# EDGAR Filing Document

**Accession Number:** 0000810573
**File Stem:** 0001410368-26-055432
**Filing Date:** 2026-5
**Character Count:** 146807
**Document Hash:** 761b49f4aa5ef15e97f544fbbe7a29b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-055432.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001410368-26-055432

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS VARIABLE SERIES II
- **CENTRAL INDEX KEY:** 0000810573

**ORGANIZATION NAME:**
- **EIN:** 810105002
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05002
- **FILM NUMBER:** 261034459

**BUSINESS ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225
- **BUSINESS PHONE:** 212-454-4500

**MAIL ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEUTSCHE VARIABLE SERIES II
- **DATE OF NAME CHANGE:** 20140811

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DWS VARIABLE SERIES II
- **DATE OF NAME CHANGE:** 20060303

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCUDDER VARIABLE SERIES II
- **DATE OF NAME CHANGE:** 20010501

## Series and Classes Contracts Data

### DWS High Income VIP (Series ID: S000006280)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017251 | Class A      |  |

## Nport-Ex

Investment Portfolio**as of March 31, 2026 (Unaudited)** 

**DWS High Income VIP** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** <br>**Amount ($)(a)**<br>| **Value ($)** |
| **Corporate Bonds 91.0%** | **Corporate Bonds 91.0%** | **Corporate Bonds 91.0%** |  |
| **Communication Services 20.1%** | **Communication Services 20.1%** | **Communication Services 20.1%** |  |
| Altice Financing SA, REG S, 3.0%, 1/15/2028  | EUR | 100000 | &nbsp;&nbsp; 80595 |
| Altice France SA: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.75%, 10/15/2030 | EUR | 152439 | &nbsp;&nbsp; 166785 |
| &nbsp;&nbsp;&nbsp; 144A, 6.875%, 10/15/2030 |  | 152439 | &nbsp;&nbsp; 145823 |
| AMC Networks, Inc., 144A, 10.5%, 7/15/2032  |  | 122000 | &nbsp;&nbsp; 120405 |
| APLD ComputeCo 2 LLC, 144A, 6.75%, 3/15/2031  |  | 175000 | &nbsp;&nbsp; 173726 |
| Arches Buyer, Inc., 144A, 6.125%, 12/1/2028 (b) |  | 95000 | &nbsp;&nbsp; 90982 |
| CCO Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.25%, 2/1/2031 |  | 165000 | &nbsp;&nbsp; 150390 |
| &nbsp;&nbsp;&nbsp; 144A, 4.5%, 8/15/2030 |  | 290000 | &nbsp;&nbsp; 270999 |
| &nbsp;&nbsp;&nbsp; 144A, 5.375%, 6/1/2029 |  | 548000 | &nbsp;&nbsp; 540466 |
| &nbsp;&nbsp;&nbsp; 144A, 6.375%, 9/1/2029 |  | 205000 | &nbsp;&nbsp; 205629 |
| Clear Channel Outdoor Holdings, Inc., 144A, 7.75%, 4/15/2028  |  | 85000 | &nbsp;&nbsp; 85403 |
| Cogent Communications Group LLC, 144A, 7.0%, 6/15/2027  |  | 215000 | &nbsp;&nbsp; 211752 |
| Connect Holding II LLC, 144A, 10.5%, 4/3/2031  |  | 105000 | &nbsp;&nbsp; 104361 |
| CSC Holdings LLC, 144A, 4.125%, 12/1/2030  |  | 520000 | &nbsp;&nbsp; 312046 |
| Directv Financing LLC, 144A, 8.875%, 2/1/2030  |  | 250000 | &nbsp;&nbsp; 249164 |
| Discovery Communications LLC, 4.125%, 5/15/2029  |  | 225000 | &nbsp;&nbsp; 216640 |
| Discovery Global Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.054%, 3/15/2029 |  | 180000 | &nbsp;&nbsp; 174150 |
| &nbsp;&nbsp;&nbsp; 5.05%, 3/15/2042 |  | 115000 | &nbsp;&nbsp; 75763 |
| DISH DBS Corp., 7.375%, 7/1/2028  |  | 112000 | &nbsp;&nbsp; 108680 |
| DISH Network Corp., 144A, 11.75%, 11/15/2027  |  | 395000 | &nbsp;&nbsp; 406947 |
| EchoStar Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 11/30/2030, PIK |  | 171125 | &nbsp;&nbsp; 172795 |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/30/2029 |  | 170000 | &nbsp;&nbsp; 183643 |
| Flash Compute LLC, 144A, 7.25%, 12/31/2030  |  | 170000 | &nbsp;&nbsp; 171154 |
| Getty Images, Inc., 144A, 10.5%, 11/15/2030  |  | 40000 | &nbsp;&nbsp; 35873 |
| Gray Media, Inc., 144A, 4.75%, 10/15/2030 (b) |  | 85000 | &nbsp;&nbsp; 65584 |
| Level 3 Financing, Inc., 144A, 4.25%, 7/1/2028  |  | 185000 | &nbsp;&nbsp; 178504 |
| Lumen Technologies, Inc., 144A, 4.5%, 1/15/2029  |  | 100000 | &nbsp;&nbsp; 93839 |
| Match Group Holdings II LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 3.625%, 10/1/2031 |  | 240000 | &nbsp;&nbsp; 213380 |
| &nbsp;&nbsp;&nbsp; 144A, 4.625%, 6/1/2028 |  | 135000 | &nbsp;&nbsp; 131981 |
| McGraw-Hill Education, Inc., 144A, 8.0%, 8/1/2029  |  | 105000 | &nbsp;&nbsp; 104844 |
| Neptune Bidco U.S., Inc., 144A, 9.29%, 4/15/2029  |  | 217000 | &nbsp;&nbsp; 217603 |
| Nexstar Media, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.5%, 9/15/2033 |  | 172000 | &nbsp;&nbsp; 173310 |
| &nbsp;&nbsp;&nbsp; 144A, 7.25%, 4/15/2034 |  | 109000 | &nbsp;&nbsp; 109324 |
| OAK-Eagle Acquireco, Inc., 144A, 8.75%, 7/1/2034  |  | 196000 | &nbsp;&nbsp; 205191 |
| Scripps Escrow II, Inc., 144A, 3.875%, 1/15/2029 (b) |  | 85000 | &nbsp;&nbsp; 78620 |
| Snap, Inc., 144A, 6.875%, 3/1/2033  |  | 85000 | &nbsp;&nbsp; 80263 |
| SV RNO Property Owner 1 LLC, 144A, 5.875%, 3/1/2031  |  | 240000 | &nbsp;&nbsp; 237238 |
| Telenet Finance Luxembourg Notes SARL, 144A, 5.5%, 3/1/2028  |  | 200000 | &nbsp;&nbsp; 196264 |
| Uniti Group LP, 144A, 6.5%, 2/15/2029 (b) |  | 145000 | &nbsp;&nbsp; 140830 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| Univision Communications, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 8.0%, 8/15/2028 |  | 240000 | &nbsp;&nbsp; 243598 |
| &nbsp;&nbsp;&nbsp; 144A, 9.375%, 8/1/2032 |  | 41000 | &nbsp;&nbsp; 42255 |
| Versant Media Group, Inc., 144A, 7.25%, 1/30/2031  |  | 169000 | &nbsp;&nbsp; 172955 |
| Virgin Media Secured Finance PLC, 144A, 5.5%, 5/15/2029  |  | 345000 | &nbsp;&nbsp; 330883 |
| Vodafone Group PLC, 7.0%, 4/4/2079  |  | 490000 | &nbsp;&nbsp; 503993 |
| Windstream Services LLC, 144A, 8.25%, 10/1/2031  |  | 148000 | &nbsp;&nbsp; 154683 |
| Ziggo Bond Co. BV, 144A, 5.125%, 2/28/2030  |  | 221000 | &nbsp;&nbsp; 189637 |
|  |  |  | &nbsp;&nbsp; **8318950** |
| **Consumer Discretionary 12.8%** | **Consumer Discretionary 12.8%** | **Consumer Discretionary 12.8%** |  |
| American Axle & Manufacturing, Inc., 144A, 7.75%, 10/15/2033  |  | 125000 | &nbsp;&nbsp; 121687 |
| Bath & Body Works, Inc., 6.75%, 7/1/2036  |  | 188000 | &nbsp;&nbsp; 180267 |
| Boyd Gaming Corp., 144A, 4.75%, 6/15/2031  |  | 89000 | &nbsp;&nbsp; 84622 |
| Carnival Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.75%, 8/1/2032 |  | 540000 | &nbsp;&nbsp; 539824 |
| &nbsp;&nbsp;&nbsp; 144A, 5.875%, 6/15/2031 |  | 524000 | &nbsp;&nbsp; 530441 |
| Carvana Co., 144A, 9.0%, 6/1/2031  |  | 152276 | &nbsp;&nbsp; 164657 |
| Cooper-Standard Automotive, Inc., 144A, 9.25%, 3/1/2031  |  | 97000 | &nbsp;&nbsp; 91156 |
| Crocs, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.125%, 8/15/2031 |  | 45000 | &nbsp;&nbsp; 40493 |
| &nbsp;&nbsp;&nbsp; 144A, 4.25%, 3/15/2029 |  | 110000 | &nbsp;&nbsp; 105580 |
| Cyprium Corp., 144A, 6.125%, 4/15/2031  |  | 141000 | &nbsp;&nbsp; 139000 |
| Fertitta Entertainment LLC, 144A, 6.75%, 1/15/2030  |  | 30000 | &nbsp;&nbsp; 28022 |
| Global Auto Holdings Ltd., 144A, 8.375%, 1/15/2029  |  | 200000 | &nbsp;&nbsp; 182706 |
| Lindblad Expeditions LLC, 144A, 7.0%, 9/15/2030  |  | 107000 | &nbsp;&nbsp; 109246 |
| Lithia Motors, Inc., 144A, 4.375%, 1/15/2031  |  | 257000 | &nbsp;&nbsp; 241534 |
| Men's Wearhouse LLC, 144A, 9.0%, 2/1/2031 (b) |  | 58000 | &nbsp;&nbsp; 59527 |
| Michaels Companies, Inc., 144A, 8.5%, 3/15/2033  |  | 315000 | &nbsp;&nbsp; 306651 |
| Mohegan Tribal Gaming Authority, 144A, 8.25%, 4/15/2030  |  | 205000 | &nbsp;&nbsp; 209865 |
| Nissan Motor Acceptance Co. LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 1.85%, 9/16/2026 |  | 135000 | &nbsp;&nbsp; 132685 |
| &nbsp;&nbsp;&nbsp; 144A, 2.75%, 3/9/2028 |  | 140000 | &nbsp;&nbsp; 130891 |
| &nbsp;&nbsp;&nbsp; 144A, 5.55%, 9/13/2029 |  | 110000 | &nbsp;&nbsp; 106033 |
| &nbsp;&nbsp;&nbsp; 144A, 6.125%, 9/30/2030 |  | 50000 | &nbsp;&nbsp; 48052 |
| Papa John's International, Inc., 144A, 3.875%, 9/15/2029  |  | 103000 | &nbsp;&nbsp; 97613 |
| Penn Entertainment, Inc., 144A, 4.125%, 7/1/2029  |  | 104000 | &nbsp;&nbsp; 97261 |
| Rakuten Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; REG S, 4.25%, Perpetual | EUR | 200000 | &nbsp;&nbsp; 224146 |
| &nbsp;&nbsp;&nbsp; 144A, 5.125%, Perpetual (b) |  | 200000 | &nbsp;&nbsp; 199520 |
| Rivers Enterprise Borrower LLC, 144A, 6.625%, 2/1/2033  |  | 161000 | &nbsp;&nbsp; 159788 |
| Sabre GLBL, Inc., 144A, 11.125%, 7/15/2030  |  | 65000 | &nbsp;&nbsp; 55169 |
| Six Flags Entertainment Corp., 144A, 7.25%, 5/15/2031  |  | 145000 | &nbsp;&nbsp; 139608 |
| Specialty Building Products Holdings LLC, 144A, 7.75%, 10/15/2029  |  | 46000 | &nbsp;&nbsp; 39937 |
| Staples, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 10.75%, 9/1/2029 |  | 186000 | &nbsp;&nbsp; 172016 |
| &nbsp;&nbsp;&nbsp; 144A, 12.75%, 1/15/2030 |  | 25000 | &nbsp;&nbsp; 16896 |
| Travel & Leisure Co., 144A, 6.625%, 7/31/2026  |  | 210000 | &nbsp;&nbsp; 210178 |
| Voyager Parent LLC, 144A, 9.25%, 7/1/2032  |  | 211000 | &nbsp;&nbsp; 219063 |
| Whirlpool Corp., 2.4%, 5/15/2031  |  | 75000 | &nbsp;&nbsp; 59689 |
| Wolverine World Wide, Inc., 144A, 4.0%, 8/15/2029  |  | 45000 | &nbsp;&nbsp; 41653 |
|  |  |  | &nbsp;&nbsp; **5285476** |
| **Consumer Staples 2.3%** | **Consumer Staples 2.3%** | **Consumer Staples 2.3%** |  |
| Albertsons Companies, Inc., 144A, 5.625%, 3/31/2032  |  | 76000 | &nbsp;&nbsp; 74823 |
| C&S Group Enterprises LLC, 144A, 5.0%, 12/15/2028  |  | 85000 | &nbsp;&nbsp; 79044 |
| Coty, Inc., 144A, 5.6%, 1/15/2031  |  | 85000 | &nbsp;&nbsp; 82283 |
| Fiesta Purchaser, Inc., 144A, 9.625%, 9/15/2032  |  | 67000 | &nbsp;&nbsp; 68238 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| HLF Financing SARL LLC, 144A, 4.875%, 6/1/2029  |  | 155000 | &nbsp;&nbsp; 145040 |
| Industrial F&B Investments III, Inc., 144A, 7.75%, 2/11/2033  |  | 97000 | &nbsp;&nbsp; 98004 |
| KeHE Distributors LLC, 144A, 9.0%, 2/15/2029  |  | 110000 | &nbsp;&nbsp; 114516 |
| TKC Holdings, Inc., 144A, 8.5%, 8/15/2030  |  | 134000 | &nbsp;&nbsp; 135117 |
| Viking Baked Goods Acquisition Corp., 144A, 8.625%, 11/1/2031  |  | 160000 | &nbsp;&nbsp; 158322 |
|  |  |  | &nbsp;&nbsp; **955387** |
| **Energy 11.3%** | **Energy 11.3%** | **Energy 11.3%** |  |
| Ascent Resources Utica Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.625%, 10/15/2032 |  | 316000 | &nbsp;&nbsp; 320563 |
| &nbsp;&nbsp;&nbsp; 144A, 6.625%, 7/15/2033 |  | 372000 | &nbsp;&nbsp; 378388 |
| Crescent Energy Finance LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 7.375%, 1/15/2033 |  | 137000 | &nbsp;&nbsp; 136966 |
| &nbsp;&nbsp;&nbsp; 144A, 7.625%, 4/1/2032 |  | 145000 | &nbsp;&nbsp; 147150 |
| &nbsp;&nbsp;&nbsp; 144A, 7.875%, 4/15/2032 |  | 85000 | &nbsp;&nbsp; 86841 |
| Excelerate Energy LP, 144A, 8.0%, 5/15/2030  |  | 223000 | &nbsp;&nbsp; 233393 |
| Genesis Energy LP: |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 3/15/2034 |  | 107000 | &nbsp;&nbsp; 106494 |
| &nbsp;&nbsp;&nbsp; 8.0%, 5/15/2033 |  | 65000 | &nbsp;&nbsp; 67164 |
| &nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 |  | 169000 | &nbsp;&nbsp; 174627 |
| Gulfport Energy Operating Corp., 144A, 6.75%, 9/1/2029  |  | 186000 | &nbsp;&nbsp; 190226 |
| Harvest Midstream I LP, 144A, 7.5%, 9/1/2028  |  | 110000 | &nbsp;&nbsp; 111067 |
| Howard Midstream Energy Partners LLC, 144A, 7.375%, 7/15/2032  |  | 185000 | &nbsp;&nbsp; 191299 |
| Kodiak Gas Services LLC, 144A, 5.875%, 4/1/2031  |  | 94000 | &nbsp;&nbsp; 94466 |
| Seadrill Finance Ltd., 144A, 8.375%, 8/1/2030  |  | 200000 | &nbsp;&nbsp; 206833 |
| SM Energy Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.625%, 4/15/2034 |  | 45000 | &nbsp;&nbsp; 44873 |
| &nbsp;&nbsp;&nbsp; 144A, 7.0%, 8/1/2032 |  | 179000 | &nbsp;&nbsp; 182776 |
| &nbsp;&nbsp;&nbsp; 144A, 8.625%, 11/1/2030 |  | 40000 | &nbsp;&nbsp; 42203 |
| &nbsp;&nbsp;&nbsp; 144A, 8.75%, 7/1/2031 |  | 65000 | &nbsp;&nbsp; 67944 |
| &nbsp;&nbsp;&nbsp; 144A, 9.625%, 6/15/2033 |  | 71000 | &nbsp;&nbsp; 78435 |
| Summit Midstream Holdings LLC, 144A, 8.625%, 10/31/2029  |  | 143000 | &nbsp;&nbsp; 147070 |
| Sunoco LP, 144A, 7.875%, Perpetual  |  | 207000 | &nbsp;&nbsp; 211352 |
| Transocean Aquila Ltd., 144A, 8.0%, 9/30/2028  |  | 52308 | &nbsp;&nbsp; 53535 |
| Transocean International Ltd., 144A, 8.75%, 2/15/2030  |  | 77000 | &nbsp;&nbsp; 80095 |
| Venture Global Calcasieu Pass LLC, 144A, 3.875%, 11/1/2033  |  | 201000 | &nbsp;&nbsp; 178105 |
| Venture Global LNG, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 7.0%, 1/15/2030 (b) |  | 42000 | &nbsp;&nbsp; 42884 |
| &nbsp;&nbsp;&nbsp; 144A, 9.875%, 2/1/2032 |  | 210000 | &nbsp;&nbsp; 225537 |
| Venture Global Plaquemines LNG LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.5%, 6/15/2034 |  | 166000 | &nbsp;&nbsp; 172798 |
| &nbsp;&nbsp;&nbsp; 144A, 6.75%, 1/15/2036 |  | 283000 | &nbsp;&nbsp; 299740 |
| &nbsp;&nbsp;&nbsp; 144A, 7.75%, 5/1/2035 |  | 340000 | &nbsp;&nbsp; 381065 |
|  |  |  | &nbsp;&nbsp; **4653889** |
| **Financials 8.3%** | **Financials 8.3%** | **Financials 8.3%** |  |
| Acrisure LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.0%, 8/1/2029 |  | 65000 | &nbsp;&nbsp; 61035 |
| &nbsp;&nbsp;&nbsp; 144A, 6.75%, 7/1/2032 |  | 129000 | &nbsp;&nbsp; 124307 |
| Alliant Holdings Intermediate LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.25%, 10/15/2027 |  | 135000 | &nbsp;&nbsp; 132308 |
| &nbsp;&nbsp;&nbsp; 144A, 6.5%, 10/1/2031 |  | 99000 | &nbsp;&nbsp; 97213 |
| Ardonagh Finco Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp; REG S, 6.875%, 2/15/2031 | EUR | 145000 | &nbsp;&nbsp; 166442 |
| &nbsp;&nbsp;&nbsp; 144A, 6.875%, 2/15/2031 | EUR | 200000 | &nbsp;&nbsp; 229575 |
| CrossCountry Intermediate HoldCo LLC, 144A, 6.5%, 10/1/2030  |  | 107000 | &nbsp;&nbsp; 101986 |
| EZCORP, Inc., 144A, 7.375%, 4/1/2032  |  | 405000 | &nbsp;&nbsp; 423069 |
| FirstCash, Inc., 144A, 6.875%, 3/1/2032  |  | 70000 | &nbsp;&nbsp; 71345 |

---

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| | | | |
|:---|:---|:---|:---|
| Freedom Mortgage Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.875%, 5/1/2031 |  | 162000 | &nbsp;&nbsp; 151455 |
| &nbsp;&nbsp;&nbsp; 144A, 8.375%, 4/1/2032 |  | 39000 | &nbsp;&nbsp; 38364 |
| &nbsp;&nbsp;&nbsp; 144A, 9.25%, 2/1/2029 |  | 70000 | &nbsp;&nbsp; 70951 |
| Howden U.K. Refinance PLC, 144A, 7.25%, 2/15/2031  |  | 200000 | &nbsp;&nbsp; 201684 |
| HUB International Ltd., 144A, 5.625%, 12/1/2029  |  | 285000 | &nbsp;&nbsp; 276463 |
| Icahn Enterprises LP: |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 5/15/2027 |  | 90000 | &nbsp;&nbsp; 88192 |
| &nbsp;&nbsp;&nbsp; 9.75%, 1/15/2029 |  | 55000 | &nbsp;&nbsp; 54073 |
| Navient Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.875%, 3/15/2028 |  | 200000 | &nbsp;&nbsp; 188771 |
| &nbsp;&nbsp;&nbsp; 5.0%, 3/15/2027 |  | 90000 | &nbsp;&nbsp; 87972 |
| Panther Escrow Issuer LLC, 144A, 7.125%, 6/1/2031  |  | 150000 | &nbsp;&nbsp; 150504 |
| PennyMac Financial Services, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 7.125%, 11/15/2030 |  | 165000 | &nbsp;&nbsp; 163973 |
| &nbsp;&nbsp;&nbsp; 144A, 7.875%, 12/15/2029 |  | 80000 | &nbsp;&nbsp; 81837 |
| Starwood Property Trust, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, (REIT), 5.25%, 10/15/2028 |  | 120000 | &nbsp;&nbsp; 118632 |
| &nbsp;&nbsp;&nbsp; 144A, (REIT), 6.0%, 4/15/2030 |  | 140000 | &nbsp;&nbsp; 139729 |
| &nbsp;&nbsp;&nbsp; 144A, (REIT), 6.5%, 10/15/2030 |  | 196000 | &nbsp;&nbsp; 198786 |
|  |  |  | &nbsp;&nbsp; **3418666** |
| **Health Care 6.6%** | **Health Care 6.6%** | **Health Care 6.6%** |  |
| 1261229 BC Ltd., 144A, 10.0%, 4/15/2032  |  | 200000 | &nbsp;&nbsp; 204769 |
| Avantor Funding, Inc., 144A, 3.875%, 11/1/2029  |  | 110000 | &nbsp;&nbsp; 103201 |
| Bausch Health Americas, Inc., 144A, 8.5%, 1/31/2027 (b) |  | 80000 | &nbsp;&nbsp; 79240 |
| Bausch Health Companies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.0%, 2/15/2029 |  | 50000 | &nbsp;&nbsp; 36250 |
| &nbsp;&nbsp;&nbsp; 144A, 11.0%, 9/30/2028 |  | 140000 | &nbsp;&nbsp; 142805 |
| Charles River Laboratories International, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 3.75%, 3/15/2029 |  | 590000 | &nbsp;&nbsp; 559101 |
| &nbsp;&nbsp;&nbsp; 144A, 4.0%, 3/15/2031 |  | 183000 | &nbsp;&nbsp; 170244 |
| Community Health Systems, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.75%, 2/15/2031 |  | 155000 | &nbsp;&nbsp; 142898 |
| &nbsp;&nbsp;&nbsp; 144A, 5.25%, 5/15/2030 |  | 280000 | &nbsp;&nbsp; 263895 |
| &nbsp;&nbsp;&nbsp; 144A, 6.875%, 4/15/2029 |  | 45000 | &nbsp;&nbsp; 43274 |
| Embecta Corp., 144A, 5.0%, 2/15/2030 (b) |  | 175000 | &nbsp;&nbsp; 161876 |
| LifePoint Health, Inc., 144A, 8.375%, 2/15/2032  |  | 171000 | &nbsp;&nbsp; 182615 |
| Molina Healthcare, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 3.875%, 11/15/2030 |  | 95000 | &nbsp;&nbsp; 84933 |
| &nbsp;&nbsp;&nbsp; 144A, 4.375%, 6/15/2028 |  | 175000 | &nbsp;&nbsp; 169219 |
| Organon & Co., 144A, 6.75%, 5/15/2034  |  | 200000 | &nbsp;&nbsp; 178165 |
| Prime Healthcare Services, Inc., 144A, 9.375%, 9/1/2029  |  | 210000 | &nbsp;&nbsp; 217770 |
|  |  |  | &nbsp;&nbsp; **2740255** |
| **Industrials 4.7%** | **Industrials 4.7%** | **Industrials 4.7%** |  |
| ADT Security Corp., 144A, 4.875%, 7/15/2032  |  | 221000 | &nbsp;&nbsp; 206431 |
| American Airlines, Inc., 144A, 5.5%, 4/20/2026  |  | 22917 | &nbsp;&nbsp; 22926 |
| ATS Corp., 144A, 4.125%, 12/15/2028  |  | 220000 | &nbsp;&nbsp; 212019 |
| Deluxe Corp., 144A, 8.0%, 6/1/2029  |  | 110000 | &nbsp;&nbsp; 110716 |
| Enviri Corp., 144A, 5.75%, 7/31/2027  |  | 145000 | &nbsp;&nbsp; 144650 |
| Luna 1.5 SARL, REG S, 10.5%, 7/1/2032  | EUR | 100000 | &nbsp;&nbsp; 122520 |
| RXO, Inc., 144A, 6.375%, 5/15/2031  |  | 185000 | &nbsp;&nbsp; 177509 |
| Signature Aviation U.S. Holdings, Inc., 144A, 4.0%, 3/1/2028  |  | 155000 | &nbsp;&nbsp; 142798 |
| Stena International SA, 144A, 7.25%, 1/15/2031  |  | 200000 | &nbsp;&nbsp; 202106 |
| Synergy Infrastructure Holdings LLC, 144A, 7.875%, 12/1/2030  |  | 147000 | &nbsp;&nbsp; 149840 |

---

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| | | | |
|:---|:---|:---|:---|
| TransDigm, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.125%, 7/31/2034 |  | 48000 | &nbsp;&nbsp; 47210 |
| &nbsp;&nbsp;&nbsp; 144A, 6.375%, 5/31/2033 |  | 405000 | &nbsp;&nbsp; 402841 |
|  |  |  | &nbsp;&nbsp; **1941566** |
| **Information Technology 5.0%** | **Information Technology 5.0%** | **Information Technology 5.0%** |  |
| ams-OSRAM AG, REG S, 10.5%, 3/30/2029  | EUR | 200000 | &nbsp;&nbsp; 242025 |
| AthenaHealth Group, Inc., 144A, 6.5%, 2/15/2030  |  | 110000 | &nbsp;&nbsp; 103249 |
| Cloud Software Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 8.25%, 6/30/2032 |  | 100000 | &nbsp;&nbsp; 94843 |
| &nbsp;&nbsp;&nbsp; 144A, 9.0%, 9/30/2029 |  | 315000 | &nbsp;&nbsp; 303872 |
| CoreWeave, Inc., 144A, 9.25%, 6/1/2030  |  | 104000 | &nbsp;&nbsp; 101053 |
| EquipmentShare.com, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 8.0%, 3/15/2033 |  | 85000 | &nbsp;&nbsp; 87760 |
| &nbsp;&nbsp;&nbsp; 144A, 8.625%, 5/15/2032 |  | 100000 | &nbsp;&nbsp; 104376 |
| Insight Enterprises, Inc., 144A, 6.625%, 5/15/2032  |  | 419000 | &nbsp;&nbsp; 404400 |
| McAfee Corp., 144A, 7.375%, 2/15/2030 (b) |  | 80000 | &nbsp;&nbsp; 66095 |
| Open Text Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 3.875%, 2/15/2028 |  | 165000 | &nbsp;&nbsp; 158872 |
| &nbsp;&nbsp;&nbsp; 144A, 3.875%, 12/1/2029 |  | 47000 | &nbsp;&nbsp; 42002 |
| Playtika Holding Corp., 144A, 4.25%, 3/15/2029  |  | 80000 | &nbsp;&nbsp; 62424 |
| Rocket Software, Inc., 144A, 6.5%, 2/15/2029 (b) |  | 85000 | &nbsp;&nbsp; 76499 |
| UKG, Inc., 144A, 6.875%, 2/1/2031  |  | 95000 | &nbsp;&nbsp; 92845 |
| Viasat, Inc., 144A, 6.5%, 7/15/2028 (b) |  | 120000 | &nbsp;&nbsp; 118571 |
|  |  |  | &nbsp;&nbsp; **2058886** |
| **Materials 9.7%** | **Materials 9.7%** | **Materials 9.7%** |  |
| Ashland, Inc., 144A, 3.375%, 9/1/2031 (b) |  | 706000 | &nbsp;&nbsp; 633945 |
| Avient Corp., 144A, 6.25%, 11/1/2031  |  | 242000 | &nbsp;&nbsp; 243690 |
| Axalta Coating Systems LLC, 144A, 3.375%, 2/15/2029  |  | 150000 | &nbsp;&nbsp; 141925 |
| Calderys Financing LLC, 144A, 11.25%, 6/1/2028  |  | 120000 | &nbsp;&nbsp; 124060 |
| Celanese U.S. Holdings LLC, 6.75%, 4/15/2033  |  | 85000 | &nbsp;&nbsp; 87207 |
| Champion Iron Canada, Inc., 144A, 7.875%, 7/15/2032  |  | 179000 | &nbsp;&nbsp; 185920 |
| Cleveland-Cliffs, Inc., 144A, 4.875%, 3/1/2031  |  | 46000 | &nbsp;&nbsp; 41316 |
| Consolidated Energy Finance SA, REG S, 5.0%, 10/15/2028  | EUR | 100000 | &nbsp;&nbsp; 104619 |
| Element Solutions, Inc., 144A, 3.875%, 9/1/2028  |  | 214000 | &nbsp;&nbsp; 208357 |
| First Quantum Minerals Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.375%, 2/15/2036 |  | 200000 | &nbsp;&nbsp; 192403 |
| &nbsp;&nbsp;&nbsp; 144A, 7.25%, 2/15/2034 |  | 200000 | &nbsp;&nbsp; 203607 |
| &nbsp;&nbsp;&nbsp; 144A, 8.0%, 3/1/2033 |  | 200000 | &nbsp;&nbsp; 208471 |
| FMC Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 10/1/2029 |  | 95000 | &nbsp;&nbsp; 84858 |
| &nbsp;&nbsp;&nbsp; 8.45%, 11/1/2055 |  | 55000 | &nbsp;&nbsp; 35412 |
| Iris Holding, Inc., 144A, 10.0%, 12/15/2028 (b) |  | 35000 | &nbsp;&nbsp; 28952 |
| Kaiser Aluminum Corp., 144A, 4.5%, 6/1/2031  |  | 135000 | &nbsp;&nbsp; 127539 |
| Mineral Resources Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 7.0%, 4/1/2031 |  | 155000 | &nbsp;&nbsp; 158398 |
| &nbsp;&nbsp;&nbsp; 144A, 8.0%, 11/1/2027 |  | 65000 | &nbsp;&nbsp; 65830 |
| Novelis Corp., 144A, 4.75%, 1/30/2030  |  | 245000 | &nbsp;&nbsp; 231789 |
| Olin Corp., 144A, 6.625%, 4/1/2033  |  | 267000 | &nbsp;&nbsp; 261186 |
| Olympus Water U.S. Holding Corp., 144A, 7.25%, 2/15/2033  |  | 384000 | &nbsp;&nbsp; 366375 |
| SCIH Salt Holdings, Inc., 144A, 6.625%, 5/1/2029  |  | 65000 | &nbsp;&nbsp; 64675 |
| SunCoke Energy, Inc., 144A, 4.875%, 6/30/2029  |  | 85000 | &nbsp;&nbsp; 76701 |
| Trident TPI Holdings, Inc., 144A, 12.75%, 12/31/2028  |  | 46000 | &nbsp;&nbsp; 44778 |
| Tronox, Inc., 144A, 4.625%, 3/15/2029 (b) |  | 95000 | &nbsp;&nbsp; 76067 |
|  |  |  | &nbsp;&nbsp; **3998080** |

---

------

---

| | | |
|:---|:---|:---|
| **Real Estate 5.6%** | **Real Estate 5.6%** |  |
| Iron Mountain, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, (REIT), 4.5%, 2/15/2031 | 115000 | &nbsp;&nbsp; 107990 |
| &nbsp;&nbsp;&nbsp; 144A, (REIT), 5.25%, 7/15/2030 | 395000 | &nbsp;&nbsp; 383765 |
| MPT Operating Partnership LP, 144A, (REIT), 8.5%, 2/15/2032  | 95000 | &nbsp;&nbsp; 96312 |
| Park Intermediate Holdings LLC, 144A, (REIT), 4.875%, 5/15/2029  | 435000 | &nbsp;&nbsp; 417555 |
| Rithm Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, (REIT), 8.0%, 4/1/2029 | 75000 | &nbsp;&nbsp; 73682 |
| &nbsp;&nbsp;&nbsp; 144A, (REIT), 8.0%, 7/15/2030 | 129000 | &nbsp;&nbsp; 124508 |
| RLJ Lodging Trust LP, 144A, (REIT), 4.0%, 9/15/2029  | 329000 | &nbsp;&nbsp; 308137 |
| Service Properties Trust, 144A, (REIT), Zero Coupon , 9/30/2028  | 293000 | &nbsp;&nbsp; 266570 |
| XHR LP, 144A, (REIT), 4.875%, 6/1/2029  | 530000 | &nbsp;&nbsp; 513436 |
|  |  | &nbsp;&nbsp; **2291955** |
| **Utilities 4.6%** | **Utilities 4.6%** |  |
| Alpha Generation LLC, 144A, 6.25%, 1/15/2034  | 856000 | &nbsp;&nbsp; 840886 |
| Electricite de France SA, 144A, 9.125%, Perpetual  | 200000 | &nbsp;&nbsp; 231602 |
| Hawaiian Electric Co., Inc., 144A, 6.0%, 10/1/2033  | 216000 | &nbsp;&nbsp; 215726 |
| NRG Energy, Inc., 144A, 3.625%, 2/15/2031  | 70000 | &nbsp;&nbsp; 64460 |
| Pattern Energy Operations LP, 144A, 4.5%, 8/15/2028  | 205000 | &nbsp;&nbsp; 200173 |
| Vistra Corp., 144A, 7.0%, Perpetual  | 240000 | &nbsp;&nbsp; 240308 |
| VoltaGrid LLC, 144A, 7.375%, 11/1/2030  | 119000 | &nbsp;&nbsp; 122904 |
|  |  | &nbsp;&nbsp; **1916059** |
| **Total Corporate Bonds** (Cost $37,815,812) | **Total Corporate Bonds** (Cost $37,815,812) | &nbsp;&nbsp; **37579169** |
| **Convertible Bonds 1.1%** | **Convertible Bonds 1.1%** |  |
| **Utilities**  | **Utilities**  |  |
| XPLR Infrastructure LP, 144A, 2.5%, 6/15/2026 (b) (Cost $461,564) | 465000 | &nbsp;&nbsp; **460350** |
| **Loan Participations and Assignments 3.0%** | **Loan Participations and Assignments 3.0%** |  |
| **Senior Loans (c)** | **Senior Loans (c)** |  |
| &nbsp;&nbsp;&nbsp; Asurion LLC, Second Lien Term Loan B4, 1 mo. USD Term SOFR + 5.25%, 9.032%, <br> 1/20/2029<br>| 169252 | &nbsp;&nbsp; 168421 |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL, Term Loan B, 1 mo. USD Term SOFR + 4.5%, 8.168%, <br> 9/27/2029<br>| 129340 | &nbsp;&nbsp; 129805 |
| CP Atlas Buyer, Inc., Term Loan, 1 mo. USD Term SOFR + 5.25%, 8.918%, 7/8/2030 | 44775 | &nbsp;&nbsp; 41417 |
| EW Scripps Co., Term Loan B2, 1 mo. USD Term SOFR + 5.75%, 9.54%, 6/30/2028 | 17126 | &nbsp;&nbsp; 17280 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp., Term Loan B, 3 mo. USD Term SOFR + 2.75%, 6.421%, <br> 2/1/2029<br>| 145781 | &nbsp;&nbsp; 145052 |
| McAfee LLC, First Lien Term Loan B, 3/1/2029 (d) | 46511 | &nbsp;&nbsp; 41686 |
| &nbsp;&nbsp;&nbsp; Men's Wearhouse, Inc., Term Loan B, 3 mo. USD Term SOFR + 5.75%, 9.414%, <br> 1/28/2031<br>| 46000 | &nbsp;&nbsp; 46043 |
| TransDigm, Inc., Term Loan J, 1 mo. USD Term SOFR + 2.5%, 6.168%, 2/28/2031 | 213912 | &nbsp;&nbsp; 214181 |
| &nbsp;&nbsp;&nbsp; Windsor Holdings III LLC, Term Loan B, 1 mo. USD Term SOFR + 2.75%, 6.418%, <br> 8/1/2030<br>| 424665 | &nbsp;&nbsp; 419225 |
| **Total Loan Participations and Assignments** (Cost $1,230,844) | **Total Loan Participations and Assignments** (Cost $1,230,844) | &nbsp;&nbsp; **1223110** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Exchange-Traded Funds 3.7%** | **Exchange-Traded Funds 3.7%** |  |
| BondBloxx CCC-Rated USD High Yield Corporate Bond ETF  | 2900 | &nbsp;&nbsp; 105328 |
| iShares Broad USD High Yield Corporate Bond ETF (b) | 17000 | &nbsp;&nbsp; 626280 |
| iShares Core S&P 500 ETF  | 325 | &nbsp;&nbsp; 212293 |
| State Street SPDR Portfolio High Yield Bond ETF  | 25000 | &nbsp;&nbsp; 583000 |
| **Total Exchange-Traded Funds** (Cost $1,550,343) | **Total Exchange-Traded Funds** (Cost $1,550,343) | &nbsp;&nbsp; **1526901** |

---

------

---

| | | |
|:---|:---|:---|
| **Common Stocks 0.2%** | **Common Stocks 0.2%** |  |
| **Industrials**  | **Industrials**  |  |
| Quad Graphics, Inc.  | 287 | &nbsp;&nbsp; 1897 |
| Luxco Co., Ltd. \* (e) | 3789 | &nbsp;&nbsp; 64598 |
| **Total Common Stocks** (Cost $64,641) | **Total Common Stocks** (Cost $64,641) | &nbsp;&nbsp; **66495** |
| **Warrants 0.0%** | **Warrants 0.0%** |  |
| **Materials**  | **Materials**  |  |
| Hercules Trust II, Expiration Date 3/31/2029\* (e) (Cost $244,286) | 1100 | &nbsp;&nbsp; **14170** |
| **Securities Lending Collateral 5.8%** | **Securities Lending Collateral 5.8%** |  |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional <br> Shares", 3.55% (f) (g) (Cost $2,414,979)<br>| 2414979 | &nbsp;&nbsp; **2414979** |
| **Cash Equivalents 1.2%** | **Cash Equivalents 1.2%** |  |
| DWS Central Cash Management Government Fund, 3.66% (f) (Cost $508,924) | 508924 | &nbsp;&nbsp; **508924** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **% of Net**<br> **Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $44,291,393) | 106.0 | &nbsp;&nbsp; **43794098** |
| **Other Assets and Liabilities, Net**  | (6.0)<br>| &nbsp;&nbsp; **(2484865)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **41309233** |

---

*For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*

*A summary of the Fund's transactions with affiliated investments during the period ended March 31, 2026 are as follows:* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2025**<br>| &nbsp;&nbsp; **Purchases** <br>**Cost ($)**<br>| &nbsp;&nbsp; **Sales** <br>**Proceeds ($)**<br>| &nbsp;&nbsp; **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| &nbsp;&nbsp; **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation) ($)**<br>| **Income ($)** | &nbsp;&nbsp; **Capital Gain** <br>**Distributions ($)**<br>| &nbsp;&nbsp; **Number** <br>**of Shares** <br>**at** <br>**3/31/2026**<br>| &nbsp;&nbsp; **Value ($) at** <br>**3/31/2026**<br>|
| **Exchange-Traded Funds 0.0%** | **Exchange-Traded Funds 0.0%** | **Exchange-Traded Funds 0.0%** | **Exchange-Traded Funds 0.0%** | **Exchange-Traded Funds 0.0%** | **Exchange-Traded Funds 0.0%** | **Exchange-Traded Funds 0.0%** | **Exchange-Traded Funds 0.0%** | **Exchange-Traded Funds 0.0%** |
| Xtrackers USD High Yield Corporate Bond ETF (h) | Xtrackers USD High Yield Corporate Bond ETF (h) | Xtrackers USD High Yield Corporate Bond ETF (h) | Xtrackers USD High Yield Corporate Bond ETF (h) | Xtrackers USD High Yield Corporate Bond ETF (h) | Xtrackers USD High Yield Corporate Bond ETF (h) | Xtrackers USD High Yield Corporate Bond ETF (h) | Xtrackers USD High Yield Corporate Bond ETF (h) | Xtrackers USD High Yield Corporate Bond ETF (h) |
| 220980  | —  | 221881  | 1021  | (120)  | —  | —  | —  | —  |
| **Securities Lending Collateral 5.8%** | **Securities Lending Collateral 5.8%** | **Securities Lending Collateral 5.8%** | **Securities Lending Collateral 5.8%** | **Securities Lending Collateral 5.8%** | **Securities Lending Collateral 5.8%** | **Securities Lending Collateral 5.8%** | **Securities Lending Collateral 5.8%** | **Securities Lending Collateral 5.8%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>3.55% (f) (g) |
| 1651806  | 763,173 (i) | —  | —  | —  | 4719  | —  | 2414979  | 2414979  |
| **Cash Equivalents 1.2%** | **Cash Equivalents 1.2%** | **Cash Equivalents 1.2%** | **Cash Equivalents 1.2%** | **Cash Equivalents 1.2%** | **Cash Equivalents 1.2%** | **Cash Equivalents 1.2%** | **Cash Equivalents 1.2%** | **Cash Equivalents 1.2%** |
| DWS Central Cash Management Government Fund, 3.66% (f) | DWS Central Cash Management Government Fund, 3.66% (f) | DWS Central Cash Management Government Fund, 3.66% (f) | DWS Central Cash Management Government Fund, 3.66% (f) | DWS Central Cash Management Government Fund, 3.66% (f) | DWS Central Cash Management Government Fund, 3.66% (f) | DWS Central Cash Management Government Fund, 3.66% (f) | DWS Central Cash Management Government Fund, 3.66% (f) | DWS Central Cash Management Government Fund, 3.66% (f) |
| 609984  | 7087426  | 7188486  | —  | —  | 7021  | —  | 508924  | 508924  |
| **2482770** | **7850599** | **7410367** | **1021** | **(120)** | **11740** | **—** | **2923903** | **2923903** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*\** *Non-income producing security.* 

*(a)* *Principal amount stated in U.S. dollars unless otherwise noted.*

*(b)* *All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that* *are also on loan. The value of securities loaned at March 31, 2026 amounted to $2,361,843, which is 5.7% of net assets.* 

*(c)* *Variable or floating rate security. These securities are shown at their current rate as of March 31, 2026. For securities based on a* *published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable* *rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions,* *prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at the inherent* *rate, where applicable.* 

*(d)* *All or a portion of the security represents unsettled loan commitments at March 31, 2026 where the rate will be determined at the* *time of settlement.* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Investment was valued using significant unobservable inputs.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at* *period end.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* *Affiliated fund managed by DBX Advisors LLC.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period* *ended March 31, 2026.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| *144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in* <br> *transactions exempt from registration, normally to qualified institutional buyers.*<br>|
| *Perpetual: Callable security with no stated maturity date.*  |
| *PIK: Denotes that all or a portion of the income is paid in-kind in the form of additional principal.* |
| *REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or* <br> *benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the* <br> *Securities Act of 1933.*<br>|
| *REIT: Real Estate Investment Trust* |
| *S&P: Standard & Poor's* |
| *SOFR: Secured Overnight Financing Rate* |
| *SPDR: Standard & Poor's Depositary Receipt* |

---

*At March 31, 2026, the Fund had the following open forward foreign currency contracts:* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **In Exchange For** | **In Exchange For** | **Settlement** <br>**Date**<br>| **Unrealized** <br>**Depreciation ($)**<br>| **Counterparty** |
| &nbsp;&nbsp; EUR | 1210651 | USD | 1397491 | 4/30/2026 | **(3973)**<br>| State Street Bank and Trust  |

---

***Currency Abbreviation(s)***

------

*EUR* *Euro* <br> *USD* *United States Dollar*

------

***Fair Value Measurements***

*Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.*

*The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds (a) | $— | &nbsp;&nbsp; $37579169 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $37579169 |
| Convertible Bonds  |  | &nbsp;&nbsp; 460350 | &nbsp;&nbsp; — | &nbsp;&nbsp; 460350 |
| Loan Participations and Assignments  |  | &nbsp;&nbsp; 1223110 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1223110 |
| Exchange-Traded Funds  | 1526901 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1526901 |
| Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials  | 1897 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64598 | &nbsp;&nbsp; 66495 |
| Warrants  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 14170 | &nbsp;&nbsp; 14170 |
| Short-Term Investments (a) | 2923903 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2923903 |
| **Total** | **$4452701** | &nbsp;&nbsp; **$39262629** | &nbsp;&nbsp; **$78768** | &nbsp;&nbsp; **$43794098** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $— | &nbsp;&nbsp; $(3973)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3973)<br>|
| **Total** | **$—** | &nbsp;&nbsp; **$(3973)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(3973)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *See Investment Portfolio for additional detailed categorizations.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Derivatives include unrealized appreciation (depreciation) on open forward foreign currency contracts.* 

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.

VS2HI-PH1

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** DEUTSCHE DWS VARIABLE SERIES II

- **b. Investment Company Act file number:** 811-05002

- **c. CIK number of Registrant:** 0000810573

- **d. LEI of Registrant:** 7WRERVUOG2HKG87QIP75

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

  - **Street Address 1:** 875 Third Avenue

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022-6225

  - **Telephone number:** 212-454-4500

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

- **a. Name of Series:** DWS High Income VIP

- **b. EDGAR series identifier (if any):** S000006280

- **c. LEI of Series:** K51EGN1IWH8SDPBCGW36

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $44458460.35

**Total Liabilities:** $3098074.84

**Net Assets:** $41360385.51

**Delayed Delivery Securities:** $369610.81

**Cash Not Reported:** $20349.18

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -0.47000000 | **1-Year:** -16.72000000 | **5-Year:** -143.95000000 | **10-Year:** -73.82000000 | **30-Year:** 0.00000000

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

- **3-Month:** -114.20000000 | **1-Year:** -3469.62000000 | **5-Year:** -7365.85000000 | **10-Year:** -1447.09000000 | **30-Year:** -24.07000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017251 | 0.52%                | 0.35%                | -1.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $70366.12                | $-21418.18                                 |
| Month 2  | $71387.67                | $-130457.44                                |
| Month 3  | $-11831.16               | $-768444.50                                |

### Schedule of Portfolio Investments

| Name                                            | Title                                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GLOBAL AUTO HO/AAG FH UK                        | Global Auto Holdings Ltd/AAG FH UK Ltd                                                | CUSIP: 00033GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    200000 | PA      | $182706.00    | 0.44%             | 2029-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                | AMC Networks Inc                                                                      | CUSIP: 00164VAK9<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    122000 | PA      | $120404.74    | 0.29%             | 2032-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| ATS CORP                                        | ATS Corp                                                                              | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |    220000 | PA      | $212019.13    | 0.51%             | 2028-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                        | American Airlines Inc/AAdvantage Loyalty IP Ltd                                       | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     22917 | PA      | $22925.56     | 0.06%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                          | Acrisure LLC / Acrisure Finance Inc                                                   | CUSIP: 00489LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $61035.33     | 0.15%             | 2029-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                          | Acrisure LLC / Acrisure Finance Inc                                                   | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    129000 | PA      | $124307.38    | 0.30%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS INC                              | Albertsons Cos Inc                                                                    | CUSIP: 01309QAE8<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |     76000 | PA      | $74823.22     | 0.18%             | 2032-03-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                        | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                        | CUSIP: 01883LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $132307.70    | 0.32%             | 2027-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                        | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                        | CUSIP: 01883LAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     99000 | PA      | $97212.81     | 0.24%             | 2031-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                            | Alpha Generation LLC                                                                  | CUSIP: 02073LAC5<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |    856000 | PA      | $840886.12    | 2.03%             | 2034-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                | Altice France SA                                                                      | CUSIP: 02090DAB4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    152439 | PA      | $145822.92    | 0.35%             | 2030-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                         | American Axle & Manufacturing Inc                                                     | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    125000 | PA      | $121687.25    | 0.29%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| APLD COMPUTECO 2 LLC                            | APLD ComputeCo 2 LLC                                                                  | CUSIP: 03772CAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $173725.84    | 0.42%             | 2031-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                                | Arches Buyer Inc                                                                      | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |     95000 | PA      | $90982.21     | 0.22%             | 2028-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: —       |
| ASCENT RESOURCES/ARU FIN                        | Ascent Resources Utica Holdings LLC / ARU Finance Corp                                | CUSIP: 04364VAX1<br>LEI: 549300EGLQ2M2CL7JZ89 | Long             | DBT              | CORP              | US        |    316000 | PA      | $320563.04    | 0.78%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                        | Ascent Resources Utica Holdings LLC / ARU Finance Corp                                | CUSIP: 04364VBA0<br>LEI: 549300EGLQ2M2CL7JZ89 | Long             | DBT              | CORP              | US        |    372000 | PA      | $378387.98    | 0.91%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ASHLAND INC                                     | Ashland Inc                                                                           | CUSIP: 04433LAA0<br>LEI: 529900E4L9R04SB8HB11 | Long             | DBT              | CORP              | US        |    706000 | PA      | $633944.52    | 1.53%             | 2031-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: —       |
| Asurion LLC                                     | Asurion LLC 2021 Second Lien Term Loan B4                                             | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    169252 | PA      | $168421.31    | 0.41%             | 2029-01-20      | Floating      | 9.03%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                             | Avantor Funding Inc                                                                   | CUSIP: 05352TAB5<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    110000 | PA      | $103201.24    | 0.25%             | 2029-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                     | Avient Corp                                                                           | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    242000 | PA      | $243690.13    | 0.59%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS                          | Axalta Coating Systems LLC                                                            | CUSIP: 05453GAC9<br>LEI: 549300G80QONCHILSF69 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141924.96    | 0.34%             | 2029-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SIGNATURE AVIATION US                           | Signature Aviation US Holdings Inc                                                    | CUSIP: 05545MAC6<br>LEI: 213800CSNQ87U1MC8N11 | Long             | DBT              | CORP              | US        |    155000 | PA      | $142798.09    | 0.35%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                           | Bausch Health Cos Inc                                                                 | CUSIP: 071734AM9<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $36250.00     | 0.09%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                           | Bausch Health Cos Inc                                                                 | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    140000 | PA      | $142805.39    | 0.35%             | 2028-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                                | Boyd Gaming Corp                                                                      | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |     89000 | PA      | $84622.45     | 0.20%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| C&S GROUP ENTERPRISES LL                        | C&S Group Enterprises LLC                                                             | CUSIP: 12467AAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $79043.51     | 0.19%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                          | CCO Holdings LLC / CCO Holdings Capital Corp                                          | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    548000 | PA      | $540466.48    | 1.31%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                          | CCO Holdings LLC / CCO Holdings Capital Corp                                          | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $270998.79    | 0.66%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                          | CCO Holdings LLC / CCO Holdings Capital Corp                                          | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $150390.01    | 0.36%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                          | CCO Holdings LLC / CCO Holdings Capital Corp                                          | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    205000 | PA      | $205629.15    | 0.50%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                        | CHS/Community Health Systems Inc                                                      | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     45000 | PA      | $43273.70     | 0.10%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                        | CHS/Community Health Systems Inc                                                      | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    155000 | PA      | $142898.18    | 0.35%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                        | CHS/Community Health Systems Inc                                                      | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    280000 | PA      | $263895.06    | 0.64%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                | CSC Holdings LLC                                                                      | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    520000 | PA      | $312046.07    | 0.75%             | 2030-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CP Atlas Buyer, Inc.                            | CP Atlas Buyer Inc 2025 Term Loan                                                     | CUSIP: 12658HAL6<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | LON              | CORP              | US        |     44775 | PA      | $41416.88     | 0.10%             | 2030-07-08      | Floating      | 8.92%                 | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING LLC                          | Calderys Financing LLC                                                                | CUSIP: 128786AA8<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124060.20    | 0.30%             | 2028-06-01      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                   | Carnival Corp                                                                         | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    524000 | PA      | $530440.48    | 1.28%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                   | Carnival Corp                                                                         | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    540000 | PA      | $539824.39    | 1.31%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                                      | Carvana Co                                                                            | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    152276 | PA      | $164656.65    | 0.40%             | 2031-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| DWS                                             | DWS Government & Agency Securities Portfolio DWS Government Cash Institutional Shares | CUSIP: 147539670<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2414979 | NS      | $2414979.00   | 5.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CELANESE US HOLDINGS LLC                        | Celanese US Holdings LLC                                                              | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     85000 | PA      | $87206.85     | 0.21%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                          | Lumen Technologies Inc                                                                | CUSIP: 156700BD7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93838.92     | 0.23%             | 2029-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHAMPION IRON CANADA INC                        | Champion Iron Canada Inc                                                              | CUSIP: 15853BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    179000 | PA      | $185919.93    | 0.45%             | 2032-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                        | Charles River Laboratories International Inc                                          | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |    590000 | PA      | $559101.46    | 1.35%             | 2029-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                        | Charles River Laboratories International Inc                                          | CUSIP: 159864AJ6<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |    183000 | PA      | $170243.60    | 0.41%             | 2031-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                    | SM Energy Co                                                                          | CUSIP: 17888HAB9<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67943.98     | 0.16%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                    | SM Energy Co                                                                          | CUSIP: 17888HAC7<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42203.44     | 0.10%             | 2030-11-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                    | SM Energy Co                                                                          | CUSIP: 17888HAD5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     71000 | PA      | $78435.19     | 0.19%             | 2033-06-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                        | Clear Channel Outdoor Holdings Inc                                                    | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     85000 | PA      | $85403.33     | 0.21%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                            | Cleveland-Cliffs Inc                                                                  | CUSIP: 185899AL5<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     46000 | PA      | $41315.48     | 0.10%             | 2031-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                          | Cloud Software Group Inc                                                              | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    315000 | PA      | $303872.18    | 0.73%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                          | Cloud Software Group Inc                                                              | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94843.49     | 0.23%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                          | Cogent Communications Group LLC / Cogent Finance Inc                                  | CUSIP: 19240WAA7<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |    215000 | PA      | $211752.00    | 0.51%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CONNECT HOLDING II LLC                          | Connect Holding II LLC                                                                | CUSIP: 20753PAD3<br>LEI: 254900LCX7S2QHYUOI31 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104361.41    | 0.25%             | 2031-04-03      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| COOPER-STANDARD AUTOMOTI                        | Cooper-Standard Automotive Inc                                                        | CUSIP: 216762AK0<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |     97000 | PA      | $91155.75     | 0.22%             | 2031-03-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                   | CoreWeave Inc                                                                         | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    104000 | PA      | $101052.58    | 0.24%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| COTY/HFC PRESTIGE/INT US                        | Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC                  | CUSIP: 22207AAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $82283.03     | 0.20%             | 2031-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CROCS INC                                       | Crocs Inc                                                                             | CUSIP: 227046AA7<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |    110000 | PA      | $105579.73    | 0.26%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CROCS INC                                       | Crocs Inc                                                                             | CUSIP: 227046AB5<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |     45000 | PA      | $40492.49     | 0.10%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CROSSCOUNTRY INTER                              | CrossCountry Intermediate HoldCo LLC                                                  | CUSIP: 22757VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    107000 | PA      | $101985.83    | 0.25%             | 2030-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CYPRIUM CORP/CYPRIUM HOL                        | Cyprium Corp / Cyprium Holdings Luxembourg Sarl                                       | CUSIP: 23292NAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    141000 | PA      | $139000.26    | 0.34%             | 2031-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                                     | Deluxe Corp                                                                           | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110716.10    | 0.27%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                           | Directv Financing LLC                                                                 | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $114464.09    | 0.28%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                        | Discovery Communications LLC                                                          | CUSIP: 25470DCA5<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |    225000 | PA      | $216640.29    | 0.52%             | 2029-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                               | DISH Network Corp                                                                     | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    395000 | PA      | $406946.78    | 0.98%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                   | DISH DBS Corp                                                                         | CUSIP: 25470XBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    112000 | PA      | $108679.93    | 0.26%             | 2028-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                           | Directv Financing LLC                                                                 | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $134699.67    | 0.33%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| E.W. Scripps Company (The)                      | EW Scripps Company (The) 2025 Term Loan B2                                            | CUSIP: 26928BAQ2<br>LEI: 549300U1OW41QPKYW028 | Long             | LON              | CORP              | US        |     17126 | PA      | $17279.58     | 0.04%             | 2028-06-30      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                   | PURCHASED USD / SOLD EUR                                                              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-3972.65     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                   | EchoStar Corp                                                                         | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    171125 | PA      | $172794.84    | 0.42%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                   | EchoStar Corp                                                                         | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    170000 | PA      | $183642.63    | 0.44%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                        | Electricite de France SA                                                              | CUSIP: 28504KAA5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $231602.20    | 0.56%             | N/A             | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| ELEMENT SOLUTIONS INC                           | Element Solutions Inc                                                                 | CUSIP: 28618MAA4<br>LEI: 549300FLGN6P5CU20J91 | Long             | DBT              | CORP              | US        |    214000 | PA      | $208357.42    | 0.50%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| EMBECTA CORP                                    | Embecta Corp                                                                          | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |    175000 | PA      | $161876.11    | 0.39%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| EQUIPMENTSHARE.COM INC                          | EquipmentShare.com Inc                                                                | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104375.90    | 0.25%             | 2032-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                          | EquipmentShare.com Inc                                                                | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     85000 | PA      | $87759.99     | 0.21%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| EXCELERATE ENERGY LP                            | Excelerate Energy LP                                                                  | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |    223000 | PA      | $233393.14    | 0.56%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                                      | EZCORP Inc                                                                            | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |    405000 | PA      | $423068.67    | 1.02%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FMC CORP                                        | FMC Corp                                                                              | CUSIP: 302491AU9<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |     95000 | PA      | $84858.27     | 0.21%             | 2029-10-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| FMC CORP                                        | FMC Corp                                                                              | CUSIP: 302491AZ8<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |     55000 | PA      | $35412.28     | 0.09%             | 2055-11-01      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                          | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc                    | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $28021.57     | 0.07%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                            | Fiesta Purchaser Inc                                                                  | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     67000 | PA      | $68237.56     | 0.16%             | 2032-09-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                        | First Quantum Minerals Ltd                                                            | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $208470.60    | 0.50%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                        | First Quantum Minerals Ltd                                                            | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $203607.40    | 0.49%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                        | First Quantum Minerals Ltd                                                            | CUSIP: 335934AY1<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $192403.36    | 0.47%             | 2036-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                   | FirstCash Inc                                                                         | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71345.26     | 0.17%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FLASH COMPUTE LLC                               | Flash Compute LLC                                                                     | CUSIP: 33853QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $171154.47    | 0.41%             | 2030-12-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                           | Freedom Mortgage Holdings LLC                                                         | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70951.30     | 0.17%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                           | Freedom Mortgage Holdings LLC                                                         | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     39000 | PA      | $38364.08     | 0.09%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                           | Freedom Mortgage Holdings LLC                                                         | CUSIP: 35641AAE8<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    162000 | PA      | $151455.11    | 0.37%             | 2031-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                           | Genesis Energy LP / Genesis Energy Finance Corp                                       | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    169000 | PA      | $174627.02    | 0.42%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                           | Genesis Energy LP / Genesis Energy Finance Corp                                       | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $67163.98     | 0.16%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                           | Genesis Energy LP / Genesis Energy Finance Corp                                       | CUSIP: 37185LAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    107000 | PA      | $106494.49    | 0.26%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC                                | Getty Images Inc                                                                      | CUSIP: 374276AR4<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35872.78     | 0.09%             | 2030-11-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                  | Gray Media Inc                                                                        | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     85000 | PA      | $65584.04     | 0.16%             | 2030-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| GULFPORT ENERGY OP CORP                         | Gulfport Energy Operating Corp                                                        | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    186000 | PA      | $190225.92    | 0.46%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI                        | HLF Financing Sarl LLC / Herbalife International Inc                                  | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $145040.35    | 0.35%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ENVIRI CORP                                     | Enviri Corp                                                                           | CUSIP: 415864AM9<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | DBT              | CORP              | US        |    145000 | PA      | $144649.98    | 0.35%             | 2027-07-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HARVEST MIDSTREAM I LP                          | Harvest Midstream I LP                                                                | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |    110000 | PA      | $111067.11    | 0.27%             | 2028-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HAWAIIAN ELEC CO                                | Hawaiian Electric Co Inc                                                              | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |    216000 | PA      | $215725.96    | 0.52%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Hercules Trust II                               | HERCULES TR II                                                                        | CUSIP: 427098116<br>LEI: N/A                  | N/A              | DE               |  | US        |      1100 | NS      | $14169.99     | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                         | Howard Midstream Energy Partners LLC                                                  | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $191298.70    | 0.46%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE / US                        | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC         | CUSIP: 44287GAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201684.20    | 0.49%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                           | HUB International Ltd                                                                 | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    285000 | PA      | $276462.93    | 0.67%             | 2029-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                           | Icahn Enterprises LP / Icahn Enterprises Finance Corp                                 | CUSIP: 451102BZ9<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88191.67     | 0.21%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                           | Icahn Enterprises LP / Icahn Enterprises Finance Corp                                 | CUSIP: 451102CF2<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54073.38     | 0.13%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                         | Crescent Energy Finance LLC                                                           | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    145000 | PA      | $147150.21    | 0.36%             | 2032-04-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                         | Crescent Energy Finance LLC                                                           | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    137000 | PA      | $136965.65    | 0.33%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| INDUSTRIAL F&B INV                              | Industrial F&B Investments III Inc                                                    | CUSIP: 456142AA6<br>LEI: 254900VSX7CEW7CNTO51 | Long             | DBT              | CORP              | US        |     97000 | PA      | $98004.23     | 0.24%             | 2033-02-11      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                                | Insight Enterprises Inc                                                               | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |    419000 | PA      | $404399.57    | 0.98%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                               | Iron Mountain Inc                                                                     | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    395000 | PA      | $383765.07    | 0.93%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                               | Iron Mountain Inc                                                                     | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    115000 | PA      | $107989.93    | 0.26%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| IRIS HOLDING INC                                | Iris Holding Inc                                                                      | CUSIP: 462914AA0<br>LEI: 54930013SPZ2NB3I3V40 | Long             | DBT              | CORP              | US        |     35000 | PA      | $28952.00     | 0.07%             | 2028-12-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: —       |
| iShares Core S&P 500 ETF                        | iShares Core S&P 500 ETF                                                              | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             | EC               | RF                | US        |       325 | NS      | $212293.25    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Broad USD High Yield Corporate Bond ETF | iShares Broad USD High Yield Corporate Bond ETF                                       | CUSIP: 46435U853<br>LEI: 549300X7H67ZLUE3IZ46 | Long             | EC               | RF                | US        |     17000 | NS      | $626280.00    | 1.51%             |  |  |  | No            |                  1 | On Loan: —       |
| KAISER ALUMINUM CORP                            | Kaiser Aluminum Corp                                                                  | CUSIP: 483007AL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $127539.45    | 0.31%             | 2031-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                        | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc                 | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $114515.50    | 0.28%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                         | Kodiak Gas Services LLC                                                               | CUSIP: 50012LAF1<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     94000 | PA      | $94465.52     | 0.23%             | 2031-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC                           | Bath & Body Works Inc                                                                 | CUSIP: 501797AM6<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    188000 | PA      | $180266.88    | 0.44%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                         | Crescent Energy Finance LLC                                                           | CUSIP: 516806AK2<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     85000 | PA      | $86840.85     | 0.21%             | 2032-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                           | Level 3 Financing Inc                                                                 | CUSIP: 527298BR3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    185000 | PA      | $178503.53    | 0.43%             | 2028-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                            | LifePoint Health Inc                                                                  | CUSIP: 53219LAY5<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    171000 | PA      | $182614.66    | 0.44%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS LLC                        | Lindblad Expeditions LLC                                                              | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |    107000 | PA      | $109246.04    | 0.26%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                               | Lithia Motors Inc                                                                     | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    257000 | PA      | $241534.10    | 0.58%             | 2031-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                         | MPT Operating Partnership LP / MPT Finance Corp                                       | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              |  | US        |     95000 | PA      | $96312.14     | 0.23%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| DISCOVERY HOLDINGS INC                          | Discovery Global Holdings Inc                                                         | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    115000 | PA      | $75762.66     | 0.18%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| DISCOVERY HOLDINGS INC                          | Discovery Global Holdings Inc                                                         | CUSIP: 55903VBY8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    180000 | PA      | $174150.00    | 0.42%             | 2029-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                          | Match Group Holdings II LLC                                                           | CUSIP: 57665RAN6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    135000 | PA      | $131980.83    | 0.32%             | 2028-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                          | Match Group Holdings II LLC                                                           | CUSIP: 57667JAA0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    240000 | PA      | $213380.50    | 0.52%             | 2031-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                           | McGraw-Hill Education Inc                                                             | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104844.22    | 0.25%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MCAFEE CORP                                     | McAfee Corp                                                                           | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |     80000 | PA      | $66095.30     | 0.16%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| McAfee, LLC                                     | McAfee LLC 2024 USD 1st Lien Term Loan B                                              | CUSIP: 57906HAF4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | LON              | CORP              | US        |     46511 | PA      | $41685.71     | 0.10%             | 2029-03-01      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| THE MEN'S WEARHOUSE LLC                         | Men's Wearhouse LLC/The                                                               | CUSIP: 587118AF7<br>LEI: NKFP7BJ6WYEV4I24P532 | Long             | DBT              | CORP              | US        |     58000 | PA      | $59527.20     | 0.14%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| Men's Wearhouse, Inc. (The)                     | Men's Wearhouse Inc (The) 2026 Term Loan B                                            | CUSIP: 58711MAK5<br>LEI: NKFP7BJ6WYEV4I24P532 | Long             | LON              | CORP              | US        |     46000 | PA      | $46043.24     | 0.11%             | 2031-01-28      | Floating      | 9.41%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                            | Michaels Cos Inc/The                                                                  | CUSIP: 59408QAB2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    315000 | PA      | $306650.61    | 0.74%             | 2033-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                           | Mineral Resources Ltd                                                                 | CUSIP: 603051AC7<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     65000 | PA      | $65830.00     | 0.16%             | 2027-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                           | Mineral Resources Ltd                                                                 | CUSIP: 603051AF0<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    155000 | PA      | $158397.51    | 0.38%             | 2031-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                          | AthenaHealth Group Inc                                                                | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    110000 | PA      | $103248.61    | 0.25%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MOHEGAN TRIBAL / MS DIG                         | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC               | CUSIP: 60832QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    205000 | PA      | $209864.65    | 0.51%             | 2030-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                           | Molina Healthcare Inc                                                                 | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    175000 | PA      | $169218.54    | 0.41%             | 2028-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                           | Molina Healthcare Inc                                                                 | CUSIP: 60855RAK6<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     95000 | PA      | $84932.83     | 0.21%             | 2030-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MOSS CREEK RESOURCES HLD                        | Moss Creek Resources Holdings Inc                                                     | CUSIP: 61965RAC9<br>LEI: 54930037SLMSPWKYIX36 | Long             | DBT              | CORP              | US        |     66000 | PA      | $65959.04     | 0.16%             | 2031-09-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                  | NRG Energy Inc                                                                        | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     70000 | PA      | $64459.60     | 0.16%             | 2031-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                    | Navient Corp                                                                          | CUSIP: 63938CAK4<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87971.84     | 0.21%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                    | Navient Corp                                                                          | CUSIP: 63938CAL2<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188771.06    | 0.46%             | 2028-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                            | Neptune Bidco US Inc                                                                  | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    217000 | PA      | $217602.83    | 0.53%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                              | Rithm Capital Corp                                                                    | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              |  | US        |     75000 | PA      | $73682.30     | 0.18%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                              | Rithm Capital Corp                                                                    | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              |  | US        |    129000 | PA      | $124508.32    | 0.30%             | 2030-07-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| XPLR INFRASTRUCTURE LP                          | XPLR Infrastructure LP                                                                | CUSIP: 65341BAG1<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | DBT              | CORP              | US        |    465000 | PA      | $460350.00    | 1.11%             | 2026-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: —       |
| NEXSTAR MEDIA INC                               | Nexstar Media Inc                                                                     | CUSIP: 65346UAA7<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    109000 | PA      | $109324.46    | 0.26%             | 2034-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                               | Nexstar Media Inc                                                                     | CUSIP: 65346UAB5<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    172000 | PA      | $173310.47    | 0.42%             | 2033-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                         | Nissan Motor Acceptance Co LLC                                                        | CUSIP: 654740BT5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    140000 | PA      | $130891.36    | 0.32%             | 2028-03-09      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                         | Nissan Motor Acceptance Co LLC                                                        | CUSIP: 65480CAC9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    135000 | PA      | $132685.34    | 0.32%             | 2026-09-16      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                         | Nissan Motor Acceptance Co LLC                                                        | CUSIP: 65480CAH8<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    110000 | PA      | $106033.31    | 0.26%             | 2029-09-13      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                         | Nissan Motor Acceptance Co LLC                                                        | CUSIP: 65480CAL9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48052.05     | 0.12%             | 2030-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                    | Novelis Corp                                                                          | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    245000 | PA      | $231789.06    | 0.56%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| OAK-EAGLE ACQUIRECO INC                         | OAK-Eagle Acquireco Inc                                                               | CUSIP: 67124CAB9<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |    196000 | PA      | $205190.77    | 0.50%             | 2034-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| OLIN CORP                                       | Olin Corp                                                                             | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    267000 | PA      | $261186.32    | 0.63%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                        | Olympus Water US Holding Corp                                                         | CUSIP: 681639AE0<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    384000 | PA      | $366374.86    | 0.89%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                  | 1261229 BC Ltd                                                                        | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    200000 | PA      | $204768.80    | 0.50%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                  | Open Text Corp                                                                        | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |    165000 | PA      | $158872.54    | 0.38%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                  | Open Text Corp                                                                        | CUSIP: 683715AD8<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |     47000 | PA      | $42001.76     | 0.10%             | 2029-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                        | Organon & Co / Organon Foreign Debt Co-Issuer BV                                      | CUSIP: 68622FAA9<br>LEI: 549300SH15FO4Y2G3V63 | Long             | DBT              | CORP              | US        |    200000 | PA      | $178164.96    | 0.43%             | 2034-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                           | Panther Escrow Issuer LLC                                                             | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $150503.85    | 0.36%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PAPA JOHN'S INTERNATIONA                        | Papa John's International Inc                                                         | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |    103000 | PA      | $97612.72     | 0.24%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                          | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer      | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              |  | US        |    435000 | PA      | $417554.89    | 1.01%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PATTERN ENERGY OP LP/PAT                        | Pattern Energy Operations LP / Pattern Energy Operations Inc                          | CUSIP: 70339PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    205000 | PA      | $200173.13    | 0.48%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC                          | Penn Entertainment Inc                                                                | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    104000 | PA      | $97261.15     | 0.24%             | 2029-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                           | PennyMac Financial Services Inc                                                       | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81837.28     | 0.20%             | 2029-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                           | PennyMac Financial Services Inc                                                       | CUSIP: 70932MAE7<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    165000 | PA      | $163972.84    | 0.40%             | 2030-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING CORP                           | Playtika Holding Corp                                                                 | CUSIP: 72815LAA5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | DBT              | CORP              | US        |     80000 | PA      | $62424.00     | 0.15%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE                        | Prime Healthcare Services Inc                                                         | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $217770.00    | 0.53%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ADT SEC CORP                                    | ADT Security Corp/The                                                                 | CUSIP: 74166NAA2<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |    221000 | PA      | $206431.39    | 0.50%             | 2032-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Quad/Graphics Inc                               | Quad/Graphics Inc                                                                     | CUSIP: 747301109<br>LEI: W2D68G5NJH4X0NW8PT65 | Long             | EC               | CORP              | US        |       287 | NS      | $1897.07      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ LODGING TRUST LP                            | RLJ Lodging Trust LP                                                                  | CUSIP: 74965LAB7<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              |  | US        |    329000 | PA      | $308136.83    | 0.75%             | 2029-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RXO INC                                         | RXO Inc                                                                               | CUSIP: 74982TAA1<br>LEI: 549300KL8CA6GP8XPM30 | Long             | DBT              | CORP              | US        |    185000 | PA      | $177508.96    | 0.43%             | 2031-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                               | Rakuten Group Inc                                                                     | CUSIP: 75102WAA6<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $199520.04    | 0.48%             | N/A             | Fixed         | 5.12%                 | No            |                  2 | On Loan: —       |
| RIVERS ENTERPRISE                               | Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp                       | CUSIP: 76883NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    161000 | PA      | $159787.96    | 0.39%             | 2033-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                             | Rocket Software Inc                                                                   | CUSIP: 77314EAA6<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |     85000 | PA      | $76499.35     | 0.18%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| SCIH SALT HOLDINGS INC                          | SCIH Salt Holdings Inc                                                                | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $64675.00     | 0.16%             | 2029-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                    | SM Energy Co                                                                          | CUSIP: 78454LAY6<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    179000 | PA      | $182775.83    | 0.44%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                    | SM Energy Co                                                                          | CUSIP: 78454LAZ3<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44872.86     | 0.11%             | 2034-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| State Street SPDR Portfolio High Yield Bond ETF | State Street SPDR Portfolio High Yield Bond ETF                                       | CUSIP: 78468R606<br>LEI: 549300B3SM8J1H4W2052 | Long             | EC               | RF                | US        |     25000 | NS      | $583000.00    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SV RNO PROPERTY OWNER 1                         | SV RNO Property Owner 1 LLC                                                           | CUSIP: 78488XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $237238.21    | 0.57%             | 2031-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                  | Sabre GLBL Inc                                                                        | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     65000 | PA      | $55169.40     | 0.13%             | 2030-07-15      | Fixed         | 11.12%                | No            |                  2 | On Loan: No      |
| SCRIPPS ESCROW II INC                           | Scripps Escrow II Inc                                                                 | CUSIP: 81105DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $78620.35     | 0.19%             | 2029-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| SEADRILL FINANCE LTD                            | Seadrill Finance Ltd                                                                  | CUSIP: 81172QAA2<br>LEI: 213800WMN3OHFUDHD642 | Long             | DBT              | CORP              | BM        |    200000 | PA      | $206832.63    | 0.50%             | 2030-08-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                        | Service Properties Trust                                                              | CUSIP: 81761LAF9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |    293000 | PA      | $266570.01    | 0.64%             | 2027-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME                           | Six Flags Entertainment Corp                                                          | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    145000 | PA      | $139608.20    | 0.34%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                        | Snap Inc                                                                              | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     85000 | PA      | $80262.97     | 0.19%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SPECIALTY BUILDING PRODU                        | Specialty Building Products Holdings LLC / SBP Finance Corp                           | CUSIP: 84749AAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     46000 | PA      | $39936.79     | 0.10%             | 2029-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                                     | Staples Inc                                                                           | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    186000 | PA      | $172016.39    | 0.42%             | 2029-09-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| STAPLES INC                                     | Staples Inc                                                                           | CUSIP: 855030AS1<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |     25000 | PA      | $16896.26     | 0.04%             | 2030-01-15      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                         | Starwood Property Trust Inc                                                           | CUSIP: 85571BBC8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |    140000 | PA      | $139728.48    | 0.34%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                         | Starwood Property Trust Inc                                                           | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |    196000 | PA      | $198785.94    | 0.48%             | 2030-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                         | Starwood Property Trust Inc                                                           | CUSIP: 85571BBF1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |    120000 | PA      | $118631.98    | 0.29%             | 2028-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA                          | Stena International SA                                                                | CUSIP: 85858EAD5<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $202105.80    | 0.49%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                        | Summit Midstream Holdings LLC                                                         | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    143000 | PA      | $147070.07    | 0.36%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC                              | SunCoke Energy Inc                                                                    | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |     85000 | PA      | $76700.89     | 0.19%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                       | Sunoco LP                                                                             | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    207000 | PA      | $211352.38    | 0.51%             | N/A             | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SYNERGY INFRASTRUCTURE H                        | Synergy Infrastructure Holdings LLC                                                   | CUSIP: 87191JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    147000 | PA      | $149840.48    | 0.36%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC                                | TKC Holdings Inc                                                                      | CUSIP: 87256YAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    134000 | PA      | $135116.89    | 0.33%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                   | TransDigm Inc                                                                         | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    405000 | PA      | $402840.66    | 0.97%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                   | TransDigm Inc                                                                         | CUSIP: 893647CB1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     48000 | PA      | $47210.04     | 0.11%             | 2034-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                   | TransDigm Inc 2023 Term Loan J                                                        | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    213911 | PA      | $214180.93    | 0.52%             | 2031-02-28      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN AQUILA LTD                           | Transocean Aquila Ltd                                                                 | CUSIP: 893790AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     52308 | PA      | $53534.88     | 0.13%             | 2028-09-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                        | Transocean International Ltd                                                          | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     77000 | PA      | $80094.86     | 0.19%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                        | Trident TPI Holdings Inc                                                              | CUSIP: 89616RAC3<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |     46000 | PA      | $44777.52     | 0.11%             | 2028-12-31      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| TRONOX INC                                      | Tronox Inc                                                                            | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |     95000 | PA      | $76066.98     | 0.18%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: —       |
| UKG INC                                         | UKG Inc                                                                               | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |     95000 | PA      | $92844.97     | 0.22%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                         | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                       | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $140829.59    | 0.34%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| UNIVISION COMMUNICATIONS                        | Univision Communications Inc                                                          | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    240000 | PA      | $243598.08    | 0.59%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                        | Univision Communications Inc                                                          | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     41000 | PA      | $42255.22     | 0.10%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH AMERICAS                          | Bausch Health Americas Inc                                                            | CUSIP: 91911XAW4<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79240.00     | 0.19%             | 2027-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| VENTURE GLOBAL PLAQUE                           | Venture Global Plaquemines LNG LLC                                                    | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    340000 | PA      | $381064.52    | 0.92%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                           | Venture Global Plaquemines LNG LLC                                                    | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    283000 | PA      | $299740.02    | 0.72%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                           | Venture Global Plaquemines LNG LLC                                                    | CUSIP: 922966AF3<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    166000 | PA      | $172798.03    | 0.42%             | 2034-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                        | Venture Global Calcasieu Pass LLC                                                     | CUSIP: 92328MAC7<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    201000 | PA      | $178105.36    | 0.43%             | 2033-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                          | Venture Global LNG Inc                                                                | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    210000 | PA      | $225537.48    | 0.55%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                          | Venture Global LNG Inc                                                                | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     42000 | PA      | $42884.23     | 0.10%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| VERSANT MEDIA GROUP INC                         | Versant Media Group Inc                                                               | CUSIP: 925283AA1<br>LEI: 254900D2Q5F5F229PU30 | Long             | DBT              | CORP              | US        |    169000 | PA      | $172954.77    | 0.42%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                      | Viasat Inc                                                                            | CUSIP: 92552VAN0<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118571.30    | 0.29%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| VIKING BAKED GOODS ACQUI                        | Viking Baked Goods Acquisition Corp                                                   | CUSIP: 92676AAA5<br>LEI: 254900DBFD2H1FJK0893 | Long             | DBT              | CORP              | US        |    160000 | PA      | $158322.27    | 0.38%             | 2031-11-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                        | Virgin Media Secured Finance PLC                                                      | CUSIP: 92769XAP0<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |    345000 | PA      | $330882.57    | 0.80%             | 2029-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                     | Vistra Corp                                                                           | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    240000 | PA      | $240307.67    | 0.58%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                              | Vodafone Group PLC                                                                    | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    490000 | PA      | $503992.70    | 1.22%             | 2079-04-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VOLTAGRID LLC                                   | VoltaGrid LLC                                                                         | CUSIP: 92874BAA3<br>LEI: 254900R5BEUGIKK1FM03 | Long             | DBT              | CORP              | US        |    119000 | PA      | $122904.27    | 0.30%             | 2030-11-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC                              | Voyager Parent LLC                                                                    | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |    211000 | PA      | $219063.15    | 0.53%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| LUXCO3 SHARES                                   | LUXCO3 SHARES                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |      3789 | NS      | $64597.87     | 0.16%             |  |  |  | No            |                  3 | On Loan: No      |
| WHIRLPOOL CORP                                  | Whirlpool Corp                                                                        | CUSIP: 963320AY2<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     75000 | PA      | $59688.65     | 0.14%             | 2031-05-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Windsor Holdings III LLC                        | Windsor Holdings III LLC 2025 USD Term Loan B                                         | CUSIP: 97360BAH8<br>LEI: 254900IXUJZ9H146T437 | Long             | LON              | CORP              | US        |    424665 | PA      | $419225.13    | 1.01%             | 2030-08-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES/ESCR                        | Windstream Services LLC / Windstream Escrow Finance Corp                              | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    148000 | PA      | $154683.24    | 0.37%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| WOLVERINE WORLD WIDE                            | Wolverine World Wide Inc                                                              | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |     45000 | PA      | $41652.84     | 0.10%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DWS                                             | DWS Central Cash Management Government Fund                                           | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |    506281 | NS      | $506280.96    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVEL + LEISURE CO                             | Travel + Leisure Co                                                                   | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    210000 | PA      | $210178.08    | 0.51%             | 2026-07-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| XHR LP                                          | XHR LP                                                                                | CUSIP: 98372MAC9<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              |  | US        |    530000 | PA      | $513435.59    | 1.24%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ZIGGO BOND CO BV                                | Ziggo Bond Co BV                                                                      | CUSIP: 98953GAD7<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |    221000 | PA      | $189636.79    | 0.46%             | 2030-02-28      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                             | Altice Financing SA                                                                   | CUSIP: 000000000<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $80594.73     | 0.19%             | 2028-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                               | Rakuten Group Inc                                                                     | CUSIP: 000000000<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $224145.71    | 0.54%             | N/A             | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN                         | Consolidated Energy Finance SA                                                        | CUSIP: 000000000<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $104618.94    | 0.25%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMS-OSRAM AG                                    | ams-OSRAM AG                                                                          | CUSIP: 000000000<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |    200000 | PA      | $242024.80    | 0.59%             | 2029-03-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LTD                              | Ardonagh Finco Ltd                                                                    | CUSIP: 000000000<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |    200000 | PA      | $229575.36    | 0.56%             | 2031-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LTD                              | Ardonagh Finco Ltd                                                                    | CUSIP: 000000000<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |    145000 | PA      | $166442.14    | 0.40%             | 2031-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LUNA 1.5 SARL                                   | Luna 1.5 Sarl                                                                         | CUSIP: 000000000<br>LEI: 64884UZ60Y77J5XK5C41 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $122520.12    | 0.30%             | 2032-07-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                | Altice France SA                                                                      | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    152439 | PA      | $166784.57    | 0.40%             | 2030-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TELENET FINANCE LUX NOTE                        | Telenet Finance Luxembourg Notes Sarl                                                 | CUSIP: 000000000<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $196264.00    | 0.47%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corporation                | Garda World Security Corporation 2026 Term Loan B                                     | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |    145781 | PA      | $145052.23    | 0.35%             | 2029-02-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Connect Finco Sarl                              | Connect Finco Sarl 2024 Extended Term Loan B                                          | CUSIP: 000000000<br>LEI: 2594001KNYIQ456J2792 | Long             | LON              | CORP              | LU        |    129340 | PA      | $129805.08    | 0.31%             | 2029-09-27      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** DEUTSCHE DWS VARIABLE SERIES II

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer