# EDGAR Filing Document

**Accession Number:** 0000810573
**File Stem:** 0001410368-25-032275
**Filing Date:** 2025-11
**Character Count:** 216135
**Document Hash:** 21dbcc9d4395bedd50ea87a25128f6aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032275.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032275

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05002
- **FILM NUMBER:** 251526219

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

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

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

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

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

## Series and Classes Contracts Data

### DWS Global Income Builder VIP (Series ID: S000006265)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017223 | Class A      |  |

## Nport-Ex

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

**DWS Global Income Builder VIP** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value ($)** |
| **Common Stocks 34.2%** | **Common Stocks 34.2%** |  |
| **Communication Services 3.2%** | **Communication Services 3.2%** |  |
| **Entertainment 0.2%** | **Entertainment 0.2%** |  |
| NetEase, Inc. (ADR)  | 535 | &nbsp;&nbsp; 81315 |
| Walt Disney Co.  | 1300 | &nbsp;&nbsp; 148850 |
|  |  | &nbsp;&nbsp; **230165** |
| **Interactive Media & Services 3.0%** | **Interactive Media & Services 3.0%** |  |
| Alphabet, Inc. "A"  | 4726 | &nbsp;&nbsp; 1148891 |
| Alphabet, Inc. "C"  | 4380 | &nbsp;&nbsp; 1066749 |
| Tencent Holdings Ltd. (ADR)  | 15036 | &nbsp;&nbsp; 1280315 |
|  |  | &nbsp;&nbsp; **3495955** |
| **Consumer Discretionary 3.6%** | **Consumer Discretionary 3.6%** |  |
| **Automobile Components 0.6%** | **Automobile Components 0.6%** |  |
| Aptiv PLC\* | 8200 | &nbsp;&nbsp; **707004** |
| **Automobiles 0.8%** | **Automobiles 0.8%** |  |
| Ferrari NV  | 462 | &nbsp;&nbsp; 224233 |
| Mahindra & Mahindra Ltd. (GDR) REG S  | 17993 | &nbsp;&nbsp; 690931 |
|  |  | &nbsp;&nbsp; **915164** |
| **Broadline Retail 0.7%** | **Broadline Retail 0.7%** |  |
| Amazon.com, Inc.\*  | 1100 | &nbsp;&nbsp; 241527 |
| MercadoLibre, Inc.\*  | 41 | &nbsp;&nbsp; 95815 |
| Next PLC  | 118 | &nbsp;&nbsp; 19672 |
| Prosus NV  | 5496 | &nbsp;&nbsp; 388320 |
|  |  | &nbsp;&nbsp; **745334** |
| **Hotels, Restaurants & Leisure 1.0%** | **Hotels, Restaurants & Leisure 1.0%** |  |
| Booking Holdings, Inc.  | 170 | &nbsp;&nbsp; 917876 |
| Carnival Corp.\*  | 8683 | &nbsp;&nbsp; 251025 |
|  |  | &nbsp;&nbsp; **1168901** |
| **Specialty Retail 0.5%** | **Specialty Retail 0.5%** |  |
| Ulta Beauty, Inc.\* | 1110 | &nbsp;&nbsp; **606892** |
| **Textiles, Apparel & Luxury Goods 0.0%** | **Textiles, Apparel & Luxury Goods 0.0%** |  |
| Hermes International SCA | 16 | &nbsp;&nbsp; **39322** |
| **Consumer Staples 1.8%** | **Consumer Staples 1.8%** |  |
| **Beverages 0.1%** | **Beverages 0.1%** |  |
| Anheuser-Busch InBev SA | 1414 | &nbsp;&nbsp; **84523** |
| **Consumer Staples Distribution & Retail 0.8%** | **Consumer Staples Distribution & Retail 0.8%** |  |
| Costco Wholesale Corp. | 1022 | &nbsp;&nbsp; **945994** |
| **Food Products 0.0%** | **Food Products 0.0%** |  |
| Nestle SA (Registered) | 220 | &nbsp;&nbsp; **20217** |

---

------

---

| | | |
|:---|:---|:---|
| **Household Products 0.2%** | **Household Products 0.2%** |  |
| Reckitt Benckiser Group PLC | 3071 | &nbsp;&nbsp; **236378** |
| **Personal Care Products 0.2%** | **Personal Care Products 0.2%** |  |
| L'Oreal SA  | 283 | &nbsp;&nbsp; 123025 |
| Unilever PLC  | 826 | &nbsp;&nbsp; 48825 |
|  |  | &nbsp;&nbsp; **171850** |
| **Tobacco 0.5%** | **Tobacco 0.5%** |  |
| Altria Group, Inc.  | 5355 | &nbsp;&nbsp; 353751 |
| Japan Tobacco, Inc.  | 7400 | &nbsp;&nbsp; 243478 |
|  |  | &nbsp;&nbsp; **597229** |
| **Energy 1.3%** | **Energy 1.3%** |  |
| **Oil, Gas & Consumable Fuels 1.3%** | **Oil, Gas & Consumable Fuels 1.3%** |  |
| EOG Resources, Inc.  | 900 | &nbsp;&nbsp; 100908 |
| EQT Corp.  | 3856 | &nbsp;&nbsp; 209882 |
| Expand Energy Corp.  | 10925 | &nbsp;&nbsp; 1160672 |
|  |  | &nbsp;&nbsp; **1471462** |
| **Financials 6.0%** | **Financials 6.0%** |  |
| **Banks 2.0%** | **Banks 2.0%** |  |
| Bank Hapoalim BM  | 4711 | &nbsp;&nbsp; 95660 |
| Canadian Imperial Bank of Commerce  | 8424 | &nbsp;&nbsp; 673157 |
| Danske Bank A/S  | 4042 | &nbsp;&nbsp; 172529 |
| DBS Group Holdings Ltd.  | 3900 | &nbsp;&nbsp; 154673 |
| DNB Bank ASA  | 1847 | &nbsp;&nbsp; 50376 |
| Erste Group Bank AG  | 222 | &nbsp;&nbsp; 21753 |
| HSBC Holdings PLC  | 22932 | &nbsp;&nbsp; 323586 |
| KB Financial Group, Inc. (ADR)  | 1178 | &nbsp;&nbsp; 97668 |
| NatWest Group PLC  | 8434 | &nbsp;&nbsp; 59270 |
| Shinhan Financial Group Co., Ltd. (ADR)  | 6434 | &nbsp;&nbsp; 324080 |
| Skandinaviska Enskilda Banken AB "A"  | 16109 | &nbsp;&nbsp; 315410 |
|  |  | &nbsp;&nbsp; **2288162** |
| **Capital Markets 0.6%** | **Capital Markets 0.6%** |  |
| 3i Group PLC  | 8942 | &nbsp;&nbsp; 492931 |
| Hong Kong Exchanges & Clearing Ltd.  | 3000 | &nbsp;&nbsp; 170415 |
|  |  | &nbsp;&nbsp; **663346** |
| **Consumer Finance 0.9%** | **Consumer Finance 0.9%** |  |
| American Express Co.  | 941 | &nbsp;&nbsp; 312562 |
| Synchrony Financial  | 9713 | &nbsp;&nbsp; 690109 |
|  |  | &nbsp;&nbsp; **1002671** |
| **Financial Services 0.0%** | **Financial Services 0.0%** |  |
| PayPal Holdings, Inc.\* | 964 | &nbsp;&nbsp; **64646** |
| **Insurance 2.5%** | **Insurance 2.5%** |  |
| Fairfax Financial Holdings Ltd.  | 57 | &nbsp;&nbsp; 99722 |
| Hannover Rueck SE  | 915 | &nbsp;&nbsp; 276142 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)  | 915 | &nbsp;&nbsp; 585302 |
| Progressive Corp.  | 200 | &nbsp;&nbsp; 49390 |
| QBE Insurance Group Ltd.  | 35067 | &nbsp;&nbsp; 479108 |
| Swiss Re AG  | 597 | &nbsp;&nbsp; 110782 |
| Travelers Companies, Inc.  | 4605 | &nbsp;&nbsp; 1285808 |
|  |  | &nbsp;&nbsp; **2886254** |

---

------

---

| | | |
|:---|:---|:---|
| **Health Care 2.9%** | **Health Care 2.9%** |  |
| **Health Care Equipment & Supplies 0.1%** | **Health Care Equipment & Supplies 0.1%** |  |
| Dexcom, Inc.\* | 1525 | &nbsp;&nbsp; **102617** |
| **Pharmaceuticals 2.8%** | **Pharmaceuticals 2.8%** |  |
| Daiichi Sankyo Co., Ltd.  | 48200 | &nbsp;&nbsp; 1082614 |
| Eli Lilly & Co.  | 344 | &nbsp;&nbsp; 262472 |
| Novartis AG (Registered)  | 11156 | &nbsp;&nbsp; 1431942 |
| Pfizer, Inc.  | 15737 | &nbsp;&nbsp; 400979 |
|  |  | &nbsp;&nbsp; **3178007** |
| **Industrials 3.7%** | **Industrials 3.7%** |  |
| **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** |  |
| Airbus SE  | 2053 | &nbsp;&nbsp; 478566 |
| Safran SA  | 181 | &nbsp;&nbsp; 64063 |
|  |  | &nbsp;&nbsp; **542629** |
| **Building Products 0.6%** | **Building Products 0.6%** |  |
| Trane Technologies PLC | 1684 | &nbsp;&nbsp; **710580** |
| **Construction & Engineering 0.3%** | **Construction & Engineering 0.3%** |  |
| Ferrovial SE | 5131 | &nbsp;&nbsp; **294831** |
| **Ground Transportation 1.8%** | **Ground Transportation 1.8%** |  |
| Central Japan Railway Co.  | 42100 | &nbsp;&nbsp; 1208885 |
| Uber Technologies, Inc.\*  | 8785 | &nbsp;&nbsp; 860666 |
|  |  | &nbsp;&nbsp; **2069551** |
| **Machinery 0.4%** | **Machinery 0.4%** |  |
| Dover Corp.  | 2249 | &nbsp;&nbsp; 375201 |
| Kone Oyj "B"  | 1371 | &nbsp;&nbsp; 93492 |
|  |  | &nbsp;&nbsp; **468693** |
| **Passenger Airlines 0.0%** | **Passenger Airlines 0.0%** |  |
| Ryanair Holdings PLC | 1207 | &nbsp;&nbsp; **35325** |
| **Transportation Infrastructure 0.1%** | **Transportation Infrastructure 0.1%** |  |
| Aena SME SA 144A  | 667 | &nbsp;&nbsp; 18263 |
| Transurban Group (Units)  | 8789 | &nbsp;&nbsp; 80307 |
|  |  | &nbsp;&nbsp; **98570** |
| **Information Technology 9.1%** | **Information Technology 9.1%** |  |
| **Communications Equipment 0.7%** | **Communications Equipment 0.7%** |  |
| Arista Networks, Inc.\* | 5513 | &nbsp;&nbsp; **803299** |
| **Electronic Equipment, Instruments & Components 1.7%** | **Electronic Equipment, Instruments & Components 1.7%** |  |
| Amphenol Corp. "A" | 15577 | &nbsp;&nbsp; **1927654** |
| **IT Services 0.4%** | **IT Services 0.4%** |  |
| CGI, Inc.  | 214 | &nbsp;&nbsp; 19061 |
| Cognizant Technology Solutions Corp. "A"  | 1071 | &nbsp;&nbsp; 71832 |
| MongoDB, Inc.\*  | 1100 | &nbsp;&nbsp; 341418 |
|  |  | &nbsp;&nbsp; **432311** |
| **Semiconductors & Semiconductor Equipment 3.7%** | **Semiconductors & Semiconductor Equipment 3.7%** |  |
| ASML Holding NV  | 42 | &nbsp;&nbsp; 40914 |
| Broadcom, Inc.  | 5138 | &nbsp;&nbsp; 1695078 |
| Lam Research Corp.  | 3856 | &nbsp;&nbsp; 516318 |

---

------

---

| | | |
|:---|:---|:---|
| NVIDIA Corp.  | 7686 | &nbsp;&nbsp; 1434054 |
| NXP Semiconductors NV  | 600 | &nbsp;&nbsp; 136638 |
| QUALCOMM, Inc.  | 2958 | &nbsp;&nbsp; 492093 |
|  |  | &nbsp;&nbsp; **4315095** |
| **Software 2.1%** | **Software 2.1%** |  |
| Adobe, Inc.\*  | 1167 | &nbsp;&nbsp; 411659 |
| Autodesk, Inc.\*  | 2348 | &nbsp;&nbsp; 745889 |
| Intuit, Inc.  | 388 | &nbsp;&nbsp; 264969 |
| Microsoft Corp.  | 1853 | &nbsp;&nbsp; 959762 |
|  |  | &nbsp;&nbsp; **2382279** |
| **Technology Hardware, Storage & Peripherals 0.5%** | **Technology Hardware, Storage & Peripherals 0.5%** |  |
| Pure Storage, Inc. "A"\*  | 7356 | &nbsp;&nbsp; 616507 |
| Samsung Electronics Co., Ltd. (GDR) REG S  | 16 | &nbsp;&nbsp; 23904 |
|  |  | &nbsp;&nbsp; **640411** |
| **Materials 1.2%** | **Materials 1.2%** |  |
| **Chemicals 0.2%** | **Chemicals 0.2%** |  |
| Corteva, Inc. | 2500 | &nbsp;&nbsp; **169075** |
| **Metals & Mining 1.0%** | **Metals & Mining 1.0%** |  |
| Agnico Eagle Mines Ltd.  | 2300 | &nbsp;&nbsp; 387383 |
| Gold Fields Ltd. (ADR)  | 5396 | &nbsp;&nbsp; 226416 |
| Newmont Corp.  | 600 | &nbsp;&nbsp; 50586 |
| Nucor Corp.  | 3940 | &nbsp;&nbsp; 533594 |
|  |  | &nbsp;&nbsp; **1197979** |
| **Real Estate 0.6%** | **Real Estate 0.6%** |  |
| **Retail REITs 0.3%** | **Retail REITs 0.3%** |  |
| Simon Property Group, Inc.  | 1700 | &nbsp;&nbsp; **319039** |
| **Specialized REITs 0.3%** | **Specialized REITs 0.3%** |  |
| Equinix, Inc.  | 535 | &nbsp;&nbsp; **419033** |
| **Utilities 0.8%** | **Utilities 0.8%** |  |
| **Electric Utilities 0.5%** | **Electric Utilities 0.5%** |  |
| Edison International  | 9426 | &nbsp;&nbsp; 521070 |
| Enel SpA  | 5238 | &nbsp;&nbsp; 49723 |
|  |  | &nbsp;&nbsp; **570793** |
| **Multi-Utilities 0.3%** | **Multi-Utilities 0.3%** |  |
| National Grid PLC  | 10516 | &nbsp;&nbsp; 150763 |
| Veolia Environnement SA  | 7108 | &nbsp;&nbsp; 242754 |
|  |  | &nbsp;&nbsp; **393517** |
| **Total Common Stocks** (Cost $33,891,984) | **Total Common Stocks** (Cost $33,891,984) | &nbsp;&nbsp; **39412757** |
| **Preferred Stocks 2.0%** | **Preferred Stocks 2.0%** |  |
| **Financials 1.3%** | **Financials 1.3%** |  |
| &nbsp;&nbsp;&nbsp; AGNC Investment Corp., Series C (REIT), 3 mo. USD Term SOFR + 5.373%, <br> 9.349% (a)<br>| 14427 | &nbsp;&nbsp; 376112 |
| Fifth Third Bancorp., Series I, 3 mo. USD Term SOFR + 3.972%, 8.267% (a) | 10000 | &nbsp;&nbsp; 254100 |
| KeyCorp., Series E, 6.125%  | 10000 | &nbsp;&nbsp; 251700 |
| Morgan Stanley, Series K, 5.85%  | 10000 | &nbsp;&nbsp; 244900 |
| Wells Fargo & Co., Series Y, 5.625%  | 15000 | &nbsp;&nbsp; 372000 |
|  |  | &nbsp;&nbsp; **1498812** |

---

------

---

| | | |
|:---|:---|:---|
| **Real Estate 0.7%** | **Real Estate 0.7%** |  |
| Kimco Realty Corp., Series L (REIT), 5.125%  | 15000 | &nbsp;&nbsp; 320850 |
| Prologis, Inc., Series Q (REIT), 8.54%  | 164 | &nbsp;&nbsp; 9072 |
| Simon Property Group, Inc., Series J (REIT), 8.375%  | 8000 | &nbsp;&nbsp; 427920 |
|  |  | &nbsp;&nbsp; **757842** |
| **Total Preferred Stocks** (Cost $2,574,794) | **Total Preferred Stocks** (Cost $2,574,794) | &nbsp;&nbsp; **2256654** |
| **Rights 0.0%** | **Rights 0.0%** |  |
| **Health Care**  | **Health Care**  |  |
| Contra Abiomed, Inc.,\* (b) (Cost $204) | 200 | &nbsp;&nbsp; **204** |
| **Warrants 0.0%** | **Warrants 0.0%** |  |
| **Materials**  | **Materials**  |  |
| Hercules Trust II, Expiration Date 3/31/2029\* (b) (Cost $30,284) | 170 | &nbsp;&nbsp; **781** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount ($) (c)**<br>| **Value ($)** |
| **Corporate Bonds 23.5%** | **Corporate Bonds 23.5%** |  |
| **Communication Services 1.0%** | **Communication Services 1.0%** |  |
| AT&T, Inc., 3.55%, 9/15/2055 | 110000 | &nbsp;&nbsp; 75803 |
| Charter Communications Operating LLC: |  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 12/1/2035  | 106000 | &nbsp;&nbsp; 107012 |
| &nbsp;&nbsp;&nbsp; 6.384%, 10/23/2035  | 100000 | &nbsp;&nbsp; 104763 |
| Paramount Global: |  |  |
| &nbsp;&nbsp;&nbsp; 4.2%, 6/1/2029  | 225000 | &nbsp;&nbsp; 221192 |
| &nbsp;&nbsp;&nbsp; 4.6%, 1/15/2045  | 60000 | &nbsp;&nbsp; 46765 |
| &nbsp;&nbsp;&nbsp; 4.95%, 1/15/2031  | 150000 | &nbsp;&nbsp; 148289 |
| T-Mobile U.S.A., Inc., 6.0%, 6/15/2054 | 80000 | &nbsp;&nbsp; 82830 |
| Videotron Ltd., 144A, 5.7%, 1/15/2035 | 185000 | &nbsp;&nbsp; 188530 |
| Warnermedia Holdings, Inc., 4.279%, 3/15/2032 | 175000 | &nbsp;&nbsp; 160344 |
|  |  | &nbsp;&nbsp; **1135528** |
| **Consumer Discretionary 1.0%** | **Consumer Discretionary 1.0%** |  |
| Ford Motor Credit Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp; 4.125%, 8/17/2027  | 200000 | &nbsp;&nbsp; 196730 |
| &nbsp;&nbsp;&nbsp; 6.5%, 2/7/2035 (d) | 200000 | &nbsp;&nbsp; 205471 |
| General Motors Co.: |  |  |
| &nbsp;&nbsp;&nbsp; 5.625%, 4/15/2030  | 212000 | &nbsp;&nbsp; 219786 |
| &nbsp;&nbsp;&nbsp; 6.25%, 4/15/2035  | 100000 | &nbsp;&nbsp; 105171 |
| Las Vegas Sands Corp., 5.625%, 6/15/2028 | 129000 | &nbsp;&nbsp; 131883 |
| Marriott International, Inc., 5.5%, 4/15/2037 | 210000 | &nbsp;&nbsp; 214607 |
| Royal Caribbean Cruises Ltd., 5.375%, 1/15/2036 (e) | 107000 | &nbsp;&nbsp; 107624 |
|  |  | &nbsp;&nbsp; **1181272** |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |  |
| JBS USA Holding Lux SARL, 6.75%, 3/15/2034 | 200000 | &nbsp;&nbsp; **221101** |
| **Energy 6.0%** | **Energy 6.0%** |  |
| BP Capital Markets PLC, 6.125%, Perpetual | 450000 | &nbsp;&nbsp; 466088 |
| Buckeye Partners LP, 144A, 6.75%, 2/1/2030 | 450000 | &nbsp;&nbsp; 467392 |
| Cheniere Energy, Inc., 4.625%, 10/15/2028 | 320000 | &nbsp;&nbsp; 319000 |
| Columbia Pipelines Holding Co. LLC, 144A, 5.681%, 1/15/2034 | 100000 | &nbsp;&nbsp; 103019 |

---

------

---

| | | |
|:---|:---|:---|
| DT Midstream, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.125%, 6/15/2029  | 400000 | &nbsp;&nbsp; 390266 |
| &nbsp;&nbsp;&nbsp; 144A, 5.8%, 12/15/2034  | 86000 | &nbsp;&nbsp; 88665 |
| Ecopetrol SA, 7.75%, 2/1/2032 | 300000 | &nbsp;&nbsp; 310444 |
| Enbridge, Inc., Series 20-A, 5.75%, 7/15/2080 | 250000 | &nbsp;&nbsp; 252403 |
| Energy Transfer LP: |  |  |
| &nbsp;&nbsp;&nbsp; 6.5%, 2/15/2056  | 270000 | &nbsp;&nbsp; 268734 |
| &nbsp;&nbsp;&nbsp; Series B, 6.625%, Perpetual  | 145000 | &nbsp;&nbsp; 144722 |
| &nbsp;&nbsp;&nbsp; 7.125%, 10/1/2054 (d) | 150000 | &nbsp;&nbsp; 155260 |
| &nbsp;&nbsp;&nbsp; 144A, 7.375%, 2/1/2031  | 85000 | &nbsp;&nbsp; 88781 |
| &nbsp;&nbsp;&nbsp; 8.0%, 5/15/2054  | 175000 | &nbsp;&nbsp; 187009 |
| EQT Corp., 5.75%, 2/1/2034 | 225000 | &nbsp;&nbsp; 235476 |
| Expand Energy Corp., 5.375%, 2/1/2029 | 205000 | &nbsp;&nbsp; 205063 |
| HF Sinclair Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; 5.5%, 9/1/2032  | 156000 | &nbsp;&nbsp; 158572 |
| &nbsp;&nbsp;&nbsp; 5.75%, 1/15/2031  | 156000 | &nbsp;&nbsp; 161464 |
| Kinetik Holdings LP, 144A, 6.625%, 12/15/2028 | 179000 | &nbsp;&nbsp; 183730 |
| NuStar Logistics LP, 6.375%, 10/1/2030 | 565000 | &nbsp;&nbsp; 585111 |
| Occidental Petroleum Corp., 8.875%, 7/15/2030 | 300000 | &nbsp;&nbsp; 346602 |
| ONEOK, Inc., 144A, 6.5%, 9/1/2030 | 280000 | &nbsp;&nbsp; 300878 |
| Petrobras Global Finance BV: |  |  |
| &nbsp;&nbsp;&nbsp; 5.125%, 9/10/2030  | 225000 | &nbsp;&nbsp; 222376 |
| &nbsp;&nbsp;&nbsp; 6.25%, 1/10/2036  | 169000 | &nbsp;&nbsp; 166778 |
| Phillips 66 Co.: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.875%, 3/15/2056  | 200000 | &nbsp;&nbsp; 198426 |
| &nbsp;&nbsp;&nbsp; 6.2%, 3/15/2056  | 138000 | &nbsp;&nbsp; 138369 |
| Plains All American Pipeline LP, 4.7%, 1/15/2031 | 65000 | &nbsp;&nbsp; 65138 |
| Saudi Arabian Oil Co., 144A, 6.375%, 6/2/2055 | 210000 | &nbsp;&nbsp; 223855 |
| Targa Resources Partners LP, 5.0%, 1/15/2028 | 200000 | &nbsp;&nbsp; 200223 |
| Venture Global Calcasieu Pass LLC, 144A, 3.875%, 11/1/2033 | 180000 | &nbsp;&nbsp; 162184 |
| Western Midstream Operating LP, 5.45%, 11/15/2034 | 92000 | &nbsp;&nbsp; 92123 |
|  |  | &nbsp;&nbsp; **6888151** |
| **Financials 8.8%** | **Financials 8.8%** |  |
| Acrisure LLC, 144A, 6.75%, 7/1/2032 | 286000 | &nbsp;&nbsp; 294490 |
| AerCap Ireland Capital DAC, 6.95%, 3/10/2055 | 200000 | &nbsp;&nbsp; 209339 |
| Aircastle Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 144A, 5.25%, Perpetual  | 130000 | &nbsp;&nbsp; 129287 |
| &nbsp;&nbsp;&nbsp; 144A, 5.75%, 10/1/2031  | 150000 | &nbsp;&nbsp; 156259 |
| Bank of Montreal: |  |  |
| &nbsp;&nbsp;&nbsp; Series 6, 6.875%, 11/26/2085  | 200000 | &nbsp;&nbsp; 203547 |
| &nbsp;&nbsp;&nbsp; 7.7%, 5/26/2084  | 250000 | &nbsp;&nbsp; 264927 |
| Beacon Funding Trust, 144A, 6.266%, 8/15/2054 | 145000 | &nbsp;&nbsp; 148383 |
| BGC Group, Inc., 144A, 6.15%, 4/2/2030 | 200000 | &nbsp;&nbsp; 204906 |
| Blackstone Private Credit Fund: |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 4/1/2030  | 98000 | &nbsp;&nbsp; 98367 |
| &nbsp;&nbsp;&nbsp; 5.6%, 11/22/2029  | 250000 | &nbsp;&nbsp; 254387 |
| &nbsp;&nbsp;&nbsp; 6.0%, 11/22/2034 (d) | 150000 | &nbsp;&nbsp; 153607 |
| Block, Inc., 144A, 6.0%, 8/15/2033 | 23000 | &nbsp;&nbsp; 23553 |
| BNP Paribas SA, 144A, 8.5%, Perpetual | 280000 | &nbsp;&nbsp; 299139 |
| Canadian Imperial Bank of Commerce, 6.95%, 1/28/2085 | 350000 | &nbsp;&nbsp; 354930 |
| Capital One Financial Corp., Series M, 3.95%, Perpetual | 350000 | &nbsp;&nbsp; 343586 |
| Charles Schwab Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; Series H, 4.0%, Perpetual  | 250000 | &nbsp;&nbsp; 234591 |
| &nbsp;&nbsp;&nbsp; Series F, 5.0%, Perpetual  | 469000 | &nbsp;&nbsp; 459495 |

---

------

---

| | | |
|:---|:---|:---|
| Citigroup, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 6.02%, 1/24/2036  | 190000 | &nbsp;&nbsp; 199041 |
| &nbsp;&nbsp;&nbsp; Series EE, 6.75%, Perpetual  | 200000 | &nbsp;&nbsp; 203053 |
| &nbsp;&nbsp;&nbsp; Series FF, 6.95%, Perpetual  | 175000 | &nbsp;&nbsp; 179726 |
| First Citizens BancShares, Inc., 5.6%, 9/5/2035 | 240000 | &nbsp;&nbsp; 239366 |
| Goldman Sachs BDC, Inc., 5.65%, 9/9/2030 | 170000 | &nbsp;&nbsp; 170991 |
| HSBC Holdings PLC, 6.95%, Perpetual | 500000 | &nbsp;&nbsp; 522794 |
| JPMorgan Chase & Co.: |  |  |
| &nbsp;&nbsp;&nbsp; Series OO, 6.5%, Perpetual  | 300000 | &nbsp;&nbsp; 310540 |
| &nbsp;&nbsp;&nbsp; 6.875%, Perpetual  | 350000 | &nbsp;&nbsp; 368640 |
| Liberty Mutual Group, Inc., 144A, 4.125%, 12/15/2051 | 270000 | &nbsp;&nbsp; 265192 |
| M&T Bank Corp., 5.385%, 1/16/2036 | 230000 | &nbsp;&nbsp; 233173 |
| Morgan Stanley, 5.664%, 4/17/2036 | 140000 | &nbsp;&nbsp; 147708 |
| Navient Corp., 5.5%, 3/15/2029 (d) | 286000 | &nbsp;&nbsp; 280369 |
| Nordea Bank Abp, 144A, 6.3%, Perpetual (d) | 300000 | &nbsp;&nbsp; 303107 |
| Royal Bank of Canada, 6.35%, 11/24/2084 | 650000 | &nbsp;&nbsp; 641106 |
| Societe Generale SA: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.512%, 5/22/2031  | 236000 | &nbsp;&nbsp; 242763 |
| &nbsp;&nbsp;&nbsp; 144A, 6.221%, 6/15/2033  | 225000 | &nbsp;&nbsp; 236424 |
| State Street Corp., Series K, 6.45%, Perpetual | 298000 | &nbsp;&nbsp; 307467 |
| Sumitomo Mitsui Financial Group, Inc., 6.45%, Perpetual | 200000 | &nbsp;&nbsp; 204159 |
| Synchrony Financial, 5.45%, 3/6/2031 | 200000 | &nbsp;&nbsp; 203793 |
| The Goldman Sachs Group, Inc., Series Y, 6.125%, Perpetual (d) | 329000 | &nbsp;&nbsp; 333906 |
| Truist Financial Corp., Series N, 6.669%, Perpetual | 300000 | &nbsp;&nbsp; 301363 |
| UBS Group AG, 144A, 4.375%, Perpetual | 200000 | &nbsp;&nbsp; 181916 |
| Wells Fargo & Co., 6.85%, Perpetual | 250000 | &nbsp;&nbsp; 262723 |
|  |  | &nbsp;&nbsp; **10172113** |
| **Health Care 0.6%** | **Health Care 0.6%** |  |
| Charles River Laboratories International, Inc., 144A, 3.75%, 3/15/2029 | 150000 | &nbsp;&nbsp; 142050 |
| CVS Health Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 9/15/2035  | 100000 | &nbsp;&nbsp; 101760 |
| &nbsp;&nbsp;&nbsp; 6.2%, 9/15/2055  | 170000 | &nbsp;&nbsp; 174970 |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/10/2054  | 213000 | &nbsp;&nbsp; 219866 |
|  |  | &nbsp;&nbsp; **638646** |
| **Industrials 1.3%** | **Industrials 1.3%** |  |
| American Airlines, Inc., 144A, 5.5%, 4/20/2026 | 26250 | &nbsp;&nbsp; 26262 |
| BNSF Funding Trust I, 6.613%, 12/15/2055 | 250000 | &nbsp;&nbsp; 249743 |
| Boeing Co., 6.858%, 5/1/2054 | 230000 | &nbsp;&nbsp; 262362 |
| Delta Air Lines, Inc., 3.75%, 10/28/2029 | 135000 | &nbsp;&nbsp; 131190 |
| Stanley Black & Decker, Inc., 5 yr. CMT + 2.657%, 6.707% (a), 3/15/2060 | 450000 | &nbsp;&nbsp; 451494 |
| United Airlines Pass-Through Trust, "A", Series 2023-1, 5.8%, 7/15/2037 | 279891 | &nbsp;&nbsp; 289455 |
| United Rentals North America, Inc., 144A, 6.0%, 12/15/2029 | 110000 | &nbsp;&nbsp; 113268 |
|  |  | &nbsp;&nbsp; **1523774** |
| **Information Technology 0.7%** | **Information Technology 0.7%** |  |
| AppLovin Corp., 5.95%, 12/1/2054 | 83000 | &nbsp;&nbsp; 84084 |
| Foundry JV Holdco LLC, 144A, 6.1%, 1/25/2036 | 200000 | &nbsp;&nbsp; 212480 |
| HP, Inc., 6.1%, 4/25/2035 | 100000 | &nbsp;&nbsp; 106144 |
| Oracle Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; 5.375%, 9/27/2054  | 245000 | &nbsp;&nbsp; 225062 |
| &nbsp;&nbsp;&nbsp; 5.5%, 9/27/2064  | 75000 | &nbsp;&nbsp; 68688 |
| &nbsp;&nbsp;&nbsp; 5.95%, 9/26/2055  | 96000 | &nbsp;&nbsp; 95705 |
|  |  | &nbsp;&nbsp; **792163** |

---

------

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| | | | |
|:---|:---|:---|:---|
| **Materials 0.9%** | **Materials 0.9%** | **Materials 0.9%** |  |
| Celanese U.S. Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.665%, 7/15/2027  |  | 64000 | &nbsp;&nbsp; 65645 |
| &nbsp;&nbsp;&nbsp; 6.85%, 11/15/2028  |  | 50000 | &nbsp;&nbsp; 51887 |
| Chemours Co., 5.375%, 5/15/2027 |  | 350000 | &nbsp;&nbsp; 349711 |
| Corp. Nacional del Cobre de Chile, 144A, 5.95%, 1/8/2034 |  | 200000 | &nbsp;&nbsp; 209981 |
| Dow Chemical Co., 5.65%, 3/15/2036 (d) |  | 160000 | &nbsp;&nbsp; 160797 |
| Olin Corp., 5.0%, 2/1/2030 (d) |  | 200000 | &nbsp;&nbsp; 195365 |
|  |  |  | &nbsp;&nbsp; **1033386** |
| **Real Estate 0.5%** | **Real Estate 0.5%** | **Real Estate 0.5%** |  |
| CBRE Services, Inc., 5.5%, 6/15/2035 |  | 90000 | &nbsp;&nbsp; 92701 |
| Iron Mountain, Inc., 144A, (REIT), 6.25%, 1/15/2033 |  | 500000 | &nbsp;&nbsp; 510007 |
|  |  |  | &nbsp;&nbsp; **602708** |
| **Utilities 2.5%** | **Utilities 2.5%** | **Utilities 2.5%** |  |
| CMS Energy Corp., 3.75%, 12/1/2050 |  | 350000 | &nbsp;&nbsp; 323125 |
| Dominion Energy, Inc., 6.625%, 5/15/2055 |  | 260000 | &nbsp;&nbsp; 269081 |
| Eversource Energy, 5.5%, 1/1/2034 |  | 220000 | &nbsp;&nbsp; 227175 |
| Exelon Corp., 6.5%, 3/15/2055 |  | 133000 | &nbsp;&nbsp; 139011 |
| NextEra Energy Capital Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.375%, 8/15/2055  |  | 350000 | &nbsp;&nbsp; 363426 |
| &nbsp;&nbsp;&nbsp; 6.75%, 6/15/2054  |  | 98000 | &nbsp;&nbsp; 105324 |
| NRG Energy, Inc., 144A, 5.407%, 10/15/2035 (e) |  | 101000 | &nbsp;&nbsp; 101344 |
| Pacific Gas and Electric Co., 5.9%, 10/1/2054 |  | 52000 | &nbsp;&nbsp; 50653 |
| PacifiCorp, 5.8%, 1/15/2055 |  | 85000 | &nbsp;&nbsp; 83310 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 144A, 2.875%, 10/25/2025 | EUR | 260000 | &nbsp;&nbsp; 305290 |
| PG&E Corp., 7.375%, 3/15/2055 |  | 100000 | &nbsp;&nbsp; 102735 |
| Sempra, 4.125%, 4/1/2052 |  | 390000 | &nbsp;&nbsp; 379460 |
| Southern Co., Series 21-A, 3.75%, 9/15/2051 |  | 215000 | &nbsp;&nbsp; 212133 |
| Southwestern Public Service Co., 6.0%, 6/1/2054 |  | 220000 | &nbsp;&nbsp; 229106 |
|  |  |  | &nbsp;&nbsp; **2891173** |
| **Total Corporate Bonds** (Cost $26,482,736) | **Total Corporate Bonds** (Cost $26,482,736) | **Total Corporate Bonds** (Cost $26,482,736) | &nbsp;&nbsp; **27080015** |
| **Asset-Backed 7.6%** | **Asset-Backed 7.6%** | **Asset-Backed 7.6%** | **Asset-Backed 7.6%** |
| **Automobile Receivables 0.9%** | **Automobile Receivables 0.9%** | **Automobile Receivables 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, "C", Series 2022-5A, 144A, 6.24%, <br> 4/20/2027<br>|  | 200000 | &nbsp;&nbsp; 200804 |
| CPS Auto Receivables Trust, "C", Series 2023-C, 144A, 6.27%, 10/15/2029 |  | 100000 | &nbsp;&nbsp; 100771 |
| Exeter Automobile Receivables Trust, "C", Series 2025-3A, 5.09%, 10/15/2031 |  | 59000 | &nbsp;&nbsp; 59725 |
| &nbsp;&nbsp;&nbsp; Foursight Capital Automobile Receivables Trust, "C", Series 2023-2, 144A, 6.21%, <br> 4/16/2029<br>|  | 250000 | &nbsp;&nbsp; 255695 |
| Hertz Vehicle Financing III LLC, "C", Series 2023-1A, 144A, 6.91%, 6/25/2027 |  | 340000 | &nbsp;&nbsp; 342581 |
| Santander Drive Auto Receivables Trust, "C", Series 2023-3, 5.77%, 11/15/2030 |  | 100000 | &nbsp;&nbsp; 101852 |
| Securitized Term Auto Receivables Trust, "C", Series 2025-A, 144A, 5.185%, 7/25/2031 |  | 35438 | &nbsp;&nbsp; 35753 |
|  |  |  | &nbsp;&nbsp; **1097181** |
| **Credit Card Receivables 0.5%** | **Credit Card Receivables 0.5%** | **Credit Card Receivables 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Brex Commercial Charge Card Master Trust, "A1", Series 2024-1, 144A, 6.05%, <br> 7/15/2027<br>|  | 100000 | &nbsp;&nbsp; 100622 |
| &nbsp;&nbsp;&nbsp; Mercury Financial Credit Card Master Trust, "A", Series 2024-2A, 144A, 6.56%, <br> 7/20/2029<br>|  | 200000 | &nbsp;&nbsp; 201567 |
| Mission Lane Credit Card Master Trust, "A", Series 2024-B, 144A, 5.88%, 1/15/2030 |  | 250000 | &nbsp;&nbsp; 252450 |
|  |  |  | &nbsp;&nbsp; **554639** |

---

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---

| | | |
|:---|:---|:---|
| **Home Equity Loans 0.3%** | **Home Equity Loans 0.3%** |  |
| RCKT Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "A1A", Series 2024-CES7, 144A, 5.158%, 10/25/2044  | 191910 | &nbsp;&nbsp; 192367 |
| &nbsp;&nbsp;&nbsp; "A1B", Series 2024-CES9, 144A, 5.683%, 12/25/2044  | 86055 | &nbsp;&nbsp; 86825 |
| Towd Point Mortgage Trust, "A1", Series 2025-CRM1, 144A, 5.799%, 1/25/2065 | 87668 | &nbsp;&nbsp; 88668 |
|  |  | &nbsp;&nbsp; **367860** |
| **Miscellaneous 5.9%** | **Miscellaneous 5.9%** |  |
| &nbsp;&nbsp;&nbsp; AB BSL CLO 5 Ltd., "B", Series 2024-5A, 144A, 3 mo. USD Term SOFR + 1.7%, <br> 6.025% (a), 1/20/2038<br>| 600000 | &nbsp;&nbsp; 601601 |
| &nbsp;&nbsp;&nbsp; Allegro CLO V-S Ltd., "B1", Series 2024-2A, 144A, 3 mo. USD Term SOFR + 1.9%, <br> 6.219% (a), 7/24/2037<br>| 500000 | &nbsp;&nbsp; 501602 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXIV Ltd., "A1AL", Series 2016-24A, 144A, 3 mo. USD Term SOFR + <br> 1.212%, 5.537% (a), 10/20/2030<br>| 174098 | &nbsp;&nbsp; 174042 |
| &nbsp;&nbsp;&nbsp; ARES LXXVII CLO Ltd., "A2", Series 2025-77A, 144A, 3 mo. USD Term SOFR + <br> 1.6%, 5.922% (a), 7/15/2038<br>| 250000 | &nbsp;&nbsp; 250670 |
| &nbsp;&nbsp;&nbsp; ARES XLI CLO Ltd., "BR", Series 2016-41A, 144A, 3 mo. USD Term SOFR + <br> 1.712%, 6.029% (a), 4/15/2034<br>| 500000 | &nbsp;&nbsp; 501531 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO XXXIV Ltd., "B1", Series 2022-34A, 144A, 3 mo. USD Term <br> SOFR + 2.05%, 6.375% (a), 4/20/2035<br>| 250000 | &nbsp;&nbsp; 250327 |
| &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd., "A2R3", Series 2015-5A, 144A, 3 mo. USD <br> Term SOFR + 1.65%, 5.975% (a), 1/20/2032<br>| 430000 | &nbsp;&nbsp; 430400 |
| CF Hippolyta Issuer LLC, "B1", Series 2021-1A, 144A, 1.98%, 3/15/2061 | 520231 | &nbsp;&nbsp; 401888 |
| Cloud Capital Holdco LP, "A2", Series 2024-1A, 144A, 5.781%, 11/22/2049 | 150000 | &nbsp;&nbsp; 152374 |
| Compass Datacenters Issuer III LLC, "A2", Series 2025-3A, 144A, 5.286%, 7/25/2050 | 84000 | &nbsp;&nbsp; 84941 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 43 Ltd., "B", Series 2025-6A, 144A, 3 mo. USD Term SOFR + 1.7%, <br> 6.019% (a), 7/20/2038<br>| 250000 | &nbsp;&nbsp; 251109 |
| Frontier Issuer LLC, "A2", Series 2023-1, 144A, 6.6%, 8/20/2053 | 250000 | &nbsp;&nbsp; 253897 |
| HINNT LLC, "B", Series 2024-A, 144A, 5.84%, 3/15/2043 | 52083 | &nbsp;&nbsp; 52928 |
| Jersey Mike's Funding LLC, "A2", Series 2024-1A, 144A, 5.636%, 2/15/2055 | 119400 | &nbsp;&nbsp; 121678 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXXVIII Ltd., "C", Series 2021-38A, 144A, 3 mo. USD Term <br> SOFR + 2.162%, 6.484% (a), 7/17/2034<br>| 250000 | &nbsp;&nbsp; 250000 |
| Mosaic Solar Loan Trust, "B", Series 2023-1A, 144A, 6.92%, 6/20/2053 | 263772 | &nbsp;&nbsp; 207880 |
| &nbsp;&nbsp;&nbsp; Octagon 63 Ltd., "A2", Series 2024-2A, 144A, 3 mo. USD Term SOFR + 1.71%, <br> 6.035% (a), 7/20/2037<br>| 350000 | &nbsp;&nbsp; 350746 |
| &nbsp;&nbsp;&nbsp; Rad CLO 23 Ltd., "A1", Series 2024-23A, 144A, 3 mo. USD Term SOFR + 1.6%, <br> 5.925% (a), 4/20/2037<br>| 500000 | &nbsp;&nbsp; 502029 |
| &nbsp;&nbsp;&nbsp; Regatta 34 Funding Ltd., "A2", Series 2025-3A, 144A, 3 mo. USD Term SOFR + <br> 1.75%, 6.044% (a), 7/20/2038<br>| 250000 | &nbsp;&nbsp; 250909 |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XIV Ltd., "A2R2", Series 2019-14A, 144A, 3 mo. USD Term SOFR + <br> 1.4%, 5.725% (a), 1/20/2038<br>| 400000 | &nbsp;&nbsp; 399494 |
| Switch ABS Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp; "A2", Series 2024-2A, 144A, 5.436%, 6/25/2054  | 100000 | &nbsp;&nbsp; 100505 |
| &nbsp;&nbsp;&nbsp; "A2", Series 2024-1A, 144A, 6.28%, 3/25/2054  | 200000 | &nbsp;&nbsp; 203891 |
| Taco Bell Funding LLC, "A2II", Series 2025-1A, 144A, 5.049%, 8/25/2055 | 62000 | &nbsp;&nbsp; 62147 |
| &nbsp;&nbsp;&nbsp; Texas Debt Capital CLO Ltd., "A2R", Series 2023-1A, 144A, 3 mo. USD Term SOFR + <br> 1.55%, 5.865% (a), 7/20/2038<br>| 300000 | &nbsp;&nbsp; 300388 |
| Wingstop Funding LLC, "A2", Series 2024-1A, 144A, 5.858%, 12/5/2054 | 100000 | &nbsp;&nbsp; 103485 |
|  |  | &nbsp;&nbsp; **6760462** |
| **Total Asset-Backed** (Cost $8,880,399) | **Total Asset-Backed** (Cost $8,880,399) | &nbsp;&nbsp; **8780142** |
| **Mortgage-Backed Securities Pass-Throughs 4.0%** | **Mortgage-Backed Securities Pass-Throughs 4.0%** |  |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp.: <br>6.0%, with various maturities from 3/1/2038 until 1/1/2055 <br>| 473852 | &nbsp;&nbsp; 488033 |

---

------

---

| | | |
|:---|:---|:---|
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp; 4.5%, 9/1/2035  | 2256 | &nbsp;&nbsp; 2262 |
| &nbsp;&nbsp;&nbsp; 5.0%, 10/1/2055, TBA  | 400000 | &nbsp;&nbsp; 396684 |
| &nbsp;&nbsp;&nbsp; 5.5%, 10/1/2055, TBA  | 700000 | &nbsp;&nbsp; 705894 |
| &nbsp;&nbsp;&nbsp; 6.0%, 2/1/2055  | 481663 | &nbsp;&nbsp; 495380 |
| Government National Mortgage Association, 5.5%, 10/1/2055, TBA | 2500000 | &nbsp;&nbsp; 2518500 |
| **Total Mortgage-Backed Securities Pass-Throughs** (Cost $4,608,324) | **Total Mortgage-Backed Securities Pass-Throughs** (Cost $4,608,324) | &nbsp;&nbsp; **4606753** |
| **Commercial Mortgage-Backed Securities 2.6%** | **Commercial Mortgage-Backed Securities 2.6%** |  |
| 20 Times Square Trust, "C", Series 2018-20TS, 144A, 3.203% (a), 5/15/2035 | 200000 | &nbsp;&nbsp; 186000 |
| 2023-MIC Trust, "B", Series 2023-MIC, 144A, 9.863% (a), 12/5/2038 | 180000 | &nbsp;&nbsp; 195035 |
| BAHA Trust, "A", Series 2024-MAR, 144A, 6.171% (a), 12/10/2041 | 169000 | &nbsp;&nbsp; 174756 |
| Benchmark Mortgage Trust, "A4", Series 2020-IG3, 144A, 2.437%, 9/15/2048 | 100000 | &nbsp;&nbsp; 87104 |
| &nbsp;&nbsp;&nbsp; BPR Trust, "B", Series 2021-TY, 144A, 1 mo. USD Term SOFR + 1.264%, 5.415% (a), <br> 9/15/2038<br>| 100000 | &nbsp;&nbsp; 99629 |
| BX Trust, "D", Series 2019-OC11, 144A, 4.075% (a), 12/9/2041 | 150000 | &nbsp;&nbsp; 141862 |
| BXP Trust, "B", Series 2021-601L, 144A, 2.868% (a), 1/15/2044 | 250000 | &nbsp;&nbsp; 215570 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Credit Risk, "M2", Series 2021-MN1, 144A, 30 <br> day USD SOFR Average + 3.75%, 8.106% (a), 1/25/2051<br>| 194000 | &nbsp;&nbsp; 199793 |
| IRV Trust, "C", Series 2025-200P, 144A, 5.921% (a), 3/14/2047 | 127000 | &nbsp;&nbsp; 126139 |
| JPMorgan Chase Commercial Mortgage Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "A", Series 2021-1MEM, 144A, 2.516%, 10/9/2042  | 250000 | &nbsp;&nbsp; 210392 |
| &nbsp;&nbsp;&nbsp; "A", Series 2016-NINE, 144A, 2.949% (a), 9/6/2038  | 187000 | &nbsp;&nbsp; 183917 |
| &nbsp;&nbsp;&nbsp; "A", Series 2019-OSB, 144A, 3.397%, 6/5/2039  | 250000 | &nbsp;&nbsp; 236167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "A", Series 2018-PHH, 144A, 1 mo. USD Term SOFR + 1.257%, 5.407% (a), <br> 6/15/2035 <br>| 387634 | &nbsp;&nbsp; 331584 |
| &nbsp;&nbsp;&nbsp; JW Commercial Mortgage Trust, "B", Series 2024-MRCO, 144A, 1 mo. USD Term <br> SOFR + 1.941%, 6.091% (a), 6/15/2039<br>| 190000 | &nbsp;&nbsp; 190356 |
| &nbsp;&nbsp;&nbsp; KIND Trust, "A", Series 2021-KIND, 144A, 1 mo. USD Term SOFR + 1.064%, 5.22% <br> (a), 8/15/2038<br>| 99172 | &nbsp;&nbsp; 98807 |
| ROCK Trust, "A", Series 2024-CNTR, 144A, 5.388%, 11/13/2041 | 159000 | &nbsp;&nbsp; 163820 |
| &nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust, "A", Series 2025-DATA, 144A, 1 mo. USD Term <br> SOFR + 1.443%, 5.593% (a), 2/15/2042<br>| 200000 | &nbsp;&nbsp; 198938 |
| **Total Commercial Mortgage-Backed Securities** (Cost $2,895,371) | **Total Commercial Mortgage-Backed Securities** (Cost $2,895,371) | &nbsp;&nbsp; **3039869** |
| **Collateralized Mortgage Obligations 4.4%** | **Collateralized Mortgage Obligations 4.4%** | **Collateralized Mortgage Obligations 4.4%** |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp; "AO", Series 2023-53, Principal Only, Zero Coupon, 11/25/2053  | 361194 | &nbsp;&nbsp; 314096 |
| &nbsp;&nbsp;&nbsp; "I", Series 2003-84, Interest Only, 6.0%, 9/25/2033  | 28697 | &nbsp;&nbsp; 4255 |
| &nbsp;&nbsp;&nbsp; "FE", Series 2024-87, 30 day USD SOFR Average + 1.85%, 6.0% (a), 12/25/2054  | 442253 | &nbsp;&nbsp; 446244 |
| &nbsp;&nbsp;&nbsp; "FG", Series 2023-53, 30 day USD SOFR Average + 1.9%, 6.256% (a), 11/25/2053  | 2124217 | &nbsp;&nbsp; 2147136 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, "M2", Series 2019-DNA2, <br> 144A, 30 day USD SOFR Average + 2.564%, 6.921% (a), 3/25/2049<br>| 125526 | &nbsp;&nbsp; 127283 |
| Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp; "QI", Series 2021-225, Interest Only, 2.5%, 12/20/2051  | 1362938 | &nbsp;&nbsp; 183320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "SG", Series 2025-60, 14.875% minus (2.5 x 30 day USD SOFR Average), 3.903% <br> (a), 4/20/2055 <br>| 482869 | &nbsp;&nbsp; 471763 |
| &nbsp;&nbsp;&nbsp; "AZ", Series 2023-120, 5.5%, 8/20/2053  | 231956 | &nbsp;&nbsp; 232752 |
| &nbsp;&nbsp;&nbsp; "UZ", Series 2025-41, 6.0%, 3/20/2055  | 246991 | &nbsp;&nbsp; 246857 |
| JPMorgan Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "A1", Series 2025-DSC1, 144A, 5.577% (a), 9/25/2065  | 192290 | &nbsp;&nbsp; 194111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "A11", Series 2024-6, 144A, 30 day USD SOFR Average + 1.25%, 5.606% (a), <br> 12/25/2054 <br>| 103616 | &nbsp;&nbsp; 103407 |
| Sequoia Mortgage Trust, "A3", Series 2024-INV1, 144A, 5.5%, 10/25/2054 | 412669 | &nbsp;&nbsp; 414888 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bank, "M1", Series 2021-CL2, 144A, 30 day USD SOFR Average + <br> 3.15%, 7.506% (a), 7/25/2059<br>| 212907 | &nbsp;&nbsp; 224307 |
| **Total Collateralized Mortgage Obligations** (Cost $5,013,092) | **Total Collateralized Mortgage Obligations** (Cost $5,013,092) | &nbsp;&nbsp; **5110419** |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Government & Agency Obligations 14.0%** | **Government & Agency Obligations 14.0%** | **Government & Agency Obligations 14.0%** | **Government & Agency Obligations 14.0%** |
| **Sovereign Bonds 3.1%** | **Sovereign Bonds 3.1%** | **Sovereign Bonds 3.1%** |  |
| African Development Bank, 5.875%, Perpetual |  | 400000 | &nbsp;&nbsp; 400000 |
| Brazilian Government International Bond, 6.0%, 10/20/2033 |  | 200000 | &nbsp;&nbsp; 204800 |
| Colombia Government International Bond, 5.0%, 9/19/2032 | EUR | 755000 | &nbsp;&nbsp; 875184 |
| Eagle Funding Luxco SARL, 144A, 5.5%, 8/17/2030 |  | 400000 | &nbsp;&nbsp; 405824 |
| Indonesia Government International Bond, 4.75%, 9/10/2034 |  | 300000 | &nbsp;&nbsp; 299283 |
| Mexico Cetes, Zero Coupon, 3/5/2026 | MXN | 22000000 | &nbsp;&nbsp; 1163997 |
| Mexico Government International Bond, 6.875%, 5/13/2037 |  | 200000 | &nbsp;&nbsp; 215700 |
|  |  |  | &nbsp;&nbsp; **3564788** |
| **U.S. Treasury Obligations 10.9%** | **U.S. Treasury Obligations 10.9%** | **U.S. Treasury Obligations 10.9%** |  |
| U.S. Treasury Bills, 3.613% (f), 8/6/2026 (g) |  | 3900000 | &nbsp;&nbsp; 3780980 |
| U.S. Treasury Bonds, 4.625%, 2/15/2055 |  | 513700 | &nbsp;&nbsp; 504951 |
| U.S. Treasury Notes: |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.875%, 7/31/2027  |  | 5976900 | &nbsp;&nbsp; 6001415 |
| &nbsp;&nbsp;&nbsp; 3.875%, 8/31/2032  |  | 250000 | &nbsp;&nbsp; 249258 |
| &nbsp;&nbsp;&nbsp; 4.0%, 3/31/2030  |  | 875600 | &nbsp;&nbsp; 885621 |
| &nbsp;&nbsp;&nbsp; 4.25%, 8/15/2035  |  | 1104100 | &nbsp;&nbsp; 1113071 |
|  |  |  | &nbsp;&nbsp; **12535296** |
| **Total Government & Agency Obligations** (Cost $16,025,139) | **Total Government & Agency Obligations** (Cost $16,025,139) | **Total Government & Agency Obligations** (Cost $16,025,139) | &nbsp;&nbsp; **16100084** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value ($)** |
| **Exchange-Traded Funds 3.1%** | **Exchange-Traded Funds 3.1%** | **Exchange-Traded Funds 3.1%** |
| iShares Core International Aggregate Bond ETF  | 61132 | &nbsp;&nbsp; 3131792 |
| SPDR Blackstone Senior Loan ETF  | 10000 | &nbsp;&nbsp; 415800 |
| **Total Exchange-Traded Funds** (Cost $3,511,334) |  | &nbsp;&nbsp; **3547592** |
| **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional <br> Shares", 4.05% (h) (i) (Cost $1,600,233)<br>| 1600233 | &nbsp;&nbsp; **1600233** |
| **Cash Equivalents 7.6%** | **Cash Equivalents 7.6%** | **Cash Equivalents 7.6%** |
| DWS Central Cash Management Government Fund, 4.18% (h) (Cost $8,820,920) | 8820920 | &nbsp;&nbsp; **8820920** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $114,334,814) | 104.4 | &nbsp;&nbsp; **120356423** |
| **Other Assets and Liabilities, Net**  | (4.4)<br>| &nbsp;&nbsp; **(5061043)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **115295380** |

---

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

------

*A summary of the Fund's transactions with affiliated investments during the period ended September 30, 2025 are as follows:* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| &nbsp;&nbsp; **Purchases** <br>**Cost ($)**<br>| &nbsp;&nbsp; **Sales** <br>**Proceeds ($)**<br>| &nbsp;&nbsp; **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| &nbsp;&nbsp; **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation) ($)**<br>| **Income ($)** | &nbsp;&nbsp; **Capital Gain** <br>**Distributions ($)**<br>| &nbsp;&nbsp; **Number** <br>**of Shares** <br>**at** <br>**9/30/2025**<br>| &nbsp;&nbsp; **Value ($) at** <br>**9/30/2025**<br>|
| **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** | **Securities Lending Collateral 1.4%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (h) (i) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (h) (i) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (h) (i) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (h) (i) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (h) (i) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (h) (i) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (h) (i) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (h) (i) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (h) (i) |
| 2815627  | —  | 1,215,394 (j) | —  | —  | 6303  | —  | 1600233  | 1600233  |
| **Cash Equivalents 7.6%** | **Cash Equivalents 7.6%** | **Cash Equivalents 7.6%** | **Cash Equivalents 7.6%** | **Cash Equivalents 7.6%** | **Cash Equivalents 7.6%** | **Cash Equivalents 7.6%** | **Cash Equivalents 7.6%** | **Cash Equivalents 7.6%** |
| DWS Central Cash Management Government Fund, 4.18% (h) | DWS Central Cash Management Government Fund, 4.18% (h) | DWS Central Cash Management Government Fund, 4.18% (h) | DWS Central Cash Management Government Fund, 4.18% (h) | DWS Central Cash Management Government Fund, 4.18% (h) | DWS Central Cash Management Government Fund, 4.18% (h) | DWS Central Cash Management Government Fund, 4.18% (h) | DWS Central Cash Management Government Fund, 4.18% (h) | DWS Central Cash Management Government Fund, 4.18% (h) |
| 4085757  | 64662365  | 59927202  | —  | —  | 185952  | —  | 8820920  | 8820920  |
| **6901384** | **64662365** | **61142596** | **—** | **—** | **192255** | **—** | **10421153** | **10421153** |

---

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

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

*(a)* *Variable or floating rate security. These securities are shown at their current rate as of September 30, 2025. For securities based* *on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain* *variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market* *conditions, prepayment of underlying positions and/or other variables. Securities with a floor or ceiling feature are disclosed at* *the inherent rate, where applicable.* 

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

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

*(d)* *All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that* *are also on loan. The value of securities loaned at September 30, 2025 amounted to $1,547,676, which is 1.3% of net assets.* 

*(e)* *When-issued or delayed delivery securities included.*

*(f)* *Annualized yield at time of purchase; not a coupon rate.*

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

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

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

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

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

---

| |
|:---|
| *144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in* <br> *transactions exempt from registration, normally to qualified institutional buyers.*<br>|
| *ADR: American Depositary Receipt* |
| *CLO: Collateralized Loan Obligation* |
| *CMT: Constant Maturity Treasury* |
| *FTSE: Financial Times and the London Stock Exchange* |
| *GDR: Global Depositary Receipt* |
| *Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on a pool of underlying mortgages or* <br> *mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.*<br>|
| *MSCI: Morgan Stanley Capital International* |
| *Perpetual: Callable security with no stated maturity date.*  |
| *Principal Only: Principal Only (PO) bonds represent the "principal only" portion of payments on a pool of underlying mortgages or* <br> *mortgage-backed securities.*<br>|
| *REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or* <br> *benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the* <br> *Securities Act of 1933.*<br>|
| *REIT: Real Estate Investment Trust* |

---

------

---

| |
|:---|
| *S&P: Standard & Poor's* |
| *SOFR: Secured Overnight Financing Rate* |
| *SPDR: Standard & Poor's Depositary Receipt* |
| *TBA: To Be Announced* |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Contracts** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Amount ($)**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Value ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation ($)**<br>|
| DAX Index  | EUR | 12/19/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2796131 | &nbsp;&nbsp;&nbsp;&nbsp; 2819013<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22882 |
| E-Mini S&P 500 <br> Index <br>| USD | 12/19/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1329763 | &nbsp;&nbsp;&nbsp;&nbsp; 1347750<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17987 |
| Eurex STOXX <br> Europe 600 Index <br>| EUR | 12/19/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 58<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1896893 | &nbsp;&nbsp;&nbsp;&nbsp; 1904956<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8063 |
| EURO STOXX 50 <br> Index <br>| EUR | 12/19/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 49<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3105316 | &nbsp;&nbsp;&nbsp;&nbsp; 3187653<br>| &nbsp;&nbsp;&nbsp;&nbsp; 82337 |
| FTSE 100 Index  | GBP | 12/19/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 16<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2004040 | &nbsp;&nbsp;&nbsp;&nbsp; 2024343<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20303 |
| MSCI Emerging <br> Markets Index <br>| USD | 12/19/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 45<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3007629 | &nbsp;&nbsp;&nbsp;&nbsp; 3059325<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51696 |
| MSCI World <br> Index <br>| USD | 12/19/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 116<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15957068 | &nbsp;&nbsp;&nbsp;&nbsp; 16042800<br>| &nbsp;&nbsp;&nbsp;&nbsp; 85732 |
| Nikkei 225 Index  | JPY | 12/11/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 8<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2347607 | &nbsp;&nbsp;&nbsp;&nbsp; 2433783<br>| &nbsp;&nbsp;&nbsp;&nbsp; 86176 |
| Russell E-Mini <br> 2000 Index <br>| USD | 12/19/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2435278 | &nbsp;&nbsp;&nbsp;&nbsp; 2455500<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20222 |
| Ultra Long <br> U.S. Treasury <br> Bond <br>| USD | 12/19/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 32<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3728339 | &nbsp;&nbsp;&nbsp;&nbsp; 3842000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 113661 |
| **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp; **509059** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures** | **Currency** | &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Contracts** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Amount ($)**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Value ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation) ($)**<br>|
| 5 Year <br> U.S. Treasury <br> Note <br>| USD | 12/31/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3710432 | &nbsp;&nbsp;&nbsp;&nbsp; 3712641<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2209)<br>|
| Eurex 10 Year <br> Euro BUND <br>| EUR | 12/8/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 5<br>| &nbsp;&nbsp;&nbsp;&nbsp; 755906 | &nbsp;&nbsp;&nbsp;&nbsp; 754738<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1168 |
| U.S. Treasury <br> Long Bond <br>| USD | 12/19/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp;&nbsp; 114178 | &nbsp;&nbsp;&nbsp;&nbsp; 116594<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2416)<br>|
| Ultra 10 Year <br> U.S. Treasury <br> Note <br>| USD | 12/19/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 27<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3077126 | &nbsp;&nbsp;&nbsp;&nbsp; 3107109<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29983)<br>|
| **Total net unrealized depreciation** | **Total net unrealized depreciation** | **Total net unrealized depreciation** | **Total net unrealized depreciation** | **Total net unrealized depreciation** | **Total net unrealized depreciation** | &nbsp;&nbsp;&nbsp;&nbsp; **(33440)**<br>|

---

*At September 30, 2025, the Fund had the following open forward foreign currency contracts:* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **In Exchange For** | **In Exchange For** | **Settlement** <br>**Date**<br>| **Unrealized** <br>**Appreciation ($)**<br>| **Counterparty** |
| &nbsp;&nbsp; USD | 3832232 | EUR | 3268000 | 10/10/2025 | 6448 | Citigroup, Inc.  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **In Exchange For** | **In Exchange For** | **Settlement**<br> **Date**<br>| **Unrealized**<br> **Appreciation ($)**<br>| **Counterparty** |
| &nbsp;&nbsp; CAD | 1290000 | USD | 940502 | 10/10/2025 | 13177 | Morgan Stanley  |
| &nbsp;&nbsp; USD | 3279919 | EUR | 2800000 | 11/28/2025 | 18346 | Barclays Bank PLC  |
| **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **37971** |  |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **In Exchange For** | **In Exchange For** | **Settlement** <br>**Date**<br>| **Unrealized** <br>**Depreciation ($)**<br>| **Counterparty** |
| &nbsp;&nbsp; USD | 497373 | JPY | 73164000 | 10/10/2025 | (2218)<br>| State Street Bank and Trust  |
| &nbsp;&nbsp; USD | 1102180 | GBP | 817500 | 10/10/2025 | (2673)<br>| State Street Bank and Trust  |
| &nbsp;&nbsp; USD | 944395 | CAD | 1290000 | 10/10/2025 | (17070)<br>| State Street Bank and Trust  |
| &nbsp;&nbsp; EUR | 3268000 | USD | 3824146 | 10/10/2025 | (14534)<br>| State Street Bank and Trust  |
| &nbsp;&nbsp; USD | 448662 | JPY | 66000000 | 10/10/2025 | (1991)<br>| State Street Bank and Trust  |
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **(38486)**<br>|  |

---

***Currency Abbreviation(s)***

------

---

| | |
|:---|:---|
| *CAD* | *Canadian Dollar* |
| *EUR* | *Euro* |
| *GBP* | *British Pound* |
| *JPY* | *Japanese Yen* |
| *USD* | *United States Dollar* |

---

------

***Fair Value Measurements***

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

*The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's investments.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services  | $3726120 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3726120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary  | 3511070 | &nbsp;&nbsp; 671547 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4182617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples  | 1299745 | &nbsp;&nbsp; 756446 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2056191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy  | 1471462 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1471462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials  | 3597142 | &nbsp;&nbsp; 3307937 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6905079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care  | 766068 | &nbsp;&nbsp; 2514556 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3280624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials  | 1946447 | &nbsp;&nbsp; 2273732 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4220179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology  | 10460135 | &nbsp;&nbsp; 40914 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10501049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials  | 1367054 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1367054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate  | 738072 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 738072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities  | 521070 | &nbsp;&nbsp; 443240 | &nbsp;&nbsp; — | &nbsp;&nbsp; 964310 |
| Preferred Stocks (a) | 2256654 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2256654 |
| Rights  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 204 |
| Warrants  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 781 | &nbsp;&nbsp; 781 |
| Corporate Bonds (a) |  | &nbsp;&nbsp; 27080015 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27080015 |
| Asset-Backed (a) |  | &nbsp;&nbsp; 8780142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8780142 |
| Mortgage-Backed Securities Pass-Throughs  |  | &nbsp;&nbsp; 4606753 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4606753 |
| Commercial Mortgage-Backed Securities  |  | &nbsp;&nbsp; 3039869 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3039869 |
| Collateralized Mortgage Obligations  |  | &nbsp;&nbsp; 5110419 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5110419 |
| Government & Agency Obligations (a) |  | &nbsp;&nbsp; 16100084 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16100084 |
| Exchange-Traded Funds  | 3547592 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3547592 |
| Short-Term Investments (a) | 10421153 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10421153 |
| Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts  | 510227 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 510227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  |  | &nbsp;&nbsp; 37971 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37971 |
| **Total** | **$46140011** | &nbsp;&nbsp; **$74763625** | &nbsp;&nbsp; **$985** | &nbsp;&nbsp; **$120904621** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts  | $(34608)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(34608)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  |  | &nbsp;&nbsp; (38486)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (38486)<br>|
| **Total** | **$(34608)**<br>| &nbsp;&nbsp; **$(38486)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(73094)**<br>|
| *During the period ended September 30, 2025, the amount of transfers between Level 3 and Level 2 was $99,999. The investments* <br> *transferred from Level 3 to Level 2 due to the availability of a pricing source supported by observable inputs. Transfers between price* <br> *levels are recognized at the beginning of the reporting period.* | *During the period ended September 30, 2025, the amount of transfers between Level 3 and Level 2 was $99,999. The investments* <br> *transferred from Level 3 to Level 2 due to the availability of a pricing source supported by observable inputs. Transfers between price* <br> *levels are recognized at the beginning of the reporting period.* | *During the period ended September 30, 2025, the amount of transfers between Level 3 and Level 2 was $99,999. The investments* <br> *transferred from Level 3 to Level 2 due to the availability of a pricing source supported by observable inputs. Transfers between price* <br> *levels are recognized at the beginning of the reporting period.* | *During the period ended September 30, 2025, the amount of transfers between Level 3 and Level 2 was $99,999. The investments* <br> *transferred from Level 3 to Level 2 due to the availability of a pricing source supported by observable inputs. Transfers between price* <br> *levels are recognized at the beginning of the reporting period.* | *During the period ended September 30, 2025, the amount of transfers between Level 3 and Level 2 was $99,999. The investments* <br> *transferred from Level 3 to Level 2 due to the availability of a pricing source supported by observable inputs. Transfers between price* <br> *levels are recognized at the beginning of the reporting period.* |

---

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

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

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

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

VS2GIB-PH3

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** DWS Global Income Builder VIP

- **b. EDGAR series identifier (if any):** S000006265

- **c. LEI of Series:** 5FZLOX5MTTGTXCTW6733

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $121965562.47

**Total Liabilities:** $6659804.91

**Net Assets:** $115305757.56

**Delayed Delivery Securities:** $207840.63

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -91.16000000 | **1-Year:** -1551.97000000 | **5-Year:** -6468.73000000 | **10-Year:** -5798.24000000 | **30-Year:** -3391.88000000

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

- **3-Month:** -24.84000000 | **1-Year:** -763.55000000 | **5-Year:** -1788.36000000 | **10-Year:** -1098.34000000 | **30-Year:** -830.68000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017223 | -0.10%               | 2.18%                | 3.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $340944.46               | $-1006294.86                               |
| Month 2  | $3545.84                 | $1392584.71                                |
| Month 3  | $691106.02               | $1284472.53                                |

**Designated Index Information**

- **Index Name:** 50% MSCI World Index in EUR, 13% BBG U.S. Corporate High Yield Index, 11% BBG EM USD Aggregate Index, 7% BBG U.S. Credit Index, 6% MSCI EM Index, 5% BBG Treasury Index, 4% BBG MBS Index, 2.5%BBG ABS Index, 1.5% BBG CMBS Investment Grade Index

- **Index Identifier:** MSWBA_MIX

### Schedule of Portfolio Investments

| Name                                                                                | Title                                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PHILLIPS 66 CO                                                                      | Phillips 66 Co                                                                        | CUSIP: 718547BA9<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    138000 | PA      | $138369.15    | 0.12%             | 2056-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd                                                  | Hong Kong Exchanges & Clearing Ltd                                                    | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |      3000 | NS      | $170415.44    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                                                       | Boeing Co/The                                                                         | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    230000 | PA      | $262361.71    | 0.23%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                     | CUSIP: 3136BQUL1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    361194 | PA      | $314096.20    | 0.27%             | 2053-11-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EQT Corp                                                                            | EQT Corp                                                                              | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      3856 | NS      | $209882.08    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                                                                         | NetEase Inc                                                                           | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |       535 | NS      | $81314.65     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Storage Inc                                                                    | Pure Storage Inc                                                                      | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |      7356 | NS      | $616506.36    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                              | NextEra Energy Capital Holdings Inc                                                   | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    350000 | PA      | $363426.35    | 0.32%             | 2055-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                                            | Madison Park Funding XXXVIII Ltd                                                      | CUSIP: 55821KAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250000.00    | 0.22%             | 2034-07-17      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| Hercules Trust II                                                                   | HERCULES TR II                                                                        | CUSIP: 427098116<br>LEI: N/A                  | N/A              | DE               |  | US        |       170 | NS      | $781.24       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Intuit Inc                                                                          | Intuit Inc                                                                            | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       388 | NS      | $264969.08    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                                                         | E-MINI RUSS 2000 DEC25                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        20 | NC      | $20222.44     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kone Oyj                                                                            | Kone Oyj                                                                              | CUSIP: 000000000<br>LEI: 2138001CNF45JP5XZK38 | Long             | EC               | CORP              | FI        |      1371 | NS      | $93492.04     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                              | Blackstone Private Credit Fund                                                        | CUSIP: 09261HBW6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153607.05    | 0.13%             | 2034-11-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| L'Oreal SA                                                                          | L'Oreal SA                                                                            | CUSIP: 000000000<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |       283 | NS      | $123025.26    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Octagon 63 Ltd                                                                      | Octagon 63 Ltd                                                                        | CUSIP: 67578VAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $350746.20    | 0.30%             | 2037-07-20      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                                                            | Sumitomo Mitsui Financial Group Inc                                                   | CUSIP: 86562MDW7<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $204159.00    | 0.18%             | N/A             | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                                 | JPMorgan Chase & Co                                                                   | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    350000 | PA      | $368639.95    | 0.32%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                       | J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB                       | CUSIP: 46651EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $236166.65    | 0.20%             | 2039-06-05      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                            | Ford Motor Credit Co LLC                                                              | CUSIP: 345397A86<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196729.73    | 0.17%             | 2027-08-17      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                                                        | Ares LXXVII CLO Ltd                                                                   | CUSIP: 03990KAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250669.50    | 0.22%             | 2038-07-15      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                                                                   | General Motors Co                                                                     | CUSIP: 37045VBB5<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105171.37    | 0.09%             | 2035-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Progressive Corp/The                                                                | Progressive Corp/The                                                                  | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |       200 | NS      | $49390.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                    | Paramount Global                                                                      | CUSIP: 92556HAB3<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148288.80    | 0.13%             | 2031-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Brex Inc                                                                            | Brex Commercial Charge Card Master Trust                                              | CUSIP: 05601DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100621.66    | 0.09%             | 2027-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                                                                    | HF Sinclair Corp                                                                      | CUSIP: 403949AT7<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    156000 | PA      | $158571.51    | 0.14%             | 2032-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                                            | Celanese US Holdings LLC                                                              | CUSIP: 15089QAW4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51886.53     | 0.04%             | 2028-11-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | Morgan Stanley                                                                        | CUSIP: 61762V606<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     10000 | NS      | $244900.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORP                                                                     | CMS Energy Corp                                                                       | CUSIP: 125896BV1<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    350000 | PA      | $323125.11    | 0.28%             | 2050-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ASML Holding NV                                                                     | ASML Holding NV                                                                       | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |        42 | NS      | $40914.41     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                                              | NextEra Energy Capital Holdings Inc                                                   | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     98000 | PA      | $105323.64    | 0.09%             | 2054-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                            | Charter Communications Operating LLC / Charter Communications Operating Capital       | CUSIP: 161175AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104762.95    | 0.09%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Notes                                                                   | CUSIP: 91282CNP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5976900 | PA      | $6001414.61   | 5.20%             | 2027-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Bills                                                                   | CUSIP: 912797RG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   3900000 | PA      | $3780979.64   | 3.28%             | 2026-08-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                                                         | S+P500 EMINI FUT DEC25                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         7 | NC      | $31477.28     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                                            | JP Morgan Mortgage Trust Series 2025-DSC1                                             | CUSIP: 46593TAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    192290 | PA      | $194110.68    | 0.17%             | 2065-09-25      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| Amphenol Corp                                                                       | Amphenol Corp                                                                         | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     15577 | NS      | $1927653.75   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ACRISURE LLC / FIN INC                                                              | Acrisure LLC / Acrisure Finance Inc                                                   | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    286000 | PA      | $294489.62    | 0.26%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                      | CUSIP: 31425XDT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    473284 | PA      | $487433.50    | 0.42%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AGNC Investment Corp                                                                | AGNC Investment Corp                                                                  | CUSIP: 00123Q500<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               |  | US        |     14427 | NS      | $376111.89    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Hertz Vehicle Financing LLC                                                         | Hertz Vehicle Financing III LLC                                                       | CUSIP: 42806MBU2<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    340000 | PA      | $342581.35    | 0.30%             | 2027-06-25      | Fixed         | 6.91%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                                                 | Charles Schwab Corp/The                                                               | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $234590.70    | 0.20%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                                  | Energy Transfer LP                                                                    | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    175000 | PA      | $187008.85    | 0.16%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd                                                             | Mahindra & Mahindra Ltd                                                               | CUSIP: 000000000<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |     17993 | NS      | $690931.20    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust 2019-OC11                                                                  | BX Trust 2019-OC11                                                                    | CUSIP: 05606FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $141862.01    | 0.12%             | 2041-12-09      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                                               | Foundry JV Holdco LLC                                                                 | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $212480.53    | 0.18%             | 2036-01-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                   | MSCI WORLD INDEX DEC25                                                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |       116 | NC      | $85732.03     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                              | Pacific Gas and Electric Co                                                           | CUSIP: 694308KT3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     52000 | PA      | $50653.36     | 0.04%             | 2054-10-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN PUBLIC SERV                                                            | Southwestern Public Service Co                                                        | CUSIP: 845743BX0<br>LEI: OL6FE7QD5EQ3DOYEO258 | Long             | DBT              | CORP              | US        |    220000 | PA      | $229105.94    | 0.20%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Unilever PLC                                                                        | Unilever PLC                                                                          | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |       826 | NS      | $48824.92     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                                                                | Saudi Arabian Oil Co                                                                  | CUSIP: 80414L3F0<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    210000 | PA      | $223854.59    | 0.19%             | 2055-06-02      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| IRV Trust                                                                           | IRV Trust 2025-200P                                                                   | CUSIP: 45006HAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    127000 | PA      | $126138.36    | 0.11%             | 2047-03-14      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                                                | Tencent Holdings Ltd                                                                  | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     15036 | NS      | $1280315.40   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                              | CUSIP: 38384CTB5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    231956 | PA      | $232752.30    | 0.20%             | 2053-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2023-1 A PTT                                                             | United Airlines 2023-1 Class A Pass Through Trust                                     | CUSIP: 90932LAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    279891 | PA      | $289455.58    | 0.25%             | 2036-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Allegro CLO Ltd                                                                     | Allegro CLO V-S Ltd                                                                   | CUSIP: 01750RAG5<br>LEI: 2138003E5WTFBR7NV267 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $501602.50    | 0.44%             | 2037-07-24      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                                                                   | State Street Corp                                                                     | CUSIP: 857477CS0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    298000 | PA      | $307466.57    | 0.27%             | N/A             | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                                                           | BPR Trust 2021-TY                                                                     | CUSIP: 05592AAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99628.99     | 0.09%             | 2038-09-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                   | EURO-BUND FUTURE DEC25                                                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -5 | NC      | $1167.48      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                                                               | Costco Wholesale Corp                                                                 | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1022 | NS      | $945993.86    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                                                               | Uber Technologies Inc                                                                 | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      8785 | NS      | $860666.45    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED RENTALS NORTH AM                                                             | United Rentals North America Inc                                                      | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    110000 | PA      | $113267.99    | 0.10%             | 2029-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Cognizant Technology Solutions Corp                                                 | Cognizant Technology Solutions Corp                                                   | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      1071 | NS      | $71831.97     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Hapoalim BM                                                                    | Bank Hapoalim BM                                                                      | CUSIP: 000000000<br>LEI: B6ARUI4946ST4S7WOU88 | Long             | EC               | CORP              | IL        |      4711 | NS      | $95659.93     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| EOG Resources Inc                                                                   | EOG Resources Inc                                                                     | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |       900 | NS      | $100908.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                                                           | Airbus SE                                                                             | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |      2053 | NS      | $478566.07    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                                  | Energy Transfer LP                                                                    | CUSIP: 226373AT5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     85000 | PA      | $88781.00     | 0.08%             | 2031-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                      | CUSIP: 3131WLBF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       568 | PA      | $598.94       | 0.00%             | 2038-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66 CO                                                                      | Phillips 66 Co                                                                        | CUSIP: 718547AZ5<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198426.00    | 0.17%             | 2056-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                                                                    | DT Midstream Inc                                                                      | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $390265.66    | 0.34%             | 2029-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Texas Debt Capital CLO, Ltd                                                         | Texas Debt Capital CLO 2023-I Ltd                                                     | CUSIP: 88238CAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300387.90    | 0.26%             | 2038-07-20      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| THE 2023-MIC Trust                                                                  | 2023-MIC Trust/THE                                                                    | CUSIP: 87256GAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    180000 | PA      | $195035.13    | 0.17%             | 2038-12-05      | Variable      | 9.86%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                              | US ULTRA BOND CBT DEC25                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        32 | NC      | $113661.38    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                              | Santander Drive Auto Receivables Trust 2023-3                                         | CUSIP: 80285XAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101851.94    | 0.09%             | 2030-11-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd                                                              | DBS Group Holdings Ltd                                                                | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |      3900 | NS      | $154672.75    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| 20 TSQ GroundCo LLC                                                                 | 20 Times Square Trust 2018-20TS                                                       | CUSIP: 90137LAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $186000.00    | 0.16%             | 2035-05-15      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                       | PURCHASED USD / SOLD EUR                                                              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-14533.97    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                                                            | Columbia Pipelines Holding Co LLC                                                     | CUSIP: 19828AAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $103018.78    | 0.09%             | 2034-01-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                                                  | Canadian Imperial Bank of Commerce                                                    | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               | CORP              | CA        |      8424 | NS      | $673157.32    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                              | US 5YR NOTE (CBT) DEC25                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -34 | NC      | $-2209.01     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp                                                                   | Kimco Realty Corp                                                                     | CUSIP: 49446R737<br>LEI: 254900ARY41P4V1JL861 | Long             | EP               |  | US        |     15000 | NS      | $320850.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN IMPERIAL BANK                                                              | Canadian Imperial Bank of Commerce                                                    | CUSIP: 13607PNF7<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    350000 | PA      | $354929.49    | 0.31%             | 2085-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Nucor Corp                                                                          | Nucor Corp                                                                            | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |      3940 | NS      | $533594.20    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E CORP                                                                           | PG&E Corp                                                                             | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102735.01    | 0.09%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                                            | Western Midstream Operating LP                                                        | CUSIP: 958667AG2<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     92000 | PA      | $92123.10     | 0.08%             | 2034-11-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Next PLC                                                                            | Next PLC                                                                              | CUSIP: 000000000<br>LEI: 213800WQD8ECPZP9PH98 | Long             | EC               | CORP              | GB        |       118 | NS      | $19672.18     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Corteva Inc                                                                         | Corteva Inc                                                                           | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |      2500 | NS      | $169075.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                                                       | Citigroup Inc                                                                         | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203053.22    | 0.18%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                                                         | Reckitt Benckiser Group PLC                                                           | CUSIP: 000000000<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |      3071 | NS      | $236378.48    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                               | Wells Fargo & Co                                                                      | CUSIP: 94988U656<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     15000 | NS      | $372000.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Securitized Term Auto Receivables Trust                                             | Securitized Term Auto Receivables Trust                                               | CUSIP: 81378RAC8<br>LEI: 254900DVX7EZK9JMUP63 | Long             | ABS-O            | CORP              | CA        |     35438 | PA      | $35752.89     | 0.03%             | 2031-07-25      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                                          | PacifiCorp                                                                            | CUSIP: 695114DE5<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     85000 | PA      | $83310.28     | 0.07%             | 2055-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 43 Ltd                                                                  | Elmwood CLO 43 Ltd                                                                    | CUSIP: 29004KAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $251108.50    | 0.22%             | 2038-07-20      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| BXP Trust                                                                           | BXP Trust 2021-601L                                                                   | CUSIP: 05607TAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $215570.33    | 0.19%             | 2044-01-15      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                                                         | RAD CLO 23 Ltd                                                                        | CUSIP: 75009CAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502029.00    | 0.44%             | 2037-04-20      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                                 | Exeter Automobile Receivables Trust                                                   | CUSIP: 30166XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     59000 | PA      | $59725.23     | 0.05%             | 2031-10-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| PayPal Holdings Inc                                                                 | PayPal Holdings Inc                                                                   | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |       964 | NS      | $64645.84     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                              | US LONG BOND(CBT) DEC25                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -1 | NC      | $-2415.62     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                                                        | Alphabet Inc                                                                          | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4726 | NS      | $1148890.60   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                       | J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-PHH                       | CUSIP: 46650FAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    387634 | PA      | $331584.22    | 0.29%             | 2035-06-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                       | Citigroup Inc                                                                         | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    175000 | PA      | $179726.23    | 0.16%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust 2024-MRCO                                              | JW Commercial Mortgage Trust 2024-MRCO                                                | CUSIP: 46657XAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    190000 | PA      | $190356.25    | 0.17%             | 2039-06-15      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                              | CUSIP: 38385FE31<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    482869 | PA      | $471763.51    | 0.41%             | 2055-04-20      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| Lam Research Corp                                                                   | Lam Research Corp                                                                     | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      3856 | NS      | $516318.40    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                                                               | NXP Semiconductors NV                                                                 | CUSIP: 000000000<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |       600 | NS      | $136638.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| 3i Group PLC                                                                        | 3i Group PLC                                                                          | CUSIP: 000000000<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |      8942 | NS      | $492930.50    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                           | Uniform Mortgage-Backed Security, TBA                                                 | CUSIP: 01F0526A5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    700000 | PA      | $705894.00    | 0.61%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Edison International                                                                | Edison International                                                                  | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |      9426 | NS      | $521069.28    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                                              | BP Capital Markets PLC                                                                | CUSIP: 05565QDX3<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    450000 | PA      | $466087.95    | 0.40%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CONTRA ABIOMED INC                                                                  | CONTRA ABIOMED INC                                                                    | CUSIP: 003CVR016<br>LEI: N/A                  | Long             |  | CORP              | US        |       200 | NS      | $204.00       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NatWest Group PLC                                                                   | NatWest Group PLC                                                                     | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |      8434 | NS      | $59269.96     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                                                    | Carlyle Global Market Strategies CLO 2015-5 Ltd                                       | CUSIP: 14312JBJ0<br>LEI: 5493007AYUHLOG0AMH17 | Long             | ABS-CBDO         | CORP              | KY        |    430000 | PA      | $430400.33    | 0.37%             | 2032-01-20      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Daiichi Sankyo Co Ltd                                                               | Daiichi Sankyo Co Ltd                                                                 | CUSIP: 000000000<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |     48200 | NS      | $1082614.24   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group Inc                                                              | KB Financial Group Inc                                                                | CUSIP: 48241A105<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |      1178 | NS      | $97667.98     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES CLO Ltd                                                                        | Ares XLI Clo Ltd                                                                      | CUSIP: 04016DAU9<br>LEI: 549300X38KZ67Q2FQG11 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501530.50    | 0.43%             | 2034-04-15      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                                                              | Switch ABS Issuer LLC                                                                 | CUSIP: 871044AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100504.86    | 0.09%             | 2054-06-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                                                                      | Microsoft Corp                                                                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1853 | NS      | $959761.35    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                                                                  | Energy Transfer LP                                                                    | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    145000 | PA      | $144722.18    | 0.13%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Enel SpA                                                                            | Enel SpA                                                                              | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |      5238 | NS      | $49723.18     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                            | Benchmark 2020-IG3 Mortgage Trust                                                     | CUSIP: 08162QAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $87103.77     | 0.08%             | 2048-09-15      | Fixed         | 2.44%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                                  | Energy Transfer LP                                                                    | CUSIP: 29273VBC3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155260.05    | 0.13%             | 2054-10-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: —       |
| SOCIETE GENERALE                                                                    | Societe Generale SA                                                                   | CUSIP: 83368RBL5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    225000 | PA      | $236423.44    | 0.21%             | 2033-06-15      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Notes                                                                   | CUSIP: 91282CNW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $249257.81    | 0.22%             | 2032-08-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Aptiv PLC                                                                           | Aptiv PLC                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |      8200 | NS      | $707004.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Regatta 34 Funding Ltd.                                                             | Regatta 34 Funding Ltd                                                                | CUSIP: 75904BAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250908.75    | 0.22%             | 2038-07-20      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Gold Fields Ltd                                                                     | Gold Fields Ltd                                                                       | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |      5396 | NS      | $226416.16    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY INC                                                                      | NRG Energy Inc                                                                        | CUSIP: 629377DB5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    101000 | PA      | $101343.50    | 0.09%             | 2035-10-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                             | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    200000 | PA      | $209339.43    | 0.18%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Trane Technologies PLC                                                              | Trane Technologies PLC                                                                | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |      1684 | NS      | $710580.64    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                                                                        | Newmont Corp                                                                          | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |       600 | NS      | $50586.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                                                                           | Olin Corp                                                                             | CUSIP: 680665AK2<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195365.36    | 0.17%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| NVIDIA Corp                                                                         | NVIDIA Corp                                                                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      7686 | NS      | $1434053.88   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                                                           | Adobe Inc                                                                             | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      1167 | NS      | $411659.25    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE GENERALE                                                                    | Societe Generale SA                                                                   | CUSIP: 83368RCG5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    236000 | PA      | $242763.28    | 0.21%             | 2031-05-22      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                                                 | PURCHASED USD / SOLD CAD                                                              | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |         1 | NC      | $13176.44     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                    | T-Mobile USA Inc                                                                      | CUSIP: 87264ADD4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82829.59     | 0.07%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                                     | Danske Bank A/S                                                                       | CUSIP: 000000000<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |      4042 | NS      | $172529.46    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                                                            | First Citizens BancShares Inc/NC                                                      | CUSIP: 319626AA5<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |    240000 | PA      | $239365.85    | 0.21%             | 2035-09-05      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                                                                        | Alphabet Inc                                                                          | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4380 | NS      | $1066749.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                            | Charter Communications Operating LLC / Charter Communications Operating Capital       | CUSIP: 161175CS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    106000 | PA      | $107012.54    | 0.09%             | 2035-12-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                           | Towd Point Mortgage Trust 2025-CRM1                                                   | CUSIP: 891946AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     87668 | PA      | $88668.57     | 0.08%             | 2065-01-25      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                                                | Las Vegas Sands Corp                                                                  | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    129000 | PA      | $131883.21    | 0.11%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR                                                            | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                             | CUSIP: 000000000<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |    260000 | PA      | $305290.11    | 0.26%             | 2025-10-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                             | Goldman Sachs Group Inc/The                                                           | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    329000 | PA      | $333906.38    | 0.29%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: —       |
| ORACLE CORP                                                                         | Oracle Corp                                                                           | CUSIP: 68389XCU7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    245000 | PA      | $225062.18    | 0.20%             | 2054-09-27      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                      | Morgan Stanley                                                                        | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    140000 | PA      | $147708.42    | 0.13%             | 2036-04-17      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO LTD.                                                               | Sixth Street CLO XIV Ltd                                                              | CUSIP: 83013NAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $399494.40    | 0.35%             | 2038-01-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC                                                                | Ryanair Holdings PLC                                                                  | CUSIP: 000000000<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |      1207 | NS      | $35325.41     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                    | Paramount Global                                                                      | CUSIP: 124857AN3<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     60000 | PA      | $46764.94     | 0.04%             | 2045-01-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                                                | Royal Bank of Canada                                                                  | CUSIP: 780082AT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    650000 | PA      | $641106.38    | 0.56%             | 2084-11-24      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Jersey Mikes Funding LLC                                                            | Jersey Mike's Funding LLC                                                             | CUSIP: 476681AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119400 | PA      | $121678.16    | 0.11%             | 2055-02-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                                                   | Eversource Energy                                                                     | CUSIP: 30040WAX6<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    220000 | PA      | $227175.05    | 0.20%             | 2034-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ferrovial SE                                                                        | Ferrovial SE                                                                          | CUSIP: 000000000<br>LEI: 72450022R2ZFL41Y6I04 | Long             | EC               | CORP              | NL        |      5131 | NS      | $294830.70    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                            | JP Morgan Mortgage Trust Series 2024-6                                                | CUSIP: 46657YAP9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    103616 | PA      | $103406.60    | 0.09%             | 2054-12-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Walt Disney Co/The                                                                  | Walt Disney Co/The                                                                    | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      1300 | NS      | $148850.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| DT MIDSTREAM INC                                                                    | DT Midstream Inc                                                                      | CUSIP: 23345MAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     86000 | PA      | $88665.17     | 0.08%             | 2034-12-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                                                        | DNB Bank ASA                                                                          | CUSIP: 000000000<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |      1847 | NS      | $50375.99     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                                            | Warnermedia Holdings Inc                                                              | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    175000 | PA      | $160343.75    | 0.14%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                         | RCKT Mortgage Trust 2024-CES7                                                         | CUSIP: 749414AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    191909 | PA      | $192366.98    | 0.17%             | 2044-10-25      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                                             | Royal Caribbean Cruises Ltd                                                           | CUSIP: 78017TAB9<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    107000 | PA      | $107623.99    | 0.09%             | 2036-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                                                  | Freddie Mac Mscr Trust Mn1                                                            | CUSIP: 35563FAB7<br>LEI: 549300XWC4JMK6CH6K84 | Long             | ABS-MBS          | USGSE             | US        |    194000 | PA      | $199793.34    | 0.17%             | 2051-01-25      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| MongoDB Inc                                                                         | MongoDB Inc                                                                           | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |      1100 | NS      | $341418.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Japan Railway Co                                                            | Central Japan Railway Co                                                              | CUSIP: 000000000<br>LEI: 353800YAR3OVUITHTG64 | Long             | EC               | CORP              | JP        |     42100 | NS      | $1208884.50   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                                                           | Nestle SA                                                                             | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |       220 | NS      | $20216.49     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DWS                                                                                 | DWS Government & Agency Securities Portfolio DWS Government Cash Institutional Shares | CUSIP: 147539670<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1600233 | NS      | $1600233.00   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                                            | Targa Resources Partners LP / Targa Resources Partners Finance Corp                   | CUSIP: 87612BBG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $200223.49    | 0.17%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                                                              | MSCI EMGMKT DEC25                                                                     | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |        45 | NC      | $51695.53     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                   | HSBC Holdings PLC                                                                     | CUSIP: 404280EV7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $522794.00    | 0.45%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BEACON FUNDING TRUST                                                                | Beacon Funding Trust                                                                  | CUSIP: 073952AB9<br>LEI: 984500A80A2EBF5A7C93 | Long             | DBT              | CORP              | US        |    145000 | PA      | $148382.59    | 0.13%             | 2054-08-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd                                                              | Agnico Eagle Mines Ltd                                                                | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      2300 | NS      | $387382.34    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE SERVICES INC                                                                   | CBRE Services Inc                                                                     | CUSIP: 12505BAK6<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92700.95     | 0.08%             | 2035-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Osaka Exchange                                                                      | NIKKEI 225 (OSE) DEC25                                                                | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               |  | JP        |         8 | NC      | $86176.31     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HP INC                                                                              | HP Inc                                                                                | CUSIP: 40434LAS4<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106144.45    | 0.09%             | 2035-04-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                                                | Colombia Government International Bond                                                | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    755000 | PA      | $875184.24    | 0.76%             | 2032-09-19      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOW CHEMICAL CO/THE                                                                 | Dow Chemical Co/The                                                                   | CUSIP: 260543DP5<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |    160000 | PA      | $160797.19    | 0.14%             | 2036-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: —       |
| SWCH Commercial Mortgage Trust                                                      | SWCH Commercial Mortgage Trust 2025-DATA                                              | CUSIP: 78489CAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $198937.50    | 0.17%             | 2042-02-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                   | STOXX EUROPE 600 DEC25                                                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        58 | NC      | $8062.44      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP                                                                     | CVS Health Corp                                                                       | CUSIP: 126650EL0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    170000 | PA      | $174969.29    | 0.15%             | 2055-09-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                                  | Energy Transfer LP                                                                    | CUSIP: 29273VBG4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    270000 | PA      | $268734.43    | 0.23%             | 2056-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                                                              | Switch ABS Issuer LLC                                                                 | CUSIP: 871044AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $203890.68    | 0.18%             | 2054-03-25      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                         | Oracle Corp                                                                           | CUSIP: 68389XCV5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     75000 | PA      | $68687.60     | 0.06%             | 2064-09-27      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hannover Rueck SE                                                                   | Hannover Rueck SE                                                                     | CUSIP: 000000000<br>LEI: 529900KIN5BE45V5KB18 | Long             | EC               | CORP              | DE        |       915 | NS      | $276142.09    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                     | CUSIP: 3136BQUM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2124217 | PA      | $2147136.18   | 1.86%             | 2053-11-25      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Aena SME SA                                                                         | Aena SME SA                                                                           | CUSIP: 000000000<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |       667 | NS      | $18262.39     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                                              | Taco Bell Funding LLC                                                                 | CUSIP: 87342RAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     62000 | PA      | $62147.13     | 0.05%             | 2055-08-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 31407KN70<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2256 | PA      | $2262.42      | 0.00%             | 2035-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                         | Oracle Corp                                                                           | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     96000 | PA      | $95704.69     | 0.08%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Compass Datacenters Issuer III, LLC                                                 | Compass Datacenters Issuer III LLC                                                    | CUSIP: 20469BAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     84000 | PA      | $84940.65     | 0.07%             | 2050-07-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| SPDR Blackstone Senior Loan ETF                                                     | SPDR Blackstone Senior Loan ETF                                                       | CUSIP: 78467V608<br>LEI: 549300ME4SR63Y3TRD06 | Long             | EC               | RF                | US        |     10000 | NS      | $415800.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| The BAHA Trust                                                                      | BAHA Trust 2024-MAR                                                                   | CUSIP: 05493XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    169000 | PA      | $174755.57    | 0.15%             | 2041-12-10      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                        | Broadcom Inc                                                                          | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      5138 | NS      | $1695077.58   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                                            | Celanese US Holdings LLC                                                              | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     64000 | PA      | $65645.50     | 0.06%             | 2027-07-15      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                              | CUSIP: 38385EQJ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    246991 | PA      | $246857.10    | 0.21%             | 2055-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                       | CUSIP: 3140QWA77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    481663 | PA      | $495380.13    | 0.43%             | 2055-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Japan Tobacco Inc                                                                   | Japan Tobacco Inc                                                                     | CUSIP: 000000000<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | EC               | CORP              | JP        |      7400 | NS      | $243477.35    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Notes                                                                   | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1104100 | PA      | $1113070.81   | 0.97%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                                                                   | General Motors Co                                                                     | CUSIP: 37045VBA7<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    212000 | PA      | $219785.44    | 0.19%             | 2030-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                            | Avis Budget Rental Car Funding AESOP LLC                                              | CUSIP: 05377RFX7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $200803.40    | 0.17%             | 2027-04-20      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| Veolia Environnement SA                                                             | Veolia Environnement SA                                                               | CUSIP: 000000000<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |      7108 | NS      | $242754.01    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                                         | BNP Paribas SA                                                                        | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    280000 | PA      | $299138.56    | 0.26%             | N/A             | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd                                                      | Shinhan Financial Group Co Ltd                                                        | CUSIP: 824596100<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |      6434 | NS      | $324080.58    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                                                       | Citigroup Inc                                                                         | CUSIP: 172967PU9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    190000 | PA      | $199041.13    | 0.17%             | 2036-01-24      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Bourzou Issuer LLC, Jamshid Issuer LLC, Cristobal Issuer LLC & COPT DC-6 Issuer LLC | Cloud Capital Holdco LP                                                               | CUSIP: 102104AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $152374.20    | 0.13%             | 2049-11-22      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                                                             | CF Hippolyta Issuer LLC                                                               | CUSIP: 12530MAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    520231 | PA      | $401888.47    | 0.35%             | 2061-03-15      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                          | ROCK Trust 2024-CNTR                                                                  | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    159000 | PA      | $163820.21    | 0.14%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                               | Truist Financial Corp                                                                 | CUSIP: 89832QAD1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    300000 | PA      | $301362.90    | 0.26%             | N/A             | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev SA/NV                                                          | Anheuser-Busch InBev SA/NV                                                            | CUSIP: 000000000<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |      1414 | NS      | $84523.22     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                   | EURO STOXX 50 DEC25                                                                   | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        49 | NC      | $82337.02     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY INC                                                                 | Dominion Energy Inc                                                                   | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    260000 | PA      | $269081.27    | 0.23%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                                        | Enbridge Inc                                                                          | CUSIP: 29250NBC8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $252403.25    | 0.22%             | 2080-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                                                 | Synchrony Financial                                                                   | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |      9713 | NS      | $690108.65    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico Government International Bonds                                               | Mexico Government International Bonds                                                 | CUSIP: 91087BBC3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $215700.00    | 0.19%             | 2037-05-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE / IRELAND DAC                                                             | Aircastle Ltd / Aircastle Ireland DAC                                                 | CUSIP: 00929JAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    150000 | PA      | $156259.43    | 0.14%             | 2031-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                              | Blackstone Private Credit Fund                                                        | CUSIP: 09261HBU0<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254387.30    | 0.22%             | 2029-11-22      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Arista Networks Inc                                                                 | Arista Networks Inc                                                                   | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      5513 | NS      | $803299.23    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF MONTREAL                                                                    | Bank of Montreal                                                                      | CUSIP: 06368L8V1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $203546.80    | 0.18%             | 2085-11-26      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Prologis Inc                                                                        | Prologis Inc                                                                          | CUSIP: 74340W202<br>LEI: 529900DFH19P073LZ636 | Long             | EP               |  | US        |       164 | NS      | $9072.48      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO                                                                         | Southern Co/The                                                                       | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    215000 | PA      | $212132.85    | 0.18%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| QBE Insurance Group Ltd                                                             | QBE Insurance Group Ltd                                                               | CUSIP: 000000000<br>LEI: 549300D2FBW76FPUSG65 | Long             | EC               | CORP              | AU        |     35067 | NS      | $479107.99    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                                                   | PURCHASED EUR / SOLD USD                                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |         1 | NC      | $18346.12     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MEXICO CETES                                                                        | Mexico Cetes                                                                          | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | STIV             | NUSS              | MX        |  22000000 | PA      | $1163996.71   | 1.01%             | 2026-03-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                                                  | Expand Energy Corp                                                                    | CUSIP: 845467AR0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    205000 | PA      | $205063.19    | 0.18%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Dexcom Inc                                                                          | Dexcom Inc                                                                            | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      1525 | NS      | $102617.25    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                                                                           | Prosus NV                                                                             | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |      5496 | NS      | $388319.89    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                               | Wells Fargo & Co                                                                      | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262722.50    | 0.23%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Swiss Re AG                                                                         | Swiss Re AG                                                                           | CUSIP: 000000000<br>LEI: 529900PS9YW3YY29F326 | Long             | EC               | CORP              | CH        |       597 | NS      | $110781.57    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                     | CUSIP: 3136BTD26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    442253 | PA      | $446243.73    | 0.39%             | 2054-12-25      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                                              | Marriott International Inc/MD                                                         | CUSIP: 571903BU6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    210000 | PA      | $214607.15    | 0.19%             | 2037-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                                            | Ford Motor Credit Co LLC                                                              | CUSIP: 345397G56<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205471.03    | 0.18%             | 2035-02-07      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| Pfizer Inc                                                                          | Pfizer Inc                                                                            | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     15737 | NS      | $400978.76    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOCK INC                                                                           | Block Inc                                                                             | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23552.92     | 0.02%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                       | PURCHASED GBP / SOLD USD                                                              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | GB        |         1 | NC      | $-2672.60     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AFRICAN DEVELOPMENT BANK                                                            | African Development Bank                                                              | CUSIP: 008281BK2<br>LEI: 549300LNCLMO3ITVCU07 | Long             | DBT              | NUSS              | XX        |    400000 | PA      | $400000.00    | 0.35%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                                            | Occidental Petroleum Corp                                                             | CUSIP: 674599EA9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    300000 | PA      | $346601.70    | 0.30%             | 2030-07-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Fairfax Financial Holdings Ltd                                                      | Fairfax Financial Holdings Ltd                                                        | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |        57 | NS      | $99722.35     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                                                            | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                            | CUSIP: 47214BAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    200000 | PA      | $221100.71    | 0.19%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| iShares Core International Aggregate Bond ETF                                       | iShares Core International Aggregate Bond ETF                                         | CUSIP: 46435G672<br>LEI: 549300FPQU8XYG8LAX15 | Long             | EC               | RF                | US        |     61132 | NS      | $3131792.36   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                            | Ginnie Mae                                                                            | CUSIP: 21H0526A1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2500000 | PA      | $2518500.00   | 2.18%             | 2054-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                                                      | CPS Auto Receivables Trust 2023-C                                                     | CUSIP: 223928AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100771.01    | 0.09%             | 2029-10-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Autodesk Inc                                                                        | Autodesk Inc                                                                          | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      2348 | NS      | $745889.16    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari NV                                                                          | Ferrari NV                                                                            | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |       462 | NS      | $224232.84    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Master Trust                                               | Mission Lane Credit Card Master Trust                                                 | CUSIP: 60510MBE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $252450.43    | 0.22%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                       | PURCHASED CAD / SOLD USD                                                              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CA        |         1 | NC      | $-17069.87    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Dover Corp                                                                          | Dover Corp                                                                            | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |      2249 | NS      | $375200.67    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS BDC INC                                                               | Goldman Sachs BDC Inc                                                                 | CUSIP: 38147UAF4<br>LEI: 6D01AGSGBNZIJSN77043 | Long             | DBT              | CORP              | US        |    170000 | PA      | $170990.94    | 0.15%             | 2030-09-09      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                       | JP Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM                        | CUSIP: 46654BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $210392.28    | 0.18%             | 2042-10-09      | Variable      | 2.52%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                                    | Paramount Global                                                                      | CUSIP: 124857AZ6<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    225000 | PA      | $221192.56    | 0.19%             | 2029-06-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                                                            | American Airlines Inc/AAdvantage Loyalty IP Ltd                                       | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     26250 | PA      | $26261.58     | 0.02%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hermes International SCA                                                            | Hermes International SCA                                                              | CUSIP: 000000000<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |        16 | NS      | $39321.74     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BNSF Funding Trust I                                                                | BNSF Funding Trust I                                                                  | CUSIP: 05567SAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $249742.98    | 0.22%             | 2055-12-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| Altria Group Inc                                                                    | Altria Group Inc                                                                      | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      5355 | NS      | $353751.30    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS GROUP AG                                                                        | UBS Group AG                                                                          | CUSIP: 902613AD0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $181915.90    | 0.16%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                            | AT&T Inc                                                                              | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    110000 | PA      | $75802.99     | 0.07%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                     | CUSIP: 31393ENQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28697 | PA      | $4254.85      | 0.00%             | 2033-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                                 | Synchrony Financial                                                                   | CUSIP: 87165BAW3<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203793.17    | 0.18%             | 2031-03-06      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                                 | Freddie Mac STACR Trust 2019-DNA2                                                     | CUSIP: 35564LAH0<br>LEI: 549300Y6KOVOWQ8OJC33 | Long             | ABS-MBS          | USGSE             | US        |    125526 | PA      | $127283.22    | 0.11%             | 2049-03-25      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| BGC GROUP INC                                                                       | BGC Group Inc                                                                         | CUSIP: 05555LAC5<br>LEI: 2549001IGRCG4F0RLD36 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204906.41    | 0.18%             | 2030-04-02      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Simon Property Group Inc                                                            | Simon Property Group Inc                                                              | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |      1700 | NS      | $319039.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVIENT CORP                                                                        | Navient Corp                                                                          | CUSIP: 63938CAM0<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    286000 | PA      | $280368.71    | 0.24%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| Foursight Capital Automobile Receivables Trust                                      | Foursight Capital Automobile Receivables Trust 2023-2                                 | CUSIP: 35104AAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $255694.95    | 0.22%             | 2029-04-16      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| STANLEY BLACK & DECKER I                                                            | Stanley Black & Decker Inc                                                            | CUSIP: 854502AM3<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |    450000 | PA      | $451494.45    | 0.39%             | 2060-03-15      | Variable      | 6.71%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP                                                                     | Nordea Bank Abp                                                                       | CUSIP: 65558RAK5<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    300000 | PA      | $303106.80    | 0.26%             | N/A             | Fixed         | 6.30%                 | No            |                  2 | On Loan: —       |
| DWS                                                                                 | DWS Central Cash Management Government Fund                                           | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |   8796305 | NS      | $8796305.03   | 7.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Issuer LLC                                                                 | Frontier Issuer LLC                                                                   | CUSIP: 35910EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $253897.03    | 0.22%             | 2053-08-20      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                                                       | PURCHASED JPY / SOLD USD                                                              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | JP        |         1 | NC      | $-1991.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                                                            | Plains All American Pipeline LP / PAA Finance Corp                                    | CUSIP: 72650RBR2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $65138.36     | 0.06%             | 2031-01-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Carnival Corp                                                                       | Carnival Corp                                                                         | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |      8683 | NS      | $251025.53    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                                                                     | Ulta Beauty Inc                                                                       | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      1110 | NS      | $606892.50    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division                                    | FTSE 100 IDX FUT DEC25                                                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | GB        |        16 | NC      | $20303.25     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES SCHWAB CORP                                                                 | Charles Schwab Corp/The                                                               | CUSIP: 808513AR6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    469000 | PA      | $459494.59    | 0.40%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc                                                                        | QUALCOMM Inc                                                                          | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      2958 | NS      | $492092.88    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CGI Inc                                                                             | CGI Inc                                                                               | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |       214 | NS      | $19061.18     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                       | J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-NINE                      | CUSIP: 46646GAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    187000 | PA      | $183917.21    | 0.16%             | 2038-09-06      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                         | RCKT Mortgage Trust 2024-CES9                                                         | CUSIP: 749426AB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     86055 | PA      | $86824.67     | 0.08%             | 2044-12-25      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                                                                | M&T Bank Corp                                                                         | CUSIP: 55261FAV6<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    230000 | PA      | $233173.39    | 0.20%             | 2036-01-16      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                                                         | Chemours Co/The                                                                       | CUSIP: 163851AE8<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    350000 | PA      | $349710.81    | 0.30%             | 2027-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                           | ONEOK Inc                                                                             | CUSIP: 682680CR2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    280000 | PA      | $300877.95    | 0.26%             | 2030-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                                     | CVS Health Corp                                                                       | CUSIP: 126650EK2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101760.23    | 0.09%             | 2035-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen                           | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen                             | CUSIP: 000000000<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |       915 | NS      | $585301.93    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                              | Sequoia Mortgage Trust 2024-INV1                                                      | CUSIP: 816939AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    412669 | PA      | $414888.36    | 0.36%             | 2054-10-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Transurban Group                                                                    | Transurban Group                                                                      | CUSIP: 000000000<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |      8789 | NS      | $80307.27     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| VIDEOTRON LTD                                                                       | Videotron Ltd                                                                         | CUSIP: 92660FAT1<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |    185000 | PA      | $188529.72    | 0.16%             | 2035-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card Master Trust                                          | Mercury Financial Credit Card Master Trust                                            | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $201566.76    | 0.17%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB                                                    | Skandinaviska Enskilda Banken AB                                                      | CUSIP: 000000000<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |     16109 | NS      | $315409.59    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                 | Fifth Third Bancorp                                                                   | CUSIP: 316773605<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |     10000 | NS      | $254100.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                                                             | KeyCorp                                                                               | CUSIP: 493267702<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |     10000 | NS      | $251700.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                                                                 | JPMorgan Chase & Co                                                                   | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    300000 | PA      | $310540.20    | 0.27%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                                                                       | AppLovin Corp                                                                         | CUSIP: 03831WAE8<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |     83000 | PA      | $84083.64     | 0.07%             | 2054-12-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD                                                                       | Aircastle Ltd                                                                         | CUSIP: 00928QAW1<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |    130000 | PA      | $129286.86    | 0.11%             | N/A             | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Notes                                                                   | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    875600 | PA      | $885621.51    | 0.77%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                                                    | Bank of Montreal                                                                      | CUSIP: 06368LQ58<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $264927.25    | 0.23%             | 2084-05-26      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Erste Group Bank AG                                                                 | Erste Group Bank AG                                                                   | CUSIP: 000000000<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |       222 | NS      | $21752.60     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Simon Property Group Inc                                                            | Simon Property Group Inc                                                              | CUSIP: 828806885<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EP               |  | US        |      8000 | NS      | $427920.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                                            | Capital One Financial Corp                                                            | CUSIP: 14040HCF0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    350000 | PA      | $343586.34    | 0.30%             | N/A             | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                                                | BlueMountain CLO XXXIV Ltd                                                            | CUSIP: 09631JAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250326.75    | 0.22%             | 2035-04-20      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                                                                    | HF Sinclair Corp                                                                      | CUSIP: 403949AR1<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    156000 | PA      | $161464.04    | 0.14%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                                                                 | Kinetik Holdings LP                                                                   | CUSIP: 49461MAB6<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |    179000 | PA      | $183729.54    | 0.16%             | 2028-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                                              | Blackstone Private Credit Fund                                                        | CUSIP: 09261HBS5<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     98000 | PA      | $98367.05     | 0.09%             | 2030-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                                                    | MercadoLibre Inc                                                                      | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |        41 | NS      | $95814.54     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Brazil Government International Bonds                                               | Brazil Government International Bonds                                                 | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    200000 | PA      | $204800.00    | 0.18%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                                                         | Exelon Corp                                                                           | CUSIP: 30161NBQ3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    133000 | PA      | $139011.30    | 0.12%             | 2055-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                                                            | Charles River Laboratories International Inc                                          | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |    150000 | PA      | $142049.97    | 0.12%             | 2029-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                                                            | Eagle Funding Luxco Sarl                                                              | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |    400000 | PA      | $405824.00    | 0.35%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Indonesia Government International Bonds                                            | Indonesia Government International Bonds                                              | CUSIP: 455780DX1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    300000 | PA      | $299283.35    | 0.26%             | 2034-09-10      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KNDR Trust 2021-KIND                                                                | KIND Trust 2021-KIND                                                                  | CUSIP: 482606AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     99172 | PA      | $98806.83     | 0.09%             | 2038-08-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Wingstop Funding LLC                                                                | Wingstop Funding LLC                                                                  | CUSIP: 974153AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $103485.49    | 0.09%             | 2054-12-05      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| Novartis AG                                                                         | Novartis AG                                                                           | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     11156 | NS      | $1431941.95   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| National Grid PLC                                                                   | National Grid PLC                                                                     | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |     10516 | NS      | $150763.24    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Travelers Cos Inc/The                                                               | Travelers Cos Inc/The                                                                 | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      4605 | NS      | $1285808.10   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOPETROL SA                                                                        | Ecopetrol SA                                                                          | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    300000 | PA      | $310443.90    | 0.27%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                            | EQT Corp                                                                              | CUSIP: 26884LAR0<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    225000 | PA      | $235476.07    | 0.20%             | 2034-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                                   | Iron Mountain Inc                                                                     | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    500000 | PA      | $510007.50    | 0.44%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                                              | Sempra                                                                                | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    390000 | PA      | $379459.39    | 0.33%             | 2052-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust                                                                 | HINNT 2024-A LLC                                                                      | CUSIP: 40472QAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     52083 | PA      | $52927.62     | 0.05%             | 2043-03-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                                                                 | NuStar Logistics LP                                                                   | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    565000 | PA      | $585110.61    | 0.51%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                              | US 10YR ULTRA FUT DEC25                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -27 | NC      | $-29982.67    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| DELTA AIR LINES INC                                                                 | Delta Air Lines Inc                                                                   | CUSIP: 247361ZT8<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    135000 | PA      | $131189.69    | 0.11%             | 2029-10-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Western Alliance Bank                                                               | Western Alliance Bank                                                                 | CUSIP: 95763PNC1<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | ABS-MBS          | CORP              | US        |    212907 | PA      | $224306.84    | 0.19%             | 2059-07-25      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                                                                | Booking Holdings Inc                                                                  | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       170 | NS      | $917875.90    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY INC                                                                 | Cheniere Energy Inc                                                                   | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |    320000 | PA      | $318999.56    | 0.28%             | 2028-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Safran SA                                                                           | Safran SA                                                                             | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |       181 | NS      | $64063.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Bonds                                                                   | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    513700 | PA      | $504951.05    | 0.44%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Equinix Inc                                                                         | Equinix Inc                                                                           | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |       535 | NS      | $419033.40    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                                                                  | Expand Energy Corp                                                                    | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     10925 | NS      | $1160672.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                                                   | DAX INDEX FUTURE DEC25                                                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         4 | NC      | $22881.92     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                                                          | Samsung Electronics Co Ltd                                                            | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |        16 | NS      | $23904.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                                                       | PURCHASED JPY / SOLD USD                                                              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | JP        |         1 | NC      | $-2217.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                              | CUSIP: 38383FVU4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1362938 | PA      | $183319.72    | 0.16%             | 2051-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                                                                      | Eli Lilly & Co                                                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       344 | NS      | $262472.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                                                      | Amazon.com Inc                                                                        | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      1100 | NS      | $241527.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank NA                                                                         | PURCHASED EUR / SOLD USD                                                              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |         1 | NC      | $6448.29      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                                              | Mosaic Solar Loan Trust 2023-1                                                        | CUSIP: 61945VAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    263772 | PA      | $207880.27    | 0.18%             | 2053-06-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                                                         | Corp Nacional del Cobre de Chile                                                      | CUSIP: 21987BBG2<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $209980.79    | 0.18%             | 2034-01-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                           | Uniform Mortgage-Backed Security, TBA                                                 | CUSIP: 01F0506A9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    400000 | PA      | $396684.00    | 0.34%             | 2055-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                                            | Liberty Mutual Group Inc                                                              | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    270000 | PA      | $265192.16    | 0.23%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AB BSL CLO                                                                          | AB BSL CLO 5 Ltd                                                                      | CUSIP: 00038GAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    600000 | PA      | $601601.40    | 0.52%             | 2038-01-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                                     | CVS Health Corp                                                                       | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    213000 | PA      | $219866.06    | 0.19%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| American Express Co                                                                 | American Express Co                                                                   | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |       941 | NS      | $312562.56    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BUCKEYE PARTNERS LP                                                                 | Buckeye Partners LP                                                                   | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    450000 | PA      | $467392.05    | 0.41%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                                                            | Petrobras Global Finance BV                                                           | CUSIP: 71647NBN8<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    169000 | PA      | $166777.65    | 0.14%             | 2036-01-10      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                                                      | Apidos CLO XXIV                                                                       | CUSIP: 03759CAS9<br>LEI: 549300PPHIOJQEKPJH29 | Long             | ABS-CBDO         | CORP              | KY        |    174097 | PA      | $174042.13    | 0.15%             | 2030-10-20      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                                                            | Petrobras Global Finance BV                                                           | CUSIP: 71647NBM0<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    225000 | PA      | $222376.50    | 0.19%             | 2030-09-10      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                   | HSBC Holdings PLC                                                                     | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |     22932 | NS      | $323585.87    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

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

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer