# EDGAR Filing Document

**Accession Number:** 0000088063
**File Stem:** 0001752724-25-133663
**Filing Date:** 2025-6
**Character Count:** 214398
**Document Hash:** af9b79f47b38e618fbc5bd11c7203ea1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-133663.hdr.sgml**: 20250611

**ACCESSION NUMBER**: 0001752724-25-133663

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250611

**DATE AS OF CHANGE**: 20250611

**PERIOD START**: 20260131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS PORTFOLIO TRUST
- **CENTRAL INDEX KEY:** 0000088063

**ORGANIZATION NAME:**
- **EIN:** 046013018
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00042
- **FILM NUMBER:** 251039522

**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 PORTFOLIO TRUST
- **DATE OF NAME CHANGE:** 20140811

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DWS PORTFOLIO TRUST
- **DATE OF NAME CHANGE:** 20060207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCUDDER PORTFOLIO TRUST/
- **DATE OF NAME CHANGE:** 19930305

## Series and Classes Contracts Data

### DWS Total Return Bond Fund (Series ID: S000006101)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000016770 | Class A             | SZIAX           |
| C000016773 | Class C             | SZICX           |
| C000016774 | Class S             | SCSBX           |
| C000016775 | Institutional Class | SZIIX           |

## Nport-Ex

Investment Portfolio**as of April 30, 2025 (Unaudited)** 

**DWS Total Return Bond Fund** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount ($)**<br>| **Value ($)** |
| **Corporate Bonds 40.8%** | **Corporate Bonds 40.8%** |  |
| **Communication Services 3.7%** | **Communication Services 3.7%** |  |
| Alphabet, Inc., 5.25%, 5/15/2055 (a) | 425000 | &nbsp;&nbsp; 419482 |
| AT&T, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 9/15/2055 | 220000 | &nbsp;&nbsp; 147329 |
| &nbsp;&nbsp;&nbsp; 5.4%, 2/15/2034 | 1700000 | &nbsp;&nbsp; 1735983 |
| Bell Telephone Co. of Canada or Bell Canada, 6.875%, 9/15/2055  | 1073000 | &nbsp;&nbsp; 1071745 |
| CCO Holdings LLC, 144A, 5.125%, 5/1/2027  | 2000000 | &nbsp;&nbsp; 1972641 |
| Charter Communications Operating LLC, 6.1%, 6/1/2029  | 570000 | &nbsp;&nbsp; 590282 |
| Comcast Corp., 5.5%, 5/15/2064  | 250000 | &nbsp;&nbsp; 229935 |
| Expedia Group, Inc., 5.4%, 2/15/2035  | 417000 | &nbsp;&nbsp; 410487 |
| Meta Platforms, Inc., 5.4%, 8/15/2054  | 291000 | &nbsp;&nbsp; 280002 |
| Paramount Global, 4.2%, 6/1/2029  | 725000 | &nbsp;&nbsp; 699855 |
| T-Mobile U.S.A., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 5.125%, 5/15/2032 | 390000 | &nbsp;&nbsp; 394316 |
| &nbsp;&nbsp;&nbsp; 5.875%, 11/15/2055 | 500000 | &nbsp;&nbsp; 492702 |
| Verizon Communications, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 11/20/2040 | 117000 | &nbsp;&nbsp; 82246 |
| &nbsp;&nbsp;&nbsp; 2.85%, 9/3/2041 | 150000 | &nbsp;&nbsp; 104860 |
| &nbsp;&nbsp;&nbsp; 3.7%, 3/22/2061 | 132000 | &nbsp;&nbsp; 89691 |
| Warnermedia Holdings, Inc., 4.279%, 3/15/2032  | 250000 | &nbsp;&nbsp; 214070 |
|  |  | &nbsp;&nbsp; **8935626** |
| **Consumer Discretionary 2.8%** | **Consumer Discretionary 2.8%** |  |
| AutoZone, Inc., 5.125%, 6/15/2030  | 165000 | &nbsp;&nbsp; 168782 |
| Carnival Corp., 144A, 6.125%, 2/15/2033 (b) | 144000 | &nbsp;&nbsp; 142782 |
| Daimler Truck Finance North America LLC, 144A, 5.625%, 1/13/2035  | 315000 | &nbsp;&nbsp; 315014 |
| Ford Motor Credit Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp; 5.8%, 3/8/2029 | 500000 | &nbsp;&nbsp; 490901 |
| &nbsp;&nbsp;&nbsp; 6.5%, 2/7/2035 | 500000 | &nbsp;&nbsp; 483911 |
| General Motors Financial Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 1/7/2030 | 1000000 | &nbsp;&nbsp; 1002522 |
| &nbsp;&nbsp;&nbsp; 5.55%, 7/15/2029 | 975000 | &nbsp;&nbsp; 982074 |
| Las Vegas Sands Corp., 5.625%, 6/15/2028  | 419000 | &nbsp;&nbsp; 419962 |
| Marriott International, Inc., 5.5%, 4/15/2037  | 610000 | &nbsp;&nbsp; 594310 |
| Mattel, Inc., 144A, 5.875%, 12/15/2027  | 1000000 | &nbsp;&nbsp; 993619 |
| Saks Global Enterprises LLC, 144A, 11.0%, 12/15/2029  | 1048000 | &nbsp;&nbsp; 635651 |
| Tapestry, Inc., 5.5%, 3/11/2035  | 627000 | &nbsp;&nbsp; 610643 |
|  |  | &nbsp;&nbsp; **6840171** |
| **Consumer Staples 1.7%** | **Consumer Staples 1.7%** |  |
| Anheuser-Busch Companies LLC, 4.9%, 2/1/2046  | 165000 | &nbsp;&nbsp; 150430 |
| Japan Tobacco, Inc., 144A, 5.85%, 6/15/2035  | 447000 | &nbsp;&nbsp; 464137 |
| JBS USA Holding Lux SARL, 6.75%, 3/15/2034  | 831000 | &nbsp;&nbsp; 900903 |
| Kroger Co., 5.0%, 9/15/2034  | 500000 | &nbsp;&nbsp; 490060 |
| Mars, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.2%, 3/1/2035 | 572000 | &nbsp;&nbsp; 574244 |
| &nbsp;&nbsp;&nbsp; 144A, 5.65%, 5/1/2045 | 282000 | &nbsp;&nbsp; 280052 |
| &nbsp;&nbsp;&nbsp; 144A, 5.7%, 5/1/2055 | 334000 | &nbsp;&nbsp; 329211 |

---

------

---

| | | |
|:---|:---|:---|
| Sysco Corp., 5.4%, 3/23/2035  | 309000 | &nbsp;&nbsp; 309252 |
| Viterra Finance BV, 144A, 5.25%, 4/21/2032  | 750000 | &nbsp;&nbsp; 755010 |
|  |  | &nbsp;&nbsp; **4253299** |
| **Energy 4.8%** | **Energy 4.8%** |  |
| BP Capital Markets PLC, 6.125%, Perpetual  | 750000 | &nbsp;&nbsp; 723948 |
| Cheniere Energy, Inc., 5.65%, 4/15/2034  | 320000 | &nbsp;&nbsp; 318708 |
| ConocoPhillips Co., 5.55%, 3/15/2054  | 310000 | &nbsp;&nbsp; 289725 |
| Coterra Energy, Inc., 5.9%, 2/15/2055  | 350000 | &nbsp;&nbsp; 318239 |
| DT Midstream, Inc., 144A, 5.8%, 12/15/2034  | 257000 | &nbsp;&nbsp; 254594 |
| Energy Transfer LP, 5.7%, 4/1/2035  | 657000 | &nbsp;&nbsp; 650315 |
| EQT Corp., 5.75%, 2/1/2034  | 745000 | &nbsp;&nbsp; 744807 |
| Expand Energy Corp., 5.375%, 2/1/2029  | 585000 | &nbsp;&nbsp; 582354 |
| Hess Midstream Operations LP: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.875%, 3/1/2028 | 298000 | &nbsp;&nbsp; 298626 |
| &nbsp;&nbsp;&nbsp; 144A, 6.5%, 6/1/2029 | 1000000 | &nbsp;&nbsp; 1015569 |
| HF Sinclair Corp., 5.75%, 1/15/2031  | 453000 | &nbsp;&nbsp; 449562 |
| Kinder Morgan, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 6/1/2030 (a) | 300000 | &nbsp;&nbsp; 302866 |
| &nbsp;&nbsp;&nbsp; 5.85%, 6/1/2035 (a) | 1250000 | &nbsp;&nbsp; 1265603 |
| Kinetik Holdings LP, 144A, 6.625%, 12/15/2028  | 536000 | &nbsp;&nbsp; 539918 |
| Occidental Petroleum Corp., 8.875%, 7/15/2030  | 1000000 | &nbsp;&nbsp; 1120430 |
| ONEOK, Inc., 144A, 6.5%, 9/1/2030  | 890000 | &nbsp;&nbsp; 940302 |
| Saudi Arabian Oil Co.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.75%, 7/17/2054 | 350000 | &nbsp;&nbsp; 325150 |
| &nbsp;&nbsp;&nbsp; 144A, 5.875%, 7/17/2064 | 418000 | &nbsp;&nbsp; 384828 |
| Sunoco LP, 144A, 6.25%, 7/1/2033  | 235000 | &nbsp;&nbsp; 234684 |
| Targa Resources Partners LP, 5.0%, 1/15/2028  | 800000 | &nbsp;&nbsp; 799626 |
| Western Midstream Operating LP, 5.45%, 11/15/2034  | 320000 | &nbsp;&nbsp; 304002 |
|  |  | &nbsp;&nbsp; **11863856** |
| **Financials 13.7%** | **Financials 13.7%** |  |
| AerCap Ireland Capital DAC, 6.5%, 1/31/2056  | 1000000 | &nbsp;&nbsp; 971093 |
| Arthur J Gallagher & Co., 5.15%, 2/15/2035  | 493000 | &nbsp;&nbsp; 489242 |
| Avolon Holdings Funding Ltd., 144A, 5.375%, 5/30/2030  | 377000 | &nbsp;&nbsp; 375819 |
| Bank of America Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; 2.972%, 7/21/2052 | 154000 | &nbsp;&nbsp; 96942 |
| &nbsp;&nbsp;&nbsp; 5.468%, 1/23/2035 | 410000 | &nbsp;&nbsp; 415868 |
| &nbsp;&nbsp;&nbsp; Series OO, 6.625%, Perpetual | 1000000 | &nbsp;&nbsp; 1000460 |
| Bank of New York Mellon Corp., Series I, 3.75%, Perpetual  | 729000 | &nbsp;&nbsp; 689062 |
| Barclays PLC: |  |  |
| &nbsp;&nbsp;&nbsp; 5.335%, 9/10/2035 | 347000 | &nbsp;&nbsp; 336736 |
| &nbsp;&nbsp;&nbsp; 5.785%, 2/25/2036 | 312000 | &nbsp;&nbsp; 312348 |
| &nbsp;&nbsp;&nbsp; 7.625%, Perpetual | 1000000 | &nbsp;&nbsp; 956648 |
| Beacon Funding Trust, 144A, 6.266%, 8/15/2054  | 415000 | &nbsp;&nbsp; 405639 |
| BGC Group, Inc., 144A, 6.15%, 4/2/2030  | 961000 | &nbsp;&nbsp; 957359 |
| BlackRock Funding, Inc., 5.35%, 1/8/2055  | 365000 | &nbsp;&nbsp; 351645 |
| Blackstone Private Credit Fund: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.25%, 4/1/2030 | 500000 | &nbsp;&nbsp; 487171 |
| &nbsp;&nbsp;&nbsp; 6.0%, 1/29/2032 | 320000 | &nbsp;&nbsp; 317333 |
| &nbsp;&nbsp;&nbsp; 144A, 6.0%, 11/22/2034 | 500000 | &nbsp;&nbsp; 477083 |
| Canadian Imperial Bank of Commerce, 6.95%, 1/28/2085  | 1150000 | &nbsp;&nbsp; 1108840 |
| Charles Schwab Corp., Series F, 5.0%, Perpetual  | 1250000 | &nbsp;&nbsp; 1155209 |
| Citigroup, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 5.592%, 11/19/2034 | 1705000 | &nbsp;&nbsp; 1715293 |
| &nbsp;&nbsp;&nbsp; Series FF, 6.95%, Perpetual | 1250000 | &nbsp;&nbsp; 1224528 |
| Fortitude Group Holdings LLC, 144A, 6.25%, 4/1/2030  | 670000 | &nbsp;&nbsp; 679816 |
| HSBC Holdings PLC, 6.95%, Perpetual  | 1000000 | &nbsp;&nbsp; 979106 |

---

------

---

| | | |
|:---|:---|:---|
| Jane Street Group: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.125%, 11/1/2032 | 460000 | &nbsp;&nbsp; 452125 |
| &nbsp;&nbsp;&nbsp; 144A, 6.75%, 5/1/2033 | 726000 | &nbsp;&nbsp; 729420 |
| JPMorgan Chase & Co.: |  |  |
| &nbsp;&nbsp;&nbsp; 5.572%, 4/22/2036 | 1097000 | &nbsp;&nbsp; 1122041 |
| &nbsp;&nbsp;&nbsp; Series OO, 6.5%, Perpetual | 1441000 | &nbsp;&nbsp; 1439925 |
| &nbsp;&nbsp;&nbsp; 6.875%, Perpetual | 900000 | &nbsp;&nbsp; 927086 |
| Lloyds Banking Group PLC, 5.679%, 1/5/2035  | 235000 | &nbsp;&nbsp; 238004 |
| Macquarie Airfinance Holdings Ltd., 144A, 6.4%, 3/26/2029  | 1000000 | &nbsp;&nbsp; 1026374 |
| Marsh & McLennan Companies, Inc., 5.45%, 3/15/2053  | 240000 | &nbsp;&nbsp; 229171 |
| Morgan Stanley: |  |  |
| &nbsp;&nbsp;&nbsp; 5.664%, 4/17/2036 | 438000 | &nbsp;&nbsp; 447228 |
| &nbsp;&nbsp;&nbsp; 5.831%, 4/19/2035 | 770000 | &nbsp;&nbsp; 795056 |
| PNC Financial Services Group, Inc., 5.575%, 1/29/2036  | 313000 | &nbsp;&nbsp; 316816 |
| Prudential Financial, Inc., 5.2%, 3/14/2035  | 545000 | &nbsp;&nbsp; 546313 |
| Royal Bank of Canada, 6.35%, 11/24/2084  | 1250000 | &nbsp;&nbsp; 1146815 |
| Societe Generale SA: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.066%, 1/19/2035 | 330000 | &nbsp;&nbsp; 334520 |
| &nbsp;&nbsp;&nbsp; 144A, 8.125%, Perpetual | 1000000 | &nbsp;&nbsp; 987123 |
| Standard Chartered PLC, 144A, 5.005%, 10/15/2030  | 777000 | &nbsp;&nbsp; 780521 |
| State Street Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; Series K, 6.45%, Perpetual | 1044000 | &nbsp;&nbsp; 1023133 |
| &nbsp;&nbsp;&nbsp; Series J, 6.7%, Perpetual | 750000 | &nbsp;&nbsp; 753106 |
| Sumitomo Mitsui Financial Group, Inc., 6.45%, Perpetual  | 1500000 | &nbsp;&nbsp; 1426988 |
| The Goldman Sachs Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 5.016%, 10/23/2035 | 367000 | &nbsp;&nbsp; 355610 |
| &nbsp;&nbsp;&nbsp; 5.218%, 4/23/2031 | 645000 | &nbsp;&nbsp; 656900 |
| &nbsp;&nbsp;&nbsp; 5.734%, 1/28/2056 | 360000 | &nbsp;&nbsp; 350613 |
| &nbsp;&nbsp;&nbsp; Series Y, 6.125%, Perpetual | 1143000 | &nbsp;&nbsp; 1077657 |
| U.S. Bancorp, 5.678%, 1/23/2035  | 590000 | &nbsp;&nbsp; 601183 |
| UBS Group AG, 144A, 4.375%, Perpetual (b) | 301000 | &nbsp;&nbsp; 257758 |
|  |  | &nbsp;&nbsp; **33524726** |
| **Health Care 1.5%** | **Health Care 1.5%** |  |
| AbbVie, Inc., 5.2%, 3/15/2035  | 424000 | &nbsp;&nbsp; 429595 |
| Amgen, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 3.0%, 1/15/2052 | 171000 | &nbsp;&nbsp; 106686 |
| &nbsp;&nbsp;&nbsp; 5.65%, 3/2/2053 | 318000 | &nbsp;&nbsp; 305218 |
| CVS Health Corp., 6.75%, 12/10/2054  | 667000 | &nbsp;&nbsp; 662509 |
| Eli Lilly & Co.: |  |  |
| &nbsp;&nbsp;&nbsp; 5.0%, 2/9/2054 | 320000 | &nbsp;&nbsp; 297223 |
| &nbsp;&nbsp;&nbsp; 5.2%, 8/14/2064 | 120000 | &nbsp;&nbsp; 112579 |
| HCA, Inc., 5.75%, 3/1/2035  | 675000 | &nbsp;&nbsp; 680983 |
| Stryker Corp., 5.2%, 2/10/2035  | 646000 | &nbsp;&nbsp; 651046 |
| UnitedHealth Group, Inc., 5.15%, 7/15/2034  | 368000 | &nbsp;&nbsp; 369179 |
|  |  | &nbsp;&nbsp; **3615018** |
| **Industrials 4.2%** | **Industrials 4.2%** |  |
| BNSF Funding Trust I, 6.613%, 12/15/2055  | 1000000 | &nbsp;&nbsp; 1000244 |
| Boeing Co., 6.858%, 5/1/2054  | 330000 | &nbsp;&nbsp; 352448 |
| Burlington Northern Santa Fe LLC, 5.2%, 4/15/2054  | 410000 | &nbsp;&nbsp; 383656 |
| Canadian Pacific Railway Co., 5.2%, 3/30/2035  | 400000 | &nbsp;&nbsp; 401507 |
| Carrier Global Corp., 5.9%, 3/15/2034  | 820000 | &nbsp;&nbsp; 863220 |
| Keysight Technologies, Inc., 5.35%, 7/30/2030  | 892000 | &nbsp;&nbsp; 915777 |
| Mileage Plus Holdings LLC, 144A, 6.5%, 6/20/2027  | 1350000 | &nbsp;&nbsp; 1354231 |
| Norfolk Southern Corp., 5.95%, 3/15/2064  | 500000 | &nbsp;&nbsp; 506443 |
| OT Midco Ltd., 144A, 10.0%, 2/15/2030  | 411000 | &nbsp;&nbsp; 334408 |

---

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---

| | | |
|:---|:---|:---|
| Paychex, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 5.1%, 4/15/2030 | 252000 | &nbsp;&nbsp; 255770 |
| &nbsp;&nbsp;&nbsp; 5.35%, 4/15/2032 | 1160000 | &nbsp;&nbsp; 1178302 |
| &nbsp;&nbsp;&nbsp; 5.6%, 4/15/2035 | 595000 | &nbsp;&nbsp; 605994 |
| Rentokil Terminix Funding LLC, 144A, 5.625%, 4/28/2035  | 302000 | &nbsp;&nbsp; 303010 |
| Rollins, Inc., 144A, 5.25%, 2/24/2035  | 286000 | &nbsp;&nbsp; 285324 |
| Tyco Electronics Group SA, 5.0%, 5/9/2035 (a) | 488000 | &nbsp;&nbsp; 482673 |
| Verisk Analytics, Inc., 5.25%, 3/15/2035  | 816000 | &nbsp;&nbsp; 809087 |
| Waste Management, Inc., 4.95%, 3/15/2035  | 361000 | &nbsp;&nbsp; 359434 |
|  |  | &nbsp;&nbsp; **10391528** |
| **Information Technology 1.3%** | **Information Technology 1.3%** |  |
| Apple, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 2.375%, 2/8/2041 | 13000 | &nbsp;&nbsp; 9004 |
| &nbsp;&nbsp;&nbsp; 2.7%, 8/5/2051 | 16000 | &nbsp;&nbsp; 9929 |
| AppLovin Corp., 5.95%, 12/1/2054  | 257000 | &nbsp;&nbsp; 245419 |
| Broadcom, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 3.137%, 11/15/2035 | 148000 | &nbsp;&nbsp; 122626 |
| &nbsp;&nbsp;&nbsp; 144A, 3.187%, 11/15/2036 | 220000 | &nbsp;&nbsp; 179533 |
| Foundry JV Holdco LLC, 144A, 6.1%, 1/25/2036  | 363000 | &nbsp;&nbsp; 369843 |
| International Business Machines Corp., 5.0%, 2/10/2032  | 500000 | &nbsp;&nbsp; 505109 |
| Microsoft Corp., 2.921%, 3/17/2052  | 465000 | &nbsp;&nbsp; 308607 |
| Oracle Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; 5.375%, 9/27/2054 | 710000 | &nbsp;&nbsp; 629285 |
| &nbsp;&nbsp;&nbsp; 5.5%, 9/27/2064 | 220000 | &nbsp;&nbsp; 195212 |
| Texas Instruments, Inc., 5.15%, 2/8/2054  | 515000 | &nbsp;&nbsp; 478774 |
|  |  | &nbsp;&nbsp; **3053341** |
| **Materials 2.2%** | **Materials 2.2%** |  |
| BHP Billiton Finance USA Ltd., 5.3%, 2/21/2035  | 903000 | &nbsp;&nbsp; 907733 |
| Celanese U.S. Holdings LLC, 6.5%, 4/15/2030  | 318000 | &nbsp;&nbsp; 310726 |
| Cleveland-Cliffs, Inc., 144A, 6.875%, 11/1/2029  | 515000 | &nbsp;&nbsp; 498792 |
| Corp. Nacional del Cobre de Chile, 144A, 6.78%, 1/13/2055  | 240000 | &nbsp;&nbsp; 244524 |
| Dow Chemical Co., 5.95%, 3/15/2055  | 285000 | &nbsp;&nbsp; 265516 |
| Olin Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; 5.0%, 2/1/2030 (b) | 1750000 | &nbsp;&nbsp; 1643450 |
| &nbsp;&nbsp;&nbsp; 144A, 6.625%, 4/1/2033 | 159000 | &nbsp;&nbsp; 150868 |
| Rio Tinto Finance USA PLC: |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 3/14/2035 | 379000 | &nbsp;&nbsp; 380426 |
| &nbsp;&nbsp;&nbsp; 5.875%, 3/14/2065 | 326000 | &nbsp;&nbsp; 321971 |
| Vale Overseas Ltd., 6.4%, 6/28/2054  | 750000 | &nbsp;&nbsp; 724378 |
|  |  | &nbsp;&nbsp; **5448384** |
| **Real Estate 0.8%** | **Real Estate 0.8%** |  |
| CBRE Services, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 4.8%, 6/15/2030 (a) | 417000 | &nbsp;&nbsp; 414670 |
| &nbsp;&nbsp;&nbsp; 5.5%, 6/15/2035 (a) | 459000 | &nbsp;&nbsp; 457280 |
| Prologis LP, (REIT), 5.0%, 1/31/2035  | 1070000 | &nbsp;&nbsp; 1057759 |
|  |  | &nbsp;&nbsp; **1929709** |
| **Utilities 4.1%** | **Utilities 4.1%** |  |
| Constellation Energy Generation LLC, 5.75%, 3/15/2054  | 465000 | &nbsp;&nbsp; 439238 |
| Dominion Energy, Inc., 6.625%, 5/15/2055  | 700000 | &nbsp;&nbsp; 688232 |
| Duke Energy Indiana LLC, 2.75%, 4/1/2050  | 288000 | &nbsp;&nbsp; 172520 |
| Edison International, 5.25%, 3/15/2032 (b) | 397000 | &nbsp;&nbsp; 378950 |
| Entergy Arkansas LLC, 5.75%, 6/1/2054  | 470000 | &nbsp;&nbsp; 461607 |
| Entergy Louisiana LLC, 5.8%, 3/15/2055  | 350000 | &nbsp;&nbsp; 345405 |

---

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| | | |
|:---|:---|:---|
| Eversource Energy, 5.5%, 1/1/2034  | 710000 | &nbsp;&nbsp; 710079 |
| Exelon Corp., 6.5%, 3/15/2055  | 400000 | &nbsp;&nbsp; 397683 |
| Nevada Power Co., 6.0%, 3/15/2054  | 410000 | &nbsp;&nbsp; 415044 |
| NextEra Energy Capital Holdings, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 3/15/2035 | 1025000 | &nbsp;&nbsp; 1032359 |
| &nbsp;&nbsp;&nbsp; 6.375%, 8/15/2055 | 1000000 | &nbsp;&nbsp; 1002108 |
| &nbsp;&nbsp;&nbsp; 6.75%, 6/15/2054 | 627000 | &nbsp;&nbsp; 633387 |
| Pacific Gas and Electric Co.: |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 12/1/2047 | 350000 | &nbsp;&nbsp; 245270 |
| &nbsp;&nbsp;&nbsp; 5.9%, 10/1/2054 | 163000 | &nbsp;&nbsp; 149179 |
| PG&E Corp., 7.375%, 3/15/2055  | 375000 | &nbsp;&nbsp; 364046 |
| Sempra, 4.125%, 4/1/2052  | 1000000 | &nbsp;&nbsp; 916316 |
| Sierra Pacific Power Co., 5.9%, 3/15/2054  | 240000 | &nbsp;&nbsp; 237979 |
| Southern California Edison Co., 5.9%, 3/1/2055  | 570000 | &nbsp;&nbsp; 523818 |
| Southwestern Public Service Co., 6.0%, 6/1/2054  | 435000 | &nbsp;&nbsp; 435674 |
| Vistra Operations Co. LLC, 144A, 5.7%, 12/30/2034  | 603000 | &nbsp;&nbsp; 600170 |
|  |  | &nbsp;&nbsp; **10149064** |
| **Total Corporate Bonds** (Cost $101,495,802) | **Total Corporate Bonds** (Cost $101,495,802) | &nbsp;&nbsp; **100004722** |
| **Mortgage-Backed Securities Pass-Throughs 20.3%** | **Mortgage-Backed Securities Pass-Throughs 20.3%** |  |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; 3.0%, 4/1/2052  | 1644847 | &nbsp;&nbsp; 1433573 |
| &nbsp;&nbsp;&nbsp; 3.5%, with various maturities from 6/1/2028 until 9/1/2052  | 6712627 | &nbsp;&nbsp; 6135053 |
| &nbsp;&nbsp;&nbsp; 4.5%, 12/1/2040  | 23559 | &nbsp;&nbsp; 23410 |
| &nbsp;&nbsp;&nbsp; 5.5%, with various maturities from 6/1/2039 until 12/1/2054  | 4516330 | &nbsp;&nbsp; 4552329 |
| &nbsp;&nbsp;&nbsp; 6.0%, 1/1/2055  | 4382501 | &nbsp;&nbsp; 4468682 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp; 2.5%, with various maturities from 10/1/2051 until 3/1/2052  | 3190307 | &nbsp;&nbsp; 2663677 |
| &nbsp;&nbsp;&nbsp; 3.0%, 5/1/2052  | 2115516 | &nbsp;&nbsp; 1849685 |
| &nbsp;&nbsp;&nbsp; 3.5%, with various maturities from 1/1/2046 until 12/1/2046  | 1287489 | &nbsp;&nbsp; 1187054 |
| &nbsp;&nbsp;&nbsp; 4.5%, 11/1/2043  | 132819 | &nbsp;&nbsp; 131538 |
| &nbsp;&nbsp;&nbsp; 5.5%, with various maturities from 2/1/2031 until 10/1/2054  | 5381359 | &nbsp;&nbsp; 5480084 |
| &nbsp;&nbsp;&nbsp; 6.0%, with various maturities from 7/1/2054 until 2/1/2055  | 15452412 | &nbsp;&nbsp; 15772562 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp; 4.5%, 7/15/2040  | 27675 | &nbsp;&nbsp; 27431 |
| &nbsp;&nbsp;&nbsp; 5.5%, 5/20/2054 (a) | 6000000 | &nbsp;&nbsp; 5994246 |
| **Total Mortgage-Backed Securities Pass-Throughs** (Cost $49,830,260) | **Total Mortgage-Backed Securities Pass-Throughs** (Cost $49,830,260) | &nbsp;&nbsp; **49719324** |
| **Asset-Backed 11.0%** | **Asset-Backed 11.0%** |  |
| **Automobile Receivables 2.5%** | **Automobile Receivables 2.5%** |  |
| Ally Bank Auto Credit-Linked Notes: |  |  |
| &nbsp;&nbsp;&nbsp; "C", Series 2024-B, 144A, 5.215%, 9/15/2032  | 201359 | &nbsp;&nbsp; 201877 |
| &nbsp;&nbsp;&nbsp; "D", Series 2024-B, 144A, 5.41%, 9/15/2032  | 201359 | &nbsp;&nbsp; 201072 |
| &nbsp;&nbsp;&nbsp; "C", Series 2024-A, 144A, 6.022%, 5/17/2032  | 334692 | &nbsp;&nbsp; 338964 |
| Avis Budget Rental Car Funding AESOP LLC: |  |  |
| &nbsp;&nbsp;&nbsp; "B", Series 2024-2A, 144A, 5.57%, 10/20/2028  | 750000 | &nbsp;&nbsp; 755339 |
| &nbsp;&nbsp;&nbsp; "C", Series 2023-1A, 144A, 6.23%, 4/20/2029  | 100000 | &nbsp;&nbsp; 101181 |
| &nbsp;&nbsp;&nbsp; "C", Series 2022-5A, 144A, 6.24%, 4/20/2027  | 500000 | &nbsp;&nbsp; 500705 |
| &nbsp;&nbsp;&nbsp; "D", Series 2024-2A, 144A, 7.43%, 10/20/2028  | 400000 | &nbsp;&nbsp; 402903 |
| &nbsp;&nbsp;&nbsp; Bayview Opportunity Master Fund VII LLC, "B", Series 2024-CAR1, 144A, 30 day <br> USD SOFR Average + 1.3%, 5.654% (c), 12/26/2031 <br>| 149051 | &nbsp;&nbsp; 149332 |
| Enterprise Fleet Financing LLC, "A4", Series 2025-2, 144A, 4.58%, 12/22/2031 (a) | 361000 | &nbsp;&nbsp; 361096 |
| &nbsp;&nbsp;&nbsp; Foursight Capital Automobile Receivables Trust, "C", Series 2023-2, 144A, 6.21%, <br> 4/16/2029 <br>| 750000 | &nbsp;&nbsp; 768554 |
| Hertz Vehicle Financing III LLC, "C", Series 2023-1A, 144A, 6.91%, 6/25/2027  | 1640000 | &nbsp;&nbsp; 1652982 |

---

------

---

| | | |
|:---|:---|:---|
| Huntington Bank Auto Credit-Linked Notes: |  |  |
| &nbsp;&nbsp;&nbsp; "B1", Series 2024-2, 144A, 5.442%, 10/20/2032  | 401854 | &nbsp;&nbsp; 403864 |
| &nbsp;&nbsp;&nbsp; "B1", Series 2024-1, 144A, 6.153%, 5/20/2032  | 208629 | &nbsp;&nbsp; 211234 |
|  |  | &nbsp;&nbsp; **6049103** |
| **Credit Card Receivables 0.8%** | **Credit Card Receivables 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Brex Commercial Charge Card Master Trust, "A1", Series 2024-1, 144A, 6.05%, <br> 7/15/2027 <br>| 500000 | &nbsp;&nbsp; 504708 |
| Evergreen Credit Card Trust, "C", Series 2025-CRT5, 144A, 5.53%, 5/15/2029  | 150000 | &nbsp;&nbsp; 151072 |
| &nbsp;&nbsp;&nbsp; Mercury Financial Credit Card Master Trust, "A", Series 2024-2A, 144A, 6.56%, <br> 7/20/2029 <br>| 500000 | &nbsp;&nbsp; 506074 |
| Mission Lane Credit Card Master Trust, "A", Series 2024-B, 144A, 5.88%, 1/15/2030  | 750000 | &nbsp;&nbsp; 754528 |
|  |  | &nbsp;&nbsp; **1916382** |
| **Home Equity Loans 0.2%** | **Home Equity Loans 0.2%** |  |
| CIT Home Equity Loan Trust, "AF6", Series 2002-1, 6.2%, 2/25/2030  | 504 | &nbsp;&nbsp; 502 |
| Towd Point Mortgage Trust, "A1", Series 2025-CRM1, 144A, 5.799%, 1/25/2065  | 485301 | &nbsp;&nbsp; 489388 |
|  |  | &nbsp;&nbsp; **489890** |
| **Miscellaneous 7.5%** | **Miscellaneous 7.5%** |  |
| &nbsp;&nbsp;&nbsp; AB BSL CLO 5 Ltd., "B", Series 2024-5A, 144A, 3 mo. USD Term SOFR + 1.7%, <br> 6.015% (c), 1/20/2038 <br>| 400000 | &nbsp;&nbsp; 398770 |
| &nbsp;&nbsp;&nbsp; Allegro CLO XV Ltd., "BR", Series 2022-1A, 144A, 3 mo. USD Term SOFR + 1.62%, <br> 5.931% (c), 4/20/2038 <br>| 750000 | &nbsp;&nbsp; 746750 |
| &nbsp;&nbsp;&nbsp; Apidos CLO LI Ltd., "C", Series 2024-51A, 144A, 3 mo. USD Term SOFR + 1.75%, <br> 6.047% (c), 1/20/2038 <br>| 500000 | &nbsp;&nbsp; 494188 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XL Ltd., "AR", Series 2022-40A, 144A, 3 mo. USD Term SOFR + 1.35%, <br> 5.606% (c), 7/15/2037 <br>| 500000 | &nbsp;&nbsp; 500199 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XLVII Ltd., "C", Series 2024-47A, 144A, 3 mo. USD Term SOFR + <br> 2.35%, 6.633% (c), 4/26/2037 <br>| 625000 | &nbsp;&nbsp; 623970 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XVIII-R, "A2R2", Series 2018-18A, 144A, 3 mo. USD Term SOFR + <br> 1.58%, 5.852% (c), 1/22/2038 <br>| 500000 | &nbsp;&nbsp; 498024 |
| ARES LIX CLO Ltd., "C2", Series 2021-59A, 144A, 3.35%, 4/25/2034  | 500000 | &nbsp;&nbsp; 445042 |
| &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd., "BR4", Series 2012-4A, 144A, 3 mo. USD <br> Term SOFR + 1.75%, 6.022% (c), 4/22/2032 <br>| 500000 | &nbsp;&nbsp; 499254 |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., "BR", Series 2022-7A, 144A, 3 mo. USD Term SOFR + 1.7%, <br> 5.972% (c), 1/22/2038 <br>| 442000 | &nbsp;&nbsp; 440807 |
| Cloud Capital Holdco LP, "A2", Series 2024-1A, 144A, 5.781%, 11/22/2049  | 450000 | &nbsp;&nbsp; 451103 |
| CyrusOne Data Centers Issuer I LLC, "A2", Series 2024-2A, 144A, 4.5%, 5/20/2049  | 1000000 | &nbsp;&nbsp; 966886 |
| &nbsp;&nbsp;&nbsp; Dryden 64 CLO Ltd., "C", Series 2018-64A, 144A, 3 mo. USD Term SOFR + 2.012%, <br> 6.281% (c), 4/18/2031 <br>| 1200000 | &nbsp;&nbsp; 1200031 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO II Ltd., "A2RR", Series 2019-2A, 144A, 3 mo. USD Term SOFR + <br> 1.55%, 5.819% (c), 10/20/2037 <br>| 500000 | &nbsp;&nbsp; 498738 |
| Frontier Issuer LLC, "A2", Series 2023-1, 144A, 6.6%, 8/20/2053  | 500000 | &nbsp;&nbsp; 507882 |
| &nbsp;&nbsp;&nbsp; Galaxy 34 CLO Ltd., "A", Series 2024-34A, 144A, 3 mo. USD Term SOFR + 1.37%, <br> 5.639% (c), 10/20/2037 <br>| 500000 | &nbsp;&nbsp; 499731 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 53B Ltd., "CR", Series 2021-53A, 144A, 3 mo. USD Term <br> SOFR + 1.7%, 6.011% (c), 7/20/2034 <br>| 600000 | &nbsp;&nbsp; 587239 |
| Hilton Grand Vacations Trust, "B", Series 2024-2A, 144A, 5.65%, 3/25/2038  | 711032 | &nbsp;&nbsp; 723707 |
| HINNT LLC, "B", Series 2024-A, 144A, 5.84%, 3/15/2043  | 640082 | &nbsp;&nbsp; 647874 |
| Jersey Mike's Funding LLC, "A2", Series 2024-1A, 144A, 5.636%, 2/15/2055  | 330000 | &nbsp;&nbsp; 328406 |
| &nbsp;&nbsp;&nbsp; Lewey Park CLO Ltd., "A2", Series 2024-1A, 144A, 3 mo. USD Term SOFR + 1.56%, <br> 5.829% (c), 10/21/2037 <br>| 500000 | &nbsp;&nbsp; 498435 |
| Mosaic Solar Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "B", Series 2023-1A, 144A, 6.92%, 6/20/2053  | 235813 | &nbsp;&nbsp; 222038 |
| &nbsp;&nbsp;&nbsp; "C", Series 2023-1A, 144A, 8.48%, 6/20/2053  | 520000 | &nbsp;&nbsp; 268469 |
| &nbsp;&nbsp;&nbsp; "C", Series 2022-3A, 144A, 8.56%, 6/20/2053  | 1703000 | &nbsp;&nbsp; 420149 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 44 Ltd., "CR", Series 2021-44A, 144A, 3 mo. <br> USD Term SOFR + 1.7%, 5.961% (c), 10/16/2035 <br>| 367000 | &nbsp;&nbsp; 360684 |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; NRZ Excess Spread-Collateralized Notes, "A", Series 2021-GNT1, 144A, 3.474%, <br> 11/25/2026 <br>| 359067 | &nbsp;&nbsp; 340851 |
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd., "B1", Series 2024-36A, 144A, 3 mo. USD Term SOFR + 1.7%, 5.961% <br> (c), 10/16/2037 <br>| 500000 | &nbsp;&nbsp; 498025 |
| &nbsp;&nbsp;&nbsp; OZLM XXIV Ltd., "A1AR", Series 2019-24A, 144A, 3 mo. USD Term SOFR + <br> 1.422%, 5.691% (c), 7/20/2032 <br>| 237054 | &nbsp;&nbsp; 236580 |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., "C", Series 2023-3A, 144A, 3 mo. USD Term SOFR + 2.9%, <br> 7.169% (c), 1/20/2037 <br>| 250000 | &nbsp;&nbsp; 251771 |
| &nbsp;&nbsp;&nbsp; Race Point X CLO Ltd., "C2R", Series 2016-10A, 144A, 3 mo. USD Term SOFR + <br> 2.262%, 6.543% (c), 7/25/2031 <br>| 759634 | &nbsp;&nbsp; 760520 |
| &nbsp;&nbsp;&nbsp; RR 35 Ltd., "A2", Series 2024-35A, 144A, 3 mo. USD Term SOFR + 1.7%, 6.002% (c), <br> 1/15/2040 <br>| 600000 | &nbsp;&nbsp; 598575 |
| &nbsp;&nbsp;&nbsp; RR 37 Ltd., "B", Series 2025-37A, 144A, 3 mo. USD Term SOFR + 1.7%, 6.012% (c), <br> 4/15/2038 <br>| 600000 | &nbsp;&nbsp; 583064 |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XIV Ltd., "A2R2", Series 2019-14A, 144A, 3 mo. USD Term SOFR + <br> 1.4%, 5.717% (c), 1/20/2038 <br>| 1000000 | &nbsp;&nbsp; 989485 |
| Switch ABS Issuer LLC, "A2", Series 2024-2A, 144A, 5.436%, 6/25/2054  | 500000 | &nbsp;&nbsp; 496578 |
| &nbsp;&nbsp;&nbsp; TICP CLO XI Ltd., "AR", Series 2018-11A, 144A, 3 mo. USD Term SOFR + 1.53%, <br> 5.812% (c), 4/25/2037 <br>| 500000 | &nbsp;&nbsp; 499036 |
| &nbsp;&nbsp;&nbsp; Venture XXVII CLO Ltd., "AR", Series 2017-27A, 144A, 3 mo. USD Term SOFR + <br> 1.312%, 5.581% (c), 7/20/2030 <br>| 119110 | &nbsp;&nbsp; 119047 |
| Wingstop Funding LLC, "A2", Series 2024-1A, 144A, 5.858%, 12/5/2054  | 300000 | &nbsp;&nbsp; 304220 |
|  |  | &nbsp;&nbsp; **18506128** |
| **Total Asset-Backed** (Cost $28,312,398) | **Total Asset-Backed** (Cost $28,312,398) | &nbsp;&nbsp; **26961503** |
| **Commercial Mortgage-Backed Securities 9.5%** | **Commercial Mortgage-Backed Securities 9.5%** |  |
| 20 Times Square Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "B", Series 2018-20TS, 144A, 3.203% (c), 5/15/2035  | 500000 | &nbsp;&nbsp; 430000 |
| &nbsp;&nbsp;&nbsp; "C", Series 2018-20TS, 144A, 3.203% (c), 5/15/2035  | 500000 | &nbsp;&nbsp; 420000 |
| BAHA Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "A", Series 2024-MAR, 144A, 6.171%, 12/10/2041  | 836000 | &nbsp;&nbsp; 863034 |
| &nbsp;&nbsp;&nbsp; "B", Series 2024-MAR, 144A, 7.069%, 12/10/2041  | 650000 | &nbsp;&nbsp; 664374 |
| Benchmark Mortgage Trust, "A4", Series 2020-IG3, 144A, 2.437%, 9/15/2048  | 500000 | &nbsp;&nbsp; 430046 |
| &nbsp;&nbsp;&nbsp; BPR Trust, "B", Series 2021-TY, 144A, 1 mo. USD Term SOFR + 1.264%, 5.586% (c), <br> 9/15/2038 <br>| 300000 | &nbsp;&nbsp; 296145 |
| BX Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "B", Series 2019-OC11, 144A, 3.605%, 12/9/2041  | 750000 | &nbsp;&nbsp; 698886 |
| &nbsp;&nbsp;&nbsp; "D", Series 2019-OC11, 144A, 4.075% (c), 12/9/2041  | 750000 | &nbsp;&nbsp; 695506 |
| CHI Commercial Mortgage Trust, "C", Series 2025-SFT, 144A, 6.819%, 4/15/2042  | 500000 | &nbsp;&nbsp; 502306 |
| CSAIL Commercial Mortgage Trust, "AS", Series 2016-C6, 3.346%, 1/15/2049  | 500000 | &nbsp;&nbsp; 482998 |
| FREMF Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "B", Series 2018-K75, 144A, 4.111%, 4/25/2051  | 1000000 | &nbsp;&nbsp; 983200 |
| &nbsp;&nbsp;&nbsp; "B", Series 2018-K77, 144A, 4.302%, 5/25/2051  | 1832000 | &nbsp;&nbsp; 1809460 |
| &nbsp;&nbsp;&nbsp; Hawaii Hotel Trust, "B", Series 2025-MAUI, 144A, 1 mo. USD Term SOFR + 1.742%, <br> 6.064% (c), 3/15/2042 <br>| 250000 | &nbsp;&nbsp; 247344 |
| Hudson Yards Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "A", Series 2025-SPRL, 144A, 5.649%, 1/13/2040  | 190000 | &nbsp;&nbsp; 195252 |
| &nbsp;&nbsp;&nbsp; "C", Series 2025-SPRL, 144A, 6.15% (c), 1/13/2040  | 1135000 | &nbsp;&nbsp; 1165960 |
| IRV Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "A", Series 2025-200P, 144A, 5.471%, 3/14/2047  | 750000 | &nbsp;&nbsp; 751135 |
| &nbsp;&nbsp;&nbsp; "C", Series 2025-200P, 144A, 5.921%, 3/14/2047  | 476000 | &nbsp;&nbsp; 469812 |
| JPMorgan Chase Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "A", Series 2021-1MEM, 144A, 2.516%, 10/9/2042  | 1750000 | &nbsp;&nbsp; 1436679 |
| &nbsp;&nbsp;&nbsp; "A", Series 2016-NINE, 144A, 2.949% (c), 9/6/2038  | 500000 | &nbsp;&nbsp; 486033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "A", Series 2018-PHH, 144A, 1 mo. USD Term SOFR + 1.257%, 5.579% (c), <br> 6/15/2035 <br>| 1938171 | &nbsp;&nbsp; 1669001 |
| &nbsp;&nbsp;&nbsp; JW Commercial Mortgage Trust, "B", Series 2024-MRCO, 144A, 1 mo. USD Term <br> SOFR + 1.941%, 6.263% (c), 6/15/2039 <br>| 1000000 | &nbsp;&nbsp; 990000 |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; KIND Trust, "A", Series 2021-KIND, 144A, 1 mo. USD Term SOFR + 1.064%, 5.39% <br> (c), 8/15/2038 <br>| 495860 | &nbsp;&nbsp; 488401 |
| LEX Mortgage Trust, "A", Series 2024-BBG, 144A, 5.036% (c), 10/13/2033  | 1250000 | &nbsp;&nbsp; 1255174 |
| MRCD Mortgage Trust, "B", Series 2019-PARK, 144A, 2.718%, 12/15/2036  | 155000 | &nbsp;&nbsp; 129363 |
| &nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, "A", Series 2018-OSS, 144A, 4.177%, <br> 12/15/2037 <br>| 750000 | &nbsp;&nbsp; 699143 |
| ROCK Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "A", Series 2024-CNTR, 144A, 5.388%, 11/13/2041  | 1643000 | &nbsp;&nbsp; 1673518 |
| &nbsp;&nbsp;&nbsp; "B", Series 2024-CNTR, 144A, 5.93%, 11/13/2041  | 1000000 | &nbsp;&nbsp; 1030287 |
| &nbsp;&nbsp;&nbsp; "C", Series 2024-CNTR, 144A, 6.471%, 11/13/2041  | 450000 | &nbsp;&nbsp; 467020 |
| &nbsp;&nbsp;&nbsp; "E", Series 2024-CNTR, 144A, 8.819%, 11/13/2041  | 300000 | &nbsp;&nbsp; 313622 |
| SLG Office Trust, "A", Series 2021-OVA, 144A, 2.585%, 7/15/2041  | 1000000 | &nbsp;&nbsp; 873149 |
| &nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust, "A", Series 2025-DATA, 144A, 1 mo. USD Term <br> SOFR + 1.443%, 5.765% (c), 3/15/2042 <br>| 500000 | &nbsp;&nbsp; 491245 |
| UBS Commercial Mortgage Trust, "A3", Series 2017-C4, 3.301%, 10/15/2050  | 91103 | &nbsp;&nbsp; 89152 |
| **Total Commercial Mortgage-Backed Securities** (Cost $23,222,369) | **Total Commercial Mortgage-Backed Securities** (Cost $23,222,369) | &nbsp;&nbsp; **23197245** |
| **Collateralized Mortgage Obligations 8.2%** | **Collateralized Mortgage Obligations 8.2%** |  |
| Alternative Loan Trust, "1A4", Series 2006-43CB, 6.0%, 2/25/2037 | 97567 | &nbsp;&nbsp; 49587 |
| Arroyo Mortgage Trust, "A1", Series 2021-1R, 144A, 1.175%, 10/25/2048 | 1630107 | &nbsp;&nbsp; 1466736 |
| Banc of America Mortgage Trust, "2A2", Series 2004-A, 5.912% (c), 2/25/2034 | 34548 | &nbsp;&nbsp; 33744 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Adjustable Rate Mortgage Trust, "2A1", Series 2005-11, 7.783% (c), <br> 12/25/2035<br>| 44249 | &nbsp;&nbsp; 44879 |
| CHL Mortgage Pass Through Trust, "2A5", Series 2004-13, 5.75%, 8/25/2034 | 103077 | &nbsp;&nbsp; 100657 |
| &nbsp;&nbsp;&nbsp; CSFB Mortgage-Backed Pass-Through Certificates, "10A3", Series 2005-10, 6.0%, <br> 11/25/2035<br>| 191338 | &nbsp;&nbsp; 43156 |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; "DI", Series 5011, Interest Only, 2.0%, 7/25/2050  | 4798877 | &nbsp;&nbsp; 583606 |
| &nbsp;&nbsp;&nbsp; "MI", Series 5034, Interest Only, 2.0%, 11/25/2050  | 3126095 | &nbsp;&nbsp; 398874 |
| &nbsp;&nbsp;&nbsp; "MI", Series 5135, Interest Only, 2.5%, 8/25/2051  | 8300943 | &nbsp;&nbsp; 969587 |
| &nbsp;&nbsp;&nbsp; "P", Series 4916, 3.0%, 9/25/2049  | 1458228 | &nbsp;&nbsp; 1309232 |
| &nbsp;&nbsp;&nbsp; "JI", Series 5236, Interest Only, 4.0%, 2/25/2052  | 4792521 | &nbsp;&nbsp; 579982 |
| &nbsp;&nbsp;&nbsp; "6", Series 233, Interest Only, 4.5%, 8/15/2035  | 55314 | &nbsp;&nbsp; 7034 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp; "AO", Series 2023-53, Principal Only, Zero Coupon, 11/25/2053  | 1300655 | &nbsp;&nbsp; 1093918 |
| &nbsp;&nbsp;&nbsp; "FE", Series 2024-87, 30 day USD SOFR Average + 1.85%, 6.0% (c), 12/25/2054  | 943348 | &nbsp;&nbsp; 947566 |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities, "2B1", <br> Series 2024-R03, 144A, 30 day USD SOFR Average + 2.8%, 7.153% (c), 3/25/2044<br>| 750000 | &nbsp;&nbsp; 757500 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, "M1B", Series 2022-DNA2, <br> 144A, 30 day USD SOFR Average + 2.4%, 6.754% (c), 2/25/2042<br>| 1000000 | &nbsp;&nbsp; 1020780 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp; "GA", Series 2021-122, 1.0%, 11/20/2047  | 1093320 | &nbsp;&nbsp; 871903 |
| &nbsp;&nbsp;&nbsp; "IO", Series 2021-19, Interest Only, 2.0%, 1/20/2051  | 11974438 | &nbsp;&nbsp; 1440040 |
| &nbsp;&nbsp;&nbsp; "ID", Series 2023-151, Interest Only, 2.0%, 8/20/2051  | 7902401 | &nbsp;&nbsp; 1004263 |
| &nbsp;&nbsp;&nbsp; "QI", Series 2021-225, Interest Only, 2.5%, 12/20/2051  | 8495546 | &nbsp;&nbsp; 1024812 |
| &nbsp;&nbsp;&nbsp; "DI", Series 2014-102, Interest Only, 3.5%, 7/16/2029  | 190940 | &nbsp;&nbsp; 2717 |
| &nbsp;&nbsp;&nbsp; "HI", Series 2015-77, Interest Only, 4.0%, 5/20/2045  | 705817 | &nbsp;&nbsp; 141759 |
| &nbsp;&nbsp;&nbsp; "AZ", Series 2023-120, 5.5%, 8/20/2053  | 2191540 | &nbsp;&nbsp; 2210254 |
| JPMorgan Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "2A1", Series 2006-A2, 5.306% (c), 4/25/2036  | 186236 | &nbsp;&nbsp; 158757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "A11", Series 2024-6, 144A, 30 day USD SOFR Average + 1.25%, 5.604% (c), <br> 12/25/2054 <br>| 799896 | &nbsp;&nbsp; 790325 |
| Merrill Lynch Mortgage Investors Trust, "2A", Series 2003-A6, 7.64% (c), 10/25/2033 | 64097 | &nbsp;&nbsp; 61642 |

---

------

---

| | | |
|:---|:---|:---|
| RCKT Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "A1A", Series 2024-CES7, 144A, 5.158%, 10/25/2044  | 448800 | &nbsp;&nbsp; 447936 |
| &nbsp;&nbsp;&nbsp; "A2", Series 2024-INV2, 144A, 5.5%, 9/25/2054  | 1101977 | &nbsp;&nbsp; 1091646 |
| &nbsp;&nbsp;&nbsp; "A1B", Series 2024-CES9, 144A, 5.683%, 12/25/2044  | 334036 | &nbsp;&nbsp; 336178 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bank, "M1", Series 2021-CL2, 144A, 30 day USD SOFR Average + <br> 3.15%, 7.504% (c), 7/25/2059<br>| 1106322 | &nbsp;&nbsp; 1131448 |
| **Total Collateralized Mortgage Obligations** (Cost $20,635,470) | **Total Collateralized Mortgage Obligations** (Cost $20,635,470) | &nbsp;&nbsp; **20120518** |
| **Government & Agency Obligations 11.2%** | **Government & Agency Obligations 11.2%** |  |
| **Sovereign Bonds 0.5%** | **Sovereign Bonds 0.5%** |  |
| Indonesia Government International Bond, 5.65%, 1/11/2053  | 230000 | &nbsp;&nbsp; 225728 |
| Mexico Government International Bond: |  |  |
| &nbsp;&nbsp;&nbsp; 6.0%, 5/13/2030 | 200000 | &nbsp;&nbsp; 205016 |
| &nbsp;&nbsp;&nbsp; 6.0%, 5/7/2036 | 940000 | &nbsp;&nbsp; 895320 |
|  |  | &nbsp;&nbsp; **1326064** |
| **U.S. Government Sponsored Agencies 0.7%** | **U.S. Government Sponsored Agencies 0.7%** |  |
| Federal Home Loan Mortgage Corp., 6.75%, 3/15/2031  | 1500000 | &nbsp;&nbsp; **1720258** |
| **U.S. Treasury Obligations 10.0%** | **U.S. Treasury Obligations 10.0%** |  |
| U.S. Treasury Bills: |  |  |
| &nbsp;&nbsp;&nbsp; 4.049% (d), 9/11/2025 (e) | 200000 | &nbsp;&nbsp; 196957 |
| &nbsp;&nbsp;&nbsp; 4.111% (d), 9/11/2025 (e) | 1000000 | &nbsp;&nbsp; 984787 |
| U.S. Treasury Bonds: |  |  |
| &nbsp;&nbsp;&nbsp; 4.625%, 2/15/2055 | 1668400 | &nbsp;&nbsp; 1650934 |
| &nbsp;&nbsp;&nbsp; 4.75%, 2/15/2045 | 5682900 | &nbsp;&nbsp; 5721970 |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp; 3.875%, 3/15/2028 | 4976400 | &nbsp;&nbsp; 5017222 |
| &nbsp;&nbsp;&nbsp; 4.0%, 2/28/2030 | 2517100 | &nbsp;&nbsp; 2549744 |
| &nbsp;&nbsp;&nbsp; 4.125%, 2/28/2027 | 2392400 | &nbsp;&nbsp; 2412586 |
| &nbsp;&nbsp;&nbsp; 4.125%, 2/29/2032 | 3076500 | &nbsp;&nbsp; 3113033 |
| &nbsp;&nbsp;&nbsp; 4.625%, 2/15/2035 | 2752600 | &nbsp;&nbsp; 2855823 |
|  |  | &nbsp;&nbsp; **24503056** |
| **Total Government & Agency Obligations** (Cost 27,446,346) | **Total Government & Agency Obligations** (Cost 27,446,346) | &nbsp;&nbsp; **27549378** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Warrants 0.0%** | **Warrants 0.0%** |  |
| **Materials**  | **Materials**  |  |
| Hercules Trust II, Expiration Date 3/31/2029\* (f) (Cost $70,220) | 315 | &nbsp;&nbsp; **3685** |
| **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** |  |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional <br> Shares", 4.24% (g) (h) (Cost $1,776,378)<br>| 1776378 | &nbsp;&nbsp; **1776378** |
| **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** |  |
| DWS Central Cash Management Government Fund, 4.36% (g) (Cost $4,142,760) | 4142760 | &nbsp;&nbsp; **4142760** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of Net**<br> **Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $256,932,003) | 103.4 | &nbsp;&nbsp; **253475513** |
| **Other Assets and Liabilities, Net**  | (3.4)<br>| &nbsp;&nbsp; **(8375188)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **245100325** |

---

*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 April 30, 2025 are as follows:* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**1/31/2025**<br>| &nbsp;&nbsp; **Purchases** <br>**Cost ($)**<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 ($)**<br>| &nbsp;&nbsp; **Number** <br>**of Shares** <br>**at** <br>**4/30/2025**<br>| &nbsp;&nbsp; **Value ($) at** <br>**4/30/2025**<br>|
| **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** | **Securities Lending Collateral 0.7%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.24% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.24% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.24% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.24% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.24% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.24% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.24% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.24% (g) (h) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.24% (g) (h) |
| 1626895  | 149,483 (i) | —  | —  | —  | 2063  | —  | 1776378  | 1776378  |
| **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** | **Cash Equivalents 1.7%** |
| DWS Central Cash Management Government Fund, 4.36% (g) | DWS Central Cash Management Government Fund, 4.36% (g) | DWS Central Cash Management Government Fund, 4.36% (g) | DWS Central Cash Management Government Fund, 4.36% (g) | DWS Central Cash Management Government Fund, 4.36% (g) | DWS Central Cash Management Government Fund, 4.36% (g) | DWS Central Cash Management Government Fund, 4.36% (g) | DWS Central Cash Management Government Fund, 4.36% (g) | DWS Central Cash Management Government Fund, 4.36% (g) |
| 6420767  | 67708337  | 69986344  | —  | —  | 129985  | —  | 4142760  | 4142760  |
| **8047662** | **67857820** | **69986344** | **—** | **—** | **132048** | **—** | **5919138** | **5919138** |

---

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

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

*(a)* *When-issued, delayed delivery or forward commitment securities included.*

*(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 April 30, 2025 amounted to $1,710,964, which is 0.7% of net assets.* 

*(c)* *Variable or floating rate security. These securities are shown at their current rate as of April 30, 2025. 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)* *Annualized yield at time of purchase; not a coupon rate.*

*(e)* *At April 30, 2025, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures* *contracts.* 

*(f)* *Investment was valued using significant unobservable inputs.*

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

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

*(i)* *Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period* *ended April 30, 2025.* 

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

---

| |
|:---|
| *144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions* <br> *exempt from registration, normally to qualified institutional buyers.*<br>|
| *CLO: Collateralized Loan Obligation* |
| *Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on a pool of underlying mortgages or* <br> *mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.*<br>|
| *Perpetual: Callable security with no stated maturity date.*  |
| *Principal Only: Principal Only (PO) bonds represent the "principal only" portion of payments on a pool of underlying mortgages or* <br> *mortgage-backed securities.*<br>|
| *REIT: Real Estate Investment Trust* |
| *SOFR: Secured Overnight Financing Rate* |

---

*Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets. Effective maturities of these investments may be shorter than stated maturities due to prepayments. Some separate investments in the Federal Home Loan Mortgage Corp. and Federal National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in this investment portfolio.*

------

*At April 30, 2025, open futures contracts purchased were as follows:* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Contracts** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Amount ($)**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Value ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation) ($)**<br>|
| 10 Year <br> U.S. Treasury <br> Note <br>| USD | 6/18/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 200<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22172539 | &nbsp;&nbsp;&nbsp;&nbsp; 22443750<br>| &nbsp;&nbsp;&nbsp;&nbsp; 271211 |
| 2 Year <br> U.S. Treasury <br> Note <br>| USD | 6/30/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 143<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29501923 | &nbsp;&nbsp;&nbsp;&nbsp; 29765227<br>| &nbsp;&nbsp;&nbsp;&nbsp; 263304 |
| 5 Year <br> U.S. Treasury <br> Note <br>| USD | 6/30/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7036192 | &nbsp;&nbsp;&nbsp;&nbsp; 7097695<br>| &nbsp;&nbsp;&nbsp;&nbsp; 61503 |
| U.S. Treasury <br> Long Bond <br>| USD | 6/18/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp;&nbsp; 116815 | &nbsp;&nbsp;&nbsp;&nbsp; 116625<br>| &nbsp;&nbsp;&nbsp;&nbsp; (190)<br>|
| Ultra Long <br> U.S. Treasury <br> Bond <br>| USD | 6/18/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 121<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14821015 | &nbsp;&nbsp;&nbsp;&nbsp; 14644781<br>| &nbsp;&nbsp;&nbsp;&nbsp; (176234)<br>|
| **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | **Total net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp; **419594** |

---

*At April 30, 2025, open futures contracts sold were as follows:* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Contracts** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Amount ($)**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Value ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Depreciation ($)**<br>|
| Ultra 10 Year <br> U.S. Treasury <br> Note <br>| USD | 6/18/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 166<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18804753 | &nbsp;&nbsp;&nbsp;&nbsp; 19045906<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(241153)**<br>|

---

***Currency Abbreviation(s)***

------

*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 April 30, 2025 in valuing the Fund's investments.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds (a) | $— | &nbsp;&nbsp; $100004722 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $100004722 |
| Mortgage-Backed Securities Pass-Throughs  |  | &nbsp;&nbsp; 49719324 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49719324 |
| Asset-Backed (a) |  | &nbsp;&nbsp; 26961503 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26961503 |
| Commercial Mortgage-Backed Securities  |  | &nbsp;&nbsp; 23197245 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23197245 |
| Collateralized Mortgage Obligations  |  | &nbsp;&nbsp; 20120518 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20120518 |
| Government & Agency Obligations (a) |  | &nbsp;&nbsp; 27549378 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27549378 |
| Warrants  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3685 | &nbsp;&nbsp; 3685 |
| Short-Term Investments (a) | 5919138 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5919138 |
| Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts  | 596018 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 596018 |
| **Total** | **$6515156** | &nbsp;&nbsp; **$247552690** | &nbsp;&nbsp; **$3685** | &nbsp;&nbsp; **$254071531** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts  | $(417577)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(417577)<br>|
| **Total** | **$(417577)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(417577)**<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 futures 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.

DTRBF-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 PORTFOLIO TRUST

- **b. Investment Company Act file number:** 811-00042

- **c. CIK number of Registrant:** 0000088063

- **d. LEI of Registrant:** SRECKAL0MZIWJ5FTJI59

- **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 Total Return Bond Fund

- **b. EDGAR series identifier (if any):** S000006101

- **c. LEI of Series:** W3A6YRGSCF5E88CKHO43

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

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $271352982.11

**Total Liabilities:** $26273205.67

**Net Assets:** $245079776.44

**Delayed Delivery Securities:** $3678211.10

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -322.42000000 | **1-Year:** -5483.01000000 | **5-Year:** -23011.10000000 | **10-Year:** -35595.25000000 | **30-Year:** -23596.70000000

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

- **3-Month:** -51.16000000 | **1-Year:** -1428.91000000 | **5-Year:** -3450.05000000 | **10-Year:** -3867.02000000 | **30-Year:** -5723.32000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000016773 | 1.74%                | -0.40%               | 0.02%                |
| Class ID C000016775 | 1.72%                | -0.22%               | 0.11%                |
| Class ID C000016774 | 1.72%                | -0.22%               | 0.11%                |
| Class ID C000016770 | 1.70%                | -0.24%               | 0.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2052517.60             | $5022683.79                                |
| Month 2  | $-674729.79              | $-773062.16                                |
| Month 3  | $-467501.94              | $-541404.71                                |

**Designated Index Information**

- **Index Name:** BBG U.S. Aggregate Index

- **Index Identifier:** LEH_AGG

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JANE STREET GRP/JSG FIN                                                             | Jane Street Group / JSG Finance Inc                                                   | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    726000 | PA      | $729420.02    | 0.30%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Notes                                                                   | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2517100 | PA      | $2549743.64   | 1.04%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                                            | Mars Inc                                                                              | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    572000 | PA      | $574244.43    | 0.23%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                                       | Boeing Co/The                                                                         | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    330000 | PA      | $352447.85    | 0.14%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                        | Broadcom Inc                                                                          | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    220000 | PA      | $179533.39    | 0.07%             | 2036-11-15      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                     | CUSIP: 3136BQUL1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1300655 | PA      | $1093918.24   | 0.45%             | 2053-11-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                      | CUSIP: 3131WRB95<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     23559 | PA      | $23409.60     | 0.01%             | 2040-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                              | NextEra Energy Capital Holdings Inc                                                   | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002108.00   | 0.41%             | 2055-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Hercules Trust II                                                                   | HERCULES TR II                                                                        | CUSIP: 427098116<br>LEI: N/A                  | N/A              | DE               |  | US        |       315 | NS      | $3685.17      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Bayview Opportunity Master Fund VII                                                 | Bayview Opportunity Master Fund VII 2024-CAR1 LLC                                     | CUSIP: 07336QAB8<br>LEI: 254900S53K9VTUR1UX42 | Long             | ABS-O            | CORP              | US        |    149050 | PA      | $149331.59    | 0.06%             | 2031-12-26      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| TYCO ELECTRONICS GROUP S                                                            | Tyco Electronics Group SA                                                             | CUSIP: 902133BD8<br>LEI: C33G1C5SYE2YM95EE712 | Long             | DBT              | CORP              | LU        |    488000 | PA      | $482673.20    | 0.20%             | 2035-05-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                            | Ford Motor Credit Co LLC                                                              | CUSIP: 345397E58<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    500000 | PA      | $490901.32    | 0.20%             | 2029-03-08      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ENLINK MIDSTREAM LLC                                                                | ONEOK Inc                                                                             | CUSIP: 29336TAD2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    890000 | PA      | $940301.91    | 0.38%             | 2030-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                                    | CUSIP: 3137H1RQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8300943 | PA      | $969586.76    | 0.40%             | 2051-08-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                                                            | Sumitomo Mitsui Financial Group Inc                                                   | CUSIP: 86562MDW7<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   1500000 | PA      | $1426987.80   | 0.58%             | N/A             | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                                 | JPMorgan Chase & Co                                                                   | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    900000 | PA      | $927085.60    | 0.38%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                                                               | RIO TINTO FIN USA PLC                                                                 | CUSIP: 76720AAW6<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    326000 | PA      | $321970.99    | 0.13%             | 2065-03-14      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NRZ Excess Spread Collateralized Notes                                              | NRZ Excess Spread-Collateralized Notes                                                | CUSIP: 65246QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    359067 | PA      | $340850.77    | 0.14%             | 2026-11-25      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                          | ROCK Trust 2024-CNTR                                                                  | CUSIP: 74970WAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1030286.60   | 0.42%             | 2041-11-13      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 31414UW46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     45754 | PA      | $47406.76     | 0.02%             | 2035-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                        | Barclays PLC                                                                          | CUSIP: 06738ECZ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    312000 | PA      | $312348.22    | 0.13%             | 2036-02-25      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| Banc of America Mortgage Securities                                                 | Banc of America Mortgage 2004-A Trust                                                 | CUSIP: 05948XT27<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     34548 | PA      | $33744.24     | 0.01%             | 2034-02-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| Brex Inc                                                                            | Brex Commercial Charge Card Master Trust                                              | CUSIP: 05601DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $504707.90    | 0.21%             | 2027-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                                                   | Kinder Morgan Inc                                                                     | CUSIP: 49456BBB6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    300000 | PA      | $302866.11    | 0.12%             | 2030-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                                                        | Alphabet Inc                                                                          | CUSIP: 02079KAM9<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    425000 | PA      | $419481.83    | 0.17%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                                          | AbbVie Inc                                                                            | CUSIP: 00287YEA3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    424000 | PA      | $429594.79    | 0.18%             | 2035-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Bonds                                                                   | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5682900 | PA      | $5721969.94   | 2.33%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                              | CCO Holdings LLC / CCO Holdings Capital Corp                                          | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1972641.40   | 0.80%             | 2027-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                            | JP Morgan Mortgage Trust 2006-A2                                                      | CUSIP: 466247J46<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    186236 | PA      | $158757.41    | 0.06%             | 2036-04-25      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| ROLLINS INC                                                                         | Rollins Inc                                                                           | CUSIP: 775711AA2<br>LEI: 549300F2A0BXT4SGWD84 | Long             | DBT              | CORP              | US        |    286000 | PA      | $285323.50    | 0.12%             | 2035-02-24      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                              | NextEra Energy Capital Holdings Inc                                                   | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    627000 | PA      | $633387.15    | 0.26%             | 2054-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                                                            | International Business Machines Corp                                                  | CUSIP: 459200LH2<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505109.28    | 0.21%             | 2032-02-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                                | Bank of America Corp                                                                  | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    410000 | PA      | $415868.35    | 0.17%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| CHI Commercial Mortgage Trust                                                       | CHI Commercial Mortgage Trust 2025-SFT                                                | CUSIP: 16706GAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $502305.65    | 0.20%             | 2042-04-15      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                                                                    | Freddie Mac Strips                                                                    | CUSIP: 31282YED7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     55314 | PA      | $7033.56      | 0.00%             | 2035-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                                | Bank of America Corp                                                                  | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000460.52   | 0.41%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                              | CUSIP: 38384DKM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   7937210 | PA      | $1008687.16   | 0.41%             | 2051-08-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 31402QY39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6279 | PA      | $6506.05      | 0.00%             | 2035-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                                        | Broadcom Inc                                                                          | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    148000 | PA      | $122626.39    | 0.05%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                                         | OCP CLO 2024-36 Ltd                                                                   | CUSIP: 67570EAN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $498025.00    | 0.20%             | 2037-10-16      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                      | CUSIP: 31425XDT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4382500 | PA      | $4468682.42   | 1.82%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEVADA POWER CO                                                                     | Nevada Power Co                                                                       | CUSIP: 641423CG1<br>LEI: MJZFGXRJ52U8U4MKJ519 | Long             | DBT              | CORP              | US        |    410000 | PA      | $415043.77    | 0.17%             | 2054-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                                         | Hertz Vehicle Financing III LLC                                                       | CUSIP: 42806MBU2<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |   1640000 | PA      | $1652982.40   | 0.67%             | 2027-06-25      | Fixed         | 6.91%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                                               | Palmer Square CLO 2023-3 Ltd                                                          | CUSIP: 696926AG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $251770.50    | 0.10%             | 2037-01-20      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes                                                  | Ally Bank Auto Credit-Linked Notes Series 2024-B                                      | CUSIP: 02007G4E0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    201359 | PA      | $201071.98    | 0.08%             | 2032-09-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                                  | BX Trust 2019-OC11                                                                    | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $695506.20    | 0.28%             | 2041-12-09      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                                               | Foundry JV Holdco LLC                                                                 | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    363000 | PA      | $369843.21    | 0.15%             | 2036-01-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                              | Pacific Gas and Electric Co                                                           | CUSIP: 694308KT3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    163000 | PA      | $149178.70    | 0.06%             | 2054-10-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN PUBLIC SERV                                                            | Southwestern Public Service Co                                                        | CUSIP: 845743BX0<br>LEI: OL6FE7QD5EQ3DOYEO258 | Long             | DBT              | CORP              | US        |    435000 | PA      | $435673.68    | 0.18%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BELL CANADA                                                                         | Bell Telephone Co of Canada or Bell Canada                                            | CUSIP: 0778FPAP4<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |   1073000 | PA      | $1071744.80   | 0.44%             | 2055-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| IRV Trust                                                                           | IRV Trust 2025-200P                                                                   | CUSIP: 45006HAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    476000 | PA      | $469812.24    | 0.19%             | 2047-03-14      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                                                             | Arthur J Gallagher & Co                                                               | CUSIP: 04316JAN9<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    493000 | PA      | $489241.61    | 0.20%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                              | Blackstone Private Credit Fund                                                        | CUSIP: 09261HBQ9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    500000 | PA      | $487170.79    | 0.20%             | 2030-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                              | CUSIP: 38384CTB5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2191540 | PA      | $2210254.48   | 0.90%             | 2053-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                                 | Freddie Mac STACR REMIC Trust 2022-DNA2                                               | CUSIP: 35564KRF8<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $1020780.00   | 0.42%             | 2042-02-25      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                                   | State Street Corp                                                                     | CUSIP: 857477CS0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   1044000 | PA      | $1023133.47   | 0.42%             | N/A             | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| BX Trust 2019-OC11                                                                  | BX Trust 2019-OC11                                                                    | CUSIP: 05606FAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $698886.08    | 0.29%             | 2041-12-09      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| ENTERGY LOUISIANA LLC                                                               | Entergy Louisiana LLC                                                                 | CUSIP: 29364WBQ0<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    350000 | PA      | $345405.57    | 0.14%             | 2055-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                                    | CUSIP: 3137FNQZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1458229 | PA      | $1309231.97   | 0.53%             | 2049-09-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                                                           | BPR Trust 2021-TY                                                                     | CUSIP: 05592AAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $296144.73    | 0.12%             | 2038-09-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                              | CUSIP: 38382WBQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1093320 | PA      | $871902.58    | 0.36%             | 2047-11-20      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| OZLM Ltd                                                                            | OZLM XXIV Ltd                                                                         | CUSIP: 67113DAW4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    237054 | PA      | $236580.12    | 0.10%             | 2032-07-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                                                              | Standard Chartered PLC                                                                | CUSIP: 85325C2A9<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    777000 | PA      | $780521.18    | 0.32%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                              | PNC Financial Services Group Inc/The                                                  | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    313000 | PA      | $316816.11    | 0.13%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                                              | RR 37 LTD                                                                             | CUSIP: 78110XAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $583063.80    | 0.24%             | 2038-04-15      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                              | CUSIP: 38379CS80<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    190940 | PA      | $2716.97      | 0.00%             | 2029-07-16      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                            | Charter Communications Operating LLC / Charter Communications Operating Capital       | CUSIP: 161175CQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    570000 | PA      | $590281.52    | 0.24%             | 2029-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                                           | Apple Inc                                                                             | CUSIP: 037833EE6<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     13000 | PA      | $9004.06      | 0.00%             | 2041-02-08      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                                                   | Kinder Morgan Inc                                                                     | CUSIP: 49456BBC4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1265603.06   | 0.52%             | 2035-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                                     | CSAIL 2016-C6 Commercial Mortgage Trust                                               | CUSIP: 12636MAJ7<br>LEI: 549300C2HE5FJAWYZL57 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $482997.75    | 0.20%             | 2049-01-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 3140QUZZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  13471810 | PA      | $13750924.60  | 5.61%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Adjustable Rate Mortgage Trust                                         | Bear Stearns ARM Trust 2005-11                                                        | CUSIP: 07387AFG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     44249 | PA      | $44878.67     | 0.02%             | 2035-12-25      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                                            | Avolon Holdings Funding Ltd                                                           | CUSIP: 05401AAZ4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    377000 | PA      | $375818.66    | 0.15%             | 2030-05-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                                                                         | Paychex Inc                                                                           | CUSIP: 704326AB3<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1178302.20   | 0.48%             | 2032-04-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                               | Mexico Government International Bonds                                                 | CUSIP: 91087BAZ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    940000 | PA      | $895319.92    | 0.37%             | 2036-05-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                                                              | Daimler Truck Finance North America LLC                                               | CUSIP: 233853BF6<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    315000 | PA      | $315014.05    | 0.13%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| 20 TSQ GroundCo LLC                                                                 | 20 Times Square Trust 2018-20TS                                                       | CUSIP: 90137LAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $420000.00    | 0.17%             | 2035-05-15      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 3140QN3Y6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2115516 | PA      | $1849684.64   | 0.75%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                            | Prudential Financial Inc                                                              | CUSIP: 74432QCK9<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    545000 | PA      | $546313.49    | 0.22%             | 2035-03-14      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ENTERGY ARKANSAS LLC                                                                | Entergy Arkansas LLC                                                                  | CUSIP: 29366MAG3<br>LEI: 549300A0I5ONUIFMLP35 | Long             | DBT              | CORP              | US        |    470000 | PA      | $461607.34    | 0.19%             | 2054-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                                                        | Huntington Bank Auto Credit-Linked Notes Series 2024-1                                | CUSIP: 44644NAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    208629 | PA      | $211233.87    | 0.09%             | 2032-05-20      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| The BAHA Trust                                                                      | BAHA Trust 2024-MAR                                                                   | CUSIP: 05493XAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $664373.65    | 0.27%             | 2041-12-10      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                                                | Edison International                                                                  | CUSIP: 281020BB2<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    397000 | PA      | $378950.12    | 0.15%             | 2032-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| CANADIAN IMPERIAL BANK                                                              | Canadian Imperial Bank of Commerce                                                    | CUSIP: 13607PNF7<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   1150000 | PA      | $1108840.24   | 0.45%             | 2085-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                                                           | PG&E Corp                                                                             | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    375000 | PA      | $364046.32    | 0.15%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                            | Avis Budget Rental Car Funding AESOP LLC                                              | CUSIP: 05377RJH8<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $755339.40    | 0.31%             | 2028-10-20      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                                            | Western Midstream Operating LP                                                        | CUSIP: 958667AG2<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    320000 | PA      | $304002.32    | 0.12%             | 2034-11-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                      | CUSIP: 3131WM3D6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     65970 | PA      | $67874.54     | 0.03%             | 2039-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lex Commercial Loan Master Trust                                                    | LEX 2024-BBG Mortgage Trust                                                           | CUSIP: 52885AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $1255174.25   | 0.51%             | 2033-10-13      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| CyrusOne Data Centers Issuer I LLC                                                  | CyrusOne Data Centers Issuer I LLC                                                    | CUSIP: 23284BAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $966886.20    | 0.39%             | 2049-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes                                                  | Ally Bank Auto Credit-Linked Notes Series 2024-A                                      | CUSIP: 02007GZ63<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    334692 | PA      | $338964.30    | 0.14%             | 2032-05-17      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Hawaii Hotel Trust                                                                  | Hawaii Hotel Trust 2025-MAUI                                                          | CUSIP: 419909AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $247343.75    | 0.10%             | 2042-03-15      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| KROGER CO                                                                           | Kroger Co/The                                                                         | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    500000 | PA      | $490059.83    | 0.20%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAPESTRY INC                                                                        | Tapestry Inc                                                                          | CUSIP: 000000000<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |    627000 | PA      | $610643.13    | 0.25%             | 2035-03-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                                                         | Corp Nacional del Cobre de Chile                                                      | CUSIP: 21987BBM9<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    240000 | PA      | $244524.40    | 0.10%             | 2055-01-13      | Fixed         | 6.78%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Notes                                                                   | CUSIP: 91282CMP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2392400 | PA      | $2412585.88   | 0.98%             | 2027-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                    | CIFC Funding 2022-VII Ltd                                                             | CUSIP: 12569EAU1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    442000 | PA      | $440807.48    | 0.18%             | 2038-01-22      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                                   | State Street Corp                                                                     | CUSIP: 857477CM3<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    750000 | PA      | $753105.75    | 0.31%             | N/A             | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                       | J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-PHH                       | CUSIP: 46650FAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1938171 | PA      | $1669001.40   | 0.68%             | 2035-06-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                                                                | Saudi Arabian Oil Co                                                                  | CUSIP: 80414L2P9<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    350000 | PA      | $325150.00    | 0.13%             | 2054-07-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                       | Citigroup Inc                                                                         | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1224528.00   | 0.50%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 31416BLC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    202774 | PA      | $209885.71    | 0.09%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust 2024-MRCO                                              | JW Commercial Mortgage Trust 2024-MRCO                                                | CUSIP: 46657XAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $990000.00    | 0.40%             | 2039-06-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| DOW CHEMICAL CO/THE                                                                 | Dow Chemical Co/The                                                                   | CUSIP: 260543DM2<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |    285000 | PA      | $265515.96    | 0.11%             | 2055-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                      | CUSIP: 3131X9HJ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     38318 | PA      | $37897.54     | 0.02%             | 2028-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MATTEL INC                                                                          | Mattel Inc                                                                            | CUSIP: 577081BD3<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $993618.78    | 0.41%             | 2027-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                          | US Bancorp                                                                            | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    590000 | PA      | $601183.26    | 0.25%             | 2035-01-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 3138ADSK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     98531 | PA      | $101525.82    | 0.04%             | 2041-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                                | Bank of America Corp                                                                  | CUSIP: 06051GKB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    154000 | PA      | $96941.76     | 0.04%             | 2052-07-21      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                                              | BP Capital Markets PLC                                                                | CUSIP: 05565QDX3<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    750000 | PA      | $723947.85    | 0.30%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                                                        | Ares LIX CLO Ltd                                                                      | CUSIP: 04018EAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $445041.50    | 0.18%             | 2034-04-25      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 31368HL35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     42195 | PA      | $43449.07     | 0.02%             | 2033-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                                                              | Switch ABS Issuer LLC                                                                 | CUSIP: 871044AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $496578.30    | 0.20%             | 2054-06-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                                    | CUSIP: 3137FVSN3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4798877 | PA      | $583606.11    | 0.24%             | 2050-07-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                                                            | Hess Midstream Operations LP                                                          | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    298000 | PA      | $298626.40    | 0.12%             | 2028-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                            | Benchmark 2020-IG3 Mortgage Trust                                                     | CUSIP: 08162QAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $430045.85    | 0.18%             | 2048-09-15      | Fixed         | 2.44%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                                                      | Apidos Clo XL Ltd                                                                     | CUSIP: 03769RAN5<br>LEI: 549300CRPUKFOJKGAT02 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $500199.00    | 0.20%             | 2037-07-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                                                    | Carlyle Global Market Strategies CLO 2012-4 Ltd                                       | CUSIP: 14309YCE2<br>LEI: 549300R4G5ROMXQ5CG20 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499254.50    | 0.20%             | 2032-04-22      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                                                             | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc                           | CUSIP: 03522AAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $150430.22    | 0.06%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                                    | CUSIP: 3137H8B83<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4792521 | PA      | $579982.31    | 0.24%             | 2052-02-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                                  | Energy Transfer LP                                                                    | CUSIP: 29273VBE9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    657000 | PA      | $650315.41    | 0.27%             | 2035-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                                                      | Apidos CLO XVIII-R                                                                    | CUSIP: 03767NAY2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $498024.50    | 0.20%             | 2038-01-22      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                                                      | Apidos CLO LI Ltd                                                                     | CUSIP: 03771JAG4<br>LEI: 254900K0UHSUBZXUMR56 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $494187.50    | 0.20%             | 2038-01-20      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                             | Goldman Sachs Group Inc/The                                                           | CUSIP: 38141GC51<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    360000 | PA      | $350613.15    | 0.14%             | 2056-01-28      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Olin Corp                                                                           | Olin Corp                                                                             | CUSIP: 680665AK2<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1643450.38   | 0.67%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| IRV Trust                                                                           | IRV Trust 2025-200P                                                                   | CUSIP: 45006HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $751135.43    | 0.31%             | 2047-03-14      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                                                      | Eli Lilly & Co                                                                        | CUSIP: 532457CM8<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    320000 | PA      | $297223.09    | 0.12%             | 2054-02-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OT MIDCO LTD                                                                        | OT Midco Ltd                                                                          | CUSIP: 68877AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    411000 | PA      | $334408.02    | 0.14%             | 2030-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                    | T-Mobile USA Inc                                                                      | CUSIP: 87264ADS1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    390000 | PA      | $394316.45    | 0.16%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Securities                                              | Natixis Commercial Mortgage Securities Trust 2018-OSS                                 | CUSIP: 63874HAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $699142.65    | 0.29%             | 2037-12-15      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                                            | Marsh & McLennan Cos Inc                                                              | CUSIP: 571748BT8<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    240000 | PA      | $229171.19    | 0.09%             | 2053-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CBRE SERVICES INC                                                                   | CBRE Services Inc                                                                     | CUSIP: 12505BAJ9<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |    417000 | PA      | $414669.78    | 0.17%             | 2030-06-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                           | Towd Point Mortgage Trust 2025-CRM1                                                   | CUSIP: 891946AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    485301 | PA      | $489387.74    | 0.20%             | 2065-01-25      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                                                | Las Vegas Sands Corp                                                                  | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    419000 | PA      | $419961.54    | 0.17%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                              | Blackstone Private Credit Fund                                                        | CUSIP: 09261HBV8<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    500000 | PA      | $477083.31    | 0.19%             | 2034-11-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                             | Goldman Sachs Group Inc/The                                                           | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1143000 | PA      | $1077657.20   | 0.44%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                         | Oracle Corp                                                                           | CUSIP: 68389XCU7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    710000 | PA      | $629284.81    | 0.26%             | 2054-09-27      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                      | Morgan Stanley                                                                        | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    438000 | PA      | $447228.55    | 0.18%             | 2036-04-17      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO LTD.                                                               | Sixth Street CLO XIV Ltd                                                              | CUSIP: 83013NAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $989485.00    | 0.40%             | 2038-01-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                                                | Royal Bank of Canada                                                                  | CUSIP: 780082AT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   1250000 | PA      | $1146814.83   | 0.47%             | 2084-11-24      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                                | FREMF 2018-K77 Mortgage Trust                                                         | CUSIP: 30296VAS0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1832000 | PA      | $1809459.62   | 0.74%             | 2051-05-25      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| MILEAGE PLUS HLDINGS LLC                                                            | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd             | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1354230.90   | 0.55%             | 2027-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MRCD Mortgage Trust                                                                 | MRCD 2019-MARK Mortgage Trust                                                         | CUSIP: 55348UAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    155000 | PA      | $129363.00    | 0.05%             | 2036-12-15      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                                              | Mosaic Solar Loan Trust 2022-3                                                        | CUSIP: 61946KAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1703000 | PA      | $420148.83    | 0.17%             | 2053-06-20      | Fixed         | 8.56%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                                                        | Huntington Bank Auto Credit-Linked Notes Series 2024-2                                | CUSIP: 44644NAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    401854 | PA      | $403864.24    | 0.16%             | 2032-10-20      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Jersey Mikes Funding LLC                                                            | Jersey Mike's Funding LLC                                                             | CUSIP: 476681AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330000 | PA      | $328405.94    | 0.13%             | 2055-02-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 31402C4G4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26771 | PA      | $27567.04     | 0.01%             | 2034-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                                                   | Eversource Energy                                                                     | CUSIP: 30040WAX6<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    710000 | PA      | $710078.66    | 0.29%             | 2034-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                                              | Mosaic Solar Loan Trust 2023-1                                                        | CUSIP: 61945VAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    520000 | PA      | $268469.14    | 0.11%             | 2053-06-20      | Fixed         | 8.48%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                            | JP Morgan Mortgage Trust Series 2024-6                                                | CUSIP: 46657YAP9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    799896 | PA      | $790324.59    | 0.32%             | 2054-12-25      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                                                                    | DT Midstream Inc                                                                      | CUSIP: 23345MAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    257000 | PA      | $254593.45    | 0.10%             | 2034-12-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 3140MHSH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2219930 | PA      | $1848311.10   | 0.75%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Ginnie Mae I Pool                                                                     | CUSIP: 3620A5AX7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     27675 | PA      | $27431.43     | 0.01%             | 2040-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                         | RCKT Mortgage Trust 2024-CES7                                                         | CUSIP: 749414AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    448800 | PA      | $447936.00    | 0.18%             | 2044-10-25      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY INDIANA LLC                                                             | Duke Energy Indiana LLC                                                               | CUSIP: 26443TAC0<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |    288000 | PA      | $172520.27    | 0.07%             | 2050-04-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Evergreen Credit Card Trust                                                         | Evergreen Credit Card Trust                                                           | CUSIP: 30023JCY2<br>LEI: 5493002G9KVV6J3CNU15 | Long             | ABS-O            | CORP              | CA        |    150000 | PA      | $151072.13    | 0.06%             | 2029-05-15      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                                               | Mexico Government International Bond                                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $205015.80    | 0.08%             | 2030-05-13      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                             | HCA Inc                                                                               | CUSIP: 404119DB2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    675000 | PA      | $680983.33    | 0.28%             | 2035-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC                                                               | Texas Instruments Inc                                                                 | CUSIP: 882508CJ1<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |    515000 | PA      | $478773.58    | 0.20%             | 2054-02-08      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| STRYKER CORP                                                                        | Stryker Corp                                                                          | CUSIP: 863667BM2<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    646000 | PA      | $651046.16    | 0.27%             | 2035-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                          | ROCK Trust 2024-CNTR                                                                  | CUSIP: 74970WAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $313621.59    | 0.13%             | 2041-11-13      | Fixed         | 8.82%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                                                                         | Paychex Inc                                                                           | CUSIP: 704326AC1<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |    595000 | PA      | $605994.26    | 0.25%             | 2035-04-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                      | CUSIP: 3132DTLY4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5537136 | PA      | $5033148.09   | 2.05%             | 2052-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                      | CUSIP: 3132A4PW2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    313139 | PA      | $292532.19    | 0.12%             | 2044-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JAPAN TOBACCO INC                                                                   | Japan Tobacco Inc                                                                     | CUSIP: 471105AE6<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | DBT              | CORP              | JP        |    447000 | PA      | $464137.09    | 0.19%             | 2035-06-15      | Fixed         | 5.85%                 | 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        |   1776378 | NS      | $1776378.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE MANAGEMENT INC                                                                | Waste Management Inc                                                                  | CUSIP: 94106LCE7<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    361000 | PA      | $359434.31    | 0.15%             | 2035-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SIERRA PACIFIC POWER CO                                                             | Sierra Pacific Power Co                                                               | CUSIP: 826418BQ7<br>LEI: QB888G5GSVGE1LD1WV84 | Long             | DBT              | CORP              | US        |    240000 | PA      | $237978.67    | 0.10%             | 2054-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                                                    | Societe Generale SA                                                                   | CUSIP: 83368RBX9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    330000 | PA      | $334519.61    | 0.14%             | 2035-01-19      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                                            | Targa Resources Partners LP / Targa Resources Partners Finance Corp                   | CUSIP: 87612BBG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $799625.93    | 0.33%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                   | HSBC Holdings PLC                                                                     | CUSIP: 404280EV7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $979105.96    | 0.40%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BEACON FUNDING TRUST                                                                | Beacon Funding Trust                                                                  | CUSIP: 073952AB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    415000 | PA      | $405639.36    | 0.17%             | 2054-08-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| BHP BILLITON FIN USA LTD                                                            | BHP Billiton Finance USA Ltd                                                          | CUSIP: 055451BL1<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |    903000 | PA      | $907733.26    | 0.37%             | 2035-02-21      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                                                | Cleveland-Cliffs Inc                                                                  | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    515000 | PA      | $498792.07    | 0.20%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                            | AT&T Inc                                                                              | CUSIP: 00206RMT6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1735983.36   | 0.71%             | 2034-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                         | RCKT Mortgage Trust 2024-INV2                                                         | CUSIP: 749425AB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1101977 | PA      | $1091645.86   | 0.45%             | 2054-09-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Ginnie Mae                                                                            | CUSIP: 21H052652<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6000000 | PA      | $5994246.00   | 2.45%             | 2054-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRISES                                                             | Saks Global Enterprises LLC                                                           | CUSIP: 79380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1048000 | PA      | $635651.17    | 0.26%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CBRE SERVICES INC                                                                   | CBRE Services Inc                                                                     | CUSIP: 12505BAK6<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |    459000 | PA      | $457279.73    | 0.19%             | 2035-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 3140QVLH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4822111 | PA      | $4902403.10   | 2.00%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                              | Verizon Communications Inc                                                            | CUSIP: 92343VGC2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    132000 | PA      | $89690.93     | 0.04%             | 2061-03-22      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 31391PDR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8209 | PA      | $8425.44      | 0.00%             | 2032-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 3140QMCC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    970376 | PA      | $815366.23    | 0.33%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                              | US 10YR NOTE (CBT)JUN25                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       200 | NC      | $271211.29    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NY MELLON CORP                                                              | Bank of New York Mellon Corp/The                                                      | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    729000 | PA      | $689062.46    | 0.28%             | N/A             | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust                                                      | SWCH Commercial Mortgage Trust 2025-DATA                                              | CUSIP: 78489CAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $491244.85    | 0.20%             | 2042-03-15      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 3138X8ZV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    132819 | PA      | $131537.72    | 0.05%             | 2043-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                         | Oracle Corp                                                                           | CUSIP: 68389XCV5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    220000 | PA      | $195211.99    | 0.08%             | 2064-09-27      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                                                    | Societe Generale SA                                                                   | CUSIP: 83370RAE8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $987122.96    | 0.40%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                             | Goldman Sachs Group Inc/The                                                           | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    645000 | PA      | $656899.69    | 0.27%             | 2031-04-23      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 3140J7UN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    907447 | PA      | $835937.38    | 0.34%             | 2046-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FORTITUDE GROUP HOLDINGS                                                            | Fortitude Group Holdings LLC                                                          | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |    670000 | PA      | $679815.59    | 0.28%             | 2030-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                              | US 10YR ULTRA FUT JUN25                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -166 | NC      | $-241153.66   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Berman CLO Ltd                                                            | Neuberger Berman Loan Advisers Clo 44 Ltd                                             | CUSIP: 64133VAN7<br>LEI: 549300HMTDFWN3B2DI35 | Long             | ABS-CBDO         | CORP              | KY        |    367000 | PA      | $360683.93    | 0.15%             | 2035-10-16      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                                           | Apple Inc                                                                             | CUSIP: 037833EK2<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     16000 | PA      | $9928.55      | 0.00%             | 2051-08-05      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                                                      | Galaxy 34 Clo Ltd                                                                     | CUSIP: 36322AAA0<br>LEI: 3912002JK68FWHXUMG23 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499731.00    | 0.20%             | 2037-10-20      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| The BAHA Trust                                                                      | BAHA Trust 2024-MAR                                                                   | CUSIP: 05493XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    836000 | PA      | $863034.23    | 0.35%             | 2041-12-10      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                        | Barclays PLC                                                                          | CUSIP: 06738ECV5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    347000 | PA      | $336735.64    | 0.14%             | 2035-09-10      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| COTERRA ENERGY INC                                                                  | Coterra Energy Inc                                                                    | CUSIP: 127097AN3<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |    350000 | PA      | $318239.23    | 0.13%             | 2055-02-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                              | CUSIP: 38382MA66<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  11974438 | PA      | $1440040.15   | 0.59%             | 2051-01-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes                                                  | Ally Bank Auto Credit-Linked Notes Series 2024-B                                      | CUSIP: 02007G4D2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    201359 | PA      | $201876.49    | 0.08%             | 2032-09-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2006-43CB                                                      | CUSIP: 02149FAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     97567 | PA      | $49586.88     | 0.02%             | 2037-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 3140QWA77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1980602 | PA      | $2021637.23   | 0.82%             | 2055-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                                                         | Prologis LP                                                                           | CUSIP: 74340XCN9<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |   1070000 | PA      | $1057759.62   | 0.43%             | 2035-01-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACKROCK FUNDING INC                                                               | BlackRock Funding Inc                                                                 | CUSIP: 09290DAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    365000 | PA      | $351644.72    | 0.14%             | 2055-01-08      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Notes                                                                   | CUSIP: 91282CMR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3076500 | PA      | $3113033.44   | 1.27%             | 2032-02-29      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| DWS                                                                                 | DWS Central Cash Management Government Fund                                           | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |   4088111 | NS      | $4088110.83   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| FREMF Mortgage Trust                                                                | FREMF 2018-K75 Mortgage Trust                                                         | CUSIP: 30296PAS3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $983200.20    | 0.40%             | 2051-04-25      | Variable      | 4.11%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                                    | CUSIP: 3137F6K55<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3126095 | PA      | $398873.61    | 0.16%             | 2050-11-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                            | Avis Budget Rental Car Funding AESOP LLC                                              | CUSIP: 05377RFX7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $500704.80    | 0.20%             | 2027-04-20      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                                              | RR 35 LTD                                                                             | CUSIP: 74988DAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $598575.00    | 0.24%             | 2040-01-15      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                            | Avis Budget Rental Car Funding AESOP LLC                                              | CUSIP: 05377RKK9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $402903.32    | 0.16%             | 2028-10-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| Bourzou Issuer LLC, Jamshid Issuer LLC, Cristobal Issuer LLC & COPT DC-6 Issuer LLC | Cloud Capital Holdco LP                                                               | CUSIP: 102104AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $451102.64    | 0.18%             | 2049-11-22      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                          | ROCK Trust 2024-CNTR                                                                  | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1293000 | PA      | $1317017.22   | 0.54%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                              | General Motors Financial Co Inc                                                       | CUSIP: 37045XFB7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002521.40   | 0.41%             | 2030-01-07      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                                                 | Dominion Energy Inc                                                                   | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    700000 | PA      | $688232.30    | 0.28%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                    | Fannie Mae Connecticut Avenue Securities                                              | CUSIP: 207941AF2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    750000 | PA      | $757500.00    | 0.31%             | 2044-03-25      | Floating      | 7.15%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                                                        | Hudson Yards 2025-SPRL Mortgage Trust                                                 | CUSIP: 44855PAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1135000 | PA      | $1165960.53   | 0.48%             | 2040-01-13      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                                             | Jane Street Group / JSG Finance Inc                                                   | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    460000 | PA      | $452124.66    | 0.18%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NORFOLK SOUTHERN CORP                                                               | Norfolk Southern Corp                                                                 | CUSIP: 655844CU0<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506442.78    | 0.21%             | 2064-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                              | US ULTRA BOND CBT JUN25                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       121 | NC      | $-176233.55   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Arroyo Mortgage Trust                                                               | Arroyo Mortgage Trust 2021-1R                                                         | CUSIP: 042853AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1630108 | PA      | $1466735.85   | 0.60%             | 2048-10-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                                                                 | Carrier Global Corp                                                                   | CUSIP: 14448CBC7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    820000 | PA      | $863219.81    | 0.35%             | 2034-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                                                                   | Expedia Group Inc                                                                     | CUSIP: 30212PBL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    417000 | PA      | $410487.29    | 0.17%             | 2035-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Notes                                                                   | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2752600 | PA      | $2855822.50   | 1.17%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                                        | Comcast Corp                                                                          | CUSIP: 20030NEG2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $229934.65    | 0.09%             | 2064-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                              | NextEra Energy Capital Holdings Inc                                                   | CUSIP: 65339KDL1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $1032358.74   | 0.42%             | 2035-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                                                        | TICP CLO XI Ltd                                                                       | CUSIP: 87249QAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499036.00    | 0.20%             | 2037-04-25      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                                              | CHL Mortgage Pass-Through Trust 2004-13                                               | CUSIP: 12669FK44<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    103077 | PA      | $100657.35    | 0.04%             | 2034-08-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                                            | Warnermedia Holdings Inc                                                              | CUSIP: 55903VBC6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    250000 | PA      | $214070.12    | 0.09%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                          | ROCK Trust 2024-CNTR                                                                  | CUSIP: 74970WAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $467019.95    | 0.19%             | 2041-11-13      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| Race Point CLO Ltd                                                                  | Race Point X CLO Ltd                                                                  | CUSIP: 74983DAW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    759634 | PA      | $760520.49    | 0.31%             | 2031-07-25      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                                                        | Hudson Yards 2025-SPRL Mortgage Trust                                                 | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    190000 | PA      | $195251.64    | 0.08%             | 2040-01-13      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                            | Vistra Operations Co LLC                                                              | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    603000 | PA      | $600169.88    | 0.24%             | 2034-12-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                                                  | Expand Energy Corp                                                                    | CUSIP: 845467AR0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    585000 | PA      | $582353.99    | 0.24%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| RENTOKIL TERMINIX LLC                                                               | Rentokil Terminix Funding LLC                                                         | CUSIP: 760130AB0<br>LEI: 984500D5BAA7560EKJ44 | Long             | DBT              | CORP              | US        |    302000 | PA      | $303009.63    | 0.12%             | 2035-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                                                            | Canadian Pacific Railway Co                                                           | CUSIP: 13645RBK9<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $401507.47    | 0.16%             | 2035-03-30      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                     | CUSIP: 3136BTD26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    943348 | PA      | $947566.56    | 0.39%             | 2054-12-25      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 31385XQ91<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     62893 | PA      | $64762.71     | 0.03%             | 2033-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust                                              | Merrill Lynch Mortgage Investors Trust Series 2003-A6                                 | CUSIP: 5899294H8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     64097 | PA      | $61641.70     | 0.03%             | 2033-10-25      | Variable      | 7.64%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                                              | Marriott International Inc/MD                                                         | CUSIP: 571903BU6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    610000 | PA      | $594310.27    | 0.24%             | 2037-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                            | Ford Motor Credit Co LLC                                                              | CUSIP: 345397G56<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    500000 | PA      | $483910.85    | 0.20%             | 2035-02-07      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                           | Amgen Inc                                                                             | CUSIP: 031162DC1<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    171000 | PA      | $106686.22    | 0.04%             | 2052-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                                            | Mars Inc                                                                              | CUSIP: 571676BB0<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    282000 | PA      | $280051.78    | 0.11%             | 2045-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                                                       | Carnival Corp                                                                         | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    144000 | PA      | $142782.36    | 0.06%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: —       |
| VITERRA FINANCE BV                                                                  | Viterra Finance BV                                                                    | CUSIP: 92852LAD1<br>LEI: 213800HBZGEIZLKJBI17 | Long             | DBT              | CORP              | NL        |    750000 | PA      | $755009.96    | 0.31%             | 2032-04-21      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                                            | Occidental Petroleum Corp                                                             | CUSIP: 674599EA9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1120430.00   | 0.46%             | 2030-07-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                              | UnitedHealth Group Inc                                                                | CUSIP: 91324PFJ6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    368000 | PA      | $369179.06    | 0.15%             | 2034-07-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                                 | JPMorgan Chase & Co                                                                   | CUSIP: 46647PEX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1097000 | PA      | $1122040.77   | 0.46%             | 2036-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                                                        | Hilton Grand Vacations Trust 2024-2                                                   | CUSIP: 43283JAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    711032 | PA      | $723706.62    | 0.30%             | 2038-03-25      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                                               | Indonesia Government International Bond                                               | CUSIP: 455780DS2<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    230000 | PA      | $225728.41    | 0.09%             | 2053-01-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                                                                | Saudi Arabian Oil Co                                                                  | CUSIP: 80414L2Q7<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    418000 | PA      | $384827.52    | 0.16%             | 2064-07-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                                                            | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                            | CUSIP: 47214BAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    831000 | PA      | $900902.89    | 0.37%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                      | CUSIP: 31427MTS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1997423 | PA      | $2014296.29   | 0.82%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY INC                                                                 | Cheniere Energy Inc                                                                   | CUSIP: 16411RAN9<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |    320000 | PA      | $318708.24    | 0.13%             | 2034-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                      | CUSIP: 31425UAJ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2452937 | PA      | $2470159.08   | 1.01%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                                                             | CF Hippolyta Issuer LLC                                                               | CUSIP: 12530MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    955617 | PA      | $940814.78    | 0.38%             | 2060-07-15      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                                        | Barclays PLC                                                                          | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $956647.70    | 0.39%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CIT Group Home Equity Loan Trust                                                    | CIT Home Equity Loan Trust 2002-1                                                     | CUSIP: 12558MAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       504 | PA      | $502.07       | 0.00%             | 2030-02-25      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Notes                                                                   | CUSIP: 91282CMS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4976400 | PA      | $5017222.01   | 2.05%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Master Trust                                               | Mission Lane Credit Card Master Trust                                                 | CUSIP: 60510MBE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $754528.13    | 0.31%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                                                     | Golub Capital Partners CLO 53B Ltd                                                    | CUSIP: 38177YAQ5<br>LEI: 254900DPK2EA9C8DGV68 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $587238.60    | 0.24%             | 2034-07-20      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                                       | UBS Commercial Mortgage Trust 2017-C4                                                 | CUSIP: 90276RBD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     91103 | PA      | $89152.35     | 0.04%             | 2050-10-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| 20 TSQ GroundCo LLC                                                                 | 20 Times Square Trust 2018-20TS                                                       | CUSIP: 90137LAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $430000.00    | 0.18%             | 2035-05-15      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                            | Avis Budget Rental Car Funding AESOP LLC                                              | CUSIP: 05377RGG3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101180.53    | 0.04%             | 2029-04-20      | Fixed         | 6.23%                 | No            |                  2 | On Loan: No      |
| VERISK ANALYTICS INC                                                                | Verisk Analytics Inc                                                                  | CUSIP: 92345YAL0<br>LEI: 549300I1YSWNIRKBWP67 | Long             | DBT              | CORP              | US        |    816000 | PA      | $809086.90    | 0.33%             | 2035-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                              | Blackstone Private Credit Fund                                                        | CUSIP: 09261HBX4<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    320000 | PA      | $317332.75    | 0.13%             | 2032-01-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                       | JP Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM                        | CUSIP: 46654BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1750000 | PA      | $1436678.78   | 0.59%             | 2042-10-09      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                    | Paramount Global                                                                      | CUSIP: 124857AZ6<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    725000 | PA      | $699854.59    | 0.29%             | 2029-06-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| BNSF Funding Trust I                                                                | BNSF Funding Trust I                                                                  | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000244.00   | 0.41%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC                                                                        | AutoZone Inc                                                                          | CUSIP: 053332BM3<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    165000 | PA      | $168782.16    | 0.07%             | 2030-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                                        | UBS Group AG                                                                          | CUSIP: 902613AD0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    301000 | PA      | $257758.19    | 0.11%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| AT&T INC                                                                            | AT&T Inc                                                                              | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    220000 | PA      | $147328.83    | 0.06%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                            | AERCAP IRELAND CAP/GLOBA                                                              | CUSIP: 00774MBQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $971093.21    | 0.40%             | 2056-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BGC GROUP INC                                                                       | BGC Group Inc                                                                         | CUSIP: 05555LAC5<br>LEI: 2549001IGRCG4F0RLD36 | Long             | DBT              | CORP              | US        |    961000 | PA      | $957359.10    | 0.39%             | 2030-04-02      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                                                      | Microsoft Corp                                                                        | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    465000 | PA      | $308607.05    | 0.13%             | 2052-03-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                                             | Dryden 64 CLO Ltd                                                                     | CUSIP: 26251LAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1200031.20   | 0.49%             | 2031-04-18      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Federal Home Loan Mortgage Corp                                                       | CUSIP: 3134A4AA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |   1500000 | PA      | $1720257.72   | 0.70%             | 2031-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                                                            | Hess Midstream Operations LP                                                          | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1015569.34   | 0.41%             | 2029-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                              | US LONG BOND(CBT) JUN25                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         1 | NC      | $-190.19      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                              | Verizon Communications Inc                                                            | CUSIP: 92343VFT6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    117000 | PA      | $82246.33     | 0.03%             | 2040-11-20      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile Receivables Trust                                      | Foursight Capital Automobile Receivables Trust 2023-2                                 | CUSIP: 35104AAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $768554.40    | 0.31%             | 2029-04-16      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| Frontier Issuer LLC                                                                 | Frontier Issuer LLC                                                                   | CUSIP: 35910EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $507882.10    | 0.21%             | 2053-08-20      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                                  | Meta Platforms Inc                                                                    | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    291000 | PA      | $280002.31    | 0.11%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                    | T-Mobile USA Inc                                                                      | CUSIP: 87264ADU6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    500000 | PA      | $492701.51    | 0.20%             | 2055-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                      | Morgan Stanley                                                                        | CUSIP: 61747YFR1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    770000 | PA      | $795056.35    | 0.32%             | 2035-04-19      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                              | CUSIP: 38379PLX3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    705817 | PA      | $141758.84    | 0.06%             | 2045-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                                            | Mars Inc                                                                              | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    334000 | PA      | $329211.17    | 0.13%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO II Ltd.                                                                 | Elmwood CLO II Ltd                                                                    | CUSIP: 29001LAY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $498738.00    | 0.20%             | 2037-10-20      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                                                                    | SLG Office Trust 2021-OVA                                                             | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $873148.80    | 0.36%             | 2041-07-15      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                                 | Charles Schwab Corp/The                                                               | CUSIP: 808513AR6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1155208.75   | 0.47%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                       | J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-NINE                      | CUSIP: 46646GAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $486033.05    | 0.20%             | 2038-09-06      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                         | RCKT Mortgage Trust 2024-CES9                                                         | CUSIP: 749426AB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    334036 | PA      | $336177.71    | 0.14%             | 2044-12-25      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                              | Verizon Communications Inc                                                            | CUSIP: 92343VGL2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    150000 | PA      | $104859.69    | 0.04%             | 2041-09-03      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                                                      | Enterprise Fleet Financing 2025-2 LLC                                                 | CUSIP: 29375TAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    361000 | PA      | $361096.10    | 0.15%             | 2031-12-22      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC                                                            | Constellation Energy Generation LLC                                                   | CUSIP: 210385AF7<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    465000 | PA      | $439237.91    | 0.18%             | 2054-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lewey Park CLO Ltd                                                                  | Lewey Park CLO Ltd                                                                    | CUSIP: 527911AC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $498435.50    | 0.20%             | 2037-10-21      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                                                               | Vale Overseas Ltd                                                                     | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |    750000 | PA      | $724377.83    | 0.30%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                      | CUSIP: 3131XKDL0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    824034 | PA      | $771474.76    | 0.31%             | 2042-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card Master Trust                                          | Mercury Financial Credit Card Master Trust                                            | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $506074.35    | 0.21%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                                                                     | Venture XXVII CLO Ltd                                                                 | CUSIP: 92331LBC3<br>LEI: 549300JZGSLL2771YV05 | Long             | ABS-CBDO         | CORP              | KY        |    119110 | PA      | $119046.81    | 0.05%             | 2030-07-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                                 | JPMorgan Chase & Co                                                                   | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1441000 | PA      | $1439924.65   | 0.59%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES                                                               | Keysight Technologies Inc                                                             | CUSIP: 49338LAH6<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |    892000 | PA      | $915776.76    | 0.37%             | 2030-07-30      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                                                       | AppLovin Corp                                                                         | CUSIP: 03831WAE8<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |    257000 | PA      | $245418.46    | 0.10%             | 2054-12-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                              | US 5YR NOTE (CBT) JUN25                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        65 | NC      | $61503.55     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                                            | Lloyds Banking Group PLC                                                              | CUSIP: 53944YAX1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    235000 | PA      | $238004.44    | 0.10%             | 2035-01-05      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                                                            | Macquarie Airfinance Holdings Ltd                                                     | CUSIP: 55609NAC2<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1026374.00   | 0.42%             | 2029-03-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                                                                    | HF Sinclair Corp                                                                      | CUSIP: 403949AR1<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    453000 | PA      | $449561.67    | 0.18%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                           | Amgen Inc                                                                             | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    318000 | PA      | $305217.67    | 0.12%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 31408H4P7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     65842 | PA      | $68151.73     | 0.03%             | 2031-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Bills                                                                   | CUSIP: 912797PW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1200000 | PA      | $1181744.46   | 0.48%             | 2025-09-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                       | Citigroup Inc                                                                         | CUSIP: 172967PN5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1705000 | PA      | $1715292.80   | 0.70%             | 2034-11-19      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                              | Pacific Gas and Electric Co                                                           | CUSIP: 694308HY6<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    350000 | PA      | $245269.80    | 0.10%             | 2047-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                                                                 | Kinetik Holdings LP                                                                   | CUSIP: 49461MAB6<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |    536000 | PA      | $539917.62    | 0.22%             | 2028-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                                                                         | Paychex Inc                                                                           | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |    252000 | PA      | $255769.83    | 0.10%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                                                           | SUNOCO LP                                                                             | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    235000 | PA      | $234683.57    | 0.10%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                                                         | Exelon Corp                                                                           | CUSIP: 30161NBQ3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    400000 | PA      | $397683.18    | 0.16%             | 2055-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KNDR Trust 2021-KIND                                                                | KIND Trust 2021-KIND                                                                  | CUSIP: 482606AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    495860 | PA      | $488401.37    | 0.20%             | 2038-08-15      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Wingstop Funding LLC                                                                | Wingstop Funding LLC                                                                  | CUSIP: 974153AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $304219.80    | 0.12%             | 2054-12-05      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                      | CUSIP: 3132DTX47<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1644847 | PA      | $1433572.65   | 0.58%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                            | EQT Corp                                                                              | CUSIP: 26884LAR0<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    745000 | PA      | $744806.55    | 0.30%             | 2034-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                                              | Sempra                                                                                | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $916315.90    | 0.37%             | 2052-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                                                              | ConocoPhillips Co                                                                     | CUSIP: 20826FBG0<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    310000 | PA      | $289725.44    | 0.12%             | 2054-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                                            | Celanese US Holdings LLC                                                              | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    318000 | PA      | $310726.20    | 0.13%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust                                                                 | HINNT 2024-A LLC                                                                      | CUSIP: 40472QAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    640082 | PA      | $647873.69    | 0.26%             | 2043-03-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Western Alliance Bank                                                               | Western Alliance Bank                                                                 | CUSIP: 95763PNC1<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | ABS-MBS          | CORP              | US        |   1106322 | PA      | $1131447.81   | 0.46%             | 2059-07-25      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                              | US 2YR NOTE (CBT) JUN25                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       143 | NC      | $263303.32    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Bonds                                                                   | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1170500 | PA      | $1158246.33   | 0.47%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                             | Goldman Sachs Group Inc/The                                                           | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    367000 | PA      | $355609.96    | 0.15%             | 2035-10-23      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| OLIN CORP                                                                           | Olin Corp                                                                             | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    159000 | PA      | $150867.47    | 0.06%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities                                      | CSFB Mortgage-Backed Pass-Through Certificates Series 2005-10                         | CUSIP: 225470FM0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    191338 | PA      | $43155.67     | 0.02%             | 2035-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                              | General Motors Financial Co Inc                                                       | CUSIP: 37045XEU6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    975000 | PA      | $982073.83    | 0.40%             | 2029-07-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                              | CUSIP: 38383FVU4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   8495546 | PA      | $1024812.40   | 0.42%             | 2051-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                                                      | Eli Lilly & Co                                                                        | CUSIP: 532457CT3<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    120000 | PA      | $112579.58    | 0.05%             | 2064-08-14      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                                              | Mosaic Solar Loan Trust 2023-1                                                        | CUSIP: 61945VAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235813 | PA      | $222037.58    | 0.09%             | 2053-06-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                                 | Southern California Edison Co                                                         | CUSIP: 842400JH7<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    570000 | PA      | $523818.28    | 0.21%             | 2055-03-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                                            | Burlington Northern Santa Fe LLC                                                      | CUSIP: 12189LBK6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    410000 | PA      | $383656.36    | 0.16%             | 2054-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Allegro CLO Ltd                                                                     | Allegro CLO XV Ltd                                                                    | CUSIP: 01749WAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    750000 | PA      | $746750.25    | 0.30%             | 2038-04-20      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| AB BSL CLO                                                                          | AB BSL CLO 5 Ltd                                                                      | CUSIP: 00038GAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    400000 | PA      | $398770.40    | 0.16%             | 2038-01-20      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                                     | CVS Health Corp                                                                       | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    667000 | PA      | $662508.70    | 0.27%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                                                               | RIO TINTO FIN USA PLC                                                                 | CUSIP: 76720AAU0<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    379000 | PA      | $380425.44    | 0.16%             | 2035-03-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 3138ERHZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    380042 | PA      | $351116.83    | 0.14%             | 2046-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                                                 | Bank of Nova Scotia/The                                                               | CUSIP: 064159VJ2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   1500000 | PA      | $1493692.65   | 0.61%             | N/A             | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                                                                   | Sysco Corp                                                                            | CUSIP: 871829BV8<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    309000 | PA      | $309251.72    | 0.13%             | 2035-03-23      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                                                      | Apidos CLO XLVII Ltd                                                                  | CUSIP: 03770QAG9<br>LEI: 254900SZ16B4KDM8N485 | Long             | ABS-CBDO         | CORP              | JE        |    625000 | PA      | $623970.00    | 0.25%             | 2037-04-26      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-27

**Name of Applicant:** DEUTSCHE DWS PORTFOLIO TRUST

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer