) | (2926054) | (24881255) |

---

During the year ended March 31, 2025, the tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Ordinary**<br>**Income\*** | **Long-Term**<br>**Capital Gain** |
|  TCW Corporate Bond ETF | $179156 | $— |
|  TCW Senior Loan ETF | 21975885 |  |

---

*\** *For tax purposes short-term capital gain distributions are considered ordinary income distributions.* 

------

## TCW ETF Trust
Notes to Financial Statements (Continued)

#### NOTE 5 — FEDERAL INCOME TAXES (Continued)
During the year ended March 31, 2024, the tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Ordinary**<br>**Income\*** | **Long-Term**<br>**Capital Gain** |
|  TCW Corporate Bond ETF | $216869 | $— |
|  TCW Senior Loan ETF | 29757265 |  |

---

*\** *For tax purposes short-term capital gain distributions are considered ordinary income distributions.* 

At March 31, 2025, the following Funds had net realized loss carryforwards for federal income tax purposes:

---

| | | | |
|:---|:---|:---|:---|
|  | **No Expiration** | **No Expiration** | **No Expiration** |
|  | **Short-Term**<br>**Capital Losses** | **Long-Term**<br>**Capital Losses** | **Total** |
|  TCW Corporate Bond ETF | $437784 | $1522099 | $1959883 |
|  TCW Senior Loan ETF | 110668 | 24511001 | 24621669 |

---

At March 31, 2024, the following Funds had net realized loss carryforwards for federal income tax purposes:

---

| | | | |
|:---|:---|:---|:---|
|  | **No Expiration** | **No Expiration** | **No Expiration** |
|  | **Short-Term**<br>**Capital Losses** | **Long-Term**<br>**Capital Losses** | **Total** |
|  TCW Corporate Bond ETF | $415192 | $1277596 | $1692788 |
|  TCW Senior Loan ETF | 2450066 | 17873158 | 20323224 |

---

#### NOTE 6 — MANAGEMENT AND OTHER AGREEMENTS

#### Management
The Adviser, located at 515 South Flower Street, Los Angeles, CA 90071, furnishes investment advisory services to the Funds pursuant to an Investment Advisory Agreement with the Trust on behalf of the Funds (the "Investment Advisory Agreement"), subject to the supervision and direction of the Board. The Adviser is registered with the Securities and Exchange Commission ("SEC") as an investment adviser under the Investment Advisers Act of 1940, as amended.

For its investment advisory services to the Funds, the Adviser is paid a management fee from the Funds based on a percentage of the Fund's average daily net assets, at the annual rate of 0.35% for the TCW Corporate Bond ETF and 0.65% for the TCW Senior Loan ETF. The Adviser may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses, as may be specified in a separate letter of agreement.

Prior to the reorganization into the TCW Corporate Bond ETF, for the period April 1, 2024 to November 15, 2024, the TCW MetWest Corporate Bond Fund paid Metropolitan West Asset Management, LLC (the previous Adviser) a management fee based on a percentage of the TCW MetWest Corporate Bond Fund's average daily net assets, at the annual rate of 0.40%.

Prior to the reorganization into the TCW Senior Loan ETF, for the period April 1, 2024 to November 15, 2024, the TCW MetWest Floating Rate Income Fund paid Metropolitan West Asset Management, LLC (the previous Adviser) a management fee based on a percentage of the TCW MetWest Floating Rate Income Fund's average daily net assets, at the annual rate of 0.55%.

------

## TCW ETF Trust
March 31, 2025

#### NOTE 6 — MANAGEMENT AND OTHER AGREEMENTS (Continued)
Pursuant to the Investment Advisory Agreement between the Adviser and the Trust (entered into on behalf of the Funds), the Adviser is responsible for substantially all expenses of the Funds, except (i) interest and taxes (including, but not limited to, income, excise, transfer and withholding taxes); (ii) expenses of the Funds incurred with respect to the acquisition, holding, voting and/or disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions; (iii) expenses incurred in connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under the 1940 Act, including distribution fees; (iv) the advisory fee payable to the Adviser under the Investment Advisory Agreement; (v) litigation expenses (including fees and expenses of counsel retained by or on behalf of the Trust or any Fund) and any fees, costs or expenses payable by the Trust or any Fund pursuant to indemnification obligations to which the Trust or such Fund may be subject (pursuant to contract or otherwise); and (vi) any extraordinary expenses, as determined by a majority of the Independent Trustees.

Prior to the reorganization into the TCW Corporate Bond ETF and TCW Senior Loan ETF, for the period April 1, 2024 to November 15, 2024, the TCW MetWest Corporate Bond Fund and the TCW MetWest Floating Rate Income Fund incurred distribution 12b-1 fees. These fees were no longer applicable subsequent to the reorganization.

Prior to the reorganization into the TCW Corporate Bond ETF, for the period April 1, 2024 to November 15, 2024, the Adviser limited the operating expenses of the TCW MetWest Corporate Bond Fund Class I not to exceed 0.50% relative to the TCW MetWest Corporate Bond Fund Class I average daily net assets.

Prior to the reorganization into the TCW Senior Loan ETF, for the period April 1, 2024 to November 15, 2024, the Adviser limited the operating expenses of the TCW MetWest Floating Rate Income Fund Class I not to exceed 0.70% relative to the TCW MetWest Floating Rate Income Fund Class I average daily net assets.

#### Administrator, Custodian, Transfer Agent and Accounting Agent
State Street Bank and Trust Company ("State Street" or the "Bank"), located at One Congress Street, Suite 1, Boston, MA 02114-2016, is the Fund's administrator, fund accountant, transfer and dividend agent and custodian. State Street is primarily in the business of providing administrative, fund accounting and transfer and dividend agent services to retail and institutional mutual funds and exchange traded funds.

#### Distribution
Foreside Financial Services, LLC (the "Distributor"), Three Canal Plaza, Suite 100, Portland, Maine 04101, is the distributor for the shares of the Trust. The Distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

#### Organizational and Offering Costs
The Adviser has paid or assumed all organizational and offering expenses for the Funds.

#### Board of Trustees Compensation
The Trust pays each Independent Trustee an annual retainer of $27,500 per calendar year, plus a $1,500 per-meeting fee for in-person attendance and $250 for telephonic attendance for each Board

------

## TCW ETF Trust
Notes to Financial Statements (Continued)

#### NOTE 6 — MANAGEMENT AND OTHER AGREEMENTS (Continued)
of Trustees meeting attended by that Independent Trustee. The Independent Chair of the Board of Trustees receives an additional annual retainer of $10,500, the Independent Vice Chair receives an additional annual retainer of $7,000, and the Chairs of the Audit Committee and the Nominating andGovernance Committee each receive an additional annual retainer of $1,750. The Independent Trustees' compensation is paid by the Adviser from the management fees it receives from the Funds.

#### NOTE 7 — FUND REORGANIZATIONS
On November 15, 2024, the TCW Corporate Bond ETF acquired all of the assets and assumed all of the liabilities of the TCW MetWest Corporate Bond Fund pursuant to a plan of reorganization approved by the board of the TCW MetWest Corporate Bond Fund and the Board of Trustees of the Trust on September 9, 2024. The acquisition was accomplished by a tax-free exchange as follows:

On the close of business on November 15, 2024, 110,118 shares of the TCW MetWest Corporate Bond Fund, valued at $4,983,150, were outstanding. After the reorganization, the TCW Corporate Bond ETF had 110,118 shares valued at $4,983,150.

The investment portfolio of the TCW MetWest Corporate Bond Fund, with a value of $5,134,310 and identified cost of $5,738,478, was the principal asset acquired by the TCW Corporate Bond ETF. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the TCW MetWest Corporate Bond Fund was carried forward to align ongoing reporting of the fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the TCW MetWest Corporate Bond Fund that have been reflected in the statement of operations since November 15, 2024, for the TCW Corporate Bond ETF.

---

| | | |
|:---|:---|:---|
|  | **Before<br>Reorganization** | **After<br>Reorganization** |
|  | **TCW<br>MetWest Corporate<br>Bond Fund** | **TCW<br>Corporate<br>Bond ETF** |
|  Net Assets | $4983150 | $4983150 |
|  Shares Outstanding | 110118 | 110118 |
|  Net Asset Value Per Share | $45.25 | $45.25 |
|  Net Unrealized Depreciation | $(604168) | $(604168) |

---

The Predecessor Fund and the Acquiring Fund had identical investment objectives and substantially similar principal investment strategies and principal risks. For financial reporting purposes, the Predecessor Fund's financial and performance history prior to the Reorganization is carried forward and reflected in the Acquiring Fund's financial statements and financial highlights.

On November 15, 2024, the TCW Senior Loan ETF acquired all of the assets and assumed all of the liabilities of the TCW MetWest Floating Rate Income Fund pursuant to a plan of reorganization approved by the board of the TCW MetWest Floating Rate Income Fund and the Board of Trustees of the Trust on June 10, 2024. The acquisition was accomplished by a tax-free exchange as follows:

On the close of business on November 15, 2024, 6,173,628 shares of the TCW MetWest Floating Rate Income Fund, valued at $293,938,143, were outstanding. After the reorganization, the TCW Senior Loan ETF had 6,173,628 shares valued at $293,938,143.

------

## TCW ETF Trust
March 31, 2025

#### NOTE 7 — FUND REORGANIZATIONS (Continued)
The investment portfolio of the TCW MetWest Floating Rate Income Fund, with a value of $279,190,430 and identified cost of $279,441,046, was the principal asset acquired by the TCW Senior Loan ETF. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the TCW MetWest Floating Rate Income Fund was carried forward to align ongoing reporting of the fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the TCW MetWest Floating Rate Income Fund that have been reflected in the statement of operations since November 15, 2024, for the TCW Senior Loan ETF.

---

| | | |
|:---|:---|:---|
|  | **Before<br>Reorganization** | **After<br>Reorganization** |
|  | **TCW<br>MetWest<br>Floating Rate<br>Income Fund** | **TCW<br>Senior<br>Loan ETF** |
|  Net Assets | $293938143 | $293938143 |
|  Shares Outstanding | 6173628 | 6173628 |
|  Net Asset Value Per Share | $47.61 | $47.61 |
|  Net Unrealized Depreciation | $(250616) | $(250616) |

---

The Predecessor Fund and the Acquiring Fund had identical investment objectives and substantially similar principal investment strategies and principal risks. For financial reporting purposes, the Predecessor Fund's financial and performance history prior to the Reorganization is carried forward and reflected in the Acquiring Fund's financial statements and financial highlights.

#### NOTE 8 — RELATED PARTIES
At March 31, 2025, certain officers and Trustees of the Trust are also officers or employees of the Adviser or affiliated with the Distributor.

#### NOTE 9 — COMMITTED LINE OF CREDIT
The Funds, together with the TCW Metropolitan West Funds and the TCW Funds, Inc., have entered into a $250,000,000 committed revolving line of credit agreement with State Street Bank and Trust Company (the "Bank") for temporary borrowing purposes, with an expiration date of December 17, 2026. The interest rate on borrowing is the higher Federal Funds Effective Rate plus 0.10%, plus 1.25% or the Overnight Bank Funding Rate plus 0.10%, plus 1.25%. There were no borrowings from the line of credit as of or during the year ended March 31, 2025. The Funds pay the Bank a commitment fee equal to 0.25% per annum on the unused portion of the committed line amount. The commitment fees incurred by the Funds would be presented in Transfer Agent Fees on each Fund's Statements of Operations. The commitment fees would be allocated to each applicable Fund in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable Fund.

#### NOTE 10 — CREATION AND REDEMPTION TRANSACTIONS
Each Fund issues and redeems shares ("Shares") at NAV only in aggregations of a specified number of Shares (each a "Creation Unit"). The Funds may issue and redeem Creation Units of its Shares in

------

## TCW ETF Trust
Notes to Financial Statements (Continued)

#### NOTE 10 — CREATION AND REDEMPTION TRANSACTIONS (Continued)
exchange for a designated basket of portfolio investments (including any portion of such investments for which cash may be substituted) ("Deposit Instruments"), together with the deposit of a specified cash payment ("Cash Component"). Shares of each Fund are listed and trade on the New York Stock Exchange LLC (the "Exchange" or "NYSE"), a national securities exchange. Shares of the Funds are traded in the secondary market and elsewhere at market values that may be at, above or below each Fund's NAV. Shares are redeemable only in Creation Units by authorized participants that have entered into agreements with the Distributor ("Authorized Participants"), and, generally, in exchange for securities in kind and or a cash amount. Creation Units typically are large blocks of a specified number of shares or multiples thereof. In the event of liquidation of a Fund, the Trust may lower the number of shares in a Creation Unit.

Shares may be issued in advance of receipt of Deposit Instruments, subject to various conditions, including a requirement that the Authorized Participant maintain with the Trust a cash deposit in an amount at least equal to a specified percentage, as set forth in the applicable Participant Agreement, of the value of the missing Deposit Instruments. The Trust may use such cash deposit at any time to purchase Deposit Instruments. Transaction fees and other costs associated with creations or redemptions that include cash may be higher than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions with respect to creations and redemptions of Shares and fees will be limited in accordance with the requirements of SEC rules and regulations applicable to management investment companies offering redeemable securities.

#### NOTE 11 — CAPITAL SHARE TRANSACTIONS
Transactions in each Fund's shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| TCW Corporate Bond ETF<sup>(1)(2)</sup> | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 78075 | $3573099 | 7350 | $323768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold — shares converted from Class M<sup>(3)</sup> | 50461 | 2330001 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 1283 | 58030 | 2117 | 93392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (2640) | (117854) | (20080) | (879250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 127179 | $5843276 | (10613) | $(462090) |

---

*<sup>(1)</sup>* *The TCW Corporate Bond ETF acquired the assets and liabilities of the TCW MetWest Corporate Bond Fund, a series of the TCW Metropolitan West Funds, Inc., at the close of business on November 15, 2024. As a result of the reorganization, the TCW Corporate Bond ETF is the accounting successor of the TCW MetWest Corporate Bond Fund. Financial information above for the periods prior to November 15, 2024 reflects the performance and expense limitation agreement that was in place for the TCW MetWest Corporate Bond Fund.* 

*<sup>(2)</sup>* *Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.* 

*<sup>(3)</sup>* *M Class shares were converted into TCW Corporate Bond ETF shares at the close of business on October 18, 2024.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| TCW Senior Loan ETF<sup>(1)(2)</sup> | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** | **Year Ended**<br>**March 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 946675 | $44131030 | 785489 | $36817127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold — shares converted from Class M<sup>(3)</sup> | 148325 | 7040099 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 229502 | 10890222 | 476844 | 22377284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (1268332) | (59454945) | (2165524) | (101940658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 56170 | $2606406 | (903191) | $(42746247) |

---

------

## TCW ETF Trust
March 31, 2025

#### NOTE 11 — CAPITAL SHARE TRANSACTIONS (Continued)
*<sup>(1)</sup>* *The TCW Senior Loan ETF acquired the assets and liabilities of the TCW MetWest Floating Rate Income Fund, a series of the TCW Metropolitan West Funds, Inc., at the close of business on November 15, 2024. As a result of the reorganization, the TCW Senior Loan ETF is the accounting successor of the TCW MetWest Floating Rate Income Fund. Financial information above for the periods prior to November 15, 2024 reflects the performance and expense limitation agreement that was in place for the TCW MetWest Floating Rate Income Fund.* 

*<sup>(2)</sup>* *Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.* 

*<sup>(3)</sup>* *M Class shares were converted into TCW Senior Loan ETF shares at the close of business on October 18, 2024.* 

#### NOTE 12 — PURCHASES AND SALES OF SECURITIES
Investment transactions (excluding short-term investments) for the year ended March 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases at<br>Cost** | **Sales or<br>Maturity<br>Proceeds** | **U.S. Government<br>Purchases at<br>Cost** | **U.S. Government<br>Sales or Maturity<br>Proceeds** |
|  TCW Corporate Bond ETF | $3476920 | $1005573 | $7713257 | $7664680 |
|  TCW Senior Loan ETF | 294924187 | 314309548 | 18335890 | 16737503 |

---

All creation and redemption transactions for the Funds were on a cash basis.

#### NOTE 13 — RESTRICTED SECURITIES
The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered before being sold to the public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the "Securities Act"). However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. There were no restricted securities held by the Funds at March 31, 2025.

#### NOTE 14 — COMMITMENTS AND CONTINGENCIES
The following Funds had unfunded commitments and unrealized gain (loss) by investment as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| Senior Loan ETF |  |  |  |
| **UNFUNDED COMMITMENTS** | **MATURITY** | **AMOUNT** | **UNREALIZED<br>GAIN (LOSS)** |
|  Air Comm Corporation, LLC, 2024 Delayed Draw Term Loan | 12/11/31 | $27080 | $(102) |
|  American Rock Salt Company LLC, 2024 First Out Delayed Draw Term Loan | 06/09/28 | 263973 | 2640 |
|  Amspec Parent LLC, 2024 Delayed Draw Term Loan | 12/22/31 | 193333 | 122 |
|  Archkey Solutions LLC, 2024 Delayed Draw Term Loan B | 11/01/31 | 122605 | 77 |
|  DG Investment Intermediate Holdings 2, Inc., 2024 Delayed Draw Term Loan | 03/31/28 | 26041 | (391) |
|  Raven Acquisition Holdings LLC, Delayed Draw Term Loan | 11/19/31 | 43333 | (469) |
|  Secretariat Advisors, LLC, 2025 Delayed Draw Term Loan | 02/24/32 | 95579 | (239) |
|  |  | $771944 | $1638 |

---

------

## TCW ETF Trust
Notes to Financial Statements (Continued)

#### NOTE 15 — INDEMNIFICATIONS
Under the Trust's organizational documents, its Officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote. The Trust has not accrued any liability in connection with such indemnification.

#### NOTE 16 — SEGMENT REPORTING
In the reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. The Funds represent a single operating segment as the operating results of the Funds are monitored as a whole and their long-term asset allocation is determined in accordance with the terms of the applicable prospectus, based on defined investment objectives that is executed by the Funds' portfolio management team. A senior executive team comprised of the Funds' Principal Executive Officer and Principal Financial Officer, serves as the Funds' chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the Funds' profits and losses and to make resource allocation decisions. Segment assets are reflected in the Statements of Assets and Liabilities as Net Assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying Statement of Operations.

#### NOTE 17 — NEW ACCOUNTING PRONOUNCEMENTS
In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosure requirements, including, but not limited to, those with respect to the Fund's income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the ASU and its impact to the financial statements.

#### NOTE 18 — SUBSEQUENT EVENTS
Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material events that would require recognition or disclosure in the Funds' financial statements.

------

## TCW ETF Trust
Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of TCW ETF Trust:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of TCW Corporate Bond ETF (formerly MetWest Corporate Bond Fund) and TCW Senior Loan ETF (formerly MetWest Floating Rate Income Fund) (the "Funds"), two of the eleven funds constituting TCW ETF Trust, as of March 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the respective Funds as of March 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g23254g01a03.jpg)

Los Angeles, California

December 29, 2025

We have served as the auditor of one or more TCW/Metropolitan West Funds investment companies since 1990.

------

## TCW ETF Trust
Board Approval of Investment Advisory Agreement (Unaudited)

#### TCW Senior Loan ETF
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of non-interested ("Independent") Trustees, voting separately, approve each Fund's investment advisory agreement (each, an "Agreement") with TCW Investment Management Company LLC (the "Advisor") for an initial two-year term. Following an initial two-year term, the Agreement continues in effect from year-to-year provided that the continuance is approved annually by the full Board of Trustees and a majority of the Independent Trustees, voting separately. At a meeting held on June 10, 2024 (the "Meeting"), the Board, including all of the Independent Trustees, approved the Agreement for an initial two-year term with respect to the Fund.

The Board recognized that the approval of the Agreement in connection with the organization of the Fund was related to the proposed reorganization of TCW Metropolitan West Floating Rate Income Fund (the "Target Fund"), a series of TCW Metropolitan West Funds, into the Fund, which was also considered and approved at the Meeting by the Board and at a meeting of the board of the Target Fund.

At the Meeting and at prior meetings of the Independent Trustees on April 8 and April 22, 2024, the Board received and considered information (both written and oral) provided to assist it in the review of the Agreement and made assessments with respect to the Fund. The Independent Trustees were advised by independent legal counsel with respect to these matters. The Independent Trustees discussed the approval of the Agreement with representatives of the Advisor and among themselves in private sessions on various occasions at which no representatives of the Advisor were present.

In addition, the Board received extensive information at previous meetings about the Advisor and its services to the Trust during the Board's consideration of the approval of the Agreement with respect to the other series of the Trust. The Board relied on that information during its consideration of the Agreement, noting that the information addressed many of the factors discussed below, including, but not limited to, information about the nature, extent and quality of services provided by the Advisor to the Trust, the Advisor's structure, organization, operations and personnel, the financial condition of the Advisor and the profitability to the Advisor from the Agreement, compliance procedures and resources, investment performance of other series and any similar strategies, expected expenses of the Fund, planned marketing of the Fund, relationships with Authorized Participants and market makers, and other information considered relevant.

In considering information relating to management fee levels, the Board took into account that the Fund would pay the Advisor a single unitary fee and that the Advisor would be responsible for payment of all ordinary fund expenses out of the unitary fee. The Board noted that the current almost universal practice among exchange-traded funds was to charge a single unitary fee and therefore considered as relevant the unitary fees charged by other similarly managed exchange-traded funds. The Board also received, and considered to the extent it thought relevant, information provided by the Advisor as to Fund management services and fees as compared to advisory services and fees charged by the Advisor to the Target Fund. The Trustees also considered information comparing the proposed fee and expense levels of the Fund to appropriate peer groups of funds identified in a report by an independent data provider, Broadridge, as well as performance data as compared to the peer groups identified by Broadridge.

The Board also considered that, under the Agreement and as part of the unitary management fee, the Advisor would provide additional services to the Fund that are essential to the operation of the Fund.

------

## TCW ETF Trust
In addition to the information furnished by the Advisor, the Trustees were provided with advice from their independent legal counsel discussing their fiduciary duties related to their approval of the Agreement and discussed these matters with their counsel.

The Trustees' determinations were made on the basis of each Trustee's business judgment after consideration of all the information presented. In deciding to recommend the approval of the Agreement with respect to the Fund, the Independent Trustees did not identify any single piece of information or particular factor that, in isolation, was the controlling factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Trustees.

#### Nature, Extent and Quality of Services
The Board considered the general nature, extent, and quality of services provided to the existing series of the Trust and expected to be provided to the Fund by the Advisor. The Board evaluated the Advisor's experience in serving as manager of mutual funds and ETFs and considered the benefits to shareholders of investing in a fund complex that is served by a large organization that also serves a variety of other investment advisory clients, including separate accounts, other pooled investment vehicles, registered investment companies and commingled funds. The Board also considered the ability of the Advisor to provide appropriate levels of support and resources to the Fund.

The Board also took note of the background and experience of the senior management and portfolio management personnel of the Advisor and that the expertise and amounts of attention expected to be given to the Fund by the Advisor are substantial. The Board also noted the previous experience of the proposed portfolio managers of the Fund and considered that the same individuals responsible for the day-to-day portfolio management of the Target Fund will be responsible for the day-to-day portfolio management of the Fund. The Board considered the ability of the Advisor to attract and retain qualified business professionals and its compensation program. The Board also considered the breadth of the compliance programs of the Advisor, as well as the compliance operations of the Advisor that would be applicable to the Fund. The Board noted the significant role played by the Advisor, as valuation designee, with respect to the valuation of portfolio securities, including research and analysis related to fair valued securities and due diligence and oversight of pricing vendors. The Board concluded that it was satisfied with the nature, extent and quality of the services anticipated to be provided to the Fund by the Advisor under the proposed Agreement.

#### Investment Performance
The Trustees considered the performance of other series of investment companies managed by the Advisor and its affiliates with similar strategies, namely the Target Fund that would be reorganized into the Fund, on both an absolute basis and in comparison to appropriate peer funds and benchmark indices, for various periods. The Board also considered that the Fund has investment objectives, goals and strategies that are substantially similar to the Target Fund. After review, the Trustees concluded that the Fund has the potential to achieve acceptable performance.

#### Advisory Fees and Profitability
The Board considered information prepared by the Advisor and Broadridge comparing the proposed fees and expenses of the Fund to the averages and medians of the fees and expenses of appropriate

------

## TCW ETF Trust
Board Approval of Investment Advisory Agreement (Unaudited) (Continued)

peer funds. The Board considered that the total expense ratio for the Fund relative to that for the Target Fund would be lower, especially in light of the unitary fee arrangement. The Board considered that the fee structure proposed for the Fund was similar to the other actively managed ETFs in the Trust.

The Board also considered the expected costs of services to be provided and expected profits to be realized by the Advisor and its affiliates from their relationship with the Fund, noting the difficulty in evaluating a manager's projected profitability with respect to a fund that is not yet operational. Based on these various considerations, the Board concluded that the proposed contractual management fees of the Fund under the proposed Agreement were fair and bore a reasonable relationship to the services to be rendered.

#### Expenses and Economies of Scale
The Board noted that the Fund's proposed expense ratio was within a reasonable range for the applicable peer group. The Board considered that, although the Fund would be newly launched, it would be the surviving entity in the reorganization with the Target Fund, which will give the Fund a larger asset base compared to a typical new fund. The Board concluded that the anticipated expenses were appropriate given the anticipated size and structure of the Fund.

The Board also considered the potential of the Advisor to achieve economies of scale as the Fund grows in size. The Board noted that the Fund will benefit through additional investment in the Trust's business and the provision of improved or additional infrastructure and services to the Fund and its shareholders. The Board considered the Advisor's ongoing investment in its technology, systems, staffing and other aspects of its business that can benefit the Fund, noting that all these endeavors are a means by which the Advisor is sharing economies of scale with the Fund and its shareholders through reinvestment in products and services that are designed to benefit the Fund and its shareholders. The Board considered the new personnel hired over recent years and the extent to which that hiring could be expected to benefit shareholders. As a result, the Board was satisfied about the extent to which economies of scale will be shared with the Fund and its shareholders. Based on all the information they reviewed, the Board concluded that the proposed fee structure for the Fund was reasonable and reflected a sharing of any economies of scale.

#### Ancillary Benefits
The Board considered ancillary benefits to be received by the Advisor and its affiliates as a result of the relationship of the Advisor with the Fund, including compensation for certain compliance support services. The Board concluded that any potential benefits to be derived by the Advisor from its relationship with the Fund was consistent with the services proposed to be provided by the Advisor to the new series.

#### Conclusions
Based on their overall review, including their consideration of each of the factors referred to above (and others), Trustees concluded that the Agreement is fair and reasonable to the Fund and its shareholders, that the Fund's shareholders will receive reasonable value in return for the management fees paid to the Advisor by the Fund, and that the approval of the Agreement was in the best interests of the Fund and its shareholders.

------

## TCW ETF Trust

#### TCW Corporate Bond ETF
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of non-interested ("Independent") Trustees, voting separately, approve each Fund's investment advisory agreement (each, an "Agreement") with TCW Investment Management Company LLC (the "Advisor") for an initial two-year term. Following an initial two-year term, the Agreement continues in effect from year-to-year provided that the continuance is approved annually by the full Board of Trustees and a majority of the Independent Trustees, voting separately. At a meeting held on September 9, 2024 (the "Meeting"), the Board, including all of the Independent Trustees, approved the Agreement for an initial two-year term with respect to the Fund.

The Board recognized that the approval of the Agreement in connection with the organization of the Fund was related to the proposed reorganization of TCW Metropolitan West Corporate Bond Fund (the "Target Fund"), a series of TCW Metropolitan West Funds, into the Fund, which was also considered and approved at the Meeting by the Board and at a meeting of the board of the Target Fund.

At the Meeting and at prior meetings of the Independent Trustees, the Board received and considered information (both written and oral) provided to assist it in the review of the Agreement and made assessments with respect to the Fund. The Independent Trustees were advised by independent legal counsel with respect to these matters. The Independent Trustees discussed the approval of the Agreement with representatives of the Advisor and among themselves in private sessions on various occasions at which no representatives of the Advisor were present.

In addition, the Board received extensive information about the Advisor and its services to the Trust during the Board's consideration of the approval of the Agreement with respect to the other series of the Trust. The Board relied on that information during its consideration of the Agreement, noting that the information addressed many of the factors discussed below, including, but not limited to, information about the nature, extent and quality of services provided by the Advisor to the Trust, the Advisor's structure, organization, operations and personnel, the financial condition of the Advisor and the profitability to the Advisor from the Agreement, compliance procedures and resources, investment performance of other series and any similar strategies, expected expenses of the Fund, planned marketing of the Fund, relationships with Authorized Participants and market makers, and other information considered relevant.

In considering information relating to management fee levels, the Board took into account that the Fund would pay the Advisor a single unitary fee and that the Advisor would be responsible for payment of all ordinary fund expenses out of the unitary fee. The Board noted that the current almost universal practice among exchange-traded funds was to charge a single unitary fee and therefore considered as relevant the unitary fees charged by other similarly managed exchange-traded funds. The Board also received, and considered to the extent it thought relevant, information provided by the Advisor as to Fund management services and fees as compared to advisory services and fees charged by the Advisor to the Target Fund. The Trustees also considered information comparing the proposed fee and expense levels of the Fund to appropriate peer groups of funds identified in a report by an independent data provider, Broadridge, as well as performance data as compared to the peer groups identified by Broadridge.

------

## TCW ETF Trust
Board Approval of Investment Advisory Agreement (Unaudited) (Continued)

The Board also considered that, under the Agreement and as part of the unitary management fee, the Advisor would provide additional services to the Fund that are essential to the operation of the Fund.

In addition to the information furnished by the Advisor, the Trustees were provided with advice from their independent legal counsel discussing their fiduciary duties related to their approval of the Agreement and discussed these matters with their counsel.

The Trustees' determinations were made on the basis of each Trustee's business judgment after consideration of all the information presented. In deciding to recommend the approval of the Agreement with respect to the Fund, the Independent Trustees did not identify any single piece of information or particular factor that, in isolation, was the controlling factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. This summary describes the most important, but not all, of the factors considered by the Board and the Independent Trustees.

#### Nature, Extent and Quality of Services
The Board considered the general nature, extent, and quality of services provided to the existing series of the Trust and expected to be provided to the Fund by the Advisor. The Board evaluated the Advisor's experience in serving as manager of mutual funds and ETFs and considered the benefits to shareholders of investing in a fund complex that is served by a large organization that also serves a variety of other investment advisory clients, including separate accounts, other pooled investment vehicles, registered investment companies and commingled funds. The Board also considered the ability of the Advisor to provide appropriate levels of support and resources to the Fund.

The Board also took note of the background and experience of the senior management and portfolio management personnel of the Advisor and that the expertise and amounts of attention expected to be given to the Fund by the Advisor are substantial. The Board also noted the previous experience of the proposed portfolio managers of the Fund and considered that the same individuals responsible for the day-to-day portfolio management of the Target Fund will be responsible for the day-to-day portfolio management of the Fund. The Board considered the ability of the Advisor to attract and retain qualified business professionals and its compensation program. The Board also considered the breadth of the compliance programs of the Advisor, as well as the compliance operations of the Advisor that would be applicable to the Fund. The Board noted the significant role played by the Advisor, as valuation designee, with respect to the valuation of portfolio securities, including research and analysis related to fair valued securities and due diligence and oversight of pricing vendors. The Board concluded that it was satisfied with the nature, extent and quality of the services anticipated to be provided to the Fund by the Advisor under the proposed Agreement.

#### Investment Performance
The Trustees considered the performance of other series of investment companies managed by the Advisor and its affiliates with similar strategies, namely the Target Fund that would be reorganized into the Fund, on both an absolute basis and in comparison to appropriate peer funds and benchmark indices, for various periods. The Board also considered that the Fund has investment objectives, goals and strategies that are substantially similar to the Target Fund. After review, the Trustees concluded that the Fund has the potential to achieve acceptable performance.

------

## TCW ETF Trust

#### Advisory Fees and Profitability
The Board considered information prepared by the Advisor and Broadridge comparing the proposed fees and expenses of the Fund to the averages and medians of the fees and expenses of appropriate peer funds. The Board considered that the total expense ratio for the Fund relative to that for the Target Fund would be lower, especially in light of the unitary fee arrangement. The Board considered that the fee structure proposed for the Fund was similar to the other actively managed ETFs in the Trust.

The Board also considered the expected costs of services to be provided and expected profits to be realized by the Advisor and its affiliates from their relationship with the Fund, noting the difficulty in evaluating a manager's projected profitability with respect to a fund that is not yet operational. Based on these various considerations, the Board concluded that the proposed contractual management fees of the Fund under the proposed Agreement were fair and bore a reasonable relationship to the services to be rendered.

#### Expenses and Economies of Scale
The Board noted that the Fund's proposed expense ratio was within a reasonable range for the applicable peer group. The Board considered that, although the Fund would be newly launched, it would be the surviving entity in the reorganization with the Target Fund, which will give the Fund a larger asset base compared to a typical new fund. The Board concluded that the anticipated expenses were appropriate given the anticipated size and structure of the Fund.

The Board also considered the potential of the Advisor to achieve economies of scale as the Fund grows in size. The Board noted that the Fund will benefit through additional investment in the Trust's business and the provision of improved or additional infrastructure and services to the Fund and its shareholders. The Board considered the Advisor's ongoing investment in its technology, systems, staffing and other aspects of its business that can benefit the Fund, noting that all these endeavors are a means by which the Advisor is sharing economies of scale with the Fund and its shareholders through reinvestment in products and services that are designed to benefit the Fund and its shareholders. The Board considered the new personnel hired over recent years and the extent to which that hiring could be expected to benefit shareholders. As a result, the Board was satisfied about the extent to which economies of scale will be shared with the Fund and its shareholders. Based on all the information they reviewed, the Board concluded that the proposed fee structure for the Fund was reasonable and reflected a sharing of any economies of scale.

#### Ancillary Benefits
The Board considered ancillary benefits to be received by the Advisor and its affiliates as a result of the relationship of the Advisor with the Fund, including compensation for certain compliance support services. The Board concluded that any potential benefits to be derived by the Advisor from its relationship with the Fund was consistent with the services proposed to be provided by the Advisor to the new series.

#### Conclusions
Based on their overall review, including their consideration of each of the factors referred to above (and others), Trustees concluded that the Agreement is fair and reasonable to the Fund and its shareholders, that the Fund's shareholders will receive reasonable value in return for the management fees paid to the Advisor by the Fund, and that the approval of the Agreement was in the best interests of the Fund and its shareholders.

------

## TCW ETF Trust
Supplemental Information (Unaudited)

**Quarterly Portfolio Schedule.** The TCW ETF Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year to date on Form NPORT-P. Such filings occur no later than 60 days after the end of the Funds' first and third quarters and are available on the SEC's website at www.sec.gov. In addition, each Fund's full portfolio holdings are updated daily and available on TCW's website at www.tcw.com/Literature/Fund-Literature.

**Proxy Voting Policies and Procedures.** A description of TCW Investment Management Company LLC's proxy voting policies and procedures, which are applicable to the Funds in the TCW ETF Trust is available on TCW's website at www.tcw.com/Literature/Fund-Literature and on the SEC's website at www.sec.gov.

**Proxy Voting Record.** The TCW ETF Trust is required to disclose annually the Fund's complete proxy voting record on Form N-PX covering the period July 1 through June 30 and file it with the SEC no later than August 31. Form N-PX for the Fund is available by calling 800-FUND-TCW (800-386-3829) to obtain a hard copy. The Fund's Form N-PX will also be available on the Fund's website at www.tcw.com/Literature/Fund-Literature and on the SEC's website at www.sec.gov.

**Premium/Discount Information.** Information about the difference between daily market values on the secondary Market for shares of each Fund and each Fund's net asset value can be found on TCW's website at www.tcw.com/Literature/Fund-Literature.

**Code of Ethics.** The Trust and the Adviser have each adopted codes of ethics pursuant to Rule 17j-1 under the 1940 Act. Each code of ethics may be examined at the office of the SEC in Washington, D.C. or on the Internet at the SEC's website at www.sec.gov.

------

General Information

#### Investment Adviser
TCW Investment Management Company LLC

515 South Flower Street

Los Angeles, CA 90071

#### Administrator, Custodian, and Transfer Agent
State Street Bank & Trust Company

One Congress Street, Suite 1

Boston, MA 02114-2016

#### Distributor
Foreside Financial Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

#### Independent Registered Public Accounting Firm
Deloitte & Touche, LLP

555 West 5th Street

Los Angeles, CA 90013

------

![LOGO](g23254g81l51.jpg)

This report is submitted for the general information of the shareholders of each Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Funds' risks, objectives, fees and expenses, experience of their management, and other information.

TCW Investment Management Company LLC \| 515 South Flower Street, Los Angeles, CA 90071

www.tcw.com/Literature/Fund-Literature

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

------

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

The Registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees since the Registrant last provided disclosure in response to this Item.

**Item 16.** **Controls and Procedures.** <br>

(a) The Principal Executive Officer and Principal Financial and Accounting Officer have concluded, as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, as of such date, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

(a) Not applicable.

(b) Not applicable.

------

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

Not applicable.

**Item 19.** **Exhibits.** <br>

---

| | |
|:---|:---|
| (a)(1) | [EX-99.CODE – Code of Ethics referred to in Item 2 is filed herewith.](d23254dex99codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [EX-99.CERT – The certifications required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act") are filed herewith.](d23254dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [EX-99.906CERT – The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.](d23254dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | TCW ETF Trust |
| By (Signature and Title) | By (Signature and Title) |
|  | /s/ Richard M. Villa |
|  | Richard M. Villa |
|  | President, Principal Executive Officer Treasurer, Principal Financial Officer, and Principal Accounting Officer |
| Date | December 30, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | By (Signature and Title) |
|  | /s/ Richard M. Villa |
|  | Richard M. Villa |
|  | President, Principal Executive Officer Treasurer, Principal Financial Officer, and Principal Accounting Officer |
| Date | December 30, 2025 |

---

## Ex-99.Code

EX-99.CODE

**Financial Code of Ethics for Principal Executive and Financial Officers** 

**1.** **HONEST AND ETHICAL CONDUCT** 

The Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers") of the TCW ETF Trust (the "Trust") shall act with honesty and integrity, ethically handle actual or apparent conflicts of interest between personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict of interest between their interests and those of the Trust to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner. A conflict of interest can arise when a person takes actions or has interests that may make it difficult to perform his or her work on behalf of the Trust objectively and effectively.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting acts or allowing their independent judgment to be subordinated or compromised.

The names of the Principal Officers covered by this Code of Ethics are listed on Schedule A hereto.

**2.** **FINANCIAL RECORDS AND REPORTING** 

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by the Trust, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use for their personal benefit (directly or indirectly) any confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

**3.** **COMPLIANCE WITH LAWS, RULES AND REGULATIONS** 

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Trust with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law, regulation or rule.

------

**4.** **COMPLIANCE WITH THIS CODE OF ETHICS** 

The Principal Officers shall promptly report any violations of this Code of Ethics, including violations of securities laws or other laws, rules and regulations applicable to the Trusts, to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

**5.** **AFFIRMATION OF THE CODE** 

Upon adoption of the Code, the Principal Officers must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code.

**6.** **AMENDMENT AND WAIVER** 

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics shall be communicated publicly in accordance with Item 2 of Form N-CSR under the 1940 Act.

Adopted: February 23, 2021

------

**SCHEDULE A** 

Principal Executive Officer: Richard M. Villa <br> Principal Financial Officer: Richard M. Villa

Schedule A amended as follows:

April 18, 2024 (non-material changes to update to current officers as approved by the Board)

December 8, 2025 (non-material changes to update to current officers as approved by the Board)

## Ex-99.Cert

EX-99.CERT

I, Richard M. Villa, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of TCW ETF Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Registrant's internal control over financial reporting.

Date: December 30, 2025

---

| |
|:---|
| /s/ Richard M. Villa |
| Richard M. Villa |
| President, Principal Executive Officer, Treasurer, and Principal Financial and Accounting Officer |

---

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION** 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of TCW ETF Trust do hereby certify, to such officer's knowledge, that:

The annual reports on Form N-CSR of TCW ETF Trust for the period ended March 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of TCW ETF Trust.

Date: December 30, 2025

---

| |
|:---|
| /s/ Richard M. Villa |
| Richard M. Villa |
| President, Principal Executive Officer, Treasurer, and Principal Financial and Accounting Officer |

---

A signed original of this written statement required by Section 906 has been provided to TCW ETF Trust and will be retained by TCW ETF Trust and furnished to the Securities and Exchange Commission or its staff upon request.