# EDGAR Filing Document

**Accession Number:** 0000809559
**File Stem:** 0001193125-25-195336
**Filing Date:** 2025-9
**Character Count:** 280338
**Document Hash:** e3504b33411a10c2d7fa68f7e14f9c23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-195336.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-195336

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW STRATEGIC INCOME FUND INC
- **CENTRAL INDEX KEY:** 0000809559

**ORGANIZATION NAME:**
- **EIN:** 930939398
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04980
- **FILM NUMBER:** 251291864

**BUSINESS ADDRESS:**
- **STREET 1:** 515 SOUTH FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 2132440000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TCW CONVERTIBLE SECURITIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-04980

## TCW Strategic Income Fund, Inc.

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

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

#### (Address of principal executive offices)

#### Peter Davidson, Esq.

#### Vice President and Secretary

#### 515 South Flower Street

#### Los Angeles, CA 90071

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

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

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

#### Date of reporting period: June 30, 2025

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Item 1. Reports to Stockholders.

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act"):

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## TCW Strategic Income Fund, Inc.

------

To Our Valued Shareholders

---

| | |
|:---|:---|
|  ![LOGO](g837849g01n04.jpg)  | **Megan McClellan**<br>President and Principal Executive Officer |

---

#### To the shareholders of the TCW Strategic Income Fund:

#### Executive Summary
TCW is pleased to present the 2025 semi-annual report for the TCW Strategic Income Fund ("TSI" or the "Fund"). TSI is a multi-asset class closed-end fund managed by TCW Investment Management Company and is listed on the New York Stock Exchange under the ticker TSI. For the first half of 2025, shares of TSI rose by 4.2% while the Fund's net asset value (i.e., returns of the underlying assets) increased by 5.0%. The Fund's six-month price-based return was lower than the NAV-based return, as the discount between NAV and share price rose from -4.4% at the beginning of the period to -5.2% by June 30, 2025.

TSI paid dividends of approximately 6 cents per share for each of the final two quarters of 2024, and 6.5 cents in the first two quarters of 2025, as well as a special cash payment of 14.5 cents per share. This represents an annualized rate of approximately 40 cents per share, contributing to a realized 12-month trailing yield of approximately 8.0%, as of 6/30/2025. As yield is a function of a number of parameters, the go-forward yield of TSI will likely differ from the trailing figure.

#### Fund Performance (%)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Total Return as of June 30, 2025 (Annualized for periods over 1 Year) | Total Return as of June 30, 2025 (Annualized for periods over 1 Year) | Total Return as of June 30, 2025 (Annualized for periods over 1 Year) | Total Return as of June 30, 2025 (Annualized for periods over 1 Year) | Total Return as of June 30, 2025 (Annualized for periods over 1 Year) | Total Return as of June 30, 2025 (Annualized for periods over 1 Year) |
| |<br>6 Month | 1 Year | 3 Year | 5 Year | 10 Year | Since<br>3/1/06 (2) | Since<br>3/5/87 (3) |
| Price-Based Return | 4.18 | 11.52 | 8.22 | 4.45 | 5.87 | 8.44 | 7.63 |
| NAV-Based Return | 5.00 | 9.65 | 7.27 | 4.63 | 4.63 | 7.58 | 7.84 |
| Bloomberg 3-Month U.S. Treasury Bellwethers Index + 400 bps (1) | 4.12 | 8.90 | 8.81 | 6.92 | 6.08 | 5.73 | n/a |

---

(1) Benchmark changed to the Bloomberg 3-Month U.S. Treasury Bellwethers Index + 400 bps effective 3/1/2022.

(2) The date on which the Fund's investment objective changed to a multi-asset class fund. Prior to this date, the Fund primarily invested in convertible securities.

(3) Inception date of the Fund.

Past performance is no guarantee of future results. Current performance may be lower or higher than that quoted. The market value and net asset value of the Fund's shares will fluctuate with market conditions. Returns shown do not reflect the deduction of taxes that a shareholder would pay on the Fund's distributions. You should not draw any conclusions about the Fund's performance from the amount of the quarterly distribution or from the terms of the Fund's distribution policy.

#### Management Commentary
Without a doubt, the most consequential market day in the first half of 2025 was April 2, when the Trump administration announced its anticipated tariff regime. Investors were caught surprised by the would-be reach — very few countries were left out — and magnitude of the levies to be assessed — well north of expectations — and reacted adversely. The immediate fallout was both swift and severe as equity markets plunged into bear territory, corporate credit spread premiums rose, and Treasury yields increased, the latter in direct opposition to the administration's desire for lower borrowing costs. Given these developments, the 90-day pause in reciprocal tariff implementation was announced just one week later, setting off what would become a risk asset rally that lasted into quarter end. While a delay in tariffs and subsequent announcement of trade deals was a primary force behind the market's recovery, better-than-expected inflation and macroeconomic data later in the period helped further support risk sentiment, especially given comments from some Federal Reserve officials that a return to policy easing may not be far off. The Treasury yield curve steepened in the first half of 2025 as a result, with the 2-Year yield falling by 52 basis points (bps) while the yield on the 10- and 30-Year fell by 34 and 1 bps, respectively.

------

Perhaps best representing the extent to which markets were whipsawed by the tariff rollout, the S&P 500 Index fell over 12% in early April before recovering more than 24% from the lows, ultimately closing the semi-annual period with a 6.2% advance. Meanwhile, fixed income sectors generally turned in positive returns as well, supported by lower Treasury yields during the period. The flagship Bloomberg U.S. Aggregate Bond Index returned 4.0% and finished ahead of risk-free Treasuries by 10 bps, spurred by robust returns from spread sectors. The reinvigoration of risk sentiment late in the second quarter had a pronounced effect in the corporate markets, where both investment grade and high yield credit spreads retraced all the April widening and then some to drive advances of 4.2% and 4.6%, respectively, with excess returns of 21 and 104 bps. Within securitized markets, agency mortgage-backed securities (MBS) returned 4.2% as the asset class benefitted from moderating rate volatility, while non-agency MBS issues also posted positive returns given strong carry and improved valuations. On the commercial MBS (CMBS) front, Index returns were led by the 4.7% gain for agency-backed issues, while private label conduits advanced 4.3%. Finally, traditional asset-backed securities (ABS) included in the Index returned 2.9%, while non-traditional sectors like CLOs also performed well alongside falling risk premiums and tightening of spreads.

#### The Economy and Market Ahead
Despite the volatility that shook markets in April and caused consumer sentiment to crater to some of the lowest levels in years, we believe a snapshot of market levels at the beginning and end of the quarter would instead suggest that markets had simply continued the trend that has been in place for much of the past year — one of tighter credit spreads and fresh all-time equity highs. That a recovery from the April meltdown occurred in such a quick amount of time highlights both the persistent complacency and underappreciation of downside risk that has permeated many investors' outlook and powered markets through event-driven volatility. However, we have yet to see how markets respond to a slower, more fundamental shift in the economic backdrop, something that has been occurring in the background but is seemingly lost in recent trade-dominated headlines. At the forefront of this shift is a slowing of the labor market as there has been a substantial drop in the rate of hirings, and though there hasn't been a large increase in the rate of firings, that is often the case early in the cycle and we expect to see job losses pick up as high interest rates, elevated uncertainty, and higher tariffs start to bite. Meanwhile, the labor force itself is also undergoing a fundamental shift resulting from the administration's immigration policies, resulting in a reduction in the number of people actively seeking a job, which has in turn artificially suppressed the unemployment rate and provided cover to the FOMC to keep rates steady. However, in our view, the longer rates remain at currently restrictive territory, the higher the likelihood that they end up presenting an additional headwind to economic growth potential.

TCW's discipline and understanding of fundamental security valuations provide the structure to invest confidently when markets are bumpy, headlines are wild, and volatility is high. Indeed, in the upheaval early in April, we were active in trimming duration, which ended the quarter at 2.3 years, and adding significantly across corporate credit, and to a lesser extent in securitized. We expect and look forward to more such opportunities in the months ahead as we will continue to use those periods — which we anticipate being a regular feature of today's markets — to add yield and potential return to the Fund. In the meantime, however, some of the corporate exposure that was put on in April was reduced alongside the market rally, and the resulting allocation across corporate credit remains cautious, with positions biased towards higher quality and more defensive segments of the market. With corporate spreads having fallen back towards all-time tight levels, we believe securitized products currently offer a more compelling relative value argument and therefore constitute a larger position and more attractive segment of the market in which to allocate portfolio risk budgets. Agency MBS represents a substantial position given the sector's liquidity, spread premiums, and government guarantee, while non-agency MBS is also a sizeable allocation due to robust collateral profiles across the sector that allow for various opportunities to capture strong risk-adjusted yields. Meanwhile, CMBS exposure is focused on single asset single borrower deals that allow for a detailed analysis of the underlying property and sponsor, facilitating bottom-up inclusion criteria that includes higher yielding positions down the capital structure. ABS positions similarly reflect targeted positions including CLOs and high-quality non-traditional collateral types like single-family rentals.

------

#### Portfolio Positioning

#### SECTOR ALLOCATION
Asset-Backed Securities (ABS)

Bank Loans (BL)

Common Stock (CS)

Convertible Corporate Bonds (CCB)

Corporate Bonds (CB)

Foreign Government Bonds (FGB)

Investment Companies (IC)

Money Market Investments (MM)

Mortgage-Backed Securities (MBS)

Municipal Bonds (MUNI)

U.S. Treasury Securities (UST)

#### MBS ALLOCATION
Commercial Mortgage-Backed Securities — Agency (CMBS AGENCY)

Commercial Mortgage-Backed Securities — Non-Agency (CMBS NON-AGENCY)

Residential Mortgage-Backed Securities — Agency (RMBS AGENCY)

Residential Mortgage-Backed Securities — Non-Agency (RMBS NON-AGENCY)

The Fund did not use any of the available $70 million commitment of its Line of Credit facility during the semi-annual period ended June 30, 2025. Leverage is generally used when market opportunity is abundant and management deems the use of leverage accretive to returns.

We greatly appreciate your investment in the Fund and your continuing support of TCW. If you have any additional questions or comments, we invite you to visit our website at www.tcw.com or contact our shareholder services department at 1-866-227-8179, or contact@tcw.com.

Sincerely,

![LOGO](g837849g08r16.jpg)

Megan McClellan

President and Principal Executive Officer

The views expressed in this report reflect those of the Fund's Advisor as of the date this is written and may not reflect its views on the date this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding the Fund's investment methodology and do not constitute investment advice. This report may contain discussions about investments that may or may not be held by the Fund as of the date of this report. All current and future holdings are subject to risk and to change. To the extent this report contains forward-looking statements, unforeseen circumstances may cause actual results to differ materially from the views expressed as of the date this is written.

------

## TCW Strategic Income Fund, Inc.
Schedule of Investments (Unaudited) June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| **FIXED INCOME SECURITIES — 101.2% of Net Assets** | **FIXED INCOME SECURITIES — 101.2% of Net Assets** | **FIXED INCOME SECURITIES — 101.2% of Net Assets** |  |
| ASSET-BACKED SECURITIES — 11.2% | ASSET-BACKED SECURITIES — 11.2% | ASSET-BACKED SECURITIES — 11.2% |  |
| Academic Loan Funding Trust Series 2012-1A, Class R | Academic Loan Funding Trust Series 2012-1A, Class R | Academic Loan Funding Trust Series 2012-1A, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(2),(3) | 12/27/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3368 | $267419 |
| Allegro CLO XIII Ltd. Series 2021-1A, Class B | Allegro CLO XIII Ltd. Series 2021-1A, Class B | Allegro CLO XIII Ltd. Series 2021-1A, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.23% (3 mo. USD Term SOFR + 1.962%) (1),(4) | 07/20/34 | 650000 | 650799 |
| Apidos CLO XXXVII Ltd. Series 2021-37A, Class B | Apidos CLO XXXVII Ltd. Series 2021-37A, Class B | Apidos CLO XXXVII Ltd. Series 2021-37A, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.13% (3 mo. USD Term SOFR + 1.862%) (1),(4) | 10/22/34 | 725000 | 726309 |
| Arbour CLO VIII DAC Series 8X, Class B1R | Arbour CLO VIII DAC Series 8X, Class B1R | Arbour CLO VIII DAC Series 8X, Class B1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.98% (3 mo. EUR EURIBOR +<br>1.700%) (4),(5) | 10/15/34 | 600000 | 702869 |
| Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.08% (1) | 02/20/28 | 250000 | 241805 |
| BCRED CLO LLC Series 2023-1A, Class A | BCRED CLO LLC Series 2023-1A, Class A | BCRED CLO LLC Series 2023-1A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.57% (3 mo. USD Term SOFR + 2.300%) (1),(4) | 01/20/36 | 850000 | 853210 |
| Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR | Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR | Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.01% (3 mo. USD Term SOFR + 1.750%) (1),(4) | 07/15/37 | 625000 | 627796 |
| BMO SBA COOF Trust Series 2019-1, Class A (I/O) | BMO SBA COOF Trust Series 2019-1, Class A (I/O) | BMO SBA COOF Trust Series 2019-1, Class A (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.70% (1),(6) | 10/25/45 | 3303916 | 129567 |
| Carvana Auto Receivables Trust Series 2020-P1, Class R | Carvana Auto Receivables Trust Series 2020-P1, Class R | Carvana Auto Receivables Trust Series 2020-P1, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(3) | 09/08/27 | 2000 | 151889 |
| Carvana Auto Receivables Trust Series 2021-N3, Class R | Carvana Auto Receivables Trust Series 2021-N3, Class R | Carvana Auto Receivables Trust Series 2021-N3, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(3) | 06/12/28 | 2200 | 143992 |
| Carvana Auto Receivables Trust Series 2022-N1, Class R | Carvana Auto Receivables Trust Series 2022-N1, Class R | Carvana Auto Receivables Trust Series 2022-N1, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(3) | 12/11/28 | 4700 | 241491 |
| Carvana Auto Receivables Trust Series 2022-P3, Class R | Carvana Auto Receivables Trust Series 2022-P3, Class R | Carvana Auto Receivables Trust Series 2022-P3, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(3) | 09/10/29 | 2900 | 246575 |
| Carvana Auto Receivables Trust Series 2023-P1, Class R | Carvana Auto Receivables Trust Series 2023-P1, Class R | Carvana Auto Receivables Trust Series 2023-P1, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(3) | 03/11/30 | 4400 | 372282 |
| Carvana Auto Receivables Trust Series 2023-P2, Class R | Carvana Auto Receivables Trust Series 2023-P2, Class R | Carvana Auto Receivables Trust Series 2023-P2, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(3) | 06/10/30 | 2000 | 251083 |
| Cedar Funding II CLO Ltd. Series 2013-1A, Class BRR | Cedar Funding II CLO Ltd. Series 2013-1A, Class BRR | Cedar Funding II CLO Ltd. Series 2013-1A, Class BRR |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88% (3 mo. USD Term SOFR + 1.612%) (1),(4) | 04/20/34 | 700000 | 700864 |
| CIFC Funding Ltd. Series 2018-1A, Class SUB | CIFC Funding Ltd. Series 2018-1A, Class SUB | CIFC Funding Ltd. Series 2018-1A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1) | 01/18/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273388 |
| CIFC Funding Ltd. Series 2022-2A, Class B | CIFC Funding Ltd. Series 2022-2A, Class B | CIFC Funding Ltd. Series 2022-2A, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(6) | 04/19/35 | 685000 | 508504 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| ASSET-BACKED SECURITIES (Continued) | ASSET-BACKED SECURITIES (Continued) | ASSET-BACKED SECURITIES (Continued) |  |
| Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class A2 | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class A2 | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00% (1) | 05/20/55 | $245000 | $253244 |
| COOF Securitization Trust II Series 2015-2,<br>Class A1 (I/O) | COOF Securitization Trust II Series 2015-2,<br>Class A1 (I/O) | COOF Securitization Trust II Series 2015-2,<br>Class A1 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.76% (1),(6) | 08/25/41 | 1460699 | 89076 |
| Elmwood CLO 17 Ltd. Series 2022-4A, Class SUB | Elmwood CLO 17 Ltd. Series 2022-4A, Class SUB | Elmwood CLO 17 Ltd. Series 2022-4A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(6) | 07/17/37 | 850000 | 601849 |
| Elmwood CLO III Ltd. Series 2019-3A, Class SUB | Elmwood CLO III Ltd. Series 2019-3A, Class SUB | Elmwood CLO III Ltd. Series 2019-3A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(6) | 07/18/37 | 1000000 | 584536 |
| Goal Capital Funding Trust Series 2006-1, Class B | Goal Capital Funding Trust Series 2006-1, Class B | Goal Capital Funding Trust Series 2006-1, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.30% (3 mo. USD<br>LIBOR + 0.450%) (4) | 08/25/42 | 82596 | 78658 |
| GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR | GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR | GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.35% (3 mo. USD Term SOFR + 1.080%) (1),(4) | 10/20/34 | 625000 | 625013 |
| Golub Capital Partners CLO 42M-R Ltd. Series<br>2019-42RA, Class A2R | Golub Capital Partners CLO 42M-R Ltd. Series<br>2019-42RA, Class A2R | Golub Capital Partners CLO 42M-R Ltd. Series<br>2019-42RA, Class A2R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.03% (3 mo. USD Term SOFR + 2.750%) (1),(4) | 01/20/36 | 600000 | 604139 |
| Golub Capital Partners CLO 69M Ltd. Series<br>2023-69A,<br>Class B1 | Golub Capital Partners CLO 69M Ltd. Series<br>2023-69A,<br>Class B1 | Golub Capital Partners CLO 69M Ltd. Series<br>2023-69A,<br>Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.55% (3 mo. USD Term SOFR + 3.250%) (1),(4) | 11/09/36 | 870000 | 875513 |
| HOA Funding LLC Series 2021-1A, Class A2 | HOA Funding LLC Series 2021-1A, Class A2 | HOA Funding LLC Series 2021-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.72% (1),(2),(7),(8) | 08/20/51 | 581627 | 133782 |
| HPS Loan Management Ltd. Series 2023-18A, Class D | HPS Loan Management Ltd. Series 2023-18A, Class D | HPS Loan Management Ltd. Series 2023-18A, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.02% (3 mo. USD Term SOFR + 5.750%) (1),(4) | 07/20/36 | 600000 | 602252 |
| HPS Loan Management Ltd. Series 2024-19A, Class C2 | HPS Loan Management Ltd. Series 2024-19A, Class C2 | HPS Loan Management Ltd. Series 2024-19A, Class C2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.16% (3 mo. USD Term SOFR + 2.900%) (1),(4) | 04/15/37 | 750000 | 754331 |
| Madison Park Funding XLV Ltd. Series 2020-45A, Class CRR | Madison Park Funding XLV Ltd. Series 2020-45A, Class CRR | Madison Park Funding XLV Ltd. Series 2020-45A, Class CRR |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.16% (3 mo. USD Term SOFR + 1.900%) (1),(4) | 07/15/34 | 625000 | 625704 |
| MetroNet Infrastructure Issuer LLC Class A2 | MetroNet Infrastructure Issuer LLC Class A2 | MetroNet Infrastructure Issuer LLC Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.95% (7) | 04/20/53 | 850000 | 860857 |
| Mosaic Solar Loan Trust Series 2021-1A, Class R | Mosaic Solar Loan Trust Series 2021-1A, Class R | Mosaic Solar Loan Trust Series 2021-1A, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(9) | 12/20/46 | 950000 | 100014 |
| Mosaic Solar Loan Trust Series 2021-2A, Class R | Mosaic Solar Loan Trust Series 2021-2A, Class R | Mosaic Solar Loan Trust Series 2021-2A, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(9) | 04/22/47 | 1150000 | 38749 |
| Mosaic Solar Loan Trust Series 2021-3A, Class R | Mosaic Solar Loan Trust Series 2021-3A, Class R | Mosaic Solar Loan Trust Series 2021-3A, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(9) | 06/20/52 | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68699 |
| NCFA LLC – Loan Participation 1 | NCFA LLC – Loan Participation 1 | NCFA LLC – Loan Participation 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.75% (7) | 06/12/28 | 831566 | 831566 |
| NCFA LLC – Loan Participation 2 | NCFA LLC – Loan Participation 2 | NCFA LLC – Loan Participation 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.14% (7) | 12/19/27 | 952317 | 952317 |

---

See accompanying Notes to Financial Statements.

------

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| ASSET-BACKED SECURITIES (Continued) | ASSET-BACKED SECURITIES (Continued) | ASSET-BACKED SECURITIES (Continued) |  |
| Neuberger Berman Loan Advisers CLO 56 Ltd. Series 2024-56A, Class SUB | Neuberger Berman Loan Advisers CLO 56 Ltd. Series 2024-56A, Class SUB | Neuberger Berman Loan Advisers CLO 56 Ltd. Series 2024-56A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(6) | 07/24/37 | $700000 | $546960 |
| OCP CLO Ltd. Series 2015-9A, Class SUB | OCP CLO Ltd. Series 2015-9A, Class SUB | OCP CLO Ltd. Series 2015-9A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(6) | 01/15/37 | 1360000 | 580694 |
| OCP CLO Ltd. Series 2023-28A, Class D | OCP CLO Ltd. Series 2023-28A, Class D | OCP CLO Ltd. Series 2023-28A, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.61% (3 mo. USD Term SOFR + 5.350%) (1),(4) | 07/16/36 | 700000 | 700035 |
| Palmer Square CLO Ltd. Series 2024-3A, Class SUB | Palmer Square CLO Ltd. Series 2024-3A, Class SUB | Palmer Square CLO Ltd. Series 2024-3A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(6) | 07/20/37 | 625000 | 554432 |
| Park Avenue Institutional Advisers CLO Ltd. Series 2021-1A, Class A2 | Park Avenue Institutional Advisers CLO Ltd. Series 2021-1A, Class A2 | Park Avenue Institutional Advisers CLO Ltd. Series 2021-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.28% (3 mo. USD Term SOFR + 2.012%) (1),(4) | 01/20/34 | 420000 | 420416 |
| Rad CLO 22 Ltd. Series 2023-22A, Class D | Rad CLO 22 Ltd. Series 2023-22A, Class D | Rad CLO 22 Ltd. Series 2023-22A, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.27% (3 mo. USD Term SOFR + 5.000%) (1),(4) | 01/20/37 | 350000 | 353778 |
| Rockford Tower CLO Ltd. Series 2017-2A, Class BR | Rockford Tower CLO Ltd. Series 2017-2A, Class BR | Rockford Tower CLO Ltd. Series 2017-2A, Class BR |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.02% (3 mo. USD Term SOFR + 1.762%) (1),(4) | 10/15/29 | 800000 | 802362 |
| Santander Consumer Auto Receivables Trust Series 2021-BA, Class R | Santander Consumer Auto Receivables Trust Series 2021-BA, Class R | Santander Consumer Auto Receivables Trust Series 2021-BA, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(3) | 03/15/29 | 5000 | 1360387 |
| Santander Consumer Auto Receivables Trust Series 2021-CA, Class R | Santander Consumer Auto Receivables Trust Series 2021-CA, Class R | Santander Consumer Auto Receivables Trust Series 2021-CA, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(3) | 06/15/28 | 5500 | 566298 |
| SLC Student Loan Trust Series 2004-1, Class B | SLC Student Loan Trust Series 2004-1, Class B | SLC Student Loan Trust Series 2004-1, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.91% (90 day USD SOFR Average + 0.552%) (4) | 08/15/31 | 154462 | 136226 |
| SLC Student Loan Trust Series 2006-1, Class B | SLC Student Loan Trust Series 2006-1, Class B | SLC Student Loan Trust Series 2006-1, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.81% (90 day USD SOFR Average + 0.472%) (4) | 03/15/55 | 166074 | 149196 |
| SLM Student Loan EDC Repackaging Trust Series 2013-M1, Class M1R | SLM Student Loan EDC Repackaging Trust Series 2013-M1, Class M1R | SLM Student Loan EDC Repackaging Trust Series 2013-M1, Class M1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(3) | 10/28/29 | 1000 | 210774 |
| SLM Student Loan Trust Series 2004-2, Class B | SLM Student Loan Trust Series 2004-2, Class B | SLM Student Loan Trust Series 2004-2, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.09% (90 day USD SOFR Average + 0.732%) (4) | 07/25/39 | 139907 | 133608 |
| SLM Student Loan Trust Series 2005-9, Class B | SLM Student Loan Trust Series 2005-9, Class B | SLM Student Loan Trust Series 2005-9, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.92% (90 day USD SOFR Average + 0.562%) (4) | 01/25/41 | 286988 | 270020 |
| SLM Student Loan Trust Series 2007-6, Class B | SLM Student Loan Trust Series 2007-6, Class B | SLM Student Loan Trust Series 2007-6, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.47% (90 day USD SOFR Average + 1.112%) (4) | 04/27/43 | 73926 | 69673 |
| SLM Student Loan Trust Series 2007-7, Class B | SLM Student Loan Trust Series 2007-7, Class B | SLM Student Loan Trust Series 2007-7, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.37% (90 day USD SOFR Average + 1.012%) (4) | 10/27/70 | 150000 | 150616 |
| SLM Student Loan Trust Series 2008-2, Class B | SLM Student Loan Trust Series 2008-2, Class B | SLM Student Loan Trust Series 2008-2, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.82% (90 day USD SOFR Average + 1.462%) (4) | 01/25/83 | 225000 | 230792 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| ASSET-BACKED SECURITIES (Continued) | ASSET-BACKED SECURITIES (Continued) | ASSET-BACKED SECURITIES (Continued) |  |
| SLM Student Loan Trust Series 2008-3, Class B | SLM Student Loan Trust Series 2008-3, Class B | SLM Student Loan Trust Series 2008-3, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.82% (90 day USD SOFR Average + 1.462%) (4) | 04/26/83 | 225000 | $225855 |
| SLM Student Loan Trust Series 2008-4, Class B | SLM Student Loan Trust Series 2008-4, Class B | SLM Student Loan Trust Series 2008-4, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.47% (90 day USD SOFR Average + 2.112%) (4) | 04/25/73 | 515000 | 546795 |
| SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.47% (90 day USD SOFR Average + 2.112%) (4) | 07/25/73 | 260000 | 264499 |
| SLM Student Loan Trust Series 2008-6, Class B | SLM Student Loan Trust Series 2008-6, Class B | SLM Student Loan Trust Series 2008-6, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.47% (90 day USD SOFR Average + 2.112%) (4) | 07/26/83 | 225000 | 226049 |
| SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.47% (90 day USD SOFR Average + 2.112%) (4) | 07/26/83 | 305000 | 308916 |
| Stratus CLO Ltd. Series 2021-3A, Class SUB | Stratus CLO Ltd. Series 2021-3A, Class SUB | Stratus CLO Ltd. Series 2021-3A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (1),(6) | 12/29/29 | 750000 | 113 |
| Structured Receivables Finance LLC Series 2010-A, Class B | Structured Receivables Finance LLC Series 2010-A, Class B | Structured Receivables Finance LLC Series 2010-A, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.61% (1) | 01/16/46 | 406239 | 410686 |
| Structured Receivables Finance LLC Series 2010-B, Class B | Structured Receivables Finance LLC Series 2010-B, Class B | Structured Receivables Finance LLC Series 2010-B, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.97% (1) | 08/15/36 | 276899 | 282203 |
| TIF Funding II LLC Series 2021-1A, Class A | TIF Funding II LLC Series 2021-1A, Class A | TIF Funding II LLC Series 2021-1A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.65% (1) | 02/20/46 | 976544 | 878849 |
| USQ Rail I LLC Series 2021-1A, Class A | USQ Rail I LLC Series 2021-1A, Class A | USQ Rail I LLC Series 2021-1A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.25% (1) | 02/28/51 | 341799 | 320530 |
| Westlake Automobile Receivables Trust Series 2024-1A, Class D | Westlake Automobile Receivables Trust Series 2024-1A, Class D | Westlake Automobile Receivables Trust Series 2024-1A, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.02% (1) | 10/15/29 | 600000 | 612507 |
| Wingstop Funding LLC Series 2020-1A, Class A2 | Wingstop Funding LLC Series 2020-1A, Class A2 | Wingstop Funding LLC Series 2020-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.84% (1) | 12/05/50 | 541750 | 514105 |
| **Total Asset-backed Securities** | **Total Asset-backed Securities** | **Total Asset-backed Securities** |  |
| (Cost: $32,411,862) | (Cost: $32,411,862) | (Cost: $32,411,862) | 27597515 |
| MORTGAGE-BACKED SECURITIES — 62.6% | MORTGAGE-BACKED SECURITIES — 62.6% | MORTGAGE-BACKED SECURITIES — 62.6% |  |
| Commercial Mortgage-backed Securities —<br>Agency — 0.3% | Commercial Mortgage-backed Securities —<br>Agency — 0.3% | Commercial Mortgage-backed Securities —<br>Agency — 0.3% |  |
| Federal Home Loan Mortgage Corp. Multifamily PC REMICS Trust Series 2019-P002, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily PC REMICS Trust Series 2019-P002, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily PC REMICS Trust Series 2019-P002, Class X (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.14% (6) | 07/25/33 | 1295000 | 71272 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.62% (6) | 10/25/43 | 2330000 | 1950 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K060, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K060, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K060, Class X3 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.96% (6) | 12/25/44 | 2499972 | 58262 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Commercial Mortgage-backed Securities —<br>Agency (Continued) | Commercial Mortgage-backed Securities —<br>Agency (Continued) | Commercial Mortgage-backed Securities —<br>Agency (Continued) |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K732, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K732, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K732, Class X3 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.41% (6) | 05/25/46 | $1984973 | $3172 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735, Class X3 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.23% (6) | 05/25/47 | 3750000 | 67629 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.34% (6) | 06/25/27 | 6821140 | 96607 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KIR1, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KIR1, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KIR1, Class X (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.15% (6) | 03/25/26 | 7698242 | 34131 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KW01, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KW01, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KW01, Class X3 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.24% (6) | 03/25/29 | 690000 | 14096 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.81% (6) | 05/25/27 | 2742803 | 71795 |
| Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.09% (6) | 07/25/39 | 653424 | 12225 |
| Federal National Mortgage Association-ACES Series 2019-M29, Class X4 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2019-M29, Class X4 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2019-M29, Class X4 (ACES) (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.70% (6) | 03/25/29 | 7900000 | 160544 |
| Government National Mortgage Association Series 2010-148, Class IO (I/O) | Government National Mortgage Association Series 2010-148, Class IO (I/O) | Government National Mortgage Association Series 2010-148, Class IO (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.30% (6) | 09/16/50 | 4590019 | 48105 |
| Government National Mortgage Association Series 2011-152, Class IO (I/O) | Government National Mortgage Association Series 2011-152, Class IO (I/O) | Government National Mortgage Association Series 2011-152, Class IO (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.01% (6) | 08/16/51 | 639299 | 23 |
| Government National Mortgage Association Series 2012-139, Class IO (I/O) | Government National Mortgage Association Series 2012-139, Class IO (I/O) | Government National Mortgage Association Series 2012-139, Class IO (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.65% (6) | 02/16/53 | &nbsp;&nbsp;&nbsp;&nbsp;752001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15698 |
| Government National Mortgage Association Series 2013-52, Class IO (I/O) | Government National Mortgage Association Series 2013-52, Class IO (I/O) | Government National Mortgage Association Series 2013-52, Class IO (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.04% (6) | 02/16/55 | 5245850 | 2698 |
| Government National Mortgage Association Series 2014-103, Class IO (I/O) | Government National Mortgage Association Series 2014-103, Class IO (I/O) | Government National Mortgage Association Series 2014-103, Class IO (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.19% (6) | 05/16/55 | 2030909 | 10058 |
| Government National Mortgage Association Series 2014-125, Class IO (I/O) | Government National Mortgage Association Series 2014-125, Class IO (I/O) | Government National Mortgage Association Series 2014-125, Class IO (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.89% (6) | 11/16/54 | 1254741 | 34931 |
| **Total Commercial Mortgage-backed<br>Securities — Agency** | **Total Commercial Mortgage-backed<br>Securities — Agency** | **Total Commercial Mortgage-backed<br>Securities — Agency** |  |
| (Cost: $3,215,097) | (Cost: $3,215,097) | (Cost: $3,215,097) | 703196 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Commercial Mortgage-backed<br>Securities —<br>Non-agency —14.4% | Commercial Mortgage-backed<br>Securities —<br>Non-agency —14.4% | Commercial Mortgage-backed<br>Securities —<br>Non-agency —14.4% |  |
| 245 Park Avenue Trust Series 2017-245P, Class E | 245 Park Avenue Trust Series 2017-245P, Class E | 245 Park Avenue Trust Series 2017-245P, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.78% (1),(6) | 06/05/37 | $650000 | $608572 |
| 280 Park Avenue Mortgage Trust Series 2017-280P, Class D | 280 Park Avenue Mortgage Trust Series 2017-280P, Class D | 280 Park Avenue Mortgage Trust Series 2017-280P, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.15% (1 mo. USD Term SOFR + 1.836%) (1),(4) | 09/15/34 | 490000 | 477077 |
| AMSR Trust Series 2020-SFR2, Class F | AMSR Trust Series 2020-SFR2, Class F | AMSR Trust Series 2020-SFR2, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25% (1) | 07/17/37 | 1375000 | 1371618 |
| AMSR Trust Series 2021-SFR2, Class F2 | AMSR Trust Series 2021-SFR2, Class F2 | AMSR Trust Series 2021-SFR2, Class F2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.67% (1) | 08/17/38 | 750000 | 727855 |
| AMSR Trust Series 2022-SFR1, Class F | AMSR Trust Series 2022-SFR1, Class F | AMSR Trust Series 2022-SFR1, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.02% (1) | 03/17/39 | 850000 | 845588 |
| Benchmark Mortgage Trust Series 2019-B14, Class 225D | Benchmark Mortgage Trust Series 2019-B14, Class 225D | Benchmark Mortgage Trust Series 2019-B14, Class 225D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.40% (1),(6) | 12/15/62 | 535000 | 9742 |
| Benchmark Mortgage Trust Series 2020-IG3, Class BXC | Benchmark Mortgage Trust Series 2020-IG3, Class BXC | Benchmark Mortgage Trust Series 2020-IG3, Class BXC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.65% (1),(6) | 09/15/48 | 555000 | 502455 |
| BX Trust Series 2023-DELC, Class B | BX Trust Series 2023-DELC, Class B | BX Trust Series 2023-DELC, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.65% (1 mo. USD Term SOFR + 3.339%) (1),(4) | 05/15/38 | 615000 | 621232 |
| BXHPP Trust Series 2021-FILM, Class C | BXHPP Trust Series 2021-FILM, Class C | BXHPP Trust Series 2021-FILM, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.53% (1 mo. USD Term SOFR + 1.214%) (1),(4) | 08/15/36 | 430000 | 387432 |
| BXHPP Trust Series 2021-FILM, Class D | BXHPP Trust Series 2021-FILM, Class D | BXHPP Trust Series 2021-FILM, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.93% (1 mo. USD Term SOFR + 1.614%) (1),(4) | 08/15/36 | 515000 | 459653 |
| BXP Trust Series 2017-GM, Class D | BXP Trust Series 2017-GM, Class D | BXP Trust Series 2017-GM, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.54% (1),(6) | 06/13/39 | 575000 | 546422 |
| Citigroup Commercial Mortgage Trust Series<br>2014-GC21, Class XD (I/O) | Citigroup Commercial Mortgage Trust Series<br>2014-GC21, Class XD (I/O) | Citigroup Commercial Mortgage Trust Series<br>2014-GC21, Class XD (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.33% (1),(6) | 05/10/47 | 4710600 | 126 |
| Citigroup Commercial Mortgage Trust Series<br>2015-GC35, Class XA (I/O) | Citigroup Commercial Mortgage Trust Series<br>2015-GC35, Class XA (I/O) | Citigroup Commercial Mortgage Trust Series<br>2015-GC35, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.84% (6) | 11/10/48 | 5793955 | 13397 |
| COMM Mortgage Trust Series 2012-LC4,<br>Class XB (I/O) | COMM Mortgage Trust Series 2012-LC4,<br>Class XB (I/O) | COMM Mortgage Trust Series 2012-LC4,<br>Class XB (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.60% (1),(2),(6) | 12/10/44 | 10175622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 |
| COMM Mortgage Trust Series 2013-CR12,<br>Class XA (I/O) | COMM Mortgage Trust Series 2013-CR12,<br>Class XA (I/O) | COMM Mortgage Trust Series 2013-CR12,<br>Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.67% <sup>(6)</sup> | 10/10/46 | 659198 | 13 |
| COMM Mortgage Trust Series 2016-787S, Class D | COMM Mortgage Trust Series 2016-787S, Class D | COMM Mortgage Trust Series 2016-787S, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.96% (1),(6) | 02/10/36 | 693000 | 670214 |
| COMM Mortgage Trust Series 2020-CX, Class E | COMM Mortgage Trust Series 2020-CX, Class E | COMM Mortgage Trust Series 2020-CX, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.77% (1),(6) | 11/10/46 | 370000 | 285469 |
| CRSNT Trust Series 2021-MOON, Class C | CRSNT Trust Series 2021-MOON, Class C | CRSNT Trust Series 2021-MOON, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.98% (1 mo. USD Term SOFR + 1.664%) (1),(4) | 04/15/36 | 620000 | 608829 |
| Eleven Madison Trust Mortgage Trust Series<br>2015-11MD, Class D | Eleven Madison Trust Mortgage Trust Series<br>2015-11MD, Class D | Eleven Madison Trust Mortgage Trust Series<br>2015-11MD, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.67% (1),(6) | 09/10/35 | 625000 | 593984 |

---

See accompanying Notes to Financial Statements.

------

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Commercial Mortgage-backed<br>Securities —<br>Non-agency (Continued) | Commercial Mortgage-backed<br>Securities —<br>Non-agency (Continued) | Commercial Mortgage-backed<br>Securities —<br>Non-agency (Continued) |  |
| Extended Stay America Trust Series 2021-ESH, Class F | Extended Stay America Trust Series 2021-ESH, Class F | Extended Stay America Trust Series 2021-ESH, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.13% (1 mo. USD Term SOFR + 3.814%) (1),(4) | 07/15/38 | $557523 | $558480 |
| FirstKey Homes Trust Series 2020-SFR1, Class G | FirstKey Homes Trust Series 2020-SFR1, Class G | FirstKey Homes Trust Series 2020-SFR1, Class G |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.78% (1) | 08/17/37 | 1735000 | 1727057 |
| FirstKey Homes Trust Series 2021-SFR3, Class E1 | FirstKey Homes Trust Series 2021-SFR3, Class E1 | FirstKey Homes Trust Series 2021-SFR3, Class E1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.99% (1) | 12/17/38 | 1173000 | 1127378 |
| FirstKey Homes Trust Series 2022-SFR1, Class D | FirstKey Homes Trust Series 2022-SFR1, Class D | FirstKey Homes Trust Series 2022-SFR1, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.20% (1) | 05/19/39 | 1100000 | 1101319 |
| Frost CMBS DAC Series 2021-1A, Class EUE | Frost CMBS DAC Series 2021-1A, Class EUE | Frost CMBS DAC Series 2021-1A, Class EUE |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.09% (3 mo. EUR EURIBOR +<br>3.990%) (1),(4) | 11/20/33 | 721273 | 840533 |
| FRTKL Group, Inc. Series 2021-SFR1, Class G | FRTKL Group, Inc. Series 2021-SFR1, Class G | FRTKL Group, Inc. Series 2021-SFR1, Class G |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.11% (1) | 09/17/38 | 1015000 | 951567 |
| Government National Mortgage Association Series 2009-114, Class IO (I/O) | Government National Mortgage Association Series 2009-114, Class IO (I/O) | Government National Mortgage Association Series 2009-114, Class IO (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% | 10/16/49 | 4420758 | 44 |
| Government National Mortgage Association Series 2011-105, Class IO (I/O) | Government National Mortgage Association Series 2011-105, Class IO (I/O) | Government National Mortgage Association Series 2011-105, Class IO (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% | 09/16/51 | 1631553 | 16 |
| Government National Mortgage Association Series 2012-4, Class IO (I/O) | Government National Mortgage Association Series 2012-4, Class IO (I/O) | Government National Mortgage Association Series 2012-4, Class IO (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% | 05/16/52 | 2216558 | 22 |
| Grace Trust Series 2020-GRCE, Class D | Grace Trust Series 2020-GRCE, Class D | Grace Trust Series 2020-GRCE, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.77% (1),(6) | 12/10/40 | 700000 | 603048 |
| Grace Trust Series 2020-GRCE, Class F | Grace Trust Series 2020-GRCE, Class F | Grace Trust Series 2020-GRCE, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.77% (1),(6) | 12/10/40 | 376000 | 289122 |
| Grace Trust Series 2020-GRCE, Class X (I/O) | Grace Trust Series 2020-GRCE, Class X (I/O) | Grace Trust Series 2020-GRCE, Class X (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.39% (1),(6) | 12/10/40 | 10620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150256 |
| GS Mortgage Securities Trust Series 2016-GS2, Class XA (I/O) | GS Mortgage Securities Trust Series 2016-GS2, Class XA (I/O) | GS Mortgage Securities Trust Series 2016-GS2, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.88% (6) | 05/10/49 | 3953512 | 20584 |
| Hilton USA Trust Series 2016-HHV, Class F | Hilton USA Trust Series 2016-HHV, Class F | Hilton USA Trust Series 2016-HHV, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.33% (1),(6) | 11/05/38 | 1341000 | 1292569 |
| Hudson Yards Mortgage Trust Series 2019-30HY, Class D | Hudson Yards Mortgage Trust Series 2019-30HY, Class D | Hudson Yards Mortgage Trust Series 2019-30HY, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.56% (1),(6) | 07/10/39 | 450000 | 409289 |
| Hudson Yards Mortgage Trust Series 2019-55HY, Class F | Hudson Yards Mortgage Trust Series 2019-55HY, Class F | Hudson Yards Mortgage Trust Series 2019-55HY, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.04% (1),(6) | 12/10/41 | 150000 | 127082 |
| ILPT Trust Series 2019-SURF, Class A | ILPT Trust Series 2019-SURF, Class A | ILPT Trust Series 2019-SURF, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.15% (1) | 02/11/41 | 240000 | 233853 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C23, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2014-C23, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2014-C23, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.51% (6) | 09/15/47 | 1389558 | 20 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C24, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2014-C24, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2014-C24, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.85% (6) | 11/15/47 | 1025593 | 24 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Commercial Mortgage-backed<br>Securities —<br>Non-agency (Continued) | Commercial Mortgage-backed<br>Securities —<br>Non-agency (Continued) | Commercial Mortgage-backed<br>Securities —<br>Non-agency (Continued) |  |
| JPMBB Commercial Mortgage Securities Trust Series 2015-C29, Class XD (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2015-C29, Class XD (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2015-C29, Class XD (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.50% (1),(6) | 05/15/48 | $26458000 | $123390 |
| JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class XA (I/O) | JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class XA (I/O) | JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.91% (6) | 03/15/50 | 8966129 | 95283 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3, Class XB (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3, Class XB (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3, Class XB (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.49% (1),(6) | 02/15/46 | 47286629 | 363658 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A | JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A | JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.95% (1),(6) | 09/06/38 | 775000 | 755879 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A | JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A | JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.40% (1) | 06/05/39 | 585000 | 549523 |
| KRE Commercial Mortgage Trust Series 2025-AIP4, Class E | KRE Commercial Mortgage Trust Series 2025-AIP4, Class E | KRE Commercial Mortgage Trust Series 2025-AIP4, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.31% (1 mo. USD Term SOFR + 3.000%) (1),(4) | 03/15/42 | 490000 | 488818 |
| Manhattan West Mortgage Trust Series 2020-1MW, Class A | Manhattan West Mortgage Trust Series 2020-1MW, Class A | Manhattan West Mortgage Trust Series 2020-1MW, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.13% (1) | 09/10/39 | 695000 | 657620 |
| MFT Mortgage Trust Series 2020-B6, Class C | MFT Mortgage Trust Series 2020-B6, Class C | MFT Mortgage Trust Series 2020-B6, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.39% (1),(6) | 08/10/40 | 220000 | 142734 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.78% (6) | 04/15/48 | 1631116 | 24 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.72% (6) | 05/15/48 | 963505 | 14 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.40% (6) | 11/15/49 | 5881960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59431 |
| Morgan Stanley Capital I Trust Series 2020-CNP, Class C | Morgan Stanley Capital I Trust Series 2020-CNP, Class C | Morgan Stanley Capital I Trust Series 2020-CNP, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.51% (1),(6) | 04/05/42 | 620000 | 507409 |
| NXPT Commercial Mortgage Trust Series 2024-STOR, Class E | NXPT Commercial Mortgage Trust Series 2024-STOR, Class E | NXPT Commercial Mortgage Trust Series 2024-STOR, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.93% (1),(6) | 11/05/41 | 528000 | 533794 |
| One New York Plaza Trust Series 2020-1NYP, Class A | One New York Plaza Trust Series 2020-1NYP, Class A | One New York Plaza Trust Series 2020-1NYP, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.38% (1 mo. USD Term SOFR + 1.064%) (1),(4) | 01/15/36 | 390000 | 379356 |
| Progress Residential Trust Series 2021-SFR6, Class F | Progress Residential Trust Series 2021-SFR6, Class F | Progress Residential Trust Series 2021-SFR6, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.42% (1) | 07/17/38 | 730000 | 715939 |
| Progress Residential Trust Series 2021-SFR7, Class E2 | Progress Residential Trust Series 2021-SFR7, Class E2 | Progress Residential Trust Series 2021-SFR7, Class E2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.64% (1) | 08/17/40 | 1451000 | 1328924 |
| Progress Residential Trust Series 2021-SFR8, Class G | Progress Residential Trust Series 2021-SFR8, Class G | Progress Residential Trust Series 2021-SFR8, Class G |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.01% (1) | 10/17/38 | 1450000 | 1412616 |
| Progress Residential Trust Series 2021-SFR9, Class E1 | Progress Residential Trust Series 2021-SFR9, Class E1 | Progress Residential Trust Series 2021-SFR9, Class E1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.81% (1) | 11/17/40 | 1707000 | 1598822 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Commercial Mortgage-backed<br>Securities —<br>Non-agency (Continued) | Commercial Mortgage-backed<br>Securities —<br>Non-agency (Continued) | Commercial Mortgage-backed<br>Securities —<br>Non-agency (Continued) |  |
| SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.66% (1),(6) | 01/05/43 | $805000 | $670977 |
| SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class D | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class D | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.53% (1),(6) | 01/05/43 | 880000 | 696580 |
| SFO Commercial Mortgage Trust Series 2021-555, Class A | SFO Commercial Mortgage Trust Series 2021-555, Class A | SFO Commercial Mortgage Trust Series 2021-555, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.58% (1 mo. USD Term SOFR + 1.264%) (1),(4) | 05/15/38 | 550000 | 547887 |
| SMRT Commercial Mortgage Trust Series 2022-MINI, Class D | SMRT Commercial Mortgage Trust Series 2022-MINI, Class D | SMRT Commercial Mortgage Trust Series 2022-MINI, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.26% (1 mo. USD Term SOFR + 1.950%) (1),(4) | 01/15/39 | 510000 | 503503 |
| SMRT Commercial Mortgage Trust Series 2022-MINI, Class E | SMRT Commercial Mortgage Trust Series 2022-MINI, Class E | SMRT Commercial Mortgage Trust Series 2022-MINI, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.01% (1 mo. USD Term SOFR + 2.700%) (1),(4) | 01/15/39 | 1005000 | 989366 |
| SMRT Commercial Mortgage Trust Series 2022-MINI, Class F | SMRT Commercial Mortgage Trust Series 2022-MINI, Class F | SMRT Commercial Mortgage Trust Series 2022-MINI, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.66% (1 mo. USD Term SOFR + 3.350%) (1),(4) | 01/15/39 | 246000 | 239796 |
| Taurus U.K. DAC Series 2021-UK1X, Class E | Taurus U.K. DAC Series 2021-UK1X, Class E | Taurus U.K. DAC Series 2021-UK1X, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.89% (1 day GBP SONIA +<br>3.650%) (4),(5) | 05/17/31 | 665115 | 913443 |
| U.K. Logistics DAC Series 2025-1A, Class E | U.K. Logistics DAC Series 2025-1A, Class E | U.K. Logistics DAC Series 2025-1A, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.90% (1 day GBP SONIA +<br>5.500%) (1),(4) | 05/17/35 | 300000 | 413245 |
| UBS Commercial Mortgage Trust Series 2017-C5, Class XA (I/O) | UBS Commercial Mortgage Trust Series 2017-C5, Class XA (I/O) | UBS Commercial Mortgage Trust Series 2017-C5, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.28% (6) | 11/15/50 | $4889498 | 82929 |
| Vita Scientia DAC Series 2022-1X, Class D | Vita Scientia DAC Series 2022-1X, Class D | Vita Scientia DAC Series 2022-1X, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.54% (3 mo. EUR EURIBOR +<br>2.490%) (4),(5) | 02/27/33 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1694754 |
| Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS | Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS | Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.67% (6) | 09/15/61 | 750000 | 741020 |
| WFRBS Commercial Mortgage Trust Series 2013-C14, Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2013-C14, Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2013-C14, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.46% (6),(7) | 06/15/46 | 134139 | 1 |
| **Total Commercial Mortgage-backed<br>Securities — Non-agency** | **Total Commercial Mortgage-backed<br>Securities — Non-agency** | **Total Commercial Mortgage-backed<br>Securities — Non-agency** |  |
| (Cost: $36,841,687) | (Cost: $36,841,687) | (Cost: $36,841,687) | 35368816 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Residential Mortgage-backed Securities —<br>Agency — 24.4% | Residential Mortgage-backed Securities —<br>Agency — 24.4% | Residential Mortgage-backed Securities —<br>Agency — 24.4% |  |
| Federal Home Loan Mortgage Corp., Pool #SD8199 | Federal Home Loan Mortgage Corp., Pool #SD8199 | Federal Home Loan Mortgage Corp., Pool #SD8199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.00% | 03/01/52 | $2285764 | $1814572 |
| Federal Home Loan Mortgage Corp., Pool #SD8220 | Federal Home Loan Mortgage Corp., Pool #SD8220 | Federal Home Loan Mortgage Corp., Pool #SD8220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00% | 06/01/52 | 1401441 | 1214543 |
| Federal Home Loan Mortgage Corp., Pool #SD8225 | Federal Home Loan Mortgage Corp., Pool #SD8225 | Federal Home Loan Mortgage Corp., Pool #SD8225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00% | 07/01/52 | 2469200 | 2139903 |
| Federal Home Loan Mortgage Corp., Pool #SD3246 | Federal Home Loan Mortgage Corp., Pool #SD3246 | Federal Home Loan Mortgage Corp., Pool #SD3246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00% | 08/01/52 | 1228033 | 1145567 |
| Federal Home Loan Mortgage Corp., Pool #SD8237 | Federal Home Loan Mortgage Corp., Pool #SD8237 | Federal Home Loan Mortgage Corp., Pool #SD8237 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00% | 08/01/52 | 2447345 | 2282619 |
| Federal Home Loan Mortgage Corp., Pool #SD8238 | Federal Home Loan Mortgage Corp., Pool #SD8238 | Federal Home Loan Mortgage Corp., Pool #SD8238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50% | 08/01/52 | 558123 | 535606 |
| Federal Home Loan Mortgage Corp., Pool #RA7870 | Federal Home Loan Mortgage Corp., Pool #RA7870 | Federal Home Loan Mortgage Corp., Pool #RA7870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00% | 09/01/52 | 750711 | 700066 |
| Federal Home Loan Mortgage Corp., Pool #SD8257 | Federal Home Loan Mortgage Corp., Pool #SD8257 | Federal Home Loan Mortgage Corp., Pool #SD8257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50% | 10/01/52 | 1200633 | 1152011 |
| Federal Home Loan Mortgage Corp., Pool #SD8265 | Federal Home Loan Mortgage Corp., Pool #SD8265 | Federal Home Loan Mortgage Corp., Pool #SD8265 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00% | 11/01/52 | 522083 | 486700 |
| Federal Home Loan Mortgage Corp., Pool #SD8275 | Federal Home Loan Mortgage Corp., Pool #SD8275 | Federal Home Loan Mortgage Corp., Pool #SD8275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50% | 12/01/52 | 509216 | 488555 |
| Federal Home Loan Mortgage Corp. REMICS Series 3122, Class SG (I/O)(I/F)(TAC)(PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3122, Class SG (I/O)(I/F)(TAC)(PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3122, Class SG (I/O)(I/F)(TAC)(PAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.21% (-30 day USD SOFR Average + 5.516%) (4) | 03/15/36 | 888401 | 46609 |
| Federal Home Loan Mortgage Corp. REMICS Series 3239, Class SI (I/O) (I/F) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3239, Class SI (I/O) (I/F) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3239, Class SI (I/O) (I/F) (PAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.23% (-30 day USD SOFR Average + 6.536%) (4) | 11/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;202993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21113 |
| Federal Home Loan Mortgage Corp. REMICS Series 3323, Class SA (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3323, Class SA (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3323, Class SA (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.69% (-30 day USD SOFR Average + 5.996%) (4) | 05/15/37 | 43617 | 1075 |
| Federal Home Loan Mortgage Corp. REMICS Series 3459, Class JS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3459, Class JS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3459, Class JS (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.83% (-30 day USD SOFR Average + 6.136%) (4) | 06/15/38 | 68286 | 6650 |
| Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.19% (-30 day USD SOFR Average + 6.496%) (4) | 04/15/42 | 390366 | 43223 |
| Federal Home Loan Mortgage Corp. REMICS Series 5234, Class S (I/O) (I/F) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 5234, Class S (I/O) (I/F) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 5234, Class S (I/O) (I/F) (PAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.74% (-30 day USD SOFR Average + 6.050%) (4) | 12/25/50 | 1910385 | 132580 |
| Federal Home Loan Mortgage Corp. REMICS Series 5471, Class SY (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5471, Class SY (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5471, Class SY (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.09% (-30 day USD SOFR Average + 5.400%) (4) | 11/25/54 | 1254580 | 88090 |

---

See accompanying Notes to Financial Statements.

------

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | Maturity<br>Date | Principal<br>Amount | Value |
| Residential Mortgage-backed Securities —<br>Agency (Continued) | Residential Mortgage-backed Securities —<br>Agency (Continued) | Residential Mortgage-backed Securities —<br>Agency (Continued) |  |
| Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.74% (-30 day USD SOFR Average + 5.050%) (4) | 06/25/55 | $2306622 | $150632 |
| Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.04% (-30 day USD SOFR Average + 10.500%) (4) | 06/25/55 | 392875 | 373347 |
| Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.12% (-30 day USD SOFR Average + 10.575%) (4) | 06/25/55 | 393902 | 373540 |
| Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.49% (-30 day USD SOFR Average + 11.667%) (4) | 06/25/55 | 394161 | 379940 |
| Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.04% (-30 day USD SOFR Average + 10.500%) (4) | 06/25/55 | 122991 | 116841 |
| Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.00% | 03/15/52 | 3338409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447655 |
| Federal National Mortgage Association, Pool #AN3542 | Federal National Mortgage Association, Pool #AN3542 | Federal National Mortgage Association, Pool #AN3542 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.41% | 11/01/46 | 1020504 | 867891 |
| Federal National Mortgage Association, Pool #BV4122 | Federal National Mortgage Association, Pool #BV4122 | Federal National Mortgage Association, Pool #BV4122 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.00% | 03/01/52 | 770156 | 610458 |
| Federal National Mortgage Association, Pool #BV8463 | Federal National Mortgage Association, Pool #BV8463 | Federal National Mortgage Association, Pool #BV8463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50% | 04/01/52 | 1312136 | 1090857 |
| Federal National Mortgage Association, Pool #FS1598 | Federal National Mortgage Association, Pool #FS1598 | Federal National Mortgage Association, Pool #FS1598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.00% | 04/01/52 | 318779 | 252677 |
| Federal National Mortgage Association, Pool #MA4656 | Federal National Mortgage Association, Pool #MA4656 | Federal National Mortgage Association, Pool #MA4656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50% | 07/01/52 | 1876287 | 1800737 |
| Federal National Mortgage Association, Pool #MA4701 | Federal National Mortgage Association, Pool #MA4701 | Federal National Mortgage Association, Pool #MA4701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50% | 08/01/52 | 303526 | 290626 |
| Federal National Mortgage Association, Pool #MA4768 | Federal National Mortgage Association, Pool #MA4768 | Federal National Mortgage Association, Pool #MA4768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50% | 09/01/52 | 1423855 | 1183735 |
| Federal National Mortgage Association, Pool #MA4769 | Federal National Mortgage Association, Pool #MA4769 | Federal National Mortgage Association, Pool #MA4769 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.00% | 09/01/52 | 832380 | 659779 |
| Federal National Mortgage Association, Pool #MA4733 | Federal National Mortgage Association, Pool #MA4733 | Federal National Mortgage Association, Pool #MA4733 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50% | 09/01/52 | 997916 | 957580 |
| Federal National Mortgage Association, Pool #MA4783 | Federal National Mortgage Association, Pool #MA4783 | Federal National Mortgage Association, Pool #MA4783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00% | 10/01/52 | 1245007 | 1160823 |
| Federal National Mortgage Association, Pool #MA4866 | Federal National Mortgage Association, Pool #MA4866 | Federal National Mortgage Association, Pool #MA4866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00% | 01/01/53 | 1221468 | 1138498 |
| Federal National Mortgage Association, Pool #MA5584 | Federal National Mortgage Association, Pool #MA5584 | Federal National Mortgage Association, Pool #MA5584 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50% (10) | 01/01/55 | 1630180 | 1560003 |
| Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) | Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) | Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.00% | 10/25/52 | 3798059 | 501305 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | Maturity<br>Date | Principal<br>Amount | Value |
| Residential Mortgage-backed Securities —<br>Agency (Continued) | Residential Mortgage-backed Securities —<br>Agency (Continued) | Residential Mortgage-backed Securities —<br>Agency (Continued) |  |
| Federal National Mortgage Association Interest STRIPS Series 436, Class C32 (I/O) | Federal National Mortgage Association Interest STRIPS Series 436, Class C32 (I/O) | Federal National Mortgage Association Interest STRIPS Series 436, Class C32 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.00% | 10/25/52 | $3302115 | $436398 |
| Federal National Mortgage Association REMICS Series 2007-42, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-42, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-42, Class SE (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.69% (-30 day USD SOFR Average + 5.996%) (4) | 05/25/37 | 34867 | 2338 |
| Federal National Mortgage Association REMICS Series 2007-48, Class SD (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-48, Class SD (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-48, Class SD (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.68% (-30 day USD SOFR Average + 5.986%) (4) | 05/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;586536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50367 |
| Federal National Mortgage Association REMICS Series 2009-69, Class CS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2009-69, Class CS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2009-69, Class CS (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.33% (-30 day USD SOFR Average + 6.636%) (4) | 09/25/39 | 91674 | 9940 |
| Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.04% (-30 day USD SOFR Average + 5.350%) (4) | 07/25/54 | 4965831 | 283775 |
| Government National Mortgage Association, Pool #MA9963 | Government National Mortgage Association, Pool #MA9963 | Government National Mortgage Association, Pool #MA9963 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50% | 10/20/54 | 1273670 | 1221437 |
| Government National Mortgage Association, Pool #MB0023 | Government National Mortgage Association, Pool #MB0023 | Government National Mortgage Association, Pool #MB0023 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00% (10) | 11/20/54 | 1353699 | 1259140 |
| Government National Mortgage Association REMICS Series 2006-35, Class SA (I/O) (I/F) | Government National Mortgage Association REMICS Series 2006-35, Class SA (I/O) (I/F) | Government National Mortgage Association REMICS Series 2006-35, Class SA (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.17% (-1 mo. USD Term SOFR + 6.486%) (4) | 07/20/36 | 635447 | 63178 |
| Government National Mortgage Association REMICS Series 2006-61, Class SA (I/O) (I/F) (TAC) | Government National Mortgage Association REMICS Series 2006-61, Class SA (I/O) (I/F) (TAC) | Government National Mortgage Association REMICS Series 2006-61, Class SA (I/O) (I/F) (TAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.32% (-1 mo. USD Term SOFR + 4.636%) (4) | 11/20/36 | 742584 | 14780 |
| Government National Mortgage Association REMICS Series 2008-58, Class TS (I/O) (I/F) (TAC) | Government National Mortgage Association REMICS Series 2008-58, Class TS (I/O) (I/F) (TAC) | Government National Mortgage Association REMICS Series 2008-58, Class TS (I/O) (I/F) (TAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.97% (-1 mo. USD Term SOFR + 6.286%) (4) | 05/20/38 | 204844 | 3734 |
| Government National Mortgage Association REMICS Series 2014-118, Class ST (I/F) | Government National Mortgage Association REMICS Series 2014-118, Class ST (I/F) | Government National Mortgage Association REMICS Series 2014-118, Class ST (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.17% (-1 mo. USD Term SOFR + 5.486%) (4) | 08/20/44 | 3410924 | 280512 |
| Government National Mortgage Association REMICS Series 2016-153, Class IO (I/O) | Government National Mortgage Association REMICS Series 2016-153, Class IO (I/O) | Government National Mortgage Association REMICS Series 2016-153, Class IO (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50% | 11/20/46 | 1124682 | 214767 |
| Government National Mortgage Association REMICS Series 2023-165, Class CO (P/O) | Government National Mortgage Association REMICS Series 2023-165, Class CO (P/O) | Government National Mortgage Association REMICS Series 2023-165, Class CO (P/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (9) | 11/20/53 | 245710 | 211063 |
| Government National Mortgage Association REMICS Series 2024-159, Class SM (I/F) | Government National Mortgage Association REMICS Series 2024-159, Class SM (I/F) | Government National Mortgage Association REMICS Series 2024-159, Class SM (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.15% (-30 day USD SOFR Average + 5.450%) (4) | 10/20/54 | 3360062 | 239465 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Residential Mortgage-backed Securities —<br>Agency (Continued) | Residential Mortgage-backed Securities —<br>Agency (Continued) | Residential Mortgage-backed Securities —<br>Agency (Continued) |  |
| Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) (I/F) | Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) (I/F) | Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.20% (-30 day USD SOFR Average + 5.500%) (4) | 10/20/54 | 2530837 | $209507 |
| Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00% (11) | 05/01/52 | 1375000 | &nbsp;&nbsp;&nbsp;&nbsp;1278390 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50% (11) | 08/01/54 | 1550000 | 1483603 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50% (11) | 03/01/55 | 3950000 | 3955451 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% (11) | 04/01/55 | 3025000 | 2971858 |
| Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.00% (11) | 11/01/51 | 1800000 | 1425605 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50% (11) | 11/01/51 | 3675000 | 3049197 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00% (11) | 01/01/52 | 1425000 | 1233090 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50% (11) | 01/01/52 | 4600000 | 4143025 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00% (11) | 03/01/52 | 1650000 | 1534689 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50% (11) | 07/01/54 | 3975000 | 3802519 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% (11) | 03/01/55 | 4625000 | 4534061 |
| **Total Residential Mortgage-backed<br>Securities — Agency** | **Total Residential Mortgage-backed<br>Securities — Agency** | **Total Residential Mortgage-backed<br>Securities — Agency** |  |
| (Cost: $59,767,510) | (Cost: $59,767,510) | (Cost: $59,767,510) | 60128295 |
| Residential Mortgage-backed Securities —<br>Non-agency — 23.5% | Residential Mortgage-backed Securities —<br>Non-agency — 23.5% | Residential Mortgage-backed Securities —<br>Non-agency — 23.5% |  |
| ABFC Trust Series 2007-NC1, Class A2 | ABFC Trust Series 2007-NC1, Class A2 | ABFC Trust Series 2007-NC1, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.73% (1 mo. USD Term SOFR + 0.414%) (1),(4) | 05/25/37 | 638779 | 601613 |
| ACE Securities Corp. Home Equity Loan Trust Series 2004-IN1, Class A1 | ACE Securities Corp. Home Equity Loan Trust Series 2004-IN1, Class A1 | ACE Securities Corp. Home Equity Loan Trust Series 2004-IN1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.07% (1 mo. USD Term SOFR + 0.754%) (4) | 05/25/34 | 287738 | 271349 |
| ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2C | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2C | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.95% (1 mo. USD Term SOFR + 0.634%) (4) | 03/25/37 | 1114949 | 450482 |
| Adjustable Rate Mortgage Trust Series 2005-4, Class 6A22 | Adjustable Rate Mortgage Trust Series 2005-4, Class 6A22 | Adjustable Rate Mortgage Trust Series 2005-4, Class 6A22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.98% (6) | 08/25/35 | 283608 | 224684 |
| Ajax Mortgage Loan Trust Series 2019-F, Class A2 | Ajax Mortgage Loan Trust Series 2019-F, Class A2 | Ajax Mortgage Loan Trust Series 2019-F, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50% (1) | 07/25/59 | 1300000 | 1252784 |
| Ajax Mortgage Loan Trust Series 2021-D, Class A | Ajax Mortgage Loan Trust Series 2021-D, Class A | Ajax Mortgage Loan Trust Series 2021-D, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% (1) | 03/25/60 | 706094 | 707372 |
| Angel Oak Mortgage Trust Series 2024-11, Class M1A | Angel Oak Mortgage Trust Series 2024-11, Class M1A | Angel Oak Mortgage Trust Series 2024-11, Class M1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.58% (1),(6) | 08/25/69 | 750000 | 760735 |
| Asset-Backed Securities Corp. Home Equity Loan Trust Series 2006-HE3, Class A5 | Asset-Backed Securities Corp. Home Equity Loan Trust Series 2006-HE3, Class A5 | Asset-Backed Securities Corp. Home Equity Loan Trust Series 2006-HE3, Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.90% (1 mo. USD Term SOFR + 0.654%) (4) | 03/25/36 | 473291 | 465710 |
| Asset-Backed Securities Corp. Home Equity Loan Trust Series 2007-HE1, Class A1B | Asset-Backed Securities Corp. Home Equity Loan Trust Series 2007-HE1, Class A1B | Asset-Backed Securities Corp. Home Equity Loan Trust Series 2007-HE1, Class A1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.81% (1 mo. USD Term SOFR + 0.414%) (4) | 12/25/36 | 188663 | 182523 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Residential Mortgage-backed Securities —<br>Non-agency (Continued) | Residential Mortgage-backed Securities —<br>Non-agency (Continued) | Residential Mortgage-backed Securities —<br>Non-agency (Continued) |  |
| Banc of America Alternative Loan Trust Series 2005-10, Class 1CB1 | Banc of America Alternative Loan Trust Series 2005-10, Class 1CB1 | Banc of America Alternative Loan Trust Series 2005-10, Class 1CB1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.83% (1 mo. USD Term SOFR + 0.514%) (4) | 11/25/35 | $&nbsp;&nbsp;&nbsp;&nbsp;231731 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201832 |
| Banc of America Funding Trust Series 2006-3, Class 4A14 | Banc of America Funding Trust Series 2006-3, Class 4A14 | Banc of America Funding Trust Series 2006-3, Class 4A14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00% | 03/25/36 | 77070 | 65370 |
| Banc of America Funding Trust Series 2006-3, Class 5A3 | Banc of America Funding Trust Series 2006-3, Class 5A3 | Banc of America Funding Trust Series 2006-3, Class 5A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50% | 03/25/36 | 79152 | 71923 |
| Banc of America Funding Trust Series 2015-R4, Class 2A1 | Banc of America Funding Trust Series 2015-R4, Class 2A1 | Banc of America Funding Trust Series 2015-R4, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.64% (1 mo. USD Term SOFR + 0.319%) (1),(4) | 02/25/37 | 65873 | 65611 |
| BCMSC Trust Series 2000-A, Class A4 | BCMSC Trust Series 2000-A, Class A4 | BCMSC Trust Series 2000-A, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.29% (6) | 06/15/30 | 3316690 | 257491 |
| Bear Stearns ALT-A Trust Series 2005-3, Class 4A3 | Bear Stearns ALT-A Trust Series 2005-3, Class 4A3 | Bear Stearns ALT-A Trust Series 2005-3, Class 4A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.31% (6) | 04/25/35 | 134583 | 131540 |
| Bear Stearns ARM Trust Series 2003-7, Class 9A | Bear Stearns ARM Trust Series 2003-7, Class 9A | Bear Stearns ARM Trust Series 2003-7, Class 9A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.33% (6) | 10/25/33 | 144204 | 132416 |
| Bear Stearns ARM Trust Series 2005-9, Class A1 | Bear Stearns ARM Trust Series 2005-9, Class A1 | Bear Stearns ARM Trust Series 2005-9, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.08% (1 yr. CMT + 2.300%) (4) | 10/25/35 | 76567 | 72622 |
| Bear Stearns ARM Trust Series 2007-4, Class 22A1 | Bear Stearns ARM Trust Series 2007-4, Class 22A1 | Bear Stearns ARM Trust Series 2007-4, Class 22A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.32% (6) | 06/25/47 | 478617 | 421717 |
| Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A3 | Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A3 | Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50% (6) | 09/25/35 | 229600 | 221197 |
| Bear Stearns Asset-Backed Securities I Trust Series 2006-IM1, Class A1 | Bear Stearns Asset-Backed Securities I Trust Series 2006-IM1, Class A1 | Bear Stearns Asset-Backed Securities I Trust Series 2006-IM1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.89% (1 mo. USD Term SOFR + 0.574%) (4) | 04/25/36 | 104502 | 104911 |
| Bear Stearns Mortgage Funding Trust Series<br>2007-AR3, Class 1X (I/O) | Bear Stearns Mortgage Funding Trust Series<br>2007-AR3, Class 1X (I/O) | Bear Stearns Mortgage Funding Trust Series<br>2007-AR3, Class 1X (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.50% | 03/25/37 | 22034056 | 436848 |
| C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.52% | 02/25/37 | 680681 | 399991 |
| C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.52% | 02/25/37 | 668777 | 392996 |
| C-BASS Mortgage Loan Trust Series 2007-CB3, Class A3 | C-BASS Mortgage Loan Trust Series 2007-CB3, Class A3 | C-BASS Mortgage Loan Trust Series 2007-CB3, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.28% | 03/25/37 | 1068256 | 376408 |
| Carrington Mortgage Loan Trust Series 2006-NC4, Class A4 | Carrington Mortgage Loan Trust Series 2006-NC4, Class A4 | Carrington Mortgage Loan Trust Series 2006-NC4, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.67% (1 mo. USD Term SOFR + 0.354%) (4) | 10/25/36 | 1250000 | 1065128 |

---

See accompanying Notes to Financial Statements.

------

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Residential Mortgage-backed Securities — Non-agency<br>(Continued) | Residential Mortgage-backed Securities — Non-agency<br>(Continued) | Residential Mortgage-backed Securities — Non-agency<br>(Continued) |  |
| Carrington Mortgage Loan Trust Series 2007-RFC1, Class A3 | Carrington Mortgage Loan Trust Series 2007-RFC1, Class A3 | Carrington Mortgage Loan Trust Series 2007-RFC1, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.57% (1 mo. USD Term SOFR + 0.254%) (4) | 12/25/36 | $&nbsp;&nbsp;&nbsp;&nbsp;679535 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664789 |
| CFMT LLC Series 2024-NR1, Class A1 | CFMT LLC Series 2024-NR1, Class A1 | CFMT LLC Series 2024-NR1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.41% (1) | 11/25/29 | 807314 | 811718 |
| CHL Mortgage Pass-Through Trust Series 2004-HYB4, Class B1 | CHL Mortgage Pass-Through Trust Series 2004-HYB4, Class B1 | CHL Mortgage Pass-Through Trust Series 2004-HYB4, Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.47% (6) | 09/20/34 | 59108 | 12684 |
| CHL Mortgage Pass-Through Trust Series 2006-14, Class X (I/O) | CHL Mortgage Pass-Through Trust Series 2006-14, Class X (I/O) | CHL Mortgage Pass-Through Trust Series 2006-14, Class X (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.14% (6) | 09/25/36 | 5516681 | 19246 |
| CHL Mortgage Pass-Through Trust Series<br>2006-HYB2, Class 1A1 | CHL Mortgage Pass-Through Trust Series<br>2006-HYB2, Class 1A1 | CHL Mortgage Pass-Through Trust Series<br>2006-HYB2, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.35% (6) | 04/20/36 | 538795 | 404655 |
| CHNGE Mortgage Trust Series 2023-1, Class M1 | CHNGE Mortgage Trust Series 2023-1, Class M1 | CHNGE Mortgage Trust Series 2023-1, Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.17% (1),(6) | 03/25/58 | 460000 | 466455 |
| CIM Trust Series 2019-R1, Class A | CIM Trust Series 2019-R1, Class A | CIM Trust Series 2019-R1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.25% (1),(6) | 10/25/58 | 549015 | 499887 |
| CIM Trust Series 2021-R3, Class A1A | CIM Trust Series 2021-R3, Class A1A | CIM Trust Series 2021-R3, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.95% (1),(6) | 06/25/57 | 602247 | 557409 |
| CIM Trust Series 2021-R4, Class A1A | CIM Trust Series 2021-R4, Class A1A | CIM Trust Series 2021-R4, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.00% (1),(6) | 05/01/61 | 582146 | 537803 |
| CIM Trust Series 2021-R5, Class A1B | CIM Trust Series 2021-R5, Class A1B | CIM Trust Series 2021-R5, Class A1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.00% (1),(6) | 08/25/61 | 1096000 | 731236 |
| CIM Trust Series 2025-R1, Class A1 | CIM Trust Series 2025-R1, Class A1 | CIM Trust Series 2025-R1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% (1) | 02/25/99 | 723754 | 716080 |
| Citigroup Mortgage Loan Trust, Inc. Series 2005-11, Class A2A | Citigroup Mortgage Loan Trust, Inc. Series 2005-11, Class A2A | Citigroup Mortgage Loan Trust, Inc. Series 2005-11, Class A2A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.23% (1 yr. CMT + 2.400%) (4) | 10/25/35 | 127025 | 131766 |
| Citigroup Mortgage Loan Trust, Inc. Series 2005-8, Class 1A1A | Citigroup Mortgage Loan Trust, Inc. Series 2005-8, Class 1A1A | Citigroup Mortgage Loan Trust, Inc. Series 2005-8, Class 1A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.66% (6) | 10/25/35 | 300689 | 240737 |
| CitiMortgage Alternative Loan Trust Series 2006-A3, Class 1A7 | CitiMortgage Alternative Loan Trust Series 2006-A3, Class 1A7 | CitiMortgage Alternative Loan Trust Series 2006-A3, Class 1A7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00% | 07/25/36 | 466135 | 409356 |
| CitiMortgage Alternative Loan Trust Series 2006-A5, Class 1A8 | CitiMortgage Alternative Loan Trust Series 2006-A5, Class 1A8 | CitiMortgage Alternative Loan Trust Series 2006-A5, Class 1A8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00% | 10/25/36 | 428162 | 370839 |
| Conseco Finance Securitizations Corp. Series 1999-6, Class A1 | Conseco Finance Securitizations Corp. Series 1999-6, Class A1 | Conseco Finance Securitizations Corp. Series 1999-6, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.36% (1),(6) | 06/01/30 | 1178493 | 326172 |
| Countrywide Alternative Loan Trust Series 2005-46CB, Class A20 (TAC) | Countrywide Alternative Loan Trust Series 2005-46CB, Class A20 (TAC) | Countrywide Alternative Loan Trust Series 2005-46CB, Class A20 (TAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50% | 10/25/35 | 462298 | 319398 |
| Countrywide Alternative Loan Trust Series 2006-8T1, Class 1A2 (I/O) (I/F) | Countrywide Alternative Loan Trust Series 2006-8T1, Class 1A2 (I/O) (I/F) | Countrywide Alternative Loan Trust Series 2006-8T1, Class 1A2 (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.07% (-1 mo. USD Term SOFR + 5.386%) (4) | 04/25/36 | 4660685 | 524730 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Residential Mortgage-backed Securities — Non-agency<br>(Continued) | Residential Mortgage-backed Securities — Non-agency<br>(Continued) | Residential Mortgage-backed Securities — Non-agency<br>(Continued) |  |
| Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A1 | Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A1 | Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.33% (1 mo. USD Term SOFR + 1.014%) (4) | 10/25/47 | $&nbsp;&nbsp;&nbsp;&nbsp;348545 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323882 |
| Credit Suisse First Boston Mortgage Securities Corp. Series 2005-12, Class 1A1 | Credit Suisse First Boston Mortgage Securities Corp. Series 2005-12, Class 1A1 | Credit Suisse First Boston Mortgage Securities Corp. Series 2005-12, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50% | 01/25/36 | 948046 | 209362 |
| Credit-Based Asset Servicing & Securitization LLC Series 2003-CB3, Class AF1 | Credit-Based Asset Servicing & Securitization LLC Series 2003-CB3, Class AF1 | Credit-Based Asset Servicing & Securitization LLC Series 2003-CB3, Class AF1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.38% | 12/25/32 | 185739 | 180388 |
| Credit-Based Asset Servicing & Securitization LLC Series 2006-CB2, Class AF2 | Credit-Based Asset Servicing & Securitization LLC Series 2006-CB2, Class AF2 | Credit-Based Asset Servicing & Securitization LLC Series 2006-CB2, Class AF2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.99% | 12/25/36 | 1647424 | 1331148 |
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.81% (1 mo. USD Term SOFR + 0.494%) (4) | 02/25/37 | 244281 | 211563 |
| Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2 | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2 | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.68% (6) | 06/25/36 | 727920 | 671792 |
| DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A | DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A | DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63% (1 mo. USD Term SOFR + 0.314%) (4) | 10/19/36 | 306607 | 203801 |
| EFMT Series 2025-CES1, Class B1 | EFMT Series 2025-CES1, Class B1 | EFMT Series 2025-CES1, Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.07% (1),(6) | 01/25/60 | 670000 | 680099 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.17% (30 day USD SOFR Average + 3.864%) (1),(4) | 09/25/39 | 568168 | 582304 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R07, Class 1B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R07, Class 1B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R07, Class 1B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.82% (30 day USD SOFR Average + 3.514%) (1),(4) | 10/25/39 | 841278 | 860153 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.31% (30 day USD SOFR Average + 6.000%) (1),(4) | 10/25/41 | 475000 | 496317 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.81% (30 day USD SOFR Average + 5.500%) (1),(4) | 12/25/41 | 650000 | 677903 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.31% (30 day USD SOFR Average + 6.000%) (1),(4) | 12/25/41 | 800000 | 840494 |
| First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C | First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C | First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75% (1 mo. USD Term SOFR + 0.434%) (4) | 10/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;538517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352340 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | Maturity<br>Date | Principal<br>Amount | Value |
| Residential Mortgage-backed Securities — Non-agency<br>(Continued) | Residential Mortgage-backed Securities — Non-agency<br>(Continued) | Residential Mortgage-backed Securities — Non-agency<br>(Continued) |  |
| First Horizon Alternative Mortgage Securities Trust Series 2005-AA10, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA10, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA10, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.37% (6) | 12/25/35 | $119509 | $90863 |
| Fremont Home Loan Trust Series 2005-A, Class M4 | Fremont Home Loan Trust Series 2005-A, Class M4 | Fremont Home Loan Trust Series 2005-A, Class M4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.45% (1 mo. USD Term SOFR + 1.134%) (4) | 01/25/35 | 1432275 | 1304562 |
| GCAT Trust Series 2021-NQM6, Class A1 | GCAT Trust Series 2021-NQM6, Class A1 | GCAT Trust Series 2021-NQM6, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.86% (1),(6) | 08/25/66 | 927773 | 841617 |
| GreenPoint Manufactured Housing Series 2000-1, Class A4 | GreenPoint Manufactured Housing Series 2000-1, Class A4 | GreenPoint Manufactured Housing Series 2000-1, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.14% (6) | 03/20/30 | 343808 | 198904 |
| GSAA Home Equity Trust Series 2006-13, Class AF6 | GSAA Home Equity Trust Series 2006-13, Class AF6 | GSAA Home Equity Trust Series 2006-13, Class AF6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.54% | 07/25/36 | 1067189 | 299806 |
| GSAMP Trust Series 2007-NC1, Class A2C | GSAMP Trust Series 2007-NC1, Class A2C | GSAMP Trust Series 2007-NC1, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.73% (1 mo. USD Term SOFR + 0.414%) (4) | 12/25/46 | 2099862 | 1037826 |
| GSC Capital Corp. Mortgage Trust Series 2006-2, Class A1 | GSC Capital Corp. Mortgage Trust Series 2006-2, Class A1 | GSC Capital Corp. Mortgage Trust Series 2006-2, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.79% (1 mo. USD Term SOFR + 0.474%) (4) | 05/25/36 | 136943 | 131297 |
| GSR Mortgage Loan Trust Series 2005-AR3, Class 6A1 | GSR Mortgage Loan Trust Series 2005-AR3, Class 6A1 | GSR Mortgage Loan Trust Series 2005-AR3, Class 6A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.30% (6) | 05/25/35 | 113039 | 84388 |
| HSI Asset Loan Obligation Trust Series 2007-2, Class 2A12 | HSI Asset Loan Obligation Trust Series 2007-2, Class 2A12 | HSI Asset Loan Obligation Trust Series 2007-2, Class 2A12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00% | 09/25/37 | 265338 | 195462 |
| IndyMac INDX Mortgage Loan Trust Series 2004-AR6, Class 5A1 | IndyMac INDX Mortgage Loan Trust Series 2004-AR6, Class 5A1 | IndyMac INDX Mortgage Loan Trust Series 2004-AR6, Class 5A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.30% (6) | 10/25/34 | 202539 | 194366 |
| IndyMac INDX Mortgage Loan Trust Series 2005-AR19, Class A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR19, Class A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR19, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.68% (6) | 10/25/35 | 354490 | 287100 |
| IndyMac INDX Mortgage Loan Trust Series 2006-AR13, Class A4X (I/O) | IndyMac INDX Mortgage Loan Trust Series 2006-AR13, Class A4X (I/O) | IndyMac INDX Mortgage Loan Trust Series 2006-AR13, Class A4X (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% <sup>(6)</sup> | 07/25/36 | 155378 |  |
| IndyMac INDX Mortgage Loan Trust Series 2006-AR9, Class 1A1 | IndyMac INDX Mortgage Loan Trust Series 2006-AR9, Class 1A1 | IndyMac INDX Mortgage Loan Trust Series 2006-AR9, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.26% (6) | 06/25/36 | 415062 | 224017 |
| IndyMac INDX Mortgage Loan Trust Series 2007-AR5, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2007-AR5, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2007-AR5, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.34% (6) | 05/25/37 | 529200 | 424916 |
| IndyMac INDX Mortgage Loan Trust Series 2007-FLX2, Class A1C | IndyMac INDX Mortgage Loan Trust Series 2007-FLX2, Class A1C | IndyMac INDX Mortgage Loan Trust Series 2007-FLX2, Class A1C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.81% (1 mo. USD Term SOFR + 0.494%) (4) | 04/25/37 | 1125796 | 995072 |
| JPMorgan Alternative Loan Trust Series 2006-A2, Class 5A1 | JPMorgan Alternative Loan Trust Series 2006-A2, Class 5A1 | JPMorgan Alternative Loan Trust Series 2006-A2, Class 5A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.45% (6) | 05/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;322103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183018 |
| JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5 | JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5 | JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.91% | 07/25/36 | 1789397 | 478340 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | Maturity<br>Date | Principal<br>Amount | Value |
| Residential Mortgage-backed Securities — Non-agency<br>(Continued) | Residential Mortgage-backed Securities — Non-agency<br>(Continued) | Residential Mortgage-backed Securities — Non-agency<br>(Continued) |  |
| JPMorgan Mortgage Trust Series 2004-A6, Class 5A1 | JPMorgan Mortgage Trust Series 2004-A6, Class 5A1 | JPMorgan Mortgage Trust Series 2004-A6, Class 5A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.44% (6) | 12/25/34 | $142731 | $142624 |
| JPMorgan Mortgage Trust Series 2007-S2, Class 1A1 | JPMorgan Mortgage Trust Series 2007-S2, Class 1A1 | JPMorgan Mortgage Trust Series 2007-S2, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% | 06/25/37 | 146910 | 45312 |
| JPMorgan Resecuritization Trust Series 2015-4,<br>Class 2A2 | JPMorgan Resecuritization Trust Series 2015-4,<br>Class 2A2 | JPMorgan Resecuritization Trust Series 2015-4,<br>Class 2A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.18% (1),(6) | 06/26/47 | 2836299 | 1074898 |
| Lehman Mortgage Trust Series 2006-7,<br>Class 2A5 (I/O) (I/F) | Lehman Mortgage Trust Series 2006-7,<br>Class 2A5 (I/O) (I/F) | Lehman Mortgage Trust Series 2006-7,<br>Class 2A5 (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.12% (-1 mo. USD Term SOFR + 6.436%) (4) | 11/25/36 | 2866195 | 325988 |
| Lehman XS Trust Series 2006-10N, Class 1A3A | Lehman XS Trust Series 2006-10N, Class 1A3A | Lehman XS Trust Series 2006-10N, Class 1A3A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.85% (1 mo. USD Term SOFR + 0.534%) (4) | 07/25/46 | 325438 | 312664 |
| Lehman XS Trust Series 2006-12N, Class A31A | Lehman XS Trust Series 2006-12N, Class A31A | Lehman XS Trust Series 2006-12N, Class A31A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.83% (1 mo. USD Term SOFR + 0.514%) (4) | 08/25/46 | 394034 | 400905 |
| Long Beach Mortgage Loan Trust Series 2004-4,<br>Class M1 | Long Beach Mortgage Loan Trust Series 2004-4,<br>Class M1 | Long Beach Mortgage Loan Trust Series 2004-4,<br>Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.33% (1 mo. USD Term SOFR + 1.014%) (4) | 10/25/34 | 252115 | 244137 |
| MASTR Alternative Loan Trust Series 2006-2,<br>Class 2A2 (I/O) (I/F) | MASTR Alternative Loan Trust Series 2006-2,<br>Class 2A2 (I/O) (I/F) | MASTR Alternative Loan Trust Series 2006-2,<br>Class 2A2 (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.67% (-1 mo. USD Term SOFR + 6.986%) (4) | 03/25/36 | 5879176 | 344208 |
| MASTR Alternative Loan Trust Series 2007-HF1,<br>Class 4A1 | MASTR Alternative Loan Trust Series 2007-HF1,<br>Class 4A1 | MASTR Alternative Loan Trust Series 2007-HF1,<br>Class 4A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.00% | 10/25/47 | 1046089 | 409529 |
| MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A4 | MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A4 | MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.99% (1 mo. USD Term SOFR + 0.674%) (4) | 05/25/37 | 2000000 | 1695433 |
| Merrill Lynch Alternative Note Asset Trust Series<br>2007-OAR2, Class A2 | Merrill Lynch Alternative Note Asset Trust Series<br>2007-OAR2, Class A2 | Merrill Lynch Alternative Note Asset Trust Series<br>2007-OAR2, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.85% (1 mo. USD Term SOFR + 0.534%) (4) | 04/25/37 | 474806 | 373371 |
| Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.69% (1 mo. USD Term SOFR + 0.374%) (4) | 06/25/37 | 246447 | 245797 |
| Merrill Lynch First Franklin Mortgage Loan Trust Series<br>2007-3, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series<br>2007-3, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series<br>2007-3, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.79% (1 mo. USD Term SOFR + 0.474%) (4) | 06/25/37 | 354132 | 354246 |
| Merrill Lynch Mortgage Investors Trust Series<br>2006-RM2, Class A1A | Merrill Lynch Mortgage Investors Trust Series<br>2006-RM2, Class A1A | Merrill Lynch Mortgage Investors Trust Series<br>2006-RM2, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.80% (1 mo. USD Term SOFR + 0.484%) (4) | 05/25/37 | 3723264 | &nbsp;&nbsp;&nbsp;&nbsp;1048582 |
| Merrill Lynch Mortgage-Backed Securities Trust Series<br>2007-2, Class 1A1 | Merrill Lynch Mortgage-Backed Securities Trust Series<br>2007-2, Class 1A1 | Merrill Lynch Mortgage-Backed Securities Trust Series<br>2007-2, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.53% (1 yr. CMT + 2.400%) (4) | 08/25/36 | 79227 | 67813 |

---

See accompanying Notes to Financial Statements.

------

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | Maturity<br>Date | Principal<br>Amount | Value |
| Residential Mortgage-backed Securities — Non-agency<br>(Continued) | Residential Mortgage-backed Securities — Non-agency<br>(Continued) | Residential Mortgage-backed Securities — Non-agency<br>(Continued) |  |
| New Residential Mortgage Loan Trust Series<br>2022-NQM2, Class A2 | New Residential Mortgage Loan Trust Series<br>2022-NQM2, Class A2 | New Residential Mortgage Loan Trust Series<br>2022-NQM2, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.70% (1),(6) | 03/27/62 | $930000 | $744032 |
| Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR1, Class 1A | Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR1, Class 1A | Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR1, Class 1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.24% (6) | 02/25/36 | 101332 | 66912 |
| Oakwood Mortgage Investors, Inc. Series 1999-E, Class A1 | Oakwood Mortgage Investors, Inc. Series 1999-E, Class A1 | Oakwood Mortgage Investors, Inc. Series 1999-E, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.61% (6) | 03/15/30 | 451967 | 198423 |
| Oakwood Mortgage Investors, Inc. Series 2000-A, Class A4 | Oakwood Mortgage Investors, Inc. Series 2000-A, Class A4 | Oakwood Mortgage Investors, Inc. Series 2000-A, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.15% (6) | 09/15/29 | 1717630 | 232996 |
| Oakwood Mortgage Investors, Inc. Series 2000-D, Class A4 | Oakwood Mortgage Investors, Inc. Series 2000-D, Class A4 | Oakwood Mortgage Investors, Inc. Series 2000-D, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.40% (6) | 07/15/30 | 681680 | 96324 |
| Oakwood Mortgage Investors, Inc. Series 2001-C, Class A3 | Oakwood Mortgage Investors, Inc. Series 2001-C, Class A3 | Oakwood Mortgage Investors, Inc. Series 2001-C, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.61% (6) | 06/15/31 | 1671028 | 115671 |
| Oakwood Mortgage Investors, Inc. Series 2001-D, Class A3 | Oakwood Mortgage Investors, Inc. Series 2001-D, Class A3 | Oakwood Mortgage Investors, Inc. Series 2001-D, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.90% (6),(8),(12) | 09/15/22 | 477536 | 181623 |
| PMT Loan Trust Series 2024-INV1, Class A29 | PMT Loan Trust Series 2024-INV1, Class A29 | PMT Loan Trust Series 2024-INV1, Class A29 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00% (1),(6) | 10/25/59 | 707420 | 709554 |
| PRET LLC Series 2022-RN2, Class A2 | PRET LLC Series 2022-RN2, Class A2 | PRET LLC Series 2022-RN2, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50% (1) | 06/25/52 | 1255000 | 1256363 |
| PRET LLC Series 2025-NPL6, Class A1 | PRET LLC Series 2025-NPL6, Class A1 | PRET LLC Series 2025-NPL6, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.74% (1),(10) | 06/25/55 | 700000 | 701798 |
| PRPM LLC Series 2021-4, Class A1 | PRPM LLC Series 2021-4, Class A1 | PRPM LLC Series 2021-4, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.87% (1) | 04/25/26 | 907595 | 909133 |
| PRPM LLC Series 2024-RPL1, Class M1 | PRPM LLC Series 2024-RPL1, Class M1 | PRPM LLC Series 2024-RPL1, Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.10% (1),(6) | 12/25/64 | 650000 | 617806 |
| PRPM LLC Series 2024-RPL2, Class M1 | PRPM LLC Series 2024-RPL2, Class M1 | PRPM LLC Series 2024-RPL2, Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50% (1) | 05/25/54 | 900000 | 821737 |
| RALI Trust Series 2005-QA8, Class CB21 | RALI Trust Series 2005-QA8, Class CB21 | RALI Trust Series 2005-QA8, Class CB21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.27% (6) | 07/25/35 | 270688 | 139657 |
| RALI Trust Series 2006-QS1, Class A3 (PAC) | RALI Trust Series 2006-QS1, Class A3 (PAC) | RALI Trust Series 2006-QS1, Class A3 (PAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75% | 01/25/36 | 180886 | 142478 |
| RALI Trust Series 2006-QS13, Class 1A2 (I/O) (I/F) | RALI Trust Series 2006-QS13, Class 1A2 (I/O) (I/F) | RALI Trust Series 2006-QS13, Class 1A2 (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.73% (-1 mo. USD Term SOFR + 7.046%) (4) | 09/25/36 | 1695760 | 226734 |
| RALI Trust Series 2006-QS6, Class 1AV (I/O) | RALI Trust Series 2006-QS6, Class 1AV (I/O) | RALI Trust Series 2006-QS6, Class 1AV (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.77% (6) | 06/25/36 | 2247826 | 58896 |
| RALI Trust Series 2006-QS7, Class A2 | RALI Trust Series 2006-QS7, Class A2 | RALI Trust Series 2006-QS7, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00% | 06/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;232887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184604 |
| RALI Trust Series 2006-QS8, Class A3 | RALI Trust Series 2006-QS8, Class A3 | RALI Trust Series 2006-QS8, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00% | 08/25/36 | 416608 | 348424 |
| RALI Trust Series 2007-QS2, Class AV (I/O) | RALI Trust Series 2007-QS2, Class AV (I/O) | RALI Trust Series 2007-QS2, Class AV (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.29% (6) | 01/25/37 | 4969784 | 49670 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | Maturity<br>Date | Principal<br>Amount | Value |
| Residential Mortgage-backed Securities — Non-agency<br>(Continued) | Residential Mortgage-backed Securities — Non-agency<br>(Continued) | Residential Mortgage-backed Securities — Non-agency<br>(Continued) |  |
| RALI Trust Series 2007-QS3, Class AV (I/O) | RALI Trust Series 2007-QS3, Class AV (I/O) | RALI Trust Series 2007-QS3, Class AV (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.36% (6) | 02/25/37 | $6134511 | $89520 |
| RALI Trust Series 2007-QS6, Class A62 (TAC) | RALI Trust Series 2007-QS6, Class A62 (TAC) | RALI Trust Series 2007-QS6, Class A62 (TAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50% | 04/25/37 | 135250 | 109858 |
| RCKT Mortgage Trust Class B1, Series 2024-CES8 | RCKT Mortgage Trust Class B1, Series 2024-CES8 | RCKT Mortgage Trust Class B1, Series 2024-CES8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.40% (1) | 11/25/44 | 700000 | 707401 |
| RCKT Mortgage Trust Series 2024-CES6, Class A3 | RCKT Mortgage Trust Series 2024-CES6, Class A3 | RCKT Mortgage Trust Series 2024-CES6, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.99% (1) | 09/25/44 | 800000 | 806184 |
| Residential Asset Securitization Trust Series<br>2005-A15, Class 4A1 | Residential Asset Securitization Trust Series<br>2005-A15, Class 4A1 | Residential Asset Securitization Trust Series<br>2005-A15, Class 4A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00% | 02/25/36 | 931914 | 260998 |
| Residential Asset Securitization Trust Series 2007-A5, Class AX (I/O) | Residential Asset Securitization Trust Series 2007-A5, Class AX (I/O) | Residential Asset Securitization Trust Series 2007-A5, Class AX (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00% | 05/25/37 | 1083953 | 175239 |
| RFMSI Trust Series 2006-S9, Class AV (I/O) | RFMSI Trust Series 2006-S9, Class AV (I/O) | RFMSI Trust Series 2006-S9, Class AV (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.33% (6) | 09/25/36 | 13991521 | 149127 |
| Saxon Asset Securities Trust Series 2007-3, Class 2A4 | Saxon Asset Securities Trust Series 2007-3, Class 2A4 | Saxon Asset Securities Trust Series 2007-3, Class 2A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.92% (1 mo. USD Term SOFR + 0.604%) (4) | 09/25/47 | 1326000 | 1123073 |
| Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.84% | 01/25/36 | 876407 | 750019 |
| Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2, Class A2C | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2, Class A2C | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.87% (1 mo. USD Term SOFR + 0.554%) (4) | 01/25/37 | 1494000 | 987990 |
| Shamrock Residential DAC Series 2024-1A, Class C | Shamrock Residential DAC Series 2024-1A, Class C | Shamrock Residential DAC Series 2024-1A, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.29% (1 mo. EUR EURIBOR +<br>2.200%) (1),(4) | 12/24/78 | EUR 575,000 | 671361 |
| Structured Adjustable Rate Mortgage Loan Trust Series 2005-20, Class 1A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-20, Class 1A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-20, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.08% (6) | 10/25/35 | 78400 | 72782 |
| Structured Asset Mortgage Investments II Trust Series 2006-AR4, Class 5A1 | Structured Asset Mortgage Investments II Trust Series 2006-AR4, Class 5A1 | Structured Asset Mortgage Investments II Trust Series 2006-AR4, Class 5A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.79% (1 mo. USD Term SOFR + 0.474%) (4) | 06/25/36 | 472372 | 382520 |
| VCAT LLC Series 2025-NPL1, Class A1 | VCAT LLC Series 2025-NPL1, Class A1 | VCAT LLC Series 2025-NPL1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88% (1) | 01/25/55 | 592901 | 594494 |
| Verus Securitization Trust Class B1, Series 2023-5 | Verus Securitization Trust Class B1, Series 2023-5 | Verus Securitization Trust Class B1, Series 2023-5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.02% (1),(6) | 06/25/68 | 760000 | 764423 |
| Verus Securitization Trust Series 2023-4, Class A1 | Verus Securitization Trust Series 2023-4, Class A1 | Verus Securitization Trust Series 2023-4, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.81% (1) | 05/25/68 | 705087 | 706185 |
| Verus Securitization Trust Series 2023-7, Class B1 | Verus Securitization Trust Series 2023-7, Class B1 | Verus Securitization Trust Series 2023-7, Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.89% (1),(6) | 10/25/68 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654906 |
| Verus Securitization Trust Series 2025-3, Class B1 | Verus Securitization Trust Series 2025-3, Class B1 | Verus Securitization Trust Series 2025-3, Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.52% (1),(6) | 05/25/70 | 734000 | 745462 |
| VOLT CIII LLC Series 2021-CF1, Class A1 | VOLT CIII LLC Series 2021-CF1, Class A1 | VOLT CIII LLC Series 2021-CF1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.99% (1) | 08/25/51 | 446283 | 446628 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | Maturity<br>Date | Principal<br>Amount | Value |
| Residential Mortgage-backed Securities — Non-agency<br>(Continued) | Residential Mortgage-backed Securities — Non-agency<br>(Continued) | Residential Mortgage-backed Securities — Non-agency<br>(Continued) |  |
| VOLT XCIX LLC Series 2021-NPL8, Class A1 | VOLT XCIX LLC Series 2021-NPL8, Class A1 | VOLT XCIX LLC Series 2021-NPL8, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.12% (1) | 04/25/51 | 122984 | $123008 |
| WaMu Asset-Backed Certificates WaMu Trust Series 2007-HE1, Class 2A3 | WaMu Asset-Backed Certificates WaMu Trust Series 2007-HE1, Class 2A3 | WaMu Asset-Backed Certificates WaMu Trust Series 2007-HE1, Class 2A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.73% (1 mo. USD Term SOFR + 0.414%) (4) | 01/25/37 | 1439259 | 653955 |
| Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 2A2 (I/O) (I/F) | Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 2A2 (I/O) (I/F) | Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 2A2 (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.64% (-1 mo. USD Term SOFR + 5.956%) (4) | 06/25/37 | 1095376 | 114250 |
| Wells Fargo Mortgage-Backed Securities Trust Series 2007-AR3, Class A4 | Wells Fargo Mortgage-Backed Securities Trust Series 2007-AR3, Class A4 | Wells Fargo Mortgage-Backed Securities Trust Series 2007-AR3, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.36% (6) | 04/25/37 | 70906 | 62689 |
| **Total Residential Mortgage-backed<br>Securities — Non-agency** | **Total Residential Mortgage-backed<br>Securities — Non-agency** | **Total Residential Mortgage-backed<br>Securities — Non-agency** |  |
| (Cost: $68,147,842) | (Cost: $68,147,842) | (Cost: $68,147,842) | 57713727 |
| **Total Mortgage-backed Securities** | **Total Mortgage-backed Securities** | **Total Mortgage-backed Securities** |  |
| (Cost: $167,972,136) | (Cost: $167,972,136) | (Cost: $167,972,136) | 153914034 |
| CORPORATE BONDS — 24.7% | CORPORATE BONDS — 24.7% | CORPORATE BONDS — 24.7% |  |
| Aerospace & Defense — 1.2% | Aerospace & Defense — 1.2% | Aerospace & Defense — 1.2% |  |
| General Electric Co. | General Electric Co. | General Electric Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.07% (3 mo. USD Term SOFR + 0.742%) (4) | 08/15/36 | 2400000 | 2252136 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00% (1) | 01/15/33 | 260000 | 261729 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75% (1) | 08/15/28 | 350000 | 357686 |
|  |  |  | 2871551 |
| Agriculture — 0.4% | Agriculture — 0.4% | Agriculture — 0.4% |  |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.88% | 02/04/28 | 195000 | 197724 |
| Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50% (1),(10) | 06/30/28 | 500000 | 499995 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.13% (1) | 07/27/27 | 125000 | 129011 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.75% | 06/06/29 | EUR 125,000 | 145707 |
|  |  |  | 972437 |
| Airlines — 0.2% | Airlines — 0.2% | Airlines — 0.2% |  |
| JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00% | 05/15/34 | 564427 | 526887 |
| Auto Manufacturers — 0.3% | Auto Manufacturers — 0.3% | Auto Manufacturers — 0.3% |  |
| Volkswagen Financial Services AG (Germany) | Volkswagen Financial Services AG (Germany) | Volkswagen Financial Services AG (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88% (5) | 11/19/31 | 300000 | 353831 |
| Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.80% (1) | 03/27/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70523 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | Maturity<br>Date | Principal<br>Amount | Principal<br>Amount | Value |
| Auto Manufacturers (Continued) | Auto Manufacturers (Continued) | Auto Manufacturers (Continued) | Auto Manufacturers (Continued) |  |
| Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.88% (9 yr. EUR Swap +<br>4.783%) (4),(5),(13) | 09/06/32 | <br>$ EUR | 200000 | $265745 |
|  |  |  |  | 690099 |
| Banks — 4.5% | Banks — 4.5% | Banks — 4.5% | Banks — 4.5% |  |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.66% (1 day USD SOFR + 0.910%) (4) | 03/11/27 |  | 460000 | 451315 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.92% (1 day USD SOFR + 1.370%) (4) | 10/24/31 |  | 790000 | 689330 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.30% (1 day USD SOFR + 1.220%) (4) | 07/21/32 |  | 145000 | 126420 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.55% (1 day USD SOFR + 1.050%) (4) | 02/04/28 |  | 120000 | 116668 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.65% (1 day USD SOFR + 1.220%) (4) | 03/11/32 |  | 45000 | 40413 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.69% (1 day USD SOFR + 1.320%) (4) | 04/22/32 |  | 275000 | 247076 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.42% (3 mo. USD Term SOFR + 1.302%) (4) | 12/20/28 |  | 395000 | 386136 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38% (5 yr. CMT + 2.760%) (4),(13) | 01/27/27 |  | 140000 | 137715 |
| Citibank NA | Citibank NA | Citibank NA | Citibank NA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.91% | 05/29/30 |  | 140000 | 142723 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.52% (1 day USD SOFR + 1.177%) (4) | 11/03/32 |  | 515000 | 450764 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.33% (1 day USD SOFR + 1.465%) (4) | 03/27/36 |  | 75000 | 75635 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.45% (1 day USD SOFR + 1.447%) (4) | 06/11/35 |  | 35000 | 35797 |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.09% (1 day USD SOFR + 0.789%) (4) | 12/09/26 |  | 1275000 | 1255378 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.54% (1 day USD SOFR + 0.818%) (4) | 09/10/27 |  | 1350000 | 1303776 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.65% (1 day USD SOFR + 1.264%) (4) | 10/21/32 |  | 100000 | 88328 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.02% (1 day USD SOFR + 1.420%) (4) | 10/23/35 |  | 5000 | 4943 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.54% (1 day USD SOFR + 1.380%) (4) | 01/28/36 |  | 50000 | 51308 |
| HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.36% (1 day USD<br>SOFR + 1.947%) (4) | 08/18/31 |  | 130000 | 115554 |

---

See accompanying Notes to Financial Statements.

------

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | Maturity<br>Date | Principal<br>Amount | Value |
| Banks (Continued) | Banks (Continued) | Banks (Continued) |  |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.04% (3 mo. USD Term SOFR + 0.695%) (4) | 02/04/27 | $1245000 | $&nbsp;&nbsp;&nbsp;&nbsp;1219664 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.05% (1 day USD<br>SOFR + 0.800%) (4) | 11/19/26 | 75000 | 73989 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.58% (1 day USD<br>SOFR + 0.885%) (4) | 04/22/27 | 425000 | 415238 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.07% (1 day USD<br>SOFR + 1.015%) (4) | 06/01/29 | 660000 | 619483 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.55% (1 day USD<br>SOFR + 1.180%) (4) | 11/08/32 | 85000 | 74888 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.95% (1 day USD<br>SOFR + 1.340%) (4) | 10/22/35 | 130000 | 128756 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.77% (1 day USD<br>SOFR + 1.490%) (4) | 04/22/35 | 145000 | 152459 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.79% (1 day USD<br>SOFR + 1.034%) (4) | 02/13/32 | 40000 | 34239 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.24% (1 day USD<br>SOFR + 1.178%) (4) | 07/21/32 | 410000 | 355253 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.51% (1 day USD<br>SOFR + 1.200%) (4) | 10/20/32 | 180000 | 157738 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.94% (1 day USD<br>SOFR + 1.290%) (4) | 01/21/33 | 220000 | 196478 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.59% (1 day USD<br>SOFR + 1.418%) (4) | 01/18/36 | 105000 | 108054 |
| PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.40% (5 yr. CMT +<br>2.595%) (4),(13) | 09/15/26 | 130000 | 125879 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88% (1 day USD<br>SOFR + 2.284%) (4) | 10/20/34 | 75000 | 83917 |
| Santander U.K. Group Holdings PLC<br>(United Kingdom) | Santander U.K. Group Holdings PLC<br>(United Kingdom) | Santander U.K. Group Holdings PLC<br>(United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.67% (1 day USD<br>SOFR + 0.989%) (4) | 06/14/27 | 55000 | 53426 |
| U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.84% (1 day USD<br>SOFR + 1.600%) (4) | 02/01/34 | 25000 | 24716 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.68% (1 day USD<br>SOFR + 1.860%) (4) | 01/23/35 | 80000 | 83143 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.85% (1 day USD<br>SOFR + 2.090%) (4) | 10/21/33 | 5000 | 5265 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.39% (1 day USD<br>SOFR + 2.100%) (4) | 06/02/28 | 955000 | 920782 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.57% (3 mo. USD Term<br>SOFR + 1.262%) (4) | 02/11/31 | 200000 | 183246 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.35% (1 day USD<br>SOFR + 1.500%) (4) | 03/02/33 | 400000 | 365628 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.21% (1 day USD<br>SOFR + 1.380%) (4) | 12/03/35 | 80000 | 80366 |
|  |  |  | 11181886 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | Maturity<br>Date | Principal<br>Amount | Value |
| Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% |  |
| Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50% (1) | 10/14/31 | $&nbsp;&nbsp;&nbsp;&nbsp;395000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327407 |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.25% (1) | 04/01/29 | 125000 | 126009 |
|  |  |  | 453416 |
| Biotechnology — 0.0% | Biotechnology — 0.0% | Biotechnology — 0.0% |  |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.65% | 03/02/53 | 60000 | 58657 |
| Chemicals — 0.3% | Chemicals — 0.3% | Chemicals — 0.3% |  |
| International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.30% (1) | 11/01/30 | 725000 | 641451 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.27% (1) | 11/15/40 | 15000 | 11020 |
|  |  |  | 652471 |
| Commercial Services — 0.9% | Commercial Services — 0.9% | Commercial Services — 0.9% |  |
| Adtalem Global Education, Inc. | Adtalem Global Education, Inc. | Adtalem Global Education, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50% (1) | 03/01/28 | 294000 | 291954 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg) | Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg) | Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.00% (1) | 05/21/30 | 240000 | 245741 |
| Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.88% (1) | 02/15/31 | 125000 | 130771 |
| Grand Canyon University | Grand Canyon University | Grand Canyon University |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.13% | 10/01/28 | 250000 | 242580 |
| OT Midco Ltd. | OT Midco Ltd. | OT Midco Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.00% (1) | 02/15/30 | 300000 | 232338 |
| RAC Bond Co. PLC (United Kingdom) | RAC Bond Co. PLC (United Kingdom) | RAC Bond Co. PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.25% (5) | 05/06/46 | 100000 | 148769 |
| Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88% (1) | 11/15/31 | 175000 | 175026 |
| Rollins, Inc. | Rollins, Inc. | Rollins, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25% | 02/24/35 | 370000 | 371610 |
| Upbound Group, Inc. | Upbound Group, Inc. | Upbound Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38% (1) | 02/15/29 | 270000 | 267594 |
| VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.50% (1) | 08/15/30 | 120000 | 127558 |
|  |  |  | 2233941 |
| Computers — 0.3% | Computers — 0.3% | Computers — 0.3% |  |
| Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75% | 04/01/28 | 370000 | 374510 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% | 04/01/30 | 245000 | 249070 |
| NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.13% (1) | 04/15/29 | 128000 | 126383 |
|  |  |  | 749963 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Cosmetics/Personal Care — 0.3% | Cosmetics/Personal Care — 0.3% | Cosmetics/Personal Care — 0.3% |  |
| Edgewell Personal Care Co. | Edgewell Personal Care Co. | Edgewell Personal Care Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50% (1) | 06/01/28 | $133000 | $132468 |
| Opal Bidco SAS (France) | Opal Bidco SAS (France) | Opal Bidco SAS (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50% (1) | 03/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61214 |
| Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.75% (1) | 04/01/31 | 595000 | 548578 |
|  |  |  | 742260 |
| Diversified Financial Services — 0.7% | Diversified Financial Services — 0.7% | Diversified Financial Services — 0.7% |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88% | 01/23/28 | 130000 | 128102 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.63% | 12/01/27 | 120000 | 118224 |
| American Express Co. | American Express Co. | American Express Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.55% (5 yr. CMT + 2.854%) (4),(13) | 09/15/26 | 145000 | 141867 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.53% (1) | 11/18/27 | 406000 | 386057 |
| Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% (5 yr. CMT + 3.256%) (4),(13) | 06/01/27 | 135000 | 134910 |
| EZCORP, Inc. | EZCORP, Inc. | EZCORP, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.38% (1) | 04/01/32 | 225000 | 236866 |
| GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.00% (1) | 06/15/28 | 117000 | 123895 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.00% (1) | 02/15/27 | 115000 | 118743 |
| Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75% (1) | 05/01/33 | 315000 | 325203 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.13% (1) | 04/30/31 | 96000 | 101107 |
|  |  |  | 1814974 |
| Electric — 0.5% | Electric — 0.5% | Electric — 0.5% |  |
| Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.60% (1) | 03/01/32 | 535000 | 486834 |
| E.ON SE (Germany) | E.ON SE (Germany) | E.ON SE (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50% (5) | 04/16/33 | 155000 | 183640 |
| Elia Group SA (Belgium) | Elia Group SA (Belgium) | Elia Group SA (Belgium) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88% (5) | 06/11/31 | 100000 | 119647 |
| Eurogrid GmbH (Germany) | Eurogrid GmbH (Germany) | Eurogrid GmbH (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.11% (5) | 05/15/32 | 100000 | 101490 |
| MVM Energetika Zrt (Hungary) | MVM Energetika Zrt (Hungary) | MVM Energetika Zrt (Hungary) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50% (5) | 03/13/31 | 200000 | 207294 |
| Pike Corp. | Pike Corp. | Pike Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.63% (1) | 01/31/31 | 230000 | 250521 |
|  |  |  | 1349426 |
| Engineering & Construction — 0.2% | Engineering & Construction — 0.2% | Engineering & Construction — 0.2% |  |
| Artera Services LLC | Artera Services LLC | Artera Services LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.50% (1) | 02/15/31 | 170000 | 141576 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Engineering & Construction (Continued) | Engineering & Construction (Continued) | Engineering & Construction (Continued) |  |
| Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.13% (5) | 10/08/32 | 130000 | $136890 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88% (5) | 01/16/38 | 120000 | 139004 |
|  |  |  | 417470 |
| Entertainment — 0.9% | Entertainment — 0.9% | Entertainment — 0.9% |  |
| Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.13% (1) | 05/01/29 | $200000 | 207680 |
| Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50% (1) | 02/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128211 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.13% (1) | 07/01/27 | 370000 | 370392 |
| Everi Holdings, Inc. | Everi Holdings, Inc. | Everi Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% (1) | 07/15/29 | 275000 | 278047 |
| FDJ UNITED (France) | FDJ UNITED (France) | FDJ UNITED (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.38% (5) | 11/21/33 | 100000 | 115936 |
| Great Canadian Gaming Corp./Raptor LLC (Canada) | Great Canadian Gaming Corp./Raptor LLC (Canada) | Great Canadian Gaming Corp./Raptor LLC (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.75% (1) | 11/15/29 | 95000 | 93253 |
| Penn Entertainment, Inc. | Penn Entertainment, Inc. | Penn Entertainment, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.63% (1) | 01/15/27 | 165000 | 164574 |
| Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.25% (1) | 07/01/32 | 245000 | 255599 |
| WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.28% (10) | 03/15/32 | 166000 | 140215 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.05% | 03/15/42 | 480000 | 322930 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.14% (10) | 03/15/52 | 96000 | 59291 |
|  |  |  | 2136128 |
| Environmental Control — 0.0% | Environmental Control — 0.0% | Environmental Control — 0.0% |  |
| Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.00% (1) | 02/01/33 | 74000 | 77046 |
| Food — 0.9% | Food — 0.9% | Food — 0.9% |  |
| ELO SACA (France) | ELO SACA (France) | ELO SACA (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00% (5) | 03/22/29 | 100000 | 109459 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.75% | 12/01/31 | 540000 | 502729 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50% | 01/15/30 | 8000 | 8220 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38% | 07/15/28 | 210000 | 220708 |
| Mondelez International Holdings Netherlands BV | Mondelez International Holdings Netherlands BV | Mondelez International Holdings Netherlands BV |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.88% (5) | 10/01/31 | 100000 | 102828 |
| Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.25% | 07/01/33 | 700000 | 740845 |
| Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63% (1) | 04/15/30 | 505000 | 486133 |
|  |  |  | 2170922 |

---

See accompanying Notes to Financial Statements.

------

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Gas — 0.7% | Gas — 0.7% | Gas — 0.7% |  |
| AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.38% (1) | 06/01/28 | $271000 | $279650 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.50% (1) | 06/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202244 |
| National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25% (5) | 04/05/30 | 215000 | 263752 |
| Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88% | 11/15/25 | 640000 | 638349 |
| Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.50% (1) | 05/01/33 | 35000 | 37519 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.75% (1) | 05/01/35 | 239000 | 259002 |
|  |  |  | 1680516 |
| Health Care-Products — 0.2% | Health Care-Products — 0.2% | Health Care-Products — 0.2% |  |
| American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00% | 03/08/31 | 260000 | 304798 |
| Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.38% (1) | 10/01/28 | 70000 | 73171 |
| Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.38% (1) | 06/01/31 | 120000 | 124745 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.88% | 10/01/49 | 140000 | 106181 |
|  |  |  | 608895 |
| Health Care-Services — 1.3% | Health Care-Services — 1.3% | Health Care-Services — 1.3% |  |
| Centene Corp. | Centene Corp. | Centene Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00% | 10/15/30 | 248000 | 221702 |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.20% | 02/15/35 | 110000 | 111206 |
| Fortrea Holdings, Inc. | Fortrea Holdings, Inc. | Fortrea Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.50% (1) | 07/01/30 | 280000 | 253960 |
| HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.75% (1) | 10/01/31 | 125000 | 123993 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.63% | 09/01/28 | 100000 | 102976 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.05% | 12/01/27 | 235000 | 247410 |
| HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50% (1) | 10/01/29 | 265000 | 257834 |
| Humana, Inc. | Humana, Inc. | Humana, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.55% | 05/01/35 | 200000 | 201172 |
| Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50% (1) | 09/01/29 | 415000 | 397607 |
| Lonza Finance International NV (Switzerland) | Lonza Finance International NV (Switzerland) | Lonza Finance International NV (Switzerland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50% (5) | 09/04/34 | 125000 | 145374 |
| ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% (1),<sup>(14)</sup> | 10/01/29 | 537600 | 147840 |
| Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.00% (1) | 10/01/30 | 375000 | 395160 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.13% | 11/01/27 | 490000 | 489422 |
|  |  |  | 3095656 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Household Products/Wares — 0.2% | Household Products/Wares — 0.2% | Household Products/Wares — 0.2% |  |
| Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.13% | 10/15/30 | $24000 | $22666 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.13% (1) | 04/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93143 |
| Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88% (1) | 03/15/31 | 435000 | 352011 |
|  |  |  | 467820 |
| Insurance — 0.5% | Insurance — 0.5% | Insurance — 0.5% |  |
| Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.50% (1) | 11/06/30 | 275000 | 284427 |
| Athene Global Funding | Athene Global Funding | Athene Global Funding |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.61% (1) | 06/29/26 | 240000 | 233460 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.21% (1) | 03/08/27 | 135000 | 131320 |
| Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.05% (1) | 07/15/28 | 500000 | 525535 |
| Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75% (3 mo. USD LIBOR + 3.231%) (1),(4) | 11/01/57 | 5000 | 4081 |
| HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.38% (1) | 01/31/32 | 104000 | 108865 |
|  |  |  | 1287688 |
| Internet — 0.1% | Internet — 0.1% | Internet — 0.1% |  |
| Snap, Inc. | Snap, Inc. | Snap, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88% (1) | 03/01/33 | 200000 | 205354 |
| Investment Companies — 0.2% | Investment Companies — 0.2% | Investment Companies — 0.2% |  |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.00% | 06/15/30 | 309000 | 288856 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.75% | 01/15/29 | 85000 | 83156 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.00% (1) | 11/15/29 | 49000 | 48546 |
|  |  |  | 420558 |
| Leisure Time — 0.1% | Leisure Time — 0.1% | Leisure Time — 0.1% |  |
| MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.38% (1) | 06/01/29 | 135000 | 107071 |
| Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.75% (1) | 11/15/29 | 45000 | 46318 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.13% (1) | 07/15/30 | 80000 | 83809 |
| **Total Leisure Time**  | **Total Leisure Time**  | **Total Leisure Time**  | 237198 |
| Lodging — 0.4% | Lodging — 0.4% | Lodging — 0.4% |  |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.05% | 03/30/28 | 310000 | 313410 |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.63% | 06/15/28 | 490000 | 500025 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50% | 04/15/32 | 75000 | 76261 |
| **Total Lodging**  | **Total Lodging**  | **Total Lodging**  | 889696 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Machinery-Diversified — 0.1% | Machinery-Diversified — 0.1% | Machinery-Diversified — 0.1% |  |
| Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.88% (1) | 10/15/29 | $228735 | $132950 |
| Media — 1.3% | Media — 1.3% | Media — 1.3% |  |
| AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.25% (1) | 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124540 |
| Cable One, Inc. | Cable One, Inc. | Cable One, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00% (1) | 11/15/30 | 305000 | 240584 |
| CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25% (1) | 02/01/31 | 5000 | 4670 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% (1) | 02/01/28 | 242000 | 239972 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.30% | 02/01/32 | 165000 | 139260 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.70% | 04/01/51 | 198000 | 132175 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75% | 04/01/48 | 220000 | 200361 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.65% | 02/01/34 | 170000 | 182101 |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75% (1) | 01/15/30 | 117000 | 58087 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50% (1) | 02/01/29 | 409000 | 332832 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.75% (1) | 01/31/29 | 196000 | 186002 |
| DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.75% (1) | 11/15/27 | 150000 | 154603 |
| Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.13% (1) | 02/15/33 | 195000 | 197683 |
| Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% (1) | 08/01/27 | 600000 | 595218 |
| VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% (1) | 01/15/32 | 615000 | 546999 |
|  |  |  | 3335087 |
| Mining — 0.0% | Mining — 0.0% | Mining — 0.0% |  |
| Novelis Corp. | Novelis Corp. | Novelis Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.25% (1) | 11/15/26 | 100000 | 98464 |
| Office/Business Equipment — 0.1% | Office/Business Equipment — 0.1% | Office/Business Equipment — 0.1% |  |
| Xerox Corp. | Xerox Corp. | Xerox Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.25% (1) | 10/15/30 | 255000 | 267189 |
| Oil & Gas — 0.2% | Oil & Gas — 0.2% | Oil & Gas — 0.2% |  |
| KazMunayGas National Co. JSC (Kazakhstan) | KazMunayGas National Co. JSC (Kazakhstan) | KazMunayGas National Co. JSC (Kazakhstan) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50% (5) | 04/14/33 | 200000 | 173168 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.35% | 02/12/48 | 34000 | 23712 |
| Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.38% (1) | 02/01/28 | 152905 | 156599 |
| Transocean, Inc. | Transocean, Inc. | Transocean, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.75% (1) | 02/15/30 | 80000 | 82564 |
|  |  |  | 436043 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Oil & Gas Services — 0.1% | Oil & Gas Services — 0.1% | Oil & Gas Services — 0.1% |  |
| Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.63% (1) | 09/01/32 | $250000 | $255137 |
| Packaging & Containers — 0.7% | Packaging & Containers — 0.7% | Packaging & Containers — 0.7% |  |
| Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.80% (1) | 03/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368070 |
| Amcor Group Finance PLC | Amcor Group Finance PLC | Amcor Group Finance PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.45% | 05/23/29 | 225000 | 231532 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.13% (1) | 08/15/26 | 85000 | 79887 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25% (1) | 08/15/27 | 280000 | 125227 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25% (1) | 08/15/27 | 55000 | 24305 |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.57% | 01/15/26 | 323000 | 317309 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.65% | 01/15/27 | 149000 | 142989 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.88% (1) | 07/15/26 | 40000 | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50% | 04/15/28 | 95000 | 97532 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.65% | 01/15/34 | 30000 | 31041 |
| Clearwater Paper Corp. | Clearwater Paper Corp. | Clearwater Paper Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75% (1) | 08/15/28 | 125000 | 119000 |
| Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.63% (1) | 04/15/29 | 120000 | 121818 |
|  |  |  | 1698710 |
| Pharmaceuticals — 1.3% | Pharmaceuticals — 1.3% | Pharmaceuticals — 1.3% |  |
| 1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.00% (1) | 04/15/32 | 230000 | 232288 |
| Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63% (1) | 06/25/38 | 515000 | 455847 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.78% | 03/25/38 | 50000 | 45905 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.05% | 03/25/48 | 190000 | 164272 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88% | 06/01/53 | 136000 | 130147 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75% (5 yr. CMT + 2.516%) (4) | 12/10/54 | 375000 | 377077 |
| Galderma Finance Europe BV (Netherlands) | Galderma Finance Europe BV (Netherlands) | Galderma Finance Europe BV (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50% (5) | 03/20/30 | 210000 | 248828 |
| Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75% (1) | 10/15/28 | 259000 | 248684 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.50% (5) | 05/01/30 | 203000 | 249725 |
| Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38% (1) | 01/15/29 | 460000 | 444714 |
| Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38% (1) | 10/31/29 | 275000 | 265144 |
| Teva Pharmaceutical Finance Netherlands III BV (Israel) | Teva Pharmaceutical Finance Netherlands III BV (Israel) | Teva Pharmaceutical Finance Netherlands III BV (Israel) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.00% | 12/01/32 | 309000 | 315795 |
| Teva Pharmaceutical Finance Netherlands IV BV (Israel) | Teva Pharmaceutical Finance Netherlands IV BV (Israel) | Teva Pharmaceutical Finance Netherlands IV BV (Israel) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75% | 12/01/30 | 58000 | 58912 |
|  |  |  | 3237338 |

---

See accompanying Notes to Financial Statements.

------

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Pipelines — 0.9% | Pipelines — 0.9% | Pipelines — 0.9% |  |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.63% (3 mo. USD LIBOR + 4.155%) (4),(13) | 02/15/28 | $634000 | $632605 |
| Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.88% | 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280167 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.13% (1) | 07/01/33 | 167000 | 169542 |
| NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.38% (1) | 02/15/32 | 210000 | 210489 |
| TransMontaigne Partners LLC | TransMontaigne Partners LLC | TransMontaigne Partners LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.50% (1) | 06/15/30 | 120000 | 125106 |
| Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88% (1) | 08/15/29 | 93000 | 87820 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.00% (1) | 01/15/30 | 111000 | 112387 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.13% (1) | 06/01/28 | 45000 | 46522 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.00% (5 yr. CMT + 5.440%) (1),(4),(13) | 09/30/29 | 283000 | 276021 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.88% (1) | 02/01/32 | 189000 | 204224 |
| Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75% | 01/15/36 | 70000 | 70000 |
|  |  |  | 2214883 |
| Real Estate — 0.1% | Real Estate — 0.1% | Real Estate — 0.1% |  |
| Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.00% (5) | 05/04/28 | 150000 | 166090 |
| Vonovia SE (Germany) | Vonovia SE (Germany) | Vonovia SE (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.50% (5) | 06/14/41 | 200000 | 157763 |
| Zhenro Properties Group Ltd. (China) | Zhenro Properties Group Ltd. (China) | Zhenro Properties Group Ltd. (China) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.63% (5),(8) | 01/07/26 | 200000 | 1040 |
|  |  |  | 324893 |
| REIT — 1.7% | REIT — 1.7% | REIT — 1.7% |  |
| American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.38% | 02/01/31 | 275000 | 246623 |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.30% | 04/15/52 | 155000 | 120796 |
| American Tower Corp. (REIT) | American Tower Corp. (REIT) | American Tower Corp. (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.90% | 01/15/30 | 495000 | 461360 |
| Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.60% | 05/15/32 | 370000 | 371924 |
| Digital Dutch Finco BV (REIT) | Digital Dutch Finco BV (REIT) | Digital Dutch Finco BV (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88% (5) | 03/15/35 | 135000 | 155964 |
| Equinix Europe 2 Financing Corp. LLC (REIT) | Equinix Europe 2 Financing Corp. LLC (REIT) | Equinix Europe 2 Financing Corp. LLC (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.63% | 11/22/34 | 155000 | 177014 |
| Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.40% | 10/15/31 | 56000 | 48691 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| REIT (Continued) | REIT (Continued) | REIT (Continued) |  |
| GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.30% | 01/15/29 | 55000 | $55637 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75% | 06/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353880 |
| Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.10% | 02/15/30 | 130000 | 120878 |
| Host Hotels & Resorts LP (REIT) | Host Hotels & Resorts LP (REIT) | Host Hotels & Resorts LP (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.70% | 06/15/32 | 365000 | 370574 |
| Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.95% | 11/01/27 | 313000 | 300305 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.95% | 02/15/28 | 5000 | 4882 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.00% | 08/15/31 | 95000 | 80766 |
| Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% (1) | 07/15/32 | 420000 | 403326 |
| Lineage OP LP | Lineage OP LP | Lineage OP LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25% (1) | 07/15/30 | 230000 | 231543 |
| LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.70% | 09/15/30 | 275000 | 246224 |
| Prologis Euro Finance LLC (REIT) | Prologis Euro Finance LLC (REIT) | Prologis Euro Finance LLC (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00% | 05/05/34 | 145000 | 174171 |
| RHP Hotel Properties LP/RHP Finance Corp. (REIT) | RHP Hotel Properties LP/RHP Finance Corp. (REIT) | RHP Hotel Properties LP/RHP Finance Corp. (REIT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50% (1) | 04/01/32 | 125000 | 128643 |
| VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88% (1) | 02/15/29 | 50000 | 48463 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.13% (1) | 08/15/30 | 7000 | 6716 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.50% (1) | 01/15/28 | 33000 | 32875 |
|  |  |  | 4141255 |
| Retail — 0.6% | Retail — 0.6% | Retail — 0.6% |  |
| BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.50% (1),(10) | 07/01/32 | 125000 | 128009 |
| Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.38% (1) | 04/01/26 | 140000 | 138984 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88% (1) | 04/01/29 | 345000 | 319739 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.75% (1) | 01/15/30 | 40000 | 36986 |
| FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.63% (1) | 01/01/30 | 280000 | 279801 |
| Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25% (1) | 05/01/28 | 281000 | 226556 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.88% (1) | 05/01/29 | 60000 | 39653 |
| Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88% (1) | 09/15/29 | 135000 | 131242 |
| Staples, Inc. | Staples, Inc. | Staples, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.75% (1) | 09/01/29 | 55000 | 52294 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Retail (Continued) | Retail (Continued) | Retail (Continued) |  |
| Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% (1) | 06/01/31 | 80000 | $75766 |
|  |  |  | 1429030 |
| Semiconductors — 0.1% | Semiconductors — 0.1% | Semiconductors — 0.1% |  |
| Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50% (1) | 01/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71804 |
| Intel Corp. | Intel Corp. | Intel Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.00% | 08/12/31 | 205000 | 176191 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.70% | 02/10/53 | 55000 | 51186 |
|  |  |  | 299181 |
| Software — 0.9% | Software — 0.9% | Software — 0.9% |  |
| Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9.00% (1) | 09/30/29 | 95000 | 98573 |
| Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.75% (1) | 05/01/29 | 197000 | 202745 |
| Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.90% (1) | 12/01/27 | 580000 | 601414 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.80% | 08/03/28 | 365000 | 371066 |
| Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.35% | 04/15/32 | 700000 | 718907 |
| RingCentral, Inc. | RingCentral, Inc. | RingCentral, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.50% (1) | 08/15/30 | 115000 | 123082 |
|  |  |  | 2115787 |
| Telecommunications — 0.9% | Telecommunications — 0.9% | Telecommunications — 0.9% |  |
| Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75% (1) | 08/15/29 | 125000 | 91684 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.63% (1) | 07/15/27 | 230000 | 198242 |
| Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00% (1) | 10/01/28 | 110000 | 111333 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.50% (1) | 10/01/28 | 131000 | 133469 |
| EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10.75% | 11/30/29 | 80000 | 82319 |
| Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.63% (1) | 03/15/31 | 465000 | 494449 |
| Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.38% (5) | 10/07/30 | 315000 | 346678 |
| Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75% (1) | 07/15/31 | 271000 | 250862 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.75% (1) | 04/15/32 | 130000 | 135292 |
| Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.25% (1) | 10/01/31 | 235000 | 246346 |

---

---

| | | | |
|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value |
| Telecommunications (Continued) | Telecommunications (Continued) | Telecommunications (Continued) |  |
| Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00% (1) | 03/01/27 | 275000 | $258151 |
|  |  |  | 2348825 |
| Water — 0.2% | Water — 0.2% | Water — 0.2% |  |
| Severn Trent Utilities Finance PLC (United Kingdom) | Severn Trent Utilities Finance PLC (United Kingdom) | Severn Trent Utilities Finance PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88% (5) | 08/04/35 | 150000 | 177296 |
| Suez SACA (France) | Suez SACA (France) | Suez SACA (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.88% (5) | 05/24/34 | 100000 | 109808 |
| United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.75% (5) | 05/23/34 | 115000 | 135044 |
| **Total Water**  | **Total Water**  | **Total Water**  | 422148 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |  |
| (Cost: $60,329,289) | (Cost: $60,329,289) | (Cost: $60,329,289) | 60749835 |
| MUNICIPAL BONDS — 0.4% | MUNICIPAL BONDS — 0.4% | MUNICIPAL BONDS — 0.4% |  |
| New York State Dormitory Authority, Revenue bonds | New York State Dormitory Authority, Revenue bonds | New York State Dormitory Authority, Revenue bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.29% | 03/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;903339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914906 |
| **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |  |
| (Cost: $995,338) | (Cost: $995,338) | (Cost: $995,338) | 914906 |
| FOREIGN GOVERNMENT BONDS — 0.5% | FOREIGN GOVERNMENT BONDS — 0.5% | FOREIGN GOVERNMENT BONDS — 0.5% |  |
| Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.13% | 03/15/34 | 200000 | 199006 |
| Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.75% | 11/07/36 | 200000 | 195990 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.00% | 04/20/33 | 200000 | 207452 |
| Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.70% (5) | 10/07/33 | 200000 | 169646 |
| Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.38% | 02/19/30 | 200000 | 204482 |
| Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.40% | 02/14/35 | 200000 | 194986 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75% (5) | 03/24/35 | 200000 | 185210 |
| **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** |  |
| (Cost: $1,342,536) | (Cost: $1,342,536) | (Cost: $1,342,536) | 1356772 |
| U.S. TREASURY SECURITIES — 1.7% | U.S. TREASURY SECURITIES — 1.7% | U.S. TREASURY SECURITIES — 1.7% |  |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75% | 05/15/55 | 414000 | 411768 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.75% | 06/30/27 | 406000 | 406270 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88% | 06/30/30 | 3381000 | 3394339 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25% | 05/15/35 | 48000 | 48086 |
| **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |  |
| (Cost: $4,245,363) | (Cost: $4,245,363) | (Cost: $4,245,363) | 4260463 |

---

See accompanying Notes to Financial Statements.

------

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issues | Maturity<br>Date | Principal<br>Amount | Value | Value |
| BANK LOANS—0.1% | BANK LOANS—0.1% | BANK LOANS—0.1% |  |  |
| Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11.71% (3 mo. USD Term SOFR + 7.500%) (4) | 01/09/26 | $173389 | $| 134897 |
| Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.59% (3 mo. USD Term SOFR + 4.000%) (4) | 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;240036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195828 |
| **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** |  |  |
| (Cost: $483,811) | (Cost: $483,811) | (Cost: $483,811) |  | 330725 |
| **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |  |  |
| (Cost: $267,780,335) | (Cost: $267,780,335) | (Cost: $267,780,335) |  | 249124250 |
| CONVERTIBLE SECURITIES — 0.2% | CONVERTIBLE SECURITIES — 0.2% | CONVERTIBLE SECURITIES — 0.2% |  |  |
| CONVERTIBLE CORPORATE BONDS — 0.2% | CONVERTIBLE CORPORATE BONDS — 0.2% | CONVERTIBLE CORPORATE BONDS — 0.2% |  |  |
| Beverages — 0.1% | Beverages — 0.1% | Beverages — 0.1% |  |  |
| Davide Campari-Milano NV (Italy) | Davide Campari-Milano NV (Italy) | Davide Campari-Milano NV (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.38% (5) | 01/17/29 | 100000 |  | 112796 |
| Commercial Services — 0.1% | Commercial Services — 0.1% | Commercial Services — 0.1% |  |  |
| Worldline SA (France) | Worldline SA (France) | Worldline SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (5),(9) | 07/30/25 | 53748 |  | 74033 |
| Worldline SA (France) | Worldline SA (France) | Worldline SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.00% (5),(9) | 07/30/26 | 234264 |  | 255340 |
| **Total Commercial Services** | **Total Commercial Services** | **Total Commercial Services** |  |  |
| (Cost: $298,797) | (Cost: $298,797) | (Cost: $298,797) |  | 329373 |
| **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** |  |  |
| (Cost: $397,515) | (Cost: $397,515) | (Cost: $397,515) |  | 442169 |
| **Total Convertible Securities** | **Total Convertible Securities** | **Total Convertible Securities** |  |  |
| (Cost: $397,515) | (Cost: $397,515) | (Cost: $397,515) |  | 442169 |
|  |  | Shares |  |  |
| COMMON STOCK —3.7% | COMMON STOCK —3.7% | COMMON STOCK —3.7% |  |  |
| Agriculture — 0.6% | Agriculture — 0.6% | Agriculture — 0.6% | Agriculture — 0.6% | Agriculture — 0.6% |
| Altria Group, Inc. | Altria Group, Inc. | 12670 |  | 742842 |
| British American Tobacco PLC (SP ADR) (United Kingdom) | British American Tobacco PLC (SP ADR) (United Kingdom) | 15706 |  | 743365 |
|  |  |  |  | 1486207 |
| Pipelines — 1.0% | Pipelines — 1.0% | Pipelines — 1.0% | Pipelines — 1.0% | Pipelines — 1.0% |
| Energy Transfer LP | Energy Transfer LP | 103400 |  | 1874642 |
| Enterprise Products Partners LP | Enterprise Products Partners LP | 21772 |  | 675150 |
|  |  |  |  | 2549792 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**Security** | Shares | Value |
| REIT — 1.3% | REIT — 1.3% | REIT — 1.3% |
| AGNC Investment Corp. | $144641 | $1329251 |
| Annaly Capital Management, Inc. | 41441 | 779920 |
| Redwood Trust, Inc. | 61963 | 366201 |
| Rithm Capital Corp. | 55339 | 624777 |
|  |  | 3100149 |
| Telecommunications — 0.8% | Telecommunications — 0.8% | Telecommunications — 0.8% |
| AT&T, Inc. | 29505 | 853875 |
| Intelsat SA (15) | 9093 | 281883 |
| Reorganized ISA SA (15) | 9093 | 95099 |
| Verizon Communications, Inc. | 15224 | 658742 |
|  |  | 1889599 |
| **Total Common Stock** |  |  |
| (Cost: $8,895,745) |  | 9025747 |
| **Investment Companies — 2.6%** | **Investment Companies — 2.6%** |  |
| TCW Private Asset Income<br>Fund — I Class (16) | &nbsp;&nbsp;&nbsp;&nbsp;636358 | 6376311 |
| **Total Investment Companies** |  |  |
| (Cost: $6,362,283) |  | 6376311 |
| MONEY MARKET INVESTMENTS — 7.9% | MONEY MARKET INVESTMENTS — 7.9% | MONEY MARKET INVESTMENTS — 7.9% |
| State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.27% (17) | 1220604 | 1220604 |
| TCW Central Cash Fund,4.33% (17),(16) | 18109354 | 18109354 |
| **Total Money Market Investments** | **Total Money Market Investments** |  |
| (Cost: $19,329,958) |  | 19329958 |
| **Total Investments (115.6%)** | **Total Investments (115.6%)** |  |
| (Cost: $302,765,836) |  | 284298435 |
| **Net Unrealized Appreciation/depreciation On Unfunded Commitments (0.0%)** | **Net Unrealized Appreciation/depreciation On Unfunded Commitments (0.0%)** |  |
| **Liabilities In Excess Of Other Assets (-15.6%)** | **Liabilities In Excess Of Other Assets (-15.6%)** | (38392655) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $245905780 |

---

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Unaudited) (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| Number of<br>Contracts | Type | Expiration<br>Date | Notional<br>Contract<br>Value | Value | Net Unrealized<br>Appreciation<br>(Depreciation) |
| **Long Futures** | **Long Futures** |  |  |  |  |
| 3 | Euro Schatz Futures | 09/8/25 | $378254 | $377686 | $(568) |
| 209 | 5-Year U.S. Treasury Note Futures | 09/30/25 | 22462874 | 22781000 | 318126 |
|  |  |  | $22841128 | $23158686 | $317558 |
| **Short Futures** | **Short Futures** |  |  |  |  |
| 245 | 10-Year U.S. Treasury Note Futures | 09/19/25 | $(27200127) | $(27995078) | $(794951) |
| 40 | 2-Year U.S. Treasury Note Futures | 09/30/25 | (8287486) | (8320937) | (33451) |
| 2 | 30-Year Euro-Buxl Futures | 09/8/25 | (282050) | (278766) | 3284 |
| 10 | Euro-Bobl Future | 09/8/25 | (1385774) | (1381386) | 4388 |
| 16 | Euro-Bund Futures | 09/8/25 | (2458676) | (2444424) | 14252 |
| 71 | U.S. Ultra Long Bond Futures | 09/19/25 | (8173731) | (8457875) | (284144) |
|  |  |  | $(47787844) | $(48878466) | $(1090622) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts |
| Counterparty | Contracts to<br>Deliver | Units of<br>Currency | Settlement<br>Date | In Exchange for<br>USD | Contracts at<br>Value | Unrealized<br>Appreciation<br>(Depreciation) |
| BUY (18) |  |  |  |  |  |  |
| Goldman Sachs & Co. | EUR | 1714748 | 07/11/25 | $1952433 | $2014048 | $61615 |
| Bank of New York | EUR | 244468 | 07/11/25 | 283061 | 287139 | 4078 |
|  |  |  |  | $2235494 | $2301187 | $65693 |
| SELL (19) |  |  |  |  |  |  |
| Citibank N.A. | EUR | 7874000 | 07/11/25 | $8566962 | $9248372 | $(681410) |
| Goldman Sachs & Co. | EUR | 1545339 | 07/11/25 | 1750607 | 1815073 | (64466) |
| Citibank N.A. | GBP | 1080000 | 07/11/25 | 1397723 | 1480036 | (82313) |
|  |  |  |  | $11715292 | $12543481 | $(828189) |

---

#### Notes to the Schedule of Investments:
ACES Alternative Credit Enhancement Securities.

CLO Collateralized Loan Obligation.

EUR Euro Currency.

GBP British Pound Sterling.

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

I/O Interest Only Security.

LIBOR London Interbank Offered Rate.

PAC Planned Amortization Class.

REMIC Real Estate Mortgage Investment Conduits.

SOFR Secured Overnight Financing Rate.

STRIPS Separate Trading of Registered Interest and Principal Securities.

TAC Target Amortization Class.

TBA To Be Announced.

(1) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At June 30, 2025, the value of these securities amounted to $105,778,023 or 43.0% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Fund's Board of Directors.

See accompanying Notes to Financial Statements.

------

## TCW Strategic Income Fund, Inc.
June 30, 2025

(2) Restricted security (Note 7).

(3) This security is a residual or equity position that does not have a stated interest rate. This residual or equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses.

(4) Floating or variable rate security. The interest shown reflects the rate in effect at June 30, 2025.

(5) Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At June 30, 2025, the value of these securities amounted to $8,423,154 or 3.4% of net assets.

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

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

(8) Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued.

(9) Security is not accruing interest.

(10) This security is purchased on a when-issued, delayed-delivery or forward commitment basis.

(11) Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered.

(12) The maturity date of the security has been extended past the date disclosed. The new maturity date is not known as of June 30, 2025.

(13) Perpetual maturity.

(14) Payment-in-kind ("PIK") security. Income may be paid in additional securities or cash at the discretion of the issuer - 5.00% cash or 10.00% PIK interest.

(15) Non-income producing security.

(16) Affiliated issuer.

(17) Rate disclosed is the 7-day net yield as of June 30, 2025.

(18) Fund buys foreign currency, sells USD.

(19) Fund sells foreign currency, buys USD.

See accompanying Notes to Financial Statements.

------

Schedule of Investments (Unaudited) (Continued)

The summary of the TCW Strategic Income Fund transactions in the affiliated funds for the period ended June 30, 2025 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **is as follows:** | Value at<br>December 31,<br>2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Number<br>of Shares<br>Held<br>June 30,<br>2025 | Value at<br>June 30,<br>2025 | Dividends and<br>Interest<br>Income<br>Received | Distributions<br>Received from<br>Net Realized<br>Gain | Net Realized<br>Gain (Loss)<br>on<br>Investments | Net change in<br>Unrealized<br>Gain (Loss)<br>on<br>Investments |
| TCW Central Cash Fund | $18464022 | $68245332 | $68600000 | 18109354 | $18109354 | $229079 | $– $|  | $— |
| TCW Private Asset Income Fund—I Class |  | 6362283 |  | 636358 | 6376311 | 88480 | – |  | 14028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  |  |  | $24485665 | $317559 | $– $|  | $14028 |

---

See accompanying Notes to Financial Statements.

------

Investments by Sector (Unaudited) June 30, 2025

---

| | |
|:---|:---|
| Sector | Percentage of<br>Net Assets |
| Corporate Bonds | 24.7% |
| Residential Mortgage-Backed Securities — Agency | 24.4 |
| Residential Mortgage-Backed Securities — Non-Agency | 23.5 |
| Commercial Mortgage-Backed Securities — Non-Agency | 14.4 |
| Asset-Backed Securities | 11.2 |
| Money Market Investments | 7.8 |
| Common Stock | 3.7 |
| Investment Companies | 2.6 |
| U.S. Treasury Securities | 1.7 |
| Foreign Government Bonds | 0.6 |
| Municipal Bonds | 0.4 |
| Commercial Mortgage-Backed Securities — Agency | 0.3 |
| Convertible Corporate Bonds | 0.2 |
| Bank Loans | 0.1 |
| Other\* | (15.6) |
| Total | 100.0% |

---

\* Includes cash, futures, foreign currency exchange contracts, swap agreements, pending trades, interest receivable, and accrued expenses payable.

See accompanying Notes to Financial Statements.

------

Fair Valuation Summary (Unaudited) June 30, 2025

The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Other<br>Significant<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total |
| Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | $— | $24818993 | $2778522 | $27597515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities — Agency |  | 60128295 |  | 60128295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities — Non-Agency |  | 57713727 |  | 57713727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities — Non-Agency |  | 35368815 | 1 | 35368816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities — Agency |  | 703196 |  | 703196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Mortgage-Backed Securities |  | 153914033 | 1 | 153914034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds\* |  | 60749835 |  | 60749835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds |  | 914906 |  | 914906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Bonds |  | 1356772 |  | 1356772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | 4260463 |  |  | 4260463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Loans |  | 330725 |  | 330725 |
| Total Fixed Income Securities | 4260463 | 242085264 | 2778523 | 249124250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Corporate Bonds\* |  | 442169 |  | 442169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Investments | 19329958 |  |  | 19329958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock\* | 8743864 | 281883 |  | 9025747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 6376311 |  |  | 6376311 |
| Total Investments | $38710596 | $242809316 | $2778523 | $284298435 |
| Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Risk |  | 65693 |  | 65693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk | 340050 |  |  | 340050 |
| Total | $39050646 | $242875009 | $2778523 | $284704178 |
| Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Risk | $(1113114) | $— | $— | $(1113114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Risk |  | (828189) |  | (828189) |
| Total | $(1113114) | $(828189) | $— | $(1941303) |

---

\* See Schedule of Investments for corresponding industries.

See accompanying Notes to Financial Statements.

------

Statement of Assets and Liabilities (Unaudited) June 30, 2025

---

| | |
|:---|:---|
| **ASSETS:** | **ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at Value (Cost: $278,294,199) | $259812770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in Affiliated Issuers, at Value (Cost: $24,471,637) | 24485665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost: $13,146) | 13171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for Securities Sold | 3808568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and Dividends Receivable | 1977019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Collateral Held for Broker | 1081000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation on Forward Currency Exchange Contracts | 65693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Tax Reclaims Receivable | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 291244722 |
| **LIABILITIES:** | **LIABILITIES:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables for Securities Purchased | 40523812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions Payable | 3106054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on Forward Currency Exchange Contracts | 828189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Other Expenses | 456770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for Variation Margin on Open Futures Contracts to Broker | 189587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Investment Advisory Fees | 123229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense Payable | 97770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to Custodian | 9963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Directors' Fees and Expenses | 3568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 45338942 |
| **NET ASSETS** | $245905780 |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock, par value $0.01 per share (75,000,000 shares authorized, 47,785,440 shares issued and outstanding) | $477854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in Capital | 269520224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated Earnings (Loss) | (24092298) |
| **NET ASSETS** | $245905780 |
| **NET ASSET VALUE PER SHARE** | $5.15 |
| **MARKET PRICE PER SHARE** | $4.88 |

---

See accompanying Notes to Financial Statements.

------

Statement of Operations (Unaudited) Six Months Ended June 30, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| **Income** | **Income** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $7506401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 411745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from Investments in Affiliated Issuers | 317559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 8235705 |
| **Expenses** | **Expenses** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Fees | 722961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and Tax Service Fees | 102925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian Fees | 42972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' Fees and Expenses | 38240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal Fees | 37860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent Fees | 27844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense | 27770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Listing Fees | 24288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance Expense | 24042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proxy Expense | 19004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration Fees | 12921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting Fees | 12488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and Distribution Costs | 7941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Expense | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 1102514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | 7133191 |
| **NET REALIZED GAIN (LOSS) AND CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS, FUTURES CONTRACTS, SWAP AGREEMENTS AND FOREIGN CURRENCY:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: | &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (430185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | (22642) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Currency Exchange Contracts | 172092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | 1578763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements | 133959 |
| Net Change in Unrealized Appreciation (Depreciation) on: | Net Change in Unrealized Appreciation (Depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5842342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliated Issuers | 14028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency | 7245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Currency Exchange Contracts | (1214744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | (1313928) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements | (109830) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Swap Agreements and Foreign Currency | 4657100 |
| **INCREASE IN NET ASSETS FROM OPERATIONS** | $11790291 |

---

See accompanying Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) | Year Ended<br>December 31,<br>2024 |
| **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | $7133191 | $14861739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments, Futures Contracts, Swap Agreements and Foreign Currency | 1431987 | 857895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation on Investments, Futures Contracts, Swap Agreements and Foreign Currency | 3225113 | 1621102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in Net Assets Resulting from Operations | 11776263 | 17340736 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders | (6212108) | (18397395) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Issued in Reinvestment of Dividends (0 for the six months ended June 30, 2025 and 0 for the year ended December 31, 2024) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | 5564155 | (1056659) |
| **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 240341625 | 241398284 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $245905780 | $240341625 |

---

See accompanying Notes to Financial Statements.

------

Notes to Financial Statements (Unaudited)

#### Note 1 — Organization
TCW Strategic Income Fund, Inc. (the "Fund") was incorporated in Maryland on January 13, 1987 as a diversified, closed-end investment management company and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund's shares are traded on the New York Stock Exchange ("NYSE") under the symbol TSI. The Fund commenced operations on March 5, 1987. The Fund's investment objective is to seek a total return comprised of current income and capital appreciation, and it seeks to achieve its investment objective by investing in a wide range of securities including convertible securities, marketable equity securities, investment-grade debt securities, high-yield debt securities, securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities ("U.S. Government Securities"), repurchase agreements, mortgage-related securities, asset-backed securities, money market securities, and other securities and derivative instruments without limit believed by the Fund's investment advisor to be consistent with the Fund's investment objective. TCW Investment Management Company LLC (the "Advisor") is the investment advisor to the Fund and is registered under the Investment Advisers Act of 1940, as amended.

#### Note 2 — Significant Accounting Policies
The following is a summary of significant accounting policies, which are in conformity with accounting principles generally accepted in the United States of America ("GAAP") and which are consistently followed by the Fund in the preparation of its financial statements. The Fund is considered an investment company under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") No. 946, Financial Services — Investment Companies. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements.

Principles of Accounting: The Fund uses the accrual method of accounting for financial reporting purposes.

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

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

Fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Fund discloses investments in its financial statements in a three-tier hierarchy. This hierarchy is utilized to establish classification of fair value measurements based on inputs. Inputs that go into fair value measurement refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs

------

## TCW Strategic Income Fund, Inc.
June 30, 2025

#### Note 2 — Significant Accounting Policies (Continued)
are inputs that reflect the assumptions market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the inputs market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances.

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

---

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

---

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

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

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

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

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

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

Corporate bonds. The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Corporate bonds are generally categorized as

------

## TCW Strategic Income Fund, Inc.
Notes to Financial Statements (Unaudited) (Continued)

#### Note 2 — Significant Accounting Policies (Continued)
Level 2 of the fair value hierarchy; in instances where prices, spreads, or any of the other aforementioned key inputs are unobservable, they are categorized as Level 3 of the hierarchy.

Equity securities. Securities are generally valued based on quoted prices from the applicable exchange. To the extent these securities are actively traded and valuation adjustments are not applied, they are generally categorized as Level 1 of the fair value hierarchy. Restricted securities issued by publicly held companies are generally categorized as Level 2 of the fair value hierarchy; if a discount is applied and significant, they are categorized as Level 3. Restricted securities held in non-public entities are included in Level 3 of the fair value hierarchy because they trade infrequently, and therefore the inputs are unobservable. Certain foreign securities that are fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets are categorized as Level 2 of the fair value hierarchy.

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

Futures contracts. Futures contracts are generally valued at the settlement price established at the close of business each day by the exchange on which they are traded. They are categorized as Level 1.

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

Interest rate swaps. Interest rate swaps are fair valued using pricing models that take into account, among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps are categorized as Level 2; otherwise, the fair values are categorized as Level 3.

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

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

Options contracts. Option contracts traded on securities exchanges are fair valued using market mid prices; as such, they are categorized as Level 1. Option contracts traded OTC are fair valued based on pricing models and incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts on a given strike price. To the extent that these inputs are observable and timely, the fair value of OTC option contracts would be categorized as Level 2; otherwise, the fair values would be categorized as Level 3.

------

## TCW Strategic Income Fund, Inc.
June 30, 2025

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

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

The summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's investments is listed after the Investments by Sector table.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Asset-Backed<br>Securities | Commercial<br>Mortgage-<br>Backed<br>Securities —<br>Non-Agency | Common<br>Stock | Convertible<br>Corporate<br>Bonds | Corporate<br>Bonds | Residential<br>Mortgage-Backed<br>Securities —<br>Non-Agency | Total |
| Balance as of December 31, 2024 | $1124790 | $614136 | $337643 | $2659 | $41333 | $2162551 | $4283112 |
| Accrued Discounts (Premiums) |  |  |  | 60 | 1039 | 893 | 1992 |
| Realized Gain (Loss) |  | 2911 | (122846) | (18788) | (243174) | (74630) | (456527) |
| Change in Unrealized Appreciation (Depreciation)\* | 3486 | (10648) | 136586 | 17782 | 223243 | 422091 | 792540 |
| Purchases | 1866268 |  |  |  |  | 3552 | 1869820 |
| Sales | (82385) | (606399) | (69500) | (1713) | (21401) |  | (781398) |
| Transfers into Level 3\* | 133782 | 1 |  |  |  |  | 133783 |
| Transfers out of Level 3\* | (267419) |  | (281883) |  | (1040) | (2514457) | (3064799) |
| Balance as of June 30, 2025 | $2778522 | $1 | $— | $— | $— | $— | $2778523 |
| Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2025 | $3486 | $— | $— | $— | $— | $— | $3486 |

---

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

Significant unobservable valuation inputs for Level 3 investments as of June 30, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Fair Value at<br>June 30, 2025 | **Valuation Techniques** | **Unobservable<br>Input** | **Price or Price<br>Range** | Weighted<br>Average<br>Price | **Input to**<br>**Valuation**<br>**If Input**<br>**Increases** |
| Asset-Backed Securities | $2778522 | Broker Quote | Offered Quote | $23.001 to $101.277 | $86.410 | Increase |
| Commercial Mortgage-Backed Securities—Non-Agency | $1 | Third-party Vendor | Vendor Prices | $0.001 | $0.001 | Increase |

---

------

## TCW Strategic Income Fund, Inc.
Notes to Financial Statements (Unaudited) (Continued)

#### Note 2 — Significant Accounting Policies (Continued)
Security Transactions and Related Investment Income: Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis. REIT dividends are recorded as income for accounting purposes. Any portion that is return of capital will be reflected as a tax adjustment upon receiving annual tax documentation from the REIT. Realized gains and losses on investments are recorded on the basis of specific identification.

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

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars as follows: (1) foreign currency denominated securities, and other assets and liabilities stated in foreign currencies are translated using the daily spot rate; and (2) purchases, sales, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resultant exchange gains and losses are included in net realized or net unrealized gain (loss) in the Statement of Operations. Pursuant to U.S. federal income tax regulations, certain foreign exchange gains and losses included in realized and unrealized gains and losses are included in, or are a reduction of, ordinary income for federal income tax purposes.

Distributions: Distributions to shareholders are recorded on each ex-dividend date. The Fund declared and paid or reinvested dividends quarterly under an income-based distribution policy. The income-based distribution policy has a stated goal of providing quarterly distributions out of the Fund's accumulated undistributed net investment income and/or other sources subject to the requirements of the 1940 Act and Subchapter M of the Internal Revenue Code (the "Code"). The source for the dividend can come from net investment income and net realized capital gains measured on a fiscal year basis. Any portion of the distribution that exceeds income and capital gains will be treated as a return of capital. Under certain conditions, U.S. federal tax regulations cause some or all of the return of capital to be taxed as ordinary income. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. These differences may be primarily due to differing treatments for market discount and premium, losses recognized on structured debt, losses deferred due to wash sales, foreign currency gains and losses, and spillover distributions. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid-in capital and may affect net investment income per share.

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

------

## TCW Strategic Income Fund, Inc.
June 30, 2025

#### Note 2 — Significant Accounting Policies (Continued)
For the period ended June 30, 2025, the Fund had derivatives and transactions in derivatives, grouped in the following risk categories:

---

| | | | |
|:---|:---|:---|:---|
|  | Foreign<br>Currency<br>Risk | Interest<br>Rate<br>Risk | Total |
| **Statement of Asset and Liabilities:** | **Statement of Asset and Liabilities:** | **Statement of Asset and Liabilities:** | **Statement of Asset and Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;**Asset Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts (1) | $— | $340050 | $340050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Currency Exchange Contracts | 65693 |  | 65693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Value | $65693 | $340050 | $405743 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Currency Exchange Contracts | $(828189) | $— | $(828189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts (1) |  | (1113114) | (1113114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Value | $(828189) | $(1113114) | $(1941304) |
| **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Currency Exchange Contracts | $172092 | $— | $172092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  | 1578763 | 1578763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements |  | 133959 | 133959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | $172092 | $1712722 | $1884814 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Appreciation (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Currency Exchange Contracts | $(1214744) | $— | $(1214744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  | (1313928) | (1313928) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements |  | (109830) | (109830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Net Change in Appreciation (Depreciation) | $(1214744) | $(1423758) | $(2638502) |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Contracts or Notional Amounts (2) | &nbsp;&nbsp;&nbsp;&nbsp;Number of Contracts or Notional Amounts (2) | &nbsp;&nbsp;&nbsp;&nbsp;Number of Contracts or Notional Amounts (2) | &nbsp;&nbsp;&nbsp;&nbsp;Number of Contracts or Notional Amounts (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Currency Exchange Contracts | $13990642 | $— | $13990642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts |  | 681 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Agreements |  | 1476000 | 1476000 |

---

(1) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only variation margin on June 30, 2025 is reported within the Statement of Assets and Liabilities.

(2) Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the period ended June 30, 2025.

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

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

With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate

------

## TCW Strategic Income Fund, Inc.
Notes to Financial Statements (Unaudited) (Continued)

#### Note 2 — Significant Accounting Policies (Continued)
customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

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

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

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

Master Agreements and Netting Arrangements. The Fund is party to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively "Master Agreements"), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements,

------

## TCW Strategic Income Fund, Inc.
June 30, 2025

#### Note 2 — Significant Accounting Policies (Continued)
collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions ("netting arrangements"). The netting arrangements are generally tied to credit-related events that, if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/ moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund's financial statements. A Fund's overall exposure to credit risk subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

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

The following table presents the Fund's OTC derivative assets by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreement and net of the related collateral received or pledged by the Fund as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | Gross Derivative<br>Assets in the<br>Statement of Assets<br>and Liabilities | Collateral<br>Received (1) | Derivatives<br>Assets(Liabilities)<br>Available for<br>Offset | Net<br>Amount of Derivative<br>Assets (2) |
| Bank of New York | $4078 | $– $|  | $4078 |
| Goldman Sachs & Co. | 61615 | – | (61615) |  |
| Total | $65693 | $– $| (61615) | $4078 |

---

(1) Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

(2) Represents the net amount receivable from the counterparty in the event of default.

------

## TCW Strategic Income Fund, Inc.
Notes to Financial Statements (Unaudited) (Continued)

#### Note 2 — Significant Accounting Policies (Continued)
The following table presents the Fund's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreement and net of the related collateral received or pledged by the Fund as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | Gross Derivative<br>Liabilities in the<br>Statement of Assets<br>and Liabilities | Collateral<br>Pledged (1) | Derivatives<br>(Assets)Liabilities<br>Available for<br>Offset | Net<br>Amount of Derivative<br>Liabilities (2) |
| Citibank N.A. | $763723 | $– $|  | $763723 |
| Goldman Sachs & Co. | 64466 | – | (61615) | 2851 |
| Total | $828189 | $– $| (61615) | $766574 |

---

(1) Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.

(2) Represents the net amount receivable from the counterparty in the event of default.

#### Note 3 — Portfolio Investments
Mortgage-Backed and Other Asset-Backed Securities: The Fund may invest in MBS, which represent interests in pools of mortgages in which payments of both principal and interest on the securities are generally made monthly, in effect "passing through" monthly payments made by borrowers on the residential or commercial mortgage loans which underlie the securities (net of any fees paid to the issuer or guarantor of the securities). Mortgage pass-through securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. The Fund may also invest in Collateralized Mortgage Obligations ("CMOs"). CMOs are debt obligations collateralized by residential or commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass-through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by the Government National Mortgage Association (Ginnie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) or Federal National Mortgage Corporation (Fannie Mae). The issuer of a series of CMOs may elect to be treated for tax purposes as a Real Estate Mortgage Investment Conduit. CMOs are structured into multiple classes, each bearing a different stated maturity. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal only after shorter classes have been retired. An investor may be partially protected against a sooner than desired return of principal because of the sequential payments. The Fund may invest in stripped MBS. Stripped MBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest only or "IO" class), while the other class will receive all of the principal (the principal only or "PO" class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in IOs. MBS and other ABS held by the Fund at June 30, 2025 are listed in the Fund's Schedule of Investments.

When-Issued, Delayed-Delivery, To Be Announced ("TBA") and Forward Commitment Transactions: The Fund may enter into when-issued, delayed-delivery, TBA or forward commitment transactions in order to lock in the purchase price of the underlying security or to adjust the interest rate exposure of the Fund's

------

## TCW Strategic Income Fund, Inc.
June 30, 2025

#### Note 3 — Portfolio Investments (Continued)
existing portfolio. In when-issued, delayed-delivery, TBA or forward commitment transactions, the Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although the Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If the Fund's counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, TBA or forward commitment basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

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

Repurchase Agreements: The Fund may enter into repurchase agreements under the terms of a Master Repurchase Agreement ("MRA"). In a repurchase agreement, the Fund purchases a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. The MRA permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty's bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund recognizes a liability with respect to such excess collateral to reflect the Fund's obligation under bankruptcy law to return the excess to the counterparty. The Fund had no repurchase agreements outstanding as of June 30, 2025.

Securities Lending: The Fund may lend its securities to qualified brokers. The loans must be collateralized at all times primarily with cash although the Fund can accept money market instruments or U.S. Government securities with a market value at least equal to the market value of the securities on loan. As with any extensions of credit, the Fund may bear the risk of delay in recovery or even loss of rights in the collateral if the borrowers of the securities fail financially. The Fund earns additional income for lending its securities by investing the cash collateral in short-term investments. The Fund did not lend any securities during the period ended June 30, 2025.

#### Derivatives:
Forward Currency Exchange Contracts: The Fund enters into forward currency exchange contracts as a hedge against fluctuations in foreign exchange rates. Forward currency exchange contracts are marked-to-market daily and the change in market value is recorded by the Fund as unrealized gains or losses in the Statement of Assets and Liabilities. When a contract is closed or delivery is taken, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of the foreign currency relative to the U.S. dollar. Outstanding forward currency exchange contracts at June 30, 2025 are disclosed in the Schedule of Investments.

------

## TCW Strategic Income Fund, Inc.
Notes to Financial Statements (Unaudited) (Continued)

#### Note 3 — Portfolio Investments (Continued)
Futures Contracts: The Fund may enter into futures contracts. The Fund may seek to manage a variety of different risks through the use of futures contracts, such as interest rate risk, equity price risk, and currency risk. The Fund may use index futures to hedge against broad market risks to its portfolio or to gain broad market exposure. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made, and are settled in cash. Positions in futures may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk. Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for the Fund to enter into a closing transaction with respect to a futures contract it has entered into at a favorable time or price. When the Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it.

When the Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. During the period ended June 30, 2025, the Fund utilized treasury futures to help manage interest rate duration and credit market exposure. Futures contracts outstanding at June 30, 2025 are listed in the Fund's Schedule of Investments.

Options: The Fund may purchase and sell put and call options on a security or an index of securities to enhance investment performance and/or to protect against changes in market prices. The Fund may also enter into currency options to hedge against or to take advantage of currency fluctuations.

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

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

------

## TCW Strategic Income Fund, Inc.
June 30, 2025

#### Note 3 — Portfolio Investments (Continued)
When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option's expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. Premiums paid for purchasing options that expire are treated as realized losses.

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

OTC options are options not traded on exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by a Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. During the period ended June 30, 2025, the Fund entered into written option contracts to gain exposure to the equity market.

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

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

Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the

------

## TCW Strategic Income Fund, Inc.
Notes to Financial Statements (Unaudited) (Continued)

#### Note 3 — Portfolio Investments (Continued)
notional principal amount may decline (or amortize) over time. The Fund's maximum risk of loss due to counterparty default is the discounted NAV of the cash flows paid to/received from the counterparty over the interest rate swap's remaining life.

The Fund may enter into credit default swap transactions as a "buyer" or "seller" of credit protection. In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt securities (typically referred to as a "reference entity"). In general, the buyer of credit protection is obligated to pay the protection seller an upfront amount or a periodic stream of payments over the term of the swap. If a "credit event" occurs, the buyer has the right to deliver to the seller bonds (or other obligations of the reference entity with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. When the Fund buys protection, it may or may not own securities of the reference entity. When the Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund's portfolio through the Fund's indirect long exposure to the issuer or securities on which the swap is written. When the Fund sells protection, it may do so either to earn additional income or to create such a "synthetic" long position.

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

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

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Fund are recorded as realized gains and losses, respectively. During the period ended June 30, 2025, the Fund entered into interest rate swaps to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed-rate bonds which may decrease when interest rates rise (interest rate risk). Outstanding swap agreements at June 30, 2025 are disclosed in the Schedule of Investments.

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## TCW Strategic Income Fund, Inc.
June 30, 2025

#### Note 4 — Investment Objective, Investment Strategy, and Risk Considerations
Investment objective: The Fund's investment objective is to seek a total return comprised of current income and capital appreciation.

Investment strategy: The Fund seeks to achieve its investment objective by investing in a wide range of securities, including securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities ("U.S. Government Securities"), investment-grade corporate debt securities, high yield corporate debt securities, non-U.S. developed and emerging market debt mortgage-related securities, asset-backed securities, marketable small-, mid- and large-capitalization equity securities, convertible securities, money market securities, repurchase agreements, other securities and derivative instruments without limit believed by the Fund's investment adviser to be consistent with the Fund's investment objective. The Fund will shift and reallocate its investments on an opportunistic basis and may invest in additional asset classes other than those identified above. The Fund may also employ leverage up to 33% of its total assets (including assets purchased with borrowings). The Fund has a stated goal of providing dependable, but not assured, quarterly distributions out of accumulated net investment income and/or other sources, subject to the requirements of the 1940 Act.

Market Risk: The Fund's investments will fluctuate with market conditions, and so will the value of your investment in the Fund. You could lose money on your investment in the Fund or the Fund could underperform other investments.

Liquidity Risk: The Fund's investments in illiquid securities may reduce the returns of the Fund because it may not be able to sell the illiquid securities at an advantageous time or price. Investments in high-yield securities, foreign securities, derivatives or other securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. Certain investments in private placements and Rule 144A securities may be considered illiquid investments. The Fund may invest in private placements and Rule 144A securities.

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

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

Derivatives Risk: Use of derivatives, which at times is an important part of the Fund's investment strategy, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Investments in derivatives could cause the Fund to lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all

------

## TCW Strategic Income Fund, Inc.
Notes to Financial Statements (Unaudited) (Continued)

#### Note 4 — Investment Objective, Investment Strategy, and Risk Considerations (Continued)
circumstances and there can be no assurance that the Fund will achieve its objective through the use of the derivatives.

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

MBS and ABS are characterized and classified in a variety of different ways. These classifications include a view of the securities' cash flow structure (pass-through, sequential pay, prepayment-protected, interest only, principal only, etc.), the security of the claim on the underlying assets (senior, mezzanine and subordinated), as well as types of underlying collateral (prime conforming loans, prime non-conforming loans, Alt-A loans, subprime loans, commercial loans, etc.). In many cases, the classification incorporates a degree of subjectivity: a particular loan might be categorized as "prime" by the underwriting standards of one mortgage issuer while another might classify the loan as "subprime." In addition to other functions, the risk associated with an investment in a mortgage loan must take into account the nature of the collateral, the form and the level of credit enhancement, the vintage of the loan, the geography of the loan, the purpose of the loan (refinance versus purchase versus equity takeout), the borrower's credit quality (e.g., FICO score), and whether the loan is a first trust deed or a second lien.

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

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

#### Note 5 — Federal Income Taxes
It is the policy of the Fund to comply with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income, including any net realized gains on investments, to its shareholders. Therefore, no federal income tax provision is required.

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## TCW Strategic Income Fund, Inc.
June 30, 2025

#### Note 5 — Federal Income Taxes (Continued)
At June 30, 2025, net unrealized appreciation (depreciation) for federal income tax purposes is comprised of the following components:

---

| | |
|:---|:---|
| Unrealized appreciation | $13113020 |
| Unrealized (depreciation) | (35480327) |
| Net unrealized appreciation | $(22367307) |
| Cost of Investments for Federal Income Tax Purposes | $306665743 |

---

The Fund did not have any unrecognized tax benefits at June 30, 2025, nor were there any increases or decreases in unrecognized tax benefits for the period then ended; and therefore no interest or penalties were accrued. The Fund is subject to examination by U.S. Federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

The following table shows the character of distributed and undistributed amounts on a tax basis for the year ended December 31, 2024.

---

| | | |
|:---|:---|:---|
|  | Amount Distributed During<br>the Year Ended | Undistributed Amount<br>at Year Ended |
|  | December 31,<br>2024 | December 31,<br>2024 |
| Ordinary Income | $18397395 | $364734 |
| Capital Gain |  |  |
|  | $18397395 | $364734 |

---

#### Note 6 — Investment Advisory and Service Fees
As compensation for the investment advisory services rendered, facilities provided, and expenses borne, the Advisor is paid a monthly fee by the Fund computed at the annual rate of 0.75% of the first $100 million of the Fund's average managed assets and 0.50% of the Fund's average managed assets in excess of $100 million.

#### Note 7 — Purchases and Sales of Securities
For the period ended June 30, 2025 purchases and sales or maturities of investment securities (excluding short-term investments) aggregated to $56,108,459 and $45,890,727, respectively, for non-U.S. Government securities, and aggregated to $243,477,855 and $257,540,523, respectively, for U.S. Government securities.

#### Note 8 — Directors' Fees
Directors who are not affiliated with the Advisor received, as a group, fees and expenses of $38,240 from the Fund for the period ended June 30, 2025. Directors may elect to defer receipt of their fees in accordance with the terms of a Non-Qualified Deferred Compensation Plan. Deferred compensation is included within Accrued Directors' Fees and Expenses in the Statement of Assets and Liabilities. Certain Officers and/or Directors of the Fund are also Officers and/or Directors of the Advisor but do not receive any compensation from the Fund.

#### Note 9 — Restricted Securities
The Fund is permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered before being sold to the public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the

------

## TCW Strategic Income Fund, Inc.
Notes to Financial Statements (Unaudited) (Continued)

#### Note 9 — Restricted Securities (Continued)
Securities Act of 1933, as amended (the "Securities Act"). However, the Fund considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Restricted securities held by the Fund at June 30, 2025 are listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | Acquisition<br>Date | Acquisition<br>Cost | Aggregate<br>Value | Percentage<br>of Net Assets |
| Academic Loan Funding Trust, Series 2012-1A, Class R, 0.00%, due 12/27/2044 | 11/1/2022 | $735000 | $267419 | 0.12% |
| COMM Mortgage Trust Series 2012-LC4, Class XB (I/O), 0.60%, due 12/10/44 | 1/22/2019 | 160187 | 140 | 0.01% |
| HOA Funding LLC Series 2021-1A, Class A2, 4.72%, due 08/20/51 | 5/26/2023 | 466756 | 133782 | 0.06% |
|  |  | $1361943 | $401341 | 0.19% |

---

#### Note 10 — Loan Outstanding
The Fund is permitted to have borrowings for investment purposes. The Fund has entered into a line of credit agreement, renewed annually, with State Street Bank and Trust Company (the "Bank") which permits the Fund to borrow up to $70 million (i) an interest rate, to be determined by the Fund, either at (a) an Overnight Rate, defined as the higher of Federal Funds Effective Rate and the One Month Adjusted Term Secured Overnight Financing Rate ("SOFR") in effect on the applicable day, plus 110.0 basis points (1.10%); or (b) a Term Rate, equal to One Month Adjusted Term SOFR, plus 110.0 basis points (1.10%). The Fund did not have any borrowings during the period ended June 30, 2025. The Fund pays the Bank a commitment fee equal to 0.08% per annum on the daily unused portion of the committed line amount. The commitment fee incurred by the Fund is presented in the Interest Expense line in the Statement of Operations.

#### Note 11 — Indemnifications
Under the Fund's organizational documents, its Officers and Directors may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. In addition, the Fund entered into an agreement with each of the Directors which provides that the Fund will indemnify and hold harmless each Director against any expenses actually and reasonably incurred by such Director in any proceeding arising out of or in connection with the Director's services to the Fund, to the fullest extent permitted by the Fund's Articles of Incorporation and By-Laws, the Maryland General Corporation Law, the Securities Act, and the 1940 Act, each as now or hereinafter in force. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote. The Fund has not accrued any liability in connection with such indemnification.

#### Note 12 — New Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosure requirements, including, but not limited to, those with respect to the Fund's income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning

------

## TCW Strategic Income Fund, Inc.
June 30, 2025

#### Note 12 — New Accounting Pronouncements (Continued)
after December 15, 2024, with early adoption permitted. Management is currently evaluating the ASU and its impact to the financial statements.

#### Note 13 — Segment Reporting
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Fund's prospectus. A senior executive team comprised of the Fund's Principal Executive Officer and Principal Financial Officer, serves as the Fund's CODM, who act in accordance with Board of Directors reviews and approvals. The CODM monitors and actively manages the operating results of the Fund. There have been no impacts to date.

------

## TCW Strategic Income Fund, Inc.
Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months<br>Ended<br>June 30,<br>2025<br>(Unaudited) | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | Six Months<br>Ended<br>June 30,<br>2025<br>(Unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net Asset Value Per Share, Beginning of period | $5.03 | $5.05 | $4.94 | $5.69 | $5.85 | $5.73 |
| **Income from Operations:** | **Income from Operations:** | **Income from Operations:** | **Income from Operations:** | **Income from Operations:** | **Income from Operations:** | **Income from Operations:** |
| Net Investment Income (1) | 0.15 | 0.31 | 0.29 | 0.26 | 0.32 | 0.29 |
| Net Realized and Unrealized Gain (Loss) on Investments | 0.10 | 0.06 | 0.18 | (0.69) | (0.11) | 0.11 |
| Total from Investment Operations | 0.25 | 0.37 | 0.47 | (0.43) | 0.21 | 0.40 |
| **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
| Distributions from Net Investment Income | (0.13) | (0.39) | (0.36) | (0.24) | (0.25) | (0.28) |
| Distributions from Net Realized Gains |  |  |  | (0.08) | (0.12) |  |
| Total Distributions | (0.13) | (0.39) | (0.36) | (0.32) | (0.37) | (0.28) |
| Net Asset Value Per Share, End of period | $5.15 | $5.03 | $5.05 | $4.94 | $5.69 | $5.85 |
| Market Value Per Share, End of period | $4.88 | $4.81 | $4.59 | $4.62 | $5.77 | $5.69 |
| Net Asset Value Total Return (2) | 5.00% (3) | 7.34% | 9.84% | (7.51)% | 3.55% | 7.25% |
| Market Price Return (4) | 4.18% (3) | 13.33% | 7.15% | (14.34)% | 8.03% | 3.75% |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net Assets, End of period (in thousands) | $245906 | $240342 | $241398 | $235845 | $271573 | $279067 |
| Ratio of Expenses Before Interest Expense to Average Net Assets | 0.89% (5) | 0.94% | 0.93% | 0.95% | 0.93% | 0.93% |
| Ratio of Interest Expense to Average Net Assets | 0.02% (5) | (0.03)% | 0.08% | 0.07% | 0.02% | 0.04% |
| Ratio of Total Expenses to Average Net Assets | 0.91% (5) | 0.91% | 1.01% | 1.02% | 0.95% | 0.97% |
| Ratio of Net Investment Income to Average Net Assets | 5.89% (5) | 6.04% | 5.67% | 4.90% | 5.38% | 5.07% |
| Portfolio Turnover Rate | 113.64% (3) | 256.45% | 234.87% | 155.62% | 178.02% | 72.59% |
| Asset Coverage Ratio Per Share (6) |  |  |  |  |  |  |
| Total Debt Outstanding |  |  |  |  |  |  |

---

(1) Computed using average shares outstanding throughout the period.

(2) Based on net asset value per share, adjusted for reinvestment of distributions. The Fund does not incur charges to investors for purchasing or selling shares.

(3) For the six months ended June 30, 2025 and not indicative of a full year's results.

(4) Based on market price per share, adjusted for reinvestment of distributions. The Fund does not incur charges to investors for purchasing or selling shares.

(5) Annualized.

(6) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per share.

See accompanying Notes to Financial Statements.

------

Supplemental Information

Proxy Voting Guidelines

The policies and procedures that the Fund uses to determine how to vote proxies are available without charge. The Board of the Fund has delegated the Fund's proxy voting authority to the Advisor.

Disclosure of Proxy Voting Guidelines

The proxy voting guidelines of the Advisor are available:

1. By calling 1-877-829-4768 to obtain a hard copy; or

2. By going to the TCW website at https://www.tcw.com/Global-Proxy-Voting-Policy; or

3. By going to the SEC website at http://www.sec.gov.

When the Fund receives a request for a description of the Advisor's proxy voting guidelines, it will deliver the description that is disclosed in the Fund's Statement of Additional Information. This information will be sent out via first class mail (or other means designed to ensure equally prompt delivery) within three business days of receiving the request.

The Advisor, on behalf of the Fund, prepares and files Form N-PX with the SEC not later than August 31 of each year, which must include the Fund's proxy voting record for the most recent twelve-month period ended June 30 of that year. The Fund's proxy voting record for the most recent twelve-month period ended June 30 is available without charge:

1. By calling 1-877-829-4768 to obtain a hard copy; or

2. By going to the SEC website at http://www.sec.gov.

When the Fund receives a request for the Fund's proxy voting record, it will send the information disclosed in the Fund's most recently filed report on Form N-PX via first class mail (or other means designed to ensure equally prompt delivery) within three business days of receiving the request.

The Fund also discloses its proxy voting record on its website as soon as is reasonably practicable after its report on Form N-PX is filed with the SEC, at

https://www.tcw.com/Literature/Proxy-Voting.

Availability of Quarterly Portfolio Schedule

The Fund files a complete schedule of its portfolio holdings with the SEC for the first and third quarters of its fiscal year on Form NPORT-P. Such filings occur no later than 60 days after the end of the Fund's first and third quarters and are available on the SEC's website at www.sec.gov.

Corporate Governance Listing Standards

There were no filings required to be submitted to NYSE for the period from January 1, 2025 through June 30, 2025.

------

Dividend Reinvestment Plan

Shareholders who wish to add to their investment may do so by making an election to participate in the Dividend Reinvestment Plan (the "Plan"). Under the Plan, your dividend is used to purchase Fund shares on the open market whenever shares, including the related sales commission, are selling below the Fund's net asset value per share. You will be charged a pro-rata portion of brokerage commissions on open-market purchases under the Plan. If the market price, including commission, of Fund shares is above the Fund's net asset value per share, you will receive shares at a price equal to the higher of the Fund's net asset value per share on the payment date or 95% of the closing market price of Fund shares on the payment date. Generally, for tax purposes, shareholders participating in the Plan will be treated as having received a distribution from the Fund in cash equal to the value of the shares purchased from them under the Plan.

To enroll in the Plan, if your shares are registered in your name, write to Computershare, P.O. Box 43078, Providence, RI 02940-3078, or call toll free at (866) 227-8179. If your shares are held by a brokerage firm, please call your broker. If you participate in the Plan through a broker, you may not be able to transfer your shares to another broker and continue to participate in the Plan if your new broker does not permit such participation. If you no longer want to participate in the Plan, please contact Computershare or your broker. You may elect to continue to hold shares previously purchased on your behalf or to sell your shares and receive the proceeds, net of any brokerage commissions. If you need additional information or assistance, please call our investor relations department at (877) 829-4768 or visit our website at www.tcw.com. As always, we would be pleased to accommodate your investment needs.

#### Distribution Policy
The Fund has a net investment income-based distribution policy. The policy is to pay quarterly distributions out of the Fund's accumulated undistributed net investment income and/or other sources subject to the requirements of the 1940 Act and Sub-chapter M of the Code.

Distribution policies are a matter of Board discretion and may be modified or terminated at any time without prior notice. Any such change or termination may have an adverse effect on the market price for the Fund's shares.

You should not draw any conclusions about the Fund's investment performance from the amount of the quarterly distribution or from the terms of the Fund's distribution policy.

------

![LOGO](g837849g68h97.jpg)

TCW Strategic Income Fund, Inc.

515 South Flower Street

Los Angeles, California 90071

800 386 3829

www.TCW.com

INVESTMENT ADVISOR

TCW Investment Management Company LLC

515 South Flower Street

Los Angeles, California 90071

TRANSFER AGENT, DIVIDEND REINVESTMENT AND DISBURSEMENT AGENT AND REGISTRAR

Computershare

P.O. Box 43078

Providence, RI 02940-3078

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP

555 West 5th Street

Los Angeles, California 90013

CUSTODIAN & ADMINISTRATOR

State Street Bank & Trust Company

One Congress Street, Suite 1

Boston, Massachusetts 02114-2016

DIRECTORS

Patrick C. Haden

Director and Vice Chairman of the Board

Martin Luther King III

Director

Megan McClellan

Director

Peter McMillan

Director

Patrick Moore

Director

Victoria B. Rogers

Director

Robert G. Rooney

Director

Michael Swell

Director

Andrew Tarica

Director and Chairman of the Board

OFFICERS

Megan McClellan

President and Principal Executive Officer

Andrew Bowden

Executive Vice President

Richard M. Villa

Treasurer and Principal Financial and Accounting Officer

Alenoush Terzian

Chief Compliance Officer

and Anti-Money Laundering Officer

Lisa Eisen

Tax Officer

Eric W. Chan

Assistant Treasurer

Peter Davidson

Vice President and Secretary

TSIart9445 06/30/25

------

(b) Not applicable.

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

Not required for this filing.

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

Not required for this filing.

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

Not required for this filing.

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

Not required for this filing.

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

(a) The Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

------

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

Not applicable.

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

Not required for this filing.

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

Not required for this filing.

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

None.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Directors.

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

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

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

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

(a) Not applicable.

(b) Not applicable.

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

Not applicable.

------

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

(a)(1) Not required for this filing.

(a)(2) Not applicable.

---

| | |
|:---|:---|
| (a)(3) | [EX-99.CERT – The certifications required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act") are filed herewith.](d837849dex99cert.htm)  |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [EX-99.906CERT – The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.](d837849dex99906cert.htm)

(c) Not required for this filing.

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

------

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

---

| | |
|:---|:---|
| (Registrant) | TCW Strategic Income Fund, Inc. |
| By (Signature and Title) | /s/ Megan McClellan |
|  | Megan McClellan |
|  | President and Principal Executive Officer |
| Date | September 4, 2025 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Megan McClellan |
|  | Megan McClellan |
|  | President and Principal Executive Officer |
| Date | September 4, 2025 |
| By (Signature and Title) | /s/ Richard M. Villa |
|  | Richard M. Villa |
|  | Treasurer and Principal Financial and Accounting Officer |
| Date | September 4, 2025 |

---

## Ex-99.Cert

EX-99.CERT

I, Megan McClellan, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of TCW Strategic Income Fund,
Inc.;

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

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

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

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

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

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

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

------

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

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

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

---

| | |
|:---|:---|
| Date: September 4, 2025 | /s/ Megan McClellan |
|  | Megan McClellan |
|  | President and Principal Executive Officer |

---

------

I, Richard M. Villa, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of TCW Strategic Income Fund,
Inc.;

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

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

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

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

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

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

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

------

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

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

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

---

| | |
|:---|:---|
| Date: September 4, 2025 | /s/ Richard M. Villa |
|  | Richard M. Villa |
|  | Treasurer and Principal Financial and Accounting Officer |

---

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION** 

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

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

The semi-annual report on Form N-CSR of TCW Strategic Income Fund, Inc. for the period ended June 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of TCW Strategic Income Fund, Inc.

---

| | |
|:---|:---|
| Date: September 4, 2025 | /s/ Megan McClellan |
|  | Megan McClellan |
|  | President and Principal Executive Officer |
|  | /s/ Richard M. Villa |
|  | Richard M. Villa |
|  | Treasurer and Principal Financial and Accounting Officer |

---

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