# EDGAR Filing Document

**Accession Number:** 0000088048
**File Stem:** 0001410368-25-032257
**Filing Date:** 2025-11
**Character Count:** 196479
**Document Hash:** 5c22e75a9cc81def7fd298ad7f6b9dc9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032257.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032257

**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**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE DWS SECURITIES TRUST
- **CENTRAL INDEX KEY:** 0000088048

**ORGANIZATION NAME:**
- **EIN:** 132661231
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02021
- **FILM NUMBER:** 251526192

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCUDDER SECURITIES TRUST
- **DATE OF NAME CHANGE:** 19950908

## Series and Classes Contracts Data

### DWS Enhanced Commodity Strategy Fund (Series ID: S000032043)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000099774 | Institutional Class | SKIRX           |
| C000099775 | Class A             | SKNRX           |
| C000099777 | Class C             | SKCRX           |
| C000099779 | Class S             | SKSRX           |
| C000172345 | Class R6            | SKRRX           |

## Nport-Ex

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

**DWS Enhanced Commodity Strategy Fund** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount ($)** <br>| **Value ($)** |
| **Corporate Bonds 25.8%** | **Corporate Bonds 25.8%** |  |
| **Communication Services 0.3%** | **Communication Services 0.3%** |  |
| Sirius XM Radio LLC, 144A, 3.125%, 9/1/2026 | 1080000 | &nbsp;&nbsp; 1065097 |
| Sprint LLC, 7.625%, 3/1/2026 | 1670000 | &nbsp;&nbsp; 1673732 |
|  |  | &nbsp;&nbsp; **2738829** |
| **Consumer Discretionary 4.4%** | **Consumer Discretionary 4.4%** |  |
| AutoZone, Inc., 4.5%, 2/1/2028 | 2610000 | &nbsp;&nbsp; 2633000 |
| BorgWarner, Inc., 4.95%, 8/15/2029 | 1680000 | &nbsp;&nbsp; 1715276 |
| Daimler Truck Finance North America LLC, 144A, 2.0%, 12/14/2026 | 1600000 | &nbsp;&nbsp; 1559540 |
| Ford Motor Credit Co. LLC: |  |  |
| &nbsp;&nbsp;&nbsp; 5.8%, 3/5/2027  | 1450000 | &nbsp;&nbsp; 1464669 |
| &nbsp;&nbsp;&nbsp; 5.85%, 5/17/2027  | 3500000 | &nbsp;&nbsp; 3543268 |
| &nbsp;&nbsp;&nbsp; 6.798%, 11/7/2028  | 1270000 | &nbsp;&nbsp; 1325949 |
| General Motors Financial Co., Inc., 4.9%, 10/6/2029 | 2174000 | &nbsp;&nbsp; 2199132 |
| Hyundai Capital America: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.275%, 6/24/2027  | 4000000 | &nbsp;&nbsp; 4061683 |
| &nbsp;&nbsp;&nbsp; 144A, 5.95%, 9/21/2026  | 4000000 | &nbsp;&nbsp; 4063272 |
| KFC Holding Co., 144A, 4.75%, 6/1/2027 | 540000 | &nbsp;&nbsp; 538093 |
| Las Vegas Sands Corp., 5.9%, 6/1/2027 | 1500000 | &nbsp;&nbsp; 1530319 |
| Marriott International, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 4.875%, 5/15/2029  | 1960000 | &nbsp;&nbsp; 1998059 |
| &nbsp;&nbsp;&nbsp; 5.45%, 9/15/2026 (a) | 560000 | &nbsp;&nbsp; 566924 |
| Nissan Motor Acceptance Co. LLC, 144A, 6.95%, 9/15/2026 | 740000 | &nbsp;&nbsp; 749592 |
| O'Reilly Automotive, Inc., 5.75%, 11/20/2026 | 2420000 | &nbsp;&nbsp; 2461718 |
| Royal Caribbean Cruises Ltd., 144A, 5.5%, 8/31/2026 | 2450000 | &nbsp;&nbsp; 2460224 |
| Volkswagen Group of America Finance LLC, 144A, 6.0%, 11/16/2026 | 4000000 | &nbsp;&nbsp; 4070305 |
|  |  | &nbsp;&nbsp; **36941023** |
| **Consumer Staples 0.2%** | **Consumer Staples 0.2%** |  |
| Campbell's Co., 5.2%, 3/19/2027 | 1060000 | &nbsp;&nbsp; 1076374 |
| Coty, Inc., 144A, 5.0%, 4/15/2026 (a) | 462000 | &nbsp;&nbsp; 460605 |
|  |  | &nbsp;&nbsp; **1536979** |
| **Energy 2.2%** | **Energy 2.2%** |  |
| Columbia Pipelines Holding Co. LLC, 144A, 6.055%, 8/15/2026 | 770000 | &nbsp;&nbsp; 780369 |
| Diamondback Energy, Inc., 5.2%, 4/18/2027 | 1670000 | &nbsp;&nbsp; 1693972 |
| Helmerich & Payne, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 12/1/2027  | 1000000 | &nbsp;&nbsp; 1004279 |
| &nbsp;&nbsp;&nbsp; 4.85%, 12/1/2029  | 2500000 | &nbsp;&nbsp; 2489464 |
| Occidental Petroleum Corp., 5.2%, 8/1/2029 (a) | 3500000 | &nbsp;&nbsp; 3551443 |
| ONEOK, Inc., 5.0%, 3/1/2026 | 3000000 | &nbsp;&nbsp; 3001652 |
| South Bow USA Infrastructure Holdings LLC, 4.911%, 9/1/2027 | 1373000 | &nbsp;&nbsp; 1384754 |
| Whistler Pipeline LLC, 144A, 5.7%, 9/30/2031 | 4000000 | &nbsp;&nbsp; 4158346 |
|  |  | &nbsp;&nbsp; **18064279** |

---

------

---

| | | |
|:---|:---|:---|
| **Financials 9.8%** | **Financials 9.8%** |  |
| AerCap Ireland Capital DAC: |  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 10/29/2026  | 2110000 | &nbsp;&nbsp; 2073043 |
| &nbsp;&nbsp;&nbsp; 4.625%, 9/10/2029  | 1121000 | &nbsp;&nbsp; 1130822 |
| Aircastle Ltd., 144A, 6.5%, 7/18/2028 | 1700000 | &nbsp;&nbsp; 1786427 |
| Ares Capital Corp., 7.0%, 1/15/2027 | 3040000 | &nbsp;&nbsp; 3129183 |
| Athene Global Funding, 144A, 5.684%, 2/23/2026 | 3500000 | &nbsp;&nbsp; 3515854 |
| Avolon Holdings Funding Ltd., 144A, 6.375%, 5/4/2028 | 2670000 | &nbsp;&nbsp; 2785126 |
| Banco Santander SA, 5.588%, 8/8/2028 | 4000000 | &nbsp;&nbsp; 4155221 |
| Bank of Nova Scotia, 5.35%, 12/7/2026 | 5000000 | &nbsp;&nbsp; 5073342 |
| Barclays PLC, 4.837%, 9/10/2028 | 1018000 | &nbsp;&nbsp; 1028300 |
| BGC Group, Inc., 6.6%, 6/10/2029 | 2100000 | &nbsp;&nbsp; 2184120 |
| Blackstone Private Credit Fund, 7.3%, 11/27/2028 | 1500000 | &nbsp;&nbsp; 1602259 |
| Capital One Financial Corp., 7.149%, 10/29/2027 | 1940000 | &nbsp;&nbsp; 1998085 |
| Credit Agricole SA, 144A, 4.631%, 9/11/2028 | 2500000 | &nbsp;&nbsp; 2515807 |
| Essent Group Ltd., 6.25%, 7/1/2029 | 6000000 | &nbsp;&nbsp; 6285086 |
| HPS Corporate Lending Fund, 5.45%, 1/14/2028 (a) | 1429000 | &nbsp;&nbsp; 1441994 |
| HSBC Holdings PLC, 7.336%, 11/3/2026 | 3000000 | &nbsp;&nbsp; 3007116 |
| Intesa Sanpaolo SpA, 144A, 7.0%, 11/21/2025 | 890000 | &nbsp;&nbsp; 893238 |
| Jackson National Life Global Funding, 144A, 5.55%, 7/2/2027 | 1425000 | &nbsp;&nbsp; 1455930 |
| Jefferies Financial Group, Inc., 5.875%, 7/21/2028 | 2060000 | &nbsp;&nbsp; 2144789 |
| KeyBank NA, 3.4%, 5/20/2026 | 4000000 | &nbsp;&nbsp; 3977955 |
| Lloyds Banking Group PLC, 5.985%, 8/7/2027 | 1140000 | &nbsp;&nbsp; 1156316 |
| Macquarie Bank Ltd., 144A, 5.391%, 12/7/2026 | 1950000 | &nbsp;&nbsp; 1982252 |
| Macquarie Group Ltd., 144A, 1 day USD SOFR + 0.92%, 5.1% (b), 9/23/2027 | 6000000 | &nbsp;&nbsp; 6017569 |
| NatWest Group PLC, 5.583%, 3/1/2028 | 1280000 | &nbsp;&nbsp; 1303766 |
| NatWest Markets PLC, 144A, 5.416%, 5/17/2027 | 2090000 | &nbsp;&nbsp; 2135566 |
| Santander Holdings USA, Inc., 6.124%, 5/31/2027 | 611000 | &nbsp;&nbsp; 617403 |
| Santander U.K. Group Holdings PLC, 1.673%, 6/14/2027 | 2227000 | &nbsp;&nbsp; 2185512 |
| Societe Generale SA, 144A, 5.519%, 1/19/2028 | 3000000 | &nbsp;&nbsp; 3040141 |
| Standard Chartered PLC, 144A, 6.17%, 1/9/2027 | 2120000 | &nbsp;&nbsp; 2129454 |
| Starwood Property Trust, Inc., 144A, (REIT), 3.625%, 7/15/2026 | 1000000 | &nbsp;&nbsp; 988542 |
| Swedbank AB, 144A, 6.136%, 9/12/2026 | 3000000 | &nbsp;&nbsp; 3055854 |
| Truist Financial Corp., 6.047%, 6/8/2027 | 5000000 | &nbsp;&nbsp; 5058024 |
|  |  | &nbsp;&nbsp; **81854096** |
| **Health Care 1.3%** | **Health Care 1.3%** |  |
| Bayer U.S. Finance II LLC, 144A, 4.375%, 12/15/2028 | 1500000 | &nbsp;&nbsp; 1494653 |
| Bristol-Myers Squibb Co., 4.9%, 2/22/2027 | 1200000 | &nbsp;&nbsp; 1215633 |
| HCA, Inc., 4.5%, 2/15/2027 | 2000000 | &nbsp;&nbsp; 2003663 |
| Icon Investments Six DAC, 5.809%, 5/8/2027 | 4170000 | &nbsp;&nbsp; 4254511 |
| Quest Diagnostics, Inc., 4.6%, 12/15/2027 | 1132000 | &nbsp;&nbsp; 1146079 |
| Teva Pharmaceutical Finance Netherlands III BV, 4.75%, 5/9/2027 (a) | 730000 | &nbsp;&nbsp; 728980 |
|  |  | &nbsp;&nbsp; **10843519** |
| **Industrials 1.8%** | **Industrials 1.8%** |  |
| AGCO Corp., 5.45%, 3/21/2027 | 1270000 | &nbsp;&nbsp; 1288380 |
| Clean Harbors, Inc., 144A, 4.875%, 7/15/2027 | 1205000 | &nbsp;&nbsp; 1203989 |
| Delta Air Lines, Inc., 144A, 4.5%, 10/20/2025 | 43276 | &nbsp;&nbsp; 43224 |
| HEICO Corp., 5.25%, 8/1/2028 | 2970000 | &nbsp;&nbsp; 3048124 |
| Penske Truck Leasing Co. LP: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 1.2%, 11/15/2025  | 3155000 | &nbsp;&nbsp; 3141782 |
| &nbsp;&nbsp;&nbsp; 144A, 1.7%, 6/15/2026  | 3000000 | &nbsp;&nbsp; 2944455 |
| &nbsp;&nbsp;&nbsp; 144A, 4.4%, 7/1/2027  | 1960000 | &nbsp;&nbsp; 1964961 |
| Ryder System, Inc., 4.95%, 9/1/2029 | 1318000 | &nbsp;&nbsp; 1348979 |
|  |  | &nbsp;&nbsp; **14983894** |

---

------

---

| | | |
|:---|:---|:---|
| **Information Technology 2.7%** | **Information Technology 2.7%** |  |
| Broadcom, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 2/15/2028  | 976000 | &nbsp;&nbsp; 978545 |
| &nbsp;&nbsp;&nbsp; 5.05%, 7/12/2027  | 1320000 | &nbsp;&nbsp; 1342799 |
| Concentrix Corp.: |  |  |
| &nbsp;&nbsp;&nbsp; 6.6%, 8/2/2028 (a) | 4000000 | &nbsp;&nbsp; 4186785 |
| &nbsp;&nbsp;&nbsp; 6.65%, 8/2/2026  | 2220000 | &nbsp;&nbsp; 2252995 |
| DXC Technology Co., 1.8%, 9/15/2026 | 4520000 | &nbsp;&nbsp; 4412441 |
| Global Payments, Inc., 4.95%, 8/15/2027 | 920000 | &nbsp;&nbsp; 930999 |
| Hewlett Packard Enterprise Co., 4.45%, 9/25/2026 | 1377000 | &nbsp;&nbsp; 1382230 |
| Kyndryl Holdings, Inc., 2.05%, 10/15/2026 | 3500000 | &nbsp;&nbsp; 3418454 |
| Microchip Technology, Inc., 5.05%, 3/15/2029 | 1330000 | &nbsp;&nbsp; 1358973 |
| NXP BV, 4.4%, 6/1/2027 | 1370000 | &nbsp;&nbsp; 1374284 |
| Workday, Inc., 3.5%, 4/1/2027 | 1430000 | &nbsp;&nbsp; 1417327 |
|  |  | &nbsp;&nbsp; **23055832** |
| **Materials 1.6%** | **Materials 1.6%** |  |
| Albemarle Corp., 4.65%, 6/1/2027 (a) | 2220000 | &nbsp;&nbsp; 2222282 |
| Chemours Co., 5.375%, 5/15/2027 | 1250000 | &nbsp;&nbsp; 1248967 |
| Huntsman International LLC, 4.5%, 5/1/2029 | 2000000 | &nbsp;&nbsp; 1914051 |
| LYB International Finance III LLC, 1.25%, 10/1/2025 | 1962000 | &nbsp;&nbsp; 1962000 |
| Mosaic Co., 5.375%, 11/15/2028 | 2480000 | &nbsp;&nbsp; 2555960 |
| WRKCo, Inc., 3.9%, 6/1/2028 | 4000000 | &nbsp;&nbsp; 3966855 |
|  |  | &nbsp;&nbsp; **13870115** |
| **Real Estate 0.6%** | **Real Estate 0.6%** |  |
| Crown Castle, Inc., (REIT), 4.9%, 9/1/2029 | 1188000 | &nbsp;&nbsp; 1205066 |
| Realty Income Corp., (REIT), 5.05%, 1/13/2026 | 2580000 | &nbsp;&nbsp; 2580494 |
| RLJ Lodging Trust LP, 144A, (REIT), 3.75%, 7/1/2026 | 240000 | &nbsp;&nbsp; 237579 |
| VICI Properties LP, (REIT), 4.75%, 4/1/2028 | 1000000 | &nbsp;&nbsp; 1010426 |
|  |  | &nbsp;&nbsp; **5033565** |
| **Utilities 0.9%** | **Utilities 0.9%** |  |
| DTE Energy Co., 4.95%, 7/1/2027 | 1219000 | &nbsp;&nbsp; 1234513 |
| Enel Finance International NV, 144A, 5.125%, 6/26/2029 | 5000000 | &nbsp;&nbsp; 5122090 |
| Eversource Energy, 5.0%, 1/1/2027 | 1450000 | &nbsp;&nbsp; 1464122 |
|  |  | &nbsp;&nbsp; **7820725** |
| **Total Corporate Bonds** (Cost $213,216,263) | **Total Corporate Bonds** (Cost $213,216,263) | &nbsp;&nbsp; **216742856** |
| **Asset-Backed 12.2%** | **Asset-Backed 12.2%** | **Asset-Backed 12.2%** |
| **Automobile Receivables 2.5%** | **Automobile Receivables 2.5%** |  |
| Ally Bank Auto Credit-Linked Notes, "C", Series 2025-A, 144A, 4.844%, 6/15/2033 | 1858731 | &nbsp;&nbsp; 1864066 |
| Carvana Auto Receivables Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "F", Series 2021-N1, 144A, 4.55%, 1/10/2028  | 686340 | &nbsp;&nbsp; 682383 |
| &nbsp;&nbsp;&nbsp; "B", Series 2022-P3, 5.04%, 10/10/2028  | 1350000 | &nbsp;&nbsp; 1361691 |
| Chase Auto Owner Trust, "C", Series 2022-AA, 144A, 4.64%, 7/25/2028 | 1040000 | &nbsp;&nbsp; 1044774 |
| CPS Auto Receivables Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "E", Series 2021-D, 144A, 4.06%, 12/15/2028  | 1000000 | &nbsp;&nbsp; 992523 |
| &nbsp;&nbsp;&nbsp; "C", Series 2022-B, 144A, 4.33%, 8/15/2028  | 291534 | &nbsp;&nbsp; 291486 |
| Exeter Automobile Receivables Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "E", Series 2021-4A, 144A, 4.02%, 1/17/2028  | 1250000 | &nbsp;&nbsp; 1238772 |
| &nbsp;&nbsp;&nbsp; "B", Series 2025-3A, 4.86%, 2/15/2030  | 375000 | &nbsp;&nbsp; 379650 |
| &nbsp;&nbsp;&nbsp; "C", Series 2025-3A, 5.09%, 10/15/2031  | 472000 | &nbsp;&nbsp; 477802 |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes, "B1", Series 2025-2, 144A, 4.835%, <br> 9/20/2033<br>| 2907613 | &nbsp;&nbsp; 2914725 |

---

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| | | |
|:---|:---|:---|
| OCCU Auto Receivables Trust, "A2", Series 2025-1A, 144A, 4.82%, 4/17/2028 | 1500000 | &nbsp;&nbsp; 1504159 |
| Onemain Direct Auto Receivables Trust, "A1", Series 2022-1A, 144A, 4.65%, 3/14/2029 | 349440 | &nbsp;&nbsp; 349343 |
| PenFed Auto Receivables Owner Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "B", Series 2022-A, 144A, 4.6%, 12/15/2028  | 1350000 | &nbsp;&nbsp; 1350550 |
| &nbsp;&nbsp;&nbsp; "C", Series 2022-A, 144A, 4.83%, 12/15/2028  | 1300000 | &nbsp;&nbsp; 1302014 |
| Santander Drive Auto Receivables Trust, "C", Series 2022-5, 4.74%, 10/16/2028 | 418108 | &nbsp;&nbsp; 418479 |
| &nbsp;&nbsp;&nbsp; Securitized Term Auto Receivables Trust, "B", Series 2025-B, 144A, 4.925%, <br> 12/29/2032<br>| 3435432 | &nbsp;&nbsp; 3464572 |
| Westlake Automobile Receivables Trust, "C", Series 2022-3A, 144A, 6.44%, 12/15/2027 | 1632513 | &nbsp;&nbsp; 1639509 |
|  |  | &nbsp;&nbsp; **21276498** |
| **Credit Card Receivables 0.6%** | **Credit Card Receivables 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Continental Finance Credit Card ABS Master Trust, "A", Series 2022-A, 144A, 6.19%, <br> 10/15/2030<br>| 2000000 | &nbsp;&nbsp; 2006385 |
| Mission Lane Credit Card Master Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "B", Series 2025-B, 144A, 5.21%, 9/15/2031  | 1750000 | &nbsp;&nbsp; 1754299 |
| &nbsp;&nbsp;&nbsp; "C", Series 2025-B, 144A, 5.41%, 9/15/2031  | 1000000 | &nbsp;&nbsp; 1002558 |
|  |  | &nbsp;&nbsp; **4763242** |
| **Miscellaneous 9.1%** | **Miscellaneous 9.1%** |  |
| &nbsp;&nbsp;&nbsp; AB BSL CLO 4 Ltd., "A1R", Series 2023-4A, 144A, 3 mo. USD Term SOFR + 1.3%, <br> 5.625% (b), 4/20/2038<br>| 1000000 | &nbsp;&nbsp; 1003200 |
| &nbsp;&nbsp;&nbsp; AGL CLO 42 Ltd., "A1", Series 2025-42A, 144A, 3 mo. USD Term SOFR + 1.3%, <br> 5.569% (b), 7/22/2038<br>| 1600000 | &nbsp;&nbsp; 1606395 |
| &nbsp;&nbsp;&nbsp; Allegro CLO XIII Ltd., "A2R", Series 2021-1A, 144A, 3 mo. USD Term SOFR + <br> 1.65%, 5.968% (b), 7/20/2038<br>| 1285000 | &nbsp;&nbsp; 1286976 |
| &nbsp;&nbsp;&nbsp; Apidos CLO LIV Ltd., "B", Series 2025-54A, 144A, 3 mo. USD Term SOFR + 1.6%, <br> 5.772% (b), 10/20/2038<br>| 1000000 | &nbsp;&nbsp; 1001311 |
| &nbsp;&nbsp;&nbsp; ARES LXXVII CLO Ltd., "A2", Series 2025-77A, 144A, 3 mo. USD Term SOFR + <br> 1.6%, 5.922% (b), 7/15/2038<br>| 1500000 | &nbsp;&nbsp; 1504017 |
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., "A1", Series 2024-1A, 144A, 3 mo. USD Term SOFR + <br> 1.51%, 5.835% (b), 7/20/2037<br>| 750000 | &nbsp;&nbsp; 752205 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO Ltd., "A1AR", Series 2020-14A, 144A, 3 mo. USD Term SOFR + <br> 1.38%, 5.705% (b), 7/20/2037<br>| 2000000 | &nbsp;&nbsp; 2004906 |
| &nbsp;&nbsp;&nbsp; Barings CLO Ltd., "BR", Series 2015-IA, 144A, 3 mo. USD Term SOFR + 1.662%, <br> 5.987% (b), 1/20/2031<br>| 2000000 | &nbsp;&nbsp; 2002822 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd., "BR", Series 2015-4A, 144A, 3 mo. USD Term SOFR + <br> 1.912%, 6.237% (b), 4/20/2030<br>| 2000000 | &nbsp;&nbsp; 2001692 |
| &nbsp;&nbsp;&nbsp; BlueMountain Fuji U.S. CLO II Ltd., "A1B", Series 2017-2A, 144A, 3 mo. USD Term <br> SOFR + 1.612%, 5.937% (b), 10/20/2030<br>| 4000000 | &nbsp;&nbsp; 4001216 |
| CF Hippolyta Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp; "B1", Series 2021-1A, 144A, 1.98%, 3/15/2061  | 2751947 | &nbsp;&nbsp; 2125932 |
| &nbsp;&nbsp;&nbsp; "B1", Series 2020-1, 144A, 2.28%, 7/15/2060  | 2497479 | &nbsp;&nbsp; 1739851 |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., "B", Series 2025-4A, 144A, 3 mo. USD Term SOFR + 1.7%, <br> 5.813% (b), 10/24/2038<br>| 950000 | &nbsp;&nbsp; 953564 |
| Compass Datacenters Issuer III LLC, "A2", Series 2025-3A, 144A, 5.286%, 7/25/2050 | 840000 | &nbsp;&nbsp; 849407 |
| Crossroads Asset Trust, "A2", Series 2025-A, 144A, 4.91%, 2/20/2032 | 1240000 | &nbsp;&nbsp; 1247737 |
| DB Master Finance LLC, "A2II", Series 2019-1A, 144A, 4.021%, 5/20/2049 | 2350000 | &nbsp;&nbsp; 2341583 |
| Domino's Pizza Master Issuer LLC, "A2II", Series 2025-1A, 144A, 5.217%, 7/25/2055 | 1091000 | &nbsp;&nbsp; 1099623 |
| &nbsp;&nbsp;&nbsp; Dryden 104 CLO Ltd., "A2R", Series 2022-104A, 144A, 3 mo. USD Term SOFR + <br> 1.6%, 5.804% (b), 8/20/2034<br>| 2775000 | &nbsp;&nbsp; 2776154 |
| &nbsp;&nbsp;&nbsp; Dryden 53 CLO Ltd., "AR", Series 2017-53A, 144A, 3 mo. USD Term SOFR + 1.0%, <br> 5.302% (b), 1/15/2031<br>| 1857501 | &nbsp;&nbsp; 1858454 |
| Elara HGV Timeshare Issuer LLC, "C", Series 2023-A, 144A, 7.3%, 2/25/2038 | 262709 | &nbsp;&nbsp; 271286 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 43 Ltd., "B", Series 2025-6A, 144A, 3 mo. USD Term SOFR + 1.7%, <br> 6.019% (b), 7/20/2038<br>| 1009000 | &nbsp;&nbsp; 1013474 |
| &nbsp;&nbsp;&nbsp; Empower CLO Ltd., "AR", Series 2023-1A, 144A, 3 mo. USD Term SOFR + 1.6%, <br> 5.918% (b), 4/25/2038<br>| 3000000 | &nbsp;&nbsp; 3016131 |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Garnet CLO 3 Ltd., "B", Series 2025-3A, 144A, 3 mo. USD Term SOFR + 1.6%, <br> 5.454% (b), 10/20/2038 (c)<br>| 1000000 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 41B-R Ltd., "BR2", Series 2019-41A, 144A, 3 mo. USD <br> Term SOFR + 1.7%, 6.019% (b), 7/20/2038<br>| 1000000 | &nbsp;&nbsp; 1004573 |
| Hilton Grand Vacations Trust, "A", Series 2019-AA, 144A, 2.34%, 7/25/2033 | 107733 | &nbsp;&nbsp; 106883 |
| Jersey Mike's Funding LLC, "A2", Series 2025-1A, 144A, 5.61%, 8/16/2055 | 1700000 | &nbsp;&nbsp; 1735853 |
| &nbsp;&nbsp;&nbsp; KKR CLO Ltd., "A1R", Series 2024-45A, 144A, 3 mo. USD Term SOFR + 1.32%, <br> 5.614% (b), 7/15/2038<br>| 1333000 | &nbsp;&nbsp; 1338052 |
| Mosaic Solar Loan Trust, "A", Series 2020-1A, 144A, 2.1%, 4/20/2046 | 833753 | &nbsp;&nbsp; 733402 |
| MVW LLC: |  |  |
| &nbsp;&nbsp;&nbsp; "B", Series 2021-1WA, 144A, 1.44%, 1/22/2041  | 91915 | &nbsp;&nbsp; 88516 |
| &nbsp;&nbsp;&nbsp; "A", Series 2020-1A, 144A, 1.74%, 10/20/2037  | 70481 | &nbsp;&nbsp; 68931 |
| &nbsp;&nbsp;&nbsp; "B", Series 2019-2A, 144A, 2.44%, 10/20/2038  | 192152 | &nbsp;&nbsp; 190648 |
| &nbsp;&nbsp;&nbsp; "B", Series 2020-1A, 144A, 2.73%, 10/20/2037  | 70481 | &nbsp;&nbsp; 69303 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 45 Ltd., "AR", Series 2021-45A, 144A, 3 mo. <br> USD Term SOFR + 1.06%, 5.38% (b), 10/14/2036<br>| 2000000 | &nbsp;&nbsp; 2002520 |
| &nbsp;&nbsp;&nbsp; New Economy Assets Phase 1 Sponsor LLC, "B1", Series 2021-1, 144A, 2.41%, <br> 10/20/2061<br>| 1125000 | &nbsp;&nbsp; 747165 |
| NRZ Excess Spread-Collateralized Notes: |  |  |
| &nbsp;&nbsp;&nbsp; "A", Series 2021-GNT1, 144A, 3.474%, 11/25/2026  | 740008 | &nbsp;&nbsp; 724004 |
| &nbsp;&nbsp;&nbsp; "A", Series 2020-PLS1, 144A, 3.844%, 12/25/2025  | 215019 | &nbsp;&nbsp; 214250 |
| &nbsp;&nbsp;&nbsp; Oaktree CLO Ltd., "A1R", Series 2022-1A, 144A, 3 mo. USD Term SOFR + 1.37%, <br> 5.715% (b), 7/15/2038<br>| 1333000 | &nbsp;&nbsp; 1338975 |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., "A", Series 2025-4A, 144A, 3 mo. USD Term SOFR + 1.27%, <br> 5.227% (b), 10/20/2038<br>| 1000000 | &nbsp;&nbsp; 1000276 |
| Point Broadband Funding LLC, "A2", Series 2025-1A, 144A, 5.336%, 7/20/2055 | 1000000 | &nbsp;&nbsp; 1009017 |
| &nbsp;&nbsp;&nbsp; Regatta 34 Funding Ltd., "A2", Series 2025-3A, 144A, 3 mo. USD Term SOFR + <br> 1.75%, 6.044% (b), 7/20/2038<br>| 1500000 | &nbsp;&nbsp; 1505453 |
| &nbsp;&nbsp;&nbsp; RR 28 Ltd., "A1R", Series 2024-28RA, 144A, 3 mo. USD Term SOFR + 1.55%, 5.868% <br> (b), 4/15/2037<br>| 1000000 | &nbsp;&nbsp; 1002410 |
| Service Experts Issuer LLC, "A", Series 2025-1A, 144A, 5.38%, 1/20/2037 | 1347689 | &nbsp;&nbsp; 1352327 |
| Sesac Finance LLC, "A2", Series 2025-1, 144A, 5.5%, 7/25/2055 | 700000 | &nbsp;&nbsp; 697224 |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO 29 Ltd., "B", Series 2025-29A, 144A, 3 mo. USD Term SOFR + <br> 1.65%, 5.972% (b), 7/17/2038<br>| 714000 | &nbsp;&nbsp; 716023 |
| Taco Bell Funding LLC, "A2II", Series 2025-1A, 144A, 5.049%, 8/25/2055 | 1250000 | &nbsp;&nbsp; 1252966 |
| Texas Debt Capital CLO Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "A1R", Series 2023-1A, 144A, 3 mo. USD Term SOFR + 1.3%, 5.615% (b), <br> 7/20/2038 <br>| 1570000 | &nbsp;&nbsp; 1577773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "A2R", Series 2023-1A, 144A, 3 mo. USD Term SOFR + 1.55%, 5.865% (b), <br> 7/20/2038 <br>| 3000000 | &nbsp;&nbsp; 3003879 |
| &nbsp;&nbsp;&nbsp; TICP CLO XI Ltd., "AR", Series 2018-11A, 144A, 3 mo. USD Term SOFR + 1.53%, <br> 5.848% (b), 4/25/2037<br>| 1200000 | &nbsp;&nbsp; 1203332 |
| &nbsp;&nbsp;&nbsp; Venture 50 CLO Ltd., "A1", Series 2024-50A, 144A, 3 mo. USD Term SOFR + 1.45%, <br> 5.775% (b), 10/20/2037<br>| 1000000 | &nbsp;&nbsp; 1003362 |
| &nbsp;&nbsp;&nbsp; Venture XXX CLO Ltd., "A2", Series 2017-30A, 144A, 3 mo. USD Term SOFR + <br> 1.612%, 5.929% (b), 1/15/2031<br>| 10000000 | &nbsp;&nbsp; 10002960 |
| VFI ABS LLC, "A", Series 2025-1A, 144A, 4.78%, 6/24/2030 | 481056 | &nbsp;&nbsp; 483033 |
| Zayo Issuer LLC, "A2", Series 2025-2A, 144A, 5.953%, 6/20/2055 | 2500000 | &nbsp;&nbsp; 2571446 |
|  |  | &nbsp;&nbsp; **76202492** |
| **Total Asset-Backed** (Cost $103,485,553) | **Total Asset-Backed** (Cost $103,485,553) | &nbsp;&nbsp; **102242232** |
| **Commercial Mortgage-Backed Securities 3.8%** | **Commercial Mortgage-Backed Securities 3.8%** |  |
| BPR Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "B", Series 2021-TY, 144A, 1 mo. USD Term SOFR + 1.264%, 5.415% (b), <br> 9/15/2038 <br>| 506000 | &nbsp;&nbsp; 504123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "C", Series 2021-TY, 144A, 1 mo. USD Term SOFR + 1.814%, 5.965% (b), <br> 9/15/2038 <br>| 340000 | &nbsp;&nbsp; 339159 |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, "B", Series 2019-IMC, 144A, 1 mo. USD Term SOFR <br> + 1.346%, 5.496% (b), 4/15/2034<br>| 3000000 | &nbsp;&nbsp; 2970000 |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; BX Trust, "D", Series 2021-ARIA, 144A, 1 mo. USD Term SOFR + 2.01%, 6.16% (b), <br> 10/15/2036<br>| 1725000 | &nbsp;&nbsp; 1725000 |
| &nbsp;&nbsp;&nbsp; BXP Trust, "A", Series 2017-CQHP, 144A, 1 mo. USD Term SOFR + 0.897%, 5.048% <br> (b), 11/15/2034<br>| 502736 | &nbsp;&nbsp; 483878 |
| CENT Trust, "A", Series 2025-CITY, 144A, 5.091%, 7/10/2040 | 2500000 | &nbsp;&nbsp; 2528276 |
| COMM Mortgage Trust, "B", Series 2013-CR6, 144A, 3.397%, 3/10/2046 | 1497412 | &nbsp;&nbsp; 1458837 |
| &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Trust, "B", Series 2020-FACT, 144A, 1 mo. USD Term SOFR + <br> 2.614%, 6.765% (b), 10/15/2037<br>| 2756000 | &nbsp;&nbsp; 2666430 |
| CSAIL Commercial Mortgage Trust, "AS", Series 2016-C6, 3.346%, 1/15/2049 | 1000000 | &nbsp;&nbsp; 980607 |
| &nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates, "X1", Series K058, Interest <br> Only, 1.023% (b), 8/25/2026<br>| 21111356 | &nbsp;&nbsp; 118825 |
| &nbsp;&nbsp;&nbsp; ILPT Commercial Mortgage Trust, "C", Series 2025-LPF2, 144A, 6.023% (b), <br> 7/13/2042<br>| 1000000 | &nbsp;&nbsp; 1016564 |
| &nbsp;&nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust, "A3", Series 2019-COR5, 3.123%, <br> 6/13/2052<br>| 4000000 | &nbsp;&nbsp; 3845185 |
| &nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, "AS", Series 2016-C4, 3.385%, <br> 12/15/2049<br>| 1000000 | &nbsp;&nbsp; 960107 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, "A", Series 2018-PHH, 144A, <br> 1 mo. USD Term SOFR + 1.257%, 5.407% (b), 6/15/2035<br>| 4380267 | &nbsp;&nbsp; 3746902 |
| &nbsp;&nbsp;&nbsp; One New York Plaza Trust, "AJ", Series 2020-1NYP, 144A, 1 mo. USD Term SOFR + <br> 1.364%, 5.515% (b), 1/15/2036<br>| 2378000 | &nbsp;&nbsp; 2294763 |
| ROCK Trust, "A", Series 2024-CNTR, 144A, 5.388%, 11/13/2041 | 2600000 | &nbsp;&nbsp; 2678821 |
| &nbsp;&nbsp;&nbsp; Starwood Mortgage Trust, "B", Series 2021-LIH, 144A, 1 mo. USD Term SOFR + <br> 1.77%, 5.921% (b), 11/15/2036<br>| 500000 | &nbsp;&nbsp; 498750 |
| &nbsp;&nbsp;&nbsp; U.S. Bank C&I Credit-Linked Notes, "C", Series 2025-SUP2, 144A, 30 day USD SOFR <br> Average + 1.9%, 6.286% (b), 9/25/2032<br>| 750000 | &nbsp;&nbsp; 750761 |
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, "XA", Series 2017-C1, Interest Only, 1.617% (b), <br> 6/15/2050<br>| 23451715 | &nbsp;&nbsp; 375856 |
| Wells Fargo Commercial Mortgage Trust, "A2", Series 2016-C34, 2.603%, 6/15/2049 | 43631 | &nbsp;&nbsp; 43549 |
| &nbsp;&nbsp;&nbsp; WHARF Commercial Mortgage Trust, "B", Series 2025-DC, 144A, 5.729% (b), <br> 7/15/2040<br>| 1700000 | &nbsp;&nbsp; 1728910 |
| **Total Commercial Mortgage-Backed Securities** (Cost $31,971,734) | **Total Commercial Mortgage-Backed Securities** (Cost $31,971,734) | &nbsp;&nbsp; **31715303** |
| **Collateralized Mortgage Obligations 2.1%** | **Collateralized Mortgage Obligations 2.1%** | **Collateralized Mortgage Obligations 2.1%** |
| Barclays Mortgage Loan Trust, "A2", Series 2021-NQM1, 144A, 1.984%, 9/25/2051 | 906890 | &nbsp;&nbsp; 820798 |
| COLT Funding LLC, "A2", Series 2021-3R, 144A, 1.257%, 12/25/2064 | 156824 | &nbsp;&nbsp; 145071 |
| COLT Mortgage Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "A1", Series 2021-2R, 144A, 0.798%, 7/27/2054  | 158097 | &nbsp;&nbsp; 145850 |
| &nbsp;&nbsp;&nbsp; "A2", Series 2021-1, 144A, 1.167%, 6/25/2066  | 432503 | &nbsp;&nbsp; 376316 |
| &nbsp;&nbsp;&nbsp; "A3", Series 2021-2, 144A, 1.335%, 8/25/2066  | 1501554 | &nbsp;&nbsp; 1285201 |
| &nbsp;&nbsp;&nbsp; "A2", Series 2021-HX1, 144A, 1.348%, 10/25/2066  | 1082016 | &nbsp;&nbsp; 944399 |
| Connecticut Avenue Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "1M2", Series 2021-R03, 144A, 30 day USD SOFR Average + 1.65%, 6.006% (b), <br> 12/25/2041 <br>| 500000 | &nbsp;&nbsp; 502265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "1M2", Series 2022-R04, 144A, 30 day USD SOFR Average + 3.1%, 7.456% (b), <br> 3/25/2042 <br>| 250000 | &nbsp;&nbsp; 256835 |
| Ellington Financial Mortgage Trust, "A2", Series 2021-3, 144A, 1.396%, 9/25/2066 | 1902776 | &nbsp;&nbsp; 1600381 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, "M2", Series 2021-DNA7, <br> 144A, 30 day USD SOFR Average + 1.8%, 6.156% (b), 11/25/2041<br>| 1200000 | &nbsp;&nbsp; 1210128 |
| GCAT Trust, "A2", Series 2021-NQM2, 144A, 1.242%, 5/25/2066 | 542641 | &nbsp;&nbsp; 468877 |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, "A2", Series 2020-NQM1, 144A, 1.791%, <br> 9/27/2060<br>| 65041 | &nbsp;&nbsp; 61397 |
| Imperial Fund Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "A2", Series 2021-NQM1, 144A, 1.205%, 6/25/2056  | 901824 | &nbsp;&nbsp; 792013 |
| &nbsp;&nbsp;&nbsp; "A2", Series 2021-NQM2, 144A, 1.362%, 9/25/2056  | 1056209 | &nbsp;&nbsp; 916707 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank NA, "M1", Series 2020-CL1, 144A, 1 mo. USD Term SOFR + <br> 2.364%, 6.522% (b), 10/25/2057<br>| 1086263 | &nbsp;&nbsp; 1118656 |

---

------

---

| | | |
|:---|:---|:---|
| JPMorgan Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "A5", Series 2020-LTV2, 144A, 3.0%, 11/25/2050  | 680727 | &nbsp;&nbsp; 614169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "A11", Series 2022-3, 144A, 30 day USD SOFR Average + 1.1%, 5.456% (b), <br> 8/25/2052 <br>| 1583437 | &nbsp;&nbsp; 1504451 |
| MFA Trust: |  |  |
| &nbsp;&nbsp;&nbsp; "A3", Series 2021-INV1, 144A, 1.262%, 1/25/2056  | 72004 | &nbsp;&nbsp; 69930 |
| &nbsp;&nbsp;&nbsp; "A2", Series 2021-NQM2, 144A, 1.317%, 11/25/2064  | 379807 | &nbsp;&nbsp; 338167 |
| &nbsp;&nbsp;&nbsp; "A3", Series 2021-NQM2, 144A, 1.472%, 11/25/2064  | 307714 | &nbsp;&nbsp; 274540 |
| &nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, "A3", Series 2020-INV1, 144A, 1.593%, <br> 11/25/2055<br>| 175230 | &nbsp;&nbsp; 167311 |
| Towd Point Mortgage Trust, "M1", Series 2022-SJ1, 144A, 4.5%, 3/25/2062 | 2500000 | &nbsp;&nbsp; 2421251 |
| Verus Securitization Trust, "A2", Series 2021-R3, 144A, 1.277%, 4/25/2064 | 221694 | &nbsp;&nbsp; 210221 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bank, "M1", Series 2021-CL2, 144A, 30 day USD SOFR Average + <br> 3.15%, 7.506% (b), 7/25/2059<br>| 1277440 | &nbsp;&nbsp; 1345841 |
| **Total Collateralized Mortgage Obligations** (Cost $18,948,685) | **Total Collateralized Mortgage Obligations** (Cost $18,948,685) | &nbsp;&nbsp; **17590775** |
| **Government & Agency Obligations 49.6%** | **Government & Agency Obligations 49.6%** | **Government & Agency Obligations 49.6%** |
| **Other Government Related (d) 0.3%** | **Other Government Related (d) 0.3%** |  |
| Central American Bank for Economic Integration, 144A, 5.0%, 2/9/2026 | 2500000 | &nbsp;&nbsp; 2505612 |
| Vnesheconombank, 144A, 6.025%, 7/5/2022\* (e) | 1500000 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; **2505612** |
| **U.S. Government Sponsored Agencies 7.0%** | **U.S. Government Sponsored Agencies 7.0%** |  |
| Federal Home Loan Banks, 1 day USD SOFR + 0.105%, 4.235% (b), 3/4/2027 | 59000000 | &nbsp;&nbsp; **58991978** |
| **U.S. Treasury Obligations 42.3%** | **U.S. Treasury Obligations 42.3%** |  |
| U.S. Treasury Bills: |  |  |
| &nbsp;&nbsp;&nbsp; 3.715% (f), 3/19/2026 (g) | 10000000 | &nbsp;&nbsp; 9824803 |
| &nbsp;&nbsp;&nbsp; 4.226% (f), 10/2/2025  | 5000000 | &nbsp;&nbsp; 4999442 |
| &nbsp;&nbsp;&nbsp; 4.251% (f), 10/2/2025  | 5000000 | &nbsp;&nbsp; 4999441 |
| U.S. Treasury Floating Rate Notes: |  |  |
| &nbsp;&nbsp;&nbsp; 3 mo. Treasury money market yield + 0.098%, 3.996% (b), 1/31/2027 (h) | 152000000 | &nbsp;&nbsp; 151815291 |
| &nbsp;&nbsp;&nbsp; 3 mo. Treasury money market yield + 0.16%, 4.058% (b), 4/30/2027 (h) | 55000000 | &nbsp;&nbsp; 54969576 |
| &nbsp;&nbsp;&nbsp; 3 mo. Treasury money market yield + 0.205%, 4.103% (b), 10/31/2026 (h) | 33000000 | &nbsp;&nbsp; 32997126 |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp; 0.625%, 3/31/2027  | 25000000 | &nbsp;&nbsp; 23902344 |
| &nbsp;&nbsp;&nbsp; 4.125%, 9/30/2027  | 25000000 | &nbsp;&nbsp; 25241211 |
| &nbsp;&nbsp;&nbsp; 4.375%, 7/15/2027  | 20000000 | &nbsp;&nbsp; 20250781 |
| &nbsp;&nbsp;&nbsp; 4.625%, 11/15/2026  | 25000000 | &nbsp;&nbsp; 25243164 |
|  |  | &nbsp;&nbsp; **354243179** |
| **Total Government & Agency Obligations** (Cost $416,840,099) | **Total Government & Agency Obligations** (Cost $416,840,099) | &nbsp;&nbsp; **415740769** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Contracts/** <br>**Notional** <br> **Amount** <br>| **Value ($)** |
| **Call Options Purchased 0.2%** | **Call Options Purchased 0.2%** | **Call Options Purchased 0.2%** |
| **Options on Exchange-Traded Futures Contracts**  | **Options on Exchange-Traded Futures Contracts**  |  |
| Natural Gas, Expiration Date 4/27/2026, Strike Price $4.5 (Cost $1,885,324) | 700 <br>7000000<br>| &nbsp;&nbsp; **1507800** |
| **Put Options Purchased 0.0%** | **Put Options Purchased 0.0%** | **Put Options Purchased 0.0%** |
| **Options on Exchange-Traded Futures Contracts**  | **Options on Exchange-Traded Futures Contracts**  |  |
| Brent Crude Oil, Expiration Date 10/28/2025, Strike Price $58 (Cost $2,065,000) | 1000 <br>1000000<br>| &nbsp;&nbsp; **210000** |

---

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

------

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value ($)** |
| **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional <br> Shares", 4.05% (i) (j) (Cost $8,338,242)<br>| 8338242 | &nbsp;&nbsp; **8338242** |
| **Cash Equivalents 6.6%** | **Cash Equivalents 6.6%** | **Cash Equivalents 6.6%** |
| DWS Central Cash Management Government Fund, 4.18% (i) (Cost $55,558,733) | 55558733 | &nbsp;&nbsp; **55558733** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of** <br>**Net Assets**<br>| **Value ($)** |
| **Total Consolidated Investment Portfolio** (Cost $852,309,633) | 101.3 | &nbsp;&nbsp; **849646710** |
| **Other Assets and Liabilities, Net**  | (1.3)<br>| &nbsp;&nbsp; **(11023633)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **838623077** |

---

*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 ($) at** <br>**6/30/2025**<br>| **Purchases** <br>**Cost ($)**<br>| **Sales** <br>**Proceeds ($)**<br>| **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation) ($)**<br>| **Income ($)** | **Capital Gain** <br>**Distributions ($)**<br>| **Number** <br>**of Shares** <br>**at** <br>**9/30/2025**<br>| **Value ($) at** <br>**9/30/2025**<br>|
| **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** | **Securities Lending Collateral 1.0%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (i) (j) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (i) (j) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (i) (j) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (i) (j) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (i) (j) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (i) (j) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (i) (j) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (i) (j) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (i) (j) |
| 7067351  | 1,270,891 (k) | —  | —  | —  | 36478  | —  | 8338242  | 8338242  |
| **Cash Equivalents 6.6%** | **Cash Equivalents 6.6%** | **Cash Equivalents 6.6%** | **Cash Equivalents 6.6%** | **Cash Equivalents 6.6%** | **Cash Equivalents 6.6%** | **Cash Equivalents 6.6%** | **Cash Equivalents 6.6%** | **Cash Equivalents 6.6%** |
| DWS Central Cash Management Government Fund, 4.18% (i) | DWS Central Cash Management Government Fund, 4.18% (i) | DWS Central Cash Management Government Fund, 4.18% (i) | DWS Central Cash Management Government Fund, 4.18% (i) | DWS Central Cash Management Government Fund, 4.18% (i) | DWS Central Cash Management Government Fund, 4.18% (i) | DWS Central Cash Management Government Fund, 4.18% (i) | DWS Central Cash Management Government Fund, 4.18% (i) | DWS Central Cash Management Government Fund, 4.18% (i) |
| 87199149  | 274527750  | 306168166  | —  | —  | 743887  | —  | 55558733  | 55558733  |
| **94266500** | **275798641** | **306168166** | **—** | **—** | **780365** | **—** | **63896975** | **63896975** |

---

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

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

*(a)* *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 $8,078,584, which is 1.0% of net assets.* 

*(b)* *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.* 

*(c)* *When-issued security.*

*(d)* *Government-backed debt issued by financial companies or government sponsored enterprises.*

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

*(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)* *At September 30, 2025, this security has been pledged, in whole or in part, as collateral for open commodity-linked rate swap* *contracts.* 

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

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

*(k)* *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>|
| *CLO: Collateralized Loan Obligation* |
| *COT: Commitment of Traders* |
| *HRW: Hard Red Winter* |
| *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>|
| *LME: London Metal Exchange* |
| *RBOB: Reformulated Blendstock for Oxygenate Blending* |
| *REIT: Real Estate Investment Trust* |
| *SOFR: Secured Overnight Financing Rate* |
| *ULS: Ultra-Low Sulfur* |
| *WTI: West Texas Intermediate* |

---

*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.* 

*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>|
| LME Copper  | USD | 12/15/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 108<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27244582 | &nbsp;&nbsp;&nbsp;&nbsp; 27732861<br>| &nbsp;&nbsp;&nbsp;&nbsp; 488279 |
| Silver  | USD | 12/29/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 115<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25610393 | &nbsp;&nbsp;&nbsp;&nbsp; 26818000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1207607 |
| **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp; **1695886** |

---

*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>**Depreciation ($)**<br>|
| Coffee  | USD | 12/18/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9210573 | &nbsp;&nbsp;&nbsp;&nbsp; 9839812<br>| &nbsp;&nbsp;&nbsp;&nbsp; (629239)<br>|
| LME Copper  | USD | 12/15/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 108<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26675161 | &nbsp;&nbsp;&nbsp;&nbsp; 27732861<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1057700)<br>|
| LME Primary <br> Aluminum <br>| USD | 12/15/2025  | &nbsp;&nbsp;&nbsp;&nbsp; 127<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8418493 | &nbsp;&nbsp;&nbsp;&nbsp; 8511826<br>| &nbsp;&nbsp;&nbsp;&nbsp; (93333)<br>|
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | &nbsp;&nbsp;&nbsp;&nbsp; **(1780272)**<br>|

---

*At September 30, 2025, open written option contracts were as follows:* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Options on Exchange-Traded Futures Contracts** | **Options on Exchange-Traded Futures Contracts** | **Options on Exchange-Traded Futures Contracts** | **Options on Exchange-Traded Futures Contracts** | **Options on Exchange-Traded Futures Contracts** | **Options on Exchange-Traded Futures Contracts** | **Options on Exchange-Traded Futures Contracts** |  |
|  | **Contracts** | &nbsp;&nbsp; **Expiration**<br> **Date**<br>| &nbsp;&nbsp; **Strike**<br> **Price ($)**<br>| &nbsp;&nbsp; **Notional**<br> **Amount ($)**<br>| &nbsp;&nbsp; **Premiums**<br> **Received ($)**<br>| **Value ($)** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation ($)**<br>|
| **Call Options** |  |  |  |  |  |  |  |
| Natural Gas | 700 | 4/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;5.5 | &nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 865676 | &nbsp;&nbsp;&nbsp; (719600)<br>| &nbsp;&nbsp;&nbsp; 146076 |
| **Total Call Options** | **Total Call Options** | **Total Call Options** | **Total Call Options** | **Total Call Options** | &nbsp;&nbsp; **865676** | &nbsp;&nbsp; **(719600)**<br>| &nbsp;&nbsp; **146076** |
| **Put Options** |  |  |  |  |  |  |  |
| Brent Crude Oil | 1000 | 10/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;50.0 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; 720000 |
| Natural Gas | 700 | 4/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 | &nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 1744176 | &nbsp;&nbsp;&nbsp; (1696100)<br>| &nbsp;&nbsp;&nbsp; 48076 |
| **Total Put Options** | **Total Put Options** | **Total Put Options** | **Total Put Options** | **Total Put Options** | &nbsp;&nbsp; **2514176** | &nbsp;&nbsp; **(1746100)**<br>| &nbsp;&nbsp; **768076** |

---

------

*Each commodity linked swap is a commitment to receive the total return of the specified commodity linked index in exchange for a fixed financing rate. At September 30, 2025, open commodity-linked swap contracts were as follows:* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Return of the** <br>**Reference Index**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Counterparty** | &nbsp;&nbsp; **Notional** <br>**Amount ($)**<br>| &nbsp;&nbsp;&nbsp; **Fixed Fee** <br>**Received/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Paid) by** <br>**the Fund**<br>| **Frequency** | **Value ($)†** |
| **Long Positions** |  |  |  |  |  |  |
| BACXCT6X Excess Return <br> Index/BACXCT6X<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Merrill Lynch <br> International <br> Ltd.<br>| &nbsp;&nbsp;&nbsp; 47290000 | (0.27) | At Expiration | &nbsp;&nbsp;&nbsp; 18235 |
| Barclays Commodity <br> Strategy 1673/BXCS1673<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Barclays Bank <br> PLC<br>| &nbsp;&nbsp;&nbsp; 7960000 | (0.28) | At Expiration | &nbsp;&nbsp;&nbsp; (9662)<br>|
| Barclays Commodity <br> Strategy 1721/BXCS1721<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Barclays Bank <br> PLC<br>| &nbsp;&nbsp;&nbsp; 56070000 | (0.40) | At Expiration | &nbsp;&nbsp;&nbsp; 35927 |
| Barclays Commodity <br> Strategy 1750/BXCS1750<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Barclays Bank <br> PLC<br>| &nbsp;&nbsp;&nbsp; 22150000 |  | At Expiration | &nbsp;&nbsp;&nbsp; (236410)<br>|
| Barclays EFS Custom <br> Commodity Basket 08 <br> Index/BEFSCB08<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Barclays Bank <br> PLC<br>| &nbsp;&nbsp;&nbsp; 30990000 |  | At Expiration | &nbsp;&nbsp;&nbsp; 138432 |
| Bloomberg Commodity <br> Index/BCOM<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Macquarie <br> Bank Ltd.<br>| &nbsp;&nbsp;&nbsp; 42443000 | (0.12) | At Expiration | &nbsp;&nbsp;&nbsp; (25748)<br>|
| Bloomberg Commodity <br> Index/BCOM<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Royal Bank of <br> Canada<br>| &nbsp;&nbsp;&nbsp; 25466000 | (0.14) | At Expiration | &nbsp;&nbsp;&nbsp; (15672)<br>|
| Bloomberg Commodity <br> Index/BCOM<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Merrill Lynch <br> International <br> Ltd.<br>| &nbsp;&nbsp;&nbsp; 50932000 | (0.11) | At Expiration | &nbsp;&nbsp;&nbsp; (30674)<br>|
| Bloomberg Commodity <br> Index/BCOM<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Societe <br> Generale<br>| &nbsp;&nbsp;&nbsp; 79943000 | (0.09) | At Expiration | &nbsp;&nbsp;&nbsp; (47445)<br>|
| Bloomberg Commodity <br> Index/BCOM<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Goldman <br> Sachs & Co.<br>| &nbsp;&nbsp;&nbsp; 79368000 | (0.09) | At Expiration | &nbsp;&nbsp;&nbsp; (47103)<br>|
| Bloomberg Commodity <br> Index/BCOM<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Morgan <br> Stanley<br>| &nbsp;&nbsp;&nbsp; 42443000 | (0.12) | At Expiration | &nbsp;&nbsp;&nbsp; (25748)<br>|
| Bloomberg Commodity <br> Index/BCOM<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Barclays Bank <br> PLC<br>| &nbsp;&nbsp;&nbsp; 50932000 | (0.11) | At Expiration | &nbsp;&nbsp;&nbsp; (30674)<br>|
| Bloomberg Commodity <br> Index/BCOM<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Canadian <br> Imperial Bank <br> of Commerce<br>| &nbsp;&nbsp;&nbsp; 33954000 | (0.13) | At Expiration | &nbsp;&nbsp;&nbsp; (20747)<br>|
| Bloomberg Platinum <br> Subindex/BCOMPL<br>| 10/15/2025 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 8500000 | (0.12) | At Expiration | &nbsp;&nbsp;&nbsp; 1130891 |
| BNP Paribas Commodity <br> C100 Index/BCKTC100<br>| 10/15/2025 | BNP Paribas | &nbsp;&nbsp;&nbsp; 168882000 | (0.239) | At Expiration | &nbsp;&nbsp;&nbsp; (333806)<br>|
| Citi Commodities Gold Call <br> Ratio Index/CICXGCCR<br>| 10/15/2025 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 32310000 |  | At Expiration | &nbsp;&nbsp;&nbsp; (122802)<br>|
| Citi Custom CiVICS 7 <br> Excess Return/CVICSER7<br>| 10/15/2025 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 333889000 | (0.182) | At Expiration | &nbsp;&nbsp;&nbsp; (1616517)<br>|
| Goldman Sachs Brent Vol <br> Carry 05/GSVLBR05<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Goldman <br> Sachs & Co.<br>| &nbsp;&nbsp;&nbsp; 7378000 | (0.35) | At Expiration | &nbsp;&nbsp;&nbsp; (63655)<br>|
| Goldman Sachs Commodity <br> COT Strategy <br> 1099/ABGS1099<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Goldman <br> Sachs & Co.<br>| &nbsp;&nbsp;&nbsp; 35710000 | (0.35) | At Expiration | &nbsp;&nbsp;&nbsp; (51106)<br>|
| Goldman Sachs Commodity <br> COT Strategy <br> 1193/ABGS1193<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Goldman <br> Sachs & Co.<br>| &nbsp;&nbsp;&nbsp; 21646000 | (0.856) | At Expiration | &nbsp;&nbsp;&nbsp; (20751)<br>|
| Goldman Sachs Gold <br> Intraday Seasonality <br> Dynamic Series 1 Excess <br> Return Strategy/GSISGID1<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Goldman <br> Sachs & Co.<br>| &nbsp;&nbsp;&nbsp; 25670000 | (0.35) | At Expiration | &nbsp;&nbsp;&nbsp; (55361)<br>|
| JPMorgan JMAB296E <br> Basket/JMAB296E<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; JPMorgan <br> Chase <br> Securities, Inc.<br>| &nbsp;&nbsp;&nbsp; 346218000 | (0.15) | At Expiration | &nbsp;&nbsp;&nbsp; (24141)<br>|

---

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Index Description | Ticker | &nbsp;&nbsp;&nbsp; Notional <br>Amount ($)<br>| &nbsp;&nbsp; Index Weight <br>(%)<br>| Value ($) |
| &nbsp;&nbsp;&nbsp; JPMorgan Neo Pairs <br> Multifactor Index<br>| JMABNPM2 | 29100000 | &nbsp;&nbsp;&nbsp;&nbsp;8.4 | 15117 |
| &nbsp;&nbsp;&nbsp; JPMorgan Commodity Curve <br> Skewness Notional-<br> Matched Index<br>| JMABSKNS | 71292000 | &nbsp;&nbsp;&nbsp;&nbsp;20.5 | 63006 |
| &nbsp;&nbsp;&nbsp; JPMorgan Liquid <br> Commodity Curve Value <br> Long Only Index<br>| JMABCCVL | 73050000 | &nbsp;&nbsp;&nbsp;&nbsp;21.1 | (42796) |
| &nbsp;&nbsp;&nbsp; JPMorgan Commodity Curve <br> Advantage Index<br>| JMABAC6V | 28470000 | &nbsp;&nbsp;&nbsp;&nbsp;8.2 | (1694) |
| &nbsp;&nbsp;&nbsp; Bloomberg Commodity <br> Index<br>| BCOM | 72153000 | &nbsp;&nbsp;&nbsp;&nbsp;20.8 | (49194) |
| &nbsp;&nbsp;&nbsp; Bloomberg Commodity <br> Index 6 Month Forward<br>| BCOMF6 | 28861000 | &nbsp;&nbsp;&nbsp;&nbsp;8.3 | 3678 |
| &nbsp;&nbsp;&nbsp; Bloomberg Commodity <br> Index 2-4-6 Forward Blend<br>| BCOMF246 | 43292000 | &nbsp;&nbsp;&nbsp;&nbsp;12.5 | (12258) |
| **JPMorgan JMAB296E Basket/JMAB296E** | **JPMorgan JMAB296E Basket/JMAB296E** | **JPMorgan JMAB296E Basket/JMAB296E** | **JPMorgan JMAB296E Basket/JMAB296E** | **(24141)** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Return of the** <br>**Reference Index**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Counterparty** | &nbsp;&nbsp; **Notional** <br>**Amount ($)**<br>| &nbsp;&nbsp;&nbsp; **Fixed Fee** <br>**Received/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Paid) by** <br>**the Fund**<br>| **Frequency** | **Value ($)†** |
| JPMorgan JPOSRVN1 <br> Index/JPOSRVN1<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; JPMorgan <br> Chase <br> Securities, Inc.<br>| &nbsp;&nbsp;&nbsp; 52900000 | (0.25) | At Expiration | &nbsp;&nbsp;&nbsp; (19767)<br>|
| Macquarie Commodity <br> Product 708E/MQCP708E<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Macquarie <br> Bank Ltd.<br>| &nbsp;&nbsp;&nbsp; 20000000 | (1.00) | At Expiration | &nbsp;&nbsp;&nbsp; (1456)<br>|
| Macquarie Vol Product <br> 2CL2/VMAC2CL2<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Macquarie <br> Bank Ltd.<br>| &nbsp;&nbsp;&nbsp; 8000000 | (0.10) | At Expiration | &nbsp;&nbsp;&nbsp; (144068)<br>|
| Macquarie Vol Product <br> 3GC1/VMAC3GC1<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Macquarie <br> Bank Ltd.<br>| &nbsp;&nbsp;&nbsp; 7670000 | (0.10) | At Expiration | &nbsp;&nbsp;&nbsp; (120486)<br>|
| Merrill Lynch Backwardation <br> Momentum Long Only <br> Excess Return <br> Index/MLCXAKLE<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Merrill Lynch <br> International <br> Ltd.<br>| &nbsp;&nbsp;&nbsp; 1400000 | (0.35) | At Expiration | &nbsp;&nbsp;&nbsp; (20635)<br>|
| Modified Strategy D177 on <br> the Bloomberg Commodity <br> Index/ENHG177P<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Goldman <br> Sachs & Co.<br>| &nbsp;&nbsp;&nbsp; 43292000 | (0.35) | At Expiration | &nbsp;&nbsp;&nbsp; (15986)<br>|
| Morgan Stanley MSCBDF11 <br> Index/MSCBDF11<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Morgan <br> Stanley<br>| &nbsp;&nbsp;&nbsp; 3000000 | (0.061) | At Expiration | &nbsp;&nbsp;&nbsp; (19623)<br>|
| Morgan Stanley MSCBVB20 <br> Index/MSCBVB20<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Morgan <br> Stanley<br>| &nbsp;&nbsp;&nbsp; 12370000 | (0.45) | At Expiration | &nbsp;&nbsp;&nbsp; 25323 |
| RBC Enhanced Commodity <br> MSC4 Index/RBCAMSC4<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Royal Bank of <br> Canada<br>| &nbsp;&nbsp;&nbsp; 12550000 | (0.35) | At Expiration | &nbsp;&nbsp;&nbsp; (17403)<br>|
| SG RBD Index/SGCORBD | 10/15/2025 | &nbsp;&nbsp;&nbsp; Societe <br> Generale<br>| &nbsp;&nbsp;&nbsp; 30370000 | (0.35) | At Expiration | &nbsp;&nbsp;&nbsp; (35423)<br>|
| SGI Commodity Dynamic <br> Alpha Index/SGICCODA<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Societe <br> Generale<br>| &nbsp;&nbsp;&nbsp; 49610000 | (0.25) | At Expiration | &nbsp;&nbsp;&nbsp; 54687 |
| SGI WTI Intraday Trend <br> Reversal Index/SGITRWTI<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Societe <br> Generale<br>| &nbsp;&nbsp;&nbsp; 33010000 | (0.30) | At Expiration | &nbsp;&nbsp;&nbsp; (30438)<br>|
| UBS Custom Commodity <br> Index/UBSIB163<br>| 10/15/2025 | UBS AG | &nbsp;&nbsp;&nbsp; 37666500 | (0.212) | At Expiration | &nbsp;&nbsp;&nbsp; (1631144)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Index Description | Ticker | &nbsp;&nbsp;&nbsp; Notional <br>Amount ($)<br>| &nbsp;&nbsp; Index Weight <br>(%)<br>| Value ($) |
| UBS QIS Strategy | UBCSQABM | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;13.3 | 65825 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Index Description | Ticker | &nbsp;&nbsp;&nbsp; Notional<br> Amount ($)<br>| &nbsp;&nbsp; Index Weight<br> (%)<br>| Value ($) |
| &nbsp;&nbsp;&nbsp; Bloomberg Commodity <br> Index 2-4-6 Forward Blend<br>| BCOMF246 | 25466000 | &nbsp;&nbsp;&nbsp;&nbsp;33.9 | (6748) |
| &nbsp;&nbsp;&nbsp; MerQube Corn Rolling <br> Futures<br>| MQCMZC | 8491000 | &nbsp;&nbsp;&nbsp;&nbsp;11.3 | (155830) |
| &nbsp;&nbsp;&nbsp; MerQube Silver Rolling <br> Futures<br>| MQCMSI | (12913000) | &nbsp;&nbsp;&nbsp;&nbsp;17.1 | (1109514) |
| &nbsp;&nbsp;&nbsp; MerQube Soybean Oil <br> Rolling Futures<br>| MQCMBO | 9149000 | &nbsp;&nbsp;&nbsp;&nbsp;12.1 | (485317) |
| &nbsp;&nbsp;&nbsp; MerQube Aluminum Rolling <br> Futures<br>| MQCMLA | (4148000) | &nbsp;&nbsp;&nbsp;&nbsp;5.5 | 30914 |
| &nbsp;&nbsp;&nbsp; MerQube ULS Diesel <br> Rolling Futures<br>| MQCMHO | 2294000 | &nbsp;&nbsp;&nbsp;&nbsp;3.0 | (96) |
| &nbsp;&nbsp;&nbsp; MerQube WTI Crude Rolling <br> Futures<br>| MQCMCL | (2872000) | &nbsp;&nbsp;&nbsp;&nbsp;3.8 | 29622 |
| **UBS Custom Commodity Index/UBSIB163** | **UBS Custom Commodity Index/UBSIB163** | **UBS Custom Commodity Index/UBSIB163** | **UBS Custom Commodity Index/UBSIB163** | **(1631144)** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Return of the** <br>**Reference Index**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Counterparty** | &nbsp;&nbsp; **Notional** <br>**Amount ($)**<br>| &nbsp;&nbsp;&nbsp; **Fixed Fee** <br>**Received/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Paid) by** <br>**the Fund**<br>| **Frequency** | **Value ($)†** |
| UBS Custom Commodity <br> Index/UBSIB165<br>| 10/15/2025 | UBS AG | &nbsp;&nbsp;&nbsp; 14000000 | (0.151) | At Expiration | &nbsp;&nbsp;&nbsp; 0 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Index Description | Ticker | &nbsp;&nbsp;&nbsp; Notional <br>Amount ($)<br>| &nbsp;&nbsp; Index Weight <br>(%)<br>| Value ($) |
| &nbsp;&nbsp;&nbsp; MerQube Soybean Oil <br> Rolling Futures Index<br>| MQCMBO | 445500 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube WTI Crude Rolling <br> Futures Index<br>| MQCMCL | 222800 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube Brent Crude <br> Rolling Futures Index<br>| MQCMCO | (891000) | &nbsp;&nbsp;&nbsp;&nbsp;3.2 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube Gold Rolling <br> Futures Index<br>| MQCMGC | (1113800) | &nbsp;&nbsp;&nbsp;&nbsp;4.0 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube High Grade Copper <br> Rolling Futures Index<br>| MQCMHG | 2004800 | &nbsp;&nbsp;&nbsp;&nbsp;7.2 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube ULS Diesel <br> Rolling Futures Index<br>| MQCMHO | 668300 | &nbsp;&nbsp;&nbsp;&nbsp;2.4 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube Coffee Rolling <br> Futures Index<br>| MQCMKC | 891000 | &nbsp;&nbsp;&nbsp;&nbsp;3.2 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube HRW Wheat <br> Rolling Futures Index<br>| MQCMKW | (1559200) | &nbsp;&nbsp;&nbsp;&nbsp;5.6 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube Aluminium Rolling <br> Futures Index<br>| MQCMLA | 222800 | &nbsp;&nbsp;&nbsp;&nbsp;0.8 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube Aluminium Rolling <br> Futures 3 Month Forward <br> Index<br>| MQCMLA3 | (891000) | &nbsp;&nbsp;&nbsp;&nbsp;3.2 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube Live Cattle Rolling <br> Futures Index<br>| MQCMLC | 726500 | &nbsp;&nbsp;&nbsp;&nbsp;2.6 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube Lean Hogs Rolling <br> Futures Index<br>| MQCMLH | 544900 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube Lead Rolling <br> Futures Index<br>| MQCMLL | (2542900) | &nbsp;&nbsp;&nbsp;&nbsp;9.1 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube Nickel Rolling <br> Futures Index<br>| MQCMLN | 1634700 | &nbsp;&nbsp;&nbsp;&nbsp;5.8 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube Natural Gas <br> Rolling Futures Index<br>| MQCMNG | 726500 | &nbsp;&nbsp;&nbsp;&nbsp;2.6 | 0 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Index Description | Ticker | &nbsp;&nbsp;&nbsp; Notional<br> Amount ($)<br>| &nbsp;&nbsp; Index Weight<br> (%)<br>| Value ($) |
| &nbsp;&nbsp;&nbsp; MerQube Palladium Rolling <br> Futures Index<br>| MQCMPA | (1089800) | &nbsp;&nbsp;&nbsp;&nbsp;3.9 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube Platinum Rolling <br> Futures Index<br>| MQCMPL | 2364900 | &nbsp;&nbsp;&nbsp;&nbsp;8.4 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube Low Sulphur Gas <br> Oil Rolling Futures Index<br>| MQCMQS | (1478100) | &nbsp;&nbsp;&nbsp;&nbsp;5.3 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube Sugar No.11 <br> Rolling Futures Index<br>| MQCMSB | 591200 | &nbsp;&nbsp;&nbsp;&nbsp;2.1 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube Silver Rolling <br> Futures Index<br>| MQCMSI | (591200) | &nbsp;&nbsp;&nbsp;&nbsp;2.1 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube Soybean Meal <br> Rolling Futures Index<br>| MQCMSM | 1773700 | &nbsp;&nbsp;&nbsp;&nbsp;6.3 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube RBOB Gasoline <br> Rolling Futures Index<br>| MQCMXB | 1182400 | &nbsp;&nbsp;&nbsp;&nbsp;4.2 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube Corn Rolling <br> Futures Index<br>| MQCMZC | (1478100) | &nbsp;&nbsp;&nbsp;&nbsp;5.3 | 0 |
| &nbsp;&nbsp;&nbsp; MerQube Soybean Rolling <br> Futures Index<br>| MQCMZS | (2364900) | &nbsp;&nbsp;&nbsp;&nbsp;8.4 | 0 |
| **UBS Custom Commodity Index/UBSIB165** | **UBS Custom Commodity Index/UBSIB165** | **UBS Custom Commodity Index/UBSIB165** | **UBS Custom Commodity Index/UBSIB165** | **0** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive** <br>**Return of the** <br>**Reference Index**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Counterparty** | &nbsp;&nbsp; **Notional** <br>**Amount ($)**<br>| &nbsp;&nbsp;&nbsp; **Fixed Fee** <br>**Received/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Paid) by** <br>**the Fund**<br>| **Frequency** | **Value ($)†** |
| **Short Positions** |  |  |  |  |  |  |
| Bloomberg Copper <br> Subindex/BCOMHG<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Goldman <br> Sachs & Co.<br>| &nbsp;&nbsp;&nbsp; 8600000 | (0.04) | At Expiration | &nbsp;&nbsp;&nbsp; (153249)<br>|
| Bloomberg Soybean Meal <br> Subindex/BCOMSM<br>| 10/15/2025 | &nbsp;&nbsp;&nbsp; Merrill Lynch <br> International <br> Ltd.<br>| &nbsp;&nbsp;&nbsp; 8600000 | (0.07) | At Expiration | &nbsp;&nbsp;&nbsp; 40632 |

---

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

---

| | |
|:---|:---|
| **Total net unrealized depreciation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(3543573)**<br>|

---

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

*†* *There are no upfront payments on the commodity-linked swaps listed above, therefore unrealized appreciation (depreciation) is* *equal to their value.* 

***Currency Abbreviation(s)***

------

*USD* *United States Dollar*

***Investment in Subsidiary***

*The Fund may seek exposure to the commodities markets by investing a portion of its assets in a wholly owned subsidiary organized under the laws of the Cayman Islands (the "Subsidiary"). Among other investments, the Subsidiary may invest in commodity-linked derivative instruments such as futures contracts. The Subsidiary may also invest in debt securities, some of which are intended to serve as margin or collateral for the Subsidiary's derivative positions. As of September 30, 2025, the Fund held $185,409,773 in the Subsidiary, representing 21.2% of the Fund's total assets. The Fund's Investment Portfolio has been consolidated and includes the accounts of the Fund and the Subsidiary*

------

***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** |
| Corporate Bonds (a) | $— | &nbsp;&nbsp; $216742856 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $216742856 |
| Asset-Backed (a) |  | &nbsp;&nbsp; 102242232 | &nbsp;&nbsp; — | &nbsp;&nbsp; 102242232 |
| Commercial Mortgage-Backed Securities  |  | &nbsp;&nbsp; 31715303 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31715303 |
| Collateralized Mortgage Obligations  |  | &nbsp;&nbsp; 17590775 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17590775 |
| Government & Agency Obligations (a) |  | &nbsp;&nbsp; 415740769 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 415740769 |
| Call Options Purchased  | 1507800 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1507800 |
| Put Options Purchased  | 210000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 210000 |
| Short-Term Investments (a) | 63896975 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63896975 |
| Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts  | 1695886 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1695886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity-Linked Swap Contracts  |  | &nbsp;&nbsp; 1444127 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1444127 |
| **Total** | **$67310661** | &nbsp;&nbsp; **$785476062** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$852786723** |

---

&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  | $(1780272)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1780272)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options  | (2465700)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2465700)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity-Linked Swap Contracts  |  | &nbsp;&nbsp; (4987700)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4987700)<br>|
| **Total** | **$(4245972)**<br>| &nbsp;&nbsp; **$(4987700)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(9233672)**<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Derivatives include value of options purchased, unrealized appreciation (depreciation) on open futures contracts, commodity-* *linked swap contracts and written options, at value.* 

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.

DECSF-PH1

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** DEUTSCHE DWS SECURITIES TRUST

- **b. Investment Company Act file number:** 811-02021

- **c. CIK number of Registrant:** 0000088048

- **d. LEI of Registrant:** 7SL8QTS97H1HUY8AHM73

- **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 Enhanced Commodity Strategy Fund

- **b. EDGAR series identifier (if any):** S000032043

- **c. LEI of Series:** U72UPDOVVEAXSRWTZF97

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

- **a. Date of fiscal year-end:** 2026-06-30

- **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:** $862998017.49

**Total Liabilities:** $23933877.66

**Net Assets:** $839064139.83

**Amount of Assets Invested in Other Investment Companies:** $185515293.30

**Delayed Delivery Securities:** $1000000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -2188.01000000 | **1-Year:** -62014.60000000 | **5-Year:** -34667.33000000 | **10-Year:** -5298.03000000 | **30-Year:** -779.70000000

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

- **3-Month:** -165.63000000 | **1-Year:** -2105.70000000 | **5-Year:** -1340.25000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000172345 | -0.69%               | 1.56%                | 1.14%                |
| Class ID C000099777 | -0.79%               | 1.59%                | 1.06%                |
| Class ID C000099774 | -0.69%               | 1.74%                | 1.12%                |
| Class ID C000099775 | -0.87%               | 1.76%                | 1.08%                |
| Class ID C000099779 | -0.69%               | 1.57%                | 1.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4207.51                | $-1981223.88                               |
| Month 2  | $31376.61                | $1855669.76                                |
| Month 3  | $-2357.22                | $-372308.73                                |

**Designated Index Information**

- **Index Name:** Bloomberg Commodity Index Total Return

- **Index Identifier:** DJUBSCOM

### Schedule of Portfolio Investments

| Name                                                    | Title                                                                                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GLOBAL PAYMENTS INC                                     | Global Payments Inc                                                                                                        | CUSIP: 37940XAP7<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    920000 | PA      | $930998.77    | 0.11%             | 2027-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                      | Banco Santander SA                                                                                                         | CUSIP: 05964HAU9<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   4000000 | PA      | $4155221.08   | 0.50%             | 2028-08-08      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO LTD.                                   | Sixth Street CLO 29 Ltd                                                                                                    | CUSIP: 83013BAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    714000 | PA      | $716022.76    | 0.09%             | 2038-07-17      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| BGC GROUP INC                                           | BGC Group Inc                                                                                                              | CUSIP: 05555LAB7<br>LEI: 2549001IGRCG4F0RLD36 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2184119.81   | 0.26%             | 2029-06-10      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2013-CCRE6 Mortgage Trust                                                                                             | CUSIP: 12624XAP3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1497412 | PA      | $1458837.05   | 0.17%             | 2046-03-10      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                                | Volkswagen Group of America Finance LLC                                                                                    | CUSIP: 928668CA8<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4070305.28   | 0.49%             | 2026-11-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VNESHECONOMBANK(VEB FIN)                                | Vnesheconombank Via VEB Finance PLC                                                                                        | CUSIP: 91822CAA6<br>LEI: 635400KYY8E2NCZXJ191 | Long             | DBT              | CORP              | IE        |   1500000 | PA      | $0.00         | 0.00%             | 2022-07-05      | Fixed         | 6.03%                 | No            |                  3 | On Loan: No      |
| THE CAMPBELLS COMPANY                                   | Campbell's Company/The                                                                                                     | CUSIP: 134429BM0<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1076373.83   | 0.13%             | 2027-03-19      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| NRZ Excess Spread Collateralized Notes                  | NRZ Excess Spread-Collateralized Notes                                                                                     | CUSIP: 65246QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    740008 | PA      | $724003.56    | 0.09%             | 2026-11-25      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | Long: BDWERHVZ8 TRS USD R F  1.00000 BDWERHW04 COMMODITYTRS / Short: BDWERHVZ8 TRS USD P F   .25000 BDWERHW12 COMMODITYTRS | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCO              |  | US        |  52900000 | OU      | $-13969.83    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2022-3                                                                                            | CUSIP: 46654UAV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1583437 | PA      | $1504451.34   | 0.18%             | 2052-08-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                            | Ares LXXVII CLO Ltd                                                                                                        | CUSIP: 03990KAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1504017.00   | 0.18%             | 2038-07-15      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                         | MVW 2021-1W LLC                                                                                                            | CUSIP: 55389TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     91915 | PA      | $88515.87     | 0.01%             | 2041-01-22      | Fixed         | 1.44%                 | No            |                  2 | On Loan: No      |
| Continental Finance Credit Credit Card ABS Master Trust | Continental Finance Credit Card ABS Master Trust                                                                           | CUSIP: 66981PAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2006385.00   | 0.24%             | 2030-10-15      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                                        | CUSIP: 912828ZE3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  25000000 | PA      | $23902343.75  | 2.85%             | 2027-03-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                    | Long: BDWERHW20 TRS USD R F  1.00000 BDWERHW38 COMMODITYTRS / Short: BDWERHW20 TRS USD P F   .14000 BDWERHW46 COMMODITYTRS | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DCO              |  | CA        |  25466000 | OU      | $-14108.93    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                                  | Standard Chartered PLC                                                                                                     | CUSIP: 853254CQ1<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   2120000 | PA      | $2129454.46   | 0.25%             | 2027-01-09      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                             | Long: BDWETZB70 TRS USD R F   .07000 BDWETZB96 COMMODITYTRS / Short: BDWETZB70 TRS USD P F  1.00000 BDWETZB88 COMMODITYTRS | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              |  | GB        |   8600000 | OU      | $40713.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe                                      | CRUDE OIL OPT IPE DEC25P 58                                                                                                | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |      1000 | NC      | $210000.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                                  | Daimler Truck Finance North America LLC                                                                                    | CUSIP: 233853AF7<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1559539.98   | 0.19%             | 2026-12-14      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                                      | Realty Income Corp                                                                                                         | CUSIP: 756109BQ6<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |   2580000 | PA      | $2580494.20   | 0.31%             | 2026-01-13      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                            | AGL CLO 42 Ltd                                                                                                             | CUSIP: 00791YAA6<br>LEI: 254900AMSJHVKQ5QFA09 | Long             | ABS-CBDO         | CORP              | KY        |   1600000 | PA      | $1606395.20   | 0.19%             | 2038-07-22      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                       | Clean Harbors Inc                                                                                                          | CUSIP: 184496AN7<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |   1205000 | PA      | $1203989.25   | 0.14%             | 2027-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                                | Santander UK Group Holdings PLC                                                                                            | CUSIP: 80281LAQ8<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   2227000 | PA      | $2185512.24   | 0.26%             | 2027-06-14      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 104 CLO Ltd                                                                                                         | CUSIP: 26253BAQ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2775000 | PA      | $2776154.40   | 0.33%             | 2034-08-20      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                      | VICI Properties LP                                                                                                         | CUSIP: 925650AJ2<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |   1000000 | PA      | $1010426.32   | 0.12%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                             | Long: BDWERHM39 TRS USD R F  1.00000 BDWERHM47 COMMODITYTRS / Short: BDWERHM39 TRS USD P F   .11000 BDWERHM54 COMMODITYTRS | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              |  | GB        |  50932000 | OU      | $-28217.86    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                 | Long: BDWERHSH2 TRS USD R F  1.00000 BDWERHSJ8 COMMODITYTRS / Short: BDWERHSH2 TRS USD P F   .35000 BDWERHSK5 COMMODITYTRS | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCO              |  | US        |  25670000 | OU      | $-51423.17    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2021-N1                                                                                     | CUSIP: 14687DAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    686340 | PA      | $682383.54    | 0.08%             | 2028-01-10      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                                  | NXP BV / NXP Funding LLC / NXP USA Inc                                                                                     | CUSIP: 62954HBE7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1370000 | PA      | $1374284.31   | 0.16%             | 2027-06-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-LTV2                                                                                         | CUSIP: 46653LAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    680727 | PA      | $614169.00    | 0.07%             | 2050-11-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | Long: BDWERJNH3 TRS USD R F  1.00000 BDWERJNJ9 COMMODITYTRS / Short: BDWERJNH3 TRS USD P F   .40000 BDWERJNK6 COMMODITYTRS | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCO              |  | US        |  56070000 | OU      | $45758.17     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA                                     | Long: BDWERHMW5 TRS USD R F  1.00000 BDWERHMX3 COMMODITYTRS / Short: BDWERHMW5 TRS USD P F   .35000 BDWERHMY1 COMMODITYTRS | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              |  | FR        |  30370000 | OU      | $-30762.68    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AGCO CORP                                               | AGCO Corp                                                                                                                  | CUSIP: 001084AR3<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1288379.88   | 0.15%             | 2027-03-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                                  | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2110000 | PA      | $2073042.89   | 0.25%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | Long: BDWES6UB5 TRS USD R F  1.00000 BDWES6UC3 COMMODITYTRS / Short: BDWES6UB5 TRS USD P F   .12000 BDWES6UD1 COMMODITYTRS | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCO              |  | US        |   8500000 | OU      | $1131253.53   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                                                                   | CUSIP: 345397D59<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1325948.96   | 0.16%             | 2028-11-07      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                               | BPR Trust 2021-TY                                                                                                          | CUSIP: 05592AAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    506000 | PA      | $504122.69    | 0.06%             | 2038-09-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Floating Rate Notes                                                                                          | CUSIP: 91282CMX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  55000000 | PA      | $54969575.65  | 6.55%             | 2027-04-30      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| MFRA TRUST                                              | MFA 2021-NQM2 Trust                                                                                                        | CUSIP: 55283WAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    379807 | PA      | $338166.60    | 0.04%             | 2064-11-25      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                | Long: BDWERJQS6 TRS USD R F  1.00000 BDWERJQT4 COMMODITYTRS / Short: BDWERJQS6 TRS USD P F   .45000 BDWERJQU1 COMMODITYTRS | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCO              |  | US        |  12370000 | OU      | $27763.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                | Long: BDWERJQZ0 TRS USD R F  1.00000 BDWERJR06 COMMODITYTRS / Short: BDWERJQZ0 TRS USD P F   .59300 BDWERJR14 COMMODITYTRS | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCO              |  | US        |   3000000 | OU      | $9846.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegro CLO Ltd                                         | Allegro CLO XIII Ltd                                                                                                       | CUSIP: 01750WAS8<br>LEI: 254900E6QZJ305P65V74 | Long             | ABS-CBDO         | CORP              | KY        |   1285000 | PA      | $1286976.33   | 0.15%             | 2038-07-20      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| CONCENTRIX CORP                                         | Concentrix Corp                                                                                                            | CUSIP: 20602DAB7<br>LEI: 5493000EAJN1KMPVA737 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4186784.64   | 0.50%             | 2028-08-02      | Fixed         | 6.60%                 | No            |                  2 | On Loan: —       |
| Goldman Sachs & Co. LLC                                 | Long: BDWEU0HW4 TRS USD R F   .04000 BDWEU0HY0 COMMODITYTRS / Short: BDWEU0HW4 TRS USD P F  1.00000 BDWEU0HX2 COMMODITYTRS | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCO              |  | US        |   8600000 | OU      | $-153202.03   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                       | NatWest Group PLC                                                                                                          | CUSIP: 639057AL2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1280000 | PA      | $1303766.04   | 0.16%             | 2028-03-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                               | BPR Trust 2021-TY                                                                                                          | CUSIP: 05592AAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    340000 | PA      | $339158.94    | 0.04%             | 2038-09-15      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                 | Bristol-Myers Squibb Co                                                                                                    | CUSIP: 110122EE4<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1215633.26   | 0.14%             | 2027-02-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                         | CSAIL 2016-C6 Commercial Mortgage Trust                                                                                    | CUSIP: 12636MAJ7<br>LEI: 549300C2HE5FJAWYZL57 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $980607.10    | 0.12%             | 2049-01-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| MVW 2020-1 LLC                                          | MVW 2020-1 LLC                                                                                                             | CUSIP: 55400EAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70481 | PA      | $69302.48     | 0.01%             | 2037-10-20      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| Service Experts Issuer                                  | Service Experts Issuer 2025-1 LLC                                                                                          | CUSIP: 81758JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1347689 | PA      | $1352326.98   | 0.16%             | 2037-01-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                | Avolon Holdings Funding Ltd                                                                                                | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   2670000 | PA      | $2785125.89   | 0.33%             | 2028-05-04      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES/SKYMILES                                | Delta Air Lines Inc / SkyMiles IP Ltd                                                                                      | CUSIP: 830867AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     43276 | PA      | $43223.46     | 0.01%             | 2025-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2021-ARIA                                                                                                         | CUSIP: 05608RAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1725000 | PA      | $1725000.00   | 0.21%             | 2036-10-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| SPRINT LLC                                              | Sprint LLC                                                                                                                 | CUSIP: 85207UAK1<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |   1670000 | PA      | $1673731.70   | 0.20%             | 2026-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Master Trust                   | Mission Lane Credit Card Master Trust                                                                                      | CUSIP: 60510MBV9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1754299.05   | 0.21%             | 2031-09-15      | Fixed         | 5.21%                 | 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        |   3000000 | PA      | $3003879.00   | 0.36%             | 2038-07-20      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                     | Long: BDWERHN20 TRS USD R F  1.00000 BDWERHN38 COMMODITYTRS / Short: BDWERHN20 TRS USD P F   .30000 BDWERHN46 COMMODITYTRS | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              |  | FR        |  33010000 | OU      | $-26096.72    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain CLO 2015-4 Ltd                                                                                                | CUSIP: 09628NAS1<br>LEI: 549300EB3KHH9T7ICE44 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2001692.00   | 0.24%             | 2030-04-20      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| DXC TECHNOLOGY CO                                       | DXC Technology Co                                                                                                          | CUSIP: 23355LAL0<br>LEI: 549300DOVZ3EDJB7O259 | Long             | DBT              | CORP              | US        |   4520000 | PA      | $4412441.36   | 0.53%             | 2026-09-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                                         | Venture XXX CLO Ltd                                                                                                        | CUSIP: 92331NAC0<br>LEI: 5493001R7OPCYBM5NH78 | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $10002960.00  | 1.19%             | 2031-01-15      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                          | CPS Auto Receivables Trust 2022-B                                                                                          | CUSIP: 12663BAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    291534 | PA      | $291486.13    | 0.03%             | 2028-08-15      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                | Lloyds Banking Group PLC                                                                                                   | CUSIP: 539439AY5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   1140000 | PA      | $1156316.36   | 0.14%             | 2027-08-07      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                            | Hilton Grand Vacations Trust 2019-A                                                                                        | CUSIP: 43284HAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    107733 | PA      | $106883.03    | 0.01%             | 2033-07-25      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                             | Long: BDWERHMJ4 TRS USD R F  1.00000 BDWERHMK1 COMMODITYTRS / Short: BDWERHMJ4 TRS USD P F   .27000 BDWERHML9 COMMODITYTRS | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              |  | GB        |  47290000 | OU      | $23831.80     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                      | Long: BDWERHMF2 TRS USD R F  1.00000 BDWERHMG0 COMMODITYTRS / Short: BDWERHMF2 TRS USD P F   .13000 BDWERHMH8 COMMODITYTRS | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | N/A              | DCO              |  | US        |  33954000 | OU      | $-18811.53    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | Long: BDWERHZF8 TRS USD R F  1.00000 BDWERHZG6 COMMODITYTRS / Short: BDWERHZF8 TRS USD P F   .14994 BDWERHZH4 COMMODITYTRS | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCO              |  | US        | 346218000 | OU      | $-1384.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2021-R3                                                                                         | CUSIP: 92538EAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    221694 | PA      | $210220.48    | 0.03%             | 2064-04-25      | Variable      | 1.28%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                    | Enel Finance International NV                                                                                              | CUSIP: 29278GBD9<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   5000000 | PA      | $5122089.75   | 0.61%             | 2029-06-26      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                           | DTE Energy Co                                                                                                              | CUSIP: 233331BM8<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |   1219000 | PA      | $1234513.36   | 0.15%             | 2027-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2020-FACT                                                                                                             | CUSIP: 126395AG7<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |   2756000 | PA      | $2666430.00   | 0.32%             | 2037-10-15      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos Clo LIV                                                                                                             | CUSIP: 03771RAE1<br>LEI: 254900SXYQWBYZA9L226 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001311.00   | 0.12%             | 2038-10-20      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                      | Ellington Financial Mortgage Trust 2021-3                                                                                  | CUSIP: 31573JAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1902776 | PA      | $1600380.80   | 0.19%             | 2066-09-25      | Variable      | 1.40%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | JPMCC Commercial Mortgage Securities Trust 2019-COR5                                                                       | CUSIP: 46591EAS6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3845184.80   | 0.46%             | 2052-06-13      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                                | South Bow USA Infrastructure Holdings LLC                                                                                  | CUSIP: 83007CAB8<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |   1373000 | PA      | $1384753.68   | 0.17%             | 2027-09-01      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| AB BSL CLO                                              | AB BSL CLO 4 Ltd                                                                                                           | CUSIP: 00037VAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1003200.00   | 0.12%             | 2038-04-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 43 Ltd                                      | Elmwood CLO 43 Ltd                                                                                                         | CUSIP: 29004KAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1009000 | PA      | $1013473.91   | 0.12%             | 2038-07-20      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                     | Exeter Automobile Receivables Trust                                                                                        | CUSIP: 30166XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    472000 | PA      | $477801.87    | 0.06%             | 2031-10-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                                                                | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   2450000 | PA      | $2460223.90   | 0.29%             | 2026-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-PHH                                                            | CUSIP: 46650FAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4380267 | PA      | $3746901.61   | 0.45%             | 2035-06-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD                                           | Aircastle Ltd                                                                                                              | CUSIP: 00928QAX9<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |   1700000 | PA      | $1786426.74   | 0.21%             | 2028-07-18      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                 | Nissan Motor Acceptance Co LLC                                                                                             | CUSIP: 65480CAE5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    740000 | PA      | $749592.24    | 0.09%             | 2026-09-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2021-2R Mortgage Loan Trust                                                                                           | CUSIP: 12656YAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    158096 | PA      | $145850.12    | 0.02%             | 2054-07-27      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                            | Barclays PLC                                                                                                               | CUSIP: 06738ECT0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1018000 | PA      | $1028299.69   | 0.12%             | 2028-09-10      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Empower CLO Ltd.                                        | Empower CLO 2023-1 Ltd                                                                                                     | CUSIP: 29244CAJ7<br>LEI: 213800DM8ZNUIQ1JCN40 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3016131.00   | 0.36%             | 2038-04-25      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                  | Marriott International Inc/MD                                                                                              | CUSIP: 571903BM4<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    560000 | PA      | $566923.92    | 0.07%             | 2026-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: —       |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                                                                   | CUSIP: 345397D83<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1464668.62   | 0.17%             | 2027-03-05      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                                                                        | CUSIP: 83368RBV3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   3000000 | PA      | $3040141.02   | 0.36%             | 2028-01-19      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | Long: BDWERJQE7 TRS USD R F  1.00000 BDWERJQF4 COMMODITYTRS / Short: BDWERJQE7 TRS USD P F   .23900 BDWERJQG2 COMMODITYTRS | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DCO              |  | US        | 168882000 | OU      | $-316113.33   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2021-1 Mortgage Loan Trust                                                                                            | CUSIP: 19688EAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    432503 | PA      | $376316.17    | 0.04%             | 2066-06-25      | Variable      | 1.17%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                                        | CUSIP: 91282CJK8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  25000000 | PA      | $25243164.00  | 3.01%             | 2026-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NRZ Excess Spread Collateralized Notes                  | NRZ Excess Spread-Collateralized Notes Series 2020-PLS1                                                                    | CUSIP: 433674AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    215019 | PA      | $214250.17    | 0.03%             | 2025-12-25      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | Long: BDWERJQ31 TRS USD R F  1.00000 BDWERJQ49 COMMODITYTRS / Short: BDWERJQ31 TRS USD P F   .00000 BDWERJQ56 COMMODITYTRS | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCO              |  | US        |  30990000 | OU      | $138432.33    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| New York Mercantile Exchange                            | NAT GAS EURO OPT MAY26C 5.5                                                                                                | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |      -700 | NC      | $-719600.00   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                                                                                   | CUSIP: 20753YCK6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    250000 | PA      | $256835.00    | 0.03%             | 2042-03-25      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                                         | MVW 2019-2 LLC                                                                                                             | CUSIP: 55400DAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    192152 | PA      | $190647.72    | 0.02%             | 2038-10-20      | Fixed         | 2.44%                 | No            |                  2 | On Loan: No      |
| Regatta 34 Funding Ltd.                                 | Regatta 34 Funding Ltd                                                                                                     | CUSIP: 75904BAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1505452.50   | 0.18%             | 2038-07-20      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2021-NQM2                                                                                     | CUSIP: 452761AB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1056209 | PA      | $916706.89    | 0.11%             | 2056-09-25      | Variable      | 1.36%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2020-1                                                                                             | CUSIP: 61946NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    833753 | PA      | $733402.29    | 0.09%             | 2046-04-20      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                                        | CUSIP: 91282CKZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $20250781.20  | 2.41%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                      | Credit Agricole SA                                                                                                         | CUSIP: 22535WAL1<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   2500000 | PA      | $2515806.75   | 0.30%             | 2028-09-11      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Securitized Term Auto Receivables Trust                 | Securitized Term Auto Receivables Trust 2025-B                                                                             | CUSIP: 81378WAB9<br>LEI: 254900DVX7EZK9JMUP63 | Long             | ABS-O            | CORP              | CA        |   3435432 | PA      | $3464571.78   | 0.41%             | 2032-12-29      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| Texas Debt Capital CLO, Ltd                             | Texas Debt Capital CLO 2023-I Ltd                                                                                          | CUSIP: 88238CAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1570000 | PA      | $1577773.07   | 0.19%             | 2038-07-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                  | Blackstone Private Credit Fund                                                                                             | CUSIP: 09261HBC0<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1602258.56   | 0.19%             | 2028-11-27      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Garnet CLO Ltd                                          | Garnet CLO 3 Ltd                                                                                                           | CUSIP: 36626TAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000000.00   | 0.12%             | 2038-10-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| WHISTLER PIPELINE LLC                                   | Whistler Pipeline LLC                                                                                                      | CUSIP: 96337RAB8<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4158346.20   | 0.50%             | 2031-09-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICAL INDU                                | Teva Pharmaceutical Finance Netherlands III BV                                                                             | CUSIP: 88167AAP6<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    730000 | PA      | $728980.41    | 0.09%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| Jersey Mikes Funding LLC                                | Jersey Mike's Funding                                                                                                      | CUSIP: 476681AE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1700000 | PA      | $1735853.00   | 0.21%             | 2055-08-16      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                     | Exeter Automobile Receivables Trust                                                                                        | CUSIP: 30166XAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    375000 | PA      | $379649.78    | 0.05%             | 2030-02-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| ELARA HGV TIMESHARE ISSUER                              | Elara HGV Timeshare Issuer 2023-A LLC                                                                                      | CUSIP: 28415AAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    262709 | PA      | $271286.41    | 0.03%             | 2038-02-25      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes                      | Ally Bank Auto Credit-Linked Notes Series 2025-A                                                                           | CUSIP: 02007G5F6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1858731 | PA      | $1864065.68   | 0.22%             | 2033-06-15      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                          | Barings CLO Ltd 2015-I                                                                                                     | CUSIP: 056162AQ3<br>LEI: 549300QR3VQZ1T0JUI29 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2002822.00   | 0.24%             | 2031-01-20      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | Long: BDWERJR55 TRS USD R F  1.00000 BDWERJR63 COMMODITYTRS / Short: BDWERJR55 TRS USD P F   .21190 BDWERJR71 COMMODITYTRS | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DCO              |  | US        |  37666500 | OU      | $-1627644.80  | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                                                                    | CUSIP: 44891ACM7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4063272.12   | 0.48%             | 2026-09-21      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| QUEST DIAGNOSTICS INC                                   | Quest Diagnostics Inc                                                                                                      | CUSIP: 74834LBE9<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |   1132000 | PA      | $1146079.13   | 0.14%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Floating Rate Notes                                                                                          | CUSIP: 91282CMJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 152000000 | PA      | $151815291.12 | 18.09%            | 2027-01-31      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                                                          | CUSIP: 404280DQ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   3000000 | PA      | $3007115.64   | 0.36%             | 2026-11-03      | Fixed         | 7.34%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 53 CLO Ltd                                                                                                          | CUSIP: 26243EAP6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1857501 | PA      | $1858454.33   | 0.22%             | 2031-01-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                                | Penske Truck Leasing Co Lp / PTL Finance Corp                                                                              | CUSIP: 709599BN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1960000 | PA      | $1964961.41   | 0.23%             | 2027-07-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                                        | CUSIP: 91282CFM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  25000000 | PA      | $25241211.00  | 3.01%             | 2027-09-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                            | Huntington Bank Auto Credit-Linked Notes Series 2025-2                                                                     | CUSIP: 44644NAN9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2907612 | PA      | $2914725.39   | 0.35%             | 2033-09-20      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                                  | Federal Home Loan Banks                                                                                                    | CUSIP: 3130B5CZ9<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |  59000000 | PA      | $58991977.77  | 7.03%             | 2027-03-04      | Floating      | 4.24%                 | 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        |   8338242 | NS      | $8338242.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                                                               | CUSIP: 11135FCA7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    976000 | PA      | $978545.54    | 0.12%             | 2028-02-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC                                            | AutoZone Inc                                                                                                               | CUSIP: 053332BC5<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |   2610000 | PA      | $2632999.66   | 0.31%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ICE Futures Europe                                      | CRUDE OIL OPT IPE DEC25P 50                                                                                                | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |     -1000 | NC      | $-50000.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| WHARF Commercial Mortgage Trust                         | WHARF Commercial Mortgage Trust 2025-DC                                                                                    | CUSIP: 92987LAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1700000 | PA      | $1728910.37   | 0.21%             | 2040-07-15      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2021-INV1 Trust                                                                                                        | CUSIP: 552747AC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     72003 | PA      | $69929.55     | 0.01%             | 2056-01-25      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust                   | Onemain Direct Auto Receivables Trust 2022-1                                                                               | CUSIP: 68269DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    349440 | PA      | $349342.63    | 0.04%             | 2029-03-14      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                                     | Macquarie Group Ltd                                                                                                        | CUSIP: 55607PAE5<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |   6000000 | PA      | $6017569.38   | 0.72%             | 2027-09-23      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| ALBEMARLE CORP                                          | Albemarle Corp                                                                                                             | CUSIP: 012653AD3<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | DBT              | CORP              | US        |   2220000 | PA      | $2222282.14   | 0.26%             | 2027-06-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: —       |
| Dominos Pizza Master Issuer LLC                         | Domino's Pizza Master Issuer LLC                                                                                           | CUSIP: 25755TAR1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1091000 | PA      | $1099622.61   | 0.13%             | 2055-07-25      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| London Metal Exchange                                   | LME COPPER FUTURE DEC25                                                                                                    | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |      -108 | NC      | $-1057699.80  | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2022-SJ1                                                                                         | CUSIP: 89180GAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2421250.75   | 0.29%             | 2062-03-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                     | Long: BDWERHMC9 TRS USD R F  1.00000 BDWERHMD7 COMMODITYTRS / Short: BDWERHMC9 TRS USD P F   .25000 BDWERHME5 COMMODITYTRS | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              |  | FR        |  49610000 | OU      | $60123.85     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                | Neuberger Berman Loan Advisers CLO 45 Ltd                                                                                  | CUSIP: 64134MAJ5<br>LEI: 549300BQ0WQMX5H5TS32 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2002520.00   | 0.24%             | 2036-10-14      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                   | Westlake Automobile Receivables Trust 2022-3                                                                               | CUSIP: 96043PAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1632513 | PA      | $1639508.65   | 0.20%             | 2027-12-15      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| London Metal Exchange                                   | LME COPPER FUTURE DEC25                                                                                                    | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       108 | NC      | $488279.16    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| KFC HLD/PIZZA HUT/TACO                                  | KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC                                                             | CUSIP: 48250NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    540000 | PA      | $538093.37    | 0.06%             | 2027-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JACKSON NATL LIFE GLOBAL                                | Jackson National Life Global Funding                                                                                       | CUSIP: 46849LVA6<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |   1425000 | PA      | $1455929.72   | 0.17%             | 2027-07-02      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                  | Taco Bell Funding LLC                                                                                                      | CUSIP: 87342RAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1252966.25   | 0.15%             | 2055-08-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MFRA TRUST                                              | MFA 2021-NQM2 Trust                                                                                                        | CUSIP: 55283WAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    307714 | PA      | $274540.44    | 0.03%             | 2064-11-25      | Variable      | 1.47%                 | No            |                  2 | On Loan: No      |
| SESAC Finance, LLC                                      | Sesac Finance LLC                                                                                                          | CUSIP: 78396YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $697224.36    | 0.08%             | 2055-07-25      | Fixed         | 5.50%                 | 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        |    840000 | PA      | $849406.49    | 0.10%             | 2050-07-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                                             | VFI ABS 2025-1 LLC                                                                                                         | CUSIP: 91824UAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    481057 | PA      | $483033.01    | 0.06%             | 2030-06-24      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                 | Long: BDWERHYY8 TRS USD R F  1.00000 BDWERHYZ5 COMMODITYTRS / Short: BDWERHYY8 TRS USD P F   .35000 BDWERHZ01 COMMODITYTRS | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCO              |  | US        |  43292000 | OU      | $-9343.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ILPT Commercial Mortgage Trust                          | ILPT Commercial Mortgage Trust 2025-LPF2                                                                                   | CUSIP: 451955AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1016563.50   | 0.12%             | 2042-07-13      | Variable      | 6.02%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | Long: BDWERJQK3 TRS USD R F  1.00000 BDWERJQL1 COMMODITYTRS / Short: BDWERJQK3 TRS USD P F   .00000 BDWERJQM9 COMMODITYTRS | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCO              |  | US        |  32310000 | OU      | $-122802.23   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                         | Oaktree CLO 2022-1 Ltd                                                                                                     | CUSIP: 67402LAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1333000 | PA      | $1338974.51   | 0.16%             | 2038-07-15      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                   | Truist Financial Corp                                                                                                      | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5058024.45   | 0.60%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                      | JPMorgan Chase Bank NA - CHASE                                                                                             | CUSIP: 46591HAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1086263 | PA      | $1118655.63   | 0.13%             | 2057-10-25      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                             | Long: BDWERJQP2 TRS USD R F  1.00000 BDWERJQQ0 COMMODITYTRS / Short: BDWERJQP2 TRS USD P F   .18200 BDWERJQR8 COMMODITYTRS | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCO              |  | US        | 333889000 | OU      | $-1589879.25  | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| MOSAIC CO                                               | Mosaic Co/The                                                                                                              | CUSIP: 61945CAH6<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | DBT              | CORP              | US        |   2480000 | PA      | $2555959.85   | 0.30%             | 2028-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR 28 Ltd                                                                                                                  | CUSIP: 74989NAA7<br>LEI: 254900ZSKVCYOXP11C98 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002410.00   | 0.12%             | 2037-04-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                                                                    | CUSIP: 44891ADB0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4061682.60   | 0.48%             | 2027-06-24      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                                      | Macquarie Bank Ltd                                                                                                         | CUSIP: 55608PBQ6<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |   1950000 | PA      | $1982252.14   | 0.24%             | 2026-12-07      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch International                             | Long: BDWERHMZ8 TRS USD R F  1.00000 BDWERHN04 COMMODITYTRS / Short: BDWERHMZ8 TRS USD P F   .35000 BDWERHN12 COMMODITYTRS | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              |  | GB        |   1400000 | OU      | $-20420.26    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                                 | CF Hippolyta Issuer LLC                                                                                                    | CUSIP: 12530MAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2751947 | PA      | $2125931.79   | 0.25%             | 2061-03-15      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                                 | Jefferies Financial Group Inc                                                                                              | CUSIP: 47233WBM0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   2060000 | PA      | $2144788.92   | 0.26%             | 2028-07-21      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PenFed Auto Receivables Owner Trust                     | PenFed Auto Receivables Owner Trust 2022-A                                                                                 | CUSIP: 706874AF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1300000 | PA      | $1302014.35   | 0.16%             | 2028-12-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                              | ROCK Trust 2024-CNTR                                                                                                       | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2600000 | PA      | $2678821.08   | 0.32%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                            | Barclays Mortgage Loan Trust 2021-NQM1                                                                                     | CUSIP: 06744UAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    906890 | PA      | $820798.02    | 0.10%             | 2051-09-25      | Variable      | 1.98%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                     | Sirius XM Radio LLC                                                                                                        | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1065097.29   | 0.13%             | 2026-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2021-2 Mortgage Loan Trust                                                                                            | CUSIP: 19685WAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1501554 | PA      | $1285200.97   | 0.15%             | 2066-08-25      | Variable      | 1.33%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2020-NQM1                                                                              | CUSIP: 36259WAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     65041 | PA      | $61396.93     | 0.01%             | 2060-09-27      | Variable      | 1.79%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                        | Crown Castle Inc                                                                                                           | CUSIP: 22822VBF7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |   1188000 | PA      | $1205065.54   | 0.14%             | 2029-09-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                 | Long: BDWERHY77 TRS USD R F  1.00000 BDWERHY85 COMMODITYTRS / Short: BDWERHY77 TRS USD P F   .09000 BDWERHY93 COMMODITYTRS | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCO              |  | US        |  79368000 | OU      | $-43972.25    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                                                                   | CUSIP: 345397E74<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3543268.37   | 0.42%             | 2027-05-17      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L                                | Huntsman International LLC                                                                                                 | CUSIP: 44701QBE1<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1914050.72   | 0.23%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                                 | HCA Inc                                                                                                                    | CUSIP: 404119BU2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2003662.76   | 0.24%             | 2027-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2019-IMC                                                                                      | CUSIP: 05608BAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2970000.00   | 0.35%             | 2034-04-15      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                     | Long: BDWERHM96 TRS USD R F  1.00000 BDWERHMA3 COMMODITYTRS / Short: BDWERHM96 TRS USD P F   .10000 BDWERHMB1 COMMODITYTRS | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              |  | US        |   8000000 | OU      | $-143716.56   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HELMERICH & PAYNE INC                                   | Helmerich & Payne Inc                                                                                                      | CUSIP: 423452AM3<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2489464.10   | 0.30%             | 2029-12-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage Trust                      | STWD 2021-LIH Mortgage Trust                                                                                               | CUSIP: 78486EAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $498750.00    | 0.06%             | 2036-11-15      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| HPS CORPORATE LENDING FU                                | HPS Corporate Lending Fund                                                                                                 | CUSIP: 40440VAH8<br>LEI: 549300ZS7IHUA6FKFV61 | Long             | DBT              | CORP              | US        |   1429000 | PA      | $1441994.14   | 0.17%             | 2028-01-14      | Fixed         | 5.45%                 | No            |                  2 | On Loan: —       |
| Macquarie Bank Ltd.                                     | Long: BDWERHMM7 TRS USD R F  1.00000 BDWERHMN5 COMMODITYTRS / Short: BDWERHMM7 TRS USD P F   .10000 BDWERHMP0 COMMODITYTRS | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              |  | US        |   7670000 | OU      | $-120150.09   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                                  | Santander Holdings USA Inc                                                                                                 | CUSIP: 80282KBK1<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    611000 | PA      | $617402.66    | 0.07%             | 2027-05-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Bayer US Finance II LLC                                 | Bayer US Finance II LLC                                                                                                    | CUSIP: 07274NAL7<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1494652.98   | 0.18%             | 2028-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2021-NQM1                                                                                     | CUSIP: 452764AB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    901824 | PA      | $792013.44    | 0.09%             | 2056-06-25      | Variable      | 1.21%                 | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                            | TICP CLO XI Ltd                                                                                                            | CUSIP: 87249QAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1203332.40   | 0.14%             | 2037-04-25      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                                                                                   | CUSIP: 20754AAB9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    500000 | PA      | $502265.00    | 0.06%             | 2041-12-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                                        | Ryder System Inc                                                                                                           | CUSIP: 78355HLC1<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |   1318000 | PA      | $1348979.10   | 0.16%             | 2029-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                           | Ballyrock CLO 14 Ltd                                                                                                       | CUSIP: 05874XAL3<br>LEI: 254900GXTF670X967J67 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2004906.00   | 0.24%             | 2037-07-20      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                       | Ares Capital Corp                                                                                                          | CUSIP: 04010LBE2<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   3040000 | PA      | $3129183.11   | 0.37%             | 2027-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                         | Golub Capital Partners CLO 41B-R Ltd                                                                                       | CUSIP: 38178AAN3<br>LEI: 2549005QZPXI5WPU4V74 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004573.00   | 0.12%             | 2038-07-20      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| HEICO CORP                                              | HEICO Corp                                                                                                                 | CUSIP: 422806AA7<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | DBT              | CORP              | US        |   2970000 | PA      | $3048124.37   | 0.36%             | 2028-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SWEDBANK AB                                             | Swedbank AB                                                                                                                | CUSIP: 87020PAX5<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   3000000 | PA      | $3055854.27   | 0.36%             | 2026-09-12      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                    | Long: BDWERHW53 TRS USD R F  1.00000 BDWERHW61 COMMODITYTRS / Short: BDWERHW53 TRS USD P F   .35000 BDWERHW79 COMMODITYTRS | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DCO              |  | CA        |  12550000 | OU      | $-15477.66    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST LP                                    | RLJ Lodging Trust LP                                                                                                       | CUSIP: 74965LAA9<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              |  | US        |    240000 | PA      | $237578.74    | 0.03%             | 2026-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                                   | Athene Global Funding                                                                                                      | CUSIP: 04685A3S8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3515854.02   | 0.42%             | 2026-02-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| COTY INC                                                | Coty Inc                                                                                                                   | CUSIP: 222070AE4<br>LEI: 549300BO9IWPF3S48F93 | Long             | DBT              | CORP              | US        |    462000 | PA      | $460604.94    | 0.05%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2021-DNA7                                                                                    | CUSIP: 35564KMH9<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | USGSE             | US        |   1200000 | PA      | $1210128.00   | 0.14%             | 2041-11-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Master Trust                   | Mission Lane Credit Card Master Trust                                                                                      | CUSIP: 60510MBW7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1002557.70   | 0.12%             | 2031-09-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                                                                  | CUSIP: 674599EJ0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3551443.00   | 0.42%             | 2029-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: —       |
| U.S. Bank National Association                          | US Bank C&I Credit-Linked Notes Series 2025-2                                                                              | CUSIP: 90355PAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $750761.25    | 0.09%             | 2032-09-25      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2025-IV Ltd                                                                                                   | CUSIP: 12575MAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $953564.40    | 0.11%             | 2038-10-24      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| New York Mercantile Exchange                            | NAT GAS EURO OPT MAY26P 3                                                                                                  | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |      -700 | NC      | $-1696100.00  | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| O'REILLY AUTOMOTIVE INC                                 | O'Reilly Automotive Inc                                                                                                    | CUSIP: 67103HAM9<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |   2420000 | PA      | $2461718.26   | 0.29%             | 2026-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JPMDB Commercial Mortgage Securities Trust              | JPMDB Commercial Mortgage Securities Trust 2016-C4                                                                         | CUSIP: 46646RAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $960107.10    | 0.11%             | 2049-12-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                                 | CF Hippolyta Issuer LLC                                                                                                    | CUSIP: 12530MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2497479 | PA      | $1739851.29   | 0.21%             | 2060-07-15      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                             | Balboa Bay Loan Funding 2024-1 Ltd                                                                                         | CUSIP: 05766NAA0<br>LEI: 254900ZDWC7EDY07BS61 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $752205.00    | 0.09%             | 2037-07-20      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                                  | CUSIP: 00774MBL8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1121000 | PA      | $1130822.33   | 0.13%             | 2029-09-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                  | Santander Drive Auto Receivables Trust 2022-5                                                                              | CUSIP: 80287HAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    418108 | PA      | $418478.60    | 0.05%             | 2028-10-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                               | ONEOK Inc                                                                                                                  | CUSIP: 682680BR3<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3001651.71   | 0.36%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                                    | Kyndryl Holdings Inc                                                                                                       | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3418453.85   | 0.41%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| London Metal Exchange                                   | LME PRI ALUM FUTR DEC25                                                                                                    | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |      -127 | NC      | $-93332.95    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                                       | Long: BDWERJQ07 TRS USD R F  1.00000 BDWERJQ15 COMMODITYTRS / Short: BDWERJQ07 TRS USD P F   .00000 BDWERJQ23 COMMODITYTRS | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCO              |  | US        |  22150000 | OU      | $-236409.61   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Commodities Exchange Center                             | SILVER FUTURE DEC25                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |       115 | NC      | $1207606.95   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CPS Auto Trust                                          | CPS Auto Receivables Trust 2021-D                                                                                          | CUSIP: 12658VAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $992522.90    | 0.12%             | 2028-12-15      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| LYB INT FINANCE III                                     | LYB International Finance III LLC                                                                                          | CUSIP: 50249AAF0<br>LEI: 984500A51LA0B8EB4053 | Long             | DBT              | CORP              | US        |   1962000 | PA      | $1962000.00   | 0.23%             | 2025-10-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                                | Columbia Pipelines Holding Co LLC                                                                                          | CUSIP: 19828AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    770000 | PA      | $780369.28    | 0.09%             | 2026-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| New York Mercantile Exchange                            | NAT GAS EURO OPT MAY26C 4.5                                                                                                | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |       700 | NC      | $1507800.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                 | Starwood Property Trust Inc                                                                                                | CUSIP: 85571BAU9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |   1000000 | PA      | $988541.70    | 0.12%             | 2026-07-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                  | Diamondback Energy Inc                                                                                                     | CUSIP: 25278XAX7<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |   1670000 | PA      | $1693972.17   | 0.20%             | 2027-04-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                                                                       | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1530318.87   | 0.18%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| New Economy Assets Phase 1 Issuer LLC                   | New Economy Assets - Phase 1 Sponsor LLC                                                                                   | CUSIP: 643821AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1125000 | PA      | $747165.15    | 0.09%             | 2061-10-20      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | Long: BDWERJQ64 TRS USD R F  1.00000 BDWERJQ72 COMMODITYTRS / Short: BDWERJQ64 TRS USD P F   .28000 BDWERJQ80 COMMODITYTRS | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCO              |  | US        |   7960000 | OU      | $-8684.92     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2021-NQM2 Trust                                                                                                       | CUSIP: 36166XAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    542641 | PA      | $468877.25    | 0.06%             | 2066-05-25      | Variable      | 1.24%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT Funding LLC                                                                                                           | CUSIP: 19688DAC4<br>LEI: 21380069FFOP8RZNF423 | Long             | ABS-MBS          | CORP              | US        |    156824 | PA      | $145071.18    | 0.02%             | 2064-12-25      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                 | Long: BDWERHVP0 TRS USD R F  1.00000 BDWERHVQ8 COMMODITYTRS / Short: BDWERHVP0 TRS USD P F   .35000 BDWERHVR6 COMMODITYTRS | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCO              |  | US        |  35710000 | OU      | $-45627.38    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                                   | KKR CLO 45a Ltd                                                                                                            | CUSIP: 48190AAN6<br>LEI: 2549008R44IN2IU2DG62 | Long             | ABS-CBDO         | CORP              | KY        |   1333000 | PA      | $1338052.07   | 0.16%             | 2038-07-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                                             | KeyBank NA/Cleveland OH                                                                                                    | CUSIP: 49327V2A1<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3977954.68   | 0.47%             | 2026-05-20      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                     | Intesa Sanpaolo SpA                                                                                                        | CUSIP: 46115HBU0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    890000 | PA      | $893237.70    | 0.11%             | 2025-11-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DWS                                                     | DWS Central Cash Management Government Fund                                                                                | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |  55363938 | NS      | $55363937.94  | 6.60%             |  |  |  | No            |                  1 | On Loan: No      |
| DB Master Finance LLC                                   | DB Master Finance LLC                                                                                                      | CUSIP: 233046AK7<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |   2350000 | PA      | $2341582.54   | 0.28%             | 2049-05-20      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| One New York Plaza Trust 2020-1NYP                      | One New York Plaza Trust 2020-1NYP                                                                                         | CUSIP: 68249DAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2378000 | PA      | $2294763.10   | 0.27%             | 2036-01-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                     | Long: BDWERHM05 TRS USD R F  1.00000 BDWERHM13 COMMODITYTRS / Short: BDWERHM05 TRS USD P F   .12000 BDWERHM21 COMMODITYTRS | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              |  | US        |  42443000 | OU      | $-23514.70    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CENTRAL AMERICAN BANK                                   | Central American Bank for Economic Integration                                                                             | CUSIP: 15238PAH9<br>LEI: 549300OLDAMXBPSHIC05 | Long             | DBT              | NUSS              | XX        |   2500000 | PA      | $2505612.10   | 0.30%             | 2026-02-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WORKDAY INC                                             | Workday Inc                                                                                                                | CUSIP: 98138HAG6<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1417327.10   | 0.17%             | 2027-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Chase Auto Owner Trust                                  | Chase Auto Owner Trust 2022-A                                                                                              | CUSIP: 16144JAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1040000 | PA      | $1044774.43   | 0.12%             | 2028-07-25      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                             | Chemours Co/The                                                                                                            | CUSIP: 163851AE8<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1248967.16   | 0.15%             | 2027-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                                  | COFFEE 'C' FUTURE DEC25                                                                                                    | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |       -70 | NC      | $-629239.16   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| UBS Commercial Mortgage Trust                           | UBS Commercial Mortgage Trust 2017-C1                                                                                      | CUSIP: 90276EAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  23451715 | PA      | $375855.94    | 0.04%             | 2050-06-15      | Variable      | 1.62%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2021-HX1 Mortgage Loan Trust                                                                                          | CUSIP: 19688KAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1082016 | PA      | $944399.27    | 0.11%             | 2066-10-25      | Variable      | 1.35%                 | No            |                  2 | On Loan: No      |
| CENT Trust                                              | CENT 2025-CITY                                                                                                             | CUSIP: 12517TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2528275.75   | 0.30%             | 2040-07-10      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2025-4 Ltd                                                                                               | CUSIP: 696916AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000276.00   | 0.12%             | 2038-10-20      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| WRKCo Inc                                               | WRKCo Inc                                                                                                                  | CUSIP: 92940PAE4<br>LEI: 549300JEB576INN13W07 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3966854.72   | 0.47%             | 2028-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                     | Long: BDWES16V9 TRS USD R F  1.00000 BDWES16W7 COMMODITYTRS / Short: BDWES16V9 TRS USD P F  1.00000 BDWES16X5 COMMODITYTRS | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              |  | US        |  20000000 | OU      | $7310.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                  | Marriott International Inc/MD                                                                                              | CUSIP: 571903BP7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   1960000 | PA      | $1998058.69   | 0.24%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | Long: BDWERJQA5 TRS USD R F  1.00000 BDWERJQB3 COMMODITYTRS / Short: BDWERJQA5 TRS USD P F   .11000 BDWERJQC1 COMMODITYTRS | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCO              |  | US        |  50932000 | OU      | $-28217.86    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CONCENTRIX CORP                                         | Concentrix Corp                                                                                                            | CUSIP: 20602DAA9<br>LEI: 5493000EAJN1KMPVA737 | Long             | DBT              | CORP              | US        |   2220000 | PA      | $2252995.04   | 0.27%             | 2026-08-02      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates                                                               | CUSIP: 3137BSP98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  21111355 | PA      | $118825.26    | 0.01%             | 2026-08-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bills                                                                                                        | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  10000000 | PA      | $9998883.00   | 1.19%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MVW 2020-1 LLC                                          | MVW 2020-1 LLC                                                                                                             | CUSIP: 55400EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70481 | PA      | $68931.23     | 0.01%             | 2037-10-20      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | Long: BDWERJR22 TRS USD R F  1.00000 BDWERJR30 COMMODITYTRS / Short: BDWERJR22 TRS USD P F   .17090 BDWERJR48 COMMODITYTRS | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DCO              |  | US        |  14000000 | OU      | $35644.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                                | Penske Truck Leasing Co Lp / PTL Finance Corp                                                                              | CUSIP: 709599BM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2944455.12   | 0.35%             | 2026-06-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                | Capital One Financial Corp                                                                                                 | CUSIP: 14040HDB8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1940000 | PA      | $1998085.02   | 0.24%             | 2027-10-29      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                        | Hewlett Packard Enterprise Co                                                                                              | CUSIP: 42824CBR9<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |   1377000 | PA      | $1382229.63   | 0.16%             | 2026-09-25      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| PenFed Auto Receivables Owner Trust                     | PenFed Auto Receivables Owner Trust 2022-A                                                                                 | CUSIP: 706874AE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1350549.59   | 0.16%             | 2028-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| HELMERICH & PAYNE INC                                   | Helmerich & Payne Inc                                                                                                      | CUSIP: 423452AL5<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1004279.10   | 0.12%             | 2027-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bills                                                                                                        | CUSIP: 912797PV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  10000000 | PA      | $9824803.30   | 1.17%             | 2026-03-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ESSENT GROUP LTD                                        | Essent Group Ltd                                                                                                           | CUSIP: 29669JAA7<br>LEI: 254900QUO860OUT6ZF83 | Long             | DBT              | CORP              | BM        |   6000000 | PA      | $6285086.52   | 0.75%             | 2029-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                                         | Venture 50 Clo Ltd                                                                                                         | CUSIP: 92333CAC2<br>LEI: 2549002JL5N18ARIHX27 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003362.00   | 0.12%             | 2037-10-20      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust 2020-INV1           | Starwood Mortgage Residential Trust 2020-INV                                                                               | CUSIP: 85573EAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    175230 | PA      | $167311.33    | 0.02%             | 2055-11-25      | Variable      | 1.59%                 | No            |                  2 | On Loan: No      |
| BORGWARNER INC                                          | BorgWarner Inc                                                                                                             | CUSIP: 099724AP1<br>LEI: 549300DSFX2IE88NSX47 | Long             | DBT              | CORP              | US        |   1680000 | PA      | $1715275.62   | 0.20%             | 2029-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Western Alliance Bank                                   | Western Alliance Bank                                                                                                      | CUSIP: 95763PNC1<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | ABS-MBS          | CORP              | US        |   1277440 | PA      | $1345841.07   | 0.16%             | 2059-07-25      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                                       | Eversource Energy                                                                                                          | CUSIP: 30040WAY4<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1464122.03   | 0.17%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                     | Long: BDWERHM62 TRS USD R F  1.00000 BDWERHM70 COMMODITYTRS / Short: BDWERHM62 TRS USD P F   .09000 BDWERHM88 COMMODITYTRS | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              |  | FR        |  79943000 | OU      | $-44290.82    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain Fuji US Clo II Ltd                                                                                            | CUSIP: 09629EAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4001216.00   | 0.48%             | 2030-10-20      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Point Broadband Funding LLC                             | Point Broadband Funding LLC                                                                                                | CUSIP: 73052AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1009017.10   | 0.12%             | 2055-07-20      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2016-C34                                                                             | CUSIP: 95000DBB6<br>LEI: 549300FWFHJGIW2B2U59 | Long             | ABS-MBS          | CORP              | US        |     43631 | PA      | $43548.89     | 0.01%             | 2049-06-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Zayo Issuer LLC                                         | Zayo Issuer LLC                                                                                                            | CUSIP: 98919WAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2571446.00   | 0.31%             | 2055-06-20      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BXP Trust 2017-CQHP                                                                                                        | CUSIP: 12433QAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    502736 | PA      | $483878.23    | 0.06%             | 2034-11-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                 | Long: BDWERHUW6 TRS USD R F  1.00000 BDWERHUX4 COMMODITYTRS / Short: BDWERHUW6 TRS USD P F   .35000 BDWERHUY2 COMMODITYTRS | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCO              |  | US        |   7378000 | OU      | $-62522.87    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC                                | Icon Investments Six DAC                                                                                                   | CUSIP: 45115AAA2<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |   4170000 | PA      | $4254510.80   | 0.51%             | 2027-05-08      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                                     | NatWest Markets PLC                                                                                                        | CUSIP: 63906YAH1<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |   2090000 | PA      | $2135566.41   | 0.25%             | 2027-05-17      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                     | Exeter Automobile Receivables Trust 2021-4                                                                                 | CUSIP: 30165JAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1238771.75   | 0.15%             | 2028-01-17      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                                                               | CUSIP: 11135FBZ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1342799.42   | 0.16%             | 2027-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                                 | Long: BDWERHYS1 TRS USD R F  1.00000 BDWERHYT9 COMMODITYTRS / Short: BDWERHYS1 TRS USD P F   .08550 BDWERHYU6 COMMODITYTRS | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCO              |  | US        |  21646000 | OU      | $-19939.65    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Crossroads Asset Trust                                  | Crossroads Asset Trust 2025-A                                                                                              | CUSIP: 22767VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1240000 | PA      | $1247737.23   | 0.15%             | 2032-02-20      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                | Long: BDWERJQW7 TRS USD R F  1.00000 BDWERJQX5 COMMODITYTRS / Short: BDWERJQW7 TRS USD P F   .12000 BDWERJQY3 COMMODITYTRS | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCO              |  | US        |  42443000 | OU      | $-23514.70    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OCCU Auto Receivables Trust                             | OCCU Auto Receivables Trust 2025-1                                                                                         | CUSIP: 67098SAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1504159.05   | 0.18%             | 2028-04-17      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                                | Penske Truck Leasing Co Lp / PTL Finance Corp                                                                              | CUSIP: 709599BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3155000 | PA      | $3141781.43   | 0.37%             | 2025-11-15      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                  | General Motors Financial Co Inc                                                                                            | CUSIP: 37045XEZ5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   2174000 | PA      | $2199132.20   | 0.26%             | 2029-10-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                          | Carvana Auto Receivables Trust 2022-P3                                                                                     | CUSIP: 14686MAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1361691.54   | 0.16%             | 2028-10-10      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                     | Bank of Nova Scotia/The                                                                                                    | CUSIP: 06418JAA9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   5000000 | PA      | $5073341.80   | 0.60%             | 2026-12-07      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC                                | Microchip Technology Inc                                                                                                   | CUSIP: 595017BE3<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1358972.55   | 0.16%             | 2029-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Floating Rate Notes                                                                                          | CUSIP: 91282CLT6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  33000000 | PA      | $32997126.36  | 3.93%             | 2026-10-31      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

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

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer