# EDGAR Filing Document

**Accession Number:** 0001028621
**File Stem:** 0001193125-26-258902
**Filing Date:** 2026-6
**Character Count:** 2050028
**Document Hash:** ac3dab9d877a639deacb0d7552ab1b6c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-258902.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001193125-26-258902

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW Metropolitan West Funds
- **CENTRAL INDEX KEY:** 0001028621

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07989
- **FILM NUMBER:** 261067754

**BUSINESS ADDRESS:**
- **STREET 1:** 515 SOUTH FLOWER ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-244-0000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** METROPOLITAN WEST FUNDS
- **DATE OF NAME CHANGE:** 19961209

## Series and Classes Contracts Data

### TCW METWEST LOW DURATION BOND FUND (Series ID: S000001146)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000003063 | CLASS I              | MWLIX           |
| C000003064 | CLASS M              | MWLDX           |
| C000058169 | Administrative Class | MWLNX           |
| C000263828 | Class I-3            |  |

### TCW METWEST TOTAL RETURN BOND FUND (Series ID: S000001147)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000003065 | CLASS I              | MWTIX           |
| C000003066 | CLASS M              | MWTRX           |
| C000058170 | Administrative Class | MWTNX           |
| C000102908 | Plan Class           | MWTSX           |
| C000218401 | Class I-2            | MWTTX           |
| C000263829 | Class I-3            |  |

### TCW METWEST HIGH YIELD BOND FUND (Series ID: S000001149)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003068 | CLASS I      | MWHIX           |
| C000003069 | CLASS M      | MWHYX           |
| C000263830 | Class I-3    |  |

### TCW METWEST ULTRA SHORT BOND FUND (Series ID: S000001151)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003072 | CLASS I      | MWUIX           |
| C000003073 | CLASS M      | MWUSX           |

### TCW METWEST STRATEGIC INCOME FUND (Series ID: S000001152)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003074 | CLASS I      | MWSIX           |
| C000003075 | CLASS M      | MWSTX           |

### TCW METWEST UNCONSTRAINED BOND FUND (Series ID: S000034126)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105185 | Class M      | MWCRX           |
| C000105186 | Class I      | MWCIX           |
| C000218402 | Plan Class   | MWCPX           |
| C000263831 | Class I-3    |  |

### TCW METWEST Investment Grade Credit Fund (Series ID: S000062249)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000201585 | Class I      | MWIGX           |
| C000201586 | Class M      | MWISX           |

### TCW METWEST Sustainable Securitized Fund (Series ID: S000072616)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000228996 | Class M      | MWERX           |
| C000228997 | Class I      | MWESX           |

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-07989

## TCW Metropolitan West Funds
(Exact name of registrant as specified in charter)

#### 515 South Flower Street, Los Angeles, CA 90071
(Address of principal executive offices)

#### Peter Davidson, Esq.

#### Vice President and Secretary

#### 515 South Flower Street

#### Los Angeles, CA 90071
(Name and address of agent for service)

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

Date of fiscal year end: March 31

Date of reporting period: March 31, 2026

------

**Item 1.** **Reports to Shareholders.** <br>

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

TCW MetWest High Yield Bond Fund

![Image](g143715g53m09.jpg)

Class I: MWHIX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest High Yield Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class I | $62 | 0.60% |

---

# How did the Fund perform last year and what affected its performance?
Excluding the impact of fees, underperformance relative to the Bloomberg U.S. Corporate High Yield Index was driven primarily by issue selection. Holdings within the communications sector produced the largest headwind as media entertainment issuers faced volatile merger & acquisition headlines and borrowers in the cable/satellite industry contended with restructuring challenges. Issue selection among consumer non-cyclical industries further detracted from performance, particularly within healthcare, where rising medical costs and ongoing challenges related to Medicaid reimbursement pressured results across the industry. The Fund's position in an underperforming automotive parts supplier created additional drag on the Fund's performance. Later in the period, technology issuers also came under pressure given fears of artificial intelligence-related obsolescence, further weighing on relative returns. Favorable issue selection among recycled metal and glass packaging names, however, helped modestly offset the Fund's negative overall issue selection. Meanwhile, sector allocation decisions were additive given a focus on sectors that traditionally withstand cyclical volatility like communications and consumer non-cyclicals, both of which outperformed the Index. Finally, a dynamic allocation to the energy sector contributed to relative returns as the initial underweight helped insulate returns from the spread widening early in the period, before the subsequent shift to an overweight benefitted Fund returns given robust sector performance alongside rising energy prices.

# Fund Performance
![Growth of 10K Chart](g143715g65a48.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Bond Index** | **Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap** |
| **03/2016** | $10000 | $10000 | $10000 |
| **04/2016** | $10173 | $10068 | $10392 |
| **05/2016** | $10238 | $10076 | $10456 |
| **06/2016** | $10285 | $10253 | $10552 |
| **07/2016** | $10388 | $10338 | $10837 |
| **08/2016** | $10536 | $10349 | $11064 |
| **09/2016** | $10582 | $10351 | $11138 |
| **10/2016** | $10613 | $10283 | $11181 |
| **11/2016** | $10584 | $10052 | $11128 |
| **12/2016** | $10725 | $10082 | $11333 |
| **01/2017** | $10806 | $10117 | $11497 |
| **02/2017** | $10928 | $10195 | $11665 |
| **03/2017** | $10962 | $10192 | $11639 |
| **04/2017** | $11041 | $10276 | $11773 |
| **05/2017** | $11134 | $10356 | $11875 |
| **06/2017** | $11167 | $10347 | $11891 |
| **07/2017** | $11259 | $10398 | $12023 |
| **08/2017** | $11281 | $10488 | $12018 |
| **09/2017** | $11347 | $10451 | $12126 |
| **10/2017** | $11380 | $10464 | $12177 |
| **11/2017** | $11379 | $10448 | $12146 |
| **12/2017** | $11408 | $10494 | $12183 |
| **01/2018** | $11446 | $10393 | $12256 |
| **02/2018** | $11364 | $10294 | $12152 |
| **03/2018** | $11320 | $10346 | $12079 |
| **04/2018** | $11359 | $10277 | $12157 |
| **05/2018** | $11367 | $10333 | $12154 |
| **06/2018** | $11386 | $10318 | $12203 |
| **07/2018** | $11440 | $10340 | $12336 |
| **08/2018** | $11495 | $10391 | $12427 |
| **09/2018** | $11549 | $10346 | $12496 |
| **10/2018** | $11447 | $10260 | $12296 |
| **11/2018** | $11441 | $10306 | $12190 |
| **12/2018** | $11303 | $10467 | $11929 |
| **01/2019** | $11743 | $10612 | $12468 |
| **02/2019** | $11884 | $10623 | $12676 |
| **03/2019** | $11968 | $10815 | $12795 |
| **04/2019** | $12140 | $10830 | $12977 |
| **05/2019** | $12139 | $10996 | $12823 |
| **06/2019** | $12359 | $11151 | $13115 |
| **07/2019** | $12430 | $11185 | $13189 |
| **08/2019** | $12488 | $11438 | $13242 |
| **09/2019** | $12518 | $11388 | $13290 |
| **10/2019** | $12573 | $11425 | $13327 |
| **11/2019** | $12563 | $11423 | $13370 |
| **12/2019** | $12721 | $11440 | $13637 |
| **01/2020** | $12764 | $11645 | $13641 |
| **02/2020** | $12755 | $11819 | $13449 |
| **03/2020** | $11991 | $11588 | $11908 |
| **04/2020** | $12574 | $11821 | $12447 |
| **05/2020** | $12933 | $11931 | $12991 |
| **06/2020** | $13031 | $12031 | $13115 |
| **07/2020** | $13547 | $12242 | $13725 |
| **08/2020** | $13656 | $12171 | $13857 |
| **09/2020** | $13543 | $12149 | $13715 |
| **10/2020** | $13601 | $12106 | $13783 |
| **11/2020** | $14012 | $12264 | $14329 |
| **12/2020** | $14213 | $12306 | $14599 |
| **01/2021** | $14268 | $12229 | $14647 |
| **02/2021** | $14266 | $12071 | $14701 |
| **03/2021** | $14216 | $11931 | $14723 |
| **04/2021** | $14353 | $12031 | $14883 |
| **05/2021** | $14399 | $12077 | $14927 |
| **06/2021** | $14537 | $12165 | $15126 |
| **07/2021** | $14567 | $12287 | $15183 |
| **08/2021** | $14641 | $12279 | $15262 |
| **09/2021** | $14695 | $12174 | $15261 |
| **10/2021** | $14645 | $12164 | $15233 |
| **11/2021** | $14498 | $12179 | $15084 |
| **12/2021** | $14726 | $12171 | $15366 |
| **01/2022** | $14364 | $11904 | $14947 |
| **02/2022** | $14163 | $11741 | $14794 |
| **03/2022** | $14053 | $11426 | $14626 |
| **04/2022** | $13547 | $11000 | $14106 |
| **05/2022** | $13468 | $11061 | $14139 |
| **06/2022** | $12665 | $10840 | $13187 |
| **07/2022** | $13395 | $11112 | $13964 |
| **08/2022** | $13185 | $10823 | $13643 |
| **09/2022** | $12603 | $10357 | $13102 |
| **10/2022** | $12883 | $10243 | $13442 |
| **11/2022** | $13093 | $10625 | $13733 |
| **12/2022** | $13071 | $10589 | $13648 |
| **01/2023** | $13548 | $10918 | $14168 |
| **02/2023** | $13333 | $10649 | $13987 |
| **03/2023** | $13495 | $10899 | $14135 |
| **04/2023** | $13594 | $10966 | $14277 |
| **05/2023** | $13476 | $10852 | $14146 |
| **06/2023** | $13623 | $10835 | $14383 |
| **07/2023** | $13791 | $10846 | $14582 |
| **08/2023** | $13794 | $10781 | $14624 |
| **09/2023** | $13643 | $10524 | $14449 |
| **10/2023** | $13481 | $10365 | $14280 |
| **11/2023** | $14023 | $10832 | $14926 |
| **12/2023** | $14509 | $11243 | $15483 |
| **01/2024** | $14562 | $11216 | $15482 |
| **02/2024** | $14593 | $11082 | $15528 |
| **03/2024** | $14713 | $11190 | $15711 |
| **04/2024** | $14561 | $10929 | $15564 |
| **05/2024** | $14741 | $11110 | $15735 |
| **06/2024** | $14870 | $11212 | $15883 |
| **07/2024** | $15098 | $11466 | $16192 |
| **08/2024** | $15323 | $11635 | $16456 |
| **09/2024** | $15499 | $11794 | $16722 |
| **10/2024** | $15407 | $11527 | $16632 |
| **11/2024** | $15543 | $11648 | $16823 |
| **12/2024** | $15460 | $11472 | $16752 |
| **01/2025** | $15612 | $11541 | $16980 |
| **02/2025** | $15723 | $11780 | $17094 |
| **03/2025** | $15643 | $11777 | $16920 |
| **04/2025** | $15646 | $11819 | $16916 |
| **05/2025** | $15872 | $11759 | $17200 |
| **06/2025** | $16134 | $11942 | $17517 |
| **07/2025** | $16199 | $11925 | $17596 |
| **08/2025** | $16296 | $12068 | $17816 |
| **09/2025** | $16379 | $12196 | $17961 |
| **10/2025** | $16392 | $12277 | $17989 |
| **11/2025** | $16448 | $12351 | $18093 |
| **12/2025** | $16514 | $12342 | $18196 |
| **01/2026** | $16615 | $12361 | $18288 |
| **02/2026** | $16593 | $12549 | $18322 |
| **03/2026** | $16484 | $12324 | $18106 |

---

This performance line graph shows the performance of a hypothetical $10,000 investment in the class of shares noted over a ten year period, as compared to the performance of Bloomberg U.S. Universal Bond Index and Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap. Performance for other share classes will vary. The graph does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph assumes reinvestment of dividends and capital gains. **The Fund's past performance is not a good predictor of the Fund's future performance.**

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class I | 5.37% | 3.00% | 5.12% |
| Bloomberg U.S. Universal Bond Index | 4.64% | 0.65% | 2.11% |
| Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap | 7.01% | 4.22% | 6.12% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$384,129,264

* # of Portfolio Holdings322

* Portfolio Turnover Rate100%

* Total Advisory Fees Paid - Net$1,942,493

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 89.8% |
| Bank Loans | 6.1% |
| Short-Term Investments | 1.8% |
| Common Stock | 0.5% |
| Convertible Corporate Bonds | 0.1% |
| Warrants | 0.0%<sup>Footnote Reference1</sup> |
| Other Assets in Excess of Liabilities | 1.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Less than 0.01% |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, due 05/15/27 | 1.3% |
| TransDigm, Inc., 6.38%, due 03/01/29 | 1.1% |
| Jane Street Group/JSG Finance, Inc., 6.13%, due 11/01/32 | 1.1% |
| 1261229 BC Ltd., 10.00%, due 04/15/32 | 1.0% |
| CSC Holdings LLC, 6.50%, due 02/01/29 | 0.9% |
| PNC Financial Services Group, Inc., 3.40%, due 09/15/26 (5 yr. CMT + 2.595%) | 0.9% |
| American Electric Power Co., Inc., 6.05%, due 03/15/56 (5 yr. CMT + 1.940%) | 0.9% |
| Sunoco LP, 7.88%, due 09/18/30 (5 yr. CMT + 4.230%) | 0.8% |
| Discovery Global Holdings, Inc., 5.05%, due 03/15/42 | 0.8% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 7.00%, due 02/01/33 | 0.8% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest High Yield Bond Fund

Annual Shareholder Report — March 31, 2026

Class I: MWHIX

TSR MWHIX-0326

TCW MetWest High Yield Bond Fund

![Image](g143715g53m09.jpg)

Class M: MWHYX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest High Yield Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class M | $87 | 0.85% |

---

# How did the Fund perform last year and what affected its performance?
Excluding the impact of fees, underperformance relative to the Bloomberg U.S. Corporate High Yield Index was driven primarily by issue selection. Holdings within the communications sector produced the largest headwind as media entertainment issuers faced volatile merger & acquisition headlines and borrowers in the cable/satellite industry contended with restructuring challenges. Issue selection among consumer non-cyclical industries further detracted from performance, particularly within healthcare, where rising medical costs and ongoing challenges related to Medicaid reimbursement pressured results across the industry. The Fund's position in an underperforming automotive parts supplier created additional drag on the Fund's performance. Later in the period, technology issuers also came under pressure given fears of artificial intelligence-related obsolescence, further weighing on relative returns. Favorable issue selection among recycled metal and glass packaging names, however, helped modestly offset the Fund's negative overall issue selection. Meanwhile, sector allocation decisions were additive given a focus on sectors that traditionally withstand cyclical volatility like communications and consumer non-cyclicals, both of which outperformed the Index. Finally, a dynamic allocation to the energy sector contributed to relative returns as the initial underweight helped insulate returns from the spread widening early in the period, before the subsequent shift to an overweight benefitted Fund returns given robust sector performance alongside rising energy prices.

# Fund Performance
![Growth of 10K Chart](g143715g89b73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Universal Bond Index** | **Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap** |
| **03/2016** | $10000 | $10000 | $10000 |
| **04/2016** | $10181 | $10068 | $10392 |
| **05/2016** | $10234 | $10076 | $10456 |
| **06/2016** | $10279 | $10253 | $10552 |
| **07/2016** | $10379 | $10338 | $10837 |
| **08/2016** | $10525 | $10349 | $11064 |
| **09/2016** | $10569 | $10351 | $11138 |
| **10/2016** | $10608 | $10283 | $11181 |
| **11/2016** | $10577 | $10052 | $11128 |
| **12/2016** | $10705 | $10082 | $11333 |
| **01/2017** | $10783 | $10117 | $11497 |
| **02/2017** | $10903 | $10195 | $11665 |
| **03/2017** | $10935 | $10192 | $11639 |
| **04/2017** | $11023 | $10276 | $11773 |
| **05/2017** | $11102 | $10356 | $11875 |
| **06/2017** | $11132 | $10347 | $11891 |
| **07/2017** | $11221 | $10398 | $12023 |
| **08/2017** | $11241 | $10488 | $12018 |
| **09/2017** | $11304 | $10451 | $12126 |
| **10/2017** | $11335 | $10464 | $12177 |
| **11/2017** | $11332 | $10448 | $12146 |
| **12/2017** | $11370 | $10494 | $12183 |
| **01/2018** | $11393 | $10393 | $12256 |
| **02/2018** | $11310 | $10294 | $12152 |
| **03/2018** | $11264 | $10346 | $12079 |
| **04/2018** | $11312 | $10277 | $12157 |
| **05/2018** | $11306 | $10333 | $12154 |
| **06/2018** | $11322 | $10318 | $12203 |
| **07/2018** | $11374 | $10340 | $12336 |
| **08/2018** | $11426 | $10391 | $12427 |
| **09/2018** | $11478 | $10346 | $12496 |
| **10/2018** | $11385 | $10260 | $12296 |
| **11/2018** | $11377 | $10306 | $12190 |
| **12/2018** | $11225 | $10467 | $11929 |
| **01/2019** | $11661 | $10612 | $12468 |
| **02/2019** | $11798 | $10623 | $12676 |
| **03/2019** | $11892 | $10815 | $12795 |
| **04/2019** | $12047 | $10830 | $12977 |
| **05/2019** | $12056 | $10996 | $12823 |
| **06/2019** | $12259 | $11151 | $13115 |
| **07/2019** | $12340 | $11185 | $13189 |
| **08/2019** | $12382 | $11438 | $13242 |
| **09/2019** | $12409 | $11388 | $13290 |
| **10/2019** | $12461 | $11425 | $13327 |
| **11/2019** | $12449 | $11423 | $13370 |
| **12/2019** | $12603 | $11440 | $13637 |
| **01/2020** | $12656 | $11645 | $13641 |
| **02/2020** | $12631 | $11819 | $13449 |
| **03/2020** | $11885 | $11588 | $11908 |
| **04/2020** | $12460 | $11821 | $12447 |
| **05/2020** | $12813 | $11931 | $12991 |
| **06/2020** | $12907 | $12031 | $13115 |
| **07/2020** | $13402 | $12242 | $13725 |
| **08/2020** | $13519 | $12171 | $13857 |
| **09/2020** | $13392 | $12149 | $13715 |
| **10/2020** | $13446 | $12106 | $13783 |
| **11/2020** | $13863 | $12264 | $14329 |
| **12/2020** | $14046 | $12306 | $14599 |
| **01/2021** | $14097 | $12229 | $14647 |
| **02/2021** | $14093 | $12071 | $14701 |
| **03/2021** | $14040 | $11931 | $14723 |
| **04/2021** | $14186 | $12031 | $14883 |
| **05/2021** | $14228 | $12077 | $14927 |
| **06/2021** | $14348 | $12165 | $15126 |
| **07/2021** | $14389 | $12287 | $15183 |
| **08/2021** | $14458 | $12279 | $15262 |
| **09/2021** | $14509 | $12174 | $15261 |
| **10/2021** | $14443 | $12164 | $15233 |
| **11/2021** | $14295 | $12179 | $15084 |
| **12/2021** | $14517 | $12171 | $15366 |
| **01/2022** | $14157 | $11904 | $14947 |
| **02/2022** | $13956 | $11741 | $14794 |
| **03/2022** | $13858 | $11426 | $14626 |
| **04/2022** | $13357 | $11000 | $14106 |
| **05/2022** | $13262 | $11061 | $14139 |
| **06/2022** | $12469 | $10840 | $13187 |
| **07/2022** | $13199 | $11112 | $13964 |
| **08/2022** | $12976 | $10823 | $13643 |
| **09/2022** | $12401 | $10357 | $13102 |
| **10/2022** | $12673 | $10243 | $13442 |
| **11/2022** | $12891 | $10625 | $13733 |
| **12/2022** | $12867 | $10589 | $13648 |
| **01/2023** | $13319 | $10918 | $14168 |
| **02/2023** | $13105 | $10649 | $13987 |
| **03/2023** | $13261 | $10899 | $14135 |
| **04/2023** | $13371 | $10966 | $14277 |
| **05/2023** | $13237 | $10852 | $14146 |
| **06/2023** | $13379 | $10835 | $14383 |
| **07/2023** | $13541 | $10846 | $14582 |
| **08/2023** | $13557 | $10781 | $14624 |
| **09/2023** | $13406 | $10524 | $14449 |
| **10/2023** | $13244 | $10365 | $14280 |
| **11/2023** | $13758 | $10832 | $14926 |
| **12/2023** | $14247 | $11243 | $15483 |
| **01/2024** | $14296 | $11216 | $15482 |
| **02/2024** | $14308 | $11082 | $15528 |
| **03/2024** | $14423 | $11190 | $15711 |
| **04/2024** | $14271 | $10929 | $15564 |
| **05/2024** | $14444 | $11110 | $15735 |
| **06/2024** | $14567 | $11212 | $15883 |
| **07/2024** | $14804 | $11466 | $16192 |
| **08/2024** | $15021 | $11635 | $16456 |
| **09/2024** | $15175 | $11794 | $16722 |
| **10/2024** | $15097 | $11527 | $16632 |
| **11/2024** | $15211 | $11648 | $16823 |
| **12/2024** | $15126 | $11472 | $16752 |
| **01/2025** | $15272 | $11541 | $16980 |
| **02/2025** | $15378 | $11780 | $17094 |
| **03/2025** | $15296 | $11777 | $16920 |
| **04/2025** | $15296 | $11819 | $16916 |
| **05/2025** | $15514 | $11759 | $17200 |
| **06/2025** | $15766 | $11942 | $17517 |
| **07/2025** | $15844 | $11925 | $17596 |
| **08/2025** | $15919 | $12068 | $17816 |
| **09/2025** | $15996 | $12196 | $17961 |
| **10/2025** | $16005 | $12277 | $17989 |
| **11/2025** | $16074 | $12351 | $18093 |
| **12/2025** | $16117 | $12342 | $18196 |
| **01/2026** | $16213 | $12361 | $18288 |
| **02/2026** | $16206 | $12549 | $18322 |
| **03/2026** | $16096 | $12324 | $18106 |

---

This performance line graph shows the performance of a hypothetical $10,000 investment in the class of shares noted over a ten year period, as compared to the performance of Bloomberg U.S. Universal Bond Index and Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap. Performance for other share classes will vary. The graph does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph assumes reinvestment of dividends and capital gains. **The Fund's past performance is not a good predictor of the Fund's future performance.**

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class M | 5.23% | 2.77% | 4.87% |
| Bloomberg U.S. Universal Bond Index | 4.64% | 0.65% | 2.11% |
| Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap | 7.01% | 4.22% | 6.12% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$384,129,264

* # of Portfolio Holdings322

* Portfolio Turnover Rate100%

* Total Advisory Fees Paid - Net$1,942,493

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 89.8% |
| Bank Loans | 6.1% |
| Short-Term Investments | 1.8% |
| Common Stock | 0.5% |
| Convertible Corporate Bonds | 0.1% |
| Warrants | 0.0%<sup>Footnote Reference1</sup> |
| Other Assets in Excess of Liabilities | 1.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Less than 0.01% |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, due 05/15/27 | 1.3% |
| TransDigm, Inc., 6.38%, due 03/01/29 | 1.1% |
| Jane Street Group/JSG Finance, Inc., 6.13%, due 11/01/32 | 1.1% |
| 1261229 BC Ltd., 10.00%, due 04/15/32 | 1.0% |
| CSC Holdings LLC, 6.50%, due 02/01/29 | 0.9% |
| PNC Financial Services Group, Inc., 3.40%, due 09/15/26 (5 yr. CMT + 2.595%) | 0.9% |
| American Electric Power Co., Inc., 6.05%, due 03/15/56 (5 yr. CMT + 1.940%) | 0.9% |
| Sunoco LP, 7.88%, due 09/18/30 (5 yr. CMT + 4.230%) | 0.8% |
| Discovery Global Holdings, Inc., 5.05%, due 03/15/42 | 0.8% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 7.00%, due 02/01/33 | 0.8% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest High Yield Bond Fund

Annual Shareholder Report — March 31, 2026

Class M: MWHYX

TSR MWHYX-0326

TCW MetWest High Yield Bond Fund

![Image](g143715g53m09.jpg)

Class I-3: MWHZX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest High Yield Bond Fund (the "Fund") for the period of August 26, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class I-3 | $45<sup>Footnote Reference+</sup> | 0.76%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |
| &nbsp;&nbsp;Footnote<sup>+</sup> | &nbsp;&nbsp;The dollar amounts above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher. |

---

# How did the Fund perform last year and what affected its performance?
Excluding the impact of fees, underperformance relative to the Bloomberg U.S. Corporate High Yield Index was driven primarily by issue selection. Holdings within the communications sector produced the largest headwind as media entertainment issuers faced volatile merger & acquisition headlines and borrowers in the cable/satellite industry contended with restructuring challenges. Issue selection among consumer non-cyclical industries further detracted from performance, particularly within healthcare, where rising medical costs and ongoing challenges related to Medicaid reimbursement pressured results across the industry. The Fund's position in an underperforming automotive parts supplier created additional drag on the Fund's performance. Later in the period, technology issuers also came under pressure given fears of artificial intelligence-related obsolescence, further weighing on relative returns. Favorable issue selection among recycled metal and glass packaging names, however, helped modestly offset the Fund's negative overall issue selection. Meanwhile, sector allocation decisions were additive given a focus on sectors that traditionally withstand cyclical volatility like communications and consumer non-cyclicals, both of which outperformed the Index. Finally, a dynamic allocation to the energy sector contributed to relative returns as the initial underweight helped insulate returns from the spread widening early in the period, before the subsequent shift to an overweight benefitted Fund returns given robust sector performance alongside rising energy prices.

# Fund Performance
![Growth of 10K Chart](g143715g07v36.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I-3** | **Bloomberg U.S. Universal Bond Index** | **Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap** |
| **08/26/2025** | $10000 | $10000 | $10000 |
| **08/2025** | $10019 | $10120 | $10125 |
| **09/2025** | $10069 | $10227 | $10208 |
| **10/2025** | $10079 | $10295 | $10224 |
| **11/2025** | $10114 | $10357 | $10283 |
| **12/2025** | $10144 | $10350 | $10341 |
| **01/2026** | $10204 | $10365 | $10394 |
| **02/2026** | $10204 | $10523 | $10413 |
| **03/2026** | $10133 | $10335 | $10290 |

---

This performance line graph shows the performance of a hypothetical $10,000 investment in the class of shares noted over a ten year period, as compared to the performance of Bloomberg U.S. Universal Bond Index and Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap. Performance for other share classes will vary. The graph does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The graph assumes reinvestment of dividends and capital gains. **The Fund's past performance is not a good predictor of the Fund's future performance.**

# Average Annual Total Returns (%)

---

| | |
|:---|:---|
| Name | *Since Inception 08/26/25* |
| Class I-3 | 1.33% |
| Bloomberg U.S. Universal Bond Index | 2.20% |
| Bloomberg U.S. Corporate High Yield Index 2% Issuer Cap | 7.26% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$384,129,264

* # of Portfolio Holdings322

* Portfolio Turnover Rate100%

* Total Advisory Fees Paid - Net$1,942,493

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 89.8% |
| Bank Loans | 6.1% |
| Short-Term Investments | 1.8% |
| Common Stock | 0.5% |
| Convertible Corporate Bonds | 0.1% |
| Warrants | 0.0%<sup>Footnote Reference1</sup> |
| Other Assets in Excess of Liabilities | 1.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Less than 0.01% |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, due 05/15/27 | 1.3% |
| TransDigm, Inc., 6.38%, due 03/01/29 | 1.1% |
| Jane Street Group/JSG Finance, Inc., 6.13%, due 11/01/32 | 1.1% |
| 1261229 BC Ltd., 10.00%, due 04/15/32 | 1.0% |
| CSC Holdings LLC, 6.50%, due 02/01/29 | 0.9% |
| PNC Financial Services Group, Inc., 3.40%, due 09/15/26 (5 yr. CMT + 2.595%) | 0.9% |
| American Electric Power Co., Inc., 6.05%, due 03/15/56 (5 yr. CMT + 1.940%) | 0.9% |
| Sunoco LP, 7.88%, due 09/18/30 (5 yr. CMT + 4.230%) | 0.8% |
| Discovery Global Holdings, Inc., 5.05%, due 03/15/42 | 0.8% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 7.00%, due 02/01/33 | 0.8% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest High Yield Bond Fund

Annual Shareholder Report — March 31, 2026

Class I-3: MWHZX

TSR MWHZX-0326

TCW MetWest Investment Grade Credit Fund

![Image](g143715g53m09.jpg)

Class I: MWIGX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Investment Grade Credit Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class I | $50 | 0.49% |

---

# How did the Fund perform last year and what affected its performance?
Outperformance relative to the Bloomberg U.S. Intermediate Credit Index was driven by the out-of-benchmark exposure to securitized sectors, a position that was informed by relative value considerations given generally more attractive spread levels versus traditional credit. Agency mortgage-backed securities (MBS) drove the largest of the securitized impacts as it was among the best-performing fixed income sectors on a duration-adjusted basis, supported by moderating rate volatility and falling risk premiums. Similarly, a position in non-agency commercial mortgage-backed securities (CMBS) contributed given a focus on single-asset, single-borrower (SASB) issues that benefitted from strong sponsorship and investor demand for transparent collateral. Meanwhile, corporate credit was modestly underweight relative to the Index before turning to neutral later in the period, resulting in muted sector allocation impacts, though a more pronounced underweight to non-corporate credit was maintained. This positioning weighed on relative returns as the cohort registered positive excess returns versus comparable Treasuries, particularly USD-denominated emerging market sovereign issues as spreads tightened and valuations improved. Finally, the overweight duration position and emphasis on the front-end of the yield curve produced a tailwind as the yield curve steepened and shorter maturity yields declined.

# Fund Performance
![Growth of 10K Chart](g143715g23y28.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Intermediate Credit Index** |
| **06/29/2018** | $10000 | $10000 | $10000 |
| **06/30/2018** | $10000 | $10000 | $10000 |
| **07/31/2018** | $10141 | $10002 | $10037 |
| **08/31/2018** | $10361 | $10067 | $10097 |
| **09/30/2018** | $10367 | $10002 | $10073 |
| **10/31/2018** | $10364 | $9923 | $10031 |
| **11/30/2018** | $10399 | $9982 | $10038 |
| **12/31/2018** | $10528 | $10165 | $10148 |
| **01/31/2019** | $10668 | $10273 | $10310 |
| **02/28/2019** | $10733 | $10267 | $10346 |
| **03/31/2019** | $10920 | $10465 | $10508 |
| **04/30/2019** | $10978 | $10467 | $10554 |
| **05/31/2019** | $11111 | $10653 | $10665 |
| **06/30/2019** | $11290 | $10787 | $10823 |
| **07/31/2019** | $11280 | $10811 | $10845 |
| **08/31/2019** | $11501 | $11091 | $11032 |
| **09/30/2019** | $11489 | $11032 | $11007 |
| **10/31/2019** | $11561 | $11065 | $11070 |
| **11/30/2019** | $11541 | $11059 | $11072 |
| **12/31/2019** | $11574 | $11052 | $11115 |
| **01/31/2020** | $11762 | $11264 | $11274 |
| **02/29/2020** | $11928 | $11467 | $11389 |
| **03/31/2020** | $11467 | $11400 | $10853 |
| **04/30/2020** | $11789 | $11602 | $11226 |
| **05/31/2020** | $11914 | $11656 | $11415 |
| **06/30/2020** | $12111 | $11730 | $11577 |
| **07/31/2020** | $12262 | $11905 | $11738 |
| **08/31/2020** | $12308 | $11809 | $11737 |
| **09/30/2020** | $12329 | $11802 | $11721 |
| **10/31/2020** | $12343 | $11750 | $11722 |
| **11/30/2020** | $12516 | $11865 | $11846 |
| **12/31/2020** | $12538 | $11881 | $11902 |
| **01/31/2021** | $12548 | $11796 | $11861 |
| **02/28/2021** | $12505 | $11626 | $11765 |
| **03/31/2021** | $12407 | $11480 | $11655 |
| **04/30/2021** | $12488 | $11571 | $11735 |
| **05/31/2021** | $12537 | $11609 | $11798 |
| **06/30/2021** | $12589 | $11691 | $11837 |
| **07/31/2021** | $12670 | $11821 | $11927 |
| **08/31/2021** | $12663 | $11799 | $11908 |
| **09/30/2021** | $12613 | $11697 | $11845 |
| **10/31/2021** | $12520 | $11693 | $11781 |
| **11/30/2021** | $12505 | $11728 | $11768 |
| **12/31/2021** | $12488 | $11698 | $11780 |
| **01/31/2022** | $12271 | $11446 | $11568 |
| **02/28/2022** | $12126 | $11318 | $11450 |
| **03/31/2022** | $11759 | $11004 | $11183 |
| **04/30/2022** | $11457 | $10586 | $10879 |
| **05/31/2022** | $11567 | $10655 | $10973 |
| **06/30/2022** | $11327 | $10487 | $10776 |
| **07/31/2022** | $11572 | $10744 | $11013 |
| **08/31/2022** | $11323 | $10440 | $10792 |
| **09/30/2022** | $10905 | $9989 | $10445 |
| **10/31/2022** | $10835 | $9860 | $10402 |
| **11/30/2022** | $11187 | $10222 | $10717 |
| **12/31/2022** | $11152 | $10176 | $10708 |
| **01/31/2023** | $11488 | $10489 | $10961 |
| **02/28/2023** | $11239 | $10218 | $10752 |
| **03/31/2023** | $11520 | $10477 | $10973 |
| **04/30/2023** | $11611 | $10541 | $11055 |
| **05/31/2023** | $11487 | $10426 | $10972 |
| **06/30/2023** | $11455 | $10389 | $10944 |
| **07/31/2023** | $11500 | $10382 | $11002 |
| **08/31/2023** | $11497 | $10315 | $10988 |
| **09/30/2023** | $11309 | $10053 | $10843 |
| **10/31/2023** | $11200 | $9895 | $10768 |
| **11/30/2023** | $11664 | $10343 | $11147 |
| **12/31/2023** | $12007 | $10739 | $11451 |
| **01/31/2024** | $12069 | $10709 | $11472 |
| **02/29/2024** | $11896 | $10558 | $11371 |
| **03/31/2024** | $12007 | $10655 | $11473 |
| **04/30/2024** | $11790 | $10386 | $11320 |
| **05/31/2024** | $11979 | $10562 | $11475 |
| **06/30/2024** | $12089 | $10662 | $11557 |
| **07/31/2024** | $12357 | $10911 | $11785 |
| **08/31/2024** | $12530 | $11068 | $11935 |
| **09/30/2024** | $12714 | $11216 | $12086 |
| **10/31/2024** | $12462 | $10938 | $11899 |
| **11/30/2024** | $12583 | $11054 | $11998 |
| **12/31/2024** | $12465 | $10873 | $11910 |
| **01/31/2025** | $12541 | $10931 | $11984 |
| **02/28/2025** | $12743 | $11171 | $12149 |
| **03/31/2025** | $12787 | $11175 | $12186 |
| **04/30/2025** | $12880 | $11219 | $12266 |
| **05/31/2025** | $12879 | $11139 | $12280 |
| **06/30/2025** | $13074 | $11310 | $12440 |
| **07/31/2025** | $13066 | $11280 | $12452 |
| **08/31/2025** | $13236 | $11415 | $12600 |
| **09/30/2025** | $13341 | $11540 | $12686 |
| **10/31/2025** | $13386 | $11612 | $12737 |
| **11/30/2025** | $13483 | $11684 | $12824 |
| **12/31/2025** | $13499 | $11667 | $12848 |
| **01/31/2026** | $13541 | $11679 | $12875 |
| **02/28/2026** | $13671 | $11870 | $13005 |
| **03/31/2026** | $13481 | $11661 | $12826 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *Since Inception 06/29/18* |
| Class I | 5.43% | 1.68% | 3.93% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 3.97% |
| Bloomberg U.S. Intermediate Credit Index | 5.25% | 1.93% | 3.26% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$25,700,823

* # of Portfolio Holdings442

* Portfolio Turnover Rate305%

* Total Advisory Fees Paid - Net$0

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 67.7% |
| Residential Mortgage-Backed Securities - Agency | 13.4% |
| U.S. Treasury Securities | 9.2% |
| Commercial Mortgage-Backed Securities - Non-Agency | 7.8% |
| Residential Mortgage-Backed Securities - Non-Agency | 5.0% |
| Short-Term Investments | 3.7% |
| Asset-Backed Securities | 2.3% |
| Foreign Government Bonds | 0.6% |
| Other Security Types<sup>Footnote Reference\*</sup> | 0.5% |
| Liabilities in Excess of Other Assets | (10.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, due 03/31/31 | 4.1% |
| U.S. Treasury Notes, 3.88%, due 03/31/28 | 3.4% |
| Uniform Mortgage-Backed Security, TBA, 3.50%, due 12/01/51 | 2.9% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 01/01/56 | 1.8% |
| Federal National Mortgage Association, 4.50%, due 02/01/53 | 1.6% |
| Bank of America Corp., 2.30%, due 07/21/32 (1 day USD SOFR + 1.220%) | 1.5% |
| Uniform Mortgage-Backed Security, TBA, 4.00%, due 05/01/55 | 1.5% |
| JPMorgan Chase & Co., 1.95%, due 02/04/32 (1 day USD SOFR + 1.065%) | 1.3% |
| Wells Fargo & Co., 3.35%, due 03/02/33 (1 day USD SOFR + 1.500%) | 1.1% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 1.0% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Investment Grade Credit Fund

Annual Shareholder Report — March 31, 2026

Class I: MWIGX

TSR MWIGX-0326

TCW MetWest Investment Grade Credit Fund

![Image](g143715g53m09.jpg)

Class M: MWISX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Investment Grade Credit Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class M | $72 | 0.70% |

---

# How did the Fund perform last year and what affected its performance?
Outperformance relative to the Bloomberg U.S. Intermediate Credit Index was driven by the out-of-benchmark exposure to securitized sectors, a position that was informed by relative value considerations given generally more attractive spread levels versus traditional credit. Agency mortgage-backed securities (MBS) drove the largest of the securitized impacts as it was among the best-performing fixed income sectors on a duration-adjusted basis, supported by moderating rate volatility and falling risk premiums. Similarly, a position in non-agency commercial mortgage-backed securities (CMBS) contributed given a focus on single-asset, single-borrower (SASB) issues that benefitted from strong sponsorship and investor demand for transparent collateral. Meanwhile, corporate credit was modestly underweight relative to the Index before turning to neutral later in the period, resulting in muted sector allocation impacts, though a more pronounced underweight to non-corporate credit was maintained. This positioning weighed on relative returns as the cohort registered positive excess returns versus comparable Treasuries, particularly USD-denominated emerging market sovereign issues as spreads tightened and valuations improved. Finally, the overweight duration position and emphasis on the front-end of the yield curve produced a tailwind as the yield curve steepened and shorter maturity yields declined.

# Fund Performance
![Growth of 10K Chart](g143715g04k28.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Intermediate Credit Index** |
| **06/29/2018** | $10000 | $10000 | $10000 |
| **06/30/2018** | $10000 | $10000 | $10000 |
| **07/31/2018** | $10139 | $10002 | $10037 |
| **08/31/2018** | $10357 | $10067 | $10097 |
| **09/30/2018** | $10361 | $10002 | $10073 |
| **10/31/2018** | $10356 | $9923 | $10031 |
| **11/30/2018** | $10390 | $9982 | $10038 |
| **12/31/2018** | $10517 | $10165 | $10148 |
| **01/31/2019** | $10654 | $10273 | $10310 |
| **02/28/2019** | $10718 | $10267 | $10346 |
| **03/31/2019** | $10902 | $10465 | $10508 |
| **04/30/2019** | $10959 | $10467 | $10554 |
| **05/31/2019** | $11090 | $10653 | $10665 |
| **06/30/2019** | $11267 | $10787 | $10823 |
| **07/31/2019** | $11255 | $10811 | $10845 |
| **08/31/2019** | $11473 | $11091 | $11032 |
| **09/30/2019** | $11459 | $11032 | $11007 |
| **10/31/2019** | $11528 | $11065 | $11070 |
| **11/30/2019** | $11507 | $11059 | $11072 |
| **12/31/2019** | $11537 | $11052 | $11115 |
| **01/31/2020** | $11723 | $11264 | $11274 |
| **02/29/2020** | $11886 | $11467 | $11389 |
| **03/31/2020** | $11425 | $11400 | $10853 |
| **04/30/2020** | $11744 | $11602 | $11226 |
| **05/31/2020** | $11867 | $11656 | $11415 |
| **06/30/2020** | $12061 | $11730 | $11577 |
| **07/31/2020** | $12209 | $11905 | $11738 |
| **08/31/2020** | $12252 | $11809 | $11737 |
| **09/30/2020** | $12271 | $11802 | $11721 |
| **10/31/2020** | $12283 | $11750 | $11722 |
| **11/30/2020** | $12453 | $11865 | $11846 |
| **12/31/2020** | $12473 | $11881 | $11902 |
| **01/31/2021** | $12480 | $11796 | $11861 |
| **02/28/2021** | $12435 | $11626 | $11765 |
| **03/31/2021** | $12335 | $11480 | $11655 |
| **04/30/2021** | $12414 | $11571 | $11735 |
| **05/31/2021** | $12461 | $11609 | $11798 |
| **06/30/2021** | $12511 | $11691 | $11837 |
| **07/31/2021** | $12588 | $11821 | $11927 |
| **08/31/2021** | $12579 | $11799 | $11908 |
| **09/30/2021** | $12527 | $11697 | $11845 |
| **10/31/2021** | $12433 | $11693 | $11781 |
| **11/30/2021** | $12416 | $11728 | $11768 |
| **12/31/2021** | $12397 | $11698 | $11780 |
| **01/31/2022** | $12179 | $11446 | $11568 |
| **02/28/2022** | $12034 | $11318 | $11450 |
| **03/31/2022** | $11667 | $11004 | $11183 |
| **04/30/2022** | $11365 | $10586 | $10879 |
| **05/31/2022** | $11472 | $10655 | $10973 |
| **06/30/2022** | $11232 | $10487 | $10776 |
| **07/31/2022** | $11473 | $10744 | $11013 |
| **08/31/2022** | $11224 | $10440 | $10792 |
| **09/30/2022** | $10808 | $9989 | $10445 |
| **10/31/2022** | $10737 | $9860 | $10402 |
| **11/30/2022** | $11084 | $10222 | $10717 |
| **12/31/2022** | $11047 | $10176 | $10708 |
| **01/31/2023** | $11379 | $10489 | $10961 |
| **02/28/2023** | $11130 | $10218 | $10752 |
| **03/31/2023** | $11406 | $10477 | $10973 |
| **04/30/2023** | $11495 | $10541 | $11055 |
| **05/31/2023** | $11369 | $10426 | $10972 |
| **06/30/2023** | $11336 | $10389 | $10944 |
| **07/31/2023** | $11379 | $10382 | $11002 |
| **08/31/2023** | $11373 | $10315 | $10988 |
| **09/30/2023** | $11201 | $10053 | $10843 |
| **10/31/2023** | $11075 | $9895 | $10768 |
| **11/30/2023** | $11533 | $10343 | $11147 |
| **12/31/2023** | $11885 | $10739 | $11451 |
| **01/31/2024** | $11929 | $10709 | $11472 |
| **02/29/2024** | $11756 | $10558 | $11371 |
| **03/31/2024** | $11863 | $10655 | $11473 |
| **04/30/2024** | $11647 | $10386 | $11320 |
| **05/31/2024** | $11831 | $10562 | $11475 |
| **06/30/2024** | $11938 | $10662 | $11557 |
| **07/31/2024** | $12201 | $10911 | $11785 |
| **08/31/2024** | $12369 | $11068 | $11935 |
| **09/30/2024** | $12548 | $11216 | $12086 |
| **10/31/2024** | $12298 | $10938 | $11899 |
| **11/30/2024** | $12415 | $11054 | $11998 |
| **12/31/2024** | $12296 | $10873 | $11910 |
| **01/31/2025** | $12369 | $10931 | $11984 |
| **02/28/2025** | $12567 | $11171 | $12149 |
| **03/31/2025** | $12608 | $11175 | $12186 |
| **04/30/2025** | $12698 | $11219 | $12266 |
| **05/31/2025** | $12694 | $11139 | $12280 |
| **06/30/2025** | $12884 | $11310 | $12440 |
| **07/31/2025** | $12874 | $11280 | $12452 |
| **08/31/2025** | $13039 | $11415 | $12600 |
| **09/30/2025** | $13140 | $11540 | $12686 |
| **10/31/2025** | $13183 | $11612 | $12737 |
| **11/30/2025** | $13276 | $11684 | $12824 |
| **12/31/2025** | $13289 | $11667 | $12848 |
| **01/31/2026** | $13328 | $11679 | $12875 |
| **02/28/2026** | $13453 | $11870 | $13005 |
| **03/31/2026** | $13265 | $11661 | $12826 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *Since Inception 06/29/18* |
| Class M | 5.21% | 1.46% | 3.71% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 3.97% |
| Bloomberg U.S. Intermediate Credit Index | 5.25% | 1.93% | 3.26% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$25,700,823

* # of Portfolio Holdings442

* Portfolio Turnover Rate305%

* Total Advisory Fees Paid - Net$0

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 67.7% |
| Residential Mortgage-Backed Securities - Agency | 13.4% |
| U.S. Treasury Securities | 9.2% |
| Commercial Mortgage-Backed Securities - Non-Agency | 7.8% |
| Residential Mortgage-Backed Securities - Non-Agency | 5.0% |
| Short-Term Investments | 3.7% |
| Asset-Backed Securities | 2.3% |
| Foreign Government Bonds | 0.6% |
| Other Security Types<sup>Footnote Reference\*</sup> | 0.5% |
| Liabilities in Excess of Other Assets | (10.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, due 03/31/31 | 4.1% |
| U.S. Treasury Notes, 3.88%, due 03/31/28 | 3.4% |
| Uniform Mortgage-Backed Security, TBA, 3.50%, due 12/01/51 | 2.9% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 01/01/56 | 1.8% |
| Federal National Mortgage Association, 4.50%, due 02/01/53 | 1.6% |
| Bank of America Corp., 2.30%, due 07/21/32 (1 day USD SOFR + 1.220%) | 1.5% |
| Uniform Mortgage-Backed Security, TBA, 4.00%, due 05/01/55 | 1.5% |
| JPMorgan Chase & Co., 1.95%, due 02/04/32 (1 day USD SOFR + 1.065%) | 1.3% |
| Wells Fargo & Co., 3.35%, due 03/02/33 (1 day USD SOFR + 1.500%) | 1.1% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 1.0% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Investment Grade Credit Fund

Annual Shareholder Report — March 31, 2026

Class M: MWISX

TSR MWISX-0326

TCW MetWest Low Duration Bond Fund

![Image](g143715g53m09.jpg)

Class I: MWLIX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Low Duration Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class I | $42 | 0.41% |

---

# How did the Fund perform last year and what affected its performance?
Relative outperformance versus the ICE BofA 1-3 Year U.S. Treasury Index was largely supported by residential mortgage-backed securities (MBS), including the allocation to agency MBS, which was one of the top-performing sectors over the period amid reduced rate volatility as Fed easing continued, and a positive tailwind from government-sponsored purchase programs announced in late 2025 and early 2026. Non-agency MBS positions were also significant to outperformance, with allocations to legacy issues backed by subprime collateral contributing the most, though both newer vintage "2.0" collateral also benefitted from compelling yields and strong carry. Further contributions came from additional allocations across securitized credit, with CMBS focused on single asset single borrower (SASB) deal structures that benefitted from strong sponsorship and investor demand for transparent collateral, and asset backed securities (ABS) given diversified exposure across non-traditional collateral types and collateralized loan obligations (CLOs) that provided attractive spread and yield premiums. Corporate credit exposure also rewarded returns as investment grade and high yield issues both finished ahead of comparable Treasuries, with investment grade positions providing the largest boost. Finally, the overweight duration position and emphasis on the front-end of the yield curve benefitted relative performance as the yield curve steepened and shorter maturity yields declined.

# Fund Performance
![Growth of 10K Chart](g143715g29c23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **03/2016** | $10000 | $10000 | $10000 |
| **04/2016** | $10023 | $10038 | $10004 |
| **05/2016** | $10036 | $10041 | $9993 |
| **06/2016** | $10070 | $10221 | $10053 |
| **07/2016** | $10082 | $10286 | $10047 |
| **08/2016** | $10084 | $10274 | $10030 |
| **09/2016** | $10107 | $10268 | $10042 |
| **10/2016** | $10107 | $10190 | $10035 |
| **11/2016** | $10084 | $9949 | $9996 |
| **12/2016** | $10102 | $9963 | $9999 |
| **01/2017** | $10124 | $9982 | $10011 |
| **02/2017** | $10134 | $10049 | $10021 |
| **03/2017** | $10147 | $10044 | $10025 |
| **04/2017** | $10170 | $10122 | $10038 |
| **05/2017** | $10184 | $10199 | $10050 |
| **06/2017** | $10196 | $10189 | $10042 |
| **07/2017** | $10222 | $10233 | $10063 |
| **08/2017** | $10247 | $10325 | $10082 |
| **09/2017** | $10237 | $10276 | $10066 |
| **10/2017** | $10239 | $10282 | $10060 |
| **11/2017** | $10230 | $10268 | $10039 |
| **12/2017** | $10238 | $10316 | $10041 |
| **01/2018** | $10218 | $10197 | $10012 |
| **02/2018** | $10210 | $10100 | $10008 |
| **03/2018** | $10228 | $10165 | $10028 |
| **04/2018** | $10211 | $10089 | $10012 |
| **05/2018** | $10255 | $10161 | $10048 |
| **06/2018** | $10251 | $10149 | $10050 |
| **07/2018** | $10247 | $10151 | $10049 |
| **08/2018** | $10281 | $10216 | $10081 |
| **09/2018** | $10277 | $10151 | $10069 |
| **10/2018** | $10275 | $10070 | $10085 |
| **11/2018** | $10298 | $10131 | $10120 |
| **12/2018** | $10383 | $10317 | $10200 |
| **01/2019** | $10444 | $10426 | $10227 |
| **02/2019** | $10455 | $10420 | $10237 |
| **03/2019** | $10538 | $10620 | $10300 |
| **04/2019** | $10574 | $10623 | $10321 |
| **05/2019** | $10647 | $10812 | $10394 |
| **06/2019** | $10707 | $10947 | $10448 |
| **07/2019** | $10706 | $10971 | $10436 |
| **08/2019** | $10779 | $11256 | $10520 |
| **09/2019** | $10777 | $11196 | $10508 |
| **10/2019** | $10826 | $11230 | $10543 |
| **11/2019** | $10822 | $11224 | $10540 |
| **12/2019** | $10843 | $11216 | $10562 |
| **01/2020** | $10902 | $11432 | $10619 |
| **02/2020** | $10971 | $11638 | $10712 |
| **03/2020** | $10763 | $11569 | $10858 |
| **04/2020** | $10905 | $11775 | $10863 |
| **05/2020** | $10984 | $11830 | $10870 |
| **06/2020** | $11061 | $11904 | $10873 |
| **07/2020** | $11124 | $12082 | $10884 |
| **08/2020** | $11137 | $11984 | $10881 |
| **09/2020** | $11148 | $11978 | $10884 |
| **10/2020** | $11148 | $11924 | $10880 |
| **11/2020** | $11196 | $12041 | $10885 |
| **12/2020** | $11221 | $12058 | $10890 |
| **01/2021** | $11236 | $11971 | $10891 |
| **02/2021** | $11234 | $11799 | $10883 |
| **03/2021** | $11207 | $11651 | $10885 |
| **04/2021** | $11241 | $11743 | $10890 |
| **05/2021** | $11251 | $11782 | $10898 |
| **06/2021** | $11248 | $11864 | $10881 |
| **07/2021** | $11281 | $11997 | $10899 |
| **08/2021** | $11277 | $11974 | $10898 |
| **09/2021** | $11288 | $11871 | $10887 |
| **10/2021** | $11260 | $11867 | $10854 |
| **11/2021** | $11244 | $11902 | $10856 |
| **12/2021** | $11229 | $11872 | $10829 |
| **01/2022** | $11164 | $11616 | $10758 |
| **02/2022** | $11098 | $11487 | $10718 |
| **03/2022** | $10945 | $11168 | $10575 |
| **04/2022** | $10819 | $10744 | $10525 |
| **05/2022** | $10862 | $10813 | $10583 |
| **06/2022** | $10752 | $10643 | $10522 |
| **07/2022** | $10864 | $10903 | $10558 |
| **08/2022** | $10772 | $10595 | $10481 |
| **09/2022** | $10565 | $10138 | $10358 |
| **10/2022** | $10492 | $10006 | $10348 |
| **11/2022** | $10627 | $10374 | $10413 |
| **12/2022** | $10671 | $10327 | $10434 |
| **01/2023** | $10862 | $10645 | $10506 |
| **02/2023** | $10725 | $10370 | $10430 |
| **03/2023** | $10905 | $10633 | $10596 |
| **04/2023** | $10942 | $10698 | $10624 |
| **05/2023** | $10888 | $10581 | $10587 |
| **06/2023** | $10845 | $10544 | $10536 |
| **07/2023** | $10910 | $10536 | $10573 |
| **08/2023** | $10938 | $10469 | $10615 |
| **09/2023** | $10869 | $10203 | $10614 |
| **10/2023** | $10856 | $10042 | $10650 |
| **11/2023** | $11085 | $10497 | $10758 |
| **12/2023** | $11288 | $10898 | $10878 |
| **01/2024** | $11358 | $10868 | $10920 |
| **02/2024** | $11287 | $10715 | $10875 |
| **03/2024** | $11344 | $10814 | $10910 |
| **04/2024** | $11264 | $10541 | $10875 |
| **05/2024** | $11363 | $10719 | $10950 |
| **06/2024** | $11449 | $10821 | $11013 |
| **07/2024** | $11633 | $11074 | $11139 |
| **08/2024** | $11759 | $11233 | $11239 |
| **09/2024** | $11879 | $11383 | $11329 |
| **10/2024** | $11746 | $11101 | $11263 |
| **11/2024** | $11814 | $11218 | $11296 |
| **12/2024** | $11817 | $11035 | $11322 |
| **01/2025** | $11873 | $11093 | $11371 |
| **02/2025** | $12002 | $11337 | $11449 |
| **03/2025** | $12043 | $11342 | $11503 |
| **04/2025** | $12123 | $11386 | $11593 |
| **05/2025** | $12131 | $11305 | $11569 |
| **06/2025** | $12229 | $11478 | $11638 |
| **07/2025** | $12220 | $11448 | $11632 |
| **08/2025** | $12348 | $11585 | $11732 |
| **09/2025** | $12407 | $11711 | $11768 |
| **10/2025** | $12437 | $11785 | $11807 |
| **11/2025** | $12493 | $11858 | $11862 |
| **12/2025** | $12559 | $11840 | $11899 |
| **01/2026** | $12608 | $11853 | $11924 |
| **02/2026** | $12671 | $12047 | $11987 |
| **03/2026** | $12586 | $11835 | $11934 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class I | 4.51% | 2.35% | 2.33% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| ICE BofA 1-3 Year U.S. Treasury Index | 3.75% | 1.86% | 1.78% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$918,552,616

* # of Portfolio Holdings527

* Portfolio Turnover Rate489%

* Total Advisory Fees Paid - Net$2,399,987

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 28.8% |
| U.S. Treasury Securities | 21.5% |
| Residential Mortgage-Backed Securities - Agency | 20.8% |
| Asset-Backed Securities | 15.7% |
| Residential Mortgage-Backed Securities - Non-Agency | 10.0% |
| Commercial Mortgage-Backed Securities - Non-Agency | 6.9% |
| Short-Term Investments | 4.8% |
| Foreign Government Bonds | 1.6% |
| Other Security Types<sup>Footnote Reference\*</sup> | 2.1% |
| Liabilities in Excess of Other Assets | (12.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, due 03/31/28 | 19.5% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 01/01/56 | 2.6% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 2.1% |
| JPMorgan Chase & Co., 3.78%, due 02/01/28 (3 mo. USD Term SOFR + 1.599%) | 1.5% |
| U.S. Treasury Notes, 3.50%, due 03/15/29 | 1.3% |
| Wells Fargo & Co., 5.57%, due 07/25/29 (1 day USD SOFR + 1.740%) | 1.3% |
| Federal National Mortgage Association, 4.50%, due 11/01/52 | 1.3% |
| Government National Mortgage Association REMICS, Class FB, 4.82%, due 09/20/54 (30 day USD SOFR Average + 1.150%) | 1.2% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 04/15/40 | 1.2% |
| HSBC Holdings PLC (United Kingdom), 2.01%, due 09/22/28 (1 day USD SOFR + 1.732%) | 1.2% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Low Duration Bond Fund

Annual Shareholder Report — March 31, 2026

Class I: MWLIX

TSR MWLIX-0326

TCW MetWest Low Duration Bond Fund

![Image](g143715g53m09.jpg)

Class M: MWLDX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Low Duration Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class M | $64 | 0.63% |

---

# How did the Fund perform last year and what affected its performance?
Relative outperformance versus the ICE BofA 1-3 Year U.S. Treasury Index was largely supported by residential mortgage-backed securities (MBS), including the allocation to agency MBS, which was one of the top-performing sectors over the period amid reduced rate volatility as Fed easing continued, and a positive tailwind from government-sponsored purchase programs announced in late 2025 and early 2026. Non-agency MBS positions were also significant to outperformance, with allocations to legacy issues backed by subprime collateral contributing the most, though both newer vintage "2.0" collateral also benefitted from compelling yields and strong carry. Further contributions came from additional allocations across securitized credit, with CMBS focused on single asset single borrower (SASB) deal structures that benefitted from strong sponsorship and investor demand for transparent collateral, and asset backed securities (ABS) given diversified exposure across non-traditional collateral types and collateralized loan obligations (CLOs) that provided attractive spread and yield premiums. Corporate credit exposure also rewarded returns as investment grade and high yield issues both finished ahead of comparable Treasuries, with investment grade positions providing the largest boost. Finally, the overweight duration position and emphasis on the front-end of the yield curve benefitted relative performance as the yield curve steepened and shorter maturity yields declined.

# Fund Performance
![Growth of 10K Chart](g143715g24q06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **03/2016** | $10000 | $10000 | $10000 |
| **04/2016** | $10009 | $10038 | $10004 |
| **05/2016** | $10021 | $10041 | $9993 |
| **06/2016** | $10064 | $10221 | $10053 |
| **07/2016** | $10074 | $10286 | $10047 |
| **08/2016** | $10074 | $10274 | $10030 |
| **09/2016** | $10083 | $10268 | $10042 |
| **10/2016** | $10093 | $10190 | $10035 |
| **11/2016** | $10068 | $9949 | $9996 |
| **12/2016** | $10084 | $9963 | $9999 |
| **01/2017** | $10093 | $9982 | $10011 |
| **02/2017** | $10114 | $10049 | $10021 |
| **03/2017** | $10125 | $10044 | $10025 |
| **04/2017** | $10147 | $10122 | $10038 |
| **05/2017** | $10159 | $10199 | $10050 |
| **06/2017** | $10170 | $10189 | $10042 |
| **07/2017** | $10182 | $10233 | $10063 |
| **08/2017** | $10205 | $10325 | $10082 |
| **09/2017** | $10204 | $10276 | $10066 |
| **10/2017** | $10205 | $10282 | $10060 |
| **11/2017** | $10193 | $10268 | $10039 |
| **12/2017** | $10199 | $10316 | $10041 |
| **01/2018** | $10178 | $10197 | $10012 |
| **02/2018** | $10168 | $10100 | $10008 |
| **03/2018** | $10173 | $10165 | $10028 |
| **04/2018** | $10166 | $10089 | $10012 |
| **05/2018** | $10208 | $10161 | $10048 |
| **06/2018** | $10202 | $10149 | $10050 |
| **07/2018** | $10197 | $10151 | $10049 |
| **08/2018** | $10228 | $10216 | $10081 |
| **09/2018** | $10210 | $10151 | $10069 |
| **10/2018** | $10218 | $10070 | $10085 |
| **11/2018** | $10239 | $10131 | $10120 |
| **12/2018** | $10322 | $10317 | $10200 |
| **01/2019** | $10368 | $10426 | $10227 |
| **02/2019** | $10389 | $10420 | $10237 |
| **03/2019** | $10471 | $10620 | $10300 |
| **04/2019** | $10493 | $10623 | $10321 |
| **05/2019** | $10576 | $10812 | $10394 |
| **06/2019** | $10634 | $10947 | $10448 |
| **07/2019** | $10619 | $10971 | $10436 |
| **08/2019** | $10702 | $11256 | $10520 |
| **09/2019** | $10698 | $11196 | $10508 |
| **10/2019** | $10744 | $11230 | $10543 |
| **11/2019** | $10739 | $11224 | $10540 |
| **12/2019** | $10758 | $11216 | $10562 |
| **01/2020** | $10814 | $11432 | $10619 |
| **02/2020** | $10882 | $11638 | $10712 |
| **03/2020** | $10674 | $11569 | $10858 |
| **04/2020** | $10812 | $11775 | $10863 |
| **05/2020** | $10876 | $11830 | $10870 |
| **06/2020** | $10963 | $11904 | $10873 |
| **07/2020** | $11011 | $12082 | $10884 |
| **08/2020** | $11034 | $11984 | $10881 |
| **09/2020** | $11044 | $11978 | $10884 |
| **10/2020** | $11042 | $11924 | $10880 |
| **11/2020** | $11075 | $12041 | $10885 |
| **12/2020** | $11110 | $12058 | $10890 |
| **01/2021** | $11123 | $11971 | $10891 |
| **02/2021** | $11107 | $11799 | $10883 |
| **03/2021** | $11091 | $11651 | $10885 |
| **04/2021** | $11123 | $11743 | $10890 |
| **05/2021** | $11131 | $11782 | $10898 |
| **06/2021** | $11126 | $11864 | $10881 |
| **07/2021** | $11144 | $11997 | $10899 |
| **08/2021** | $11151 | $11974 | $10898 |
| **09/2021** | $11147 | $11871 | $10887 |
| **10/2021** | $11130 | $11867 | $10854 |
| **11/2021** | $11112 | $11902 | $10856 |
| **12/2021** | $11096 | $11872 | $10829 |
| **01/2022** | $11017 | $11616 | $10758 |
| **02/2022** | $10963 | $11487 | $10718 |
| **03/2022** | $10797 | $11168 | $10575 |
| **04/2022** | $10683 | $10744 | $10525 |
| **05/2022** | $10724 | $10813 | $10583 |
| **06/2022** | $10613 | $10643 | $10522 |
| **07/2022** | $10722 | $10903 | $10558 |
| **08/2022** | $10630 | $10595 | $10481 |
| **09/2022** | $10424 | $10138 | $10358 |
| **10/2022** | $10350 | $10006 | $10348 |
| **11/2022** | $10481 | $10374 | $10413 |
| **12/2022** | $10523 | $10327 | $10434 |
| **01/2023** | $10709 | $10645 | $10506 |
| **02/2023** | $10572 | $10370 | $10430 |
| **03/2023** | $10747 | $10633 | $10596 |
| **04/2023** | $10781 | $10698 | $10624 |
| **05/2023** | $10726 | $10581 | $10587 |
| **06/2023** | $10683 | $10544 | $10536 |
| **07/2023** | $10745 | $10536 | $10573 |
| **08/2023** | $10771 | $10469 | $10615 |
| **09/2023** | $10701 | $10203 | $10614 |
| **10/2023** | $10686 | $10042 | $10650 |
| **11/2023** | $10910 | $10497 | $10758 |
| **12/2023** | $11109 | $10898 | $10878 |
| **01/2024** | $11175 | $10868 | $10920 |
| **02/2024** | $11103 | $10715 | $10875 |
| **03/2024** | $11157 | $10814 | $10910 |
| **04/2024** | $11077 | $10541 | $10875 |
| **05/2024** | $11172 | $10719 | $10950 |
| **06/2024** | $11255 | $10821 | $11013 |
| **07/2024** | $11434 | $11074 | $11139 |
| **08/2024** | $11556 | $11233 | $11239 |
| **09/2024** | $11673 | $11383 | $11329 |
| **10/2024** | $11540 | $11101 | $11263 |
| **11/2024** | $11605 | $11218 | $11296 |
| **12/2024** | $11606 | $11035 | $11322 |
| **01/2025** | $11659 | $11093 | $11371 |
| **02/2025** | $11784 | $11337 | $11449 |
| **03/2025** | $11822 | $11342 | $11503 |
| **04/2025** | $11899 | $11386 | $11593 |
| **05/2025** | $11905 | $11305 | $11569 |
| **06/2025** | $11999 | $11478 | $11638 |
| **07/2025** | $11989 | $11448 | $11632 |
| **08/2025** | $12113 | $11585 | $11732 |
| **09/2025** | $12169 | $11711 | $11768 |
| **10/2025** | $12195 | $11785 | $11807 |
| **11/2025** | $12248 | $11858 | $11862 |
| **12/2025** | $12310 | $11840 | $11899 |
| **01/2026** | $12355 | $11853 | $11924 |
| **02/2026** | $12414 | $12047 | $11987 |
| **03/2026** | $12328 | $11835 | $11934 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class M | 4.28% | 2.14% | 2.12% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| ICE BofA 1-3 Year U.S. Treasury Index | 3.75% | 1.86% | 1.78% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$918,552,616

* # of Portfolio Holdings527

* Portfolio Turnover Rate489%

* Total Advisory Fees Paid - Net$2,399,987

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 28.8% |
| U.S. Treasury Securities | 21.5% |
| Residential Mortgage-Backed Securities - Agency | 20.8% |
| Asset-Backed Securities | 15.7% |
| Residential Mortgage-Backed Securities - Non-Agency | 10.0% |
| Commercial Mortgage-Backed Securities - Non-Agency | 6.9% |
| Short-Term Investments | 4.8% |
| Foreign Government Bonds | 1.6% |
| Other Security Types<sup>Footnote Reference\*</sup> | 2.1% |
| Liabilities in Excess of Other Assets | (12.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, due 03/31/28 | 19.5% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 01/01/56 | 2.6% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 2.1% |
| JPMorgan Chase & Co., 3.78%, due 02/01/28 (3 mo. USD Term SOFR + 1.599%) | 1.5% |
| U.S. Treasury Notes, 3.50%, due 03/15/29 | 1.3% |
| Wells Fargo & Co., 5.57%, due 07/25/29 (1 day USD SOFR + 1.740%) | 1.3% |
| Federal National Mortgage Association, 4.50%, due 11/01/52 | 1.3% |
| Government National Mortgage Association REMICS, Class FB, 4.82%, due 09/20/54 (30 day USD SOFR Average + 1.150%) | 1.2% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 04/15/40 | 1.2% |
| HSBC Holdings PLC (United Kingdom), 2.01%, due 09/22/28 (1 day USD SOFR + 1.732%) | 1.2% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Low Duration Bond Fund

Annual Shareholder Report — March 31, 2026

Class M: MWLDX

TSR MWLDX-0326

TCW MetWest Low Duration Bond Fund

![Image](g143715g53m09.jpg)

Administrative Class: MWLNX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Low Duration Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Administrative Class | $83 | 0.81% |

---

# How did the Fund perform last year and what affected its performance?
Relative outperformance versus the ICE BofA 1-3 Year U.S. Treasury Index was largely supported by residential mortgage-backed securities (MBS), including the allocation to agency MBS, which was one of the top-performing sectors over the period amid reduced rate volatility as Fed easing continued, and a positive tailwind from government-sponsored purchase programs announced in late 2025 and early 2026. Non-agency MBS positions were also significant to outperformance, with allocations to legacy issues backed by subprime collateral contributing the most, though both newer vintage "2.0" collateral also benefitted from compelling yields and strong carry. Further contributions came from additional allocations across securitized credit, with CMBS focused on single asset single borrower (SASB) deal structures that benefitted from strong sponsorship and investor demand for transparent collateral, and asset backed securities (ABS) given diversified exposure across non-traditional collateral types and collateralized loan obligations (CLOs) that provided attractive spread and yield premiums. Corporate credit exposure also rewarded returns as investment grade and high yield issues both finished ahead of comparable Treasuries, with investment grade positions providing the largest boost. Finally, the overweight duration position and emphasis on the front-end of the yield curve benefitted relative performance as the yield curve steepened and shorter maturity yields declined.

# Fund Performance
![Growth of 10K Chart](g143715g00p27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **03/2016** | $10000 | $10000 | $10000 |
| **04/2016** | $10017 | $10038 | $10004 |
| **05/2016** | $10028 | $10041 | $9993 |
| **06/2016** | $10062 | $10221 | $10053 |
| **07/2016** | $10072 | $10286 | $10047 |
| **08/2016** | $10073 | $10274 | $10030 |
| **09/2016** | $10091 | $10268 | $10042 |
| **10/2016** | $10090 | $10190 | $10035 |
| **11/2016** | $10063 | $9949 | $9996 |
| **12/2016** | $10077 | $9963 | $9999 |
| **01/2017** | $10094 | $9982 | $10011 |
| **02/2017** | $10112 | $10049 | $10021 |
| **03/2017** | $10122 | $10044 | $10025 |
| **04/2017** | $10140 | $10122 | $10038 |
| **05/2017** | $10151 | $10199 | $10050 |
| **06/2017** | $10161 | $10189 | $10042 |
| **07/2017** | $10172 | $10233 | $10063 |
| **08/2017** | $10201 | $10325 | $10082 |
| **09/2017** | $10193 | $10276 | $10066 |
| **10/2017** | $10187 | $10282 | $10060 |
| **11/2017** | $10180 | $10268 | $10039 |
| **12/2017** | $10178 | $10316 | $10041 |
| **01/2018** | $10164 | $10197 | $10012 |
| **02/2018** | $10149 | $10100 | $10008 |
| **03/2018** | $10165 | $10165 | $10028 |
| **04/2018** | $10154 | $10089 | $10012 |
| **05/2018** | $10189 | $10161 | $10048 |
| **06/2018** | $10179 | $10149 | $10050 |
| **07/2018** | $10178 | $10151 | $10049 |
| **08/2018** | $10205 | $10216 | $10081 |
| **09/2018** | $10195 | $10151 | $10069 |
| **10/2018** | $10196 | $10070 | $10085 |
| **11/2018** | $10216 | $10131 | $10120 |
| **12/2018** | $10302 | $10317 | $10200 |
| **01/2019** | $10352 | $10426 | $10227 |
| **02/2019** | $10362 | $10420 | $10237 |
| **03/2019** | $10438 | $10620 | $10300 |
| **04/2019** | $10468 | $10623 | $10321 |
| **05/2019** | $10545 | $10812 | $10394 |
| **06/2019** | $10603 | $10947 | $10448 |
| **07/2019** | $10586 | $10971 | $10436 |
| **08/2019** | $10672 | $11256 | $10520 |
| **09/2019** | $10664 | $11196 | $10508 |
| **10/2019** | $10703 | $11230 | $10543 |
| **11/2019** | $10693 | $11224 | $10540 |
| **12/2019** | $10711 | $11216 | $10562 |
| **01/2020** | $10777 | $11432 | $10619 |
| **02/2020** | $10841 | $11638 | $10712 |
| **03/2020** | $10635 | $11569 | $10858 |
| **04/2020** | $10773 | $11775 | $10863 |
| **05/2020** | $10835 | $11830 | $10870 |
| **06/2020** | $10913 | $11904 | $10873 |
| **07/2020** | $10971 | $12082 | $10884 |
| **08/2020** | $10980 | $11984 | $10881 |
| **09/2020** | $10989 | $11978 | $10884 |
| **10/2020** | $10998 | $11924 | $10880 |
| **11/2020** | $11034 | $12041 | $10885 |
| **12/2020** | $11063 | $12058 | $10890 |
| **01/2021** | $11074 | $11971 | $10891 |
| **02/2021** | $11063 | $11799 | $10883 |
| **03/2021** | $11042 | $11651 | $10885 |
| **04/2021** | $11068 | $11743 | $10890 |
| **05/2021** | $11074 | $11782 | $10898 |
| **06/2021** | $11071 | $11864 | $10881 |
| **07/2021** | $11096 | $11997 | $10899 |
| **08/2021** | $11091 | $11974 | $10898 |
| **09/2021** | $11089 | $11871 | $10887 |
| **10/2021** | $11068 | $11867 | $10854 |
| **11/2021** | $11045 | $11902 | $10856 |
| **12/2021** | $11034 | $11872 | $10829 |
| **01/2022** | $10954 | $11616 | $10758 |
| **02/2022** | $10895 | $11487 | $10718 |
| **03/2022** | $10739 | $11168 | $10575 |
| **04/2022** | $10615 | $10744 | $10525 |
| **05/2022** | $10658 | $10813 | $10583 |
| **06/2022** | $10547 | $10643 | $10522 |
| **07/2022** | $10654 | $10903 | $10558 |
| **08/2022** | $10567 | $10595 | $10481 |
| **09/2022** | $10354 | $10138 | $10358 |
| **10/2022** | $10274 | $10006 | $10348 |
| **11/2022** | $10413 | $10374 | $10413 |
| **12/2022** | $10455 | $10327 | $10434 |
| **01/2023** | $10635 | $10645 | $10506 |
| **02/2023** | $10507 | $10370 | $10430 |
| **03/2023** | $10678 | $10633 | $10596 |
| **04/2023** | $10722 | $10698 | $10624 |
| **05/2023** | $10657 | $10581 | $10587 |
| **06/2023** | $10613 | $10544 | $10536 |
| **07/2023** | $10670 | $10536 | $10573 |
| **08/2023** | $10697 | $10469 | $10615 |
| **09/2023** | $10630 | $10203 | $10614 |
| **10/2023** | $10607 | $10042 | $10650 |
| **11/2023** | $10838 | $10497 | $10758 |
| **12/2023** | $11040 | $10898 | $10878 |
| **01/2024** | $11089 | $10868 | $10920 |
| **02/2024** | $11030 | $10715 | $10875 |
| **03/2024** | $11080 | $10814 | $10910 |
| **04/2024** | $10995 | $10541 | $10875 |
| **05/2024** | $11087 | $10719 | $10950 |
| **06/2024** | $11170 | $10821 | $11013 |
| **07/2024** | $11348 | $11074 | $11139 |
| **08/2024** | $11471 | $11233 | $11239 |
| **09/2024** | $11578 | $11383 | $11329 |
| **10/2024** | $11453 | $11101 | $11263 |
| **11/2024** | $11513 | $11218 | $11296 |
| **12/2024** | $11513 | $11035 | $11322 |
| **01/2025** | $11571 | $11093 | $11371 |
| **02/2025** | $11687 | $11337 | $11449 |
| **03/2025** | $11724 | $11342 | $11503 |
| **04/2025** | $11812 | $11386 | $11593 |
| **05/2025** | $11804 | $11305 | $11569 |
| **06/2025** | $11895 | $11478 | $11638 |
| **07/2025** | $11893 | $11448 | $11632 |
| **08/2025** | $12007 | $11585 | $11732 |
| **09/2025** | $12056 | $11711 | $11768 |
| **10/2025** | $12084 | $11785 | $11807 |
| **11/2025** | $12131 | $11858 | $11862 |
| **12/2025** | $12190 | $11840 | $11899 |
| **01/2026** | $12230 | $11853 | $11924 |
| **02/2026** | $12291 | $12047 | $11987 |
| **03/2026** | $12208 | $11835 | $11934 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Administrative Class | 4.13% | 2.03% | 2.02% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| ICE BofA 1-3 Year U.S. Treasury Index | 3.75% | 1.86% | 1.78% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$918,552,616

* # of Portfolio Holdings527

* Portfolio Turnover Rate489%

* Total Advisory Fees Paid - Net$2,399,987

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 28.8% |
| U.S. Treasury Securities | 21.5% |
| Residential Mortgage-Backed Securities - Agency | 20.8% |
| Asset-Backed Securities | 15.7% |
| Residential Mortgage-Backed Securities - Non-Agency | 10.0% |
| Commercial Mortgage-Backed Securities - Non-Agency | 6.9% |
| Short-Term Investments | 4.8% |
| Foreign Government Bonds | 1.6% |
| Other Security Types<sup>Footnote Reference\*</sup> | 2.1% |
| Liabilities in Excess of Other Assets | (12.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, due 03/31/28 | 19.5% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 01/01/56 | 2.6% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 2.1% |
| JPMorgan Chase & Co., 3.78%, due 02/01/28 (3 mo. USD Term SOFR + 1.599%) | 1.5% |
| U.S. Treasury Notes, 3.50%, due 03/15/29 | 1.3% |
| Wells Fargo & Co., 5.57%, due 07/25/29 (1 day USD SOFR + 1.740%) | 1.3% |
| Federal National Mortgage Association, 4.50%, due 11/01/52 | 1.3% |
| Government National Mortgage Association REMICS, Class FB, 4.82%, due 09/20/54 (30 day USD SOFR Average + 1.150%) | 1.2% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 04/15/40 | 1.2% |
| HSBC Holdings PLC (United Kingdom), 2.01%, due 09/22/28 (1 day USD SOFR + 1.732%) | 1.2% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Low Duration Bond Fund

Annual Shareholder Report — March 31, 2026

Administrative Class: MWLNX

TSR MWLNX-0326

TCW MetWest Low Duration Bond Fund

![Image](g143715g53m09.jpg)

Class I-3: MWLZX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Low Duration Bond Fund (the "Fund") for the period of August 26, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class I-3 | $32<sup>Footnote Reference+</sup> | 0.54%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |
| &nbsp;&nbsp;Footnote<sup>+</sup> | &nbsp;&nbsp;The dollar amounts above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher. |

---

# How did the Fund perform last year and what affected its performance?
Relative outperformance versus the ICE BofA 1-3 Year U.S. Treasury Index was largely supported by residential mortgage-backed securities (MBS), including the allocation to agency MBS, which was one of the top-performing sectors over the period amid reduced rate volatility as Fed easing continued, and a positive tailwind from government-sponsored purchase programs announced in late 2025 and early 2026. Non-agency MBS positions were also significant to outperformance, with allocations to legacy issues backed by subprime collateral contributing the most, though both newer vintage "2.0" collateral also benefitted from compelling yields and strong carry. Further contributions came from additional allocations across securitized credit, with CMBS focused on single asset single borrower (SASB) deal structures that benefitted from strong sponsorship and investor demand for transparent collateral, and asset backed securities (ABS) given diversified exposure across non-traditional collateral types and collateralized loan obligations (CLOs) that provided attractive spread and yield premiums. Corporate credit exposure also rewarded returns as investment grade and high yield issues both finished ahead of comparable Treasuries, with investment grade positions providing the largest boost. Finally, the overweight duration position and emphasis on the front-end of the yield curve benefitted relative performance as the yield curve steepened and shorter maturity yields declined.

# Fund Performance
![Growth of 10K Chart](g143715g76x57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I-3** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA 1-3 Year U.S. Treasury Index** |
| **08/26/2025** | $10000 | $10000 | $10000 |
| **08/2025** | $10026 | $10120 | $10086 |
| **09/2025** | $10062 | $10230 | $10117 |
| **10/2025** | $10097 | $10294 | $10151 |
| **11/2025** | $10140 | $10358 | $10197 |
| **12/2025** | $10181 | $10343 | $10230 |
| **01/2026** | $10228 | $10354 | $10251 |
| **02/2026** | $10274 | $10523 | $10305 |
| **03/2026** | $10209 | $10338 | $10260 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | |
|:---|:---|
| Name | *Since Inception 08/26/25* |
| Class I-3 | 2.09% |
| Bloomberg U.S. Aggregate Bond Index | 3.97% |
| ICE BofA 1-3 Year U.S. Treasury Index | 2.61% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$918,552,616

* # of Portfolio Holdings527

* Portfolio Turnover Rate489%

* Total Advisory Fees Paid - Net$2,399,987

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 28.8% |
| U.S. Treasury Securities | 21.5% |
| Residential Mortgage-Backed Securities - Agency | 20.8% |
| Asset-Backed Securities | 15.7% |
| Residential Mortgage-Backed Securities - Non-Agency | 10.0% |
| Commercial Mortgage-Backed Securities - Non-Agency | 6.9% |
| Short-Term Investments | 4.8% |
| Foreign Government Bonds | 1.6% |
| Other Security Types<sup>Footnote Reference\*</sup> | 2.1% |
| Liabilities in Excess of Other Assets | (12.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, due 03/31/28 | 19.5% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 01/01/56 | 2.6% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 2.1% |
| JPMorgan Chase & Co., 3.78%, due 02/01/28 (3 mo. USD Term SOFR + 1.599%) | 1.5% |
| U.S. Treasury Notes, 3.50%, due 03/15/29 | 1.3% |
| Wells Fargo & Co., 5.57%, due 07/25/29 (1 day USD SOFR + 1.740%) | 1.3% |
| Federal National Mortgage Association, 4.50%, due 11/01/52 | 1.3% |
| Government National Mortgage Association REMICS, Class FB, 4.82%, due 09/20/54 (30 day USD SOFR Average + 1.150%) | 1.2% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 04/15/40 | 1.2% |
| HSBC Holdings PLC (United Kingdom), 2.01%, due 09/22/28 (1 day USD SOFR + 1.732%) | 1.2% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Low Duration Bond Fund

Annual Shareholder Report — March 31, 2026

Class I-3: MWLZX

TSR MWLZX-0326

TCW MetWest Strategic Income Fund

![Image](g143715g53m09.jpg)

Class I: MWSIX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Strategic Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class I | $82 | 0.80% |

---

# How did the Fund perform last year and what affected its performance?
Diversified exposure to fixed income spread sectors drove outperformance versus the ICE BofA U.S. 3-Month Treasury Bill Index, led by securitized products. The non-agency mortgage-backed securities (MBS) allocation was the largest contributor, benefiting from steady income and attractive yield premiums that boosted the Fund's overall yield profile. Non-agency commercial MBS (CMBS), focused on single-asset, single-borrower (SASB) deals backed by high-quality properties, also contributed meaningfully, including positions down the capital structure. The asset-backed securities (ABS) allocation further boosted performance, led by non-traditional collateral such as digital infrastructure and single-family rentals. Outside of the allocation to securitized products, positions in high yield and investment grade corporates added value as both outperformed duration-matched Treasuries, with energy, consumer non-cyclicals, and banking sectors providing the largest tailwinds. Finally, the Fund's positive duration position and emphasis on the front end of the curve was moderately additive as the yield curve steepened and shorter maturity yields declined.

# Fund Performance
![Growth of 10K Chart](g143715g69q32.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. 3-Month Treasury Bill Index Plus 200 bps** |
| **03/2016** | $10000 | $10000 | $10000 |
| **04/2016** | $10109 | $10038 | $10019 |
| **05/2016** | $10110 | $10041 | $10037 |
| **06/2016** | $10147 | $10221 | $10057 |
| **07/2016** | $10240 | $10286 | $10076 |
| **08/2016** | $10267 | $10274 | $10095 |
| **09/2016** | $10303 | $10268 | $10117 |
| **10/2016** | $10309 | $10190 | $10136 |
| **11/2016** | $10282 | $9949 | $10154 |
| **12/2016** | $10310 | $9963 | $10175 |
| **01/2017** | $10362 | $9982 | $10197 |
| **02/2017** | $10399 | $10049 | $10218 |
| **03/2017** | $10432 | $10044 | $10236 |
| **04/2017** | $10455 | $10122 | $10260 |
| **05/2017** | $10535 | $10199 | $10282 |
| **06/2017** | $10550 | $10189 | $10308 |
| **07/2017** | $10563 | $10233 | $10334 |
| **08/2017** | $10639 | $10325 | $10360 |
| **09/2017** | $10658 | $10276 | $10386 |
| **10/2017** | $10703 | $10282 | $10413 |
| **11/2017** | $10735 | $10268 | $10439 |
| **12/2017** | $10742 | $10316 | $10467 |
| **01/2018** | $10741 | $10197 | $10497 |
| **02/2018** | $10730 | $10100 | $10524 |
| **03/2018** | $10735 | $10165 | $10557 |
| **04/2018** | $10713 | $10089 | $10588 |
| **05/2018** | $10745 | $10161 | $10622 |
| **06/2018** | $10721 | $10149 | $10657 |
| **07/2018** | $10757 | $10151 | $10691 |
| **08/2018** | $10809 | $10216 | $10728 |
| **09/2018** | $10830 | $10151 | $10762 |
| **10/2018** | $10833 | $10070 | $10799 |
| **11/2018** | $10809 | $10131 | $10839 |
| **12/2018** | $10842 | $10317 | $10877 |
| **01/2019** | $10976 | $10426 | $10916 |
| **02/2019** | $11004 | $10420 | $10953 |
| **03/2019** | $11101 | $10620 | $10996 |
| **04/2019** | $11152 | $10623 | $11035 |
| **05/2019** | $11204 | $10812 | $11078 |
| **06/2019** | $11298 | $10947 | $11121 |
| **07/2019** | $11335 | $10971 | $11159 |
| **08/2019** | $11416 | $11256 | $11201 |
| **09/2019** | $11418 | $11196 | $11239 |
| **10/2019** | $11463 | $11230 | $11279 |
| **11/2019** | $11488 | $11224 | $11312 |
| **12/2019** | $11501 | $11216 | $11347 |
| **01/2020** | $11594 | $11432 | $11381 |
| **02/2020** | $11591 | $11638 | $11416 |
| **03/2020** | $10700 | $11569 | $11468 |
| **04/2020** | $11050 | $11775 | $11488 |
| **05/2020** | $11279 | $11830 | $11507 |
| **06/2020** | $11485 | $11904 | $11528 |
| **07/2020** | $11614 | $12082 | $11549 |
| **08/2020** | $11709 | $11984 | $11569 |
| **09/2020** | $11734 | $11978 | $11590 |
| **10/2020** | $11811 | $11924 | $11610 |
| **11/2020** | $11981 | $12041 | $11630 |
| **12/2020** | $12068 | $12058 | $11651 |
| **01/2021** | $12100 | $11971 | $11671 |
| **02/2021** | $12195 | $11799 | $11691 |
| **03/2021** | $12218 | $11651 | $11711 |
| **04/2021** | $12295 | $11743 | $11731 |
| **05/2021** | $12317 | $11782 | $11750 |
| **06/2021** | $12361 | $11864 | $11769 |
| **07/2021** | $12370 | $11997 | $11789 |
| **08/2021** | $12385 | $11974 | $11809 |
| **09/2021** | $12416 | $11871 | $11830 |
| **10/2021** | $12357 | $11867 | $11849 |
| **11/2021** | $12340 | $11902 | $11869 |
| **12/2021** | $12356 | $11872 | $11890 |
| **01/2022** | $12240 | $11616 | $11909 |
| **02/2022** | $12148 | $11487 | $11930 |
| **03/2022** | $11881 | $11168 | $11953 |
| **04/2022** | $11682 | $10744 | $11975 |
| **05/2022** | $11718 | $10813 | $12003 |
| **06/2022** | $11514 | $10643 | $12025 |
| **07/2022** | $11727 | $10903 | $12051 |
| **08/2022** | $11590 | $10595 | $12091 |
| **09/2022** | $11283 | $10138 | $12141 |
| **10/2022** | $11219 | $10006 | $12180 |
| **11/2022** | $11489 | $10374 | $12239 |
| **12/2022** | $11527 | $10327 | $12304 |
| **01/2023** | $11819 | $10645 | $12362 |
| **02/2023** | $11697 | $10370 | $12423 |
| **03/2023** | $11863 | $10633 | $12497 |
| **04/2023** | $11945 | $10698 | $12557 |
| **05/2023** | $11913 | $10581 | $12627 |
| **06/2023** | $11958 | $10544 | $12706 |
| **07/2023** | $12059 | $10536 | $12777 |
| **08/2023** | $12083 | $10469 | $12856 |
| **09/2023** | $11964 | $10203 | $12936 |
| **10/2023** | $11865 | $10042 | $13015 |
| **11/2023** | $12245 | $10497 | $13095 |
| **12/2023** | $12567 | $10898 | $13178 |
| **01/2024** | $12666 | $10868 | $13256 |
| **02/2024** | $12573 | $10715 | $13332 |
| **03/2024** | $12705 | $10814 | $13414 |
| **04/2024** | $12548 | $10541 | $13494 |
| **05/2024** | $12706 | $10719 | $13581 |
| **06/2024** | $12829 | $10821 | $13659 |
| **07/2024** | $13047 | $11074 | $13743 |
| **08/2024** | $13226 | $11233 | $13831 |
| **09/2024** | $13380 | $11383 | $13914 |
| **10/2024** | $13249 | $11101 | $13990 |
| **11/2024** | $13408 | $11218 | $14066 |
| **12/2024** | $13352 | $11035 | $14146 |
| **01/2025** | $13436 | $11093 | $14222 |
| **02/2025** | $13617 | $11337 | $14290 |
| **03/2025** | $13639 | $11342 | $14362 |
| **04/2025** | $13680 | $11386 | $14435 |
| **05/2025** | $13761 | $11305 | $14512 |
| **06/2025** | $13918 | $11478 | $14583 |
| **07/2025** | $13941 | $11448 | $14658 |
| **08/2025** | $14069 | $11585 | $14741 |
| **09/2025** | $14183 | $11711 | $14815 |
| **10/2025** | $14276 | $11785 | $14891 |
| **11/2025** | $14347 | $11858 | $14957 |
| **12/2025** | $14372 | $11840 | $15034 |
| **01/2026** | $14438 | $11853 | $15103 |
| **02/2026** | $14548 | $12047 | $15167 |
| **03/2026** | $14446 | $11835 | $15237 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class I | 5.92% | 3.41% | 3.75% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| ICE BofA U.S. 3-Month Treasury Bill Index Plus 200 bps | 6.09% | 5.40% | 4.30% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$56,394,080

* # of Portfolio Holdings534

* Portfolio Turnover Rate302%

* Total Advisory Fees Paid - Net$154,847

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Non-Agency | 24.0% |
| Corporate Bonds | 23.1% |
| Residential Mortgage-Backed Securities - Agency | 19.1% |
| Short-Term Investments | 15.7% |
| Commercial Mortgage-Backed Securities - Non-Agency | 12.4% |
| Asset-Backed Securities | 8.7% |
| U.S. Treasury Securities | 6.8% |
| Foreign Government Bonds | 1.8% |
| Other Security Types<sup>Footnote Reference\*</sup> | 2.6% |
| Liabilities in Excess of Other Assets | (14.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, due 03/31/28 | 6.4% |
| Uniform Mortgage-Backed Security, TBA, 3.50%, due 12/01/51 | 3.2% |
| Uniform Mortgage-Backed Security, TBA, 4.50%, due 01/01/56 | 2.8% |
| TCW Private Asset Income Fund, Class I | 1.7% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 01/01/56 | 1.6% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 1.5% |
| Uniform Mortgage-Backed Security, TBA, 5.50%, due 12/01/55 | 1.3% |
| Uniform Mortgage-Backed Security, TBA, 4.00%, due 05/01/55 | 1.2% |
| Uniform Mortgage-Backed Security, TBA, 2.00%, due 09/01/51 | 0.9% |
| U.K. Gilts, 4.38%, due 07/03/28 | 0.9% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Strategic Income Fund

Annual Shareholder Report — March 31, 2026

Class I: MWSIX

TSR MWSIX-0326

TCW MetWest Strategic Income Fund

![Image](g143715g53m09.jpg)

Class M: MWSTX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Strategic Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class M | $107 | 1.04% |

---

# How did the Fund perform last year and what affected its performance?
Diversified exposure to fixed income spread sectors drove outperformance versus the ICE BofA U.S. 3-Month Treasury Bill Index, led by securitized products. The non-agency mortgage-backed securities (MBS) allocation was the largest contributor, benefiting from steady income and attractive yield premiums that boosted the Fund's overall yield profile. Non-agency commercial MBS (CMBS), focused on single-asset, single-borrower (SASB) deals backed by high-quality properties, also contributed meaningfully, including positions down the capital structure. The asset-backed securities (ABS) allocation further boosted performance, led by non-traditional collateral such as digital infrastructure and single-family rentals. Outside of the allocation to securitized products, positions in high yield and investment grade corporates added value as both outperformed duration-matched Treasuries, with energy, consumer non-cyclicals, and banking sectors providing the largest tailwinds. Finally, the Fund's positive duration position and emphasis on the front end of the curve was moderately additive as the yield curve steepened and shorter maturity yields declined.

# Fund Performance
![Growth of 10K Chart](g143715g69i18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. 3-Month Treasury Bill Index Plus 200 bps** |
| **03/2016** | $10000 | $10000 | $10000 |
| **04/2016** | $10095 | $10038 | $10019 |
| **05/2016** | $10093 | $10041 | $10037 |
| **06/2016** | $10141 | $10221 | $10057 |
| **07/2016** | $10231 | $10286 | $10076 |
| **08/2016** | $10256 | $10274 | $10095 |
| **09/2016** | $10290 | $10268 | $10117 |
| **10/2016** | $10293 | $10190 | $10136 |
| **11/2016** | $10265 | $9949 | $10154 |
| **12/2016** | $10290 | $9963 | $10175 |
| **01/2017** | $10326 | $9982 | $10197 |
| **02/2017** | $10374 | $10049 | $10218 |
| **03/2017** | $10391 | $10044 | $10236 |
| **04/2017** | $10425 | $10122 | $10260 |
| **05/2017** | $10489 | $10199 | $10282 |
| **06/2017** | $10502 | $10189 | $10308 |
| **07/2017** | $10514 | $10233 | $10334 |
| **08/2017** | $10587 | $10325 | $10360 |
| **09/2017** | $10603 | $10276 | $10386 |
| **10/2017** | $10646 | $10282 | $10413 |
| **11/2017** | $10675 | $10268 | $10439 |
| **12/2017** | $10680 | $10316 | $10467 |
| **01/2018** | $10691 | $10197 | $10497 |
| **02/2018** | $10677 | $10100 | $10524 |
| **03/2018** | $10680 | $10165 | $10557 |
| **04/2018** | $10656 | $10089 | $10588 |
| **05/2018** | $10672 | $10161 | $10622 |
| **06/2018** | $10660 | $10149 | $10657 |
| **07/2018** | $10677 | $10151 | $10691 |
| **08/2018** | $10727 | $10216 | $10728 |
| **09/2018** | $10760 | $10151 | $10762 |
| **10/2018** | $10747 | $10070 | $10799 |
| **11/2018** | $10721 | $10131 | $10839 |
| **12/2018** | $10751 | $10317 | $10877 |
| **01/2019** | $10882 | $10426 | $10916 |
| **02/2019** | $10921 | $10420 | $10953 |
| **03/2019** | $11001 | $10620 | $10996 |
| **04/2019** | $11051 | $10623 | $11035 |
| **05/2019** | $11113 | $10812 | $11078 |
| **06/2019** | $11204 | $10947 | $11121 |
| **07/2019** | $11224 | $10971 | $11159 |
| **08/2019** | $11301 | $11256 | $11201 |
| **09/2019** | $11301 | $11196 | $11239 |
| **10/2019** | $11358 | $11230 | $11279 |
| **11/2019** | $11365 | $11224 | $11312 |
| **12/2019** | $11376 | $11216 | $11347 |
| **01/2020** | $11466 | $11432 | $11381 |
| **02/2020** | $11475 | $11638 | $11416 |
| **03/2020** | $10577 | $11569 | $11468 |
| **04/2020** | $10921 | $11775 | $11488 |
| **05/2020** | $11164 | $11830 | $11507 |
| **06/2020** | $11351 | $11904 | $11528 |
| **07/2020** | $11492 | $12082 | $11549 |
| **08/2020** | $11570 | $11984 | $11569 |
| **09/2020** | $11608 | $11978 | $11590 |
| **10/2020** | $11674 | $11924 | $11610 |
| **11/2020** | $11848 | $12041 | $11630 |
| **12/2020** | $11932 | $12058 | $11651 |
| **01/2021** | $11976 | $11971 | $11671 |
| **02/2021** | $12067 | $11799 | $11691 |
| **03/2021** | $12072 | $11651 | $11711 |
| **04/2021** | $12146 | $11743 | $11731 |
| **05/2021** | $12165 | $11782 | $11750 |
| **06/2021** | $12207 | $11864 | $11769 |
| **07/2021** | $12213 | $11997 | $11789 |
| **08/2021** | $12226 | $11974 | $11809 |
| **09/2021** | $12253 | $11871 | $11830 |
| **10/2021** | $12192 | $11867 | $11849 |
| **11/2021** | $12174 | $11902 | $11869 |
| **12/2021** | $12187 | $11872 | $11890 |
| **01/2022** | $12070 | $11616 | $11909 |
| **02/2022** | $11978 | $11487 | $11930 |
| **03/2022** | $11712 | $11168 | $11953 |
| **04/2022** | $11513 | $10744 | $11975 |
| **05/2022** | $11564 | $10813 | $12003 |
| **06/2022** | $11360 | $10643 | $12025 |
| **07/2022** | $11551 | $10903 | $12051 |
| **08/2022** | $11413 | $10595 | $12091 |
| **09/2022** | $11127 | $10138 | $12141 |
| **10/2022** | $11062 | $10006 | $12180 |
| **11/2022** | $11307 | $10374 | $12239 |
| **12/2022** | $11343 | $10327 | $12304 |
| **01/2023** | $11628 | $10645 | $12362 |
| **02/2023** | $11506 | $10370 | $12423 |
| **03/2023** | $11685 | $10633 | $12497 |
| **04/2023** | $11763 | $10698 | $12557 |
| **05/2023** | $11730 | $10581 | $12627 |
| **06/2023** | $11752 | $10544 | $12706 |
| **07/2023** | $11849 | $10536 | $12777 |
| **08/2023** | $11871 | $10469 | $12856 |
| **09/2023** | $11752 | $10203 | $12936 |
| **10/2023** | $11652 | $10042 | $13015 |
| **11/2023** | $12023 | $10497 | $13095 |
| **12/2023** | $12336 | $10898 | $13178 |
| **01/2024** | $12431 | $10868 | $13256 |
| **02/2024** | $12337 | $10715 | $13332 |
| **03/2024** | $12464 | $10814 | $13414 |
| **04/2024** | $12308 | $10541 | $13494 |
| **05/2024** | $12461 | $10719 | $13581 |
| **06/2024** | $12578 | $10821 | $13659 |
| **07/2024** | $12790 | $11074 | $13743 |
| **08/2024** | $12983 | $11233 | $13831 |
| **09/2024** | $13111 | $11383 | $13914 |
| **10/2024** | $12979 | $11101 | $13990 |
| **11/2024** | $13134 | $11218 | $14066 |
| **12/2024** | $13076 | $11035 | $14146 |
| **01/2025** | $13156 | $11093 | $14222 |
| **02/2025** | $13351 | $11337 | $14290 |
| **03/2025** | $13370 | $11342 | $14362 |
| **04/2025** | $13408 | $11386 | $14435 |
| **05/2025** | $13463 | $11305 | $14512 |
| **06/2025** | $13618 | $11478 | $14583 |
| **07/2025** | $13637 | $11448 | $14658 |
| **08/2025** | $13760 | $11585 | $14741 |
| **09/2025** | $13869 | $11711 | $14815 |
| **10/2025** | $13956 | $11785 | $14891 |
| **11/2025** | $14023 | $11858 | $14957 |
| **12/2025** | $14045 | $11840 | $15034 |
| **01/2026** | $14106 | $11853 | $15103 |
| **02/2026** | $14211 | $12047 | $15167 |
| **03/2026** | $14108 | $11835 | $15237 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class M | 5.52% | 3.17% | 3.50% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| ICE BofA U.S. 3-Month Treasury Bill Index Plus 200 bps | 6.09% | 5.40% | 4.30% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$56,394,080

* # of Portfolio Holdings534

* Portfolio Turnover Rate302%

* Total Advisory Fees Paid - Net$154,847

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Non-Agency | 24.0% |
| Corporate Bonds | 23.1% |
| Residential Mortgage-Backed Securities - Agency | 19.1% |
| Short-Term Investments | 15.7% |
| Commercial Mortgage-Backed Securities - Non-Agency | 12.4% |
| Asset-Backed Securities | 8.7% |
| U.S. Treasury Securities | 6.8% |
| Foreign Government Bonds | 1.8% |
| Other Security Types<sup>Footnote Reference\*</sup> | 2.6% |
| Liabilities in Excess of Other Assets | (14.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, due 03/31/28 | 6.4% |
| Uniform Mortgage-Backed Security, TBA, 3.50%, due 12/01/51 | 3.2% |
| Uniform Mortgage-Backed Security, TBA, 4.50%, due 01/01/56 | 2.8% |
| TCW Private Asset Income Fund, Class I | 1.7% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 01/01/56 | 1.6% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 1.5% |
| Uniform Mortgage-Backed Security, TBA, 5.50%, due 12/01/55 | 1.3% |
| Uniform Mortgage-Backed Security, TBA, 4.00%, due 05/01/55 | 1.2% |
| Uniform Mortgage-Backed Security, TBA, 2.00%, due 09/01/51 | 0.9% |
| U.K. Gilts, 4.38%, due 07/03/28 | 0.9% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Strategic Income Fund

Annual Shareholder Report — March 31, 2026

Class M: MWSTX

TSR MWSTX-0326

TCW MetWest Sustainable Securitized Fund

![Image](g143715g53m09.jpg)

Class I: MWESX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Sustainable Securitized Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the reporting period.**

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class I | $50 | 0.49% |

---

# How did the Fund perform last year and what affected its performance?
Relative outperformance versus the Bloomberg U.S. Mortgage-Backed Securities (MBS) Index was supported by the sizable allocation to securitized sectors outside of agency MBS, led by the position in non-agency commercial MBS (CMBS). The allocation was focused on single-asset, single-borrower (SASB) deal structures that benefitted from strong sponsorship and investor demand for transparent collateral. Asset-backed security (ABS) exposure further enhanced relative returns amid contributions from non-traditional collateral types that provided attractive yield and spread premiums, while non-agency MBS produced a further tailwind as spreads tightened across collateral types and deal structures. The underweight to agency MBS, meanwhile, detracted somewhat from relative returns as the sector was one of the best-performing fixed income sectors, though a modest allocation to floating rate collateralized mortgage obligations (CMOs) helped to lessen the drag given strong carry and heightened market demand.

# Fund Performance
![Growth of 10K Chart](g143715g50a27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Mortgage-Backed Securities (MBS) Index** |
| **10/01/2021** | $10000 | $10000 | $10000 |
| **09/30/2021** | $10000 | $10000 | $10000 |
| **10/31/2021** | $9972 | $9997 | $9981 |
| **11/30/2021** | $9976 | $10027 | $9972 |
| **12/31/2021** | $9965 | $10001 | $9963 |
| **01/31/2022** | $9824 | $9786 | $9815 |
| **02/28/2022** | $9694 | $9677 | $9720 |
| **03/31/2022** | $9414 | $9408 | $9467 |
| **04/30/2022** | $9146 | $9051 | $9135 |
| **05/31/2022** | $9140 | $9109 | $9236 |
| **06/30/2022** | $9003 | $8966 | $9088 |
| **07/31/2022** | $9220 | $9185 | $9380 |
| **08/31/2022** | $8955 | $8926 | $9060 |
| **09/30/2022** | $8529 | $8540 | $8602 |
| **10/31/2022** | $8303 | $8429 | $8479 |
| **11/30/2022** | $8609 | $8739 | $8825 |
| **12/31/2022** | $8568 | $8700 | $8786 |
| **01/31/2023** | $8869 | $8968 | $9076 |
| **02/28/2023** | $8644 | $8736 | $8836 |
| **03/31/2023** | $8751 | $8958 | $9008 |
| **04/30/2023** | $8796 | $9012 | $9055 |
| **05/31/2023** | $8695 | $8914 | $8988 |
| **06/30/2023** | $8606 | $8882 | $8950 |
| **07/31/2023** | $8622 | $8876 | $8943 |
| **08/31/2023** | $8601 | $8819 | $8870 |
| **09/30/2023** | $8384 | $8595 | $8587 |
| **10/31/2023** | $8236 | $8459 | $8410 |
| **11/30/2023** | $8684 | $8843 | $8848 |
| **12/31/2023** | $9102 | $9181 | $9229 |
| **01/31/2024** | $9173 | $9156 | $9187 |
| **02/29/2024** | $9053 | $9026 | $9037 |
| **03/31/2024** | $9159 | $9110 | $9133 |
| **04/30/2024** | $9126 | $8880 | $8857 |
| **05/31/2024** | $9309 | $9030 | $9034 |
| **06/30/2024** | $9473 | $9116 | $9139 |
| **07/31/2024** | $9792 | $9329 | $9380 |
| **08/31/2024** | $9971 | $9463 | $9532 |
| **09/30/2024** | $10128 | $9589 | $9645 |
| **10/31/2024** | $9888 | $9352 | $9372 |
| **11/30/2024** | $10015 | $9450 | $9497 |
| **12/31/2024** | $9866 | $9296 | $9340 |
| **01/31/2025** | $9943 | $9345 | $9388 |
| **02/28/2025** | $10197 | $9551 | $9627 |
| **03/31/2025** | $10186 | $9554 | $9626 |
| **04/30/2025** | $10211 | $9592 | $9653 |
| **05/31/2025** | $10161 | $9523 | $9565 |
| **06/30/2025** | $10336 | $9670 | $9735 |
| **07/31/2025** | $10289 | $9644 | $9696 |
| **08/31/2025** | $10437 | $9759 | $9852 |
| **09/30/2025** | $10536 | $9866 | $9971 |
| **10/31/2025** | $10614 | $9928 | $10058 |
| **11/30/2025** | $10702 | $9989 | $10120 |
| **12/31/2025** | $10707 | $9974 | $10142 |
| **01/31/2026** | $10756 | $9985 | $10183 |
| **02/28/2026** | $10928 | $10149 | $10353 |
| **03/31/2026** | $10760 | $9970 | $10183 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Name | *1 Year* | *Since Inception 10/01/21* |
| Class I | 5.63% | 1.64% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 3.97% |
| Bloomberg U.S. Mortgage-Backed Securities (MBS) Index | 5.79% | 0.40% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$23,903,429

* # of Portfolio Holdings266

* Portfolio Turnover Rate354%

* Total Advisory Fees Paid - Net$0

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 44.8% |
| Commercial Mortgage-Backed Securities - Non-Agency | 30.7% |
| Asset-Backed Securities | 17.3% |
| Residential Mortgage-Backed Securities - Non-Agency | 12.1% |
| Short-Term Investments | 5.7% |
| U.S. Treasury Securities | 4.4% |
| Commercial Mortgage-Backed Securities - Agency | 1.2% |
| Liabilities in Excess of Other Assets | (16.2%) |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| Government National Mortgage Association, TBA, 3.50%, due 01/07/55 | 3.4% |
| Government National Mortgage Association, TBA, 5.00%, due 01/01/56 | 2.4% |
| Government National Mortgage Association, TBA, 4.00%, due 01/06/55 | 2.2% |
| Government National Mortgage Association, TBA, 2.50%, due 04/21/56 | 2.0% |
| U.S. Treasury Notes, 4.13%, due 02/15/36 | 1.7% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 01/01/56 | 1.7% |
| Government National Mortgage Association, TBA, 4.50%, due 01/01/56 | 1.5% |
| Federal National Mortgage Association, 3.50%, due 07/01/52 | 1.5% |
| Federal National Mortgage Association, 3.50%, due 10/01/52 | 1.5% |
| U.S. Treasury Notes, 3.88%, due 03/31/28 | 1.4% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after March 31, 2026 at www.tcw.com/products/mutual-funds or upon request by contacting us at 800-FUND-TCW (800-386-3829).

On March 16, 2026, the Board of Trustees of approved a form of Agreement and Plan of Reorganization to reorganize the Fund with and into TCW Securitized Income ETF, a newly created exchange-traded fund. The effective date of the reorganization will be on or about June 8th, 2026.

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Sustainable Securitized Fund

Annual Shareholder Report — March 31, 2026

Class I: MWESX

TSR MWESX-0326

TCW MetWest Sustainable Securitized Fund

![Image](g143715g53m09.jpg)

Class M: MWERX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Sustainable Securitized Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the reporting period.**

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class M | $72 | 0.70% |

---

# How did the Fund perform last year and what affected its performance?
Relative outperformance versus the Bloomberg U.S. Mortgage-Backed Securities (MBS) Index was supported by the sizable allocation to securitized sectors outside of agency MBS, led by the position in non-agency commercial MBS (CMBS). The allocation was focused on single-asset, single-borrower (SASB) deal structures that benefitted from strong sponsorship and investor demand for transparent collateral. Asset-backed security (ABS) exposure further enhanced relative returns amid contributions from non-traditional collateral types that provided attractive yield and spread premiums, while non-agency MBS produced a further tailwind as spreads tightened across collateral types and deal structures. The underweight to agency MBS, meanwhile, detracted somewhat from relative returns as the sector was one of the best-performing fixed income sectors, though a modest allocation to floating rate collateralized mortgage obligations (CMOs) helped to lessen the drag given strong carry and heightened market demand.

# Fund Performance
![Growth of 10K Chart](g143715g80w67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Mortgage-Backed Securities (MBS) Index** |
| **10/01/2021** | $10000 | $10000 | $10000 |
| **09/30/2021** | $10000 | $10000 | $10000 |
| **10/31/2021** | $9988 | $9997 | $9981 |
| **11/30/2021** | $9999 | $10027 | $9972 |
| **12/31/2021** | $10000 | $10001 | $9963 |
| **01/31/2022** | $9857 | $9786 | $9815 |
| **02/28/2022** | $9724 | $9677 | $9720 |
| **03/31/2022** | $9440 | $9408 | $9467 |
| **04/30/2022** | $9169 | $9051 | $9135 |
| **05/31/2022** | $9161 | $9109 | $9236 |
| **06/30/2022** | $9021 | $8966 | $9088 |
| **07/31/2022** | $9238 | $9185 | $9380 |
| **08/31/2022** | $8970 | $8926 | $9060 |
| **09/30/2022** | $8552 | $8540 | $8602 |
| **10/31/2022** | $8314 | $8429 | $8479 |
| **11/30/2022** | $8619 | $8739 | $8825 |
| **12/31/2022** | $8586 | $8700 | $8786 |
| **01/31/2023** | $8887 | $8968 | $9076 |
| **02/28/2023** | $8660 | $8736 | $8836 |
| **03/31/2023** | $8765 | $8958 | $9008 |
| **04/30/2023** | $8799 | $9012 | $9055 |
| **05/31/2023** | $8697 | $8914 | $8988 |
| **06/30/2023** | $8606 | $8882 | $8950 |
| **07/31/2023** | $8620 | $8876 | $8943 |
| **08/31/2023** | $8609 | $8819 | $8870 |
| **09/30/2023** | $8379 | $8595 | $8587 |
| **10/31/2023** | $8240 | $8459 | $8410 |
| **11/30/2023** | $8676 | $8843 | $8848 |
| **12/31/2023** | $9092 | $9181 | $9229 |
| **01/31/2024** | $9173 | $9156 | $9187 |
| **02/29/2024** | $9051 | $9026 | $9037 |
| **03/31/2024** | $9145 | $9110 | $9133 |
| **04/30/2024** | $9111 | $8880 | $8857 |
| **05/31/2024** | $9291 | $9030 | $9034 |
| **06/30/2024** | $9454 | $9116 | $9139 |
| **07/31/2024** | $9771 | $9329 | $9380 |
| **08/31/2024** | $9948 | $9463 | $9532 |
| **09/30/2024** | $10103 | $9589 | $9645 |
| **10/31/2024** | $9862 | $9352 | $9372 |
| **11/30/2024** | $9997 | $9450 | $9497 |
| **12/31/2024** | $9835 | $9296 | $9340 |
| **01/31/2025** | $9922 | $9345 | $9388 |
| **02/28/2025** | $10162 | $9551 | $9627 |
| **03/31/2025** | $10161 | $9554 | $9626 |
| **04/30/2025** | $10184 | $9592 | $9653 |
| **05/31/2025** | $10133 | $9523 | $9565 |
| **06/30/2025** | $10305 | $9670 | $9735 |
| **07/31/2025** | $10257 | $9644 | $9696 |
| **08/31/2025** | $10390 | $9759 | $9852 |
| **09/30/2025** | $10499 | $9866 | $9971 |
| **10/31/2025** | $10575 | $9928 | $10058 |
| **11/30/2025** | $10661 | $9989 | $10120 |
| **12/31/2025** | $10652 | $9974 | $10142 |
| **01/31/2026** | $10699 | $9985 | $10183 |
| **02/28/2026** | $10881 | $10149 | $10353 |
| **03/31/2026** | $10699 | $9970 | $10183 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| Name | *1 Year* | *Since Inception 10/01/21* |
| Class M | 5.29% | 1.51% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 3.97% |
| Bloomberg U.S. Mortgage-Backed Securities (MBS) Index | 5.79% | 0.40% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$23,903,429

* # of Portfolio Holdings266

* Portfolio Turnover Rate354%

* Total Advisory Fees Paid - Net$0

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 44.8% |
| Commercial Mortgage-Backed Securities - Non-Agency | 30.7% |
| Asset-Backed Securities | 17.3% |
| Residential Mortgage-Backed Securities - Non-Agency | 12.1% |
| Short-Term Investments | 5.7% |
| U.S. Treasury Securities | 4.4% |
| Commercial Mortgage-Backed Securities - Agency | 1.2% |
| Liabilities in Excess of Other Assets | (16.2%) |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| Government National Mortgage Association, TBA, 3.50%, due 01/07/55 | 3.4% |
| Government National Mortgage Association, TBA, 5.00%, due 01/01/56 | 2.4% |
| Government National Mortgage Association, TBA, 4.00%, due 01/06/55 | 2.2% |
| Government National Mortgage Association, TBA, 2.50%, due 04/21/56 | 2.0% |
| U.S. Treasury Notes, 4.13%, due 02/15/36 | 1.7% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 01/01/56 | 1.7% |
| Government National Mortgage Association, TBA, 4.50%, due 01/01/56 | 1.5% |
| Federal National Mortgage Association, 3.50%, due 07/01/52 | 1.5% |
| Federal National Mortgage Association, 3.50%, due 10/01/52 | 1.5% |
| U.S. Treasury Notes, 3.88%, due 03/31/28 | 1.4% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after March 31, 2026 at www.tcw.com/products/mutual-funds or upon request by contacting us at 800-FUND-TCW (800-386-3829).

On March 16, 2026, the Board of Trustees of approved a form of Agreement and Plan of Reorganization to reorganize the Fund with and into TCW Securitized Income ETF, a newly created exchange-traded fund. The effective date of the reorganization will be on or about June 8th, 2026.

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Sustainable Securitized Fund

Annual Shareholder Report — March 31, 2026

Class M: MWERX

TSR MWERX-0326

TCW MetWest Total Return Bond Fund

![Image](g143715g53m09.jpg)

Class I: MWTIX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Total Return Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class I | $44 | 0.43% |

---

# How did the Fund perform last year and what affected its performance?
Relative outperformance versus the Bloomberg U.S. Aggregate Bond Index was largely supported by residential MBS, including the overweight to agency MBS, which was one of the top-performing sectors over the period amid reduced rate volatility as Fed easing continued, and a positive tailwind from government-sponsored purchase programs announced in late 2025 and early 2026. Lower coupon issues outperformed on the heels of the announcement in early 2026, prompting a trimming of Fund exposure to that part of the coupon stack in favor of belly coupons that offer incrementally more carry while still protecting against prepayment risk. Non-agency MBS positions were also significant to outperformance, with allocations to newer, re-securitized issues contributing the most, though both legacy and "2.0" collateral benefitted from compelling yields and strong carry. Additional small contributions came from overweight positions across securitized credit – CMBS and ABS – which finished the period in firmly positive territory and outpaced Treasuries on a duration-adjusted. Offsetting the overweight to securitized credits was an underweight to corporate credit, which was a headwind as corporate spreads moved tighter on continued investor demand for yield. Issue selection among corporates was positive, however, due to additions made during the volatility in April that were subsequently trimmed to capture gains. Finally, against a backdrop of continued Fed easing and steepening of the yield curve, the Fund's longer-than-Index duration position and emphasis on front-end yields contributed to relative returns.

# Fund Performance
![Growth of 10K Chart](g143715g73p80.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **03/2016** | $10000 | $10000 |
| **04/2016** | $10044 | $10038 |
| **05/2016** | $10043 | $10041 |
| **06/2016** | $10198 | $10221 |
| **07/2016** | $10273 | $10286 |
| **08/2016** | $10270 | $10274 |
| **09/2016** | $10274 | $10268 |
| **10/2016** | $10205 | $10190 |
| **11/2016** | $9995 | $9949 |
| **12/2016** | $10003 | $9963 |
| **01/2017** | $10028 | $9982 |
| **02/2017** | $10092 | $10049 |
| **03/2017** | $10093 | $10044 |
| **04/2017** | $10168 | $10122 |
| **05/2017** | $10235 | $10199 |
| **06/2017** | $10224 | $10189 |
| **07/2017** | $10261 | $10233 |
| **08/2017** | $10357 | $10325 |
| **09/2017** | $10306 | $10276 |
| **10/2017** | $10307 | $10282 |
| **11/2017** | $10306 | $10268 |
| **12/2017** | $10345 | $10316 |
| **01/2018** | $10238 | $10197 |
| **02/2018** | $10140 | $10100 |
| **03/2018** | $10211 | $10165 |
| **04/2018** | $10145 | $10089 |
| **05/2018** | $10217 | $10161 |
| **06/2018** | $10202 | $10149 |
| **07/2018** | $10207 | $10151 |
| **08/2018** | $10270 | $10216 |
| **09/2018** | $10206 | $10151 |
| **10/2018** | $10131 | $10070 |
| **11/2018** | $10186 | $10131 |
| **12/2018** | $10362 | $10317 |
| **01/2019** | $10489 | $10426 |
| **02/2019** | $10495 | $10420 |
| **03/2019** | $10693 | $10620 |
| **04/2019** | $10700 | $10623 |
| **05/2019** | $10898 | $10812 |
| **06/2019** | $11036 | $10947 |
| **07/2019** | $11051 | $10971 |
| **08/2019** | $11340 | $11256 |
| **09/2019** | $11283 | $11196 |
| **10/2019** | $11316 | $11230 |
| **11/2019** | $11318 | $11224 |
| **12/2019** | $11304 | $11216 |
| **01/2020** | $11533 | $11432 |
| **02/2020** | $11719 | $11638 |
| **03/2020** | $11566 | $11569 |
| **04/2020** | $11836 | $11775 |
| **05/2020** | $11927 | $11830 |
| **06/2020** | $12037 | $11904 |
| **07/2020** | $12241 | $12082 |
| **08/2020** | $12184 | $11984 |
| **09/2020** | $12188 | $11978 |
| **10/2020** | $12150 | $11924 |
| **11/2020** | $12300 | $12041 |
| **12/2020** | $12334 | $12058 |
| **01/2021** | $12270 | $11971 |
| **02/2021** | $12105 | $11799 |
| **03/2021** | $11975 | $11651 |
| **04/2021** | $12076 | $11743 |
| **05/2021** | $12112 | $11782 |
| **06/2021** | $12191 | $11864 |
| **07/2021** | $12325 | $11997 |
| **08/2021** | $12305 | $11974 |
| **09/2021** | $12206 | $11871 |
| **10/2021** | $12198 | $11867 |
| **11/2021** | $12221 | $11902 |
| **12/2021** | $12195 | $11872 |
| **01/2022** | $11942 | $11616 |
| **02/2022** | $11801 | $11487 |
| **03/2022** | $11427 | $11168 |
| **04/2022** | $10964 | $10744 |
| **05/2022** | $11019 | $10813 |
| **06/2022** | $10772 | $10643 |
| **07/2022** | $11081 | $10903 |
| **08/2022** | $10745 | $10595 |
| **09/2022** | $10214 | $10138 |
| **10/2022** | $10051 | $10006 |
| **11/2022** | $10455 | $10374 |
| **12/2022** | $10392 | $10327 |
| **01/2023** | $10779 | $10645 |
| **02/2023** | $10465 | $10370 |
| **03/2023** | $10765 | $10633 |
| **04/2023** | $10823 | $10698 |
| **05/2023** | $10686 | $10581 |
| **06/2023** | $10630 | $10544 |
| **07/2023** | $10634 | $10536 |
| **08/2023** | $10558 | $10469 |
| **09/2023** | $10250 | $10203 |
| **10/2023** | $10040 | $10042 |
| **11/2023** | $10556 | $10497 |
| **12/2023** | $11015 | $10898 |
| **01/2024** | $11007 | $10868 |
| **02/2024** | $10826 | $10715 |
| **03/2024** | $10921 | $10814 |
| **04/2024** | $10597 | $10541 |
| **05/2024** | $10794 | $10719 |
| **06/2024** | $10919 | $10821 |
| **07/2024** | $11207 | $11074 |
| **08/2024** | $11394 | $11233 |
| **09/2024** | $11546 | $11383 |
| **10/2024** | $11206 | $11101 |
| **11/2024** | $11345 | $11218 |
| **12/2024** | $11131 | $11035 |
| **01/2025** | $11199 | $11093 |
| **02/2025** | $11492 | $11337 |
| **03/2025** | $11474 | $11342 |
| **04/2025** | $11526 | $11386 |
| **05/2025** | $11428 | $11305 |
| **06/2025** | $11633 | $11478 |
| **07/2025** | $11589 | $11448 |
| **08/2025** | $11745 | $11585 |
| **09/2025** | $11881 | $11711 |
| **10/2025** | $11964 | $11785 |
| **11/2025** | $12036 | $11858 |
| **12/2025** | $12000 | $11840 |
| **01/2026** | $12031 | $11853 |
| **02/2026** | $12245 | $12047 |
| **03/2026** | $12002 | $11835 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class I | 4.60% | 0.04% | 1.84% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$29,725,896,808

* # of Portfolio Holdings1,627

* Portfolio Turnover Rate405%

* Total Advisory Fees Paid - Net$107,529,300

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 36.8% |
| U.S. Treasury Securities | 23.1% |
| Corporate Bonds | 16.9% |
| Short-Term Investments | 13.9% |
| Residential Mortgage-Backed Securities - Non-Agency | 9.3% |
| Asset-Backed Securities | 4.9% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.7% |
| Foreign Government Bonds | 2.8% |
| Other Security Types<sup>Footnote Reference\*</sup> | 3.8% |
| Liabilities in Excess of Other Assets | (15.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, due 03/31/31 | 6.7% |
| U.S. Treasury Notes, 3.88%, due 03/31/28 | 3.9% |
| U.S. Treasury Notes, 4.25%, due 03/31/33 | 3.4% |
| U.S. Treasury Bonds, 4.75%, due 02/15/56 | 3.0% |
| U.S. Treasury Bonds, 4.63%, due 02/15/46 | 3.0% |
| Uniform Mortgage-Backed Security, TBA, 3.50%, due 12/01/51 | 2.4% |
| Uniform Mortgage-Backed Security, TBA, 4.00%, due 05/01/55 | 2.4% |
| U.S. Treasury Notes, 4.13%, due 02/15/36 | 2.2% |
| Uniform Mortgage-Backed Security, TBA, 4.50%, due 01/01/56 | 2.0% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 1.4% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Total Return Bond Fund

Annual Shareholder Report — March 31, 2026

Class I: MWTIX

TSR MWTIX-0326

TCW MetWest Total Return Bond Fund

![Image](g143715g53m09.jpg)

Class M: MWTRX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Total Return Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class M | $69 | 0.68% |

---

# How did the Fund perform last year and what affected its performance?
Relative outperformance versus the Bloomberg U.S. Aggregate Bond Index was largely supported by residential MBS, including the overweight to agency MBS, which was one of the top-performing sectors over the period amid reduced rate volatility as Fed easing continued, and a positive tailwind from government-sponsored purchase programs announced in late 2025 and early 2026. Lower coupon issues outperformed on the heels of the announcement in early 2026, prompting a trimming of Fund exposure to that part of the coupon stack in favor of belly coupons that offer incrementally more carry while still protecting against prepayment risk. Non-agency MBS positions were also significant to outperformance, with allocations to newer, re-securitized issues contributing the most, though both legacy and "2.0" collateral benefitted from compelling yields and strong carry. Additional small contributions came from overweight positions across securitized credit – CMBS and ABS – which finished the period in firmly positive territory and outpaced Treasuries on a duration-adjusted. Offsetting the overweight to securitized credits was an underweight to corporate credit, which was a headwind as corporate spreads moved tighter on continued investor demand for yield. Issue selection among corporates was positive, however, due to additions made during the volatility in April that were subsequently trimmed to capture gains. Finally, against a backdrop of continued Fed easing and steepening of the yield curve, the Fund's longer-than-Index duration position and emphasis on front-end yields contributed to relative returns.

# Fund Performance
![Growth of 10K Chart](g143715g73u08.jpg)

---

| | | |
|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Aggregate Bond Index** |
| **03/2016** | $10000 | $10000 |
| **04/2016** | $10042 | $10038 |
| **05/2016** | $10039 | $10041 |
| **06/2016** | $10192 | $10221 |
| **07/2016** | $10264 | $10286 |
| **08/2016** | $10260 | $10274 |
| **09/2016** | $10262 | $10268 |
| **10/2016** | $10200 | $10190 |
| **11/2016** | $9979 | $9949 |
| **12/2016** | $9994 | $9963 |
| **01/2017** | $10008 | $9982 |
| **02/2017** | $10080 | $10049 |
| **03/2017** | $10070 | $10044 |
| **04/2017** | $10143 | $10122 |
| **05/2017** | $10208 | $10199 |
| **06/2017** | $10204 | $10189 |
| **07/2017** | $10239 | $10233 |
| **08/2017** | $10323 | $10325 |
| **09/2017** | $10271 | $10276 |
| **10/2017** | $10269 | $10282 |
| **11/2017** | $10267 | $10268 |
| **12/2017** | $10304 | $10316 |
| **01/2018** | $10195 | $10197 |
| **02/2018** | $10105 | $10100 |
| **03/2018** | $10165 | $10165 |
| **04/2018** | $10097 | $10089 |
| **05/2018** | $10167 | $10161 |
| **06/2018** | $10159 | $10149 |
| **07/2018** | $10153 | $10151 |
| **08/2018** | $10224 | $10216 |
| **09/2018** | $10158 | $10151 |
| **10/2018** | $10072 | $10070 |
| **11/2018** | $10125 | $10131 |
| **12/2018** | $10298 | $10317 |
| **01/2019** | $10422 | $10426 |
| **02/2019** | $10425 | $10420 |
| **03/2019** | $10621 | $10620 |
| **04/2019** | $10625 | $10623 |
| **05/2019** | $10820 | $10812 |
| **06/2019** | $10954 | $10947 |
| **07/2019** | $10978 | $10971 |
| **08/2019** | $11252 | $11256 |
| **09/2019** | $11193 | $11196 |
| **10/2019** | $11235 | $11230 |
| **11/2019** | $11225 | $11224 |
| **12/2019** | $11218 | $11216 |
| **01/2020** | $11433 | $11432 |
| **02/2020** | $11626 | $11638 |
| **03/2020** | $11462 | $11569 |
| **04/2020** | $11738 | $11775 |
| **05/2020** | $11815 | $11830 |
| **06/2020** | $11922 | $11904 |
| **07/2020** | $12132 | $12082 |
| **08/2020** | $12074 | $11984 |
| **09/2020** | $12065 | $11978 |
| **10/2020** | $12025 | $11924 |
| **11/2020** | $12171 | $12041 |
| **12/2020** | $12203 | $12058 |
| **01/2021** | $12148 | $11971 |
| **02/2021** | $11983 | $11799 |
| **03/2021** | $11841 | $11651 |
| **04/2021** | $11939 | $11743 |
| **05/2021** | $11971 | $11782 |
| **06/2021** | $12048 | $11864 |
| **07/2021** | $12178 | $11997 |
| **08/2021** | $12156 | $11974 |
| **09/2021** | $12067 | $11871 |
| **10/2021** | $12046 | $11867 |
| **11/2021** | $12067 | $11902 |
| **12/2021** | $12039 | $11872 |
| **01/2022** | $11788 | $11616 |
| **02/2022** | $11647 | $11487 |
| **03/2022** | $11287 | $11168 |
| **04/2022** | $10827 | $10744 |
| **05/2022** | $10869 | $10813 |
| **06/2022** | $10624 | $10643 |
| **07/2022** | $10937 | $10903 |
| **08/2022** | $10604 | $10595 |
| **09/2022** | $10068 | $10138 |
| **10/2022** | $9906 | $10006 |
| **11/2022** | $10302 | $10374 |
| **12/2022** | $10249 | $10327 |
| **01/2023** | $10628 | $10645 |
| **02/2023** | $10306 | $10370 |
| **03/2023** | $10599 | $10633 |
| **04/2023** | $10654 | $10698 |
| **05/2023** | $10517 | $10581 |
| **06/2023** | $10460 | $10544 |
| **07/2023** | $10473 | $10536 |
| **08/2023** | $10396 | $10469 |
| **09/2023** | $10080 | $10203 |
| **10/2023** | $9872 | $10042 |
| **11/2023** | $10378 | $10497 |
| **12/2023** | $10839 | $10898 |
| **01/2024** | $10818 | $10868 |
| **02/2024** | $10638 | $10715 |
| **03/2024** | $10730 | $10814 |
| **04/2024** | $10421 | $10541 |
| **05/2024** | $10612 | $10719 |
| **06/2024** | $10722 | $10821 |
| **07/2024** | $11003 | $11074 |
| **08/2024** | $11184 | $11233 |
| **09/2024** | $11343 | $11383 |
| **10/2024** | $10995 | $11101 |
| **11/2024** | $11142 | $11218 |
| **12/2024** | $10917 | $11035 |
| **01/2025** | $10982 | $11093 |
| **02/2025** | $11267 | $11337 |
| **03/2025** | $11249 | $11342 |
| **04/2025** | $11299 | $11386 |
| **05/2025** | $11201 | $11305 |
| **06/2025** | $11399 | $11478 |
| **07/2025** | $11354 | $11448 |
| **08/2025** | $11505 | $11585 |
| **09/2025** | $11636 | $11711 |
| **10/2025** | $11715 | $11785 |
| **11/2025** | $11783 | $11858 |
| **12/2025** | $11745 | $11840 |
| **01/2026** | $11785 | $11853 |
| **02/2026** | $11979 | $12047 |
| **03/2026** | $11738 | $11835 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class M | 4.35% | -0.17% | 1.62% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$29,725,896,808

* # of Portfolio Holdings1,627

* Portfolio Turnover Rate405%

* Total Advisory Fees Paid - Net$107,529,300

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 36.8% |
| U.S. Treasury Securities | 23.1% |
| Corporate Bonds | 16.9% |
| Short-Term Investments | 13.9% |
| Residential Mortgage-Backed Securities - Non-Agency | 9.3% |
| Asset-Backed Securities | 4.9% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.7% |
| Foreign Government Bonds | 2.8% |
| Other Security Types<sup>Footnote Reference\*</sup> | 3.8% |
| Liabilities in Excess of Other Assets | (15.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, due 03/31/31 | 6.7% |
| U.S. Treasury Notes, 3.88%, due 03/31/28 | 3.9% |
| U.S. Treasury Notes, 4.25%, due 03/31/33 | 3.4% |
| U.S. Treasury Bonds, 4.75%, due 02/15/56 | 3.0% |
| U.S. Treasury Bonds, 4.63%, due 02/15/46 | 3.0% |
| Uniform Mortgage-Backed Security, TBA, 3.50%, due 12/01/51 | 2.4% |
| Uniform Mortgage-Backed Security, TBA, 4.00%, due 05/01/55 | 2.4% |
| U.S. Treasury Notes, 4.13%, due 02/15/36 | 2.2% |
| Uniform Mortgage-Backed Security, TBA, 4.50%, due 01/01/56 | 2.0% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 1.4% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Total Return Bond Fund

Annual Shareholder Report — March 31, 2026

Class M: MWTRX

TSR MWTRX-0326

TCW MetWest Total Return Bond Fund

![Image](g143715g53m09.jpg)

Administrative Class: MWTNX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Total Return Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Administrative Class | $82 | 0.80% |

---

# How did the Fund perform last year and what affected its performance?
Relative outperformance versus the Bloomberg U.S. Aggregate Bond Index was largely supported by residential MBS, including the overweight to agency MBS, which was one of the top-performing sectors over the period amid reduced rate volatility as Fed easing continued, and a positive tailwind from government-sponsored purchase programs announced in late 2025 and early 2026. Lower coupon issues outperformed on the heels of the announcement in early 2026, prompting a trimming of Fund exposure to that part of the coupon stack in favor of belly coupons that offer incrementally more carry while still protecting against prepayment risk. Non-agency MBS positions were also significant to outperformance, with allocations to newer, re-securitized issues contributing the most, though both legacy and "2.0" collateral benefitted from compelling yields and strong carry. Additional small contributions came from overweight positions across securitized credit – CMBS and ABS – which finished the period in firmly positive territory and outpaced Treasuries on a duration-adjusted. Offsetting the overweight to securitized credits was an underweight to corporate credit, which was a headwind as corporate spreads moved tighter on continued investor demand for yield. Issue selection among corporates was positive, however, due to additions made during the volatility in April that were subsequently trimmed to capture gains. Finally, against a backdrop of continued Fed easing and steepening of the yield curve, the Fund's longer-than-Index duration position and emphasis on front-end yields contributed to relative returns.

# Fund Performance
![Growth of 10K Chart](g143715g83b78.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **03/2016** | $10000 | $10000 |
| **04/2016** | $10041 | $10038 |
| **05/2016** | $10037 | $10041 |
| **06/2016** | $10189 | $10221 |
| **07/2016** | $10260 | $10286 |
| **08/2016** | $10254 | $10274 |
| **09/2016** | $10256 | $10268 |
| **10/2016** | $10183 | $10190 |
| **11/2016** | $9971 | $9949 |
| **12/2016** | $9976 | $9963 |
| **01/2017** | $9999 | $9982 |
| **02/2017** | $10060 | $10049 |
| **03/2017** | $10058 | $10044 |
| **04/2017** | $10121 | $10122 |
| **05/2017** | $10194 | $10199 |
| **06/2017** | $10180 | $10189 |
| **07/2017** | $10214 | $10233 |
| **08/2017** | $10307 | $10325 |
| **09/2017** | $10253 | $10276 |
| **10/2017** | $10251 | $10282 |
| **11/2017** | $10248 | $10268 |
| **12/2017** | $10284 | $10316 |
| **01/2018** | $10175 | $10197 |
| **02/2018** | $10074 | $10100 |
| **03/2018** | $10142 | $10165 |
| **04/2018** | $10074 | $10089 |
| **05/2018** | $10143 | $10161 |
| **06/2018** | $10125 | $10149 |
| **07/2018** | $10127 | $10151 |
| **08/2018** | $10187 | $10216 |
| **09/2018** | $10121 | $10151 |
| **10/2018** | $10034 | $10070 |
| **11/2018** | $10086 | $10131 |
| **12/2018** | $10267 | $10317 |
| **01/2019** | $10390 | $10426 |
| **02/2019** | $10382 | $10420 |
| **03/2019** | $10585 | $10620 |
| **04/2019** | $10588 | $10623 |
| **05/2019** | $10781 | $10812 |
| **06/2019** | $10914 | $10947 |
| **07/2019** | $10927 | $10971 |
| **08/2019** | $11209 | $11256 |
| **09/2019** | $11149 | $11196 |
| **10/2019** | $11179 | $11230 |
| **11/2019** | $11178 | $11224 |
| **12/2019** | $11161 | $11216 |
| **01/2020** | $11383 | $11432 |
| **02/2020** | $11565 | $11638 |
| **03/2020** | $11411 | $11569 |
| **04/2020** | $11673 | $11775 |
| **05/2020** | $11759 | $11830 |
| **06/2020** | $11865 | $11904 |
| **07/2020** | $12062 | $12082 |
| **08/2020** | $12002 | $11984 |
| **09/2020** | $12003 | $11978 |
| **10/2020** | $11963 | $11924 |
| **11/2020** | $12107 | $12041 |
| **12/2020** | $12137 | $12058 |
| **01/2021** | $12071 | $11971 |
| **02/2021** | $11916 | $11799 |
| **03/2021** | $11775 | $11651 |
| **04/2021** | $11871 | $11743 |
| **05/2021** | $11902 | $11782 |
| **06/2021** | $11977 | $11864 |
| **07/2021** | $12105 | $11997 |
| **08/2021** | $12082 | $11974 |
| **09/2021** | $11982 | $11871 |
| **10/2021** | $11970 | $11867 |
| **11/2021** | $11990 | $11902 |
| **12/2021** | $11961 | $11872 |
| **01/2022** | $11710 | $11616 |
| **02/2022** | $11569 | $11487 |
| **03/2022** | $11199 | $11168 |
| **04/2022** | $10743 | $10744 |
| **05/2022** | $10794 | $10813 |
| **06/2022** | $10550 | $10643 |
| **07/2022** | $10848 | $10903 |
| **08/2022** | $10517 | $10595 |
| **09/2022** | $9995 | $10138 |
| **10/2022** | $9833 | $10006 |
| **11/2022** | $10225 | $10374 |
| **12/2022** | $10160 | $10327 |
| **01/2023** | $10535 | $10645 |
| **02/2023** | $10226 | $10370 |
| **03/2023** | $10516 | $10633 |
| **04/2023** | $10570 | $10698 |
| **05/2023** | $10433 | $10581 |
| **06/2023** | $10375 | $10544 |
| **07/2023** | $10376 | $10536 |
| **08/2023** | $10299 | $10469 |
| **09/2023** | $9997 | $10203 |
| **10/2023** | $9790 | $10042 |
| **11/2023** | $10290 | $10497 |
| **12/2023** | $10734 | $10898 |
| **01/2024** | $10723 | $10868 |
| **02/2024** | $10544 | $10715 |
| **03/2024** | $10633 | $10814 |
| **04/2024** | $10315 | $10541 |
| **05/2024** | $10504 | $10719 |
| **06/2024** | $10623 | $10821 |
| **07/2024** | $10900 | $11074 |
| **08/2024** | $11078 | $11233 |
| **09/2024** | $11235 | $11383 |
| **10/2024** | $10889 | $11101 |
| **11/2024** | $11033 | $11218 |
| **12/2024** | $10810 | $11035 |
| **01/2025** | $10873 | $11093 |
| **02/2025** | $11155 | $11337 |
| **03/2025** | $11134 | $11342 |
| **04/2025** | $11182 | $11386 |
| **05/2025** | $11083 | $11305 |
| **06/2025** | $11279 | $11478 |
| **07/2025** | $11233 | $11448 |
| **08/2025** | $11381 | $11585 |
| **09/2025** | $11509 | $11711 |
| **10/2025** | $11586 | $11785 |
| **11/2025** | $11652 | $11858 |
| **12/2025** | $11613 | $11840 |
| **01/2026** | $11640 | $11853 |
| **02/2026** | $11843 | $12047 |
| **03/2026** | $11604 | $11835 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Administrative Class | 4.22% | -0.29% | 1.50% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$29,725,896,808

* # of Portfolio Holdings1,627

* Portfolio Turnover Rate405%

* Total Advisory Fees Paid - Net$107,529,300

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 36.8% |
| U.S. Treasury Securities | 23.1% |
| Corporate Bonds | 16.9% |
| Short-Term Investments | 13.9% |
| Residential Mortgage-Backed Securities - Non-Agency | 9.3% |
| Asset-Backed Securities | 4.9% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.7% |
| Foreign Government Bonds | 2.8% |
| Other Security Types<sup>Footnote Reference\*</sup> | 3.8% |
| Liabilities in Excess of Other Assets | (15.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, due 03/31/31 | 6.7% |
| U.S. Treasury Notes, 3.88%, due 03/31/28 | 3.9% |
| U.S. Treasury Notes, 4.25%, due 03/31/33 | 3.4% |
| U.S. Treasury Bonds, 4.75%, due 02/15/56 | 3.0% |
| U.S. Treasury Bonds, 4.63%, due 02/15/46 | 3.0% |
| Uniform Mortgage-Backed Security, TBA, 3.50%, due 12/01/51 | 2.4% |
| Uniform Mortgage-Backed Security, TBA, 4.00%, due 05/01/55 | 2.4% |
| U.S. Treasury Notes, 4.13%, due 02/15/36 | 2.2% |
| Uniform Mortgage-Backed Security, TBA, 4.50%, due 01/01/56 | 2.0% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 1.4% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Total Return Bond Fund

Annual Shareholder Report — March 31, 2026

Administrative Class: MWTNX

TSR MWTNX-0326

TCW MetWest Total Return Bond Fund

![Image](g143715g53m09.jpg)

Plan Class: MWTSX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Total Return Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Plan Class | $39 | 0.38% |

---

# How did the Fund perform last year and what affected its performance?
Relative outperformance versus the Bloomberg U.S. Aggregate Bond Index was largely supported by residential MBS, including the overweight to agency MBS, which was one of the top-performing sectors over the period amid reduced rate volatility as Fed easing continued, and a positive tailwind from government-sponsored purchase programs announced in late 2025 and early 2026. Lower coupon issues outperformed on the heels of the announcement in early 2026, prompting a trimming of Fund exposure to that part of the coupon stack in favor of belly coupons that offer incrementally more carry while still protecting against prepayment risk. Non-agency MBS positions were also significant to outperformance, with allocations to newer, re-securitized issues contributing the most, though both legacy and "2.0" collateral benefitted from compelling yields and strong carry. Additional small contributions came from overweight positions across securitized credit – CMBS and ABS – which finished the period in firmly positive territory and outpaced Treasuries on a duration-adjusted. Offsetting the overweight to securitized credits was an underweight to corporate credit, which was a headwind as corporate spreads moved tighter on continued investor demand for yield. Issue selection among corporates was positive, however, due to additions made during the volatility in April that were subsequently trimmed to capture gains. Finally, against a backdrop of continued Fed easing and steepening of the yield curve, the Fund's longer-than-Index duration position and emphasis on front-end yields contributed to relative returns.

# Fund Performance
![Growth of 10K Chart](g143715g23c13.jpg)

---

| | | |
|:---|:---|:---|
| | **Plan Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **03/2016** | $10000 | $10000 |
| **04/2016** | $10046 | $10038 |
| **05/2016** | $10045 | $10041 |
| **06/2016** | $10199 | $10221 |
| **07/2016** | $10277 | $10286 |
| **08/2016** | $10274 | $10274 |
| **09/2016** | $10278 | $10268 |
| **10/2016** | $10214 | $10190 |
| **11/2016** | $10000 | $9949 |
| **12/2016** | $10008 | $9963 |
| **01/2017** | $10035 | $9982 |
| **02/2017** | $10102 | $10049 |
| **03/2017** | $10103 | $10044 |
| **04/2017** | $10173 | $10122 |
| **05/2017** | $10243 | $10199 |
| **06/2017** | $10241 | $10189 |
| **07/2017** | $10270 | $10233 |
| **08/2017** | $10361 | $10325 |
| **09/2017** | $10317 | $10276 |
| **10/2017** | $10316 | $10282 |
| **11/2017** | $10315 | $10268 |
| **12/2017** | $10357 | $10316 |
| **01/2018** | $10252 | $10197 |
| **02/2018** | $10158 | $10100 |
| **03/2018** | $10222 | $10165 |
| **04/2018** | $10162 | $10089 |
| **05/2018** | $10238 | $10161 |
| **06/2018** | $10221 | $10149 |
| **07/2018** | $10225 | $10151 |
| **08/2018** | $10292 | $10216 |
| **09/2018** | $10233 | $10151 |
| **10/2018** | $10142 | $10070 |
| **11/2018** | $10200 | $10131 |
| **12/2018** | $10386 | $10317 |
| **01/2019** | $10509 | $10426 |
| **02/2019** | $10514 | $10420 |
| **03/2019** | $10713 | $10620 |
| **04/2019** | $10719 | $10623 |
| **05/2019** | $10929 | $10812 |
| **06/2019** | $11063 | $10947 |
| **07/2019** | $11079 | $10971 |
| **08/2019** | $11364 | $11256 |
| **09/2019** | $11313 | $11196 |
| **10/2019** | $11348 | $11230 |
| **11/2019** | $11339 | $11224 |
| **12/2019** | $11345 | $11216 |
| **01/2020** | $11566 | $11432 |
| **02/2020** | $11753 | $11638 |
| **03/2020** | $11601 | $11569 |
| **04/2020** | $11876 | $11775 |
| **05/2020** | $11962 | $11830 |
| **06/2020** | $12079 | $11904 |
| **07/2020** | $12285 | $12082 |
| **08/2020** | $12224 | $11984 |
| **09/2020** | $12228 | $11978 |
| **10/2020** | $12188 | $11924 |
| **11/2020** | $12336 | $12041 |
| **12/2020** | $12385 | $12058 |
| **01/2021** | $12316 | $11971 |
| **02/2021** | $12151 | $11799 |
| **03/2021** | $12024 | $11651 |
| **04/2021** | $12120 | $11743 |
| **05/2021** | $12158 | $11782 |
| **06/2021** | $12243 | $11864 |
| **07/2021** | $12375 | $11997 |
| **08/2021** | $12353 | $11974 |
| **09/2021** | $12259 | $11871 |
| **10/2021** | $12250 | $11867 |
| **11/2021** | $12275 | $11902 |
| **12/2021** | $12247 | $11872 |
| **01/2022** | $12000 | $11616 |
| **02/2022** | $11849 | $11487 |
| **03/2022** | $11483 | $11168 |
| **04/2022** | $11023 | $10744 |
| **05/2022** | $11069 | $10813 |
| **06/2022** | $10828 | $10643 |
| **07/2022** | $11133 | $10903 |
| **08/2022** | $10796 | $10595 |
| **09/2022** | $10263 | $10138 |
| **10/2022** | $10099 | $10006 |
| **11/2022** | $10506 | $10374 |
| **12/2022** | $10449 | $10327 |
| **01/2023** | $10837 | $10645 |
| **02/2023** | $10511 | $10370 |
| **03/2023** | $10819 | $10633 |
| **04/2023** | $10880 | $10698 |
| **05/2023** | $10743 | $10581 |
| **06/2023** | $10681 | $10544 |
| **07/2023** | $10696 | $10536 |
| **08/2023** | $10625 | $10469 |
| **09/2023** | $10306 | $10203 |
| **10/2023** | $10104 | $10042 |
| **11/2023** | $10618 | $10497 |
| **12/2023** | $11083 | $10898 |
| **01/2024** | $11072 | $10868 |
| **02/2024** | $10889 | $10715 |
| **03/2024** | $10989 | $10814 |
| **04/2024** | $10666 | $10541 |
| **05/2024** | $10862 | $10719 |
| **06/2024** | $10994 | $10821 |
| **07/2024** | $11275 | $11074 |
| **08/2024** | $11460 | $11233 |
| **09/2024** | $11621 | $11383 |
| **10/2024** | $11280 | $11101 |
| **11/2024** | $11428 | $11218 |
| **12/2024** | $11207 | $11035 |
| **01/2025** | $11279 | $11093 |
| **02/2025** | $11565 | $11337 |
| **03/2025** | $11558 | $11342 |
| **04/2025** | $11599 | $11386 |
| **05/2025** | $11505 | $11305 |
| **06/2025** | $11709 | $11478 |
| **07/2025** | $11674 | $11448 |
| **08/2025** | $11827 | $11585 |
| **09/2025** | $11957 | $11711 |
| **10/2025** | $12046 | $11785 |
| **11/2025** | $12121 | $11858 |
| **12/2025** | $12088 | $11840 |
| **01/2026** | $12120 | $11853 |
| **02/2026** | $12333 | $12047 |
| **03/2026** | $12099 | $11835 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Plan Class | 4.68% | 0.12% | 1.92% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$29,725,896,808

* # of Portfolio Holdings1,627

* Portfolio Turnover Rate405%

* Total Advisory Fees Paid - Net$107,529,300

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 36.8% |
| U.S. Treasury Securities | 23.1% |
| Corporate Bonds | 16.9% |
| Short-Term Investments | 13.9% |
| Residential Mortgage-Backed Securities - Non-Agency | 9.3% |
| Asset-Backed Securities | 4.9% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.7% |
| Foreign Government Bonds | 2.8% |
| Other Security Types<sup>Footnote Reference\*</sup> | 3.8% |
| Liabilities in Excess of Other Assets | (15.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, due 03/31/31 | 6.7% |
| U.S. Treasury Notes, 3.88%, due 03/31/28 | 3.9% |
| U.S. Treasury Notes, 4.25%, due 03/31/33 | 3.4% |
| U.S. Treasury Bonds, 4.75%, due 02/15/56 | 3.0% |
| U.S. Treasury Bonds, 4.63%, due 02/15/46 | 3.0% |
| Uniform Mortgage-Backed Security, TBA, 3.50%, due 12/01/51 | 2.4% |
| Uniform Mortgage-Backed Security, TBA, 4.00%, due 05/01/55 | 2.4% |
| U.S. Treasury Notes, 4.13%, due 02/15/36 | 2.2% |
| Uniform Mortgage-Backed Security, TBA, 4.50%, due 01/01/56 | 2.0% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 1.4% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Total Return Bond Fund

Annual Shareholder Report — March 31, 2026

Plan Class: MWTSX

TSR MWTSX-0326

TCW MetWest Total Return Bond Fund

![Image](g143715g53m09.jpg)

Class I-2: MWTTX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Total Return Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class I-2 | $54 | 0.53% |

---

# How did the Fund perform last year and what affected its performance?
Relative outperformance versus the Bloomberg U.S. Aggregate Bond Index was largely supported by residential MBS, including the overweight to agency MBS, which was one of the top-performing sectors over the period amid reduced rate volatility as Fed easing continued, and a positive tailwind from government-sponsored purchase programs announced in late 2025 and early 2026. Lower coupon issues outperformed on the heels of the announcement in early 2026, prompting a trimming of Fund exposure to that part of the coupon stack in favor of belly coupons that offer incrementally more carry while still protecting against prepayment risk. Non-agency MBS positions were also significant to outperformance, with allocations to newer, re-securitized issues contributing the most, though both legacy and "2.0" collateral benefitted from compelling yields and strong carry. Additional small contributions came from overweight positions across securitized credit – CMBS and ABS – which finished the period in firmly positive territory and outpaced Treasuries on a duration-adjusted. Offsetting the overweight to securitized credits was an underweight to corporate credit, which was a headwind as corporate spreads moved tighter on continued investor demand for yield. Issue selection among corporates was positive, however, due to additions made during the volatility in April that were subsequently trimmed to capture gains. Finally, against a backdrop of continued Fed easing and steepening of the yield curve, the Fund's longer-than-Index duration position and emphasis on front-end yields contributed to relative returns.

# Fund Performance
![Growth of 10K Chart](g143715g57s37.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I-2** | **Bloomberg U.S. Aggregate Bond Index** |
| **03/06/2020** | $10000 | $10000 |
| **03/31/2020** | $9707 | $9941 |
| **04/30/2020** | $9942 | $10118 |
| **05/31/2020** | $10024 | $10165 |
| **06/30/2020** | $10117 | $10229 |
| **07/31/2020** | $10290 | $10382 |
| **08/31/2020** | $10242 | $10298 |
| **09/30/2020** | $10246 | $10292 |
| **10/31/2020** | $10213 | $10246 |
| **11/30/2020** | $10338 | $10347 |
| **12/31/2020** | $10366 | $10361 |
| **01/31/2021** | $10312 | $10287 |
| **02/28/2021** | $10181 | $10138 |
| **03/31/2021** | $10061 | $10012 |
| **04/30/2021** | $10146 | $10091 |
| **05/31/2021** | $10175 | $10124 |
| **06/30/2021** | $10241 | $10195 |
| **07/31/2021** | $10354 | $10309 |
| **08/31/2021** | $10336 | $10289 |
| **09/30/2021** | $10253 | $10200 |
| **10/31/2021** | $10245 | $10197 |
| **11/30/2021** | $10264 | $10228 |
| **12/31/2021** | $10241 | $10201 |
| **01/31/2022** | $10028 | $9982 |
| **02/28/2022** | $9909 | $9870 |
| **03/31/2022** | $9594 | $9596 |
| **04/30/2022** | $9204 | $9232 |
| **05/31/2022** | $9250 | $9291 |
| **06/30/2022** | $9043 | $9146 |
| **07/31/2022** | $9301 | $9369 |
| **08/31/2022** | $9018 | $9104 |
| **09/30/2022** | $8573 | $8711 |
| **10/31/2022** | $8436 | $8598 |
| **11/30/2022** | $8774 | $8914 |
| **12/31/2022** | $8720 | $8874 |
| **01/31/2023** | $9044 | $9147 |
| **02/28/2023** | $8779 | $8911 |
| **03/31/2023** | $9021 | $9137 |
| **04/30/2023** | $9080 | $9192 |
| **05/31/2023** | $8964 | $9092 |
| **06/30/2023** | $8917 | $9060 |
| **07/31/2023** | $8919 | $9054 |
| **08/31/2023** | $8855 | $8996 |
| **09/30/2023** | $8596 | $8767 |
| **10/31/2023** | $8419 | $8629 |
| **11/30/2023** | $8852 | $9020 |
| **12/31/2023** | $9236 | $9365 |
| **01/31/2024** | $9229 | $9339 |
| **02/29/2024** | $9076 | $9207 |
| **03/31/2024** | $9156 | $9292 |
| **04/30/2024** | $8884 | $9057 |
| **05/31/2024** | $9048 | $9211 |
| **06/30/2024** | $9153 | $9298 |
| **07/31/2024** | $9393 | $9515 |
| **08/31/2024** | $9549 | $9652 |
| **09/30/2024** | $9677 | $9781 |
| **10/31/2024** | $9391 | $9539 |
| **11/30/2024** | $9507 | $9640 |
| **12/31/2024** | $9326 | $9482 |
| **01/31/2025** | $9382 | $9532 |
| **02/28/2025** | $9628 | $9742 |
| **03/31/2025** | $9613 | $9746 |
| **04/30/2025** | $9656 | $9784 |
| **05/31/2025** | $9573 | $9714 |
| **06/30/2025** | $9744 | $9863 |
| **07/31/2025** | $9707 | $9837 |
| **08/31/2025** | $9837 | $9955 |
| **09/30/2025** | $9950 | $10063 |
| **10/31/2025** | $10019 | $10126 |
| **11/30/2025** | $10078 | $10189 |
| **12/31/2025** | $10047 | $10174 |
| **01/31/2026** | $10072 | $10185 |
| **02/28/2026** | $10250 | $10352 |
| **03/31/2026** | $10045 | $10169 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *Since Inception 03/06/20* |
| Class I-2 | 4.50% | -0.03% | 0.07% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 3.97% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$29,725,896,808

* # of Portfolio Holdings1,627

* Portfolio Turnover Rate405%

* Total Advisory Fees Paid - Net$107,529,300

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 36.8% |
| U.S. Treasury Securities | 23.1% |
| Corporate Bonds | 16.9% |
| Short-Term Investments | 13.9% |
| Residential Mortgage-Backed Securities - Non-Agency | 9.3% |
| Asset-Backed Securities | 4.9% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.7% |
| Foreign Government Bonds | 2.8% |
| Other Security Types<sup>Footnote Reference\*</sup> | 3.8% |
| Liabilities in Excess of Other Assets | (15.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, due 03/31/31 | 6.7% |
| U.S. Treasury Notes, 3.88%, due 03/31/28 | 3.9% |
| U.S. Treasury Notes, 4.25%, due 03/31/33 | 3.4% |
| U.S. Treasury Bonds, 4.75%, due 02/15/56 | 3.0% |
| U.S. Treasury Bonds, 4.63%, due 02/15/46 | 3.0% |
| Uniform Mortgage-Backed Security, TBA, 3.50%, due 12/01/51 | 2.4% |
| Uniform Mortgage-Backed Security, TBA, 4.00%, due 05/01/55 | 2.4% |
| U.S. Treasury Notes, 4.13%, due 02/15/36 | 2.2% |
| Uniform Mortgage-Backed Security, TBA, 4.50%, due 01/01/56 | 2.0% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 1.4% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Total Return Bond Fund

Annual Shareholder Report — March 31, 2026

Class I-2: MWTTX

TSR MWTTX-0326

TCW MetWest Total Return Bond Fund

![Image](g143715g53m09.jpg)

Class I-3: MWTZX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Total Return Bond Fund (the "Fund") for the period of August 26, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class I-3 | $36<sup>Footnote Reference+</sup> | 0.59%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |
| &nbsp;&nbsp;Footnote<sup>+</sup> | &nbsp;&nbsp;The dollar amounts above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher. |

---

# How did the Fund perform last year and what affected its performance?
Relative outperformance versus the Bloomberg U.S. Aggregate Bond Index was largely supported by residential MBS, including the overweight to agency MBS, which was one of the top-performing sectors over the period amid reduced rate volatility as Fed easing continued, and a positive tailwind from government-sponsored purchase programs announced in late 2025 and early 2026. Lower coupon issues outperformed on the heels of the announcement in early 2026, prompting a trimming of Fund exposure to that part of the coupon stack in favor of belly coupons that offer incrementally more carry while still protecting against prepayment risk. Non-agency MBS positions were also significant to outperformance, with allocations to newer, re-securitized issues contributing the most, though both legacy and "2.0" collateral benefitted from compelling yields and strong carry. Additional small contributions came from overweight positions across securitized credit – CMBS and ABS – which finished the period in firmly positive territory and outpaced Treasuries on a duration-adjusted. Offsetting the overweight to securitized credits was an underweight to corporate credit, which was a headwind as corporate spreads moved tighter on continued investor demand for yield. Issue selection among corporates was positive, however, due to additions made during the volatility in April that were subsequently trimmed to capture gains. Finally, against a backdrop of continued Fed easing and steepening of the yield curve, the Fund's longer-than-Index duration position and emphasis on front-end yields contributed to relative returns.

# Fund Performance
![Growth of 10K Chart](g143715g08w31.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I-3** | **Bloomberg U.S. Aggregate Bond Index** |
| **08/26/2025** | $10000 | $10000 |
| **08/2025** | $10034 | $10120 |
| **09/2025** | $10141 | $10230 |
| **10/2025** | $10217 | $10294 |
| **11/2025** | $10284 | $10358 |
| **12/2025** | $10243 | $10343 |
| **01/2026** | $10278 | $10354 |
| **02/2026** | $10446 | $10523 |
| **03/2026** | $10248 | $10338 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | |
|:---|:---|
| Name | *Since Inception 08/26/25* |
| Class I-3 | 2.48% |
| Bloomberg U.S. Aggregate Bond Index | 3.97% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$29,725,896,808

* # of Portfolio Holdings1,627

* Portfolio Turnover Rate405%

* Total Advisory Fees Paid - Net$107,529,300

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 36.8% |
| U.S. Treasury Securities | 23.1% |
| Corporate Bonds | 16.9% |
| Short-Term Investments | 13.9% |
| Residential Mortgage-Backed Securities - Non-Agency | 9.3% |
| Asset-Backed Securities | 4.9% |
| Commercial Mortgage-Backed Securities - Non-Agency | 3.7% |
| Foreign Government Bonds | 2.8% |
| Other Security Types<sup>Footnote Reference\*</sup> | 3.8% |
| Liabilities in Excess of Other Assets | (15.2%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, due 03/31/31 | 6.7% |
| U.S. Treasury Notes, 3.88%, due 03/31/28 | 3.9% |
| U.S. Treasury Notes, 4.25%, due 03/31/33 | 3.4% |
| U.S. Treasury Bonds, 4.75%, due 02/15/56 | 3.0% |
| U.S. Treasury Bonds, 4.63%, due 02/15/46 | 3.0% |
| Uniform Mortgage-Backed Security, TBA, 3.50%, due 12/01/51 | 2.4% |
| Uniform Mortgage-Backed Security, TBA, 4.00%, due 05/01/55 | 2.4% |
| U.S. Treasury Notes, 4.13%, due 02/15/36 | 2.2% |
| Uniform Mortgage-Backed Security, TBA, 4.50%, due 01/01/56 | 2.0% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 1.4% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Total Return Bond Fund

Annual Shareholder Report — March 31, 2026

Class I-3: MWTZX

TSR MWTZX-0326

TCW MetWest Ultra Short Bond Fund

![Image](g143715g53m09.jpg)

Class I: MWUIX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Ultra Short Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class I | $35 | 0.34% |

---

# How did the Fund perform last year and what affected its performance?
The overweight duration position and focus on the front end of the yield curve significantly contributed to outperformance versus the ICE BofA 1-Year U.S. Treasury Index as the yield curve steepened and shorter maturity yields declined. Diversified exposure to fixed income spread sectors also supported relative performance, led by securitized products. Residential mortgage-backed securities (MBS) added value as the agency MBS sector was one of the top-performing fixed income sectors over the year, while non-agency MBS benefited from steady income and attractive yield premiums, enhancing the Fund's yield profile. Non-agency commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS) further contributed, driven by single-asset, single-borrower (SASB) CMBS deals, collateralized loan obligations (CLOs), and ABS linked to digital infrastructure. Corporate credit exposure—particularly the emphasis on financials—also boosted returns, with both investment grade and high yield outperforming duration-matched Treasuries.

# Fund Performance
![Growth of 10K Chart](g143715g29y82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA 1-Year U.S. Treasury Index** |
| **03/2016** | $10000 | $10000 | $10000 |
| **04/2016** | $10008 | $10038 | $10010 |
| **05/2016** | $10016 | $10041 | $10006 |
| **06/2016** | $10048 | $10221 | $10029 |
| **07/2016** | $10033 | $10286 | $10029 |
| **08/2016** | $10043 | $10274 | $10028 |
| **09/2016** | $10052 | $10268 | $10035 |
| **10/2016** | $10063 | $10190 | $10040 |
| **11/2016** | $10072 | $9949 | $10033 |
| **12/2016** | $10076 | $9963 | $10040 |
| **01/2017** | $10088 | $9982 | $10054 |
| **02/2017** | $10097 | $10049 | $10060 |
| **03/2017** | $10106 | $10044 | $10056 |
| **04/2017** | $10116 | $10122 | $10064 |
| **05/2017** | $10150 | $10199 | $10066 |
| **06/2017** | $10137 | $10189 | $10070 |
| **07/2017** | $10171 | $10233 | $10083 |
| **08/2017** | $10182 | $10325 | $10093 |
| **09/2017** | $10192 | $10276 | $10095 |
| **10/2017** | $10178 | $10282 | $10099 |
| **11/2017** | $10188 | $10268 | $10093 |
| **12/2017** | $10200 | $10316 | $10097 |
| **01/2018** | $10189 | $10197 | $10102 |
| **02/2018** | $10201 | $10100 | $10105 |
| **03/2018** | $10215 | $10165 | $10122 |
| **04/2018** | $10230 | $10089 | $10128 |
| **05/2018** | $10247 | $10161 | $10150 |
| **06/2018** | $10264 | $10149 | $10162 |
| **07/2018** | $10257 | $10151 | $10176 |
| **08/2018** | $10299 | $10216 | $10198 |
| **09/2018** | $10294 | $10151 | $10204 |
| **10/2018** | $10315 | $10070 | $10225 |
| **11/2018** | $10335 | $10131 | $10248 |
| **12/2018** | $10380 | $10317 | $10284 |
| **01/2019** | $10402 | $10426 | $10312 |
| **02/2019** | $10424 | $10420 | $10333 |
| **03/2019** | $10474 | $10620 | $10369 |
| **04/2019** | $10501 | $10623 | $10392 |
| **05/2019** | $10527 | $10812 | $10424 |
| **06/2019** | $10554 | $10947 | $10466 |
| **07/2019** | $10580 | $10971 | $10472 |
| **08/2019** | $10607 | $11256 | $10512 |
| **09/2019** | $10633 | $11196 | $10524 |
| **10/2019** | $10656 | $11230 | $10560 |
| **11/2019** | $10655 | $11224 | $10566 |
| **12/2019** | $10677 | $11216 | $10586 |
| **01/2020** | $10727 | $11432 | $10611 |
| **02/2020** | $10771 | $11638 | $10662 |
| **03/2020** | $10660 | $11569 | $10768 |
| **04/2020** | $10722 | $11775 | $10763 |
| **05/2020** | $10731 | $11830 | $10760 |
| **06/2020** | $10765 | $11904 | $10765 |
| **07/2020** | $10771 | $12082 | $10770 |
| **08/2020** | $10803 | $11984 | $10769 |
| **09/2020** | $10808 | $11978 | $10773 |
| **10/2020** | $10812 | $11924 | $10773 |
| **11/2020** | $10817 | $12041 | $10778 |
| **12/2020** | $10822 | $12058 | $10779 |
| **01/2021** | $10827 | $11971 | $10781 |
| **02/2021** | $10832 | $11799 | $10783 |
| **03/2021** | $10812 | $11651 | $10786 |
| **04/2021** | $10843 | $11743 | $10789 |
| **05/2021** | $10851 | $11782 | $10790 |
| **06/2021** | $10832 | $11864 | $10789 |
| **07/2021** | $10838 | $11997 | $10792 |
| **08/2021** | $10845 | $11974 | $10792 |
| **09/2021** | $10848 | $11871 | $10791 |
| **10/2021** | $10853 | $11867 | $10788 |
| **11/2021** | $10832 | $11902 | $10783 |
| **12/2021** | $10839 | $11872 | $10771 |
| **01/2022** | $10795 | $11616 | $10743 |
| **02/2022** | $10774 | $11487 | $10726 |
| **03/2022** | $10681 | $11168 | $10685 |
| **04/2022** | $10613 | $10744 | $10665 |
| **05/2022** | $10651 | $10813 | $10688 |
| **06/2022** | $10590 | $10643 | $10634 |
| **07/2022** | $10661 | $10903 | $10652 |
| **08/2022** | $10630 | $10595 | $10627 |
| **09/2022** | $10497 | $10138 | $10581 |
| **10/2022** | $10445 | $10006 | $10587 |
| **11/2022** | $10574 | $10374 | $10619 |
| **12/2022** | $10580 | $10327 | $10661 |
| **01/2023** | $10714 | $10645 | $10698 |
| **02/2023** | $10665 | $10370 | $10701 |
| **03/2023** | $10777 | $10633 | $10794 |
| **04/2023** | $10813 | $10698 | $10813 |
| **05/2023** | $10797 | $10581 | $10814 |
| **06/2023** | $10782 | $10544 | $10839 |
| **07/2023** | $10821 | $10536 | $10889 |
| **08/2023** | $10862 | $10469 | $10932 |
| **09/2023** | $10824 | $10203 | $10970 |
| **10/2023** | $10815 | $10042 | $11018 |
| **11/2023** | $10991 | $10497 | $11088 |
| **12/2023** | $11141 | $10898 | $11166 |
| **01/2024** | $11211 | $10868 | $11210 |
| **02/2024** | $11171 | $10715 | $11214 |
| **03/2024** | $11241 | $10814 | $11258 |
| **04/2024** | $11199 | $10541 | $11282 |
| **05/2024** | $11272 | $10719 | $11335 |
| **06/2024** | $11342 | $10821 | $11383 |
| **07/2024** | $11497 | $11074 | $11466 |
| **08/2024** | $11594 | $11233 | $11538 |
| **09/2024** | $11682 | $11383 | $11614 |
| **10/2024** | $11615 | $11101 | $11611 |
| **11/2024** | $11691 | $11218 | $11644 |
| **12/2024** | $11706 | $11035 | $11696 |
| **01/2025** | $11776 | $11093 | $11732 |
| **02/2025** | $11871 | $11337 | $11776 |
| **03/2025** | $11914 | $11342 | $11819 |
| **04/2025** | $11979 | $11386 | $11871 |
| **05/2025** | $11997 | $11305 | $11877 |
| **06/2025** | $12069 | $11478 | $11926 |
| **07/2025** | $12110 | $11448 | $11942 |
| **08/2025** | $12212 | $11585 | $12012 |
| **09/2025** | $12255 | $11711 | $12061 |
| **10/2025** | $12297 | $11785 | $12093 |
| **11/2025** | $12337 | $11858 | $12136 |
| **12/2025** | $12395 | $11840 | $12181 |
| **01/2026** | $12457 | $11853 | $12211 |
| **02/2026** | $12486 | $12047 | $12243 |
| **03/2026** | $12466 | $11835 | $12253 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class I | 4.63% | 2.89% | 2.23% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| ICE BofA 1-Year U.S. Treasury Index | 3.67% | 2.58% | 2.05% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$41,513,347

* # of Portfolio Holdings241

* Portfolio Turnover Rate552%

* Total Advisory Fees Paid - Net$0

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Securities | 25.8% |
| Corporate Bonds | 25.7% |
| Residential Mortgage-Backed Securities - Agency | 21.1% |
| Asset-Backed Securities | 13.3% |
| Short-Term Investments | 12.0% |
| Commercial Mortgage-Backed Securities - Non-Agency | 5.4% |
| Residential Mortgage-Backed Securities - Non-Agency | 4.1% |
| U.S. Government Agency Obligations | 3.6% |
| Other Security Types<sup>Footnote Reference\*</sup> | 2.5% |
| Liabilities in Excess of Other Assets | (13.5%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, due 03/31/28 | 23.8% |
| U.S. International Development Finance Corp., 1.49%, due 08/15/31 | 3.6% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 01/01/56 | 2.5% |
| Bank of America Corp., 3.82%, due 01/20/28 (3 mo. USD Term SOFR + 1.837%) | 2.4% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 2.2% |
| Citigroup, Inc., 1.46%, due 06/09/27 (1 day USD SOFR + 0.770%) | 2.0% |
| U.S. Treasury Notes, 3.50%, due 03/15/29 | 1.7% |
| Morgan Stanley Private Bank NA, 4.20%, due 11/17/28 (1 day USD SOFR + 0.780%) | 1.5% |
| JPMorgan Chase & Co., 3.78%, due 02/01/28 (3 mo. USD Term SOFR + 1.599%) | 1.4% |
| Wells Fargo & Co., 2.39%, due 06/02/28 (1 day USD SOFR + 2.100%) | 1.3% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Ultra Short Bond Fund

Annual Shareholder Report — March 31, 2026

Class I: MWUIX

TSR MWUIX-0326

TCW MetWest Ultra Short Bond Fund

![Image](g143715g53m09.jpg)

Class M: MWUSX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Ultra Short Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class M | $51 | 0.50% |

---

# How did the Fund perform last year and what affected its performance?
The overweight duration position and focus on the front end of the yield curve significantly contributed to outperformance versus the ICE BofA 1-Year U.S. Treasury Index as the yield curve steepened and shorter maturity yields declined. Diversified exposure to fixed income spread sectors also supported relative performance, led by securitized products. Residential mortgage-backed securities (MBS) added value as the agency MBS sector was one of the top-performing fixed income sectors over the year, while non-agency MBS benefited from steady income and attractive yield premiums, enhancing the Fund's yield profile. Non-agency commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS) further contributed, driven by single-asset, single-borrower (SASB) CMBS deals, collateralized loan obligations (CLOs), and ABS linked to digital infrastructure. Corporate credit exposure—particularly the emphasis on financials—also boosted returns, with both investment grade and high yield outperforming duration-matched Treasuries.

# Fund Performance
![Growth of 10K Chart](g143715g52s13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA 1-Year U.S. Treasury Index** |
| **03/2016** | $10000 | $10000 | $10000 |
| **04/2016** | $10030 | $10038 | $10010 |
| **05/2016** | $10014 | $10041 | $10006 |
| **06/2016** | $10044 | $10221 | $10029 |
| **07/2016** | $10051 | $10286 | $10029 |
| **08/2016** | $10059 | $10274 | $10028 |
| **09/2016** | $10068 | $10268 | $10035 |
| **10/2016** | $10077 | $10190 | $10040 |
| **11/2016** | $10061 | $9949 | $10033 |
| **12/2016** | $10088 | $9963 | $10040 |
| **01/2017** | $10098 | $9982 | $10054 |
| **02/2017** | $10106 | $10049 | $10060 |
| **03/2017** | $10114 | $10044 | $10056 |
| **04/2017** | $10123 | $10122 | $10064 |
| **05/2017** | $10131 | $10199 | $10066 |
| **06/2017** | $10140 | $10189 | $10070 |
| **07/2017** | $10149 | $10233 | $10083 |
| **08/2017** | $10159 | $10325 | $10093 |
| **09/2017** | $10168 | $10276 | $10095 |
| **10/2017** | $10176 | $10282 | $10099 |
| **11/2017** | $10161 | $10268 | $10093 |
| **12/2017** | $10172 | $10316 | $10097 |
| **01/2018** | $10183 | $10197 | $10102 |
| **02/2018** | $10170 | $10100 | $10105 |
| **03/2018** | $10182 | $10165 | $10122 |
| **04/2018** | $10196 | $10089 | $10128 |
| **05/2018** | $10211 | $10161 | $10150 |
| **06/2018** | $10227 | $10149 | $10162 |
| **07/2018** | $10242 | $10151 | $10176 |
| **08/2018** | $10259 | $10216 | $10198 |
| **09/2018** | $10253 | $10151 | $10204 |
| **10/2018** | $10272 | $10070 | $10225 |
| **11/2018** | $10291 | $10131 | $10248 |
| **12/2018** | $10335 | $10317 | $10284 |
| **01/2019** | $10379 | $10426 | $10312 |
| **02/2019** | $10376 | $10420 | $10333 |
| **03/2019** | $10424 | $10620 | $10369 |
| **04/2019** | $10450 | $10623 | $10392 |
| **05/2019** | $10474 | $10812 | $10424 |
| **06/2019** | $10524 | $10947 | $10466 |
| **07/2019** | $10524 | $10971 | $10472 |
| **08/2019** | $10574 | $11256 | $10512 |
| **09/2019** | $10574 | $11196 | $10524 |
| **10/2019** | $10595 | $11230 | $10560 |
| **11/2019** | $10618 | $11224 | $10566 |
| **12/2019** | $10638 | $11216 | $10586 |
| **01/2020** | $10662 | $11432 | $10611 |
| **02/2020** | $10703 | $11638 | $10662 |
| **03/2020** | $10617 | $11569 | $10768 |
| **04/2020** | $10652 | $11775 | $10763 |
| **05/2020** | $10685 | $11830 | $10760 |
| **06/2020** | $10717 | $11904 | $10765 |
| **07/2020** | $10722 | $12082 | $10770 |
| **08/2020** | $10726 | $11984 | $10769 |
| **09/2020** | $10731 | $11978 | $10773 |
| **10/2020** | $10733 | $11924 | $10773 |
| **11/2020** | $10736 | $12041 | $10778 |
| **12/2020** | $10765 | $12058 | $10779 |
| **01/2021** | $10768 | $11971 | $10781 |
| **02/2021** | $10747 | $11799 | $10783 |
| **03/2021** | $10726 | $11651 | $10786 |
| **04/2021** | $10755 | $11743 | $10789 |
| **05/2021** | $10762 | $11782 | $10790 |
| **06/2021** | $10767 | $11864 | $10789 |
| **07/2021** | $10771 | $11997 | $10792 |
| **08/2021** | $10751 | $11974 | $10792 |
| **09/2021** | $10753 | $11871 | $10791 |
| **10/2021** | $10756 | $11867 | $10788 |
| **11/2021** | $10734 | $11902 | $10783 |
| **12/2021** | $10740 | $11872 | $10771 |
| **01/2022** | $10719 | $11616 | $10743 |
| **02/2022** | $10672 | $11487 | $10726 |
| **03/2022** | $10604 | $11168 | $10685 |
| **04/2022** | $10510 | $10744 | $10665 |
| **05/2022** | $10571 | $10813 | $10688 |
| **06/2022** | $10509 | $10643 | $10634 |
| **07/2022** | $10578 | $10903 | $10652 |
| **08/2022** | $10520 | $10595 | $10627 |
| **09/2022** | $10387 | $10138 | $10581 |
| **10/2022** | $10359 | $10006 | $10587 |
| **11/2022** | $10461 | $10374 | $10619 |
| **12/2022** | $10491 | $10327 | $10661 |
| **01/2023** | $10622 | $10645 | $10698 |
| **02/2023** | $10547 | $10370 | $10701 |
| **03/2023** | $10656 | $10633 | $10794 |
| **04/2023** | $10690 | $10698 | $10813 |
| **05/2023** | $10673 | $10581 | $10814 |
| **06/2023** | $10657 | $10544 | $10839 |
| **07/2023** | $10693 | $10536 | $10889 |
| **08/2023** | $10732 | $10469 | $10932 |
| **09/2023** | $10693 | $10203 | $10970 |
| **10/2023** | $10710 | $10042 | $11018 |
| **11/2023** | $10882 | $10497 | $11088 |
| **12/2023** | $11002 | $10898 | $11166 |
| **01/2024** | $11070 | $10868 | $11210 |
| **02/2024** | $11057 | $10715 | $11214 |
| **03/2024** | $11097 | $10814 | $11258 |
| **04/2024** | $11054 | $10541 | $11282 |
| **05/2024** | $11152 | $10719 | $11335 |
| **06/2024** | $11192 | $10821 | $11383 |
| **07/2024** | $11343 | $11074 | $11466 |
| **08/2024** | $11439 | $11233 | $11538 |
| **09/2024** | $11523 | $11383 | $11614 |
| **10/2024** | $11483 | $11101 | $11611 |
| **11/2024** | $11529 | $11218 | $11644 |
| **12/2024** | $11570 | $11035 | $11696 |
| **01/2025** | $11610 | $11093 | $11732 |
| **02/2025** | $11702 | $11337 | $11776 |
| **03/2025** | $11743 | $11342 | $11819 |
| **04/2025** | $11805 | $11386 | $11871 |
| **05/2025** | $11822 | $11305 | $11877 |
| **06/2025** | $11891 | $11478 | $11926 |
| **07/2025** | $11901 | $11448 | $11942 |
| **08/2025** | $12000 | $11585 | $12012 |
| **09/2025** | $12069 | $11711 | $12061 |
| **10/2025** | $12109 | $11785 | $12093 |
| **11/2025** | $12147 | $11858 | $12136 |
| **12/2025** | $12203 | $11840 | $12181 |
| **01/2026** | $12262 | $11853 | $12211 |
| **02/2026** | $12289 | $12047 | $12243 |
| **03/2026** | $12267 | $11835 | $12253 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class M | 4.47% | 2.72% | 2.06% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| ICE BofA 1-Year U.S. Treasury Index | 3.67% | 2.58% | 2.05% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$41,513,347

* # of Portfolio Holdings241

* Portfolio Turnover Rate552%

* Total Advisory Fees Paid - Net$0

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Securities | 25.8% |
| Corporate Bonds | 25.7% |
| Residential Mortgage-Backed Securities - Agency | 21.1% |
| Asset-Backed Securities | 13.3% |
| Short-Term Investments | 12.0% |
| Commercial Mortgage-Backed Securities - Non-Agency | 5.4% |
| Residential Mortgage-Backed Securities - Non-Agency | 4.1% |
| U.S. Government Agency Obligations | 3.6% |
| Other Security Types<sup>Footnote Reference\*</sup> | 2.5% |
| Liabilities in Excess of Other Assets | (13.5%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.88%, due 03/31/28 | 23.8% |
| U.S. International Development Finance Corp., 1.49%, due 08/15/31 | 3.6% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 01/01/56 | 2.5% |
| Bank of America Corp., 3.82%, due 01/20/28 (3 mo. USD Term SOFR + 1.837%) | 2.4% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 2.2% |
| Citigroup, Inc., 1.46%, due 06/09/27 (1 day USD SOFR + 0.770%) | 2.0% |
| U.S. Treasury Notes, 3.50%, due 03/15/29 | 1.7% |
| Morgan Stanley Private Bank NA, 4.20%, due 11/17/28 (1 day USD SOFR + 0.780%) | 1.5% |
| JPMorgan Chase & Co., 3.78%, due 02/01/28 (3 mo. USD Term SOFR + 1.599%) | 1.4% |
| Wells Fargo & Co., 2.39%, due 06/02/28 (1 day USD SOFR + 2.100%) | 1.3% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Ultra Short Bond Fund

Annual Shareholder Report — March 31, 2026

Class M: MWUSX

TSR MWUSX-0326

TCW MetWest Unconstrained Bond Fund

![Image](g143715g53m09.jpg)

Class I: MWCIX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Unconstrained Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class I | $74 | 0.72% |

---

# How did the Fund perform last year and what affected its performance?
Diversified exposure to fixed income spread sectors drove strong outperformance versus the Bloomberg U.S. Treasury Bills 1-3 Months Index over the period. Securitized products were the largest contributor, led by non-agency mortgage-backed securities (MBS), where steady income, attractive yield premiums, and resilient collateral performance supported returns. Commercial MBS (CMBS) also contributed meaningfully, with positioning focused on single-asset, single-borrower (SASB) deal structures that benefitted from strong sponsorship and investor demand for transparent collateral. Asset backed securities (ABS) contributed further given diversified exposure to non-traditional collateral types and collateralized loan obligations (CLOs) that provided attractive spread and yield premiums. Corporate credit exposure also rewarded returns as investment grade and high yield issues both finished ahead of comparable Treasuries, with investment grade positions providing the largest boost. Finally, the overweight duration position and emphasis on the front-end of the yield curve benefitted relative performance as the yield curve steepened and shorter maturity yields declined.

# Fund Performance
![Growth of 10K Chart](g143715g55c58.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Treasury Bills: 1-3 Months Index** |
| **03/2016** | $10000 | $10000 | $10000 |
| **04/2016** | $10079 | $10038 | $10002 |
| **05/2016** | $10108 | $10041 | $10002 |
| **06/2016** | $10154 | $10221 | $10005 |
| **07/2016** | $10219 | $10286 | $10007 |
| **08/2016** | $10257 | $10274 | $10010 |
| **09/2016** | $10295 | $10268 | $10013 |
| **10/2016** | $10309 | $10190 | $10015 |
| **11/2016** | $10288 | $9949 | $10016 |
| **12/2016** | $10315 | $9963 | $10020 |
| **01/2017** | $10371 | $9982 | $10024 |
| **02/2017** | $10415 | $10049 | $10028 |
| **03/2017** | $10443 | $10044 | $10030 |
| **04/2017** | $10474 | $10122 | $10036 |
| **05/2017** | $10526 | $10199 | $10042 |
| **06/2017** | $10566 | $10189 | $10050 |
| **07/2017** | $10597 | $10233 | $10058 |
| **08/2017** | $10647 | $10325 | $10066 |
| **09/2017** | $10663 | $10276 | $10075 |
| **10/2017** | $10684 | $10282 | $10084 |
| **11/2017** | $10698 | $10268 | $10092 |
| **12/2017** | $10725 | $10316 | $10101 |
| **01/2018** | $10722 | $10197 | $10112 |
| **02/2018** | $10698 | $10100 | $10122 |
| **03/2018** | $10704 | $10165 | $10135 |
| **04/2018** | $10701 | $10089 | $10149 |
| **05/2018** | $10732 | $10161 | $10164 |
| **06/2018** | $10736 | $10149 | $10179 |
| **07/2018** | $10778 | $10151 | $10196 |
| **08/2018** | $10820 | $10216 | $10212 |
| **09/2018** | $10837 | $10151 | $10229 |
| **10/2018** | $10815 | $10070 | $10247 |
| **11/2018** | $10802 | $10131 | $10266 |
| **12/2018** | $10829 | $10317 | $10286 |
| **01/2019** | $10949 | $10426 | $10306 |
| **02/2019** | $11002 | $10420 | $10325 |
| **03/2019** | $11089 | $10620 | $10347 |
| **04/2019** | $11155 | $10623 | $10367 |
| **05/2019** | $11211 | $10812 | $10389 |
| **06/2019** | $11316 | $10947 | $10411 |
| **07/2019** | $11342 | $10971 | $10430 |
| **08/2019** | $11428 | $11256 | $10448 |
| **09/2019** | $11437 | $11196 | $10467 |
| **10/2019** | $11474 | $11230 | $10485 |
| **11/2019** | $11496 | $11224 | $10498 |
| **12/2019** | $11530 | $11216 | $10513 |
| **01/2020** | $11619 | $11432 | $10526 |
| **02/2020** | $11642 | $11638 | $10540 |
| **03/2020** | $10855 | $11569 | $10562 |
| **04/2020** | $11138 | $11775 | $10562 |
| **05/2020** | $11354 | $11830 | $10563 |
| **06/2020** | $11542 | $11904 | $10564 |
| **07/2020** | $11699 | $12082 | $10566 |
| **08/2020** | $11763 | $11984 | $10566 |
| **09/2020** | $11780 | $11978 | $10567 |
| **10/2020** | $11818 | $11924 | $10568 |
| **11/2020** | $11984 | $12041 | $10569 |
| **12/2020** | $12082 | $12058 | $10570 |
| **01/2021** | $12117 | $11971 | $10571 |
| **02/2021** | $12121 | $11799 | $10571 |
| **03/2021** | $12087 | $11651 | $10572 |
| **04/2021** | $12163 | $11743 | $10572 |
| **05/2021** | $12200 | $11782 | $10572 |
| **06/2021** | $12227 | $11864 | $10572 |
| **07/2021** | $12274 | $11997 | $10572 |
| **08/2021** | $12281 | $11974 | $10573 |
| **09/2021** | $12266 | $11871 | $10573 |
| **10/2021** | $12221 | $11867 | $10573 |
| **11/2021** | $12187 | $11902 | $10574 |
| **12/2021** | $12209 | $11872 | $10574 |
| **01/2022** | $12094 | $11616 | $10574 |
| **02/2022** | $11968 | $11487 | $10575 |
| **03/2022** | $11738 | $11168 | $10578 |
| **04/2022** | $11519 | $10744 | $10580 |
| **05/2022** | $11507 | $10813 | $10585 |
| **06/2022** | $11221 | $10643 | $10591 |
| **07/2022** | $11444 | $10903 | $10599 |
| **08/2022** | $11363 | $10595 | $10619 |
| **09/2022** | $11032 | $10138 | $10641 |
| **10/2022** | $10942 | $10006 | $10664 |
| **11/2022** | $11180 | $10374 | $10697 |
| **12/2022** | $11211 | $10327 | $10735 |
| **01/2023** | $11543 | $10645 | $10771 |
| **02/2023** | $11379 | $10370 | $10809 |
| **03/2023** | $11544 | $10633 | $10852 |
| **04/2023** | $11628 | $10698 | $10894 |
| **05/2023** | $11580 | $10581 | $10938 |
| **06/2023** | $11566 | $10544 | $10985 |
| **07/2023** | $11643 | $10536 | $11033 |
| **08/2023** | $11664 | $10469 | $11083 |
| **09/2023** | $11526 | $10203 | $11133 |
| **10/2023** | $11400 | $10042 | $11184 |
| **11/2023** | $11767 | $10497 | $11234 |
| **12/2023** | $12094 | $10898 | $11286 |
| **01/2024** | $12165 | $10868 | $11336 |
| **02/2024** | $12112 | $10715 | $11383 |
| **03/2024** | $12234 | $10814 | $11435 |
| **04/2024** | $12076 | $10541 | $11485 |
| **05/2024** | $12246 | $10719 | $11541 |
| **06/2024** | $12342 | $10821 | $11589 |
| **07/2024** | $12573 | $11074 | $11641 |
| **08/2024** | $12739 | $11233 | $11697 |
| **09/2024** | $12902 | $11383 | $11747 |
| **10/2024** | $12740 | $11101 | $11793 |
| **11/2024** | $12883 | $11218 | $11840 |
| **12/2024** | $12819 | $11035 | $11887 |
| **01/2025** | $12914 | $11093 | $11931 |
| **02/2025** | $13101 | $11337 | $11970 |
| **03/2025** | $13129 | $11342 | $12011 |
| **04/2025** | $13162 | $11386 | $12053 |
| **05/2025** | $13235 | $11305 | $12098 |
| **06/2025** | $13393 | $11478 | $12139 |
| **07/2025** | $13416 | $11448 | $12184 |
| **08/2025** | $13547 | $11585 | $12231 |
| **09/2025** | $13667 | $11711 | $12272 |
| **10/2025** | $13740 | $11785 | $12317 |
| **11/2025** | $13815 | $11858 | $12354 |
| **12/2025** | $13854 | $11840 | $12397 |
| **01/2026** | $13916 | $11853 | $12434 |
| **02/2026** | $14013 | $12047 | $12469 |
| **03/2026** | $13900 | $11835 | $12506 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class I | 5.87% | 2.83% | 3.35% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| Bloomberg U.S. Treasury Bills: 1-3 Months Index | 4.12% | 3.42% | 2.26% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$2,667,833,718

* # of Portfolio Holdings1,021

* Portfolio Turnover Rate254%

* Total Advisory Fees Paid - Net$16,840,251

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Non-Agency | 26.6% |
| Residential Mortgage-Backed Securities - Agency | 24.5% |
| Corporate Bonds | 20.5% |
| Commercial Mortgage-Backed Securities - Non-Agency | 12.5% |
| Asset-Backed Securities | 10.3% |
| Short-Term Investments | 8.3% |
| Bank Loans | 4.3% |
| Foreign Government Bonds | 3.9% |
| Other Security Types<sup>Footnote Reference\*</sup> | 3.2% |
| Liabilities in Excess of Other Assets | (14.1%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 4.00%, due 05/01/55 | 3.7% |
| Uniform Mortgage-Backed Security, TBA, 3.50%, due 12/01/51 | 2.7% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 01/01/56 | 2.4% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 2.0% |
| Uniform Mortgage-Backed Security, TBA, 4.50%, due 01/01/56 | 1.9% |
| TCW Private Asset Income Fund, Class I | 1.7% |
| Uniform Mortgage-Backed Security, TBA, 5.50%, due 12/01/55 | 1.6% |
| Federal Home Loan Mortgage Corp., 4.50%, due 12/01/52 | 1.0% |
| Federal Home Loan Mortgage Corp., 4.00%, due 11/01/52 | 0.8% |
| U.K. Gilts, 4.38%, due 03/07/28 | 0.7% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Unconstrained Bond Fund

Annual Shareholder Report — March 31, 2026

Class I: MWCIX

TSR MWCIX-0326

TCW MetWest Unconstrained Bond Fund

![Image](g143715g53m09.jpg)

Class M: MWCRX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Unconstrained Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class M | $106 | 1.03% |

---

# How did the Fund perform last year and what affected its performance?
Diversified exposure to fixed income spread sectors drove strong outperformance versus the Bloomberg U.S. Treasury Bills 1-3 Months Index over the period. Securitized products were the largest contributor, led by non-agency mortgage-backed securities (MBS), where steady income, attractive yield premiums, and resilient collateral performance supported returns. Commercial MBS (CMBS) also contributed meaningfully, with positioning focused on single-asset, single-borrower (SASB) deal structures that benefitted from strong sponsorship and investor demand for transparent collateral. Asset backed securities (ABS) contributed further given diversified exposure to non-traditional collateral types and collateralized loan obligations (CLOs) that provided attractive spread and yield premiums. Corporate credit exposure also rewarded returns as investment grade and high yield issues both finished ahead of comparable Treasuries, with investment grade positions providing the largest boost. Finally, the overweight duration position and emphasis on the front-end of the yield curve benefitted relative performance as the yield curve steepened and shorter maturity yields declined.

# Fund Performance
![Growth of 10K Chart](g143715g58n18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class M** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Treasury Bills: 1-3 Months Index** |
| **03/2016** | $10000 | $10000 | $10000 |
| **04/2016** | $10077 | $10038 | $10002 |
| **05/2016** | $10103 | $10041 | $10002 |
| **06/2016** | $10146 | $10221 | $10005 |
| **07/2016** | $10208 | $10286 | $10007 |
| **08/2016** | $10243 | $10274 | $10010 |
| **09/2016** | $10279 | $10268 | $10013 |
| **10/2016** | $10289 | $10190 | $10015 |
| **11/2016** | $10266 | $9949 | $10016 |
| **12/2016** | $10290 | $9963 | $10020 |
| **01/2017** | $10334 | $9982 | $10024 |
| **02/2017** | $10385 | $10049 | $10028 |
| **03/2017** | $10411 | $10044 | $10030 |
| **04/2017** | $10439 | $10122 | $10036 |
| **05/2017** | $10488 | $10199 | $10042 |
| **06/2017** | $10525 | $10189 | $10050 |
| **07/2017** | $10554 | $10233 | $10058 |
| **08/2017** | $10601 | $10325 | $10066 |
| **09/2017** | $10613 | $10276 | $10075 |
| **10/2017** | $10632 | $10282 | $10084 |
| **11/2017** | $10643 | $10268 | $10092 |
| **12/2017** | $10667 | $10316 | $10101 |
| **01/2018** | $10661 | $10197 | $10112 |
| **02/2018** | $10634 | $10100 | $10122 |
| **03/2018** | $10637 | $10165 | $10135 |
| **04/2018** | $10641 | $10089 | $10149 |
| **05/2018** | $10661 | $10161 | $10164 |
| **06/2018** | $10662 | $10149 | $10179 |
| **07/2018** | $10701 | $10151 | $10196 |
| **08/2018** | $10740 | $10216 | $10212 |
| **09/2018** | $10755 | $10151 | $10229 |
| **10/2018** | $10730 | $10070 | $10247 |
| **11/2018** | $10715 | $10131 | $10266 |
| **12/2018** | $10739 | $10317 | $10286 |
| **01/2019** | $10855 | $10426 | $10306 |
| **02/2019** | $10905 | $10420 | $10325 |
| **03/2019** | $10990 | $10620 | $10347 |
| **04/2019** | $11052 | $10623 | $10367 |
| **05/2019** | $11105 | $10812 | $10389 |
| **06/2019** | $11206 | $10947 | $10411 |
| **07/2019** | $11230 | $10971 | $10430 |
| **08/2019** | $11311 | $11256 | $10448 |
| **09/2019** | $11318 | $11196 | $10467 |
| **10/2019** | $11351 | $11230 | $10485 |
| **11/2019** | $11371 | $11224 | $10498 |
| **12/2019** | $11402 | $11216 | $10513 |
| **01/2020** | $11487 | $11432 | $10526 |
| **02/2020** | $11518 | $11638 | $10540 |
| **03/2020** | $10718 | $11569 | $10562 |
| **04/2020** | $11005 | $11775 | $10562 |
| **05/2020** | $11216 | $11830 | $10563 |
| **06/2020** | $11399 | $11904 | $10564 |
| **07/2020** | $11551 | $12082 | $10566 |
| **08/2020** | $11612 | $11984 | $10566 |
| **09/2020** | $11626 | $11978 | $10567 |
| **10/2020** | $11661 | $11924 | $10568 |
| **11/2020** | $11832 | $12041 | $10569 |
| **12/2020** | $11916 | $12058 | $10570 |
| **01/2021** | $11957 | $11971 | $10571 |
| **02/2021** | $11948 | $11799 | $10571 |
| **03/2021** | $11912 | $11651 | $10572 |
| **04/2021** | $11985 | $11743 | $10572 |
| **05/2021** | $12018 | $11782 | $10572 |
| **06/2021** | $12041 | $11864 | $10572 |
| **07/2021** | $12085 | $11997 | $10572 |
| **08/2021** | $12089 | $11974 | $10573 |
| **09/2021** | $12072 | $11871 | $10573 |
| **10/2021** | $12025 | $11867 | $10573 |
| **11/2021** | $11989 | $11902 | $10574 |
| **12/2021** | $12008 | $11872 | $10574 |
| **01/2022** | $11892 | $11616 | $10574 |
| **02/2022** | $11765 | $11487 | $10575 |
| **03/2022** | $11537 | $11168 | $10578 |
| **04/2022** | $11319 | $10744 | $10580 |
| **05/2022** | $11305 | $10813 | $10585 |
| **06/2022** | $11021 | $10643 | $10591 |
| **07/2022** | $11238 | $10903 | $10599 |
| **08/2022** | $11156 | $10595 | $10619 |
| **09/2022** | $10829 | $10138 | $10641 |
| **10/2022** | $10738 | $10006 | $10664 |
| **11/2022** | $10969 | $10374 | $10697 |
| **12/2022** | $10997 | $10327 | $10735 |
| **01/2023** | $11320 | $10645 | $10771 |
| **02/2023** | $11145 | $10370 | $10809 |
| **03/2023** | $11315 | $10633 | $10852 |
| **04/2023** | $11394 | $10698 | $10894 |
| **05/2023** | $11345 | $10581 | $10938 |
| **06/2023** | $11329 | $10544 | $10985 |
| **07/2023** | $11402 | $10536 | $11033 |
| **08/2023** | $11419 | $10469 | $11083 |
| **09/2023** | $11282 | $10203 | $11133 |
| **10/2023** | $11156 | $10042 | $11184 |
| **11/2023** | $11513 | $10497 | $11234 |
| **12/2023** | $11818 | $10898 | $11286 |
| **01/2024** | $11896 | $10868 | $11336 |
| **02/2024** | $11841 | $10715 | $11383 |
| **03/2024** | $11957 | $10814 | $11435 |
| **04/2024** | $11800 | $10541 | $11485 |
| **05/2024** | $11963 | $10719 | $11541 |
| **06/2024** | $12054 | $10821 | $11589 |
| **07/2024** | $12265 | $11074 | $11641 |
| **08/2024** | $12436 | $11233 | $11697 |
| **09/2024** | $12592 | $11383 | $11747 |
| **10/2024** | $12431 | $11101 | $11793 |
| **11/2024** | $12556 | $11218 | $11840 |
| **12/2024** | $12502 | $11035 | $11887 |
| **01/2025** | $12591 | $11093 | $11931 |
| **02/2025** | $12771 | $11337 | $11970 |
| **03/2025** | $12797 | $11342 | $12011 |
| **04/2025** | $12825 | $11386 | $12053 |
| **05/2025** | $12894 | $11305 | $12098 |
| **06/2025** | $13045 | $11478 | $12139 |
| **07/2025** | $13064 | $11448 | $12184 |
| **08/2025** | $13188 | $11585 | $12231 |
| **09/2025** | $13302 | $11711 | $12272 |
| **10/2025** | $13370 | $11785 | $12317 |
| **11/2025** | $13439 | $11858 | $12354 |
| **12/2025** | $13473 | $11840 | $12397 |
| **01/2026** | $13528 | $11853 | $12434 |
| **02/2026** | $13619 | $12047 | $12469 |
| **03/2026** | $13506 | $11835 | $12506 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *10 Years* |
| Class M | 5.54% | 2.54% | 3.05% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| Bloomberg U.S. Treasury Bills: 1-3 Months Index | 4.12% | 3.42% | 2.26% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$2,667,833,718

* # of Portfolio Holdings1,021

* Portfolio Turnover Rate254%

* Total Advisory Fees Paid - Net$16,840,251

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Non-Agency | 26.6% |
| Residential Mortgage-Backed Securities - Agency | 24.5% |
| Corporate Bonds | 20.5% |
| Commercial Mortgage-Backed Securities - Non-Agency | 12.5% |
| Asset-Backed Securities | 10.3% |
| Short-Term Investments | 8.3% |
| Bank Loans | 4.3% |
| Foreign Government Bonds | 3.9% |
| Other Security Types<sup>Footnote Reference\*</sup> | 3.2% |
| Liabilities in Excess of Other Assets | (14.1%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 4.00%, due 05/01/55 | 3.7% |
| Uniform Mortgage-Backed Security, TBA, 3.50%, due 12/01/51 | 2.7% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 01/01/56 | 2.4% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 2.0% |
| Uniform Mortgage-Backed Security, TBA, 4.50%, due 01/01/56 | 1.9% |
| TCW Private Asset Income Fund, Class I | 1.7% |
| Uniform Mortgage-Backed Security, TBA, 5.50%, due 12/01/55 | 1.6% |
| Federal Home Loan Mortgage Corp., 4.50%, due 12/01/52 | 1.0% |
| Federal Home Loan Mortgage Corp., 4.00%, due 11/01/52 | 0.8% |
| U.K. Gilts, 4.38%, due 03/07/28 | 0.7% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Unconstrained Bond Fund

Annual Shareholder Report — March 31, 2026

Class M: MWCRX

TSR MWCRX-0326

TCW MetWest Unconstrained Bond Fund

![Image](g143715g53m09.jpg)

Plan Class: MWCPX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Unconstrained Bond Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Plan Class | $70 | 0.68% |

---

# How did the Fund perform last year and what affected its performance?
Diversified exposure to fixed income spread sectors drove strong outperformance versus the Bloomberg U.S. Treasury Bills 1-3 Months Index over the period. Securitized products were the largest contributor, led by non-agency mortgage-backed securities (MBS), where steady income, attractive yield premiums, and resilient collateral performance supported returns. Commercial MBS (CMBS) also contributed meaningfully, with positioning focused on single-asset, single-borrower (SASB) deal structures that benefitted from strong sponsorship and investor demand for transparent collateral. Asset backed securities (ABS) contributed further given diversified exposure to non-traditional collateral types and collateralized loan obligations (CLOs) that provided attractive spread and yield premiums. Corporate credit exposure also rewarded returns as investment grade and high yield issues both finished ahead of comparable Treasuries, with investment grade positions providing the largest boost. Finally, the overweight duration position and emphasis on the front-end of the yield curve benefitted relative performance as the yield curve steepened and shorter maturity yields declined.

# Fund Performance
![Growth of 10K Chart](g143715g27p90.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Plan Class** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Treasury Bills: 1-3 Months Index** |
| **03/06/2020** | $10000 | $10000 | $10000 |
| **03/31/2020** | $9312 | $9941 | $10021 |
| **04/30/2020** | $9558 | $10118 | $10021 |
| **05/31/2020** | $9744 | $10165 | $10022 |
| **06/30/2020** | $9905 | $10229 | $10023 |
| **07/31/2020** | $10050 | $10382 | $10024 |
| **08/31/2020** | $10097 | $10298 | $10025 |
| **09/30/2020** | $10112 | $10292 | $10026 |
| **10/31/2020** | $10154 | $10246 | $10027 |
| **11/30/2020** | $10296 | $10347 | $10027 |
| **12/31/2020** | $10373 | $10361 | $10028 |
| **01/31/2021** | $10412 | $10287 | $10029 |
| **02/28/2021** | $10406 | $10138 | $10029 |
| **03/31/2021** | $10378 | $10012 | $10030 |
| **04/30/2021** | $10444 | $10091 | $10030 |
| **05/31/2021** | $10484 | $10124 | $10030 |
| **06/30/2021** | $10508 | $10195 | $10030 |
| **07/31/2021** | $10540 | $10309 | $10030 |
| **08/31/2021** | $10547 | $10289 | $10031 |
| **09/30/2021** | $10535 | $10200 | $10031 |
| **10/31/2021** | $10505 | $10197 | $10031 |
| **11/30/2021** | $10468 | $10228 | $10032 |
| **12/31/2021** | $10487 | $10201 | $10032 |
| **01/31/2022** | $10398 | $9982 | $10033 |
| **02/28/2022** | $10281 | $9870 | $10033 |
| **03/31/2022** | $10084 | $9596 | $10035 |
| **04/30/2022** | $9896 | $9232 | $10038 |
| **05/31/2022** | $9887 | $9291 | $10043 |
| **06/30/2022** | $9650 | $9146 | $10048 |
| **07/31/2022** | $9842 | $9369 | $10056 |
| **08/31/2022** | $9764 | $9104 | $10075 |
| **09/30/2022** | $9480 | $8711 | $10095 |
| **10/31/2022** | $9412 | $8598 | $10117 |
| **11/30/2022** | $9618 | $8914 | $10149 |
| **12/31/2022** | $9645 | $8874 | $10185 |
| **01/31/2023** | $9931 | $9147 | $10219 |
| **02/28/2023** | $9780 | $8911 | $10255 |
| **03/31/2023** | $9932 | $9137 | $10296 |
| **04/30/2023** | $9995 | $9192 | $10336 |
| **05/31/2023** | $9954 | $9092 | $10378 |
| **06/30/2023** | $9952 | $9060 | $10422 |
| **07/31/2023** | $10019 | $9054 | $10468 |
| **08/31/2023** | $10028 | $8996 | $10515 |
| **09/30/2023** | $9920 | $8767 | $10562 |
| **10/31/2023** | $9811 | $8629 | $10611 |
| **11/30/2023** | $10128 | $9020 | $10658 |
| **12/31/2023** | $10400 | $9365 | $10708 |
| **01/31/2024** | $10472 | $9339 | $10755 |
| **02/29/2024** | $10416 | $9207 | $10800 |
| **03/31/2024** | $10532 | $9292 | $10849 |
| **04/30/2024** | $10386 | $9057 | $10897 |
| **05/31/2024** | $10533 | $9211 | $10950 |
| **06/30/2024** | $10626 | $9298 | $10995 |
| **07/31/2024** | $10815 | $9515 | $11045 |
| **08/31/2024** | $10969 | $9652 | $11098 |
| **09/30/2024** | $11110 | $9781 | $11145 |
| **10/31/2024** | $10971 | $9539 | $11189 |
| **11/30/2024** | $11084 | $9640 | $11233 |
| **12/31/2024** | $11040 | $9482 | $11278 |
| **01/31/2025** | $11122 | $9532 | $11320 |
| **02/28/2025** | $11284 | $9742 | $11357 |
| **03/31/2025** | $11310 | $9746 | $11395 |
| **04/30/2025** | $11327 | $9784 | $11435 |
| **05/31/2025** | $11401 | $9714 | $11478 |
| **06/30/2025** | $11539 | $9863 | $11517 |
| **07/31/2025** | $11559 | $9837 | $11560 |
| **08/31/2025** | $11672 | $9955 | $11604 |
| **09/30/2025** | $11765 | $10063 | $11644 |
| **10/31/2025** | $11840 | $10126 | $11686 |
| **11/30/2025** | $11905 | $10189 | $11721 |
| **12/31/2025** | $11927 | $10174 | $11761 |
| **01/31/2026** | $11991 | $10185 | $11797 |
| **02/28/2026** | $12064 | $10352 | $11830 |
| **03/31/2026** | $11979 | $10169 | $11865 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Name | *1 Year* | *5 Years* | *Since Inception 03/06/20* |
| Plan Class | 5.92% | 2.91% | 3.02% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 3.97% |
| Bloomberg U.S. Treasury Bills: 1-3 Months Index | 4.12% | 3.42% | 1.57% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$2,667,833,718

* # of Portfolio Holdings1,021

* Portfolio Turnover Rate254%

* Total Advisory Fees Paid - Net$16,840,251

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Non-Agency | 26.6% |
| Residential Mortgage-Backed Securities - Agency | 24.5% |
| Corporate Bonds | 20.5% |
| Commercial Mortgage-Backed Securities - Non-Agency | 12.5% |
| Asset-Backed Securities | 10.3% |
| Short-Term Investments | 8.3% |
| Bank Loans | 4.3% |
| Foreign Government Bonds | 3.9% |
| Other Security Types<sup>Footnote Reference\*</sup> | 3.2% |
| Liabilities in Excess of Other Assets | (14.1%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 4.00%, due 05/01/55 | 3.7% |
| Uniform Mortgage-Backed Security, TBA, 3.50%, due 12/01/51 | 2.7% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 01/01/56 | 2.4% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 2.0% |
| Uniform Mortgage-Backed Security, TBA, 4.50%, due 01/01/56 | 1.9% |
| TCW Private Asset Income Fund, Class I | 1.7% |
| Uniform Mortgage-Backed Security, TBA, 5.50%, due 12/01/55 | 1.6% |
| Federal Home Loan Mortgage Corp., 4.50%, due 12/01/52 | 1.0% |
| Federal Home Loan Mortgage Corp., 4.00%, due 11/01/52 | 0.8% |
| U.K. Gilts, 4.38%, due 03/07/28 | 0.7% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Unconstrained Bond Fund

Annual Shareholder Report — March 31, 2026

Plan Class: MWCPX

TSR MWCPX-0326

TCW MetWest Unconstrained Bond Fund

![Image](g143715g53m09.jpg)

Class I-3: MWCZX

Annual Shareholder Report — March 31, 2026

This annual shareholder report contains important information about the TCW MetWest Unconstrained Bond Fund (the "Fund") for the period of August 26, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at www.tcw.com/products/mutual-funds. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class I-3 | $54<sup>Footnote Reference+</sup> | 0.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |
| &nbsp;&nbsp;Footnote<sup>+</sup> | &nbsp;&nbsp;The dollar amounts above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher. |

---

# How did the Fund perform last year and what affected its performance?
Diversified exposure to fixed income spread sectors drove strong outperformance versus the Bloomberg U.S. Treasury Bills 1-3 Months Index over the period. Securitized products were the largest contributor, led by non-agency mortgage-backed securities (MBS), where steady income, attractive yield premiums, and resilient collateral performance supported returns. Commercial MBS (CMBS) also contributed meaningfully, with positioning focused on single-asset, single-borrower (SASB) deal structures that benefitted from strong sponsorship and investor demand for transparent collateral. Asset backed securities (ABS) contributed further given diversified exposure to non-traditional collateral types and collateralized loan obligations (CLOs) that provided attractive spread and yield premiums. Corporate credit exposure also rewarded returns as investment grade and high yield issues both finished ahead of comparable Treasuries, with investment grade positions providing the largest boost. Finally, the overweight duration position and emphasis on the front-end of the yield curve benefitted relative performance as the yield curve steepened and shorter maturity yields declined.

# Fund Performance
![Growth of 10K Chart](g143715g74j05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I-3** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Treasury Bills: 1-3 Months Index** |
| **08/26/2025** | $10000 | $10000 | $10000 |
| **08/2025** | $10027 | $10120 | $10038 |
| **09/2025** | $10107 | $10230 | $10073 |
| **10/2025** | $10160 | $10294 | $10109 |
| **11/2025** | $10214 | $10358 | $10139 |
| **12/2025** | $10239 | $10343 | $10175 |
| **01/2026** | $10282 | $10354 | $10205 |
| **02/2026** | $10354 | $10523 | $10234 |
| **03/2026** | $10274 | $10338 | $10264 |

---

The performance data quoted represents past performance and does not guarantee future results. The total returns do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund's Average Total Returns are based on net asset values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.

# Average Annual Total Returns (%)

---

| | |
|:---|:---|
| Name | *Since Inception 08/26/25* |
| Class I-3 | 2.74% |
| Bloomberg U.S. Aggregate Bond Index | 3.97% |
| Bloomberg U.S. Treasury Bills: 1-3 Months Index | 1.57% |

---

This table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.**

Key Fund Statistics

* Total Net Assets$2,667,833,718

* # of Portfolio Holdings1,021

* Portfolio Turnover Rate254%

* Total Advisory Fees Paid - Net$16,840,251

# What did the Fund invest in?
Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Non-Agency | 26.6% |
| Residential Mortgage-Backed Securities - Agency | 24.5% |
| Corporate Bonds | 20.5% |
| Commercial Mortgage-Backed Securities - Non-Agency | 12.5% |
| Asset-Backed Securities | 10.3% |
| Short-Term Investments | 8.3% |
| Bank Loans | 4.3% |
| Foreign Government Bonds | 3.9% |
| Other Security Types<sup>Footnote Reference\*</sup> | 3.2% |
| Liabilities in Excess of Other Assets | (14.1%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please refer to the Fund's Annual Financial Statements which are available on the Fund's website at www.tcw.com/products/mutual-funds for a complete listing of all categories. |

---

# Top Ten Holdings (as a % of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 4.00%, due 05/01/55 | 3.7% |
| Uniform Mortgage-Backed Security, TBA, 3.50%, due 12/01/51 | 2.7% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 01/01/56 | 2.4% |
| Government National Mortgage Association, TBA, 4.00%, due 06/01/55 | 2.0% |
| Uniform Mortgage-Backed Security, TBA, 4.50%, due 01/01/56 | 1.9% |
| TCW Private Asset Income Fund, Class I | 1.7% |
| Uniform Mortgage-Backed Security, TBA, 5.50%, due 12/01/55 | 1.6% |
| Federal Home Loan Mortgage Corp., 4.50%, due 12/01/52 | 1.0% |
| Federal Home Loan Mortgage Corp., 4.00%, due 11/01/52 | 0.8% |
| U.K. Gilts, 4.38%, due 03/07/28 | 0.7% |

---

# Householding
In order to reduce the amount of mail you receive and to help reduce expenses, we generally send a single copy of any shareholder report to each household. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 800-FUND-TCW (800-386-3829).

![Image](g143715g53m09.jpg)

# Additional Information
If you wish to view additional information about the Fund, including but not limited to, the Fund's prospectus, financial information, holdings, proxy voting information, and privacy policy, please visit www.tcw.com/products/mutual-funds.

Phone: 800-FUND-TCW (800-386-3829)

TCW MetWest Unconstrained Bond Fund

Annual Shareholder Report — March 31, 2026

Class I-3: MWCZX

TSR MWCZX-0326

------

(b) Not applicable.

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

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) No disclosures are required by this Item 2(b).

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(e) Not applicable.

(f) A copy of the registrant's code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as Exhibit 19(a)(1) to this Form N-CSR.

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

(a)(1) The registrant's board of trustees has determined that the registrant has at least one member serving on the registrant's audit committee (the "Audit Committee") that possesses the attributes identified in Form N-CSR to qualify as an "audit committee financial expert."

------

(a)(2) The audit committee financial experts are Victoria B. Rogers, Robert Rooney, and Michael Swell. Each has been deemed to be "independent" as that term is defined in Form N-CSR.

(a)(3) Not applicable.

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

The firm of Deloitte & Touche LLP ("Deloitte") serves as the independent registered public accounting firm for the registrant.

(a) <u>Audit Fees</u> 

The aggregate fees billed for each of the last two fiscal years for professional services rendered by Deloitte for the audit of the registrant's annual financial statements or services that are normally provided by Deloitte in connection with statutory and regulatory filings or engagements for those fiscal years were $326,000 for 2026 and $358,000 for 2025.

(b) <u>Audit-Related Fees</u> 

The aggregate fees billed in each of the last two fiscal years for assurance and related services by Deloitte that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for 2026 and $0 for 2025.

(c) <u>Tax Fees</u> 

The aggregate fees billed in each of the last two fiscal years for professional services rendered by Deloitte for tax compliance, tax advice, and tax planning were $43,124 for 2026 and $88,575 for 2025.

These services consisted of tax return review, tax advice and tax planning.

(d) <u>All Other Fees</u> 

The aggregate fees billed in each of the last two fiscal years for products and services provided by Deloitte, other than the services reported in paragraphs (a) through (c) of this Item were $0 for 2026 and $0 for 2025.

(e) <u>(1) Audit Committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule</u> <u>2-01 of Regulation S-X.</u> 

Pre-Approval Policies and Procedures. The Audit Committee of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent auditors to the registrant and (ii) all permissible non-audit services to be provided by the independent auditors to TCW Metropolitan West Funds and any affiliate of TCW Metropolitan West Funds that provides services to the registrant (a "Covered Services Provider") if the independent

------

auditors' engagement relates directly to the operations and financial reporting of the registrant. The Audit Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Audit Committee, and the Chairperson must report to the Audit Committee, at its next regularly scheduled meeting after the Chairperson's pre-approval of such services, his or her decision(s). The Audit Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Audit Committee's pre-approval responsibilities to other persons (other than TCW Metropolitan West Funds or the registrant's officers). Pre-approval by the Audit Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the registrant, TCW Metropolitan West Funds and any Covered Services Provider constitutes not more than 5% of the total amount of revenues paid by the registrant to its independent auditors during the fiscal year in which the permissible non-audit services are provided; (ii) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee or the Chairperson prior to the completion of the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

(f) The percentage of hours expended on Deloitte's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was 0%.

(g) The aggregate non-audit fees billed by Deloitte for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $1,209,881 for 2026 and $970,608 for 2025.

(h) The registrant's Audit Committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the

------

investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

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

(a) The Schedule of Investments is included as part of the Reports to Shareholders filed under Item 7(a) of this Form N-CSR.

(b) Not applicable.

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

(a) The registrant's Financial Statements are attached herewith.

------

![LOGO](g143715g01a68.jpg)

## Financial

## Statements

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Other Information Form N-CSR Items 7-11

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2026
![LOGO](g143715g00n01.jpg)

------

## TCW Metropolitan West Funds
**Table of Contents** March 31, 2026

---

| | |
|:---|:---|
|  [Schedules of Investments](#fin143715_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [High Yield Bond Fund](#fin143715_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investment Grade Credit Fund](#fin143715_3) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Low Duration Bond Fund](#fin143715_4) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Strategic Income Fund](#fin143715_5) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Sustainable Securitized Fund](#fin143715_6) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Total Return Bond Fund](#fin143715_7) | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Ultra Short Bond Fund](#fin143715_8) | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Unconstrained Bond Fund](#fin143715_9) | 136 |
|  [Statements of Assets and Liabilities](#fin143715_10) | 171 |
|  [Statements of Operations](#fin143715_11) | 173 |
|  [Statements of Changes in Net Assets](#fin143715_12) | 175 |
|  [Notes to Financial Statements](#fin143715_13) | 179 |
|  [Financial Highlights](#fin143715_14) | 228 |
|  [Report of Independent Registered Public Accounting Firm](#fin143715_14a) | 253 |
|  [Supplemental Information](#fin143715_15) | 255 |

---

------

## TCW MetWest High Yield Bond Fund
Schedule of Investments March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 95.9% of Net Assets** | **FIXED INCOME SECURITIES — 95.9% of Net Assets** | **FIXED INCOME SECURITIES — 95.9% of Net Assets** | **FIXED INCOME SECURITIES — 95.9% of Net Assets** |
|  **CORPORATE BONDS — 89.8%** | **CORPORATE BONDS — 89.8%** | **CORPORATE BONDS — 89.8%** | **CORPORATE BONDS — 89.8%** |
| **Advertising — 0.9%** | **Advertising — 0.9%** | **Advertising — 0.9%** | **Advertising — 0.9%** |
|  Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% <sup>(1)</sup> | 11/15/30 | $662739 | $492912 |
|  Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% <sup>(1)</sup> | 02/15/31 | 875000 | 918461 |
|  Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% <sup>(1)</sup> | 11/01/33 | 636000 | 626676 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.38% <sup>(1)</sup> | 05/15/31 | 1240000 | 1254930 |
|  |  |  | 3292979 |
|  **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 05/31/33 | 2606000 | 2600345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 03/01/29 | 4143000 | 4229382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 01/31/34 | 620000 | 629151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 12/15/30 | 905000 | 928756 |
|  |  |  | 8387634 |
|  **Airlines — 1.0%** | **Airlines — 1.0%** | **Airlines — 1.0%** | **Airlines — 1.0%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 04/20/29 | 2885000 | 2864978 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88% <sup>(1)</sup> | 09/20/31 | 980000 | 927149 |
|  |  |  | 3792127 |
|  **Apparel — 0.7%** | **Apparel — 0.7%** | **Apparel — 0.7%** | **Apparel — 0.7%** |
|  Crocs, Inc. | Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(1)</sup> | 08/15/31 | 3144000 | 2841264 |
|  **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(1)</sup> | 01/30/31 | 1180000 | 1099182 |
|  Aston Martin Capital Holdings Ltd. (Jersey) | Aston Martin Capital Holdings Ltd. (Jersey) | Aston Martin Capital Holdings Ltd. (Jersey) | Aston Martin Capital Holdings Ltd. (Jersey) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% <sup>(1)</sup> | 03/31/29 | 395000 | 304197 |
|  Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% (9 yr. EUR Swap + 4.783%) <sup>(2),(3),(4)</sup> | 09/06/32 | 600000 | 765547 |
|  |  |  | 2168926 |
|  **Auto Parts & Equipment — 0.6%** | **Auto Parts & Equipment — 0.6%** | **Auto Parts & Equipment — 0.6%** | **Auto Parts & Equipment — 0.6%** |
|  Cyprium Corp./Cyprium Holdings Luxembourg Sarl | Cyprium Corp./Cyprium Holdings Luxembourg Sarl | Cyprium Corp./Cyprium Holdings Luxembourg Sarl | Cyprium Corp./Cyprium Holdings Luxembourg Sarl |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 04/15/34 | 2353000 | 2289163 |
| **Banks — 2.9%** | **Banks — 2.9%** | **Banks — 2.9%** | **Banks — 2.9%** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% (5 yr. CMT + 2.760%) <sup>(2),(4)</sup> | 01/27/27 | 2040000 | 2009951 |
|  Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% (5 yr. CMT + 2.630%) <sup>(2),(4)</sup> | 12/31/99 | 2515000 | 2468271 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% (5 yr. CMT + 3.001%) <sup>(2),(4)</sup> | 02/15/31 | 2535000 | 2536445 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65% (5 yr. CMT + 2.850%) <sup>(2),(4)</sup> | 12/31/99 | 805000 | 801901 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% (5 yr. CMT + 2.595%) <sup>(2),(4)</sup> | 09/15/26 | 3515000 | 3463013 |
|  |  |  | 11279581 |
|  **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
|  BioMarin Pharmaceutical, Inc. | BioMarin Pharmaceutical, Inc. | BioMarin Pharmaceutical, Inc. | BioMarin Pharmaceutical, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(1)</sup> | 02/15/34 | 610000 | 599898 |
|  Genmab AS/Genmab Finance LLC | Genmab AS/Genmab Finance LLC | Genmab AS/Genmab Finance LLC | Genmab AS/Genmab Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 12/15/32 | 1500000 | 1539270 |
|  |  |  | 2139168 |
|  **Building Materials — 1.0%** | **Building Materials — 1.0%** | **Building Materials — 1.0%** | **Building Materials — 1.0%** |
|  JH North America Holdings, Inc. | JH North America Holdings, Inc. | JH North America Holdings, Inc. | JH North America Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% <sup>(1)</sup> | 01/31/31 | 1000000 | 998060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% <sup>(1)</sup> | 07/31/32 | 1000000 | 999190 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 03/01/33 | 1009000 | 1026536 |
|  Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 08/15/32 | 639000 | 642994 |
|  |  |  | 3666780 |
|  **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
|  Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% <sup>(1)</sup> | 02/15/29 | 1183000 | 1119863 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% <sup>(1)</sup> | 05/01/28 | 1022000 | 1011903 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% *<sup>(1)</sup>* | 08/01/33 | 540000 | 526840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 03/01/31 | 1035000 | 1038002 |
|  |  |  | 3696608 |
| **Commercial Services — 4.2%** | **Commercial Services — 4.2%** | **Commercial Services — 4.2%** | **Commercial Services — 4.2%** |
|  ADT Security Corp. | ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% <sup>(1)</sup> | 10/15/33 | 1255000 | 1217576 |
|  Aegis Lux 1a Sarl (Luxemburg) | Aegis Lux 1a Sarl (Luxemburg) | Aegis Lux 1a Sarl (Luxemburg) | Aegis Lux 1a Sarl (Luxemburg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% <sup>(1)</sup> | 10/29/31 | 900000 | 1026672 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg) | Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg) | Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 05/21/30 | 1033000 | 1054435 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 06/15/30 | 1200000 | 1219992 |
|  Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 05/15/32 | 515000 | 518996 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Commercial Services (Continued)** | **Commercial Services (Continued)** | **Commercial Services (Continued)** | **Commercial Services (Continued)** |
|  Carriage Services, Inc. | Carriage Services, Inc. | Carriage Services, Inc. | Carriage Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(1)</sup> | 05/15/29 | 1400000 | 1331162 |
|  Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% <sup>(1)</sup> | 11/15/32 | 620000 | 622536 |
|  Grand Canyon University | Grand Canyon University | Grand Canyon University | Grand Canyon University |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 10/01/28 | 1710000 | 1700646 |
|  Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 06/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;1550000 | 1594423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% <sup>(1)</sup> | 06/15/33 | 450000 | 463109 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% <sup>(1)</sup> | 09/30/32 | 300000 | 232812 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% *<sup>(1)</sup>* | 08/31/27 | 300000 | 292782 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 11/15/31 | 1010000 | 980033 |
|  Upbound Group, Inc. | Upbound Group, Inc. | Upbound Group, Inc. | Upbound Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% *<sup>(1)</sup>* | 02/15/29 | 420000 | 408290 |
|  Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% <sup>(1)</sup> | 06/15/31 | 1099000 | 997090 |
|  VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 08/15/30 | 2490000 | 2534596 |
|  |  |  | 16195150 |
|  **Computers — 1.1%** | **Computers — 1.1%** | **Computers — 1.1%** | **Computers — 1.1%** |
|  McAfee Corp. | McAfee Corp. | McAfee Corp. | McAfee Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% *<sup>(1)</sup>* | 02/15/30 | 1146000 | 946825 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% *<sup>(1)</sup>* | 04/15/29 | 2015000 | 1932365 |
|  Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(1)</sup>* | 11/01/33 | 1485000 | 1455181 |
|  |  |  | 4334371 |
| **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** |
|  Edgewell Personal Care Co. | Edgewell Personal Care Co. | Edgewell Personal Care Co. | Edgewell Personal Care Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% *<sup>(1)</sup>* | 04/01/29 | 1502000 | 1420186 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 06/15/30 | 335000 | 302786 |
|  |  |  | 1722972 |
| **Diversified Financial Services — 2.8%** | **Diversified Financial Services — 2.8%** | **Diversified Financial Services — 2.8%** | **Diversified Financial Services — 2.8%** |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55% (5 yr. CMT + 2.854%) *<sup>(2),(4)</sup>* | 09/15/26 | 2150000 | 2125834 |
|  EZCORP, Inc. | EZCORP, Inc. | EZCORP, Inc. | EZCORP, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% *<sup>(1)</sup>* | 04/01/32 | 636000 | 664118 |
|  GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% *<sup>(1)</sup>* | 02/15/27 | 2605000 | 2629878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% *<sup>(1)</sup>* | 06/15/28 | 352000 | 365323 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% *<sup>(1)</sup>* | 11/01/32 | 4137000 | 4105931 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% *<sup>(1)</sup>* | 04/30/31 | 1000000 | 1030430 |
|  |  |  | 10921514 |
| **Electric — 5.6%** | **Electric — 5.6%** | **Electric — 5.6%** | **Electric — 5.6%** |
|  Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% (5 yr. CMT + 2.077%) *<sup>(2)</sup>* | 04/01/56 | &nbsp;&nbsp;&nbsp;&nbsp;2756000 | 2679852 |
|  Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 01/15/34 | 1460000 | 1441794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(1)</sup>* | 10/15/32 | 1411000 | 1433604 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05% (5 yr. CMT + 1.940%) *<sup>(2)</sup>* | 03/15/56 | 3445000 | 3418095 |
|  CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% (5 yr. CMT + 2.223%) *<sup>(2)</sup>* | 04/01/56 | 2700000 | 2671380 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% (5 yr. CMT + 2.006%) *<sup>(2)</sup>* | 02/15/56 | 1480000 | 1468441 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% (5 yr. CMT + 2.179%) *<sup>(2)</sup>* | 06/15/56 | 700000 | 691047 |
|  Southern Co. | Southern Co. | Southern Co. | Southern Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% (5 yr. CMT + 2.915%) *<sup>(2)</sup>* | 09/15/51 | 2374000 | 2354058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (5 yr. CMT + 1.993%) *<sup>(2)</sup>* | 04/01/58 | 1500000 | 1508385 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(1)</sup>* | 04/15/32 | 2240000 | 2319565 |
|  WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% (5 yr. CMT + 1.905%) *<sup>(2)</sup>* | 05/15/56 | 1685000 | 1655226 |
|  |  |  | 21641447 |
| **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** |
|  Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(1)</sup>* | 09/15/33 | 2145000 | 2012589 |
|  WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(1)</sup>* | 04/15/31 | 1000000 | 994650 |
|  |  |  | 3007239 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
|  Coherent Corp. | Coherent Corp. | Coherent Corp. | Coherent Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 12/15/29 | 566000 | 555965 |
| **Entertainment — 5.4%** | **Entertainment — 5.4%** | **Entertainment — 5.4%** | **Entertainment — 5.4%** |
|  Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% *<sup>(1)</sup>* | 05/01/29 | 1422000 | 1468471 |
|  Brightstar Lottery PLC/Brightstar Global Solutions Corp. | Brightstar Lottery PLC/Brightstar Global Solutions Corp. | Brightstar Lottery PLC/Brightstar Global Solutions Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(1)</sup>* | 01/15/33 | 645000 | 627024 |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *<sup>(1)</sup>* | 10/15/29 | 275000 | 265034 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Entertainment (Continued)** | **Entertainment (Continued)** | **Entertainment (Continued)** | **Entertainment (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 02/15/32 | 2510000 | 2483821 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(1)</sup>* | 04/01/30 | 1440000 | 1429430 |
|  Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/42 | 4545000 | 3039605 |
|  Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(1)</sup>* | 06/04/31 | 2200000 | 2176306 |
|  Great Canadian Gaming Corp./Raptor LLC (Canada) | Great Canadian Gaming Corp./Raptor LLC (Canada) | Great Canadian Gaming Corp./Raptor LLC (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% *<sup>(1)</sup>* | 11/15/29 | 1065000 | 1039429 |
|  LHMC Finco 2 SARL (Luxemburg) (8.63% Cash or 9.38% PIK) | LHMC Finco 2 SARL (Luxemburg) (8.63% Cash or 9.38% PIK) | LHMC Finco 2 SARL (Luxemburg) (8.63% Cash or 9.38% PIK) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38% *<sup>(1)</sup>* | 05/15/30 | 712406 | 859315 |
|  Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 10/01/33 | 2100000 | 2060373 |
|  Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% *<sup>(1)</sup>* | 08/01/30 | 1248000 | 1197631 |
|  Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 10/15/30 | 750000 | 749490 |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% *<sup>(1)</sup>* | 02/01/33 | 2000000 | 1994940 |
|  Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(1)</sup>* | 07/01/32 | 1110000 | 1157841 |
|  |  |  | 20548710 |
| **Environmental Control — 1.7%** | **Environmental Control — 1.7%** | **Environmental Control — 1.7%** | **Environmental Control — 1.7%** |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(1)</sup>* | 08/01/28 | 2810000 | 2736266 |
|  Luna 1.5 SARL (Luxemburg) | Luna 1.5 SARL (Luxemburg) | Luna 1.5 SARL (Luxemburg) | Luna 1.5 SARL (Luxemburg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.00% *<sup>(1)</sup>* | 07/01/32 | 545000 | 584213 |
|  Luna 2 5 Sarl (Luxemburg) | Luna 2 5 Sarl (Luxemburg) | Luna 2 5 Sarl (Luxemburg) | Luna 2 5 Sarl (Luxemburg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 07/01/32 | 385000 | 438065 |
|  Seche Environnement SACA | Seche Environnement SACA | Seche Environnement SACA | Seche Environnement SACA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.87% (5 yr. EURIBOR ICE Swap +<br>3.707%) *<sup>(3),(2),(4)</sup>* | 01/09/31 | 500000 | 562544 |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% *<sup>(1)</sup>* | 02/01/33 | 2132000 | 2162722 |
|  |  |  | 6483810 |
| **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *<sup>(1)</sup>* | 04/15/30 | 2700000 | 2599020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 03/15/36 | 297000 | 291690 |
|  |  |  | 2890710 |
| **Gas — 1.3%** | **Gas — 1.3%** | **Gas — 1.3%** | **Gas — 1.3%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38% *<sup>(1)</sup>* | 06/01/28 | 1325000 | 1362710 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Gas (Continued)** | **Gas (Continued)** | **Gas (Continued)** | **Gas (Continued)** |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% (5 yr. CMT + 2.035%) *<sup>(2)</sup>* | 07/15/56 | 2190000 | 2158135 |
|  Northwest Natural Holding Co. | Northwest Natural Holding Co. | Northwest Natural Holding Co. | Northwest Natural Holding Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% (5 yr. CMT + 2.701%) *<sup>(2)</sup>* | 09/15/55 | 1625000 | 1642550 |
|  |  |  | 5163395 |
| **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** |
|  IMA Industria Macchine Automatiche SpA (Italy) | IMA Industria Macchine Automatiche SpA (Italy) | IMA Industria Macchine Automatiche SpA (Italy) | IMA Industria Macchine Automatiche SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% (3 mo. EUR EURIBOR + 3.750%) *<sup>(1),(2)</sup>* | 04/15/29 | 850000 | 980653 |
| **Health Care-Products — 0.4%** | **Health Care-Products — 0.4%** | **Health Care-Products — 0.4%** | **Health Care-Products — 0.4%** |
|  Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% *<sup>(1)</sup>* | 06/01/28 | 1729000 | 1682645 |
| **Health Care-Services — 4.0%** | **Health Care-Services — 4.0%** | **Health Care-Services — 4.0%** | **Health Care-Services — 4.0%** |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% | 07/15/28 | 1250000 | 1164250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 08/01/31 | 1219000 | 1020425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/15/30 | 865000 | 758164 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(1)</sup>* | 10/01/29 | 1501000 | 1453779 |
|  Heartland Dental LLC/Heartland Dental Finance Corp. | Heartland Dental LLC/Heartland Dental Finance Corp. | Heartland Dental LLC/Heartland Dental Finance Corp. | Heartland Dental LLC/Heartland Dental Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% *<sup>(1)</sup>* | 04/30/28 | 169000 | 174080 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 06/01/32 | 1535000 | 1559729 |
|  Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 09/01/29 | 2170000 | 2094245 |
|  ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% *<sup>(1),(5),(6),(7)</sup>* | 10/01/29 | 3627750 | 54416 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(1)</sup>* | 06/15/28 | 150000 | 145389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 01/15/33 | 2571000 | 2494513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 02/15/31 | 264000 | 260483 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(1)</sup>* | 10/31/29 | 1000000 | 966750 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% *<sup>(1)</sup>* | 10/01/30 | 2088000 | 2173483 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 11/15/32 | 1240000 | 1229584 |
|  |  |  | 15549290 |
| **Household Products/Wares — 0.5%** | **Household Products/Wares — 0.5%** | **Household Products/Wares — 0.5%** | **Household Products/Wares — 0.5%** |
|  Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(1)</sup>* | 03/15/31 | 2193000 | 1902976 |
| **Housewares — 1.0%** | **Housewares — 1.0%** | **Housewares — 1.0%** | **Housewares — 1.0%** |
|  Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% *<sup>(1)</sup>* | 04/30/31 | 1554000 | 1451110 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Housewares (Continued)** | **Housewares (Continued)** | **Housewares (Continued)** | **Housewares (Continued)** | **Housewares (Continued)** |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% | 05/15/32 | $| 1313000 | 1261740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 04/01/36 |  | 903000 | 834372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 04/01/46 |  | 475000 | 381558 |
|  |  |  |  | 3928780 |
| **Insurance — 3.4%** | **Insurance — 3.4%** | **Insurance — 3.4%** | **Insurance — 3.4%** | **Insurance — 3.4%** |
|  Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(1)</sup>* | 11/06/30 |  | 2120000 | 2125470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(1)</sup>* | 02/01/29 |  | 600000 | 594324 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 10/01/31 |  | 478000 | 471958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(1)</sup>* | 04/15/28 |  | 450000 | 452718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% *<sup>(1)</sup>* | 01/15/31 |  | 1742000 | 1757852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% *<sup>(1)</sup>* | 10/01/32 |  | 920000 | 904765 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% *<sup>(1)</sup>* | 02/15/29 |  | 545000 | 549921 |
|  Ardonagh Finco Ltd. | Ardonagh Finco Ltd. | Ardonagh Finco Ltd. | Ardonagh Finco Ltd. | Ardonagh Finco Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% *<sup>(1)</sup>* | 02/15/31 |  | 1705000 | 1723568 |
|  Ardonagh Group Finance Ltd. (United Kingdom) | Ardonagh Group Finance Ltd. (United Kingdom) | Ardonagh Group Finance Ltd. (United Kingdom) | Ardonagh Group Finance Ltd. (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% *<sup>(1)</sup>* | 02/15/32 |  | 540000 | 524826 |
|  Asurion LLC & Asurion Co-Issuer, Inc. | Asurion LLC & Asurion Co-Issuer, Inc. | Asurion LLC & Asurion Co-Issuer, Inc. | Asurion LLC & Asurion Co-Issuer, Inc. | Asurion LLC & Asurion Co-Issuer, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% *<sup>(1)</sup>* | 12/31/32 |  | 673000 | 699314 |
|  Asurion LLC/Asurion Co-Issuer, Inc. | Asurion LLC/Asurion Co-Issuer, Inc. | Asurion LLC/Asurion Co-Issuer, Inc. | Asurion LLC/Asurion Co-Issuer, Inc. | Asurion LLC/Asurion Co-Issuer, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% *<sup>(1)</sup>* | 02/01/34 |  | 595000 | 580214 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% (10 yr. CMT + 3.864%) *<sup>(1),(2)</sup>* | 10/15/64 |  | 1650000 | 1668365 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% *<sup>(1)</sup>* | 06/15/30 |  | 455000 | 467353 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% *<sup>(1)</sup>* | 06/01/31 |  | 695000 | 697453 |
|  |  |  |  | 13218101 |
| **Internet — 1.3%** | **Internet — 1.3%** | **Internet — 1.3%** | **Internet — 1.3%** | **Internet — 1.3%** |
|  Cerved Group SpA (Italy) | Cerved Group SpA (Italy) | Cerved Group SpA (Italy) | Cerved Group SpA (Italy) | Cerved Group SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40% (3 mo. EUR EURIBOR + 5.250%) *<sup>(2),(3)</sup>* | 02/15/29 | EUR | 925000 | 936484 |
|  Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% *<sup>(1)</sup>* | 11/15/30 |  | 470000 | 424960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25% *<sup>(1)</sup>* | 02/21/30 |  | 1030000 | 927247 |
|  ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% *<sup>(1)</sup>* | 05/01/29 |  | 990000 | 921116 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(1)</sup>* | 03/15/34 |  | 239000 | 224913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(1)</sup>* | 03/01/33 |  | 1825000 | 1729407 |
|  |  |  |  | 5164127 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Investment Companies — 0.9%** | **Investment Companies — 0.9%** | **Investment Companies — 0.9%** | **Investment Companies — 0.9%** |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 06/15/30 | $1310000 | $1231413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% | 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | 984920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% *<sup>(1)</sup>* | 11/15/29 | 1069000 | 1052901 |
|  |  |  | 3269234 |
| **Iron & Steel — 0.3%** | **Iron & Steel — 0.3%** | **Iron & Steel — 0.3%** | **Iron & Steel — 0.3%** |
|  Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% *<sup>(1)</sup>* | 05/01/33 | 1000000 | 979140 |
| **Leisure Time — 0.5%** | **Leisure Time — 0.5%** | **Leisure Time — 0.5%** | **Leisure Time — 0.5%** |
|  Sabre Financial Borrower LLC | Sabre Financial Borrower LLC | Sabre Financial Borrower LLC | Sabre Financial Borrower LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.13% *<sup>(1)</sup>* | 06/15/29 | 650000 | 666439 |
|  Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% *<sup>(1)</sup>* | 11/15/29 | 596000 | 510599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% *<sup>(1)</sup>* | 03/15/30 | 759000 | 634615 |
|  |  |  | 1811653 |
| **Lodging — 3.4%** | **Lodging — 3.4%** | **Lodging — 3.4%** | **Lodging — 3.4%** |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% | 08/01/34 | 500000 | 504190 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(1)</sup>* | 04/01/29 | 1825000 | 1846024 |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 04/15/32 | 1500000 | 1515210 |
|  Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(1)</sup>* | 08/15/28 | 2399000 | 2346150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% *<sup>(1)</sup>* | 03/01/33 | 2000000 | 1968780 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(1)</sup>* | 05/15/27 | 4854000 | 4844292 |
|  |  |  | 13024646 |
| **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** |
|  Columbus McKinnon Corp. | Columbus McKinnon Corp. | Columbus McKinnon Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% <sup>(1)</sup> | 02/01/33 | 1000000 | 1000970 |
|  Lsf12 Helix Parent LLC | Lsf12 Helix Parent LLC | Lsf12 Helix Parent LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% <sup>(1)</sup> | 02/01/33 | 1495000 | 1445560 |
|  Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% <sup>(1)</sup> | 10/15/29 | 1117022 | 196306 |
|  |  |  | 2642836 |
| **Media — 9.0%** | **Media — 9.0%** | **Media — 9.0%** | **Media — 9.0%** |
|  Belo Corp. | Belo Corp. | Belo Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% | 09/15/27 | 1850000 | 1905796 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% <sup>(1)</sup> | 05/01/27 | 931000 | 931633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% <sup>(1)</sup> | 06/01/29 | 2210000 | 2181756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 02/01/33 | 2898000 | 2912432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 02/01/36 | 1405000 | 1399141 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Media (Continued)** | **Media (Continued)** | **Media (Continued)** | **Media (Continued)** | **Media (Continued)** |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 01/15/30 | 1758000 | $| 665737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 02/01/29 | 5660000 |  | 3617702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% <sup>(1)</sup> | 01/31/29 | 2728000 |  | 1977091 |
|  DirecTv Financing LLC | DirecTv Financing LLC | DirecTv Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% <sup>(1)</sup> | 02/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 |  | 999990 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 07/01/26 | 2500000 |  | 2495700 |
|  DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% <sup>(1)</sup> | 11/15/27 | 1470000 |  | 1515364 |
|  Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% <sup>(1)</sup> | 07/15/29 | 450000 |  | 479389 |
|  Midcontinent Communications | Midcontinent Communications | Midcontinent Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% <sup>(1)</sup> | 08/15/32 | 1100000 |  | 1029303 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 09/15/33 | 1100000 |  | 1109240 |
|  Paramount Global | Paramount Global | Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% | 06/01/29 | 830000 |  | 793314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 01/15/31 | 830000 |  | 767194 |
|  Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 01/15/29 | 594000 |  | 549860 |
|  Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% <sup>(1)</sup> | 12/31/32 | 300000 |  | 234879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% <sup>(1)</sup> | 02/15/33 | 1612000 |  | 1644240 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 09/01/31 | 1578000 |  | 1435207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% <sup>(1)</sup> | 04/15/32 | 1000000 |  | 994710 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% <sup>(1)</sup> | 08/15/28 | 420000 |  | 427237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 07/31/31 | 1195000 |  | 1201800 |
|  Virgin Media O2 Vendor Financing Notes VI DAC | Virgin Media O2 Vendor Financing Notes VI DAC | Virgin Media O2 Vendor Financing Notes VI DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 03/15/33 | 867000 |  | 756536 |
|  VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 01/15/32 | 3072000 |  | 2642964 |
|  |  |  |  | 34668215 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
|  Compass Minerals International, Inc. | Compass Minerals International, Inc. | Compass Minerals International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% <sup>(1)</sup> | 07/01/30 | 540000 |  | 559408 |
| **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** | **Oil & Gas — 2.7%** |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(1)</sup> | 04/15/34 | 1300000 |  | 1291966 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 01/28/31 | 524000 |  | 501044 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 08/01/32 | 947000 |  | 967777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63% <sup>(1)</sup> | 06/15/33 | 1635000 |  | 1810059 |
|  Sunoco LP | Sunoco LP | Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% <sup>(1)</sup> | 03/15/34 | 2140000 |  | 2120034 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Oil & Gas (Continued)** | **Oil & Gas (Continued)** | **Oil & Gas (Continued)** | **Oil & Gas (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% (5 yr. CMT + 4.230%) *<sup>(1),(2),(4)</sup>* | 09/18/30 | 3040000 | 3102077 |
|  Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% <sup>(1)</sup> | 02/15/30 | 399000 | 416564 |
|  |  |  | 10209521 |
| **Oil & Gas Services — 1.5%** | **Oil & Gas Services — 1.5%** | **Oil & Gas Services — 1.5%** | **Oil & Gas Services — 1.5%** |
|  Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(1)</sup> | 09/01/32 | 1232000 | 1258858 |
|  Archrock Services LP/Archrock Partners Finance Corp. | Archrock Services LP/Archrock Partners Finance Corp. | Archrock Services LP/Archrock Partners Finance Corp. | Archrock Services LP/Archrock Partners Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(1)</sup> | 02/01/34 | 1145000 | 1135714 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 10/01/35 | 600000 | 611028 |
|  USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 10/01/33 | 1290000 | 1289110 |
|  WBI Operating LLC | WBI Operating LLC | WBI Operating LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 10/15/33 | 1460000 | 1451882 |
|  |  |  | 5746592 |
| **Packaging & Containers — 1.6%** | **Packaging & Containers — 1.6%** | **Packaging & Containers — 1.6%** | **Packaging & Containers — 1.6%** |
|  Ardagh Group SA | Ardagh Group SA | Ardagh Group SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% <sup>(1)</sup> | 12/01/30 | 1102000 | 1152692 |
|  Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 | Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 | Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 | Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.00% <sup>(1)</sup> | 12/01/30 | 900000 | 757152 |
|  Ball Corp. | Ball Corp. | Ball Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/15/33 | 1000000 | 1002650 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 07/15/32 | 980000 | 978226 |
|  Sealed Air Corp./Sealed Air Corp. U.S. | Sealed Air Corp./Sealed Air Corp. U.S. | Sealed Air Corp./Sealed Air Corp. U.S. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% <sup>(1)</sup> | 02/15/31 | 2280000 | 2402322 |
|  |  |  | 6293042 |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% <sup>(1)</sup> | 04/15/32 | 3717000 | 3789296 |
|  Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 08/01/32 | 222000 | 228882 |
|  Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.00% <sup>(1)</sup> | 10/15/30 | 192000 | 184860 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (5 yr. CMT + 2.516%) *<sup>(2)</sup>* | 12/10/54 | 1505000 | 1520095 |
|  Dolcetto Holdco SpA (Italy) | Dolcetto Holdco SpA (Italy) | Dolcetto Holdco SpA (Italy) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% <sup>(1)</sup> | 07/14/32 | &nbsp;&nbsp;&nbsp;&nbsp;550000 | 631581 |
|  Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% <sup>(1)</sup> | 10/15/28 | 665000 | 652764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(3)</sup> | 05/01/30 | 1305000 | 1557375 |
|  Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% <sup>(1)</sup> | 04/17/32 | 710000 | 631651 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Pharmaceuticals (Continued)** | **Pharmaceuticals (Continued)** | **Pharmaceuticals (Continued)** | **Pharmaceuticals (Continued)** | **Pharmaceuticals (Continued)** |
|  Teva Pharmaceutical Finance Netherlands III BV (Israel) | Teva Pharmaceutical Finance Netherlands III BV (Israel) | Teva Pharmaceutical Finance Netherlands III BV (Israel) | Teva Pharmaceutical Finance Netherlands III BV (Israel) | Teva Pharmaceutical Finance Netherlands III BV (Israel) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 12/01/32 | 1412000 | $| 1451677 |
|  |  |  |  | 10648181 |
| **Pipelines — 4.3%** | **Pipelines — 4.3%** | **Pipelines — 4.3%** | **Pipelines — 4.3%** | **Pipelines — 4.3%** |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp. | Antero Midstream Partners LP/Antero Midstream Finance Corp. | Antero Midstream Partners LP/Antero Midstream Finance Corp. | Antero Midstream Partners LP/Antero Midstream Finance Corp. | Antero Midstream Partners LP/Antero Midstream Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 07/01/34 | 650000 |  | 641362 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(1)</sup> | 06/15/31 | 1275000 |  | 1246682 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% (3 mo. USD Term SOFR + 4.417%) *<sup>(2),(4)</sup>* | 02/15/28 | 2457000 |  | 2450292 |
|  Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 01/15/29 | 849000 |  | 852821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(1)</sup> | 01/15/32 | 1395000 |  | 1447410 |
|  ITT Holdings LLC | ITT Holdings LLC | ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 08/01/29 | 1525000 |  | 1487607 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% <sup>(1)</sup> | 02/15/29 | 710000 |  | 732507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% <sup>(1)</sup> | 02/15/32 | 742000 |  | 767169 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 04/15/40 | 373000 |  | 372224 |
|  TransMontaigne Partners LLC | TransMontaigne Partners LLC | TransMontaigne Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 06/15/30 | 620000 |  | 630218 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (5 yr. CMT<br>+ 5.440%) *<sup>(1),(2),(4)</sup>* | 09/30/29 | 1495000 |  | 1489603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88% <sup>(1)</sup> | 02/01/32 | 835000 |  | 898184 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 06/15/34 | 152000 |  | 158387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 01/15/34 | 772000 |  | 805412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 01/15/36 | 1539000 |  | 1630247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% <sup>(1)</sup> | 05/01/35 | 806000 |  | 904896 |
|  |  |  |  | 16515021 |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
|  Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% *<sup>(1)</sup>* | 09/01/31 | 1395000 |  | 1478602 |
|  Finco Opal Sarl (Luxemburg) | Finco Opal Sarl (Luxemburg) | Finco Opal Sarl (Luxemburg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.76% (3 mo. EUR EURIBOR + 7.750%) *<sup>(1),(2),(3)</sup>* | 03/02/30 | 500000 |  | 570103 |
|  |  |  |  | 2048705 |
| **REIT — 2.0%** | **REIT — 2.0%** | **REIT — 2.0%** | **REIT — 2.0%** | **REIT — 2.0%** |
|  GLP Capital LP/GLP Financing II, Inc. (REIT) | GLP Capital LP/GLP Financing II, Inc. (REIT) | GLP Capital LP/GLP Financing II, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 03/01/36 | 1650000 |  | 1605994 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 1160000 |  | 1099158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 02/15/28 | 1134000 |  | 1077187 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** |
|  Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 01/15/33 | 2565000 | $| 2559896 |
|  RHP Hotel Properties LP/RHP Finance Corp. (REIT) | RHP Hotel Properties LP/RHP Finance Corp. (REIT) | RHP Hotel Properties LP/RHP Finance Corp. (REIT) | RHP Hotel Properties LP/RHP Finance Corp. (REIT) | RHP Hotel Properties LP/RHP Finance Corp. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 03/15/34 | 1240000 |  | 1224735 |
|  |  |  |  | 7566970 |
| **Retail — 5.9%** | **Retail — 5.9%** | **Retail — 5.9%** | **Retail — 5.9%** | **Retail — 5.9%** |
|  1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(1)</sup> | 10/15/30 | 2500000 |  | 2353300 |
|  Arcos Dorados BV (Brazil) | Arcos Dorados BV (Brazil) | Arcos Dorados BV (Brazil) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 01/29/32 | 600000 |  | 614790 |
|  Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% <sup>(1)</sup> | 11/15/29 | 1000000 |  | 967310 |
|  BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% <sup>(1)</sup> | 07/01/32 | 2165000 |  | 1954908 |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% <sup>(1)</sup> | 04/01/29 | 1137000 |  | 1090838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% <sup>(1)</sup> | 01/15/31 | 435000 |  | 454123 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 01/15/30 | 975000 |  | 911430 |
|  FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% <sup>(1)</sup> | 01/01/30 | 2071000 |  | 2059589 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(1)</sup> | 10/01/30 | 1872000 |  | 1842404 |
|  Macy's Retail Holdings LLC | Macy's Retail Holdings LLC | Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 08/01/33 | 650000 |  | 665223 |
|  Men's Wearhouse LLC | Men's Wearhouse LLC | Men's Wearhouse LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% <sup>(1)</sup> | 02/01/31 | 600000 |  | 611028 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 03/15/33 | 805000 |  | 784931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00% <sup>(1)</sup> | 03/15/34 | 200000 |  | 186872 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(1)</sup> | 02/15/31 | 1293000 |  | 1202787 |
|  Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 09/15/29 | 2160000 |  | 2062303 |
|  QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 04/30/32 | 1730000 |  | 1766347 |
|  Staples, Inc. | Staples, Inc. | Staples, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% <sup>(1)</sup> | 09/01/29 | 1140000 |  | 1059425 |
|  Stonegate Pub Co. Financing PLC (United Kingdom) | Stonegate Pub Co. Financing PLC (United Kingdom) | Stonegate Pub Co. Financing PLC (United Kingdom) | Stonegate Pub Co. Financing PLC (United Kingdom) | Stonegate Pub Co. Financing PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.62% (3 mo. EUR EURIBOR + 6.625%) *<sup>(2),(3)</sup>* | 07/31/29 | 340000 |  | 384089 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 12/15/35 | 1675000 |  | 1632003 |
|  |  |  |  | 22603700 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Software — 3.5%** | **Software — 3.5%** | **Software — 3.5%** | **Software — 3.5%** |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 03/31/29 | $2250000 | $2191185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(1)</sup> | 06/30/32 | 1475000 | 1402769 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 12/01/29 | 1100000 | 985710 |
|  Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% <sup>(1)</sup> | 12/01/27 | 2000000 | 2055880 |
|  RingCentral, Inc. | RingCentral, Inc. | RingCentral, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 08/15/30 | 616000 | 644761 |
|  Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 03/15/36 | 1359000 | 1355236 |
|  TeamSystem SpA (Italy) | TeamSystem SpA (Italy) | TeamSystem SpA (Italy) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(3)</sup> | 07/01/31 | 525000 | 559567 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 02/01/31 | 2175000 | 2133893 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 02/01/29 | 2575000 | 2143842 |
|  |  |  | 13472843 |
| **Telecommunications — 3.5%** | **Telecommunications — 3.5%** | **Telecommunications — 3.5%** | **Telecommunications — 3.5%** |
|  Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63% <sup>(1)</sup> | 07/15/27 | 2959000 | 2189305 |
|  Altice France SA | Altice France SA | Altice France SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 04/15/32 | 1240218 | 1173693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 07/15/32 | 625000 | 592994 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% | 11/30/29 | 2300000 | 2486392 |
|  Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38% <sup>(3)</sup> | 10/07/30 | 1095000 | 1165104 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 06/30/33 | 2320000 | 2365170 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% <sup>(1)</sup> | 04/15/32 | 39000 | 37447 |
|  Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% <sup>(1)</sup> | 07/15/31 | 651000 | 560713 |
|  Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(1)</sup> | 10/01/31 | 1800000 | 1886742 |
|  Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 | Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 | Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 | Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(1)</sup>* | 03/09/30 | 856366 | 851510 |
|  |  |  | 13309070 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |
|  (Cost: $351,345,614) | (Cost: $351,345,614) | (Cost: $351,345,614) | 344814862 |
|  **BANK LOANS — 6.1%** | **BANK LOANS — 6.1%** | **BANK LOANS — 6.1%** | **BANK LOANS — 6.1%** |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  First Brands Group LLC 2021 Term Loan | First Brands Group LLC 2021 Term Loan | First Brands Group LLC 2021 Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.57% (3 mo. USD Term SOFR + 5.000%) | 03/30/27 | 846213 | 2471 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Auto Parts & Equipment (Continued)** | **Auto Parts & Equipment (Continued)** | **Auto Parts & Equipment (Continued)** | **Auto Parts & Equipment (Continued)** | **Auto Parts & Equipment (Continued)** |
|  First Brands Group LLC 2025 PIK DIP Roll-Up Term Loan B | First Brands Group LLC 2025 PIK DIP Roll-Up Term Loan B | First Brands Group LLC 2025 PIK DIP Roll-Up Term Loan B | First Brands Group LLC 2025 PIK DIP Roll-Up Term Loan B | First Brands Group LLC 2025 PIK DIP Roll-Up Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.67% (1 mo. USD Term SOFR + 7.000%) *<sup>(2)</sup>* | 06/29/26 | 970414 | $| 3697 |
|  |  |  |  | 6168 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
|  Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.20% (3 mo. USD Term SOFR + 5.500%) *<sup>(2)</sup>* | 01/24/29 | 1250000 |  | 1246594 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
|  Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.42% (1 mo. USD Term SOFR + 5.750%) *<sup>(2)</sup>* | 12/30/29 | 475431 |  | 474242 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
|  Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.21% (3 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 12/29/28 | 678415 |  | 605492 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
|  TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.92% (3 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 10/24/31 | 641875 |  | 643078 |
| **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
|  Astrion Group LLC 2024 Term Loan | Astrion Group LLC 2024 Term Loan | Astrion Group LLC 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.70% (3 mo. USD Term SOFR + 5.000%) *<sup>(2)</sup>* | 08/29/31 | 990963 |  | 786166 |
| **Health Care-Products — 0.3%** | **Health Care-Products — 0.3%** | **Health Care-Products — 0.3%** | **Health Care-Products — 0.3%** | **Health Care-Products — 0.3%** |
|  QuidelOrtho Corp. Term Loan | QuidelOrtho Corp. Term Loan | QuidelOrtho Corp. Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (1 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 08/20/32 | 1094500 |  | 1094500 |
| **Health Care-Services — 0.8%** | **Health Care-Services — 0.8%** | **Health Care-Services — 0.8%** | **Health Care-Services — 0.8%** | **Health Care-Services — 0.8%** |
|  ADMI Corp. 2023 Term Loan B5 | ADMI Corp. 2023 Term Loan B5 | ADMI Corp. 2023 Term Loan B5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.42% (1 mo. USD Term SOFR + 5.750%) *<sup>(2)</sup>* | 12/23/27 | 687688 |  | 659321 |
|  ModivCare Buyer LLC Super Senior Term Loan | ModivCare Buyer LLC Super Senior Term Loan | ModivCare Buyer LLC Super Senior Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95% (3 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 12/29/30 | 518700 |  | 520430 |
|  ModivCare Buyer LLC Takeback Term Loan | ModivCare Buyer LLC Takeback Term Loan | ModivCare Buyer LLC Takeback Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95% (3 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 12/30/32 | 1209276 |  | 1136719 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Health Care-Services (Continued)** | **Health Care-Services (Continued)** | **Health Care-Services (Continued)** | **Health Care-Services (Continued)** | **Health Care-Services (Continued)** |
|  Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan | Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan | Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan | Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan | Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.21% (3 mo. USD Term SOFR + 5.500%) *<sup>(2)</sup>* | 06/20/28 | 730000 | $| 738213 |
|  |  |  |  | 3054683 |
| **Internet — 1.2%** | **Internet — 1.2%** | **Internet — 1.2%** | **Internet — 1.2%** | **Internet — 1.2%** |
|  Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.17% (3 mo. USD Term SOFR + 4.500%) *<sup>(2)</sup>* | 08/15/29 | 372336 |  | 240622 |
|  Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.64% (3 mo. USD Term SOFR + 5.000%) *<sup>(2)</sup>* | 12/12/29 | 1485005 |  | 1462269 |
|  Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.67% (1 mo. USD Term SOFR + 3.000%) *<sup>(2)</sup>* | 02/06/31 | 1810595 |  | 1797016 |
|  MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.92% (1 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 05/03/28 | 434481 |  | 374740 |
|  PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (1 mo. USD Term SOFR + 4.750%) *<sup>(2)</sup>* | 03/15/30 | 652529 |  | 644170 |
|  |  |  |  | 4518817 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
|  Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.91% (3 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 10/15/29 | 277694 |  | 197278 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
|  Altice France SA 2025 USD Term Loan B14 | Altice France SA 2025 USD Term Loan B14 | Altice France SA 2025 USD Term Loan B14 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.55% (3 mo. USD Term SOFR + 6.875%) *<sup>(2)</sup>* | 05/31/31 | 1393853 |  | 1399373 |
|  Virgin Media Bristol LLC 2023 Term Loan Y | Virgin Media Bristol LLC 2023 Term Loan Y | Virgin Media Bristol LLC 2023 Term Loan Y |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% (6 mo. USD Term SOFR + 3.175%) *<sup>(2)</sup>* | 03/31/31 | 1754418 |  | 1606213 |
|  |  |  |  | 3005586 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
|  American Rock Salt Co. LLC 2024 First Out Term Loan | American Rock Salt Co. LLC 2024 First Out Term Loan | American Rock Salt Co. LLC 2024 First Out Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.78% (1 mo. USD Term SOFR + 7.000%) *<sup>(2)</sup>* | 06/09/28 | 894635 |  | 899949 |
| **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** |
|  Xerox Holdings Corp. 2023 Non-CoOp Term Loan | Xerox Holdings Corp. 2023 Non-CoOp Term Loan | Xerox Holdings Corp. 2023 Non-CoOp Term Loan | Xerox Holdings Corp. 2023 Non-CoOp Term Loan | Xerox Holdings Corp. 2023 Non-CoOp Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.73% (6 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 11/19/29 | 1560701 |  | 1111999 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
|  Venture Global Calcasieu Pass LLC Term Loan | Venture Global Calcasieu Pass LLC Term Loan | Venture Global Calcasieu Pass LLC Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(8)</sup> | 08/19/26 | $1407967 | $1407530 |
| **Software — 1.1%** | **Software — 1.1%** | **Software — 1.1%** | **Software — 1.1%** |
|  Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.42% (3 mo. USD Term SOFR + 3.750%) *<sup>(2)</sup>* | 12/29/28 | 1038917 | 417385 |
|  Cloudera, Inc. 2021 Term Loan | Cloudera, Inc. 2021 Term Loan | Cloudera, Inc. 2021 Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.52% (1 mo. USD Term SOFR + 3.750%) *<sup>(2)</sup>* | 10/08/28 | 992248 | 888682 |
|  DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (1 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 04/26/29 | 1144500 | 990948 |
|  Planview Parent, Inc. 2024 1st Lien Term Loan | Planview Parent, Inc. 2024 1st Lien Term Loan | Planview Parent, Inc. 2024 1st Lien Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% (3 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 12/17/27 | 921525 | 694028 |
|  Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% (3 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 10/26/30 | 603468 | 460009 |
|  Renaissance Holding Corp. 2024 1st Lien Term Loan | Renaissance Holding Corp. 2024 1st Lien Term Loan | Renaissance Holding Corp. 2024 1st Lien Term Loan | Renaissance Holding Corp. 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (3 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 04/05/30 | 1243639 | 894257 |
|  |  |  | 4345309 |
| **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** |
|  Cyxtera DC Holdings, Inc. Term Loan B | Cyxtera DC Holdings, Inc. Term Loan B | Cyxtera DC Holdings, Inc. Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6),(9)</sup>* | 01/16/27 | 355886 |  |
| **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** |
|  (Cost: $26,383,786) | (Cost: $26,383,786) | (Cost: $26,383,786) | 23397391 |
| **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |
|  (Cost: $377,729,400) | (Cost: $377,729,400) | (Cost: $377,729,400) | 368212253 |
| **CONVERTIBLE SECURITIES — 0.1%** | **CONVERTIBLE SECURITIES — 0.1%** | **CONVERTIBLE SECURITIES — 0.1%** | **CONVERTIBLE SECURITIES — 0.1%** |
| **Convertible Corporate Bonds — 0.1%** | **Convertible Corporate Bonds — 0.1%** | **Convertible Corporate Bonds — 0.1%** | **Convertible Corporate Bonds — 0.1%** |
| **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
|  Worldline SA (France)<br>0.00% *<sup>(3),(5)</sup>* | 07/30/26 | 56262 | 65801 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
|  Delivery Hero SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% *<sup>(3)</sup>* | 01/15/28 | 500000 | 537968 |
| **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** |
|  (Cost: $601,232) | (Cost: $601,232) | (Cost: $601,232) | 603769 |
| **Total Convertible Securities** | **Total Convertible Securities** | **Total Convertible Securities** | **Total Convertible Securities** |
|  (Cost: $601,232) | (Cost: $601,232) | (Cost: $601,232) | 603769 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **COMMON STOCK — 0.5%** | **COMMON STOCK — 0.5%** | **COMMON STOCK — 0.5%** |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
|  Luxco Co. Ltd. *<sup>(10)</sup>* | 13356 | $225523 |
| **Health Care-Services — 0.3%** | **Health Care-Services — 0.3%** | **Health Care-Services — 0.3%** |
|  ModivCare, Inc. *<sup>(10)</sup>* | 201205 | &nbsp;&nbsp;&nbsp;&nbsp;1307832 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
|  Ardagh Holdings SA *<sup>(10)</sup>* | 39329 | 290051 |
| **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |
|  (Cost: $2,497,670) | (Cost: $2,497,670) | 1823406 |
| **MONEY MARKET INVESTMENTS — 1.8%** | **MONEY MARKET INVESTMENTS — 1.8%** | **MONEY MARKET INVESTMENTS — 1.8%** |
|  State Street Institutional U.S. Government Money Market<br>Fund — Premier Class, 3.60% *<sup>(11)</sup>* | 950954 | 950954 |
|  TCW Central Cash Fund,<br>3.69% *<sup>(11),(12)</sup>* | 6118795 | 6118795 |
|  **Total Money Market Investments**<br> (Cost: $7,069,749) | **Total Money Market Investments**<br> (Cost: $7,069,749) | 7069749 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **WARRANTS — 0.0%** | **WARRANTS — 0.0%** | **WARRANTS — 0.0%** |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
|  Cineworld Group PLC *<sup>(9),(10)</sup>* | 288340 | $4 |
| **Total Warrants** | **Total Warrants** | **Total Warrants** |
|  (Cost: $—) | (Cost: $—) | 4 |
|  **Total Investments (98.3%)**<br> (Cost: $387,898,051) | **Total Investments (98.3%)**<br> (Cost: $387,898,051) | 377709181 |
|  **Net Unrealized Appreciation/depreciation On Unfunded Commitments <sup>(13)</sup> (0.0%)** | **Net Unrealized Appreciation/depreciation On Unfunded Commitments <sup>(13)</sup> (0.0%)** | 1395 |
|  **Other Assets In Excess Of Liabilities (1.7%)** | **Other Assets In Excess Of Liabilities (1.7%)** | 6418688 |
|  **Net Assets (100.0%)** |  | $384129264 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional<br>Contract<br>Value** | **Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** |  |  |  |  |  |
| 226 | 5-Year U.S. Treasury Note Futures | 06/30/26 | $(24737529) | $(24448609) | $288920 |
|  **Short Futures** | **Short Futures** |  |  |  |  |
| 75 | 10-Year U.S. Treasury Note Futures | 06/18/26 | $(8656351) | $(8513672) | $142679 |
| 8 | 2-Year U.S. Treasury Note Futures | 06/30/26 | (1667239) | (1659563) | 7676 |
| 14 | Euro-Bobl Futures | 06/08/26 | (1898414) | (1861978) | 36436 |
| 5 | U.S. Ultra Long Bond Futures | 06/18/26 | (600850) | (582813) | 18037 |
|  |  |  | $(12822854) | $(12618026) | $&nbsp;&nbsp;&nbsp;&nbsp;204828 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts at**<br> **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **BUY** *<sup>(14)</sup>* |  |  |  |  |  |  |
|  Goldman Sachs & Co. | EUR | 9836759 | 04/01/26 | $11336426 | $11333912 | $(2514) |
|  Citibank N.A. | EUR | 28137 | 04/01/26 | 32709 | 32419 | (290) |
|  |  |  |  | $11369135 | $&nbsp;&nbsp;&nbsp;&nbsp;11366331 | $&nbsp;&nbsp;&nbsp;&nbsp;(2804) |
| **SELL** *<sup>(15)</sup>* |  |  |  |  |  |  |
|  Goldman Sachs & Co. | EUR | 218886 | 04/01/26 | $256232 | $252200 | $4032 |
|  Citibank N.A. | EUR | 1310969 | 04/01/26 | 1543786 | 1510499 | 33287 |
|  Bank of New York | EUR | 500000 | 04/01/26 | 593752 | 576100 | 17652 |
|  Bank of America | EUR | 7190284 | 04/01/26 | 8464337 | 8284644 | 179693 |
|  JP Morgan Chase Bank | EUR | 644756 | 04/01/26 | 749806 | 742888 | 6918 |
|  Bank of New York | EUR | 468804 | 06/26/26 | 541828 | 542235 | (407) |
|  Goldman Sachs & Co. | EUR | 9719694 | 06/26/26 | 11242624 | 11242136 | 488 |
|  |  |  |  | $23392365 | $&nbsp;&nbsp;&nbsp;&nbsp;23150702 | $&nbsp;&nbsp;&nbsp;&nbsp;241663 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

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

*EUR* *Euro Currency.* 

*LIBOR* *London Interbank Offered Rate.* 

*PIK* *Payment In Kind.* 

*REMIC* *Real Estate Mortgage Investment Conduits.* 

*SOFR* *Secured Overnight Financing Rate.* 

*(1)* *Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At March 31, 2026, the value of these securities amounted to $268,648,743 or 69.9% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Trust's Board of Trustees.* 

*(2)* *Floating or variable rate security. The interest shown reflects the rate in effect at March 31, 2026.* 

*(3)* *Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At March 31, 2026, the value of these securities amounted to $7,104,582 or 1.9% of net assets.* 

*(4)* *Perpetual maturity.* 

*(5)* *Security is not accruing interest.* 

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

*(7)* *Restricted security (Note 11).* 

*(8)* *This position represents an unsettled bank loan at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.* 

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

*(10)* *Non-income producing security.* 

*(11)* *Rate disclosed is the 7-day net yield as of March 31, 2026.* 

*(12)* *Affiliated issuer.* 

*(13)* *Unfunded or partially unfunded loan commitments. The Fund may enter into certain credit agreements for which all or a portion may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion.* 

*(14)* *Fund buys foreign currency, sells USD.* 

*(15)* *Fund sells foreign currency, buys USD.* 

The summary of the TCW MetWest High Yield Bond Fund transactions in the affiliated funds for the year ended March 31, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of**<br> **Affiliated Fund** | **Value at<br>March 31,<br>2025** | **Purchases<br>at Cost** | **Proceeds**<br>**from Sales** | **Number<br>of Shares Held<br>March 31,<br>2026** | **Value at<br>March 31,<br>2026** | **Dividends and<br>Interest<br>Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net change in<br>Unrealized<br>Gain (Loss)<br>on<br>Investments** |
|  **TCW Central Cash Fund** | $9789160 | $265229635 | $268900000 | 6118795 | $6118795 | $537187 | $– $– $|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $6118795 | $537187 | $– $– $|  |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest High Yield Bond Fund
Fair Valuation Summary March 31, 2026

The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets**<br>**(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $344814862 | $— | $344814862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 23397391 |  | 23397391 |
|  Total Fixed Income Securities |  | 368212253 |  | 368212253 |
|  Convertible Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Corporate Bonds |  | 603769 |  | 603769 |
|  Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 7069749 |  |  | 7069749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | 225523 | 1597883 |  | 1823406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | 4 | 4 |
|  Total Equity Securities | 7295272 | 1597883 | 4 | 8893159 |
|  Net Unrealized Appreciation (Depreciation) on Unfunded Commitments |  | 1395 |  | 1395 |
|  Total Investments | $7295272 | $370415300 | $4 | $377710576 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 242070 |  | 242070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 493748 |  |  | 493748 |
|  Total | $7789020 | $370657370 | $4 | $378446394 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk | $— | $(3211) | $— | $(3211) |
|  Total | $— | $(3211) | $— | $(3211) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Investment Grade Credit Fund
Schedule of Investments

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 106.5% of Net Assets** | **FIXED INCOME SECURITIES — 106.5% of Net Assets** | **FIXED INCOME SECURITIES — 106.5% of Net Assets** | **FIXED INCOME SECURITIES — 106.5% of Net Assets** |
| **ASSET-BACKED SECURITIES — 2.3%** | **ASSET-BACKED SECURITIES — 2.3%** | **ASSET-BACKED SECURITIES — 2.3%** | **ASSET-BACKED SECURITIES — 2.3%** |
|  AMMC CLO 24 Ltd. Series 2021-24A, Class AR | AMMC CLO 24 Ltd. Series 2021-24A, Class AR | AMMC CLO 24 Ltd. Series 2021-24A, Class AR | AMMC CLO 24 Ltd. Series 2021-24A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% (3 mo. USD Term SOFR + 1.200%) *<sup>(1),(2)</sup>* | 01/20/35 | $75000 | $74951 |
|  ARES XXVII CLO Ltd. Series 2013-2A, Class AR3 | ARES XXVII CLO Ltd. Series 2013-2A, Class AR3 | ARES XXVII CLO Ltd. Series 2013-2A, Class AR3 | ARES XXVII CLO Ltd. Series 2013-2A, Class AR3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% (3 mo. USD Term SOFR + 1.150%) *<sup>(1),(2)</sup>* | 10/28/34 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | 89991 |
|  GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR | GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR | GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR | GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (3 mo. USD Term SOFR + 1.080%) *<sup>(1),(2)</sup>* | 10/20/34 | 70000 | 69977 |
|  JGWPT XXX LLC Series 2013-3A, Class A | JGWPT XXX LLC Series 2013-3A, Class A | JGWPT XXX LLC Series 2013-3A, Class A | JGWPT XXX LLC Series 2013-3A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08% *<sup>(1)</sup>* | 01/17/73 | 22099 | 21108 |
|  LCM 29 Ltd. Series 29A, Class AR | LCM 29 Ltd. Series 29A, Class AR | LCM 29 Ltd. Series 29A, Class AR | LCM 29 Ltd. Series 29A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% (3 mo. USD Term SOFR + 1.332%) *<sup>(1),(2)</sup>* | 04/15/31 | 54345 | 54419 |
|  Rockford Tower CLO Ltd. Series 2019-2A, Class AR2 | Rockford Tower CLO Ltd. Series 2019-2A, Class AR2 | Rockford Tower CLO Ltd. Series 2019-2A, Class AR2 | Rockford Tower CLO Ltd. Series 2019-2A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79% (3 mo. USD Term SOFR + 1.130%) *<sup>(1),(2)</sup>* | 08/20/32 | 37845 | 37901 |
|  Sabey Data Center Issuer LLC Series 2021-1, Class A2 | Sabey Data Center Issuer LLC Series 2021-1, Class A2 | Sabey Data Center Issuer LLC Series 2021-1, Class A2 | Sabey Data Center Issuer LLC Series 2021-1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88% *<sup>(1)</sup>* | 06/20/46 | 83000 | 82451 |
|  Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23% *<sup>(3)</sup>* | 07/03/38 | 28048 | 26503 |
|  SLM Student Loan Trust Series 2008-2, Class B | SLM Student Loan Trust Series 2008-2, Class B | SLM Student Loan Trust Series 2008-2, Class B | SLM Student Loan Trust Series 2008-2, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% (90 day USD SOFR Average + 1.462%) *<sup>(2)</sup>* | 01/25/83 | 20000 | 21317 |
|  SLM Student Loan Trust Series 2008-3, Class B | SLM Student Loan Trust Series 2008-3, Class B | SLM Student Loan Trust Series 2008-3, Class B | SLM Student Loan Trust Series 2008-3, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% (90 day USD SOFR Average + 1.462%) *<sup>(2)</sup>* | 04/26/83 | 20000 | 20821 |
|  SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (90 day USD SOFR Average + 2.112%) *<sup>(2)</sup>* | 07/25/73 | 35000 | 37200 |
|  SLM Student Loan Trust Series 2008-6, Class B | SLM Student Loan Trust Series 2008-6, Class B | SLM Student Loan Trust Series 2008-6, Class B | SLM Student Loan Trust Series 2008-6, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (90 day USD SOFR Average + 2.112%) *<sup>(2)</sup>* | 07/26/83 | 20000 | 20780 |
|  SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (90 day USD SOFR Average + 2.112%) *<sup>(2)</sup>* | 07/26/83 | 20000 | 20020 |
|  Wachovia Student Loan Trust Series 2006-1, Class A6 | Wachovia Student Loan Trust Series 2006-1, Class A6 | Wachovia Student Loan Trust Series 2006-1, Class A6 | Wachovia Student Loan Trust Series 2006-1, Class A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32% (90 day USD SOFR Average + 0.432%) *<sup>(1),(2)</sup>* | 04/25/40 | 11713 | 11473 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |
|  (Cost: $577,281) | (Cost: $577,281) | (Cost: $577,281) | 588912 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 13.4%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 13.4%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 13.4%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 13.4%** |
|  Federal Home Loan Mortgage Corp., Pool #SD8286 | Federal Home Loan Mortgage Corp., Pool #SD8286 | Federal Home Loan Mortgage Corp., Pool #SD8286 | Federal Home Loan Mortgage Corp., Pool #SD8286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/53 | $103286 | $97701 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4064, Class TB (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4064, Class TB (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4064, Class TB (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4064, Class TB (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/15/42 | 98618 | 93227 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 240 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 240 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 240 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 240 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/15/36 | 91140 | 15785 |
|  Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/52 | 75644 | 71686 |
|  Federal National Mortgage Association, Pool #MA4732 | Federal National Mortgage Association, Pool #MA4732 | Federal National Mortgage Association, Pool #MA4732 | Federal National Mortgage Association, Pool #MA4732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/01/52 | 98299 | 93134 |
|  Federal National Mortgage Association, Pool #MA4866 | Federal National Mortgage Association, Pool #MA4866 | Federal National Mortgage Association, Pool #MA4866 | Federal National Mortgage Association, Pool #MA4866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/53 | 59967 | 56802 |
|  Federal National Mortgage Association, Pool #MA4656 | Federal National Mortgage Association, Pool #MA4656 | Federal National Mortgage Association, Pool #MA4656 | Federal National Mortgage Association, Pool #MA4656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/01/52 | 150318 | 145744 |
|  Federal National Mortgage Association, Pool #BW9897 | Federal National Mortgage Association, Pool #BW9897 | Federal National Mortgage Association, Pool #BW9897 | Federal National Mortgage Association, Pool #BW9897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/52 | 18696 | 18110 |
|  Federal National Mortgage Association, Pool #MA4917 | Federal National Mortgage Association, Pool #MA4917 | Federal National Mortgage Association, Pool #MA4917 | Federal National Mortgage Association, Pool #MA4917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;423762 | 410631 |
|  Federal National Mortgage Association, Pool #MA5072 | Federal National Mortgage Association, Pool #MA5072 | Federal National Mortgage Association, Pool #MA5072 | Federal National Mortgage Association, Pool #MA5072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/01/53 | 18439 | 18617 |
|  Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22% (-30 day USD SOFR Average + 5.886%) *<sup>(2)</sup>* | 11/25/41 | 41378 | 3223 |
|  Federal National Mortgage Association REMICS Series 2012-128, Class UA | Federal National Mortgage Association REMICS Series 2012-128, Class UA | Federal National Mortgage Association REMICS Series 2012-128, Class UA | Federal National Mortgage Association REMICS Series 2012-128, Class UA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 06/25/42 | 18228 | 16181 |
|  Federal National Mortgage Association REMICS Series 2013-5, Class GF | Federal National Mortgage Association REMICS Series 2013-5, Class GF | Federal National Mortgage Association REMICS Series 2013-5, Class GF | Federal National Mortgage Association REMICS Series 2013-5, Class GF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% (30 day USD SOFR Average + 1.214%) *<sup>(2)</sup>* | 10/25/42 | 22973 | 22861 |
|  Federal National Mortgage Association REMICS Series 2024-73, Class FB | Federal National Mortgage Association REMICS Series 2024-73, Class FB | Federal National Mortgage Association REMICS Series 2024-73, Class FB | Federal National Mortgage Association REMICS Series 2024-73, Class FB |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86% (30 day USD SOFR Average + 1.200%) *<sup>(2)</sup>* | 10/25/54 | 28219 | 28369 |
|  Government National Mortgage Association, Pool #MA8346 | Government National Mortgage Association, Pool #MA8346 | Government National Mortgage Association, Pool #MA8346 | Government National Mortgage Association, Pool #MA8346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/20/52 | 19143 | 18142 |
|  Government National Mortgage Association REMICS Series 2003-110, Class S (I/O) (I/F) | Government National Mortgage Association REMICS Series 2003-110, Class S (I/O) (I/F) | Government National Mortgage Association REMICS Series 2003-110, Class S (I/O) (I/F) | Government National Mortgage Association REMICS Series 2003-110, Class S (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81% (-1 mo. USD Term SOFR + 6.486%) *<sup>(2)</sup>* | 10/20/33 | 92780 | 6511 |
|  Government National Mortgage Association REMICS Series 2018-124, Class NW | Government National Mortgage Association REMICS Series 2018-124, Class NW | Government National Mortgage Association REMICS Series 2018-124, Class NW | Government National Mortgage Association REMICS Series 2018-124, Class NW |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/20/48 | 16525 | 15322 |
|  Government National Mortgage Association REMICS Series 2018-154, Class BP (PAC) | Government National Mortgage Association REMICS Series 2018-154, Class BP (PAC) | Government National Mortgage Association REMICS Series 2018-154, Class BP (PAC) | Government National Mortgage Association REMICS Series 2018-154, Class BP (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/20/48 | 1647 | 1569 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Government National Mortgage Association REMICS Series 2019-15, Class GT | Government National Mortgage Association REMICS Series 2019-15, Class GT | Government National Mortgage Association REMICS Series 2019-15, Class GT | Government National Mortgage Association REMICS Series 2019-15, Class GT |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/20/49 | 13820 | 12874 |
|  Government National Mortgage Association REMICS Series 2023-113, Class FD | Government National Mortgage Association REMICS Series 2023-113, Class FD | Government National Mortgage Association REMICS Series 2023-113, Class FD | Government National Mortgage Association REMICS Series 2023-113, Class FD |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (30 day USD SOFR Average + 1.350%) *<sup>(2)</sup>* | 08/20/53 | 26216 | 26503 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(4)</sup> | 06/01/55 | 275000 | 257438 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(4)</sup>* | 12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | 733437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(4)</sup>* | 05/01/55 | 400000 | 377378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(4)</sup>* | 01/01/56 | 200000 | 192935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(4)</sup>* | 01/01/56 | 475000 | 468374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(4)</sup>* | 12/01/55 | 250000 | 251185 |
| **Total Residential Mortgage-Backed<br>Securities — Agency** | **Total Residential Mortgage-Backed<br>Securities — Agency** | **Total Residential Mortgage-Backed<br>Securities — Agency** | **Total Residential Mortgage-Backed<br>Securities — Agency** |
|  (Cost: $3,504,718) | (Cost: $3,504,718) | (Cost: $3,504,718) | 3453739 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY — 7.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY — 7.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY — 7.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY — 7.8%** |
|  1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% *<sup>(1)</sup>* | 08/10/35 | 69000 | 66145 |
|  245 Park Avenue Trust Series 2017-245P, Class A | 245 Park Avenue Trust Series 2017-245P, Class A | 245 Park Avenue Trust Series 2017-245P, Class A | 245 Park Avenue Trust Series 2017-245P, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51% *<sup>(1)</sup>* | 06/05/37 | 115000 | 113160 |
|  BAMLL Commercial Mortgage Securities Trust<br>Series 2018-PARK, Class A | BAMLL Commercial Mortgage Securities Trust<br>Series 2018-PARK, Class A | BAMLL Commercial Mortgage Securities Trust<br>Series 2018-PARK, Class A | BAMLL Commercial Mortgage Securities Trust<br>Series 2018-PARK, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% *<sup>(1),(5)</sup>* | 08/10/38 | 100000 | 97856 |
|  BX Trust Series 2019-OC11, Class C | BX Trust Series 2019-OC11, Class C | BX Trust Series 2019-OC11, Class C | BX Trust Series 2019-OC11, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86% *<sup>(1)</sup>* | 12/09/41 | 79000 | 75142 |
|  BX Trust Series 2021-LBA, Class DV | BX Trust Series 2021-LBA, Class DV | BX Trust Series 2021-LBA, Class DV | BX Trust Series 2021-LBA, Class DV |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64% (1 mo. USD Term SOFR + 1.964%) *<sup>(1),(2)</sup>* | 02/15/36 | 33214 | 33204 |
|  BXP Trust Series 2017-GM, Class B | BXP Trust Series 2017-GM, Class B | BXP Trust Series 2017-GM, Class B | BXP Trust Series 2017-GM, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42% *<sup>(1),(5)</sup>* | 06/13/39 | 100000 | 98031 |
|  Citigroup Commercial Mortgage Trust Series 2020-555, Class A | Citigroup Commercial Mortgage Trust Series 2020-555, Class A | Citigroup Commercial Mortgage Trust Series 2020-555, Class A | Citigroup Commercial Mortgage Trust Series 2020-555, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% *<sup>(1)</sup>* | 12/10/41 | 100000 | 90662 |
|  COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O) | COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O) | COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O) | COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.41% <sup>(5)</sup> | 09/10/47 | 89613 | 1 |
|  COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A | COMM Mortgage Trust Series 2024-277P, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.34% *<sup>(1)</sup>* | 08/10/44 | 79000 | 82416 |
|  CSAIL Commercial Mortgage Trust Series 2019-C18, Class A2 | CSAIL Commercial Mortgage Trust Series 2019-C18, Class A2 | CSAIL Commercial Mortgage Trust Series 2019-C18, Class A2 | CSAIL Commercial Mortgage Trust Series 2019-C18, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84% | 12/15/52 | 20058 | 19134 |
|  CSMC Trust Series 2021-B33, Class A2 | CSMC Trust Series 2021-B33, Class A2 | CSMC Trust Series 2021-B33, Class A2 | CSMC Trust Series 2021-B33, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17% *<sup>(1)</sup>* | 10/10/43 | 100000 | 88909 |
|  DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96% *<sup>(1)</sup>* | 05/10/41 | 106000 | 95228 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77% *<sup>(5)</sup>* | 10/25/43 | 15496 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Federal National Mortgage Association-ACES Series 2016-M2, Class X3 (I/O) | Federal National Mortgage Association-ACES Series 2016-M2, Class X3 (I/O) | Federal National Mortgage Association-ACES Series 2016-M2, Class X3 (I/O) | Federal National Mortgage Association-ACES Series 2016-M2, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.04% *<sup>(5)</sup>* | 04/25/36 | $37443 | $— |
|  FirstKey Homes Trust Series 2021-SFR2, Class E2 | FirstKey Homes Trust Series 2021-SFR2, Class E2 | FirstKey Homes Trust Series 2021-SFR2, Class E2 | FirstKey Homes Trust Series 2021-SFR2, Class E2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36% *<sup>(1)</sup>* | 09/17/38 | 100000 | 98672 |
|  FirstKey Homes Trust Series 2022-SFR1, Class D | FirstKey Homes Trust Series 2022-SFR1, Class D | FirstKey Homes Trust Series 2022-SFR1, Class D | FirstKey Homes Trust Series 2022-SFR1, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% *<sup>(1)</sup>* | 05/19/39 | 70000 | 69563 |
|  GS Mortgage Securities Corp. Trust Series 2023-FUN, Class B | GS Mortgage Securities Corp. Trust Series 2023-FUN, Class B | GS Mortgage Securities Corp. Trust Series 2023-FUN, Class B | GS Mortgage Securities Corp. Trust Series 2023-FUN, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.46% (1 mo. USD Term SOFR + 2.790%) <sup>(1),(2)</sup> | 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 100542 |
|  GWT Trust Series 2024-WLF2, Class B | GWT Trust Series 2024-WLF2, Class B | GWT Trust Series 2024-WLF2, Class B | GWT Trust Series 2024-WLF2, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81% (1 mo. USD Term SOFR + 2.141%) *<sup>(1),(2)</sup>* | 05/15/41 | 37000 | 37067 |
|  JPMBB Commercial Mortgage Securities Trust Series 2014-C22, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2014-C22, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2014-C22, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2014-C22, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40% *<sup>(5)</sup>* | 09/15/47 | 90368 | 1 |
|  JPMBB Commercial Mortgage Securities Trust Series 2014-C25, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2014-C25, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2014-C25, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2014-C25, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.33% *<sup>(5)</sup>* | 11/15/47 | 236844 | 969 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C2, Class XB (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C2, Class XB (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C2, Class XB (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C2, Class XB (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30% *<sup>(1),(5),(6)</sup>* | 11/15/43 | 425656 | 4 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A | JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A | JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A | JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85% *<sup>(1),(5)</sup>* | 09/06/38 | 70000 | 69522 |
|  Manhattan West Mortgage Trust Series 2020-1MW, Class B | Manhattan West Mortgage Trust Series 2020-1MW, Class B | Manhattan West Mortgage Trust Series 2020-1MW, Class B | Manhattan West Mortgage Trust Series 2020-1MW, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34% *<sup>(1),(5)</sup>* | 09/10/39 | 100000 | 96486 |
|  Morgan Stanley Bank of America Merrill Lynch Trust<br>Series 2015-C22, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust<br>Series 2015-C22, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust<br>Series 2015-C22, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust<br>Series 2015-C22, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.52% *<sup>(5)</sup>* | 04/15/48 | 101838 | 1 |
|  Progress Residential Trust Series 2021-SFR11, Class E2 | Progress Residential Trust Series 2021-SFR11, Class E2 | Progress Residential Trust Series 2021-SFR11, Class E2 | Progress Residential Trust Series 2021-SFR11, Class E2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53% *<sup>(1)</sup>* | 01/17/39 | 80000 | 76157 |
|  SCOTT Trust Series 2023-SFS, Class A | SCOTT Trust Series 2023-SFS, Class A | SCOTT Trust Series 2023-SFS, Class A | SCOTT Trust Series 2023-SFS, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.91% *<sup>(1)</sup>* | 03/10/40 | 110000 | 112033 |
|  SMRT Commercial Mortgage Trust Series 2022-MINI, Class B | SMRT Commercial Mortgage Trust Series 2022-MINI, Class B | SMRT Commercial Mortgage Trust Series 2022-MINI, Class B | SMRT Commercial Mortgage Trust Series 2022-MINI, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (1 mo. USD Term SOFR + 1.350%) *<sup>(1),(2)</sup>* | 01/15/39 | 33000 | 32968 |
|  SREIT Trust Series 2021-MFP2, Class C | SREIT Trust Series 2021-MFP2, Class C | SREIT Trust Series 2021-MFP2, Class C | SREIT Trust Series 2021-MFP2, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.16% (1 mo. USD Term SOFR + 1.485%) *<sup>(1),(2)</sup>* | 11/15/36 | 100000 | 99962 |
|  SREIT Trust Series 2021-PALM, Class C | SREIT Trust Series 2021-PALM, Class C | SREIT Trust Series 2021-PALM, Class C | SREIT Trust Series 2021-PALM, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (1 mo. USD Term SOFR + 1.074%) *<sup>(1),(2)</sup>* | 10/15/34 | 50000 | 49989 |
|  TCO Commercial Mortgage Trust Series 2024-DPM, Class B | TCO Commercial Mortgage Trust Series 2024-DPM, Class B | TCO Commercial Mortgage Trust Series 2024-DPM, Class B | TCO Commercial Mortgage Trust Series 2024-DPM, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.26% (1 mo. USD Term SOFR + 1.592%) *<sup>(1),(2)</sup>* | 12/15/39 | 100000 | 99767 |
|  UBS Commercial Mortgage Trust Series 2019-C17, Class AS | UBS Commercial Mortgage Trust Series 2019-C17, Class AS | UBS Commercial Mortgage Trust Series 2019-C17, Class AS | UBS Commercial Mortgage Trust Series 2019-C17, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20% | 10/15/52 | 60000 | 55866 |
|  Wells Fargo Commercial Mortgage Trust Series 2015-NXS2, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-NXS2, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-NXS2, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-NXS2, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(5),(7)</sup>* | 07/15/58 | 78357 | 1 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Wells Fargo Commercial Mortgage Trust Series 2016-LC25,<br>Class AS | Wells Fargo Commercial Mortgage Trust Series 2016-LC25,<br>Class AS | Wells Fargo Commercial Mortgage Trust Series 2016-LC25,<br>Class AS | Wells Fargo Commercial Mortgage Trust Series 2016-LC25,<br>Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84% *<sup>(5)</sup>* | 12/15/59 | 52000 | 51375 |
|  Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class A | Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.01% <sup>(1)</sup> | 06/10/37 | 100000 | 102236 |
| **Total Commercial Mortgage-Backed<br>Securities — Non-Agency** | **Total Commercial Mortgage-Backed<br>Securities — Non-Agency** | **Total Commercial Mortgage-Backed<br>Securities — Non-Agency** | **Total Commercial Mortgage-Backed<br>Securities — Non-Agency** |
|  (Cost: $2,074,344) | (Cost: $2,074,344) | (Cost: $2,074,344) | 2013069 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.1%** |
|  Federal National Mortgage Association-ACES Series 2016-M4, Class X2 (I/O) | Federal National Mortgage Association-ACES Series 2016-M4, Class X2 (I/O) | Federal National Mortgage Association-ACES Series 2016-M4, Class X2 (I/O) | Federal National Mortgage Association-ACES Series 2016-M4, Class X2 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69% <sup>(5)</sup> | 01/25/39 | &nbsp;&nbsp;&nbsp;&nbsp;218568 | 7657 |
|  Government National Mortgage Association Series 2012-112 (I/O) | Government National Mortgage Association Series 2012-112 (I/O) | Government National Mortgage Association Series 2012-112 (I/O) | Government National Mortgage Association Series 2012-112 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.11% *<sup>(5)</sup>* | 02/16/53 | 1420384 | 4210 |
|  Government National Mortgage Association Series 2013-1 (I/O) | Government National Mortgage Association Series 2013-1 (I/O) | Government National Mortgage Association Series 2013-1 (I/O) | Government National Mortgage Association Series 2013-1 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.58% *<sup>(5)</sup>* | 02/16/54 | 365203 | 5531 |
|  Government National Mortgage Association Series 2013-125 (I/O) | Government National Mortgage Association Series 2013-125 (I/O) | Government National Mortgage Association Series 2013-125 (I/O) | Government National Mortgage Association Series 2013-125 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25% *<sup>(5)</sup>* | 10/16/54 | 615781 | 10622 |
| **Total Commercial Mortgage-Backed<br>Securities — Agency** | **Total Commercial Mortgage-Backed<br>Securities — Agency** | **Total Commercial Mortgage-Backed<br>Securities — Agency** | **Total Commercial Mortgage-Backed<br>Securities — Agency** |
|  (Cost: $171,383) | (Cost: $171,383) | (Cost: $171,383) | 28020 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 5.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 5.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 5.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 5.0%** |
|  ABFC Trust Series 2006-OPT1, Class A3D | ABFC Trust Series 2006-OPT1, Class A3D | ABFC Trust Series 2006-OPT1, Class A3D | ABFC Trust Series 2006-OPT1, Class A3D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.594%) *<sup>(2)</sup>* | 09/25/36 | 40215 | 39726 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-R11, Class M3 | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-R11, Class M3 | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-R11, Class M3 | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-R11, Class M3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54% (1 mo. USD Term SOFR + 0.864%) *<sup>(2)</sup>* | 01/25/36 | 41539 | 41173 |
|  BCMSC Trust Series 2000-A, Class A2 | BCMSC Trust Series 2000-A, Class A2 | BCMSC Trust Series 2000-A, Class A2 | BCMSC Trust Series 2000-A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.58% *<sup>(5)</sup>* | 06/15/30 | 19426 | 1051 |
|  Bear Stearns ARM Trust Series 2004-1, Class 12A | Bear Stearns ARM Trust Series 2004-1, Class 12A | Bear Stearns ARM Trust Series 2004-1, Class 12A | Bear Stearns ARM Trust Series 2004-1, Class 12A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99% *<sup>(5)</sup>* | 04/25/34 | 4617 | 4159 |
|  Carrington Mortgage Loan Trust Series 2006-FRE1, Class A3 | Carrington Mortgage Loan Trust Series 2006-FRE1, Class A3 | Carrington Mortgage Loan Trust Series 2006-FRE1, Class A3 | Carrington Mortgage Loan Trust Series 2006-FRE1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94% (1 mo. USD Term SOFR + 0.264%) *<sup>(2)</sup>* | 04/25/36 | 36215 | 35837 |
|  Carrington Mortgage Loan Trust Series 2007-HE1, Class A4 | Carrington Mortgage Loan Trust Series 2007-HE1, Class A4 | Carrington Mortgage Loan Trust Series 2007-HE1, Class A4 | Carrington Mortgage Loan Trust Series 2007-HE1, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08% (1 mo. USD Term SOFR + 0.694%) *<sup>(2)</sup>* | 06/25/37 | 85000 | 82393 |
|  Chase Home Lending Mortgage Trust Series 2024-10, Class A4A | Chase Home Lending Mortgage Trust Series 2024-10, Class A4A | Chase Home Lending Mortgage Trust Series 2024-10, Class A4A | Chase Home Lending Mortgage Trust Series 2024-10, Class A4A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1),(5)</sup>* | 10/25/55 | 49859 | 49942 |
|  CIM Trust Series 2021-R4, Class A1A | CIM Trust Series 2021-R4, Class A1A | CIM Trust Series 2021-R4, Class A1A | CIM Trust Series 2021-R4, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(1),(5)</sup>* | 05/01/61 | 38708 | 36712 |
|  Citigroup Mortgage Loan Trust, Inc. Series 2005-OPT1, Class M1 | Citigroup Mortgage Loan Trust, Inc. Series 2005-OPT1, Class M1 | Citigroup Mortgage Loan Trust, Inc. Series 2005-OPT1, Class M1 | Citigroup Mortgage Loan Trust, Inc. Series 2005-OPT1, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42% (1 mo. USD Term SOFR + 0.744%) *<sup>(2)</sup>* | 02/25/35 | 26946 | 25722 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A1 | Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A1 | Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A1 | Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69% (1 mo. USD Term SOFR + 1.014%) *<sup>(2)</sup>* | 10/25/47 | $14342 | $13265 |
|  Cross Mortgage Trust Series 2024-H6, Class A1 | Cross Mortgage Trust Series 2024-H6, Class A1 | Cross Mortgage Trust Series 2024-H6, Class A1 | Cross Mortgage Trust Series 2024-H6, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% *<sup>(1),(5)</sup>* | 09/25/69 | 69130 | 69188 |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust<br>Series 2021-DNA6, Class M2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust<br>Series 2021-DNA6, Class M2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust<br>Series 2021-DNA6, Class M2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust<br>Series 2021-DNA6, Class M2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.16% (30 day USD SOFR Average + 1.500%) *<sup>(1),(2)</sup>* | 10/25/41 | 37493 | 37537 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46% (30 day USD SOFR Average + 1.800%) *<sup>(1),(2)</sup>* | 01/25/44 | 50000 | 50451 |
|  GCAT Trust Series 2023-INV1, Class A7 | GCAT Trust Series 2023-INV1, Class A7 | GCAT Trust Series 2023-INV1, Class A7 | GCAT Trust Series 2023-INV1, Class A7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(1),(5)</sup>* | 08/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;56237 | 56652 |
|  GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1 | GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1 | GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1 | GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86% *<sup>(5)</sup>* | 09/25/35 | 5478 | 5285 |
|  Home Equity Asset Trust Series 2005-4, Class M6 | Home Equity Asset Trust Series 2005-4, Class M6 | Home Equity Asset Trust Series 2005-4, Class M6 | Home Equity Asset Trust Series 2005-4, Class M6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81% (1 mo. USD Term SOFR + 1.194%) *<sup>(2)</sup>* | 10/25/35 | 51159 | 51186 |
|  Impac CMB Trust Series 2007-A, Class A | Impac CMB Trust Series 2007-A, Class A | Impac CMB Trust Series 2007-A, Class A | Impac CMB Trust Series 2007-A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.614%) *<sup>(1),(2)</sup>* | 05/25/37 | 52215 | 51449 |
|  IndyMac INDX Mortgage Loan Trust Series 2007-FLX3, Class A1 | IndyMac INDX Mortgage Loan Trust Series 2007-FLX3, Class A1 | IndyMac INDX Mortgage Loan Trust Series 2007-FLX3, Class A1 | IndyMac INDX Mortgage Loan Trust Series 2007-FLX3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.594%) *<sup>(2)</sup>* | 06/25/37 | 96772 | 91710 |
|  Long Beach Mortgage Loan Trust Series 2006-1, Class 1A | Long Beach Mortgage Loan Trust Series 2006-1, Class 1A | Long Beach Mortgage Loan Trust Series 2006-1, Class 1A | Long Beach Mortgage Loan Trust Series 2006-1, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% (1 mo. USD Term SOFR + 0.554%) *<sup>(2)</sup>* | 02/25/36 | 1694 | 1685 |
|  MFA Trust Series 2021-INV1, Class A3 | MFA Trust Series 2021-INV1, Class A3 | MFA Trust Series 2021-INV1, Class A3 | MFA Trust Series 2021-INV1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.26% *<sup>(1),(5)</sup>* | 01/25/56 | 22315 | 21740 |
|  Morgan Stanley Mortgage Loan Trust Series 2004-5AR, Class 3A1 | Morgan Stanley Mortgage Loan Trust Series 2004-5AR, Class 3A1 | Morgan Stanley Mortgage Loan Trust Series 2004-5AR, Class 3A1 | Morgan Stanley Mortgage Loan Trust Series 2004-5AR, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99% *<sup>(5)</sup>* | 07/25/34 | 6054 | 6019 |
|  New Residential Mortgage Loan Trust Series 2022-NQM4, Class A1 | New Residential Mortgage Loan Trust Series 2022-NQM4, Class A1 | New Residential Mortgage Loan Trust Series 2022-NQM4, Class A1 | New Residential Mortgage Loan Trust Series 2022-NQM4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 06/25/62 | 69497 | 69315 |
|  OBX Trust Series 2024-HYB1, Class A1 | OBX Trust Series 2024-HYB1, Class A1 | OBX Trust Series 2024-HYB1, Class A1 | OBX Trust Series 2024-HYB1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62% *<sup>(1),(5)</sup>* | 03/25/53 | 58527 | 58623 |
|  OBX Trust Series 2024-NQM14, Class A1 | OBX Trust Series 2024-NQM14, Class A1 | OBX Trust Series 2024-NQM14, Class A1 | OBX Trust Series 2024-NQM14, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.94% *<sup>(1)</sup>* | 09/25/64 | 62027 | 61932 |
|  OBX Trust Series 2024-NQM15, Class A1 | OBX Trust Series 2024-NQM15, Class A1 | OBX Trust Series 2024-NQM15, Class A1 | OBX Trust Series 2024-NQM15, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% *<sup>(1)</sup>* | 10/25/64 | 64689 | 64908 |
|  Saxon Asset Securities Trust Series 2007-2, Class A2A | Saxon Asset Securities Trust Series 2007-2, Class A2A | Saxon Asset Securities Trust Series 2007-2, Class A2A | Saxon Asset Securities Trust Series 2007-2, Class A2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89% (1 mo. USD Term SOFR + 0.214%) *<sup>(2)</sup>* | 05/25/47 | 53808 | 39963 |
|  Structured Asset Mortgage Investments II Trust Series 2004-AR1, Class 1A2 | Structured Asset Mortgage Investments II Trust Series 2004-AR1, Class 1A2 | Structured Asset Mortgage Investments II Trust Series 2004-AR1, Class 1A2 | Structured Asset Mortgage Investments II Trust Series 2004-AR1, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49% (1 mo. USD Term SOFR + 0.814%) *<sup>(2)</sup>* | 03/19/34 | 744 | 716 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Structured Asset Securities Corp. Series 2005-WF1, Class M4 | Structured Asset Securities Corp. Series 2005-WF1, Class M4 | Structured Asset Securities Corp. Series 2005-WF1, Class M4 | Structured Asset Securities Corp. Series 2005-WF1, Class M4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% (1 mo. USD Term SOFR + 1.239%) *<sup>(2)</sup>* | 02/25/35 | 66010 | 66136 |
|  Structured Asset Securities Corp. Mortgage Loan Trust<br>Series 2006-BC6, Class A1 | Structured Asset Securities Corp. Mortgage Loan Trust<br>Series 2006-BC6, Class A1 | Structured Asset Securities Corp. Mortgage Loan Trust<br>Series 2006-BC6, Class A1 | Structured Asset Securities Corp. Mortgage Loan Trust<br>Series 2006-BC6, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% (1 mo. USD Term SOFR + 0.434%) *<sup>(2)</sup>* | 01/25/37 | 78797 | 75721 |
|  Verus Securitization Trust Series 2023-4, Class A1 | Verus Securitization Trust Series 2023-4, Class A1 | Verus Securitization Trust Series 2023-4, Class A1 | Verus Securitization Trust Series 2023-4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81% *<sup>(1)</sup>* | 05/25/68 | 52764 | 52677 |
|  Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates Series 2004-1, Class 2A1 | Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates Series 2004-1, Class 2A1 | Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates Series 2004-1, Class 2A1 | Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates Series 2004-1, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% (1 mo. USD Term SOFR + 0.714%) *<sup>(2)</sup>* | 04/25/34 | 8139 | 7976 |
| **Total Residential Mortgage-Backed<br>Securities — Non-Agency** | **Total Residential Mortgage-Backed<br>Securities — Non-Agency** | **Total Residential Mortgage-Backed<br>Securities — Non-Agency** | **Total Residential Mortgage-Backed<br>Securities — Non-Agency** |
|  (Cost: $1,277,032) | (Cost: $1,277,032) | (Cost: $1,277,032) | 1270849 |
| **CORPORATE BONDS — 67.7%** | **CORPORATE BONDS — 67.7%** | **CORPORATE BONDS — 67.7%** | **CORPORATE BONDS — 67.7%** |
| **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 02/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 95153 |
|  General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% (3 mo. USD Term SOFR + 0.642%) *<sup>(2)</sup>* | 05/05/26 | 10000 | 10006 |
|  Honeywell Aerospace, Inc. | Honeywell Aerospace, Inc. | Honeywell Aerospace, Inc. | Honeywell Aerospace, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% *<sup>(1)</sup>* | 03/16/36 | 70000 | 69486 |
|  |  |  | 174645 |
| **Agriculture — 1.1%** | **Agriculture — 1.1%** | **Agriculture — 1.1%** | **Agriculture — 1.1%** |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 02/04/28 | 40000 | 40362 |
|  BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% | 08/15/37 | 95000 | 86380 |
|  Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(1)</sup>* | 06/30/28 | 35000 | 35032 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 11/17/32 | 60000 | 63168 |
|  Reynolds American, Inc. (United Kingdom) | Reynolds American, Inc. (United Kingdom) | Reynolds American, Inc. (United Kingdom) | Reynolds American, Inc. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 08/15/35 | 50000 | 51460 |
|  |  |  | 276402 |
| **Airlines — 0.6%** | **Airlines — 0.6%** | **Airlines — 0.6%** | **Airlines — 0.6%** |
|  Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/10/29 | 16778 | 16241 |
|  JetBlue Pass-Through Trust Series 2019-1, Class AA | JetBlue Pass-Through Trust Series 2019-1, Class AA | JetBlue Pass-Through Trust Series 2019-1, Class AA | JetBlue Pass-Through Trust Series 2019-1, Class AA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 11/15/33 | 23746 | 20962 |
|  JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/15/34 | 23549 | 22226 |
|  United Airlines Pass-Through Trust Series 2023-1, Class A | United Airlines Pass-Through Trust Series 2023-1, Class A | United Airlines Pass-Through Trust Series 2023-1, Class A | United Airlines Pass-Through Trust Series 2023-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 07/15/37 | 91064 | 93836 |
|  |  |  | 153265 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
|  Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% *<sup>(1)</sup>* | 03/25/32 | $35000 | $35563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% *<sup>(1)</sup>* | 03/27/35 | 20000 | 20007 |
|  |  |  | 55570 |
| **Banks — 13.9%** | **Banks — 13.9%** | **Banks — 13.9%** | **Banks — 13.9%** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% (1 day USD SOFR + 1.220%) *<sup>(2)</sup>* | 07/21/32 | 442000 | 390220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59% (1 day USD SOFR + 2.150%) *<sup>(2)</sup>* | 04/29/31 | 195000 | 180172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47% (1 day USD SOFR + 1.650%) *<sup>(2)</sup>* | 01/23/35 | 5000 | 5103 |
|  Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83% (1 day USD SOFR Index + 2.074%) *<sup>(2)</sup>* | 10/25/33 | 170000 | 180348 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% (1 day USD SOFR + 1.177%) *<sup>(2)</sup>* | 11/03/32 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | 198747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56% (1 day USD SOFR + 1.167%) *<sup>(2)</sup>* | 05/01/32 | 70000 | 62655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06% (1 day USD SOFR + 1.351%) *<sup>(2)</sup>* | 01/25/33 | 32000 | 28902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33% (1 day USD SOFR + 1.465%) *<sup>(2)</sup>* | 03/27/36 | 70000 | 70242 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% (1 day USD SOFR + 0.913%) *<sup>(2)</sup>* | 10/21/27 | 50000 | 49316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% (1 day USD SOFR + 1.264%) *<sup>(2)</sup>* | 10/21/32 | 212000 | 188301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (1 day USD SOFR + 1.420%) *<sup>(2)</sup>* | 10/23/35 | 40000 | 39290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.54% (1 day USD SOFR + 1.380%) *<sup>(2)</sup>* | 01/28/36 | 75000 | 76291 |
|  HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80% (1 day USD SOFR + 1.187%) *<sup>(2)</sup>* | 05/24/32 | 155000 | 139509 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58% (1 day USD SOFR + 0.885%) *<sup>(2)</sup>* | 04/22/27 | 205000 | 204668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% (1 day USD SOFR + 1.065%) *<sup>(2)</sup>* | 02/04/32 | 365000 | 321799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96% (1 day USD SOFR + 1.260%) *<sup>(2)</sup>* | 01/25/33 | 135000 | 122469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29% (1 day USD SOFR + 1.460%) *<sup>(2)</sup>* | 07/22/35 | 55000 | 55618 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79% (1 day USD SOFR + 1.034%) *<sup>(2)</sup>* | 02/13/32 | 205000 | 177803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93% (1 day USD SOFR + 1.020%) *<sup>(2)</sup>* | 04/28/32 | 215000 | 186379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% (1 day USD SOFR + 1.870%) *<sup>(2)</sup>* | 04/21/34 | 25000 | 25109 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% (1 day USD SOFR + 1.418%) *<sup>(2)</sup>* | 01/18/36 | 75000 | 76531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83% (1 day USD SOFR + 1.580%) *<sup>(2)</sup>* | 04/19/35 | 60000 | 62302 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (1 day USD SOFR + 1.080%) *<sup>(2)</sup>* | 07/18/31 | 50000 | 49874 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22% (1 day USD SOFR + 1.072%) *<sup>(2)</sup>* | 01/29/31 | 150000 | 153010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% (1 day USD SOFR + 1.902%) *<sup>(2)</sup>* | 01/22/35 | 5000 | 5149 |
|  Santander U.K. Group Holdings PLC<br>(United Kingdom) | Santander U.K. Group Holdings PLC<br>(United Kingdom) | Santander U.K. Group Holdings PLC<br>(United Kingdom) | Santander U.K. Group Holdings PLC<br>(United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47% (1 day USD SOFR + 1.220%) *<sup>(2)</sup>* | 01/11/28 | 30000 | 29505 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% (1 day USD SOFR + 1.600%) *<sup>(2)</sup>* | 02/01/34 | 140000 | 138559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% (1 day USD SOFR + 1.860%) *<sup>(2)</sup>* | 01/23/35 | 5000 | 5169 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57% (3 mo. USD Term SOFR + 1.262%) *<sup>(2)</sup>* | 02/11/31 | 65000 | 60180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% (1 day USD SOFR + 1.500%) *<sup>(2)</sup>* | 03/02/33 | 295000 | 270763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% (1 day USD SOFR + 1.780%) *<sup>(2)</sup>* | 01/23/35 | 25000 | 25466 |
|  |  |  | 3579449 |
| **Beverages — 1.9%** | **Beverages — 1.9%** | **Beverages — 1.9%** | **Beverages — 1.9%** |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% *<sup>(1)</sup>* | 05/15/28 | 65000 | 64918 |
|  Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(1)</sup>* | 10/14/31 | 70000 | 59983 |
|  Coca-Cola Co. | Coca-Cola Co. | Coca-Cola Co. | Coca-Cola Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 08/14/34 | 45000 | 45332 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 08/01/31 | 15000 | 13244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88% | 05/01/30 | 30000 | 28098 |
|  Diageo Investment Corp. (United Kingdom) | Diageo Investment Corp. (United Kingdom) | Diageo Investment Corp. (United Kingdom) | Diageo Investment Corp. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 04/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | 207374 |
|  JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% *<sup>(1)</sup>* | 09/24/31 | 75000 | 65187 |
|  |  |  | 484136 |
| **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 03/02/33 | 110000 | 112981 |
|  Biogen, Inc. | Biogen, Inc. | Biogen, Inc. | Biogen, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 05/15/35 | 70000 | 72432 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Biotechnology (Continued)** | **Biotechnology (Continued)** | **Biotechnology (Continued)** | **Biotechnology (Continued)** |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 03/23/31 | 25000 | 22416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 12/13/27 | 15000 | 15300 |
|  Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% | 09/15/30 | 20000 | 17744 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% | 09/02/27 | 25000 | 24102 |
|  |  |  | 264975 |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% *<sup>(1)</sup>* | 11/01/30 | 95000 | 84592 |
|  LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 01/15/36 | 15000 | 15054 |
|  |  |  | 99646 |
| **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 08/15/29 | 60000 | 60442 |
|  Northwestern University | Northwestern University | Northwestern University | Northwestern University |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69% | 12/01/38 | 20000 | 17725 |
|  RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/22/30 | 20000 | 18839 |
|  Rollins, Inc. | Rollins, Inc. | Rollins, Inc. | Rollins, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 02/24/35 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 99864 |
|  S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 03/01/32 | 10000 | 9129 |
|  |  |  | 205999 |
| **Computers — 1.1%** | **Computers — 1.1%** | **Computers — 1.1%** | **Computers — 1.1%** |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 04/15/35 | 55000 | 55459 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/15/31 | 115000 | 113553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/30 | 70000 | 70904 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 03/20/31 | 45000 | 43934 |
|  |  |  | 283850 |
| **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
|  Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 03/22/33 | 15000 | 15119 |
| **Diversified Financial Services — 2.5%** | **Diversified Financial Services — 2.5%** | **Diversified Financial Services — 2.5%** | **Diversified Financial Services — 2.5%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/29/28 | 80000 | 77052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | 01/30/32 | 40000 | 36384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 01/23/28 | 16000 | 15847 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 12/01/27 | 26000 | 25620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 10/01/28 | 30000 | 29869 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% (1 day USD SOFR + 1.220%) *<sup>(2)</sup>* | 07/20/33 | $| 50000 | 50182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.49% (1 day USD SOFR + 1.940%) *<sup>(2)</sup>* | 10/30/31 |  | 100000 | 107471 |
|  Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53% *<sup>(1)</sup>* | 11/18/27 |  | 21000 | 20308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(1)</sup>* | 02/21/28 |  | 10000 | 9663 |
|  Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 07/18/35 | EUR | 100000 | 113946 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% | 11/29/32 |  | 15000 | 16314 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85% | 09/15/32 |  | 30000 | 25316 |
|  Lseg U.S. Fin Corp. (United Kingdom) | Lseg U.S. Fin Corp. (United Kingdom) | Lseg U.S. Fin Corp. (United Kingdom) | Lseg U.S. Fin Corp. (United Kingdom) | Lseg U.S. Fin Corp. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(1)</sup>* | 03/23/36 |  | 40000 | 39633 |
|  Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% | 01/15/35 |  | 80000 | 78623 |
|  |  |  |  | 646228 |
| **Electric — 7.0%** | **Electric — 7.0%** | **Electric — 7.0%** | **Electric — 7.0%** | **Electric — 7.0%** |
|  Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% (5 yr. CMT + 2.077%) *<sup>(2)</sup>* | 04/01/56 |  | 85000 | 82652 |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% *<sup>(1)</sup>* | 03/30/29 |  | 35000 | 36312 |
|  Ameren Corp. | Ameren Corp. | Ameren Corp. | Ameren Corp. | Ameren Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/15/31 |  | 50000 | 47479 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% (5 yr. CMT + 2.128%) *<sup>(2)</sup>* | 03/15/56 |  | 95000 | 93834 |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | 06/01/27 |  | 20000 | 19744 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 12/15/32 |  | 100000 | 107400 |
|  Ausgrid Finance Pty. Ltd. (Australia) | Ausgrid Finance Pty. Ltd. (Australia) | Ausgrid Finance Pty. Ltd. (Australia) | Ausgrid Finance Pty. Ltd. (Australia) | Ausgrid Finance Pty. Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% *<sup>(8)</sup>* | 12/10/35 | AUD | 20000 | 13400 |
|  Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 05/15/31 |  | 25000 | 21693 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% | 05/01/33 |  | 36000 | 34275 |
|  CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% (5 yr. CMT + 2.223%) *<sup>(2)</sup>* | 04/01/56 |  | 70000 | 69258 |
|  Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45% | 01/15/38 |  | 20000 | 22009 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% (5 yr. CMT + 2.006%) *<sup>(2)</sup>* | 02/15/56 |  | 70000 | 69453 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 06/15/31 |  | 35000 | 31487 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** |
|  Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 11/15/33 | 45000 | 47809 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10% (5 yr. CMT + 2.013%) *<sup>(2)</sup>* | 06/15/56 | 30000 | 29582 |
|  Eurogrid GmbH (Germany) | Eurogrid GmbH (Germany) | Eurogrid GmbH (Germany) | Eurogrid GmbH (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.11% *<sup>(8)</sup>* | 05/15/32 | 100000 | 98530 |
|  Evergy Missouri West, Inc. | Evergy Missouri West, Inc. | Evergy Missouri West, Inc. | Evergy Missouri West, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% *<sup>(1)</sup>* | 06/01/34 | 50000 | 51240 |
|  Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60% | 07/01/27 | 30000 | 30040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 05/15/33 | 70000 | 69894 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 03/15/33 | 35000 | 35857 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% | 01/15/30 | 25000 | 25000 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 06/15/34 | 205000 | 210853 |
|  ITC Holdings Corp. | ITC Holdings Corp. | ITC Holdings Corp. | ITC Holdings Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% *<sup>(1)</sup>* | 09/22/27 | 20000 | 20107 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(1)</sup>* | 03/01/32 | 90000 | 80923 |
|  Narragansett Electric Co. | Narragansett Electric Co. | Narragansett Electric Co. | Narragansett Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% *<sup>(1)</sup>* | 04/09/30 | 35000 | 33470 |
|  Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 01/15/33 | 15000 | 15460 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% | 04/01/35 | 200000 | 204478 |
|  Southern Co. | Southern Co. | Southern Co. | Southern Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (5 yr. CMT + 1.993%) *<sup>(2)</sup>* | 04/01/58 | 65000 | 65363 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10% | 09/15/28 | 15000 | 14922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 04/01/33 | 105000 | 106674 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% | 06/01/30 | 10000 | 9560 |
|  |  |  | 1798758 |
| **Electronics — 0.3%** | **Electronics — 0.3%** | **Electronics — 0.3%** | **Electronics — 0.3%** |
|  Amphenol Corp. | Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/36 | 40000 | 38695 |
|  Hubbell, Inc. | Hubbell, Inc. | Hubbell, Inc. | Hubbell, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 11/15/35 | 40000 | 38970 |
|  |  |  | 77665 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Sydney Airport Finance Co. Pty. Ltd. (Australia) | Sydney Airport Finance Co. Pty. Ltd. (Australia) | Sydney Airport Finance Co. Pty. Ltd. (Australia) | Sydney Airport Finance Co. Pty. Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% *<sup>(1)</sup>* | 04/28/26 | 15000 | 14991 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
|  Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(1)</sup>* | 06/04/31 | 65000 | 64300 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 07/01/26 | $5000 | $4988 |
| **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** |
|  JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 12/01/31 | 32000 | 30001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 03/15/34 | 50000 | 54944 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% *<sup>(1)</sup>* | 03/01/35 | 30000 | 30301 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/32 | 60000 | 54508 |
|  Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% *<sup>(1)</sup>* | 09/13/31 | 40000 | 35187 |
|  |  |  | 204941 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
|  Georgia-Pacific LLC | Georgia-Pacific LLC | Georgia-Pacific LLC | Georgia-Pacific LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% *<sup>(1)</sup>* | 04/30/30 | 20000 | 18360 |
| **Gas — 2.9%** | **Gas — 2.9%** | **Gas — 2.9%** | **Gas — 2.9%** |
|  Boston Gas Co. | Boston Gas Co. | Boston Gas Co. | Boston Gas Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76% *<sup>(1)</sup>* | 03/16/32 | 25000 | 23464 |
|  CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 03/01/33 | 130000 | 133526 |
|  East Ohio Gas Co. | East Ohio Gas Co. | East Ohio Gas Co. | East Ohio Gas Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(1)</sup>* | 06/15/30 | 15000 | 13484 |
|  KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.99% *<sup>(1)</sup>* | 03/06/33 | 85000 | 88824 |
|  National Gas Transmission PLC<br>(United Kingdom) | National Gas Transmission PLC<br>(United Kingdom) | National Gas Transmission PLC<br>(United Kingdom) | National Gas Transmission PLC<br>(United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% *<sup>(8)</sup>* | 04/05/30 | 100000 | 117795 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 06/30/33 | 75000 | 76882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% (5 yr. CMT + 2.035%) *<sup>(2)</sup>* | 07/15/56 | 40000 | 39418 |
|  Northwest Natural Holding Co. | Northwest Natural Holding Co. | Northwest Natural Holding Co. | Northwest Natural Holding Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% (5 yr. CMT + 2.701%) *<sup>(2)</sup>* | 09/15/55 | 55000 | 55594 |
|  Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/15/31 | 10000 | 9034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 06/15/33 | 65000 | 66771 |
|  Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 09/15/34 | 5000 | 4944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 09/15/32 | 20000 | 20325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 09/15/33 | 102000 | 106079 |
|  |  |  | 756140 |
| **Health Care-Products — 3.1%** | **Health Care-Products — 3.1%** | **Health Care-Products — 3.1%** | **Health Care-Products — 3.1%** |
|  Abbott Laboratories | Abbott Laboratories | Abbott Laboratories | Abbott Laboratories |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 03/15/36 | 105000 | 102634 |
|  Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(1)</sup>* | 09/23/26 | 40000 | 39697 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Health Care-Products (Continued)** | **Health Care-Products (Continued)** | **Health Care-Products (Continued)** | **Health Care-Products (Continued)** |
|  Augusta SpinCo Corp. | Augusta SpinCo Corp. | Augusta SpinCo Corp. | Augusta SpinCo Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 03/23/36 | 40000 | 40024 |
|  Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 04/01/30 | 10000 | 9591 |
|  Dentsply Sirona, Inc. | Dentsply Sirona, Inc. | Dentsply Sirona, Inc. | Dentsply Sirona, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 06/01/30 | 35000 | 32239 |
|  GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/14/29 | 65000 | 65599 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(1)</sup>* | 04/01/29 | 135000 | 130717 |
|  Revvity, Inc. | Revvity, Inc. | Revvity, Inc. | Revvity, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 03/15/31 | 35000 | 31541 |
|  Smith & Nephew PLC<br>(United Kingdom) | Smith & Nephew PLC<br>(United Kingdom) | Smith & Nephew PLC<br>(United Kingdom) | Smith & Nephew PLC<br>(United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.03% | 10/14/30 | 30000 | 26738 |
|  STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 03/15/31 | 30000 | 27248 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 09/11/32 | 100000 | 113392 |
|  Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 02/12/36 | 95000 | 94230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% | 08/10/33 | 34000 | 34686 |
|  VSP Optical Group, Inc. | VSP Optical Group, Inc. | VSP Optical Group, Inc. | VSP Optical Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% *<sup>(1)</sup>* | 12/01/35 | 50000 | 49027 |
|  |  |  | 797363 |
| **Health Care-Services — 3.5%** | **Health Care-Services — 3.5%** | **Health Care-Services — 3.5%** | **Health Care-Services — 3.5%** |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/15/30 | 85000 | 74502 |
|  Cigna Group | Cigna Group | Cigna Group | Cigna Group |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40% | 03/15/30 | 105000 | 97047 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/15/36 | 25000 | 24504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/15/35 | 45000 | 45004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 10/15/32 | 60000 | 61881 |
|  Fresenius Medical Care U.S. Finance III, Inc.<br>(Germany) | Fresenius Medical Care U.S. Finance III, Inc.<br>(Germany) | Fresenius Medical Care U.S. Finance III, Inc.<br>(Germany) | Fresenius Medical Care U.S. Finance III, Inc.<br>(Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88% *<sup>(1)</sup>* | 12/01/26 | 20000 | 19625 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 03/15/32 | 75000 | 69671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 06/15/29 | 65000 | 64171 |
|  Health Care Service Corp. A Mutual Legal Reserve Co. | Health Care Service Corp. A Mutual Legal Reserve Co. | Health Care Service Corp. A Mutual Legal Reserve Co. | Health Care Service Corp. A Mutual Legal Reserve Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% *<sup>(1)</sup>* | 06/15/34 | 45000 | 45069 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 03/23/29 | 10000 | 9724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/15/31 | 150000 | 151608 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 02/01/29 | 35000 | 36397 |
|  Premier Health Partners | Premier Health Partners | Premier Health Partners | Premier Health Partners |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91% | 11/15/26 | 15000 | 14804 |
|  Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 10/01/26 | 20000 | 19848 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Health Care-Services (Continued)** | **Health Care-Services (Continued)** | **Health Care-Services (Continued)** | **Health Care-Services (Continued)** |
|  RWJBH Corporate Services, Inc. | RWJBH Corporate Services, Inc. | RWJBH Corporate Services, Inc. | RWJBH Corporate Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/01/28 | 15000 | 14950 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 07/15/34 | 105000 | 105992 |
|  Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 09/01/26 | 35000 | 34592 |
|  |  |  | 889389 |
| **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** |
|  Church & Dwight Co., Inc. | Church & Dwight Co., Inc. | Church & Dwight Co., Inc. | Church & Dwight Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 11/15/32 | 20000 | 21048 |
| **Insurance — 2.8%** | **Insurance — 2.8%** | **Insurance — 2.8%** | **Insurance — 2.8%** |
|  Aon Corp. | Aon Corp. | Aon Corp. | Aon Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80% | 05/15/30 | 40000 | 37316 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.61% *<sup>(1)</sup>* | 06/29/26 | 5000 | 4966 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% | 03/17/32 | 30000 | 28386 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30% *<sup>(1)</sup>* | 07/12/26 | 25000 | 24809 |
|  Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% *<sup>(1)</sup>* | 07/15/28 | 20000 | 20781 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (3 mo. USD LIBOR + 3.231%) *<sup>(1),(2)</sup>* | 11/01/57 | 65000 | 54535 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 11/15/30 | 30000 | 27137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 03/15/36 | 40000 | 39634 |
|  Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95% *<sup>(1)</sup>* | 04/09/30 | 180000 | 169202 |
|  MMI Capital Trust I | MMI Capital Trust I | MMI Capital Trust I | MMI Capital Trust I |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% | 12/15/27 | 50000 | 52161 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 01/09/34 | 115000 | 115783 |
|  New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(1)</sup>* | 05/15/33 | 65000 | 68268 |
|  NLG Global Funding | NLG Global Funding | NLG Global Funding | NLG Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% *<sup>(1)</sup>* | 09/15/30 | 55000 | 54103 |
|  Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% | 05/15/33 | 25000 | 25304 |
|  |  |  | 722385 |
| **Internet — 2.5%** | **Internet — 2.5%** | **Internet — 2.5%** | **Internet — 2.5%** |
|  Airbnb, Inc. | Airbnb, Inc. | Airbnb, Inc. | Airbnb, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 03/16/36 | 70000 | 70044 |
|  Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 11/15/35 | 75000 | 74164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 02/15/36 | 65000 | 64729 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 03/13/36 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | 123886 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** |
|  AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 12/01/34 | 70000 | 69469 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 11/15/35 | 245000 | 240448 |
|  |  |  | 642740 |
| **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 01/15/36 | 65000 | 63903 |
| **Lodging — 0.7%** | **Lodging — 0.7%** | **Lodging — 0.7%** | **Lodging — 0.7%** |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% | 08/01/34 | 40000 | 40335 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/30/28 | 70000 | 70739 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 06/14/30 | 55000 | 56668 |
|  |  |  | 167742 |
| **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** |
|  GE Vernova, Inc. | GE Vernova, Inc. | GE Vernova, Inc. | GE Vernova, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 02/04/36 | 40000 | 39666 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
|  Charter Communications Operating LLC/<br>Charter Communications Operating Capital | Charter Communications Operating LLC/<br>Charter Communications Operating Capital | Charter Communications Operating LLC/<br>Charter Communications Operating Capital | Charter Communications Operating LLC/<br>Charter Communications Operating Capital |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80% | 04/01/31 | 185000 | 166102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 03/01/50 | 35000 | 26019 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 01/15/31 | 10000 | 8878 |
|  Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 10/13/33 | 65000 | 69781 |
|  |  |  | 270780 |
| **Miscellaneous Manufacturers — 0.2%** | **Miscellaneous Manufacturers — 0.2%** | **Miscellaneous Manufacturers — 0.2%** | **Miscellaneous Manufacturers — 0.2%** |
|  Dyno Nobel Ltd.<br>(Australia) | Dyno Nobel Ltd.<br>(Australia) | Dyno Nobel Ltd.<br>(Australia) | Dyno Nobel Ltd.<br>(Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 11/08/32 | 60000 | 39481 |
| **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** |
|  Aker BP ASA (Norway) | Aker BP ASA (Norway) | Aker BP ASA (Norway) | Aker BP ASA (Norway) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% *<sup>(1)</sup>* | 07/15/31 | 67000 | 61128 |
| **Packaging & Containers — 1.9%** | **Packaging & Containers — 1.9%** | **Packaging & Containers — 1.9%** | **Packaging & Containers — 1.9%** |
|  Amcor Finance USA, Inc. | Amcor Finance USA, Inc. | Amcor Finance USA, Inc. | Amcor Finance USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 05/26/33 | 55000 | 56364 |
|  AptarGroup, Inc. | AptarGroup, Inc. | AptarGroup, Inc. | AptarGroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 03/30/31 | 65000 | 64578 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 01/15/27 | 20000 | 19588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 01/15/34 | 85000 | 86964 |
|  Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57% *<sup>(1)</sup>* | 10/15/26 | 30000 | 29966 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Packaging & Containers (Continued)** | **Packaging & Containers (Continued)** | **Packaging & Containers (Continued)** | **Packaging & Containers (Continued)** |
|  Smurfit Kappa Treasury ULC (Ireland) | Smurfit Kappa Treasury ULC (Ireland) | Smurfit Kappa Treasury ULC (Ireland) | Smurfit Kappa Treasury ULC (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.44% | 04/03/34 | 200000 | 202674 |
|  Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13% | 05/01/30 | 25000 | 23521 |
|  |  |  | 483655 |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 03/15/35 | 95000 | 96761 |
|  Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(1)</sup>* | 12/15/28 | 25000 | 24773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 11/21/33 | 35000 | 37242 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 06/06/27 | 20000 | 19840 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/22/34 | 30000 | 30772 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 08/15/29 | 40000 | 38366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 06/01/33 | 150000 | 151432 |
|  Elanco Animal Health, Inc. | Elanco Animal Health, Inc. | Elanco Animal Health, Inc. | Elanco Animal Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40% | 08/28/28 | 15000 | 15414 |
|  Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 10/15/35 | 75000 | 75083 |
|  EMD Finance LLC (Germany) | EMD Finance LLC (Germany) | EMD Finance LLC (Germany) | EMD Finance LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 10/15/35 | 80000 | 78902 |
|  Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 03/01/35 | 45000 | 46350 |
|  Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60% | 03/18/33 | 15000 | 14942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 03/18/36 | 65000 | 64864 |
|  Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 05/19/33 | 35000 | 34888 |
|  |  |  | 729629 |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
|  Pipeline Funding Co. LLC | Pipeline Funding Co. LLC | Pipeline Funding Co. LLC | Pipeline Funding Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(1)</sup>* | 01/15/30 | 15288 | 15771 |
|  Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% *<sup>(1)</sup>* | 03/15/47 | 30000 | 25817 |
|  TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 03/01/34 | 30000 | 29031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 03/31/34 | 35000 | 36018 |
|  |  |  | 106637 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
|  Vonovia SE (Germany) | Vonovia SE (Germany) | Vonovia SE (Germany) | Vonovia SE (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72% *<sup>(8)</sup>* | 09/03/35 | 40000 | 25900 |
| **REIT — 4.1%** | **REIT — 4.1%** | **REIT — 4.1%** | **REIT — 4.1%** |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/01/31 | 25000 | 22557 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 07/15/31 | $30000 | $26436 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 09/15/31 | 148000 | 130324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 01/15/30 | 15000 | 14096 |
|  Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 05/15/32 | 20000 | 19751 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 01/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | 106183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | 07/01/30 | 25000 | 23452 |
|  CubeSmart LP | CubeSmart LP | CubeSmart LP | CubeSmart LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 02/15/29 | 15000 | 14909 |
|  Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 07/01/29 | 10000 | 9718 |
|  DOC Dr. LLC (REIT) | DOC Dr. LLC (REIT) | DOC Dr. LLC (REIT) | DOC Dr. LLC (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 03/15/27 | 26000 | 25982 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 05/15/31 | 35000 | 31301 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 03/15/32 | 10000 | 8798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/01/34 | 35000 | 35439 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20% | 10/15/30 | 40000 | 35847 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/15/30 | 2000 | 1923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 01/15/29 | 20000 | 20196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 03/01/36 | 40000 | 38933 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% | 02/15/30 | 15000 | 14121 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/15/30 | 30000 | 28213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 06/15/32 | 40000 | 41038 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 25000 | 23689 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 08/15/33 | 20000 | 20033 |
|  Kilroy Realty LP (REIT) | Kilroy Realty LP (REIT) | Kilroy Realty LP (REIT) | Kilroy Realty LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 02/15/30 | 5000 | 4567 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 10/01/31 | 25000 | 21727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 09/15/30 | 25000 | 22819 |
|  NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 10/15/33 | 40000 | 41170 |
|  Phillips Edison Grocery Center Operating Partnership I LP (REIT) | Phillips Edison Grocery Center Operating Partnership I LP (REIT) | Phillips Edison Grocery Center Operating Partnership I LP (REIT) | Phillips Edison Grocery Center Operating Partnership I LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 03/15/33 | 50000 | 48781 |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 04/01/32 | 35000 | 29428 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 04/15/35 | 25000 | 25033 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15% | 09/01/31 | 30000 | 26052 |
|  UDR, Inc. (REIT) | UDR, Inc. (REIT) | UDR, Inc. (REIT) | UDR, Inc. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 01/26/29 | 10000 | 9980 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 05/15/32 | 52000 | 51320 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 03/09/33 | 15000 | 13539 |
|  WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 07/15/30 | 75000 | 74561 |
|  |  |  | 1061916 |
| **Retail — 0.7%** | **Retail — 0.7%** | **Retail — 0.7%** | **Retail — 0.7%** |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85% | 03/01/32 | 25000 | 23259 |
|  AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 06/15/30 | 40000 | 40726 |
|  Starbucks Corp. | Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 11/15/30 | 20000 | 18311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 05/15/30 | 90000 | 91147 |
|  |  |  | 173443 |
| **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** |
|  Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% *<sup>(1)</sup>* | 10/13/26 | 25000 | 24650 |
| **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42% | 04/15/33 | 20000 | 18312 |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 01/25/31 | 55000 | 56235 |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/12/31 | 85000 | 73652 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 04/15/32 | 15000 | 13530 |
|  |  |  | 161729 |
| **Software — 3.9%** | **Software — 3.9%** | **Software — 3.9%** | **Software — 3.9%** |
|  Atlassian Corp. | Atlassian Corp. | Atlassian Corp. | Atlassian Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/15/34 | 105000 | 102860 |
|  Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 09/10/34 | 110000 | 108154 |
|  Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46% *<sup>(1)</sup>* | 02/16/34 | 100000 | 98015 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 06/01/30 | 20000 | 18234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 08/11/35 | 75000 | 72952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 08/21/33 | 30000 | 30332 |
|  Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% *<sup>(1)</sup>* | 12/01/27 | 72000 | 74012 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 09/27/34 | 75000 | 68451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 02/04/36 | 35000 | 33667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 11/09/32 | 90000 | 92475 |
|  Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 04/15/35 | 140000 | 140731 |
|  Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 09/15/31 | 25000 | 24971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 03/15/36 | 50000 | 49861 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 04/01/35 | 30000 | 30065 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/14/32 | 50000 | 47705 |
|  |  |  | 992485 |
| **Telecommunications — 2.3%** | **Telecommunications — 2.3%** | **Telecommunications — 2.3%** | **Telecommunications — 2.3%** |
|  Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 02/26/34 | 90000 | 91387 |
|  Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% | 03/15/32 | 85000 | 101202 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/<br>Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/<br>Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/<br>Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/<br>Sprint Spectrum Co. III LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% *<sup>(1)</sup>* | 03/20/28 | 130000 | 130669 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 02/15/31 | 179000 | 162700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/15/31 | 60000 | 56815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 07/15/33 | 55000 | 55355 |
|  |  |  | 598128 |
| **Toys/Games/Hobbies — 0.2%** | **Toys/Games/Hobbies — 0.2%** | **Toys/Games/Hobbies — 0.2%** | **Toys/Games/Hobbies — 0.2%** |
|  Mattel, Inc. | Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/17/30 | 60000 | 59740 |
| **Transportation — 0.3%** | **Transportation — 0.3%** | **Transportation — 0.3%** | **Transportation — 0.3%** |
|  Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% *<sup>(8)</sup>* | 09/02/30 | 40000 | 24128 |
|  Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 03/15/32 | 15000 | 13695 |
|  Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 09/24/29 | 30000 | 18726 |
|  Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 05/20/31 | 10000 | 9066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89% | 04/06/36 | 20000 | 16814 |
|  |  |  | 82429 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |
|  (Cost: $17,297,682) | (Cost: $17,297,682) | (Cost: $17,297,682) | 17395393 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **MUNICIPAL BONDS — 0.4%** | **MUNICIPAL BONDS — 0.4%** | **MUNICIPAL BONDS — 0.4%** | **MUNICIPAL BONDS — 0.4%** |
|  Maryland Economic Development Corp., Revenue Bonds | Maryland Economic Development Corp., Revenue Bonds | Maryland Economic Development Corp., Revenue Bonds | Maryland Economic Development Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% | 05/31/56 | $50000 | $48569 |
|  Santa Monica Community College District, General Obligation Unlimited | Santa Monica Community College District, General Obligation Unlimited | Santa Monica Community College District, General Obligation Unlimited | Santa Monica Community College District, General Obligation Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05% | 08/01/33 | 20000 | 16903 |
|  University of Michigan, Revenue Bonds | University of Michigan, Revenue Bonds | University of Michigan, Revenue Bonds | University of Michigan, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44% | 04/01/31 | 25000 | 24274 |
| **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |
|  (Cost: $95,000) | (Cost: $95,000) | (Cost: $95,000) | 89746 |
| **FOREIGN GOVERNMENT BONDS — 0.6%** | **FOREIGN GOVERNMENT BONDS — 0.6%** | **FOREIGN GOVERNMENT BONDS — 0.6%** | **FOREIGN GOVERNMENT BONDS — 0.6%** |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(8)</sup>* | 02/24/38 | 105000 | 68788 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(8)</sup>* | 08/13/38 | 115000 | 74830 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/20/37 | 35000 | 16245 |
| **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** |
|  (Cost: $160,401) | (Cost: $160,401) | (Cost: $160,401) | 159863 |
| **U.S. TREASURY SECURITIES — 9.2%** | **U.S. TREASURY SECURITIES — 9.2%** | **U.S. TREASURY SECURITIES — 9.2%** | **U.S. TREASURY SECURITIES — 9.2%** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/29/28 | 18000 | 17861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/15/29 | 195000 | 193301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/28 | 880000 | 881392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/31 | 1066000 | 1062669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 02/15/36 | 211000 | 207720 |
| **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |
|  (Cost: $2,361,020) | (Cost: $2,361,020) | (Cost: $2,361,020) | 2362943 |
| **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |
|  (Cost: $27,518,861) | (Cost: $27,518,861) | (Cost: $27,518,861) | 27362534 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **CONVERTIBLE SECURITIES — 0.0%** | **CONVERTIBLE SECURITIES — 0.0%** | **CONVERTIBLE SECURITIES — 0.0%** | **CONVERTIBLE SECURITIES — 0.0%** |
| **CONVERTIBLE CORPORATE BONDS — 0.0%** | **CONVERTIBLE CORPORATE BONDS — 0.0%** | **CONVERTIBLE CORPORATE BONDS — 0.0%** | **CONVERTIBLE CORPORATE BONDS — 0.0%** |
| **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
|  Worldline SA (France) | Worldline SA (France) | Worldline SA (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(7),(8)</sup>* | 07/30/26 | 3764 | $4402 |
| **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** |
|  (Cost: $4,076) | (Cost: $4,076) | (Cost: $4,076) | 4402 |
| **Issues** |  | **Shares** | **Value** |
| **MONEY MARKET INVESTMENTS — 3.7%** | **MONEY MARKET INVESTMENTS — 3.7%** | **MONEY MARKET INVESTMENTS — 3.7%** | **MONEY MARKET INVESTMENTS — 3.7%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 3.60% *<sup>(9)</sup>* | State Street Institutional U.S. Government Money Market Fund — Premier Class, 3.60% *<sup>(9)</sup>* | 64764 | 64764 |
|  TCW Central Cash Fund, 3.69% *<sup>(9),(10)</sup>* | TCW Central Cash Fund, 3.69% *<sup>(9),(10)</sup>* | 893446 | 893446 |
| **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** |
|  (Cost: $958,210) | (Cost: $958,210) | (Cost: $958,210) | 958210 |
| **Total Investments (110.2%)** | **Total Investments (110.2%)** | **Total Investments (110.2%)** | **Total Investments (110.2%)** |
|  (Cost: $28,481,147) | (Cost: $28,481,147) | (Cost: $28,481,147) | 28325146 |
| **Liabilities In Excess Of Other Assets (-10.2%)** | **Liabilities In Excess Of Other Assets (-10.2%)** | **Liabilities In Excess Of Other Assets (-10.2%)** | (2624323) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $25700823 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional<br>Contract<br>Value** | **Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** |  |  |  |  |  |
| 44 | 2-Year U.S. Treasury Note Futures | 06/30/26 | $9193496 | $9127594 | $(65902) |
|  **Short Futures** | **Short Futures** |  |  |  |  |
| 3 | 10-Year Australian Bond Futures | 06/15/26 | $(221658) | $(221402) | $256 |
| 16 | 10-Year U.S. Treasury Note Futures | 06/18/26 | (1843175) | (1816250) | 26925 |
| 4 | 3-Year Australian Bond Futures | 06/15/26 | (284585) | (283973) | 612 |
| 17 | 5-Year U.S. Treasury Note Futures | 06/30/26 | (1863785) | (1839055) | 24730 |
| 1 | Euro-Bobl Futures | 06/08/26 | (135601) | (132998) | 2603 |
| 2 | Euro-Bund Futures | 06/08/26 | (296516) | (288949) | 7567 |
| 3 | U.S. Ultra Long Bond Futures | 06/18/26 | (360510) | (349688) | 10822 |
|  |  |  | $(5005830) | $(4932315) | $73515 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts at<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **BUY** *<sup>(11)</sup>* |  |  |  |  |  |  |
|  Goldman Sachs & Co. | AUD | 10071 | 04/01/26 | $6984 | $6897 | $(87) |
|  JP Morgan Chase Bank | AUD | 442576 | 04/01/26 | 304668 | 303121 | (1547) |
|  Citibank N.A. | EUR | 1614 | 04/01/26 | 1876 | 1859 | (17) |
|  Goldman Sachs & Co. | EUR | 402590 | 04/01/26 | 464053 | 463864 | (189) |
|  |  |  |  | $777581 | $775741 | $(1840) |
| **SELL** *<sup>(12)</sup>* |  |  |  |  |  |  |
|  Bank of America | AUD | 432500 | 04/01/26 | $290315 | $296220 | $(5905) |
|  Citibank N.A. | AUD | 20146 | 04/01/26 | 13566 | 13798 | (232) |
|  JP Morgan Chase Bank | AUD | 432515 | 06/26/26 | 297244 | 295854 | 1390 |
|  Bank of America | EUR | 404204 | 04/01/26 | 475825 | 465723 | 10102 |
|  Goldman Sachs & Co. | EUR | 394920 | 06/26/26 | 456798 | 456778 | 20 |
|  |  |  |  | $1533748 | $1528373 | $5375 |

---

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

*AUD* *Australian Dollar.* 

*CLO* *Collateralized Loan Obligation.* 

*EUR* *Euro Currency.* 

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

*I/O* *Interest Only Security.* 

*LIBOR* *London Interbank Offered Rate.* 

*PAC* *Planned Amortization Class.* 

*REMIC* *Real Estate Mortgage Investment Conduits.* 

*SOFR* *Secured Overnight Financing Rate.* 

*STACR* *Structured Agency Credit Risk.* 

*STRIPS* *Separate Trading of Registered Interest and Principal Securities.* 

*TBA* *To Be Announced.* 

*USD* *United States Dollar.* 

*(1)* *Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At March 31, 2026, the value of these securities amounted to $5,478,215 or 21.3% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Trust's Board of Trustees.* 

*(2)* *Floating or variable rate security. The interest shown reflects the rate in effect at March 31, 2026.* 

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

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

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

*(6)* *Restricted security (Note 11).* 

*(7)* *Security is not accruing interest.* 

*(8)* *Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At March 31, 2026, the value of these securities amounted to $427,773 or 1.7% of net assets.* 

*(9)* *Rate disclosed is the 7-day net yield as of March 31, 2026.* 

*(10)* *Affiliated issuer.* 

*(11)* *Fund buys foreign currency, sells USD.* 

*(12)* *Fund sells foreign currency, buys USD.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Investment Grade Credit Fund
Schedule of Investments (Continued) March 31, 2026

The summary of the TCW MetWest Investment Grade Credit Fund transactions in the affiliated funds for the year ended March 31, 2026 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of**<br> **Affiliated**<br> **Fund** | **Value at<br>March 31,<br>2025** | **Purchases<br>at Cost** | **Proceeds**<br>**from Sales** | **Number**<br>**of Shares Held<br>March 31,<br>2026** | **Value at<br>March 31,<br>2026** | **Dividends and<br>Interest<br>Income<br>Received** | **Distributions<br>Received from**<br>**Net Realized<br>Gain** | **Net Realized<br>Gain (Loss)<br>on<br>Investments** | **Net change in<br>Unrealized<br>Gain (Loss)<br>on<br>Investments** |
|  **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** |
|  | $811687 | $29192759 | $29111000 | 893446 | $893446 | $44124 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $893446 | $44124 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

Fair Valuation Summary March 31, 2026

The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets**<br>**(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $17395393 | $— | $17395393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Agency |  | 3453739 |  | 3453739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 2362943 |  | 2362943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Non-Agency |  | 2013069 |  | 2013069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Non-Agency |  | 1270849 |  | 1270849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 562409 | 26503 | 588912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds |  | 159863 |  | 159863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 89746 |  | 89746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Agency |  | 28020 |  | 28020 |
|  Total Fixed Income Securities |  | 27336031 | 26503 | 27362534 |
|  Convertible Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Corporate Bonds |  | 4402 |  | 4402 |
|  Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 958210 |  |  | 958210 |
|  Total Investments | $958210 | $27340433 | $26503 | $28325146 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 11512 |  | 11512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 73515 |  |  | 73515 |
|  Total | $1031725 | $27351945 | $26503 | $28410173 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | $(65902) | $— | $— | $(65902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | (7977) |  | (7977) |
|  Total | $(65902) | $(7977) | $— | $(73879) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Low Duration Bond Fund
Schedule of Investments

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 107.2% of Net Assets** | **FIXED INCOME SECURITIES — 107.2% of Net Assets** | **FIXED INCOME SECURITIES — 107.2% of Net Assets** | **FIXED INCOME SECURITIES — 107.2% of Net Assets** |
| **ASSET-BACKED SECURITIES — 15.7%** | **ASSET-BACKED SECURITIES — 15.7%** | **ASSET-BACKED SECURITIES — 15.7%** | **ASSET-BACKED SECURITIES — 15.7%** |
|  321 Henderson Receivables I LLC Series 2007-1A, Class A1 | 321 Henderson Receivables I LLC Series 2007-1A, Class A1 | 321 Henderson Receivables I LLC Series 2007-1A, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99% (1 mo. USD Term SOFR + 0.314%) *<sup>(1),(2)</sup>* | 03/15/42 | $1523428 | $1467167 |
|  522 Funding CLO Ltd. Series 2020-6A, Class A1R2 | 522 Funding CLO Ltd. Series 2020-6A, Class A1R2 | 522 Funding CLO Ltd. Series 2020-6A, Class A1R2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% (3 mo. USD Term SOFR + 1.200%) *<sup>(1),(2)</sup>* | 10/23/34 | 4550000 | 4548403 |
|  Access Group, Inc. Series 2015-1, Class A | Access Group, Inc. Series 2015-1, Class A | Access Group, Inc. Series 2015-1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48% (30 day USD SOFR Average + 0.814%) *<sup>(1),(2)</sup>* | 07/25/56 | 516225 | 511237 |
|  AGL CLO 13 Ltd. Series 2021-13A, Class A1R | AGL CLO 13 Ltd. Series 2021-13A, Class A1R | AGL CLO 13 Ltd. Series 2021-13A, Class A1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77% (3 mo. USD Term SOFR + 1.100%) *<sup>(1),(2)</sup>* | 10/20/34 | 2450000 | 2448682 |
|  Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 | Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 | Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.94% *<sup>(1)</sup>* | 08/15/46 | 1600000 | 1583808 |
|  Aligned Data Centers Issuer LLC Series 2022-1A, Class A2 | Aligned Data Centers Issuer LLC Series 2022-1A, Class A2 | Aligned Data Centers Issuer LLC Series 2022-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% *<sup>(1)</sup>* | 10/15/47 | 1785000 | 1780045 |
|  Aligned Data Centers Issuer LLC Series 2023-1A, Class A2 | Aligned Data Centers Issuer LLC Series 2023-1A, Class A2 | Aligned Data Centers Issuer LLC Series 2023-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(1)</sup>* | 08/17/48 | 1765000 | 1773447 |
|  ALLO Issuer LLC Series 2023-1A, Class A2 | ALLO Issuer LLC Series 2023-1A, Class A2 | ALLO Issuer LLC Series 2023-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% *<sup>(1)</sup>* | 06/20/53 | 3750000 | 3778099 |
|  AMMC CLO 24 Ltd. Series 2021-24A, Class AR | AMMC CLO 24 Ltd. Series 2021-24A, Class AR | AMMC CLO 24 Ltd. Series 2021-24A, Class AR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% (3 mo. USD Term SOFR + 1.200%) *<sup>(1),(2)</sup>* | 01/20/35 | 3000000 | 2998053 |
|  Avis Budget Rental Car Funding AESOP LLC Series 2022-5A, Class C | Avis Budget Rental Car Funding AESOP LLC Series 2022-5A, Class C | Avis Budget Rental Car Funding AESOP LLC Series 2022-5A, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.24% *<sup>(1)</sup>* | 04/20/27 | 210000 | 210167 |
|  Bain Capital Credit CLO Ltd. Series 2020-5A, Class ARR | Bain Capital Credit CLO Ltd. Series 2020-5A, Class ARR | Bain Capital Credit CLO Ltd. Series 2020-5A, Class ARR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% (3 mo. USD Term SOFR + 1.150%) *<sup>(1),(2)</sup>* | 04/20/34 | 4600000 | 4601150 |
|  Bain Capital Credit CLO Ltd. Series 2021-3A, Class AR | Bain Capital Credit CLO Ltd. Series 2021-3A, Class AR | Bain Capital Credit CLO Ltd. Series 2021-3A, Class AR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (3 mo. USD Term SOFR + 1.060%) *<sup>(1),(2)</sup>* | 07/24/34 | 4500000 | 4491094 |
|  Barings CLO Ltd. Series 2021-3A, Class AR | Barings CLO Ltd. Series 2021-3A, Class AR | Barings CLO Ltd. Series 2021-3A, Class AR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (3 mo. USD Term SOFR + 1.130%) *<sup>(1),(2)</sup>* | 01/18/35 | 4500000 | 4497124 |
|  BlueMountain CLO XXX Ltd. Series 2020-30A, Class AR2 | BlueMountain CLO XXX Ltd. Series 2020-30A, Class AR2 | BlueMountain CLO XXX Ltd. Series 2020-30A, Class AR2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% (3 mo. USD Term SOFR + 1.150%) *<sup>(1),(2)</sup>* | 04/15/35 | 2500000 | 2497542 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  Capital Street Master Trust Series 2025-1,<br>Class B | Capital Street Master Trust Series 2025-1,<br>Class B | Capital Street Master Trust Series 2025-1,<br>Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17% (30 day USD SOFR Average + 1.500%) *<sup>(1),(2)</sup>* | 08/16/29 | $1525000 | $1522043 |
|  CARS-DB5 LP Series 2021-1A, Class A1 | CARS-DB5 LP Series 2021-1A, Class A1 | CARS-DB5 LP Series 2021-1A, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.44% *<sup>(1)</sup>* | 08/15/51 | 1896318 | 1872281 |
|  Cedar Funding VI CLO Ltd. Series 2016-6A, Class AR3 | Cedar Funding VI CLO Ltd. Series 2016-6A, Class AR3 | Cedar Funding VI CLO Ltd. Series 2016-6A, Class AR3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% (3 mo. USD Term SOFR + 1.090%) *<sup>(1),(2)</sup>* | 04/20/34 | 4500000 | 4498204 |
|  CIFC Funding Ltd. Series 2022-2A, Class A1R | CIFC Funding Ltd. Series 2022-2A, Class A1R | CIFC Funding Ltd. Series 2022-2A, Class A1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64% (3 mo. USD Term SOFR + 0.970%) *<sup>(1),(2)</sup>* | 04/19/35 | 4500000 | 4487701 |
|  CIFC Funding Ltd. Series 2022-4A, Class AR | CIFC Funding Ltd. Series 2022-4A, Class AR | CIFC Funding Ltd. Series 2022-4A, Class AR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% (3 mo. USD Term SOFR + 1.090%) *<sup>(1),(2)</sup>* | 07/16/35 | 1775000 | 1772540 |
|  CLI Funding VI LLC Series 2020-1A, Class A | CLI Funding VI LLC Series 2020-1A, Class A | CLI Funding VI LLC Series 2020-1A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08% *<sup>(1)</sup>* | 09/18/45 | 334220 | 314644 |
|  Diamond Infrastructure Funding LLC<br>Series 2021-1A, Class A | Diamond Infrastructure Funding LLC<br>Series 2021-1A, Class A | Diamond Infrastructure Funding LLC<br>Series 2021-1A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76% *<sup>(1)</sup>* | 04/15/49 | 4800000 | 4693421 |
|  Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 | Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 | Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (3 mo. USD Term SOFR + 1.150%) *<sup>(1),(2)</sup>* | 08/15/31 | 1055743 | 1056767 |
|  Dryden 86 CLO Ltd. Series 2020-86A, Class A1R2 | Dryden 86 CLO Ltd. Series 2020-86A, Class A1R2 | Dryden 86 CLO Ltd. Series 2020-86A, Class A1R2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (3 mo. USD Term SOFR + 1.130%) *<sup>(1),(2)</sup>* | 07/17/34 | 4500000 | 4502250 |
|  Elmwood CLO 15 Ltd. Series 2022-2A, Class A1R | Elmwood CLO 15 Ltd. Series 2022-2A, Class A1R | Elmwood CLO 15 Ltd. Series 2022-2A, Class A1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% (3 mo. USD Term SOFR + 1.150%) *<sup>(1),(2)</sup>* | 04/22/35 | 4400000 | 4402081 |
|  FHF Issuer Trust Series 2024-3A, Class A2 | FHF Issuer Trust Series 2024-3A, Class A2 | FHF Issuer Trust Series 2024-3A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.94% *<sup>(1)</sup>* | 11/15/30 | 1509163 | 1506108 |
|  Global SC Finance VII SRL Series 2020-2A, Class A | Global SC Finance VII SRL Series 2020-2A, Class A | Global SC Finance VII SRL Series 2020-2A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26% *<sup>(1)</sup>* | 11/19/40 | 2054196 | 1977126 |
|  Goal Capital Funding Trust Series 2006-1, Class B | Goal Capital Funding Trust Series 2006-1, Class B | Goal Capital Funding Trust Series 2006-1, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% (3 mo. USD LIBOR +<br>0.450%) *<sup>(2)</sup>* | 08/25/42 | 744331 | 724677 |
|  GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR | GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR | GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (3 mo. USD<br>Term SOFR +<br>1.080%) *<sup>(1),(2)</sup>* | 10/20/34 | 2600000 | 2599134 |
|  Hotwire Funding LLC Series 2024-1A, Class A2 | Hotwire Funding LLC Series 2024-1A, Class A2 | Hotwire Funding LLC Series 2024-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.89% *<sup>(1)</sup>* | 06/20/54 | 1915000 | 1938753 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  HPS Loan Management Ltd. Series 2021-16A, Class A1R | HPS Loan Management Ltd. Series 2021-16A, Class A1R | HPS Loan Management Ltd. Series 2021-16A, Class A1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% (3 mo. USD<br>Term SOFR +<br>1.110%) *<sup>(1),(2)</sup>* | 01/23/35 | $4000000 | $3998224 |
|  HTS Fund II LLC Series 2025-1, Class A | HTS Fund II LLC Series 2025-1, Class A | HTS Fund II LLC Series 2025-1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% *<sup>(1)</sup>* | 06/23/45 | 1535000 | 1534265 |
|  Invesco CLO Ltd. Series 2021-2A, Class AR | Invesco CLO Ltd. Series 2021-2A, Class AR | Invesco CLO Ltd. Series 2021-2A, Class AR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77% (3 mo. USD<br>Term SOFR +<br>1.100%) *<sup>(1),(2)</sup>* | 07/15/34 | 4000000 | 3998208 |
|  JGWPT XXX LLC Series 2013-3A, Class A | JGWPT XXX LLC Series 2013-3A, Class A | JGWPT XXX LLC Series 2013-3A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08% *<sup>(1)</sup>* | 01/17/73 | 2090224 | 1996496 |
|  LCM 29 Ltd. Series 29A, Class AR | LCM 29 Ltd. Series 29A, Class AR | LCM 29 Ltd. Series 29A, Class AR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% (3 mo. USD<br>Term SOFR +<br>1.332%) *<sup>(1),(2)</sup>* | 04/15/31 | 586921 | 587726 |
|  LCM 33 Ltd. Series 33A, Class AR | LCM 33 Ltd. Series 33A, Class AR | LCM 33 Ltd. Series 33A, Class AR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85% (3 mo. USD<br>Term SOFR +<br>1.180%) *<sup>(1),(2)</sup>* | 07/20/34 | 5000000 | 4997835 |
|  LCM 37 Ltd. Series 37A, Class A1R | LCM 37 Ltd. Series 37A, Class A1R | LCM 37 Ltd. Series 37A, Class A1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (3 mo. USD Term SOFR + 1.060%) *<sup>(1),(2)</sup>* | 04/15/34 | 2113934 | 2113960 |
|  Navient Private Education Refi Loan Trust<br>Series 2021-CA, Class A | Navient Private Education Refi Loan Trust<br>Series 2021-CA, Class A | Navient Private Education Refi Loan Trust<br>Series 2021-CA, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.06% *<sup>(1)</sup>* | 10/15/69 | 521289 | 473918 |
|  Navient Private Education Refi Loan Trust<br>Series 2021-FA, Class A | Navient Private Education Refi Loan Trust<br>Series 2021-FA, Class A | Navient Private Education Refi Loan Trust<br>Series 2021-FA, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.11% *<sup>(1)</sup>* | 02/18/70 | 2728777 | 2435712 |
|  Nelnet Student Loan Trust Series 2013-1A, Class A | Nelnet Student Loan Trust Series 2013-1A, Class A | Nelnet Student Loan Trust Series 2013-1A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% (30 day USD SOFR Average + 0.714%) *<sup>(1),(2)</sup>* | 06/25/41 | 710200 | 705011 |
|  Neuberger Berman CLO XVI-S Ltd. Series 2017-16SA, Class XR2 | Neuberger Berman CLO XVI-S Ltd. Series 2017-16SA, Class XR2 | Neuberger Berman CLO XVI-S Ltd. Series 2017-16SA, Class XR2 | Neuberger Berman CLO XVI-S Ltd. Series 2017-16SA, Class XR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.62% (3 mo. USD Term SOFR + 0.950%) *<sup>(1),(2)</sup>* | 04/15/39 | 1750000 | 1750842 |
|  Octagon Investment Partners 41 Ltd.<br>Series 2019-2A, Class A1R | Octagon Investment Partners 41 Ltd.<br>Series 2019-2A, Class A1R | Octagon Investment Partners 41 Ltd.<br>Series 2019-2A, Class A1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% (3 mo. USD Term SOFR + 1.090%) *<sup>(1),(2)</sup>* | 10/15/33 | 5310000 | 5302805 |
|  Octagon Investment Partners 45 Ltd. Series 2019-1A, Class A1RR | Octagon Investment Partners 45 Ltd. Series 2019-1A, Class A1RR | Octagon Investment Partners 45 Ltd. Series 2019-1A, Class A1RR | Octagon Investment Partners 45 Ltd. Series 2019-1A, Class A1RR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% (3 mo. USD Term SOFR + 1.150%) *<sup>(1),(2)</sup>* | 04/15/35 | 4500000 | 4498704 |
|  Octagon Investment Partners XVII Ltd.<br>Series 2013-1A, Class BR2 | Octagon Investment Partners XVII Ltd.<br>Series 2013-1A, Class BR2 | Octagon Investment Partners XVII Ltd.<br>Series 2013-1A, Class BR2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33% (3 mo. USD Term SOFR + 1.662%) *<sup>(1),(2)</sup>* | 01/25/31 | 432382 | 432609 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  Palmer Square Loan Funding Ltd. Series 2024-3A, Class A2R | Palmer Square Loan Funding Ltd. Series 2024-3A, Class A2R | Palmer Square Loan Funding Ltd. Series 2024-3A, Class A2R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81% (3 mo. USD Term SOFR + 1.150%) *<sup>(1),(2)</sup>* | 08/08/32 | $2270000 | $2268563 |
|  Park Avenue Institutional Advisers CLO Ltd.<br>Series 2021- 2A, Class A1R | Park Avenue Institutional Advisers CLO Ltd.<br>Series 2021- 2A, Class A1R | Park Avenue Institutional Advisers CLO Ltd.<br>Series 2021- 2A, Class A1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% (3 mo. USD Term SOFR + 1.050%) *<sup>(1),(2)</sup>* | 07/15/34 | 4300000 | 4299712 |
|  Rockford Tower CLO Ltd. Series 2017-3A, Class A | Rockford Tower CLO Ltd. Series 2017-3A, Class A | Rockford Tower CLO Ltd. Series 2017-3A, Class A | Rockford Tower CLO Ltd. Series 2017-3A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.12% (3 mo. USD Term SOFR + 1.452%) *<sup>(1),(2)</sup>* | 10/20/30 | 219 | 219 |
|  Rockford Tower CLO Ltd. Series 2018-1A, Class A | Rockford Tower CLO Ltd. Series 2018-1A, Class A | Rockford Tower CLO Ltd. Series 2018-1A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (3 mo. USD Term SOFR + 1.362%) *<sup>(1),(2)</sup>* | 05/20/31 | 109001 | 109049 |
|  Rockford Tower CLO Ltd. Series 2019-1A,<br>Class AR2 | Rockford Tower CLO Ltd. Series 2019-1A,<br>Class AR2 | Rockford Tower CLO Ltd. Series 2019-1A,<br>Class AR2 | Rockford Tower CLO Ltd. Series 2019-1A,<br>Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77% (3 mo. USD Term SOFR + 1.100%) *<sup>(1),(2)</sup>* | 04/20/34 | 4400000 | 4396872 |
|  Rockford Tower CLO Ltd. Series 2019-2A, Class AR2 | Rockford Tower CLO Ltd. Series 2019-2A, Class AR2 | Rockford Tower CLO Ltd. Series 2019-2A, Class AR2 | Rockford Tower CLO Ltd. Series 2019-2A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79% (3 mo. USD Term SOFR + 1.130%) *<sup>(1),(2)</sup>* | 08/20/32 | 1351609 | 1353622 |
|  Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23% *<sup>(3)</sup>* | 07/03/38 | 4768165 | 4505534 |
|  SLM Student Loan Trust Series 2008-4, Class A4 | SLM Student Loan Trust Series 2008-4, Class A4 | SLM Student Loan Trust Series 2008-4, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% (90 day USD SOFR Average + 1.912%) *<sup>(2)</sup>* | 07/25/49 | 1037309 | 1040075 |
|  SLM Student Loan Trust Series 2008-6, Class A4 | SLM Student Loan Trust Series 2008-6, Class A4 | SLM Student Loan Trust Series 2008-6, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% (90 day USD SOFR Average + 1.362%) *<sup>(2)</sup>* | 07/25/23 | 599438 | 597441 |
|  SLM Student Loan Trust Series 2012-2, Class A | SLM Student Loan Trust Series 2012-2, Class A | SLM Student Loan Trust Series 2012-2, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48% (30 day USD SOFR Average + 0.814%) *<sup>(2)</sup>* | 01/25/29 | 1116580 | 1091411 |
|  SLM Student Loan Trust Series 2014-1, Class A3 | SLM Student Loan Trust Series 2014-1, Class A3 | SLM Student Loan Trust Series 2014-1, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% (30 day USD SOFR Average + 0.714%) *<sup>(2)</sup>* | 02/26/29 | 2024656 | 1966070 |
|  Store Master Funding I-VII & XIV Series 2019-1, Class A3 | Store Master Funding I-VII & XIV Series 2019-1, Class A3 | Store Master Funding I-VII & XIV Series 2019-1, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.32% *<sup>(1)</sup>* | 11/20/49 | 973175 | 961049 |
|  TCI-Symphony CLO Ltd. Series 2016-1A,<br>Class AR2 | TCI-Symphony CLO Ltd. Series 2016-1A,<br>Class AR2 | TCI-Symphony CLO Ltd. Series 2016-1A,<br>Class AR2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93% (3 mo. USD Term SOFR + 1.282%) *<sup>(1),(2)</sup>* | 10/13/32 | 2146999 | 2148680 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  Trestles CLO V Ltd. Series 2021-5A, Class A1R | Trestles CLO V Ltd. Series 2021-5A, Class A1R | Trestles CLO V Ltd. Series 2021-5A, Class A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% (3 mo. USD Term SOFR + 1.250%) *<sup>(1),(2)</sup>* | 10/20/34 | 2500000 | $| 2499175 |
|  Trinity Rail Leasing LLC Series 2019-1A, Class A | Trinity Rail Leasing LLC Series 2019-1A, Class A | Trinity Rail Leasing LLC Series 2019-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82% *<sup>(1)</sup>* | 04/17/49 | 1976091 |  | 1975127 |
|  Vantage Data Centers Issuer LLC Series 2021-1A, Class A2 | Vantage Data Centers Issuer LLC Series 2021-1A, Class A2 | Vantage Data Centers Issuer LLC Series 2021-1A, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17% *<sup>(1)</sup>* | 10/15/46 | 1355000 |  | 1332264 |
|  Vantage Data Centers LLC Series 2020-2A,<br>Class A2 | Vantage Data Centers LLC Series 2020-2A,<br>Class A2 | Vantage Data Centers LLC Series 2020-2A,<br>Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99% *<sup>(1)</sup>* | 09/15/45 | 1445000 |  | 1380517 |
|  VB-S1 Issuer LLC Series 2022-1A, Class C2I | VB-S1 Issuer LLC Series 2022-1A, Class C2I | VB-S1 Issuer LLC Series 2022-1A, Class C2I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16% *<sup>(1)</sup>* | 02/15/52 | 1970000 |  | 1923173 |
| **Total Asset-Backed Securities**<br>(Cost: $143,947,031) | **Total Asset-Backed Securities**<br>(Cost: $143,947,031) | **Total Asset-Backed Securities**<br>(Cost: $143,947,031) | 143728616 | 143728616 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 20.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 20.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 20.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 20.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 20.8%** |
|  Federal Home Loan Mortgage Corp., Pool #SD8286 | Federal Home Loan Mortgage Corp., Pool #SD8286 | Federal Home Loan Mortgage Corp., Pool #SD8286 | Federal Home Loan Mortgage Corp., Pool #SD8286 | Federal Home Loan Mortgage Corp., Pool #SD8286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/53 | 2912671 |  | 2755158 |
|  Federal Home Loan Mortgage Corp., Pool #C46104 | Federal Home Loan Mortgage Corp., Pool #C46104 | Federal Home Loan Mortgage Corp., Pool #C46104 | Federal Home Loan Mortgage Corp., Pool #C46104 | Federal Home Loan Mortgage Corp., Pool #C46104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 09/01/29 | 507 |  | 513 |
|  Federal Home Loan Mortgage Corp., Pool #A45796 | Federal Home Loan Mortgage Corp., Pool #A45796 | Federal Home Loan Mortgage Corp., Pool #A45796 | Federal Home Loan Mortgage Corp., Pool #A45796 | Federal Home Loan Mortgage Corp., Pool #A45796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 01/01/33 | 323 |  | 328 |
|  Federal Home Loan Mortgage Corp. REMICS Series 2174, Class PN (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 2174, Class PN (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 2174, Class PN (PAC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 07/15/29 | 68086 |  | 69473 |
|  Federal Home Loan Mortgage Corp. REMICS Series 2454, Class FQ | Federal Home Loan Mortgage Corp. REMICS Series 2454, Class FQ | Federal Home Loan Mortgage Corp. REMICS Series 2454, Class FQ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79% (30 day USD SOFR Average + 1.114%) *<sup>(2)</sup>* | 06/15/31 | 1209 |  | 1222 |
|  Federal Home Loan Mortgage Corp. REMICS Series 2733, Class FB (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 2733, Class FB (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 2733, Class FB (PAC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% (30 day<br>USD SOFR<br>Average + 0.714%) *<sup>(2)</sup>* | 10/15/33 | 629610 |  | 634262 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3294, Class CB | Federal Home Loan Mortgage Corp. REMICS Series 3294, Class CB | Federal Home Loan Mortgage Corp. REMICS Series 3294, Class CB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/15/37 | 128084 |  | 132187 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3300, Class FA | Federal Home Loan Mortgage Corp. REMICS Series 3300, Class FA | Federal Home Loan Mortgage Corp. REMICS Series 3300, Class FA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% (30 day USD SOFR Average + 0.414%) *<sup>(2)</sup>* | 08/15/35 | 206087 |  | 205759 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3325, Class NF | Federal Home Loan Mortgage Corp. REMICS Series 3325, Class NF | Federal Home Loan Mortgage Corp. REMICS Series 3325, Class NF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% (30 day<br>USD SOFR Average + 0.414%) *<sup>(2)</sup>* | 08/15/35 | 531465 |  | 530622 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3524, Class FC | Federal Home Loan Mortgage Corp. REMICS Series 3524, Class FC | Federal Home Loan Mortgage Corp. REMICS Series 3524, Class FC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (30 day<br>USD SOFR Average + 1.054%) *<sup>(2)</sup>* | 06/15/38 | 149823 |  | 151665 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp. REMICS Series 3531, Class FM | Federal Home Loan Mortgage Corp. REMICS Series 3531, Class FM | Federal Home Loan Mortgage Corp. REMICS Series 3531, Class FM |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69% (30 day<br>USD SOFR Average + 1.014%) *<sup>(2)</sup>* | 05/15/39 | $85571 | $86847 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4959, Class JF | Federal Home Loan Mortgage Corp. REMICS Series 4959, Class JF | Federal Home Loan Mortgage Corp. REMICS Series 4959, Class JF |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% (30 day<br>USD SOFR Average + 0.564%) *<sup>(2)</sup>* | 03/25/50 | 3824254 | 3758144 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 240, Class F | Federal Home Loan Mortgage Corp. STRIPS Series 240, Class F | Federal Home Loan Mortgage Corp. STRIPS Series 240, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 30 4.09% (30 day USD SOFR Average + 0.414%) *<sup>(2)</sup>* | 07/15/36 | 637983 | 635298 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 263, Class F | Federal Home Loan Mortgage Corp. STRIPS Series 263, Class F | Federal Home Loan Mortgage Corp. STRIPS Series 263, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5 4.29% (30 day USD SOFR Average + 0.614%) *<sup>(2)</sup>* | 06/15/42 | 826893 | 824148 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 319, Class F | Federal Home Loan Mortgage Corp. STRIPS Series 319, Class F | Federal Home Loan Mortgage Corp. STRIPS Series 319, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2 4.29% (30 day USD SOFR Average + 0.614%) *<sup>(2)</sup>* | 11/15/43 | 3777545 | 3752761 |
|  Federal National Mortgage Association,<br>Pool #MA4626 | Federal National Mortgage Association,<br>Pool #MA4626 | Federal National Mortgage Association,<br>Pool #MA4626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/52 | 2136937 | 2025140 |
|  Federal National Mortgage Association, Pool #MA4866 | Federal National Mortgage Association, Pool #MA4866 | Federal National Mortgage Association, Pool #MA4866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/53 | 2238765 | 2120600 |
|  Federal National Mortgage Association, Pool #MA4805 | Federal National Mortgage Association, Pool #MA4805 | Federal National Mortgage Association, Pool #MA4805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/01/52 | 12289697 | 11911185 |
|  Federal National Mortgage Association, Pool #MA5009 | Federal National Mortgage Association, Pool #MA5009 | Federal National Mortgage Association, Pool #MA5009 | Federal National Mortgage Association, Pool #MA5009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/01/53 | 4019760 | 3978468 |
|  Federal National Mortgage Association, Pool #AE0083 | Federal National Mortgage Association, Pool #AE0083 | Federal National Mortgage Association, Pool #AE0083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 01/01/40 | 305807 | 322059 |
|  Federal National Mortgage Association, Pool #AL0851 | Federal National Mortgage Association, Pool #AL0851 | Federal National Mortgage Association, Pool #AL0851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/01/40 | 354261 | 373089 |
|  Federal National Mortgage Association, Pool #735861 | Federal National Mortgage Association, Pool #735861 | Federal National Mortgage Association, Pool #735861 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 09/01/33 | 2939 | 3066 |
|  Federal National Mortgage Association, Pool #770900 | Federal National Mortgage Association, Pool #770900 | Federal National Mortgage Association, Pool #770900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% (1 yr.<br>USD RFUCCT + 1.551%) *<sup>(2)</sup>* | 04/01/34 | 51056 | 51690 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association REMICS Series 1997-76, Class FS | Federal National Mortgage Association REMICS Series 1997-76, Class FS | Federal National Mortgage Association REMICS Series 1997-76, Class FS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24% (30 day USD SOFR Average + 0.564%) *<sup>(2)</sup>* | 09/17/27 | $678 | $678 |
|  Federal National Mortgage Association REMICS Series 2001-60, Class OF | Federal National Mortgage Association REMICS Series 2001-60, Class OF | Federal National Mortgage Association REMICS Series 2001-60, Class OF |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (30 day USD SOFR Average + 1.064%) *<sup>(2)</sup>* | 10/25/31 | 152130 | 153601 |
|  Federal National Mortgage Association REMICS Series 2007-64,<br>Class FA | Federal National Mortgage Association REMICS Series 2007-64,<br>Class FA | Federal National Mortgage Association REMICS Series 2007-64,<br>Class FA | Federal National Mortgage Association REMICS Series 2007-64,<br>Class FA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% (30 day USD SOFR Average + 0.584%) *<sup>(2)</sup>* | 07/25/37 | 112303 | 111870 |
|  Federal National Mortgage Association REMICS Series 2009-85, Class LF | Federal National Mortgage Association REMICS Series 2009-85, Class LF | Federal National Mortgage Association REMICS Series 2009-85, Class LF |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98% (30 day USD SOFR Average + 1.314%) *<sup>(2)</sup>* | 10/25/49 | 1292306 | 1324255 |
|  Federal National Mortgage Association REMICS Series 2009-96, Class FA | Federal National Mortgage Association REMICS Series 2009-96, Class FA | Federal National Mortgage Association REMICS Series 2009-96, Class FA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68% (30 day USD SOFR Average + 1.014%) *<sup>(2)</sup>* | 11/25/49 | 817252 | 829068 |
|  Federal National Mortgage Association REMICS Series 2010-109, Class PF | Federal National Mortgage Association REMICS Series 2010-109, Class PF | Federal National Mortgage Association REMICS Series 2010-109, Class PF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(PAC) 4.18% (30 day USD SOFR Average + 0.514%) *<sup>(2)</sup>* | 10/25/40 | 304493 | 304744 |
|  Federal National Mortgage Association REMICS Series 2010-26, Class S (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-26, Class S (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-26, Class S (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% (-30 day USD SOFR Average + 6.116%) *<sup>(2)</sup>* | 11/25/36 | 2055194 | 173296 |
|  Federal National Mortgage Association REMICS Series 2010-43, Class DP (PAC) | Federal National Mortgage Association REMICS Series 2010-43, Class DP (PAC) | Federal National Mortgage Association REMICS Series 2010-43, Class DP (PAC) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/25/40 | 252651 | 258368 |
|  Federal National Mortgage Association REMICS Series 2010-6, Class BF | Federal National Mortgage Association REMICS Series 2010-6, Class BF | Federal National Mortgage Association REMICS Series 2010-6, Class BF |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54% (30 day USD SOFR Average + 0.874%) *<sup>(2)</sup>* | 02/25/40 | 645126 | 648974 |
|  Federal National Mortgage Association REMICS Series 2010-95, Class S (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-95, Class S (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-95, Class S (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82% (-30 day USD SOFR Average + 6.486%) *<sup>(2)</sup>* | 09/25/40 | 1817206 | 185575 |
|  Federal National Mortgage Association REMICS Series 2019-79, Class FA | Federal National Mortgage Association REMICS Series 2019-79, Class FA | Federal National Mortgage Association REMICS Series 2019-79, Class FA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% (30 day USD SOFR Average + 0.614%) *<sup>(2)</sup>* | 01/25/50 | 2401884 | 2371653 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association REMICS Series 2020-10, Class FA | Federal National Mortgage Association REMICS Series 2020-10, Class FA | Federal National Mortgage Association REMICS Series 2020-10, Class FA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% (30 day USD SOFR Average + 0.614%) *<sup>(2)</sup>* | 03/25/50 | $4272071 | $4219241 |
|  Federal National Mortgage Association REMICS Series 2024-73, Class FB | Federal National Mortgage Association REMICS Series 2024-73, Class FB | Federal National Mortgage Association REMICS Series 2024-73, Class FB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86% (30 day USD SOFR Average + 1.200%) *<sup>(2)</sup>* | 10/25/54 | 10423295 | 10478937 |
|  Government National Mortgage Association, Pool #MA8346 | Government National Mortgage Association, Pool #MA8346 | Government National Mortgage Association, Pool #MA8346 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/20/52 | 976304 | 925251 |
|  Government National Mortgage Association, Pool #80968 | Government National Mortgage Association, Pool #80968 | Government National Mortgage Association, Pool #80968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% (1 yr. CMT + 1.500%) *<sup>(2)</sup>* | 07/20/34 | 72862 | 73938 |
|  Government National Mortgage Association, Pool #80059 | Government National Mortgage Association, Pool #80059 | Government National Mortgage Association, Pool #80059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% (1 yr. CMT + 1.500%) *<sup>(2)</sup>* | 04/20/27 | 878 | 877 |
|  Government National Mortgage Association, Pool #80589 | Government National Mortgage Association, Pool #80589 | Government National Mortgage Association, Pool #80589 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% (1 yr. CMT + 1.500%) *<sup>(2)</sup>* | 03/20/32 | 5869 | 5878 |
|  Government National Mortgage Association, Pool #80610 | Government National Mortgage Association, Pool #80610 | Government National Mortgage Association, Pool #80610 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% (1 yr. CMT + 1.500%) *<sup>(2)</sup>* | 06/20/32 | 3003 | 3038 |
|  Government National Mortgage Association, Pool #81201 | Government National Mortgage Association, Pool #81201 | Government National Mortgage Association, Pool #81201 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% (1 yr. CMT + 2.000%) *<sup>(2)</sup>* | 01/20/35 | 2900 | 2947 |
|  Government National Mortgage Association, Pool #2487 | Government National Mortgage Association, Pool #2487 | Government National Mortgage Association, Pool #2487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 09/20/27 | 119 | 119 |
|  Government National Mortgage Association REMICS Series 2009-106, Class XI (I/O) (I/F) | Government National Mortgage Association REMICS Series 2009-106, Class XI (I/O) (I/F) | Government National Mortgage Association REMICS Series 2009-106, Class XI (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01% (-1 mo. USD Term SOFR + 6.686%) <sup>(2)</sup> | 05/20/37 | 1398913 | 138261 |
|  Government National Mortgage Association REMICS Series 2013-53, Class AD | Government National Mortgage Association REMICS Series 2013-53, Class AD | Government National Mortgage Association REMICS Series 2013-53, Class AD |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% | 12/20/26 | 2804 | 2778 |
|  Government National Mortgage Association REMICS Series 2024-143, Class FB | Government National Mortgage Association REMICS Series 2024-143, Class FB | Government National Mortgage Association REMICS Series 2024-143, Class FB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% (30 day USD SOFR Average + 1.150%) <sup>(2)</sup> | 09/20/54 | 11254140 | 11344192 |
|  Government National Mortgage Association REMICS Series 2024-144, Class FD | Government National Mortgage Association REMICS Series 2024-144, Class FD | Government National Mortgage Association REMICS Series 2024-144, Class FD |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% (30 day USD SOFR Average + 1.150%) <sup>*(2*)</sup> | 09/20/54 | 5979093 | 6026555 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Government National Mortgage Association REMICS Series 2024-148, Class AF | Government National Mortgage Association REMICS Series 2024-148, Class AF | Government National Mortgage Association REMICS Series 2024-148, Class AF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85% (30 day USD SOFR Average + 1.180%) <sup>(2)</sup> | 09/20/54 | 8150702 | $| 8223733 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(4)</sup> | 06/01/55 | 20750000 |  | 19424874 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(4)</sup> | 04/16/41 | 8850000 |  | 8528364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(4)</sup> | 12/01/51 | 6675000 |  | 6119619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(4)</sup> | 04/16/41 | 8900000 |  | 8691740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(4)</sup> | 05/01/55 | 4025000 |  | 3797362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% <sup>(4)</sup> | 04/15/40 | 10225000 |  | 10154632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% <sup>(4)</sup> | 01/01/56 | 8150000 |  | 7862081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(4)</sup> | 04/15/40 | 11175000 |  | 11260656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(4)</sup>* | 01/01/56 | 23875000 |  | 23541944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(4)</sup> | 12/01/55 | 9050000 |  | 9092897 |
|  **Total Residential Mortgage-Backed Securities — Agency**<br> (Cost: $192,423,477) | **Total Residential Mortgage-Backed Securities — Agency**<br> (Cost: $192,423,477) | **Total Residential Mortgage-Backed Securities — Agency**<br> (Cost: $192,423,477) |  | 190605680 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 6.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 6.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 6.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 6.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 6.9%** |
|  ALA Trust Series 2025-OANA, Class A | ALA Trust Series 2025-OANA, Class A | ALA Trust Series 2025-OANA, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 mo. USD Term SOFR + 1.743%) <sup>(1),(2)</sup> | 06/15/40 | 2715000 |  | 2726042 |
|  Bank Series 2018-BN14, Class A2 | Bank Series 2018-BN14, Class A2 | Bank Series 2018-BN14, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 09/15/60 | 3110694 |  | 3091365 |
|  Benchmark Mortgage Trust Series 2020-B17, Class A2 | Benchmark Mortgage Trust Series 2020-B17, Class A2 | Benchmark Mortgage Trust Series 2020-B17, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.21% | 03/15/53 | 2200587 |  | 2090653 |
|  BX Trust Series 2021-SDMF, Class C | BX Trust Series 2021-SDMF, Class C | BX Trust Series 2021-SDMF, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68% (1 mo. USD Term SOFR + 1.002%) <sup>(1),(2)</sup> | 09/15/34 | 2598333 |  | 2596250 |
|  BXP Trust Series 2017-GM, Class B | BXP Trust Series 2017-GM, Class B | BXP Trust Series 2017-GM, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42% <sup>(1),(5)</sup> | 06/13/39 | 2465000 |  | 2416473 |
|  COMM Mortgage Trust Series 2015-DC1, Class AM | COMM Mortgage Trust Series 2015-DC1, Class AM | COMM Mortgage Trust Series 2015-DC1, Class AM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72% | 02/10/48 | 1361578 |  | 1341060 |
|  DBMS DAC Series 2025-1A, Class D | DBMS DAC Series 2025-1A, Class D | DBMS DAC Series 2025-1A, Class D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.39% (1 day GBP SONIA + 2.650%) <sup>(1),(2)</sup> | 02/18/36 | GBP<br>1,400,000 |  | 1849772 |
|  FirstKey Homes Trust Series 2021-SFR1, Class F1 | FirstKey Homes Trust Series 2021-SFR1, Class F1 | FirstKey Homes Trust Series 2021-SFR1, Class F1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24% <sup>(1)</sup> | 08/17/38 | 2350000 |  | 2328219 |
|  GS Mortgage Securities Corp. Trust Series 2023-FUN, Class A | GS Mortgage Securities Corp. Trust Series 2023-FUN, Class A | GS Mortgage Securities Corp. Trust Series 2023-FUN, Class A | GS Mortgage Securities Corp. Trust Series 2023-FUN, Class A | GS Mortgage Securities Corp. Trust Series 2023-FUN, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.76% (1 mo. USD Term SOFR + 2.091%) <sup>(1),(2)</sup> | 03/15/28 | 1755000 |  | 1763040 |
|  GWT Trust Series 2024-WLF2, Class A | GWT Trust Series 2024-WLF2, Class A | GWT Trust Series 2024-WLF2, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.36% (1 mo. USD Term SOFR + 1.691%) <sup>(1),(2)</sup> | 05/15/41 | 2767000 |  | 2770334 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Highways PLC Series 2021-1X, Class C | Highways PLC Series 2021-1X, Class C | Highways PLC Series 2021-1X, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% (1 day GBP SONIA + 2.400%) <sup>(2),(6)</sup> | 12/18/31 | GBP 1,400,000 | $1856654 |
|  HILT Commercial Mortgage Trust Series 2024-ORL, Class A | HILT Commercial Mortgage Trust Series 2024-ORL, Class A | HILT Commercial Mortgage Trust Series 2024-ORL, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21% (1 mo. USD Term SOFR + 1.541%) <sup>(1),(2)</sup> | 05/15/37 | 2480000 | 2481222 |
|  HTL Commercial Mortgage Trust Series 2024-T53, Class A | HTL Commercial Mortgage Trust Series 2024-T53, Class A | HTL Commercial Mortgage Trust Series 2024-T53, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% <sup>(1),(5)</sup> | 05/10/39 | 2668000 | 2689657 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A | JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A | JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85% <sup>(1),(5)</sup> | 09/06/38 | 4000000 | 3972682 |
|  Last Mile Logistics Pan Euro Finance DAC Series 1X, Class B | Last Mile Logistics Pan Euro Finance DAC Series 1X, Class B | Last Mile Logistics Pan Euro Finance DAC Series 1X, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% (3 mo. EUR EURIBOR + 1.050%) <sup>(2),(6)</sup> | 08/17/33 | EUR 1,844,160 | 2124977 |
|  Last Mile Logistics Pan Euro Finance DAC Series 1X, Class C | Last Mile Logistics Pan Euro Finance DAC Series 1X, Class C | Last Mile Logistics Pan Euro Finance DAC Series 1X, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% (3 mo. EUR EURIBOR + 1.400%) <sup>(2),(6)</sup> | 08/17/33 | EUR 817,254 | 941858 |
|  Last Mile Logistics Pan Euro Finance DAC Series 1X, Class D | Last Mile Logistics Pan Euro Finance DAC Series 1X, Class D | Last Mile Logistics Pan Euro Finance DAC Series 1X, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% (3 mo. EUR EURIBOR + 1.900%) <sup>(2),(6)</sup> | 08/17/33 | EUR 970,610 | 1118647 |
|  One New York Plaza Trust Series 2020-1NYP, Class A | One New York Plaza Trust Series 2020-1NYP, Class A | One New York Plaza Trust Series 2020-1NYP, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% (1 mo. USD Term SOFR + 1.064%) <sup>(1),(2)</sup> | 01/15/36 | 1887817 | 1823513 |
|  ReadyCap Commercial Mortgage Trust Series 2019-6, Class A | ReadyCap Commercial Mortgage Trust Series 2019-6, Class A | ReadyCap Commercial Mortgage Trust Series 2019-6, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83% <sup>(1)</sup> | 10/25/52 | 258023 | 257499 |
|  Shops at Crystals Trust Series 2016-CSTL, Class B | Shops at Crystals Trust Series 2016-CSTL, Class B | Shops at Crystals Trust Series 2016-CSTL, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53% <sup>(1)</sup> | 07/05/36 | 2050000 | 2044170 |
|  SMRT Commercial Mortgage Trust<br>Series 2022-MINI, Class A | SMRT Commercial Mortgage Trust<br>Series 2022-MINI, Class A | SMRT Commercial Mortgage Trust<br>Series 2022-MINI, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67% (1 mo. USD Term SOFR + 1.000%) <sup>(1),(2)</sup> | 01/15/39 | 2885000 | 2883798 |
|  SMRT Commercial Mortgage Trust<br>Series 2022-MINI, Class B | SMRT Commercial Mortgage Trust<br>Series 2022-MINI, Class B | SMRT Commercial Mortgage Trust<br>Series 2022-MINI, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (1 mo. USD Term SOFR + 1.350%) <sup>(1),(2)</sup> | 01/15/39 | 1520000 | 1518541 |
|  SREIT Trust Series 2021-MFP2, Class A | SREIT Trust Series 2021-MFP2, Class A | SREIT Trust Series 2021-MFP2, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61% (1 mo. USD<br>Term SOFR + 0.936%) <sup>(1),(2)</sup> | 11/15/36 | 3640000 | 3638303 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  SREIT Trust Series 2021-MFP2, Class B | SREIT Trust Series 2021-MFP2, Class B | SREIT Trust Series 2021-MFP2, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96% (1 mo. USD Term SOFR + 1.286%) <sup>(1),(2)</sup> | 11/15/36 | 2150000 | $| 2149112 |
|  SREIT Trust Series 2021-PALM, Class E | SREIT Trust Series 2021-PALM, Class E | SREIT Trust Series 2021-PALM, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% (1 mo. USD Term SOFR + 2.024%) <sup>(1),(2)</sup> | 10/15/34 | 2500000 |  | 2500316 |
|  Tricon American Homes Trust Series 2020-SFR1, Class F | Tricon American Homes Trust Series 2020-SFR1, Class F | Tricon American Homes Trust Series 2020-SFR1, Class F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% <sup>(1)</sup> | 07/17/38 | 3282000 |  | 3270027 |
|  Tricon Residential Trust Series 2021-SFR1, Class F | Tricon Residential Trust Series 2021-SFR1, Class F | Tricon Residential Trust Series 2021-SFR1, Class F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69% <sup>(1)</sup> | 07/17/38 | 1720000 |  | 1708190 |
|  Wells Fargo Commercial Mortgage Trust Series 2021-FCMT, Class A | Wells Fargo Commercial Mortgage Trust Series 2021-FCMT, Class A | Wells Fargo Commercial Mortgage Trust Series 2021-FCMT, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99% (1 mo. USD Term SOFR + 1.314%) <sup>(1),(2)</sup> | 05/15/31 | 3760000 |  | 3758556 |
|  **Total Commercial Mortgage-Backed<br>Securities — Non-Agency** | **Total Commercial Mortgage-Backed<br>Securities — Non-Agency** | **Total Commercial Mortgage-Backed<br>Securities — Non-Agency** |  |  |
|  (Cost: $63,404,507) | (Cost: $63,404,507) | (Cost: $63,404,507) |  | 63710930 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.6%** |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KJ37, Class A1 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KJ37, Class A1 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KJ37, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68% | 12/25/27 | 4508507 |  | 4360603 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q004, Class AFL | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q004, Class AFL | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q004, Class AFL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60% (1 yr. MTA + 0.740%) <sup>*(2*)</sup> | 05/25/44 | 587360 |  | 587121 |
|  Federal National Mortgage Association-ACES Series 2021-M1, Class A1 | Federal National Mortgage Association-ACES Series 2021-M1, Class A1 | Federal National Mortgage Association-ACES Series 2021-M1, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | 11/25/30 | 311195 |  | 306716 |
|  Government National Mortgage Association Series 2008-92, Class E | Government National Mortgage Association Series 2008-92, Class E | Government National Mortgage Association Series 2008-92, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.56% *<sup>(5)</sup>* | 03/16/44 | 109055 |  | 108822 |
| **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** |
| (Cost: $5,509,808) | (Cost: $5,509,808) | (Cost: $5,509,808) | 5363262 | 5363262 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 10.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 10.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 10.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 10.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 10.0%** |
|  ACE Securities Corp. Home Equity Loan Trust Series 2006-OP1, Class A2D | ACE Securities Corp. Home Equity Loan Trust Series 2006-OP1, Class A2D | ACE Securities Corp. Home Equity Loan Trust Series 2006-OP1, Class A2D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.594%) <sup>(2)</sup> | 04/25/36 | 5071121 |  | 4737504 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-R9, Class M1 | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-R9, Class M1 | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-R9, Class M1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% (1 mo. USD Term SOFR + 0.819%) <sup>(2)</sup> | 11/25/35 | 1707432 |  | 1698836 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W2, Class M1 | Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W2, Class M1 | Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W2, Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.53% (1 mo. USD Term SOFR + 0.849%) <sup>(2)</sup> | 10/25/35 | $158906 | $158682 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust Series 2006-HE3, Class A5 | Asset-Backed Securities Corp. Home Equity Loan Trust Series 2006-HE3, Class A5 | Asset-Backed Securities Corp. Home Equity Loan Trust Series 2006-HE3, Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88% (1 mo. USD Term SOFR + 0.654%) <sup>(2)</sup> | 03/25/36 | 814333 | 806185 |
|  Banc of America Alternative Loan Trust Series 2003-8, Class 1CB | Banc of America Alternative Loan Trust Series 2003-8, Class 1CB | Banc of America Alternative Loan Trust Series 2003-8, Class 1CB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 10/25/33 | 1872293 | 1885806 |
|  Bear Stearns ARM Trust Series 2004-3, Class 4A | Bear Stearns ARM Trust Series 2004-3, Class 4A | Bear Stearns ARM Trust Series 2004-3, Class 4A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.36% <sup>(5)</sup> | 07/25/34 | 148698 | 145071 |
|  BNC Mortgage Loan Trust Series 2007-1, Class A4 | BNC Mortgage Loan Trust Series 2007-1, Class A4 | BNC Mortgage Loan Trust Series 2007-1, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% (1 mo. USD Term SOFR + 0.274%) <sup>*(2*)</sup> | 03/25/37 | 2248124 | 2204001 |
|  C-BASS Trust Series 2007-CB5, Class A1 | C-BASS Trust Series 2007-CB5, Class A1 | C-BASS Trust Series 2007-CB5, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21% (1 mo. USD Term SOFR + 0.234%) <sup>(2)</sup> | 04/25/37 | 1669163 | 998458 |
|  Centex Home Equity Loan Trust Series 2005-D, Class M6 | Centex Home Equity Loan Trust Series 2005-D, Class M6 | Centex Home Equity Loan Trust Series 2005-D, Class M6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% (1 mo. USD Term SOFR + 1.164%) <sup>(2)</sup> | 10/25/35 | 2353647 | 2348869 |
|  Chase Funding Trust Series 2002-2, Class 2A1 | Chase Funding Trust Series 2002-2, Class 2A1 | Chase Funding Trust Series 2002-2, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.614%) <sup>(2)</sup> | 05/25/32 | 492473 | 490881 |
|  Chase Home Lending Mortgage Trust Series 2024-9, Class A4 | Chase Home Lending Mortgage Trust Series 2024-9, Class A4 | Chase Home Lending Mortgage Trust Series 2024-9, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(1),(5)</sup> | 09/25/55 | 1192861 | 1194481 |
|  Chase Mortgage Finance Trust Series 2007-A1, Class 8A1 | Chase Mortgage Finance Trust Series 2007-A1, Class 8A1 | Chase Mortgage Finance Trust Series 2007-A1, Class 8A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.06% <sup>(5)</sup> | 02/25/37 | 1676001 | 1655468 |
|  Chase Mortgage Finance Trust Series 2007-A2, Class 2A3 | Chase Mortgage Finance Trust Series 2007-A2, Class 2A3 | Chase Mortgage Finance Trust Series 2007-A2, Class 2A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% <sup>(5)</sup> | 06/25/35 | 266295 | 268766 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2005-2A, Class A1 | Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2005-2A, Class A1 | Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2005-2A, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97% (1 mo. USD Term SOFR + 0.294%) <sup>(1),(2)</sup> | 05/25/36 | 218420 | 212589 |
|  CHL Mortgage Pass-Through Trust Series 2004-14, Class 4A1 | CHL Mortgage Pass-Through Trust Series 2004-14, Class 4A1 | CHL Mortgage Pass-Through Trust Series 2004-14, Class 4A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% <sup>(5)</sup> | 08/25/34 | 4952 | 4706 |
|  CIM Trust Series 2021-R3, Class A1A | CIM Trust Series 2021-R3, Class A1A | CIM Trust Series 2021-R3, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% <sup>(1),(5)</sup> | 06/25/57 | 3899484 | 3628568 |
|  Citigroup Mortgage Loan Trust, Inc.<br>Series 2006-AMC1, Class A1 | Citigroup Mortgage Loan Trust, Inc.<br>Series 2006-AMC1, Class A1 | Citigroup Mortgage Loan Trust, Inc.<br>Series 2006-AMC1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08% (1 mo. USD Term SOFR + 0.404%) <sup>(1),(2)</sup> | 09/25/36 | 3492890 | 3430471 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Countrywide Asset-Backed Certificates Trust Series 2006-14, Class 2A3 | Countrywide Asset-Backed Certificates Trust Series 2006-14, Class 2A3 | Countrywide Asset-Backed Certificates Trust Series 2006-14, Class 2A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.594%) <sup>(2)</sup> | 02/25/37 | $806627 | $794308 |
|  Countrywide Asset-Backed Certificates Trust Series 2006-4, Class M1 | Countrywide Asset-Backed Certificates Trust Series 2006-4, Class M1 | Countrywide Asset-Backed Certificates Trust Series 2006-4, Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32% (1 mo. USD Term SOFR + 0.639%) <sup>(2)</sup> | 07/25/36 | 1020743 | 1017845 |
|  Countrywide Asset-Backed Certificates Trust Series 2007-7, Class 1A | Countrywide Asset-Backed Certificates Trust Series 2007-7, Class 1A | Countrywide Asset-Backed Certificates Trust Series 2007-7, Class 1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99% (1 mo. USD Term SOFR + 0.314%) <sup>(2)</sup> | 10/25/47 | 4952942 | 4716003 |
|  Credit Suisse First Boston Mortgage Securities Corp. Series 98-1, Class A4 | Credit Suisse First Boston Mortgage Securities Corp. Series 98-1, Class A4 | Credit Suisse First Boston Mortgage Securities Corp. Series 98-1, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.49% | 09/25/28 | 40111 | 40035 |
|  Cross Mortgage Trust Series 2024-H6, Class A1 | Cross Mortgage Trust Series 2024-H6, Class A1 | Cross Mortgage Trust Series 2024-H6, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% <sup>(1),(5)</sup> | 09/25/69 | 812276 | 812960 |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA6, Class M1A | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA6, Class M1A | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA6, Class M1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81% (30 day USD SOFR Average + 2.150%) <sup>(1),(2)</sup> | 09/25/42 | 307409 | 308064 |
|  First Franklin Mortgage Loan Trust<br>Series 2004-FF5, Class A3C | First Franklin Mortgage Loan Trust<br>Series 2004-FF5, Class A3C | First Franklin Mortgage Loan Trust<br>Series 2004-FF5, Class A3C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79% (1 mo. USD Term SOFR + 1.114%) <sup>(2)</sup> | 08/25/34 | 272546 | 257463 |
|  First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A1 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A1 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% <sup>(5)</sup> | 09/25/34 | 614 | 617 |
|  Fremont Home Loan Trust Series 2005-E, Class 2A4 | Fremont Home Loan Trust Series 2005-E, Class 2A4 | Fremont Home Loan Trust Series 2005-E, Class 2A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% (1 mo. USD Term SOFR + 0.774%) <sup>(2)</sup> | 01/25/36 | 2902613 | 2834158 |
|  GMACM Home Equity Loan Trust Series 2000-HE2, Class A1 | GMACM Home Equity Loan Trust Series 2000-HE2, Class A1 | GMACM Home Equity Loan Trust Series 2000-HE2, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73% (1 mo. USD Term SOFR + 0.554%) <sup>(2)</sup> | 06/25/30 | 44098 | 39807 |
|  GSAMP Trust Series 2005-HE4, Class M3 | GSAMP Trust Series 2005-HE4, Class M3 | GSAMP Trust Series 2005-HE4, Class M3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57% (1 mo. USD Term SOFR + 0.894%) <sup>(2)</sup> | 07/25/45 | 78465 | 81795 |
|  GSR Mortgage Loan Trust Series 2005-AR7, Class 2A1 | GSR Mortgage Loan Trust Series 2005-AR7, Class 2A1 | GSR Mortgage Loan Trust Series 2005-AR7, Class 2A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% <sup>(5)</sup> | 11/25/35 | 52987 | 51586 |
|  Impac CMB Trust Series 2005-5, Class A1 | Impac CMB Trust Series 2005-5, Class A1 | Impac CMB Trust Series 2005-5, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43% (1 mo. USD Term SOFR + 0.434%) <sup>(2)</sup> | 08/25/35 | 623855 | 597000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  IndyMac INDX Mortgage Loan Trust Series 2004-AR8, Class 2A2A | IndyMac INDX Mortgage Loan Trust Series 2004-AR8, Class 2A2A | IndyMac INDX Mortgage Loan Trust Series 2004-AR8, Class 2A2A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59% (1 mo. USD Term SOFR + 0.914%) <sup>(2)</sup> | 11/25/34 | $355104 | $333937 |
|  JPMorgan Mortgage Acquisition Corp.<br>Series 2005-FRE1, Class M1 | JPMorgan Mortgage Acquisition Corp.<br>Series 2005-FRE1, Class M1 | JPMorgan Mortgage Acquisition Corp.<br>Series 2005-FRE1, Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% (1 mo. USD Term SOFR + 0.729%) <sup>(2)</sup> | 10/25/35 | 508082 | 505516 |
|  JPMorgan Mortgage Acquisition Corp.<br>Series 2006-NC1, Class M1 | JPMorgan Mortgage Acquisition Corp.<br>Series 2006-NC1, Class M1 | JPMorgan Mortgage Acquisition Corp.<br>Series 2006-NC1, Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.594%) <sup>(2)</sup> | 04/25/36 | 2843273 | 2982956 |
|  JPMorgan Mortgage Acquisition Corp.<br>Series 2007-CH4, Class M1 | JPMorgan Mortgage Acquisition Corp.<br>Series 2007-CH4, Class M1 | JPMorgan Mortgage Acquisition Corp.<br>Series 2007-CH4, Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02% (1 mo. USD Term SOFR + 0.344%) <sup>(2)</sup> | 05/25/37 | 6621976 | 6539936 |
|  JPMorgan Mortgage Trust Series 2007-A1, Class 1A1 | JPMorgan Mortgage Trust Series 2007-A1, Class 1A1 | JPMorgan Mortgage Trust Series 2007-A1, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22% <sup>(5)</sup> | 07/25/35 | 61620 | 61871 |
|  JPMorgan Mortgage Trust Series 2007-A1, Class 5A2 | JPMorgan Mortgage Trust Series 2007-A1, Class 5A2 | JPMorgan Mortgage Trust Series 2007-A1, Class 5A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82% <sup>(5)</sup> | 07/25/35 | 36847 | 36843 |
|  JPMorgan Mortgage Trust Series 2024-4, Class A4A | JPMorgan Mortgage Trust Series 2024-4, Class A4A | JPMorgan Mortgage Trust Series 2024-4, Class A4A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(1),(5)</sup> | 10/25/54 | 1501350 | 1506985 |
|  Lehman ABS Manufactured Housing Contract Trust Series 2001-B, Class AC (I/O) | Lehman ABS Manufactured Housing Contract Trust Series 2001-B, Class AC (I/O) | Lehman ABS Manufactured Housing Contract Trust Series 2001-B, Class AC (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55% <sup>(5)</sup> | 04/15/40 | 24743289 | 207924 |
|  MASTR Adjustable Rate Mortgages Trust Series 2003-6, Class 4A2 | MASTR Adjustable Rate Mortgages Trust Series 2003-6, Class 4A2 | MASTR Adjustable Rate Mortgages Trust Series 2003-6, Class 4A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% <sup>(5)</sup> | 01/25/34 | 1693 | 1662 |
|  MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 3A1 | MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 3A1 | MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 3A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% <sup>(5)</sup> | 11/21/34 | 186638 | 186173 |
|  MASTR Adjustable Rate Mortgages Trust Series 2004-3, Class 3A3 | MASTR Adjustable Rate Mortgages Trust Series 2004-3, Class 3A3 | MASTR Adjustable Rate Mortgages Trust Series 2004-3, Class 3A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% <sup>(5)</sup> | 04/25/34 | 27496 | 27022 |
|  MASTR Alternative Loan Trust Series 2003-1, Class 1A1 | MASTR Alternative Loan Trust Series 2003-1, Class 1A1 | MASTR Alternative Loan Trust Series 2003-1, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 12/25/32 | 347007 | 355337 |
|  MASTR Alternative Loan Trust Series 2003-5, Class 4A1 | MASTR Alternative Loan Trust Series 2003-5, Class 4A1 | MASTR Alternative Loan Trust Series 2003-5, Class 4A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/25/33 | 1000319 | 993069 |
|  MASTR Alternative Loan Trust Series 2003-9, Class 4A1 | MASTR Alternative Loan Trust Series 2003-9, Class 4A1 | MASTR Alternative Loan Trust Series 2003-9, Class 4A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 11/25/33 | 994286 | 998395 |
|  MASTR Alternative Loan Trust Series 2004-7, Class 1A1 | MASTR Alternative Loan Trust Series 2004-7, Class 1A1 | MASTR Alternative Loan Trust Series 2004-7, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/25/34 | 829699 | 838840 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  MASTR Asset-Backed Securities Trust Series 2006-HE1, Class M1 | MASTR Asset-Backed Securities Trust Series 2006-HE1, Class M1 | MASTR Asset-Backed Securities Trust Series 2006-HE1, Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% (1 mo. USD Term SOFR + 0.669%) <sup>(2)</sup> | 01/25/36 | $2740607 | $2711496 |
|  MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1 | MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1 | MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.53% <sup>(5)</sup> | 10/25/32 | 61116 | 60376 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% (1 mo. USD Term SOFR + 0.474%) <sup>(2)</sup> | 06/25/37 | 2539708 | 2548644 |
|  Merrill Lynch Mortgage Investors Trust Series 2004-A4, Class A1 | Merrill Lynch Mortgage Investors Trust Series 2004-A4, Class A1 | Merrill Lynch Mortgage Investors Trust Series 2004-A4, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% <sup>(5)</sup> | 08/25/34 | 245268 | 234663 |
|  Mid-State Capital Corp. Trust Series 2006-1, Class A | Mid-State Capital Corp. Trust Series 2006-1, Class A | Mid-State Capital Corp. Trust Series 2006-1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.79% <sup>(1)</sup> | 10/15/40 | 1351207 | 1358530 |
|  Mid-State Trust Series 10W, Class A2 | Mid-State Trust Series 10W, Class A2 | Mid-State Trust Series 10W, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82% | 02/15/36 | 77727 | 77609 |
|  Morgan Stanley ABS Capital I, Inc. Trust Series 2004-NC7, Class M2 | Morgan Stanley ABS Capital I, Inc. Trust Series 2004-NC7, Class M2 | Morgan Stanley ABS Capital I, Inc. Trust Series 2004-NC7, Class M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% (1 mo. USD Term SOFR + 1.044%) <sup>(2)</sup> | 07/25/34 | 559272 | 599588 |
|  Morgan Stanley Residential Mortgage Loan Trust Series 2025-1, Class A4 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-1, Class A4 | Morgan Stanley Residential Mortgage Loan Trust Series 2025-1, Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(1),(5)</sup> | 03/25/55 | 1580200 | 1582982 |
|  MortgageIT Trust Series 2005-3, Class A1 | MortgageIT Trust Series 2005-3, Class A1 | MortgageIT Trust Series 2005-3, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% (1 mo. USD Term SOFR + 0.714%) <sup>(2)</sup> | 08/25/35 | 45927 | 46200 |
|  MortgageIT Trust Series 2005-4, Class A1 | MortgageIT Trust Series 2005-4, Class A1 | MortgageIT Trust Series 2005-4, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% (1 mo. USD Term SOFR + 0.674%) <sup>(2)</sup> | 10/25/35 | 935478 | 940238 |
|  New Century Home Equity Loan Trust Series 2005-D, Class M1 | New Century Home Equity Loan Trust Series 2005-D, Class M1 | New Century Home Equity Loan Trust Series 2005-D, Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47% (1 mo. USD Term SOFR + 0.789%) <sup>(2)</sup> | 02/25/36 | 2620793 | 2567402 |
|  NLT Trust Series 2021-INV2, Class A1 | NLT Trust Series 2021-INV2, Class A1 | NLT Trust Series 2021-INV2, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16% <sup>(1),(5)</sup> | 08/25/56 | 4389459 | 3858947 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates Series 2005-5, Class 1AP | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates Series 2005-5, Class 1AP | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates Series 2005-5, Class 1AP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% (1 mo. USD Term SOFR + 0.674%) <sup>(2)</sup> | 12/25/35 | 1823286 | 1814727 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCW3, Class M2 | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCW3, Class M2 | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCW3, Class M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.53% (1 mo. USD Term SOFR + 0.849%) <sup>(2)</sup> | 08/25/35 | 881456 | 893062 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  PHH Alternative Mortgage Trust Series 2007-3, Class A3 | PHH Alternative Mortgage Trust Series 2007-3, Class A3 | PHH Alternative Mortgage Trust Series 2007-3, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% (1 mo. USD Term SOFR + 0.714%) <sup>(2)</sup> | 07/25/37 | $2761236 | $2709258 |
|  PMT Loan Trust Series 2026-CNF3, Class A23 | PMT Loan Trust Series 2026-CNF3, Class A23 | PMT Loan Trust Series 2026-CNF3, Class A23 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.12% (30 day USD SOFR Average + 1.450%) <sup>(1),(2)</sup> | 04/25/57 | 2260000 | 2265549 |
|  PMT Loan Trust Series 2026-INV3, Class A36 | PMT Loan Trust Series 2026-INV3, Class A36 | PMT Loan Trust Series 2026-INV3, Class A36 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (30 day USD SOFR Average + 1.350%) <sup>(1),(2)</sup> | 02/25/57 | 2200000 | 2205440 |
|  RALI Trust Series 2005-QA3, Class NB1 | RALI Trust Series 2005-QA3, Class NB1 | RALI Trust Series 2005-QA3, Class NB1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67% <sup>(5)</sup> | 03/25/35 | 787435 | 439408 |
|  Saxon Asset Securities Trust Series 2006-2, Class M1 | Saxon Asset Securities Trust Series 2006-2, Class M1 | Saxon Asset Securities Trust Series 2006-2, Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% (1 mo. USD Term SOFR + 0.549%) <sup>(2)</sup> | 09/25/36 | 7017823 | 6782412 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80% | 01/25/36 | 1226385 | 1052250 |
|  Soundview Home Loan Trust Series 2006-OPT4, Class 2A4 | Soundview Home Loan Trust Series 2006-OPT4, Class 2A4 | Soundview Home Loan Trust Series 2006-OPT4, Class 2A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% (1 mo. USD Term SOFR + 0.574%) *<sup>(2)</sup>* | 06/25/36 | 1858655 | 1816545 |
|  Specialty Underwriting & Residential Finance Trust Series 2005-BC2, Class M3 | Specialty Underwriting & Residential Finance Trust Series 2005-BC2, Class M3 | Specialty Underwriting & Residential Finance Trust Series 2005-BC2, Class M3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77% (1 mo. USD Term SOFR + 1.089%) *<sup>(2)</sup>* | 12/25/35 | 289521 | 289097 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-26A, Class 3A5 | Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-26A, Class 3A5 | Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-26A, Class 3A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% *<sup>(5)</sup>* | 09/25/33 | 109450 | 106424 |
|  Terwin Mortgage Trust Series 2004-7HE, Class A1 | Terwin Mortgage Trust Series 2004-7HE, Class A1 | Terwin Mortgage Trust Series 2004-7HE, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89% (1 mo. USD Term SOFR + 1.214%) *<sup>(1),(2)</sup>* | 07/25/34 | 48364 | 47636 |
|  Towd Point Mortgage Trust Series 2020-MH1, Class A1 | Towd Point Mortgage Trust Series 2020-MH1, Class A1 | Towd Point Mortgage Trust Series 2020-MH1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% *<sup>(1),(5)</sup>* | 02/25/60 | 429009 | 422946 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR14, Class A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR14, Class A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR14, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% *<sup>(5)</sup>* | 01/25/35 | 193264 | 189186 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2004-CB2, Class 2A | WaMu Mortgage Pass-Through Certificates Trust Series 2004-CB2, Class 2A | WaMu Mortgage Pass-Through Certificates Trust Series 2004-CB2, Class 2A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/25/34 | 262047 | 264020 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR13, Class A1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR13, Class A1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR13, Class A1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37% (1 mo. USD Term SOFR + 0.694%) *<sup>(2)</sup>* | 10/25/45 | 540715 | 526985 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A2 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A2 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A2 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% (1 mo. USD Term SOFR + 0.774%) *<sup>(2)</sup>* | 01/25/45 | $| 63005 | $| 63391 |
|  **Total Residential Mortgage-Backed Securities —<br>Non-Agency** | **Total Residential Mortgage-Backed Securities —<br>Non-Agency** | **Total Residential Mortgage-Backed Securities —<br>Non-Agency** | **Total Residential Mortgage-Backed Securities —<br>Non-Agency** | **Total Residential Mortgage-Backed Securities —<br>Non-Agency** | **Total Residential Mortgage-Backed Securities —<br>Non-Agency** |
|  (Cost: $93,973,275) | (Cost: $93,973,275) | (Cost: $93,973,275) | (Cost: $93,973,275) |  | 91472460 |
|  **CORPORATE BONDS—28.8%** | **CORPORATE BONDS—28.8%** | **CORPORATE BONDS—28.8%** | **CORPORATE BONDS—28.8%** | **CORPORATE BONDS—28.8%** | **CORPORATE BONDS—28.8%** |
|  **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
|  General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% (3 mo. USD Term SOFR + 0.642%) *<sup>(2)</sup>* | 05/05/26 |  | 2235000 |  | 2236364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% (3 mo. USD Term SOFR + 0.742%) *<sup>(2)</sup>* | 08/15/36 |  | 2182000 |  | 2053829 |
|  |  |  |  |  | 4290193 |
|  **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
|  British American Tobacco PLC (United Kingdom) (I/F) | British American Tobacco PLC (United Kingdom) (I/F) | British American Tobacco PLC (United Kingdom) (I/F) | British American Tobacco PLC (United Kingdom) (I/F) | British American Tobacco PLC (United Kingdom) (I/F) | British American Tobacco PLC (United Kingdom) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% (-5 yr. EUR Swap + 3.952%) *<sup>(2),(6),(7)</sup>* | 12/31/99 | EUR | 1200000 |  | 1350977 |
|  Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(1)</sup>* | 07/26/26 |  | 1301000 |  | 1297800 |
|  |  |  |  |  | 2648777 |
|  **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
|  Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/10/29 |  | 1053679 |  | 1019919 |
|  **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
|  Volkswagen Financial Services Australia Pty. Ltd. (Germany) | Volkswagen Financial Services Australia Pty. Ltd. (Germany) | Volkswagen Financial Services Australia Pty. Ltd. (Germany) | Volkswagen Financial Services Australia Pty. Ltd. (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% *<sup>(6)</sup>* | 10/16/30 | AUD | 650000 |  | 431104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 09/15/28 | AUD | 910000 |  | 619912 |
|  Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(1)</sup>* | 11/13/28 |  | 1130000 |  | 1128949 |
|  |  |  |  |  | 2179965 |
| **Banks — 11.8%** | **Banks — 11.8%** | **Banks — 11.8%** | **Banks — 11.8%** | **Banks — 11.8%** | **Banks — 11.8%** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73% (1 day USD SOFR + 0.960%) *<sup>(2)</sup>* | 07/22/27 |  | 5850000 |  | 5801445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% (1 day USD SOFR + 1.050%) *<sup>(2)</sup>* | 02/04/28 |  | 4275000 |  | 4209764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71% (3 mo. USD Term SOFR + 1.774%) *<sup>(2)</sup>* | 04/24/28 |  | 944000 |  | 936807 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
|  Bank of New York Mellon | Bank of New York Mellon | Bank of New York Mellon |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (1 day USD SOFR + 1.135%) *<sup>(2)</sup>* | 04/20/29 | $3235000 | $3258907 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46% (1 day USD SOFR + 0.770%) *<sup>(2)</sup>* | 06/09/27 | 5000000 | 4971150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07% (1 day USD SOFR + 1.280%) *<sup>(2)</sup>* | 02/24/28 | 1040000 | 1027562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52% (3 mo. USD Term SOFR + 1.413%) *<sup>(2)</sup>* | 10/27/28 | 4987000 | 4913641 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54% (1 day USD SOFR + 0.818%) *<sup>(2)</sup>* | 09/10/27 | 1825000 | 1801439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% (1 day USD SOFR + 0.913%) *<sup>(2)</sup>* | 10/21/27 | 10000000 | 9863200 |
|  HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01% (1 day USD SOFR + 1.732%) *<sup>(2)</sup>* | 09/22/28 | 11500000 | 11092670 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47% (1 day USD SOFR + 0.765%) *<sup>(2)</sup>* | 09/22/27 | 3725000 | 3674079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18% (1 day USD SOFR + 1.890%) *<sup>(2)</sup>* | 06/01/28 | 879000 | 856840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78% (3 mo. USD Term SOFR + 1.599%) *<sup>(2)</sup>* | 02/01/28 | 13750000 | 13679462 |
|  Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63% (1 yr. CMT + 0.850%) *<sup>(2)</sup>* | 05/11/27 | 590000 | 587970 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59% (1 day USD SOFR + 0.879%) *<sup>(2)</sup>* | 05/04/27 | 5855000 | 5838957 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97% (1 day USD SOFR + 0.930%) *<sup>(2)</sup>* | 07/14/28 | 3155000 | 3175129 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% (1 day USD SOFR + 0.780%) *<sup>(2)</sup>* | 11/17/28 | 5165000 | 5148162 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58% (1 day USD SOFR + 1.841%) *<sup>(2)</sup>* | 06/12/29 | 830000 | 850792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.62% (1 day USD SOFR Index + 1.730%) *<sup>(2)</sup>* | 10/20/27 | 4570000 | 4623332 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
|  Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67% (1 day USD SOFR + 0.989%) *<sup>(2)</sup>* | 06/14/27 | 3007000 | 2988327 |
|  U.S. Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% (1 day USD SOFR + 1.230%) *<sup>(2)</sup>* | 02/01/29 | 5365000 | 5387694 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39% (1 day USD SOFR + 2.100%) *<sup>(2)</sup>* | 06/02/28 | 2165000 | 2113408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.57% (1 day USD SOFR + 1.740%) *<sup>(2)</sup>* | 07/25/29 | 11735000 | 12003614 |
|  |  |  | 108804351 |
|  **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 08/01/31 | 1650000 | 1456835 |
|  Maple Parent Holdings Corp. | Maple Parent Holdings Corp. | Maple Parent Holdings Corp. | Maple Parent Holdings Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(1)</sup>* | 03/26/30 | EUR 750,000 | 859924 |
|  |  |  | 2316759 |
|  **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 12/13/27 | 2275000 | 2320477 |
|  **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.83% *<sup>(1)</sup>* | 10/15/27 | 3440000 | 3300818 |
|  **Commercial Services — 1.0%** | **Commercial Services — 1.0%** | **Commercial Services — 1.0%** | **Commercial Services — 1.0%** |
|  AA Bond Co. Ltd. (United Kingdom) | AA Bond Co. Ltd. (United Kingdom) | AA Bond Co. Ltd. (United Kingdom) | AA Bond Co. Ltd. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% *<sup>(6)</sup>* | 07/31/50 | GBP 627,000 | 860369 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15% | 01/15/27 | 7201000 | 7072462 |
|  Grand Canyon University | Grand Canyon University | Grand Canyon University | Grand Canyon University |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 10/01/28 | 150000 | 149179 |
|  RAC Bond Co. PLC (United Kingdom) | RAC Bond Co. PLC (United Kingdom) | RAC Bond Co. PLC (United Kingdom) | RAC Bond Co. PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(6)</sup>* | 05/06/46 | GBP 400,000 | 558290 |
|  VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% *<sup>(1)</sup>* | 08/15/30 | 280000 | 285015 |
|  |  |  | 8925315 |
|  **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 04/01/27 | 4835000 | 4792549 |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (1 day USD SOFR + 1.260%) *<sup>(2)</sup>* | 04/25/29 | 2890000 | 2909883 |
|  Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53% *<sup>(1)</sup>* | 11/18/27 | 1118000 | 1081128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(1)</sup>* | 02/21/28 | 1350000 | 1304478 |
|  |  |  | 10088038 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Electric — 1.9%** | **Electric — 1.9%** | **Electric — 1.9%** | **Electric — 1.9%** |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% *<sup>(1)</sup>* | 03/30/29 | $805000 | $835180 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (5 yr. CMT + 2.262%) *<sup>(2)</sup>* | 02/15/56 | 1500000 | 1490445 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 03/15/28 | 1835000 | 1832963 |
|  Enel SpA (Italy) | Enel SpA (Italy) | Enel SpA (Italy) | Enel SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% (5 yr. EURIBOR ICE Swap + 3.486%) *<sup>(2),(6),(7)</sup>* | 12/31/99 | EUR 865,000 | 1036031 |
|  ITC Holdings Corp. | ITC Holdings Corp. | ITC Holdings Corp. | ITC Holdings Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% *<sup>(1)</sup>* | 09/22/27 | 4960000 | 4986586 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% *<sup>(1)</sup>* | 10/03/30 | 4400000 | 4388120 |
|  NSW Electricity Networks Finance Pty. Ltd. (Australia) | NSW Electricity Networks Finance Pty. Ltd. (Australia) | NSW Electricity Networks Finance Pty. Ltd. (Australia) | NSW Electricity Networks Finance Pty. Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% *<sup>(6)</sup>* | 05/29/30 | AUD 630,000 | 432026 |
|  Southern Co. | Southern Co. | Southern Co. | Southern Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% (5 yr. CMT + 2.915%) *<sup>(2)</sup>* | 09/15/51 | 2194000 | 2175570 |
|  |  |  | 17176921 |
|  **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
|  Amphenol Technologies Holding GmbH | Amphenol Technologies Holding GmbH | Amphenol Technologies Holding GmbH | Amphenol Technologies Holding GmbH |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 03/30/31 | EUR 1,560,000 | 1805179 |
|  **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
|  Great Canadian Gaming Corp./Raptor LLC (Canada) | Great Canadian Gaming Corp./Raptor LLC (Canada) | Great Canadian Gaming Corp./Raptor LLC (Canada) | Great Canadian Gaming Corp./Raptor LLC (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% *<sup>(1)</sup>* | 11/15/29 | 99000 | 96623 |
|  Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% *<sup>(1)</sup>* | 08/01/30 | 51000 | 48941 |
|  Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(1)</sup>* | 07/01/32 | 157000 | 163767 |
|  |  |  | 309331 |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  Seche Environnement SACA (France) | Seche Environnement SACA (France) | Seche Environnement SACA (France) | Seche Environnement SACA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(6)</sup>* | 03/25/30 | EUR 160,000 | 182586 |
|  **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
|  JBS NV/JBS USA Foods Group Holdings, Inc./<br>JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./<br>JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./<br>JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./<br>JBS USA Food Co. Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/02/29 | 1795000 | 1723200 |
|  **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(1)</sup>* | 06/01/30 | 79000 | 83812 |
|  Nortegas Energia Grupo SL (Spain) | Nortegas Energia Grupo SL (Spain) | Nortegas Energia Grupo SL (Spain) | Nortegas Energia Grupo SL (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.91% *<sup>(6)</sup>* | 01/22/31 | EUR 400,000 | 394108 |
|  Redexis SA | Redexis SA | Redexis SA | Redexis SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(6)</sup>* | 05/30/31 | EUR 400,000 | 463147 |
|  |  |  | 941067 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Health Care-Products — 0.3%** | **Health Care-Products — 0.3%** | **Health Care-Products — 0.3%** | **Health Care-Products — 0.3%** |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(1)</sup>* | 04/01/29 | $2000000 | $1936540 |
|  Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(6)</sup>* | 09/14/29 | EUR 1,100,000 | 1295265 |
|  |  |  | 3231805 |
|  **Health Care-Services — 0.7%** | **Health Care-Services — 0.7%** | **Health Care-Services — 0.7%** | **Health Care-Services — 0.7%** |
|  Cigna Group | Cigna Group | Cigna Group | Cigna Group |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/15/30 | 2425000 | 2418671 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 03/15/31 | 2290000 | 2066908 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 04/01/30 | 1420000 | 1416620 |
|  Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 09/01/29 | 370000 | 357083 |
|  ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% *<sup>(1),(8),(9),(10)</sup>* | 10/01/29 | 909300 | 13640 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 01/15/33 | 109000 | 105757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 02/15/31 | 136000 | 134189 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% *<sup>(1)</sup>* | 10/01/30 | 176000 | 183205 |
|  |  |  | 6696073 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 04/01/36 | 100000 | 92400 |
|  **Insurance — 0.8%** | **Insurance — 0.8%** | **Insurance — 0.8%** | **Insurance — 0.8%** |
|  Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% *<sup>(1)</sup>* | 07/15/28 | 1625000 | 1688489 |
|  Guardian Life Global Funding | Guardian Life Global Funding | Guardian Life Global Funding | Guardian Life Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% *<sup>(1)</sup>* | 04/28/30 | 1685000 | 1696795 |
|  MMI Capital Trust I | MMI Capital Trust I | MMI Capital Trust I | MMI Capital Trust I |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% | 12/15/27 | 2000000 | 2086440 |
|  Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95% | 09/15/29 | 35000 | 33151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 06/15/27 | 2202000 | 2206294 |
|  |  |  | 7711169 |
| **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 03/13/31 | 3300000 | 3275877 |
|  Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% *<sup>(1)</sup>* | 11/15/30 | 180000 | 162751 |
|  |  |  | 3438628 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/30/28 | 410000 | 414330 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 06/15/28 | 1860000 | 1885575 |
|  |  |  | 2299905 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 02/01/29 | $27000 | $17257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% *<sup>(1)</sup>* | 01/31/29 | 1954000 | 1416142 |
|  |  |  | 1433399 |
| **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
|  Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% *<sup>(1)</sup>* | 07/15/34 | 110000 | 108348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% (5 yr. CMT + 4.230%) *<sup>(1),(2),(7)</sup>* | 09/18/30 | 525000 | 535720 |
|  |  |  | 644068 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
|  Ardagh Group SA | Ardagh Group SA | Ardagh Group SA | Ardagh Group SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(1)</sup>* | 12/01/30 | 35000 | 36610 |
|  Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 | Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 | Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 | Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.00% *<sup>(1)</sup>* | 12/01/30 | 130000 | 109366 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(1)</sup>* | 07/15/26 | 636000 | 636185 |
|  |  |  | 782161 |
| **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% *<sup>(1)</sup>* | 04/15/32 | 340000 | 346613 |
|  Bayer U.S. Finance LLC (Germany) | Bayer U.S. Finance LLC (Germany) | Bayer U.S. Finance LLC (Germany) | Bayer U.S. Finance LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 01/21/29 | 6230000 | 6475213 |
|  Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(6)</sup>* | 05/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;570000 | 680233 |
|  Teva Pharmaceutical Finance Netherlands II BV (Israel) | Teva Pharmaceutical Finance Netherlands II BV (Israel) | Teva Pharmaceutical Finance Netherlands II BV (Israel) | Teva Pharmaceutical Finance Netherlands II BV (Israel) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 05/09/30 | 1500000 | 1733726 |
|  Teva Pharmaceutical Finance Netherlands IV BV (Israel) | Teva Pharmaceutical Finance Netherlands IV BV (Israel) | Teva Pharmaceutical Finance Netherlands IV BV (Israel) | Teva Pharmaceutical Finance Netherlands IV BV (Israel) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 12/01/30 | 180000 | 182819 |
|  |  |  | 9418604 |
| **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 06/15/34 | 56000 | 58353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(1)</sup>* | 01/15/36 | 221000 | 234103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(1)</sup>* | 05/01/33 | 195000 | 214570 |
|  |  |  | 507026 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
|  Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% *<sup>(6)</sup>* | 05/04/28 | 935000 | 1016902 |
|  DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH | DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH | DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH | DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(6)</sup>* | 08/21/30 | 400000 | 459189 |
|  |  |  | 1476091 |
| **REIT — 4.2%** | **REIT — 4.2%** | **REIT — 4.2%** | **REIT — 4.2%** |
|  American Tower Corp. (REIT) | American Tower Corp. (REIT) | American Tower Corp. (REIT) | American Tower Corp. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 07/15/28 | 7290000 | 7417502 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80% | 02/15/28 | 3940000 | 3886298 |
|  Digital Dutch Finco BV (REIT) | Digital Dutch Finco BV (REIT) | Digital Dutch Finco BV (REIT) | Digital Dutch Finco BV (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% *<sup>(6)</sup>* | 03/15/30 | 500000 | 527972 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** |
|  DOC Dr. LLC (REIT) | DOC Dr. LLC (REIT) | DOC Dr. LLC (REIT) | DOC Dr. LLC (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 03/15/27 | 3995000 | 3992163 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 12/15/27 | 6745000 | 6683620 |
|  Federal Realty OP LP (REIT) | Federal Realty OP LP (REIT) | Federal Realty OP LP (REIT) | Federal Realty OP LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.48% | 08/15/26 | 1850000 | 1866243 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/15/30 | 1245000 | 1196993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 01/15/29 | 2179000 | 2200311 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/26 | 1451000 | 1446154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 01/15/28 | 3255000 | 3189835 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 01/15/30 | 144000 | 116948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 335000 | 317429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 04/01/29 | 196000 | 168386 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 11/15/28 | 821000 | 861549 |
|  VICI Properties LP/VICI Notes Co., Inc. | VICI Properties LP/VICI Notes Co., Inc. | VICI Properties LP/VICI Notes Co., Inc. | VICI Properties LP/VICI Notes Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(1)</sup>* | 02/01/27 | 2590000 | 2605359 |
|  WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 07/15/30 | 2220000 | 2207013 |
|  |  |  | 38683775 |
| **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(1)</sup>* | 01/15/31 | 882000 | 920773 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% *<sup>(1)</sup>* | 03/15/33 | 321000 | 312998 |
|  Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(1)</sup>* | 09/15/29 | 230000 | 219597 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 12/15/35 | 280000 | 272812 |
|  |  |  | 1726180 |
| **Semiconductors — 0.4%** | **Semiconductors — 0.4%** | **Semiconductors — 0.4%** | **Semiconductors — 0.4%** |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 01/25/31 | 1900000 | 1942655 |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 02/10/30 | 1415000 | 1434230 |
|  |  |  | 3376885 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(1)</sup>* | 06/30/32 | 294000 | 279603 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% | 02/15/31 | 995000 | 974861 |
|  Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% *<sup>(1)</sup>* | 12/01/27 | 2635000 | 2708622 |
|  Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 03/15/29 | 1100000 | 1102233 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(1)</sup>* | 02/01/31 | 165000 | 161881 |
|  |  |  | 5227200 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** |
|  Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63% *<sup>(1)</sup>* | 07/15/27 | $335000 | $247860 |
|  Altice France SA | Altice France SA | Altice France SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 04/15/32 | 24933 | 23595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(1)</sup>* | 11/01/29 | 18596 | 18833 |
|  Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38% *<sup>(6)</sup>* | 10/07/30 | EUR 485,000 | 516051 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% *<sup>(1)</sup>* | 03/20/28 | 414000 | 416132 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/15/31 | 755000 | 714917 |
|  TDC Net AS (Denmark) | TDC Net AS (Denmark) | TDC Net AS (Denmark) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.62% *<sup>(6)</sup>* | 02/06/30 | EUR 600,000 | 727248 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% *<sup>(1)</sup>* | 04/15/32 | 156000 | 149788 |
|  Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 | Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 | Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(1)</sup>* | 03/09/30 | 93280 | 92751 |
|  |  |  | 2907175 |
|  **Transportation — 0.3%** | **Transportation — 0.3%** | **Transportation — 0.3%** | **Transportation — 0.3%** |
|  Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10% *<sup>(6)</sup>* | 09/12/31 | AUD 1,520,000 | 1040351 |
|  Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 09/24/29 | AUD 1,210,000 | 755295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 05/12/27 | AUD 890,000 | 604837 |
|  |  |  | 2400483 |
|  **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** |
|  SMBC Aviation Capital Finance DAC (Ireland) | SMBC Aviation Capital Finance DAC (Ireland) | SMBC Aviation Capital Finance DAC (Ireland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% *<sup>(1)</sup>* | 04/01/30 | 1595000 | 1610615 |
|  **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** |
|  Suez SACA (France) | Suez SACA (France) | Suez SACA (France) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% *<sup>(6)</sup>* | 05/24/30 | EUR 800,000 | 878262 |
|  Yorkshire Water Finance PLC<br>(United Kingdom) | Yorkshire Water Finance PLC<br>(United Kingdom) | Yorkshire Water Finance PLC<br>(United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45% | 05/28/27 | GBP 1,633,000 | 2170362 |
|  |  |  | 3048624 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |  |
|  (Cost: $262,673,979) | (Cost: $262,673,979) | (Cost: $262,673,979) | 264745162 |
|  **FOREIGN GOVERNMENT BONDS — 1.6%** | **FOREIGN GOVERNMENT BONDS — 1.6%** | **FOREIGN GOVERNMENT BONDS — 1.6%** | **FOREIGN GOVERNMENT BONDS — 1.6%** |
|  Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 01/25/31 | 2952000 | 3083630 |
|  Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(1)</sup>* | 04/16/30 | 2608000 | 2529056 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% *<sup>(1)</sup>* | 01/12/29 | 2692000 | 2652077 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(6)</sup>* | 03/07/28 | GBP 4,575,000 | 6034980 |
| **Total Foreign Government Bonds** <br>(Cost: $14,488,506) | **Total Foreign Government Bonds** <br>(Cost: $14,488,506) | **Total Foreign Government Bonds** <br>(Cost: $14,488,506) | 14299743 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **U.S. TREASURY SECURITIES — 21.5%** | **U.S. TREASURY SECURITIES — 21.5%** | **U.S. TREASURY SECURITIES — 21.5%** | **U.S. TREASURY SECURITIES — 21.5%** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/29/28 | $2695000 | $2674156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/15/29 | 12310000 | 12202768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/28/31 | 193000 | 189268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/28 | 178743000 | 179025777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/31 | 3458000 | 3447194 |
|  **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |  |
|  (Cost: $197,296,800) | (Cost: $197,296,800) | (Cost: $197,296,800) | 197539163 |
|  **BANK LOANS — 1.3%** | **BANK LOANS — 1.3%** | **BANK LOANS — 1.3%** | **BANK LOANS — 1.3%** |
|  **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
|  Advantage Sales & Marketing, Inc. 2026 First Out Term Loan | Advantage Sales & Marketing, Inc. 2026 First Out Term Loan | Advantage Sales & Marketing, Inc. 2026 First Out Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.78% (1 mo. USD Term SOFR + 6.000%) *<sup>(2)</sup>* | 04/19/30 | 64574 | 49036 |
|  Research Now Group, Inc. 2024 First Lien First Out Term Loan | Research Now Group, Inc. 2024 First Lien First Out Term Loan | Research Now Group, Inc. 2024 First Lien First Out Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.91% (3 mo. USD Term SOFR + 5.000%) *<sup>(2)</sup>* | 07/15/28 | 16219 | 15996 |
|  |  |  | 65032 |
|  **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
|  HDI Aerospace Intermediate Holding III Corp. Term Loan B | HDI Aerospace Intermediate Holding III Corp. Term Loan B | HDI Aerospace Intermediate Holding III Corp. Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40% (3 mo. USD Term SOFR + 3.750%) *<sup>(2)</sup>* | 02/11/32 | 61380 | 61649 |
|  TransDigm, Inc. 2023 Term Loan J | TransDigm, Inc. 2023 Term Loan J | TransDigm, Inc. 2023 Term Loan J | TransDigm, Inc. 2023 Term Loan J |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17% (1 mo. USD Term SOFR + 2.500%) *<sup>(2)</sup>* | 02/28/31 | 79062 | 79161 |
|  TransDigm, Inc. 2025 Term Loan M | TransDigm, Inc. 2025 Term Loan M | TransDigm, Inc. 2025 Term Loan M | TransDigm, Inc. 2025 Term Loan M |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17% (1 mo. USD Term SOFR + 2.500%) *<sup>(2)</sup>* | 08/19/32 | 89483 | 89582 |
|  |  |  | 230392 |
|  **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
|  SkyMiles IP Ltd. 2025 Repriced Term Loan B | SkyMiles IP Ltd. 2025 Repriced Term Loan B | SkyMiles IP Ltd. 2025 Repriced Term Loan B | SkyMiles IP Ltd. 2025 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17% (3 mo. USD Term SOFR + 1.500%) *<sup>(2)</sup>* | 10/20/28 | 92862 | 93453 |
|  **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
|  ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (1 mo. USD Term SOFR + 2.250%) *<sup>(2)</sup>* | 12/21/28 | 64171 | 64112 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
|  Celsius Holdings, Inc. 2025 Term Loan B | Celsius Holdings, Inc. 2025 Term Loan B | Celsius Holdings, Inc. 2025 Term Loan B | Celsius Holdings, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% (3 mo. USD Term SOFR + 2.500%) *<sup>(2)</sup>* | 04/01/32 | 36834 | 36972 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Beverages (Continued)** | **Beverages (Continued)** | **Beverages (Continued)** | **Beverages (Continued)** | **Beverages (Continued)** |
|  Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.20% (3 mo. USD Term SOFR + 5.500%) *<sup>(2)</sup>* | 01/24/29 | 452824 | $| 451590 |
|  Naked Juice LLC 2025 FLSO Term Loan | Naked Juice LLC 2025 FLSO Term Loan | Naked Juice LLC 2025 FLSO Term Loan | Naked Juice LLC 2025 FLSO Term Loan | Naked Juice LLC 2025 FLSO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% (3 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 01/24/29 | 177694 |  | 95362 |
|  Naked Juice LLC 2025 FLTO Term Loan | Naked Juice LLC 2025 FLTO Term Loan | Naked Juice LLC 2025 FLTO Term Loan | Naked Juice LLC 2025 FLTO Term Loan | Naked Juice LLC 2025 FLTO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.80% (3 mo. USD Term SOFR + 6.000%) *<sup>(2)</sup>* | 01/24/30 | 44249 |  | 9784 |
|  Primo Brands Corp. 2026 Term Loan B | Primo Brands Corp. 2026 Term Loan B | Primo Brands Corp. 2026 Term Loan B | Primo Brands Corp. 2026 Term Loan B | Primo Brands Corp. 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(11)</sup>* | 03/19/31 | 27535 |  | 27612 |
|  |  |  |  | 621320 |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  Mativ Holdings, Inc. Delayed Draw Term Loan A | Mativ Holdings, Inc. Delayed Draw Term Loan A | Mativ Holdings, Inc. Delayed Draw Term Loan A | Mativ Holdings, Inc. Delayed Draw Term Loan A | Mativ Holdings, Inc. Delayed Draw Term Loan A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.27% (1 mo. USD Term SOFR + 2.500%) *<sup>(2)</sup>* | 05/06/27 | 38482 |  | 38290 |
| **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
|  Amspec Parent LLC 2025 Term Loan | Amspec Parent LLC 2025 Term Loan | Amspec Parent LLC 2025 Term Loan | Amspec Parent LLC 2025 Term Loan | Amspec Parent LLC 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% (3 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 12/22/31 | 66634 |  | 66620 |
|  CCRR Parent, Inc. Term Loan B | CCRR Parent, Inc. Term Loan B | CCRR Parent, Inc. Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.18% (3 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 03/06/28 | 20913 |  | 5998 |
|  CCRR Parent, Inc. US Acquisition Facility | CCRR Parent, Inc. US Acquisition Facility | CCRR Parent, Inc. US Acquisition Facility |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.02% (3 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 03/06/28 | 58714 |  | 14825 |
|  Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.42% (1 mo. USD Term SOFR + 5.750%) *<sup>(2)</sup>* | 12/30/29 | 114103 |  | 113818 |
|  KUEHG Corp. 2025 Term Loan | KUEHG Corp. 2025 Term Loan | KUEHG Corp. 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45% (3 mo. USD Term SOFR + 2.750%) *<sup>(2)</sup>* | 06/12/30 | 28718 |  | 25846 |
|  Priority Holdings LLC 2025 Term Loan B | Priority Holdings LLC 2025 Term Loan B | Priority Holdings LLC 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.42% (1 mo. USD Term SOFR + 3.750%) *<sup>(2)</sup>* | 08/02/32 | 84700 |  | 82821 |
|  Secretariat Advisors LLC 2025 Delayed Draw Term Loan |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(11)</sup>* | 02/28/32 | 3649 |  | 3594 |
|  Secretariat Advisors LLC 2025 Term Loan B | Secretariat Advisors LLC 2025 Term Loan B | Secretariat Advisors LLC 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(11)</sup>* | 02/28/32 | 30056 |  | 29606 |
|  TTF Holdings LLC 2024 Term Loan | TTF Holdings LLC 2024 Term Loan | TTF Holdings LLC 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% (6 mo. USD Term SOFR + 3.750%) *<sup>(2)</sup>* | 07/18/31 | 103487 |  | 77615 |
|  |  |  |  | 420743 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
|  McAfee LLC 2024 USD 1st Lien Term Loan B | McAfee LLC 2024 USD 1st Lien Term Loan B | McAfee LLC 2024 USD 1st Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.67% (1 mo. USD Term SOFR + 3.000%) *<sup>(2)</sup>* | 03/01/29 | $46337 | $41530 |
|  Peraton Corp. Term Loan B | Peraton Corp. Term Loan B | Peraton Corp. Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.52% (3 mo. USD Term SOFR + 3.750% *<sup>(2)</sup>* | 02/01/28 | 63090 | 53994 |
|  Surf Holdings LLC 2025 Incremental Term Loan | Surf Holdings LLC 2025 Incremental Term Loan | Surf Holdings LLC 2025 Incremental Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.28% (1 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 03/05/27 | 24781 | 23662 |
|  |  |  | 119186 |
|  **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
|  Opal Bidco SAS USD Term Loan B4 | Opal Bidco SAS USD Term Loan B4 | Opal Bidco SAS USD Term Loan B4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% (3 mo. USD Term SOFR + 3.000%) *<sup>(2)</sup>* | 04/28/32 | 43574 | 43602 |
|  **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** |
|  BCPE Empire Holdings, Inc. 2026 10th Amendment Term Loan | BCPE Empire Holdings, Inc. 2026 10th Amendment Term Loan | BCPE Empire Holdings, Inc. 2026 10th Amendment Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.17% (1 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 12/29/32 | 171081 | 168729 |
| **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
|  Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% (1 mo. USD Term SOFR + 1.750%) *<sup>(2)</sup>* | 06/24/30 | 528111 | 529762 |
|  Blackhawk Network Holdings, Inc. 2026 Term Loan B | Blackhawk Network Holdings, Inc. 2026 Term Loan B | Blackhawk Network Holdings, Inc. 2026 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.17% (1 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 03/12/29 | 61934 | 61229 |
|  Jane Street Group LLC 2024 Term Loan B1 | Jane Street Group LLC 2024 Term Loan B1 | Jane Street Group LLC 2024 Term Loan B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67% (3 mo. USD Term SOFR + 2.000%) *<sup>(2)</sup>* | 12/15/31 | 80245 | 78877 |
|  |  |  | 669868 |
|  **Electric — 0.0%** | **Electric — 0.0%** | **Electric — 0.0%** | **Electric — 0.0%** |
|  Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 mo. USD Term SOFR + 1.750%) *<sup>(2)</sup>* | 09/30/31 | 111774 | 111628 |
|  Cornerstone Generation LLC Term Loan B | Cornerstone Generation LLC Term Loan B | Cornerstone Generation LLC Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (3 mo. USD Term SOFR + 2.250%) *<sup>(2)</sup>* | 08/11/32 | 25244 | 25298 |
|  Potomac Energy Center LLC 2026 Term Loan B | Potomac Energy Center LLC 2026 Term Loan B | Potomac Energy Center LLC 2026 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (3 mo. USD Term SOFR + 2.750%) *<sup>(2)</sup>* | 08/05/32 | 28102 | 28172 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** |
|  South Field LLC 2025 1st Lien Term Loan B | South Field LLC 2025 1st Lien Term Loan B | South Field LLC 2025 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% (3 mo. USD Term SOFR + 3.000%) *<sup>(2)</sup>* | 08/29/31 | 29150 | $| 29296 |
|  South Field LLC 2025 1st Lien Term Loan C | South Field LLC 2025 1st Lien Term Loan C | South Field LLC 2025 1st Lien Term Loan C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% (3 mo. USD Term SOFR + 3.000%) *<sup>(2)</sup>* | 08/29/31 | 1823 |  | 1832 |
|  Vistra Operations Co. LLC 1st Lien Term Loan B3 | Vistra Operations Co. LLC 1st Lien Term Loan B3 | Vistra Operations Co. LLC 1st Lien Term Loan B3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 mo. USD Term SOFR + 1.750%) *<sup>(2)</sup>* | 12/20/30 | 217749 |  | 218316 |
|  |  |  |  | 414542 |
|  **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
|  Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.21% (3 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 12/29/28 | 109782 |  | 97981 |
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
|  LSF12 Crown U.S. Commercial Bidco LLC 2026 Term Loan B | LSF12 Crown U.S. Commercial Bidco LLC 2026 Term Loan B | LSF12 Crown U.S. Commercial Bidco LLC 2026 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.67% (1 mo. USD Term SOFR + 3.000%) *<sup>(2)</sup>* | 12/02/31 | 25631 |  | 25689 |
|  TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.92% (3 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 10/24/31 | 113563 |  | 113775 |
|  |  |  |  | 139464 |
|  **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
|  City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.46% (3 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 07/22/30 | 87328 |  | 87246 |
|  DK Crown Holdings, Inc. 2025 Term Loan B | DK Crown Holdings, Inc. 2025 Term Loan B | DK Crown Holdings, Inc. 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 mo. USD Term SOFR + 1.750%) *<sup>(2)</sup>* | 03/04/32 | 37293 |  | 37299 |
|  EOC Borrower LLC Term Loan A | EOC Borrower LLC Term Loan A | EOC Borrower LLC Term Loan A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.42% (1 mo. USD Term SOFR + 3.750%) *<sup>(2)</sup>* | 03/24/28 | 27093 |  | 27127 |
|  Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% (3 mo. USD Term SOFR + 1.750%) *<sup>(2)</sup>* | 11/30/30 | 134657 |  | 133513 |
|  Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.44% (3 mo. USD Term SOFR + 4.750%) *<sup>(2)</sup>* | 11/01/29 | 80696 |  | 79654 |
|  GVC Holdings Gibraltar Ltd. 2025 Term Loan B6 (2029) | GVC Holdings Gibraltar Ltd. 2025 Term Loan B6 (2029) | GVC Holdings Gibraltar Ltd. 2025 Term Loan B6 (2029) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% (3 mo. USD Term SOFR + 2.250%) *<sup>(2)</sup>* | 10/31/29 | 37240 |  | 37272 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Entertainment (Continued)** | **Entertainment (Continued)** | **Entertainment (Continued)** | **Entertainment (Continued)** | **Entertainment (Continued)** |
|  Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.40% (3 mo. USD Term SOFR + 4.750%) *<sup>(2)</sup>* | 08/16/31 | 62594 | $| 61968 |
|  TKO Worldwide Holdings LLC 2025 Term Loan | TKO Worldwide Holdings LLC 2025 Term Loan | TKO Worldwide Holdings LLC 2025 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.66% (3 mo. USD Term SOFR + 2.000%) *<sup>(2)</sup>* | 11/21/31 | 60507 |  | 60545 |
|  Voyager Parent LLC Repriced Term Loan B | Voyager Parent LLC Repriced Term Loan B | Voyager Parent LLC Repriced Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95% (3 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 07/01/32 | 99859 |  | 99308 |
|  |  |  |  | 623932 |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  Action Environmental Group, Inc. 2023 Term Loan B | Action Environmental Group, Inc. 2023 Term Loan B | Action Environmental Group, Inc. 2023 Term Loan B | Action Environmental Group, Inc. 2023 Term Loan B | Action Environmental Group, Inc. 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.69% (3 mo. USD Term SOFR + 3.000%) *<sup>(2)</sup>* | 10/24/30 | 35814 |  | 35754 |
|  Heritage Environmental Services, Inc. 2026 Term Loan B | Heritage Environmental Services, Inc. 2026 Term Loan B | Heritage Environmental Services, Inc. 2026 Term Loan B | Heritage Environmental Services, Inc. 2026 Term Loan B | Heritage Environmental Services, Inc. 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(11)</sup>* | 03/18/33 | 35237 |  | 35325 |
|  |  |  |  | 71079 |
|  **Food — 0.0%** | **Food — 0.0%** | **Food — 0.0%** | **Food — 0.0%** | **Food — 0.0%** |
|  BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.78% (1 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 06/09/28 | 63046 |  | 62944 |
|  C&S Wholesale Grocers, Inc. Term Loan B | C&S Wholesale Grocers, Inc. Term Loan B | C&S Wholesale Grocers, Inc. Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.70% (3 mo. USD Term SOFR + 5.000%) *<sup>(2)</sup>* | 09/20/30 | 144669 |  | 141714 |
|  United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (1 mo. USD Term SOFR + 4.750%) *<sup>(2)</sup>* | 05/01/31 | 93984 |  | 94642 |
|  |  |  |  | 299300 |
|  **Health Care-Products — 0.0%** | **Health Care-Products — 0.0%** | **Health Care-Products — 0.0%** | **Health Care-Products — 0.0%** | **Health Care-Products — 0.0%** |
|  Antylia Scientific Term Loan | Antylia Scientific Term Loan | Antylia Scientific Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.66% (3 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 05/27/32 | 53808 |  | 53471 |
|  Hologic, Inc. 2026 Term Loan B | Hologic, Inc. 2026 Term Loan B | Hologic, Inc. 2026 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(11)</sup>* | 01/14/33 | 48697 |  | 48177 |
|  QuidelOrtho Corp. Term Loan | QuidelOrtho Corp. Term Loan | QuidelOrtho Corp. Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (1 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 08/20/32 | 80854 |  | 80854 |
|  QuidelOrtho Corp. Term Loan A | QuidelOrtho Corp. Term Loan A | QuidelOrtho Corp. Term Loan A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (1 mo. USD Term SOFR + 2.250%) *<sup>(2)</sup>* | 08/14/30 | 57592 |  | 55361 |
|  |  |  |  | 237863 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Health Care-Services — 0.1%** | **Health Care-Services — 0.1%** | **Health Care-Services — 0.1%** | **Health Care-Services — 0.1%** |
|  Heartland Dental LLC 2025 Term Loan | Heartland Dental LLC 2025 Term Loan | Heartland Dental LLC 2025 Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.42% (1 mo. USD Term SOFR + 3.750%) *<sup>(2)</sup>* | 08/25/32 | $89079 | $89013 |
|  IQVIA, Inc. 2025 Incremental Term Loan B5 | IQVIA, Inc. 2025 Incremental Term Loan B5 | IQVIA, Inc. 2025 Incremental Term Loan B5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% (3 mo. USD Term SOFR + 1.750%) *<sup>(2)</sup>* | 01/02/31 | 174132 | 174850 |
|  ModivCare Buyer LLC Super Senior Term Loan | ModivCare Buyer LLC Super Senior Term Loan | ModivCare Buyer LLC Super Senior Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95% (3 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 12/29/30 | 154613 | 155128 |
|  ModivCare Buyer LLC Takeback Term Loan | ModivCare Buyer LLC Takeback Term Loan | ModivCare Buyer LLC Takeback Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95% (3 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 12/30/32 | 262796 | 247028 |
|  Pediatric Associates Holding Co. LLC 2021 Term Loan B | Pediatric Associates Holding Co. LLC 2021 Term Loan B | Pediatric Associates Holding Co. LLC 2021 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.18% (3 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 12/29/28 | 33197 | 31851 |
|  Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.70% (3 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 09/27/30 | 22527 | 22304 |
|  |  |  | 720174 |
|  **Holding Companies - Diversified — 0.0%** | **Holding Companies - Diversified — 0.0%** | **Holding Companies - Diversified — 0.0%** | **Holding Companies - Diversified — 0.0%** |
|  GC Ferry Acquisition I, Inc. Term Loan | GC Ferry Acquisition I, Inc. Term Loan | GC Ferry Acquisition I, Inc. Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% (3 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 08/16/32 | 51183 | 50543 |
|  **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
|  Lavender Dutch BorrowerCo BV Term Loan | Lavender Dutch BorrowerCo BV Term Loan | Lavender Dutch BorrowerCo BV Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.93% (3 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 12/30/32 | 65613 | 64793 |
|  **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
|  Asurion LLC 2021 Second Lien Term Loan B4 | Asurion LLC 2021 Second Lien Term Loan B4 | Asurion LLC 2021 Second Lien Term Loan B4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.03% (1 mo. USD Term SOFR + 5.250%) *<sup>(2)</sup>* | 01/20/29 | 18358 | 18267 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
|  Arches Buyer, Inc. 2021 Term Loan B | Arches Buyer, Inc. 2021 Term Loan B | Arches Buyer, Inc. 2021 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.02% (1 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 12/06/27 | 47394 | 47291 |
|  Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.17% (3 mo. USD Term SOFR + 4.500%) *<sup>(2)</sup>* | 08/15/29 | 32301 | 20874 |
|  Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.64% (3 mo. USD Term SOFR + 5.000%) *<sup>(2)</sup>* | 12/12/29 | 135242 | 133171 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** |
|  Delivery Hero SE 2026 Term Loan B | Delivery Hero SE 2026 Term Loan B | Delivery Hero SE 2026 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% (3 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 06/30/32 | 46653 | $| 45195 |
|  Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.67% (1 mo. USD Term SOFR + 3.000%) *<sup>(2)</sup>* | 02/06/31 | 34068 |  | 33812 |
|  MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.92% (1 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 05/03/28 | 51559 |  | 44469 |
|  MH Sub I LLC 2024 Term Loan B4 | MH Sub I LLC 2024 Term Loan B4 | MH Sub I LLC 2024 Term Loan B4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.92% (1 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 12/31/31 | 77034 |  | 51709 |
|  Plano HoldCo, Inc. Term Loan B | Plano HoldCo, Inc. Term Loan B | Plano HoldCo, Inc. Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% (3 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 10/02/31 | 19800 |  | 16038 |
|  PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (1 mo. USD Term SOFR + 4.750%) *<sup>(2)</sup>* | 03/15/30 | 23693 |  | 23390 |
|  Red Ventures LLC 2024 Term Loan B | Red Ventures LLC 2024 Term Loan B | Red Ventures LLC 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (1 mo. USD Term SOFR + 2.750%) *<sup>(2)</sup>* | 03/04/30 | 62901 |  | 55849 |
|  TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (1 mo. USD Term SOFR + 2.750%) *<sup>(2)</sup>* | 07/08/31 | 46308 |  | 44070 |
|  |  |  |  | 515868 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.77% (1 mo. USD Term SOFR + 6.000%) *<sup>(2)</sup>* | 11/15/29 | 21912 |  | 17386 |
| **Lodging —0.1%** | **Lodging —0.1%** | **Lodging —0.1%** | **Lodging —0.1%** | **Lodging —0.1%** |
|  Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 | Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 | Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% (1 mo. USD Term SOFR + 1.750%) *<sup>(2)</sup>* | 11/08/30 | 498366 |  | 499898 |
|  Station Casinos LLC 2024 Term Loan B | Station Casinos LLC 2024 Term Loan B | Station Casinos LLC 2024 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67% (1 mo. USD Term SOFR + 2.000%) *<sup>(2)</sup>* | 03/14/31 | 28522 |  | 28546 |
|  |  |  |  | 528444 |
| **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
|  WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67% (1 mo. USD Term SOFR + 2.000%) *<sup>(2)</sup>* | 01/27/31 | 50033 |  | 50002 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
|  Charter Communications Operating LLC 2024 Term Loan B5 | Charter Communications Operating LLC 2024 Term Loan B5 | Charter Communications Operating LLC 2024 Term Loan B5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.91% (3 mo. USD Term SOFR + 2.250%) *<sup>(2)</sup>* | 12/15/31 | $1443204 | $1444741 |
|  Ziggo Financing Partnership 2025 Term Loan B | Ziggo Financing Partnership 2025 Term Loan B | Ziggo Financing Partnership 2025 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.03% (6 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 01/15/33 | 62677 | 61189 |
|  |  |  | 1505930 |
| **Miscellaneous Manufacturers — 0.0%** | **Miscellaneous Manufacturers — 0.0%** | **Miscellaneous Manufacturers — 0.0%** | **Miscellaneous Manufacturers — 0.0%** |
|  Cleanova U.S. Holdings LLC 2025 Term Loan B | Cleanova U.S. Holdings LLC 2025 Term Loan B | Cleanova U.S. Holdings LLC 2025 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (3 mo. USD Term SOFR + 4.750%) *<sup>(2)</sup>* | 06/14/32 | 33890 | 33975 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
|  Xerox Holdings Corp. 2023 Non-CoOp Term Loan | Xerox Holdings Corp. 2023 Non-CoOp Term Loan | Xerox Holdings Corp. 2023 Non-CoOp Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.73% (6 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 11/19/29 | 281065 | 200259 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
|  Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (3 mo. USD Term SOFR + 4.750%) *<sup>(2)</sup>* | 10/18/31 | 44194 | 29831 |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
|  Jazz Financing Lux SARL 2024 1st Lien Term Loan B2 | Jazz Financing Lux SARL 2024 1st Lien Term Loan B2 | Jazz Financing Lux SARL 2024 1st Lien Term Loan B2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (1 mo. USD Term SOFR + 2.250%) *<sup>(2)</sup>* | 05/05/28 | 61574 | 61882 |
| **REIT — 0.3%** | **REIT — 0.3%** | **REIT — 0.3%** | **REIT — 0.3%** |
|  Healthpeak Properties, Inc. 2024 Term Loan A3 | Healthpeak Properties, Inc. 2024 Term Loan A3 | Healthpeak Properties, Inc. 2024 Term Loan A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48% (3 mo. USD Term SOFR + 0.850%) *<sup>(2)</sup>* | 03/01/29 | 669298 | 659259 |
|  Healthpeak Properties, Inc. Term Loan A1 | Healthpeak Properties, Inc. Term Loan A1 | Healthpeak Properties, Inc. Term Loan A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51% (1 mo. USD Term SOFR + 0.840%) *<sup>(2)</sup>* | 08/20/27 | 331629 | 328312 |
|  Healthpeak Properties, Inc. Term Loan A2 | Healthpeak Properties, Inc. Term Loan A2 | Healthpeak Properties, Inc. Term Loan A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51% (1 mo. USD Term SOFR + 0.840%) *<sup>(2)</sup>* | 02/22/27 | 331629 | 328312 |
|  Invitation Homes Operating Partnership LP 2024 Term Loan | Invitation Homes Operating Partnership LP 2024 Term Loan | Invitation Homes Operating Partnership LP 2024 Term Loan |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.53% (1 mo. USD Term SOFR + 0.850%) *<sup>(2)</sup>* | 09/09/28 | 954196 | 947040 |
|  |  |  | 2262923 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  1011778 BC Unlimited Liability Co. 2024 Term Loan B6 | 1011778 BC Unlimited Liability Co. 2024 Term Loan B6 | 1011778 BC Unlimited Liability Co. 2024 Term Loan B6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 mo. USD Term SOFR + 1.750%) *<sup>(2)</sup>* | 09/20/30 | $19307 | $19288 |
|  Dave & Buster's, Inc. 2024 1st Lien Term Loan B | Dave & Buster's, Inc. 2024 1st Lien Term Loan B | Dave & Buster's, Inc. 2024 1st Lien Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.94% (3 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 11/01/31 | 63191 | 53092 |
|  KFC Holding Co. 2021 Term Loan B | KFC Holding Co. 2021 Term Loan B | KFC Holding Co. 2021 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.54% (1 mo. USD Term SOFR + 1.750%) *<sup>(2)</sup>* | 03/15/28 | 190736 | 191690 |
|  Michaels Cos., Inc. 2026 Term Loan B | Michaels Cos., Inc. 2026 Term Loan B | Michaels Cos., Inc. 2026 Term Loan B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.67% (3 mo. USD Term SOFR + 5.000%) *<sup>(2)</sup>* | 03/15/33 | 132756 | 129113 |
|  Peer Holding III BV 2025 USD Term Loan B | Peer Holding III BV 2025 USD Term Loan B | Peer Holding III BV 2025 USD Term Loan B | Peer Holding III BV 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% (3 mo. USD Term SOFR + 2.250%) *<sup>(2)</sup>* | 09/29/32 | 150000 | 148898 |
|  Peer Holding III BV 2025 USD Term Loan B5B | Peer Holding III BV 2025 USD Term Loan B5B | Peer Holding III BV 2025 USD Term Loan B5B | Peer Holding III BV 2025 USD Term Loan B5B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% (3 mo. USD Term SOFR + 2.500%) *<sup>(2)</sup>* | 07/01/31 | 124104 | 124008 |
|  Raising Cane's Restaurants LLC 2025 Term Loan B | Raising Cane's Restaurants LLC 2025 Term Loan B | Raising Cane's Restaurants LLC 2025 Term Loan B | Raising Cane's Restaurants LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67% (1 mo. USD Term SOFR + 2.000%) *<sup>(2)</sup>* | 11/03/32 | 61725 | 61436 |
|  |  |  | 727525 |
|  **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
|  Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.42% (3 mo. USD Term SOFR + 3.750% *<sup>(2)</sup>* | 12/29/28 | 22419 | 9007 |
|  Cloud Software Group, Inc. 2025 Term Loan B (2031) | Cloud Software Group, Inc. 2025 Term Loan B (2031) | Cloud Software Group, Inc. 2025 Term Loan B (2031) | Cloud Software Group, Inc. 2025 Term Loan B (2031) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% (3 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 03/21/31 | 40475 | 37197 |
|  Cloudera, Inc. 2021 Term Loan | Cloudera, Inc. 2021 Term Loan | Cloudera, Inc. 2021 Term Loan | Cloudera, Inc. 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.52% (1 mo. USD Term SOFR + 3.750%) *<sup>(2)</sup>* | 10/08/28 | 86915 | 77843 |
|  Darktrace PLC 1st Lien Term Loan | Darktrace PLC 1st Lien Term Loan | Darktrace PLC 1st Lien Term Loan | Darktrace PLC 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% (3 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 10/09/31 | 55273 | 53069 |
|  DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (1 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 04/26/29 | 31659 | 27412 |
|  Electronic Arts, Inc. USD Term Loan B | Electronic Arts, Inc. USD Term Loan B | Electronic Arts, Inc. USD Term Loan B | Electronic Arts, Inc. USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(11)</sup>* | 03/24/33 | 18424 | 18332 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
|  Genesys Cloud Services Holdings II LLC 2025<br>USD Term Loan B | Genesys Cloud Services Holdings II LLC 2025<br>USD Term Loan B | Genesys Cloud Services Holdings II LLC 2025<br>USD Term Loan B | Genesys Cloud Services Holdings II LLC 2025<br>USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17% (1 mo. USD Term SOFR + 2.500%) *<sup>(2)</sup>* | 01/30/32 | 37438 | 35893 |
|  Planview Parent, Inc. 2024 1st Lien Term Loan | Planview Parent, Inc. 2024 1st Lien Term Loan | Planview Parent, Inc. 2024 1st Lien Term Loan | Planview Parent, Inc. 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% (3 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 12/17/27 | 269417 | 202906 |
|  Project Alpha Intermediate Holding, Inc. 2024<br>1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024<br>1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024<br>1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024<br>1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% (3 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 10/26/30 | 165011 | 125784 |
|  Quartz Acquireco LLC 2025 Term Loan B | Quartz Acquireco LLC 2025 Term Loan B | Quartz Acquireco LLC 2025 Term Loan B | Quartz Acquireco LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% (3 mo. USD Term SOFR + 2.250%) *<sup>(2)</sup>* | 06/28/30 | 66471 | 55670 |
|  Renaissance Holding Corp. 2024 1st Lien Term Loan | Renaissance Holding Corp. 2024 1st Lien Term Loan | Renaissance Holding Corp. 2024 1st Lien Term Loan | Renaissance Holding Corp. 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (3 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 04/05/30 | 244054 | 175491 |
|  SonarSource Financing LLC Term Loan | SonarSource Financing LLC Term Loan | SonarSource Financing LLC Term Loan | SonarSource Financing LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.17% (3 mo. USD Term SOFR + 4.500%) *<sup>(2)</sup>* | 12/19/30 | 61260 | 56359 |
|  |  |  | 874963 |
| **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** |
|  GOGO Intermediate Holdings LLC Term Loan B | GOGO Intermediate Holdings LLC Term Loan B | GOGO Intermediate Holdings LLC Term Loan B | GOGO Intermediate Holdings LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.53% (1 mo. USD Term SOFR + 3.750%) *<sup>(2)</sup>* | 04/30/28 | 42362 | 37194 |
|  Zayo Group Holdings, Inc. 2025 USD Term Loan | Zayo Group Holdings, Inc. 2025 USD Term Loan | Zayo Group Holdings, Inc. 2025 USD Term Loan | Zayo Group Holdings, Inc. 2025 USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.78% (1 mo. USD Term SOFR + 3.000%) *<sup>(2)</sup>* | 03/11/30 | 42250 | 41562 |
|  |  |  | 78756 |
|  **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** |  |
|  (Cost: $12,478,128) | (Cost: $12,478,128) | (Cost: $12,478,128) | 12160409 |
|  **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |  |
|  (Cost: $986,195,511) | (Cost: $986,195,511) | (Cost: $986,195,511) | 983625425 |
|  **CONVERTIBLE SECURITIES — 0.2%** | **CONVERTIBLE SECURITIES — 0.2%** | **CONVERTIBLE SECURITIES — 0.2%** | **CONVERTIBLE SECURITIES — 0.2%** |
|  **CONVERTIBLE CORPORATE BONDS — 0.2%** | **CONVERTIBLE CORPORATE BONDS — 0.2%** | **CONVERTIBLE CORPORATE BONDS — 0.2%** | **CONVERTIBLE CORPORATE BONDS — 0.2%** |
|  **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
|  Davide Campari-Milano NV (Italy) | Davide Campari-Milano NV (Italy) | Davide Campari-Milano NV (Italy) | Davide Campari-Milano NV (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% *<sup>(6)</sup>* | 01/17/29 | EUR 300,000 | 336700 |
|  **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
|  Worldline SA (France) | Worldline SA (France) | Worldline SA (France) | Worldline SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6),(8)</sup>* | 07/30/26 | EUR 128,682 | 150501 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Cellnex Telecom SA | Cellnex Telecom SA | Cellnex Telecom SA | Cellnex Telecom SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% *<sup>(6)</sup>* | 11/20/31 | EUR 1,300,000 | $1334294 |
|  **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
|  Delivery Hero SE | Delivery Hero SE | Delivery Hero SE | Delivery Hero SE |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% *<sup>(6)</sup>* | 01/15/28 | EUR 400,000 | 430374 |
|  **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** |  |
|  (Cost: $2,212,603) | (Cost: $2,212,603) | (Cost: $2,212,603) | 2251869 |
|  **Total Convertible Securities** | **Total Convertible Securities** | **Total Convertible Securities** |  |
|  (Cost: $2,212,603) | (Cost: $2,212,603) | (Cost: $2,212,603) | 2251869 |
| **Issues** | **Issues** | **Shares** | **Value** |
|  **COMMON STOCK — 0.0%** | **COMMON STOCK — 0.0%** | **COMMON STOCK — 0.0%** | **COMMON STOCK — 0.0%** |
|  **Health Care-Services — 0.0%** | **Health Care-Services — 0.0%** | **Health Care-Services — 0.0%** | **Health Care-Services — 0.0%** |
|  ModivCare, Inc.*<sup>(12)</sup>* | ModivCare, Inc.*<sup>(12)</sup>* | 31872 | 207168 |
|  **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |  |
|  (Cost: $207,168) | (Cost: $207,168) | (Cost: $207,168) | 207168 |

---

---

| | | |
|:---|:---|:---|
| **<br>Issues** | **<br>Shares** | **<br>Value** |
|  **MONEY MARKET INVESTMENTS — 4.8%** | **MONEY MARKET INVESTMENTS — 4.8%** | **MONEY MARKET INVESTMENTS — 4.8%** |
|  State Street Institutional U.S. Government Money Market<br>Fund — Premier Class, 3.60% *<sup>(13)</sup>* | 5505923 | $5505923 |
|  TCW Central Cash Fund, 3.69% *<sup>(13),(14)</sup>* | 38711802 | 38711802 |
|  **Total Money Market Investments** <br> (Cost: $44,217,725) | **Total Money Market Investments** <br> (Cost: $44,217,725) | 44217725 |
|  **Total Investments (112.2%)**<br> (Cost: $1,032,833,007) | **Total Investments (112.2%)**<br> (Cost: $1,032,833,007) | 1030302187 |
|  **Net unrealized appreciation/depreciation on Unfunded Commitments** *<sup>(15)</sup>* **(0.0%)** | **Net unrealized appreciation/depreciation on Unfunded Commitments** *<sup>(15)</sup>* **(0.0%)** | (110) |
|  **Liabilities In Excess Of Other Assets (-12.2%)** | **Liabilities In Excess Of Other Assets (-12.2%)** | (111749461) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | $918552616 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional<br>Contract<br>Value** | **Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** |  |  |  |  |  |
| 2707 | 2-Year U.S. Treasury Note Futures | 06/30/26 | $565610910 | $561554460 | $(4056450) |
|  **Short Futures** | **Short Futures** |  |  |  |  |
| 14 | 10-Year Australian Bond Futures | 06/15/26 | $(1036302) | $(1033208) | $3094 |
| 431 | 10-Year U.S. Treasury Note Futures | 06/18/26 | (49695651) | (48925234) | 770417 |
| 25 | 3-Year Australian Bond Futures | 06/15/26 | (1769319) | (1774831) | (5512) |
| 798 | 5-Year U.S. Treasury Note Futures | 06/30/26 | (87437398) | (86327391) | 1110007 |
| 123 | Euro Schatz Futures | 06/08/26 | (14984043) | (14986951) | (2908) |
| 2 | Euro-Bobl Futures | 06/08/26 | (268886) | (265997) | 2889 |
| 23 | Euro-Bund Futures | 06/08/26 | (3339542) | (3322910) | 16632 |
| 3 | Long Gilt Futures | 06/26/26 | (346642) | (347306) | (664) |
| 85 | U.S. Ultra Long Bond Futures | 06/18/26 | (10147806) | (9907813) | 239993 |
|  |  |  | $(169025589) | $(166891641) | $2133948 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts at<br>Value** | **Unrealized**<br> **Appreciation<br>(Depreciation)** |
| **BUY** *<sup>(16)</sup>* |  |  |  |  |  |  |
|  Citibank N.A. | EUR | 194707 | 04/01/26 | $228807 | $224340 | $(4467) |
|  Goldman Sachs & Co. | EUR | 4711831 | 04/01/26 | 5431317 | 5428971 | (2346) |
|  Citibank N.A. | GBP | 7873899 | 04/01/26 | 10484096 | 10383305 | (100791) |
|  |  |  |  | $16144220 | $16036616 | $(107604) |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts at<br>Value** | **Unrealized**<br> **Appreciation<br>(Depreciation)** |
| **SELL** *<sup>(17)</sup>* |  |  |  |  |  |  |
|  JP Morgan Chase Bank | AUD | 2651154 | 06/26/26 | $1839362 | $1813473 | $25889 |
|  Barclays Capital | AUD | 3082052 | 06/26/26 | 2138259 | 2108221 | 30038 |
|  Bank of America | EUR | 4490398 | 04/01/26 | 5286055 | 5173835 | 112220 |
|  Citibank N.A. | EUR | 416140 | 04/01/26 | 483512 | 479476 | 4036 |
|  Bank of America | EUR | 2745789 | 06/26/26 | 3199874 | 3175875 | 23999 |
|  JP Morgan Chase Bank | EUR | 1560515 | 06/26/26 | 1818847 | 1804946 | 13901 |
|  Goldman Sachs & Co. | EUR | 9125159 | 06/26/26 | 10575138 | 10554475 | 20663 |
|  Citibank N.A. | EUR | 2142477 | 06/26/26 | 2481285 | 2478064 | 3221 |
|  Bank of New York | EUR | 2383340 | 06/26/26 | 2761355 | 2756654 | 4701 |
|  Bank of New York | GBP | 3269787 | 04/01/26 | 4424450 | 4311865 | 112585 |
|  JP Morgan Chase Bank | GBP | 4604112 | 04/01/26 | 6144301 | 6071439 | 72862 |
|  JP Morgan Chase Bank | GBP | 2341624 | 06/26/26 | 3113144 | 3086963 | 26181 |
|  Citibank N.A. | GBP | 7873899 | 06/26/26 | 10480632 | 10380163 | 100469 |
|  |  |  |  | $54746214 | $54195449 | $550765 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| OTC - Credit Default Swaps | OTC - Credit Default Swaps | OTC - Credit Default Swaps | OTC - Credit Default Swaps | OTC - Credit Default Swaps | OTC - Credit Default Swaps | OTC - Credit Default Swaps | OTC - Credit Default Swaps | OTC - Credit Default Swaps |
| Sell Protection | Sell Protection | Sell Protection | Sell Protection | Sell Protection | Sell Protection | Sell Protection | Sell Protection | Sell Protection |
| **Notional Amount** *<sup>(19)</sup>* | **Expiration<br>Date** | **Counterparty** | **Reference Entity** | **Fixed Deal<br>Pay Rate** | **Payment<br>Frequency** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Premium<br>Paid** | **Value** |
|  **OTC Swaps** *<sup>(18)</sup>* | **OTC Swaps** *<sup>(18)</sup>* | **OTC Swaps** *<sup>(18)</sup>* | **OTC Swaps** *<sup>(18)</sup>* | **OTC Swaps** *<sup>(18)</sup>* | **OTC Swaps** *<sup>(18)</sup>* | **OTC Swaps** *<sup>(18)</sup>* | **OTC Swaps** *<sup>(18)</sup>* | **OTC Swaps** *<sup>(18)</sup>* |
|  USD 2,255,000 | 06/20/31 | Goldman Sachs<br>International | Oracle Corp. 3.25%<br> 11/15/27 | 1.00% | Quarterly | $(5747) | $(84340) | $(90087) |
| **Total Credit Default Swaps** | **Total Credit Default Swaps** | **Total Credit Default Swaps** | **Total Credit Default Swaps** | **Total Credit Default Swaps** | **Total Credit Default Swaps** | **Total Credit Default Swaps** | **Total Credit Default Swaps** | **Total Credit Default Swaps** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements |
| **Notional<br>Amount** | **Expiration<br>Date** | **Payment<br>Made by<br>Fund<br>Frequency** | **Payment**<br>**Made by Fund** | **Payment<br>Received<br>by Fund<br>Frequency** | **Payment<br>Received<br>by Fund** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Premium<br>Paid** | **Value** |
|  GBP 30,979,000 | 03/20/28 | Annual | 12 - Month SONIA | Annual | 3.93% | $(72742) | $(133082) | $(205824) |

---

#### Notes to the Schedule of Investments:
*ABS* *Asset-Backed Securities.* 

*ACES* *Alternative Credit Enhancement Securities.* 

*CLO* *Collateralized Loan Obligation.* 

*CMT* *Constant Maturity Treasury Index.* 

*EUR* *Euro Currency.* 

*EURIBOR* *Euro Interbank Offered Rate.* 

*GBP* *British Pound Sterling.* 

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

*I/O* *Interest Only Security.* 

*LIBOR* *London Interbank Offered Rate.* 

*PAC* *Planned Amortization Class.* 

*PIK* *Payment In Kind.* 

*REIT* *Real Estate Investment Trust.* 

*REMIC* *Real Estate Mortgage Investment Conduits.* 

*SOFR* *Secured Overnight Financing Rate.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Low Duration Bond Fund
March 31, 2026

*SONIA* *Sterling Overnight Index Average.* 

*STACR* *Structured Agency Credit Risk.* 

*STRIPS* *Separate Trading of Registered Interest and Principal Securities.* 

*TBA* *To Be Announced.* 

*USD* *United States Dollar.* 

*(1)* *Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At March 31, 2026, the value of these securities amounted to $264,361,979 or 28.8% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Trust's Board of Trustees.* 

*(2)* *Floating or variable rate security. The interest shown reflects the rate in effect at March 31, 2026.* 

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

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

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

*(6)* *Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At March 31, 2026, the value of these securities amounted to $27,179,096 or 3.0% of net assets.* 

*(7)* *Perpetual maturity.* 

*(8)* *Security is not accruing interest.* 

*(9)* *Restricted security (Note 11).* 

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

*(11)* *This position represents an unsettled bank loan at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.* 

*(12)* *Non-income producing security.* 

*(13)* *Rate disclosed is the 7-day net yield as of March 31, 2026.* 

*(14)* *Affiliated issuer.* 

*(15)* *Unfunded or partially unfunded loan commitments. The Fund may enter into certain credit agreements for which all or a portion may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion.* 

*(16)* *Fund buys foreign currency, sells USD.* 

*(17)* *Fund sells foreign currency, buys USD.* 

*(18)* *The value of a credit default swap agreement serves as an indicator of the current status of the payments/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreements.* 

*(19)* *The maximum potential amount the Fund could be required to make as seller of credit protection or receive as buyer of protection if a credit event occurred as defined under the terms of that particular swap agreement.* 

The summary of the TCW MetWest Low Duration Bond Fund transactions in the affiliated funds for the year ended March 31, 2026 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of**<br> **Affiliated Fund** | **Value at<br>March 31,<br>2025** | **Purchases**<br>**at Cost** | **Proceeds**<br>**from Sales** | **Number of<br>Shares Held<br>March 31, 2026** | **Value at<br>March 31,<br>2026** | **Dividends and<br>Interest<br>Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net Realized<br>Gain (Loss)<br>on<br>Investments** | **Net change in<br>Unrealized<br>Gain (Loss)<br>on<br>Investments** |
|  **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** |  |  |  |  |  |
|  | $17362135 | $1705949667 | $1684600000 | 38711802 | $38711802 | $3385577 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $38711802 | $3385577 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

Fair Valuation Summary March 31, 2026

The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets**<br>**(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $264745162 | $— | $264745162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 197539163 |  | 197539163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Agency |  | 190605680 |  | 190605680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 139223082 | 4505534 | 143728616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Non-Agency |  | 91472460 |  | 91472460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Non-Agency |  | 63710930 |  | 63710930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds |  | 14299743 |  | 14299743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 12160409 |  | 12160409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Agency |  | 5363262 |  | 5363262 |
|  Total Fixed Income Securities |  | 979119891 | 4505534 | 983625425 |
|  Convertible Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Corporate Bonds |  | 2251869 |  | 2251869 |
|  Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 44217725 |  |  | 44217725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock |  | 207168 |  | 207168 |
|  Total Equity Securities | 44217725 | 207168 |  | 44424893 |
|  Net Unrealized Appreciation (Depreciation) on Unfunded Commitments |  | (110) |  | (110) |
|  Total Investments | $44217725 | $981578818 | $4505534 | $1030302077 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 550765 |  | 550765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 2143032 |  |  | 2143032 |
|  Total | $46360757 | $982129583 | $4505534 | $1032995874 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | $(4065534) | $— | $— | $(4065534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | (107604) |  | (107604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Rate Risk |  | (90087) |  | (90087) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk |  | (205824) |  | (205824) |
|  Total | $(4065534) | $(403515) | $— | $(4469049) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Strategic Income Fund
Schedule of Investments March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 96.6% of Net Assets** | **FIXED INCOME SECURITIES — 96.6% of Net Assets** | **FIXED INCOME SECURITIES — 96.6% of Net Assets** | **FIXED INCOME SECURITIES — 96.6% of Net Assets** |
| **ASSET-BACKED SECURITIES — 8.7%** | **ASSET-BACKED SECURITIES — 8.7%** | **ASSET-BACKED SECURITIES — 8.7%** | **ASSET-BACKED SECURITIES — 8.7%** |
|  ALLO Issuer LLC Series 2023-1A, Class C | ALLO Issuer LLC Series 2023-1A, Class C | ALLO Issuer LLC Series 2023-1A, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.18% *<sup>(1)</sup>* | 06/20/53 | $&nbsp;&nbsp;&nbsp;&nbsp;230000 | $239455 |
|  Bain Capital Credit CLO Ltd. Series 2021-3A, Class BR | Bain Capital Credit CLO Ltd. Series 2021-3A, Class BR | Bain Capital Credit CLO Ltd. Series 2021-3A, Class BR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22% (3 mo. USD<br>Term SOFR +<br>1.550%) *<sup>(1),(2)</sup>* | 07/24/34 | 125000 | 124750 |
|  Ballyrock CLO 19 Ltd. Series 2022-19A, Class CR | Ballyrock CLO 19 Ltd. Series 2022-19A, Class CR | Ballyrock CLO 19 Ltd. Series 2022-19A, Class CR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.77% (3 mo. USD<br>Term SOFR +<br>3.100%) *<sup>(1),(2)</sup>* | 04/20/35 | 175000 | 171299 |
|  BBAM U.S. CLO VI Ltd. Series 2025-6A, Class SUB | BBAM U.S. CLO VI Ltd. Series 2025-6A, Class SUB | BBAM U.S. CLO VI Ltd. Series 2025-6A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(3),(4)</sup>* | 01/27/39 | 100000 | 76722 |
|  BCRED CLO LLC Series 2023-1A, Class A | BCRED CLO LLC Series 2023-1A, Class A | BCRED CLO LLC Series 2023-1A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.97% (3 mo. USD<br>Term SOFR +<br>2.300%) *<sup>(1),(2)</sup>* | 01/20/36 | 250000 | 250192 |
|  Carvana Auto Receivables Trust Series 2022-P3, Class R | Carvana Auto Receivables Trust Series 2022-P3, Class R | Carvana Auto Receivables Trust Series 2022-P3, Class R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(4),(5)</sup>* | 09/10/29 | 1750 | 131942 |
|  Consolidated Communications LLC/Fidium Fiber<br>Finance Holdco LLC Series 2025-1A, Class A2 | Consolidated Communications LLC/Fidium Fiber<br>Finance Holdco LLC Series 2025-1A, Class A2 | Consolidated Communications LLC/Fidium Fiber<br>Finance Holdco LLC Series 2025-1A, Class A2 | Consolidated Communications LLC/Fidium Fiber<br>Finance Holdco LLC Series 2025-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(1)</sup>* | 05/20/55 | 65000 | 66041 |
|  Crystal River CDO Ltd. Series 2005-1A, Class A | Crystal River CDO Ltd. Series 2005-1A, Class A | Crystal River CDO Ltd. Series 2005-1A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (3 mo. USD<br>Term SOFR +<br>0.622%) *<sup>(1),(2)</sup>* | 03/02/46 | 419900 | 37162 |
|  Diamond Infrastructure Funding LLC<br>Series 2021-1A, Class C | Diamond Infrastructure Funding LLC<br>Series 2021-1A, Class C | Diamond Infrastructure Funding LLC<br>Series 2021-1A, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48% *<sup>(1)</sup>* | 04/15/49 | 215000 | 210986 |
|  Diamond Issuer LLC Series 2021-1A, Class C | Diamond Issuer LLC Series 2021-1A, Class C | Diamond Issuer LLC Series 2021-1A, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79% *<sup>(1)</sup>* | 11/20/51 | 100000 | 96940 |
|  Dryden 68 CLO Ltd. Series 2019-68A, Class CRR | Dryden 68 CLO Ltd. Series 2019-68A, Class CRR | Dryden 68 CLO Ltd. Series 2019-68A, Class CRR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47% (3 mo. USD<br>Term SOFR +<br>1.800%) *<sup>(1),(2)</sup>* | 07/15/35 | 125000 | 124351 |
|  Dryden 98 CLO Ltd. Series 2022-98A, Class CR | Dryden 98 CLO Ltd. Series 2022-98A, Class CR | Dryden 98 CLO Ltd. Series 2022-98A, Class CR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58% (3 mo. USD<br>Term SOFR +<br>1.900%) *<sup>(1),(2)</sup>* | 04/20/35 | 125000 | 123920 |
|  Elmwood CLO 17 Ltd. Series 2022-4A, Class SUB | Elmwood CLO 17 Ltd. Series 2022-4A, Class SUB | Elmwood CLO 17 Ltd. Series 2022-4A, Class SUB | Elmwood CLO 17 Ltd. Series 2022-4A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.36% *<sup>(1),(3)</sup>* | 07/17/37 | 250000 | 138862 |
|  Hertz Vehicle Financing III LP Series 2021-2A, Class D | Hertz Vehicle Financing III LP Series 2021-2A, Class D | Hertz Vehicle Financing III LP Series 2021-2A, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34% *<sup>(1)</sup>* | 12/27/27 | 150000 | 148148 |
|  HPS Loan Management Ltd. Series 2024-19A, Class C2 | HPS Loan Management Ltd. Series 2024-19A, Class C2 | HPS Loan Management Ltd. Series 2024-19A, Class C2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (3 mo. USD<br>Term SOFR +<br>2.900%) *<sup>(1),(2)</sup>* | 04/15/37 | 250000 | 250548 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  KGS-Alpha SBA COOF Trust Series 2015-1, Class A (I/O) | KGS-Alpha SBA COOF Trust Series 2015-1, Class A (I/O) | KGS-Alpha SBA COOF Trust Series 2015-1, Class A (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34% *<sup>(1),(3)</sup>* | 10/25/35 | $&nbsp;&nbsp;&nbsp;&nbsp;393515 | $8648 |
|  Lehman XS Trust Series 2006-13, Class 1A2 | Lehman XS Trust Series 2006-13, Class 1A2 | Lehman XS Trust Series 2006-13, Class 1A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% (1 mo. USD<br>Term SOFR +<br>0.454%) *<sup>(2)</sup>* | 09/25/36 | 843 |  |
|  Neuberger Berman Loan Advisers CLO 56 Ltd. Series 2024-56A, Class SUB | Neuberger Berman Loan Advisers CLO 56 Ltd. Series 2024-56A, Class SUB | Neuberger Berman Loan Advisers CLO 56 Ltd. Series 2024-56A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(4)</sup>* | 07/24/37 | 250000 | 137725 |
|  OCP CLO Ltd. Series 2015-9A, Class SUB | OCP CLO Ltd. Series 2015-9A, Class SUB | OCP CLO Ltd. Series 2015-9A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(3),(4)</sup>* | 01/15/37 | 325800 | 88139 |
|  Octagon 56 Ltd. Series 2021-1A, Class C | Octagon 56 Ltd. Series 2021-1A, Class C | Octagon 56 Ltd. Series 2021-1A, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% (3 mo. USD<br>Term SOFR +<br>2.212%) *<sup>(1),(2)</sup>* | 10/15/34 | 250000 | 249054 |
|  Palmer Square CLO Ltd. Series 2024-3A, Class SUB | Palmer Square CLO Ltd. Series 2024-3A, Class SUB | Palmer Square CLO Ltd. Series 2024-3A, Class SUB |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(3),(4)</sup>* | 07/20/37 | 250000 | 152233 |
|  Rockford Tower CLO Ltd. Series 2017-3A, Class A | Rockford Tower CLO Ltd. Series 2017-3A, Class A | Rockford Tower CLO Ltd. Series 2017-3A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.12% (3 mo. USD<br>Term SOFR +<br>1.452%) *<sup>(1),(2)</sup>* | 10/20/30 | 15 | 15 |
|  Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23% *<sup>(6)</sup>* | 07/03/38 | 52590 | 49693 |
|  SLC Student Loan Trust Series 2004-1, Class B | SLC Student Loan Trust Series 2004-1, Class B | SLC Student Loan Trust Series 2004-1, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34% (90 day USD SOFR Average + 0.552%) *<sup>(2)</sup>* | 08/15/31 | 83735 | 73959 |
|  SLM Student Loan Trust Series 2007-7, Class B | SLM Student Loan Trust Series 2007-7, Class B | SLM Student Loan Trust Series 2007-7, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% (90 day USD SOFR Average + 1.012%) *<sup>(2)</sup>* | 10/27/70 | 215000 | 224185 |
|  SLM Student Loan Trust Series 2008-2, Class B | SLM Student Loan Trust Series 2008-2, Class B | SLM Student Loan Trust Series 2008-2, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% (90 day USD SOFR Average + 1.462%) *<sup>(2)</sup>* | 01/25/83 | 340000 | 362391 |
|  SLM Student Loan Trust Series 2008-3, Class B | SLM Student Loan Trust Series 2008-3, Class B | SLM Student Loan Trust Series 2008-3, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% (90 day USD<br>SOFR Average + 1.462%) *<sup>(2)</sup>* | 04/26/83 | 340000 | 353951 |
|  SLM Student Loan Trust Series 2008-4, Class B | SLM Student Loan Trust Series 2008-4, Class B | SLM Student Loan Trust Series 2008-4, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (90 day USD<br>SOFR Average +<br>2.112%) *<sup>(2)</sup>* | 04/25/73 | 340000 | 360999 |
|  SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (90 day USD<br>SOFR Average +<br>2.112%) *<sup>(2)</sup>* | 07/25/73 | 235000 | 249770 |
|  Structured Receivables Finance LLC<br>Series 2010-A, Class B | Structured Receivables Finance LLC<br>Series 2010-A, Class B | Structured Receivables Finance LLC<br>Series 2010-A, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.61% *<sup>(1)</sup>* | 01/16/46 | 59862 | 60201 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  Structured Receivables Finance LLC Series 2010-B, Class B | Structured Receivables Finance LLC Series 2010-B, Class B | Structured Receivables Finance LLC Series 2010-B, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.97% *<sup>(1)</sup>* | 08/15/36 | 157733 | $| 160242 |
|  Switch ABS Issuer LLC Series 2024-2A, Class C | Switch ABS Issuer LLC Series 2024-2A, Class C | Switch ABS Issuer LLC Series 2024-2A, Class C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.03% *<sup>(1)</sup>* | 06/25/54 | 55000 |  | 56138 |
|  Voya CLO Ltd. Series 2020-1A, Class DRR | Voya CLO Ltd. Series 2020-1A, Class DRR | Voya CLO Ltd. Series 2020-1A, Class DRR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.62% (3 mo. USD<br>Term SOFR +<br>2.950%) *<sup>(1),(2)</sup>* | 07/16/34 | 150000 |  | 145869 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |
|  (Cost: $5,300,351) | (Cost: $5,300,351) | (Cost: $5,300,351) |  | 4924530 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY —19.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY —19.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY —19.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY —19.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY —19.1%** |
|  Federal Home Loan Mortgage Corp., Pool #SD8286 | Federal Home Loan Mortgage Corp., Pool #SD8286 | Federal Home Loan Mortgage Corp., Pool #SD8286 | Federal Home Loan Mortgage Corp., Pool #SD8286 | Federal Home Loan Mortgage Corp., Pool #SD8286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/53 | 103286 |  | 97701 |
|  Federal Home Loan Mortgage Corp., Pool #SD8323 | Federal Home Loan Mortgage Corp., Pool #SD8323 | Federal Home Loan Mortgage Corp., Pool #SD8323 | Federal Home Loan Mortgage Corp., Pool #SD8323 | Federal Home Loan Mortgage Corp., Pool #SD8323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/01/53 | 212918 |  | 210835 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3247, Class SI (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3247, Class SI (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3247, Class SI (I/O) (I/F) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.15% (-30 day USD<br>SOFR Average +<br>6.536%) *<sup>(2)</sup>* | 08/15/36 | 4018848 |  | 16952 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3289, Class SD (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3289, Class SD (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3289, Class SD (I/O) (I/F) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33% (-30 day USD<br>SOFR Average +<br>6.006%) *<sup>(2)</sup>* | 03/15/37 | 367787 |  | 24172 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5100, Class HI (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5100, Class HI (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5100, Class HI (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 02/25/47 | 237012 |  | 41186 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5149, Class DI (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5149, Class DI (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5149, Class DI (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/25/48 | 284817 |  | 55671 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01% (-30 day USD SOFR Average + 10.500%) *<sup>(2)</sup>* | 06/25/55 | 73239 |  | 69610 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08% (-30 day USD SOFR Average + 10.575%) *<sup>(2)</sup>* | 06/25/55 | 75737 |  | 68739 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.56% (-30 day USD SOFR Average + 11.667%) *<sup>(2)</sup>* | 06/25/55 | 72986 |  | 70197 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5578, Class SD (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5578, Class SD (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5578, Class SD (I/O) (I/F) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24% (-30 day USD SOFR Average + 5.900%) *<sup>(2)</sup>* | 09/25/55 | 480874 |  | 47365 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp. REMICS Series 5617, Class IL (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5617, Class IL (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5617, Class IL (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 08/25/51 | $221330 | $47018 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/15/52 | 836448 | 107956 |
|  Federal National Mortgage Association, Pool #MA4599 | Federal National Mortgage Association, Pool #MA4599 | Federal National Mortgage Association, Pool #MA4599 | Federal National Mortgage Association, Pool #MA4599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/01/52 | 413662 | 364893 |
|  Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/52 | 151288 | 143373 |
|  Federal National Mortgage Association, Pool #MA5009 | Federal National Mortgage Association, Pool #MA5009 | Federal National Mortgage Association, Pool #MA5009 | Federal National Mortgage Association, Pool #MA5009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/01/53 | 283701 | 280786 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C40 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C40 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C40 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 06/25/51 | 173637 | 23425 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/25/51 | 663333 | 89074 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/25/50 | 421958 | 56710 |
|  Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) | Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) | Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/25/52 | 1004493 | 128618 |
|  Federal National Mortgage Association REMICS Series 2000-45, Class SA (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2000-45, Class SA (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2000-45, Class SA (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16% (-30 day USD SOFR Average + 7.836%) *<sup>(2)</sup>* | 12/18/30 | 226 | 11 |
|  Federal National Mortgage Association REMICS Series 2001-42, Class SB (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2001-42, Class SB (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2001-42, Class SB (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% (-30 day USD SOFR Average + 126.168%) *<sup>(2)</sup>* | 09/25/31 | 81 | 87 |
|  Federal National Mortgage Association REMICS Series 2003-124, Class TS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2003-124, Class TS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2003-124, Class TS (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.80% (-30 day USD SOFR Average + 99.197%) *<sup>(2)</sup>* | 01/25/34 | 1361 | 1495 |
|  Federal National Mortgage Association REMICS Series 2006-125, Class SM (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2006-125, Class SM (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2006-125, Class SM (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42% (-30 day USD SOFR Average + 7.086%) *<sup>(2)</sup>* | 01/25/37 | 281165 | 26413 |
|  Federal National Mortgage Association REMICS Series 2008-50, Class SA (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-50, Class SA (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-50, Class SA (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.27% (-30 day USD SOFR Average + 5.936%) *<sup>(2)</sup>* | 11/25/36 | 306654 | 23797 |
|  Federal National Mortgage Association REMICS Series 2010-43, Class KS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-43, Class KS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-43, Class KS (I/O) (I/F) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64% (-30 day USD SOFR Average + 6.306%) *<sup>(2)</sup>* | 05/25/40 | 327599 | 31565 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association REMICS Series 2021-70, Class AI (I/O) | Federal National Mortgage Association REMICS Series 2021-70, Class AI (I/O) | Federal National Mortgage Association REMICS Series 2021-70, Class AI (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/25/51 | 262686 | $| 57939 |
|  Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) (I/F) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.69% (-30 day USD SOFR Average + 5.350%) *<sup>(2)</sup>* | 07/25/54 | 1180158 |  | 63694 |
|  Government National Mortgage Association, Pool #MA8346 | Government National Mortgage Association, Pool #MA8346 | Government National Mortgage Association, Pool #MA8346 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/20/52 | 306291 |  | 290275 |
|  Government National Mortgage Association REMICS Series 2013-25, Class SA (I/O) (I/F) | Government National Mortgage Association REMICS Series 2013-25, Class SA (I/O) (I/F) | Government National Mortgage Association REMICS Series 2013-25, Class SA (I/O) (I/F) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41% (-1 mo. USD Term SOFR + 6.086%) *<sup>(2)</sup>* | 02/20/43 | 922469 |  | 95432 |
|  Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) (I/F) | Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) (I/F) | Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) (I/F) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.83% (-30 day USD SOFR Average + 5.500%) *<sup>(2)</sup>* | 10/20/54 | 1031949 |  | 78755 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(7)</sup>* | 06/01/55 | 925000 |  | 865928 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(7)</sup>* | 09/01/51 | 650000 |  | 523415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(7)</sup>* | 09/01/51 | 525000 |  | 441752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(7)</sup>* | 09/01/51 | 275000 |  | 231422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% *<sup>(7)</sup>* | 11/01/51 | 275000 |  | 241704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(7)</sup>* | 12/01/51 | 1975000 |  | 1810674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(7)</sup>* | 05/01/55 | 100000 |  | 94252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(7)</sup>* | 05/01/55 | 725000 |  | 683997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(7)</sup>* | 01/01/56 | 1650000 |  | 1591710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(7)</sup>* | 01/01/56 | 925000 |  | 912096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(7)</sup>* | 12/01/55 | 725000 |  | 728437 |
|  **Total Residential Mortgage-Backed<br>Securities — Agency** | **Total Residential Mortgage-Backed<br>Securities — Agency** | **Total Residential Mortgage-Backed<br>Securities — Agency** | **Total Residential Mortgage-Backed<br>Securities — Agency** | **Total Residential Mortgage-Backed<br>Securities — Agency** |
|  (Cost: $10,968,840) | (Cost: $10,968,840) | (Cost: $10,968,840) |  | 10739131 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 12.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 12.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 12.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 12.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 12.4%** |
|  1211 Avenue of the Americas Trust<br>Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust<br>Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust<br>Series 2015-1211, Class A1A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% *<sup>(1)</sup>* | 08/10/35 | 137000 |  | 131332 |
|  1211 Avenue of the Americas Trust<br>Series 2015-1211, Class B | 1211 Avenue of the Americas Trust<br>Series 2015-1211, Class B | 1211 Avenue of the Americas Trust<br>Series 2015-1211, Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% *<sup>(1),(3)</sup>* | 08/10/35 | 150000 |  | 142331 |
|  245 Park Avenue Trust Series 2017-245P, Class E | 245 Park Avenue Trust Series 2017-245P, Class E | 245 Park Avenue Trust Series 2017-245P, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66% *<sup>(1),(3)</sup>* | 06/05/37 | 170000 |  | 164298 |
|  280 Park Avenue Mortgage Trust<br>Series 2017-280P, Class E | 280 Park Avenue Mortgage Trust<br>Series 2017-280P, Class E | 280 Park Avenue Mortgage Trust<br>Series 2017-280P, Class E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.09% (1 mo. USD Term SOFR + 2.419%) *<sup>(1),(2)</sup>* | 09/15/34 | 150000 |  | 147108 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  AMSR Trust Series 2021-SFR3, Class F | AMSR Trust Series 2021-SFR3, Class F | AMSR Trust Series 2021-SFR3, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23% *<sup>(1)</sup>* | 10/17/38 | $120000 | $118215 |
|  Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class XE (I/O) | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class XE (I/O) | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class XE (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% *<sup>(1),(3)</sup>* | 09/15/48 | 1500000 | 377 |
|  BX Commercial Mortgage Trust<br>Series 2025-BCAT, Class D | BX Commercial Mortgage Trust<br>Series 2025-BCAT, Class D | BX Commercial Mortgage Trust<br>Series 2025-BCAT, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.650%) *<sup>(1),(2)</sup>* | 08/15/42 | 191657 | 192481 |
|  BX Trust Series 2021-LBA, Class DV | BX Trust Series 2021-LBA, Class DV | BX Trust Series 2021-LBA, Class DV |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64% (1 mo. USD Term SOFR + 1.964%) *<sup>(1),(2)</sup>* | 02/15/36 | 229335 | 229265 |
|  BX Trust Series 2025-VLT6, Class E | BX Trust Series 2025-VLT6, Class E | BX Trust Series 2025-VLT6, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.86% (1 mo. USD Term SOFR + 3.191%) *<sup>(1),(2)</sup>* | 03/15/42 | 129000 | 128198 |
|  BXHPP Trust Series 2021-FILM, Class D | BXHPP Trust Series 2021-FILM, Class D | BXHPP Trust Series 2021-FILM, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29% (1 mo. USD Term SOFR + 1.614%) *<sup>(1),(2)</sup>* | 08/15/36 | 100000 | 86462 |
|  Citigroup Commercial Mortgage Trust Series 2016-P4, Class XA (I/O) | Citigroup Commercial Mortgage Trust Series 2016-P4, Class XA (I/O) | Citigroup Commercial Mortgage Trust Series 2016-P4, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.86% *<sup>(3)</sup>* | 07/10/49 | 1398361 | 14 |
|  Citigroup Commercial Mortgage Trust Series 2020-555, Class G | Citigroup Commercial Mortgage Trust Series 2020-555, Class G | Citigroup Commercial Mortgage Trust Series 2020-555, Class G |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(1),(3)</sup>* | 12/10/41 | 200000 | 171496 |
|  COBALT CMBS Commercial Mortgage Trust Series 2007-C2, Class X (I/O) | COBALT CMBS Commercial Mortgage Trust Series 2007-C2, Class X (I/O) | COBALT CMBS Commercial Mortgage Trust Series 2007-C2, Class X (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.49% *<sup>(1),(3)</sup>* | 04/15/47 | 357048 | 778 |
|  COMM Mortgage Trust Series 2013-CR12, Class XA (I/O) | COMM Mortgage Trust Series 2013-CR12, Class XA (I/O) | COMM Mortgage Trust Series 2013-CR12, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.42% *<sup>(3)</sup>* | 10/10/46 | 86374 | 1 |
|  CoreVest American Finance Trust Series 2020-1, Class A2 | CoreVest American Finance Trust Series 2020-1, Class A2 | CoreVest American Finance Trust Series 2020-1, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% *<sup>(1)</sup>* | 03/15/50 | 51439 | 48932 |
|  CSMC Trust Series 2014-USA, Class X1 (I/O) | CSMC Trust Series 2014-USA, Class X1 (I/O) | CSMC Trust Series 2014-USA, Class X1 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.54% *<sup>(1),(3)</sup>* | 09/15/37 | 9783817 | 79226 |
|  DROP Mortgage Trust Series 2021-FILE, Class D | DROP Mortgage Trust Series 2021-FILE, Class D | DROP Mortgage Trust Series 2021-FILE, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.54% (1 mo. USD<br>Term SOFR + 2.864%) *<sup>(1),(2)</sup>* | 10/15/43 | 150000 | 146719 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K047, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K047, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K047, Class X3 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78% *<sup>(3)</sup>* | 06/25/43 | 105846 | 1 |
|  FirstKey Homes Trust Series 2021-SFR1, Class F2 | FirstKey Homes Trust Series 2021-SFR1, Class F2 | FirstKey Homes Trust Series 2021-SFR1, Class F2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45% *<sup>(1)</sup>* | 08/17/38 | 180000 | 178394 |
|  FirstKey Homes Trust Series 2022-SFR1, Class D | FirstKey Homes Trust Series 2022-SFR1, Class D | FirstKey Homes Trust Series 2022-SFR1, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% *<sup>(1)</sup>* | 05/19/39 | 350000 | 347815 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  FRTKL Group, Inc. Series 2021-SFR1, Class G | FRTKL Group, Inc. Series 2021-SFR1, Class G | FRTKL Group, Inc. Series 2021-SFR1, Class G |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% *<sup>(1)</sup>* | 09/17/38 | $300000 | $295124 |
|  Hilton USA Trust Series 2016-HHV, Class F | Hilton USA Trust Series 2016-HHV, Class F | Hilton USA Trust Series 2016-HHV, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19% *<sup>(1),(3)</sup>* | 11/05/38 | 170000 | 167431 |
|  JPMBB Commercial Mortgage Securities Trust Series 2014-C22, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2014-C22, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2014-C22, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40% *<sup>(3)</sup>* | 09/15/47 | 373102 | 4 |
|  JPMBB Commercial Mortgage Securities Trust Series 2014-C25, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2014-C25, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2014-C25, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.33% *<sup>(3)</sup>* | 11/15/47 | 764551 | 3128 |
|  JPMDB Commercial Mortgage Securities Trust Series 2018-C8, Class XEF (I/O) | JPMDB Commercial Mortgage Securities Trust Series 2018-C8, Class XEF (I/O) | JPMDB Commercial Mortgage Securities Trust Series 2018-C8, Class XEF (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76% *<sup>(1),(3)</sup>* | 06/15/51 | 1157000 | 37606 |
|  KRE Commercial Mortgage Trust<br>Series 2025-AIP4, Class E | KRE Commercial Mortgage Trust<br>Series 2025-AIP4, Class E | KRE Commercial Mortgage Trust<br>Series 2025-AIP4, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.67% (1 mo. USD<br>Term SOFR + 3.000%) *<sup>(1),(2)</sup>* | 03/15/42 | 121469 | 121027 |
|  Ladder Capital Commercial Mortgage Trust Series 2013-GCP, Class XA (I/O) | Ladder Capital Commercial Mortgage Trust Series 2013-GCP, Class XA (I/O) | Ladder Capital Commercial Mortgage Trust Series 2013-GCP, Class XA (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13% *<sup>(1),(3)</sup>* | 02/15/36 | 1306260 | 27776 |
|  Manhattan West Mortgage Trust Series 2020-1MW, Class D | Manhattan West Mortgage Trust Series 2020-1MW, Class D | Manhattan West Mortgage Trust Series 2020-1MW, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34% *<sup>(1)</sup>* | 09/10/39 | 150000 | 143078 |
|  MKT Mortgage Trust Series 2020-525M, Class D | MKT Mortgage Trust Series 2020-525M, Class D | MKT Mortgage Trust Series 2020-525M, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% *<sup>(1),(3)</sup>* | 02/12/40 | 120000 | 98131 |
|  Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9, Class XB (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9, Class XB (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9, Class XB (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.09% *<sup>(1),(3)</sup>* | 05/15/46 | 7057432 | 986 |
|  Natixis Commercial Mortgage Securities Trust Series 2018-ALXA, Class E | Natixis Commercial Mortgage Securities Trust Series 2018-ALXA, Class E | Natixis Commercial Mortgage Securities Trust Series 2018-ALXA, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32% *<sup>(1),(3)</sup>* | 01/15/43 | 180000 | 158111 |
|  NXPT Commercial Mortgage Trust<br>Series 2024-STOR, Class E | NXPT Commercial Mortgage Trust<br>Series 2024-STOR, Class E | NXPT Commercial Mortgage Trust<br>Series 2024-STOR, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% *<sup>(1),(3)</sup>* | 11/05/41 | 144000 | 144404 |
|  NYC Commercial Mortgage Trust Series 2025-3BP, Class D | NYC Commercial Mortgage Trust Series 2025-3BP, Class D | NYC Commercial Mortgage Trust Series 2025-3BP, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.11% (1 mo. USD<br>Term SOFR + 2.441%) *<sup>(1),(2)</sup>* | 02/15/42 | 135000 | 134904 |
|  NYO Commercial Mortgage<br>Trust Series 2021-1290, Class C | NYO Commercial Mortgage<br>Trust Series 2021-1290, Class C | NYO Commercial Mortgage<br>Trust Series 2021-1290, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78% (1 mo. USD Term SOFR + 2.109%) *<sup>(1),(2)</sup>* | 11/15/38 | 100000 | 98919 |
|  NYO Commercial Mortgage Trust Series 2021-1290, Class D | NYO Commercial Mortgage Trust Series 2021-1290, Class D | NYO Commercial Mortgage Trust Series 2021-1290, Class D | NYO Commercial Mortgage Trust Series 2021-1290, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.33% (1 mo. USD Term SOFR + 2.659%) *<sup>(1),(2)</sup>* | 11/15/38 | 140000 | 138902 |
|  Progress Residential Trust Series 2021-SFR10, Class H | Progress Residential Trust Series 2021-SFR10, Class H | Progress Residential Trust Series 2021-SFR10, Class H | Progress Residential Trust Series 2021-SFR10, Class H |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.23% *<sup>(1)</sup>* | 12/17/40 | 232101 | 226628 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Progress Residential Trust Series 2021-SFR3, Class E1 | Progress Residential Trust Series 2021-SFR3, Class E1 | Progress Residential Trust Series 2021-SFR3, Class E1 | Progress Residential Trust Series 2021-SFR3, Class E1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54% *<sup>(1)</sup>* | 05/17/26 | $225000 | $224108 |
|  Progress Residential Trust Series 2021-SFR3, Class F | Progress Residential Trust Series 2021-SFR3, Class F | Progress Residential Trust Series 2021-SFR3, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44% *<sup>(1)</sup>* | 05/17/26 | 200000 | 199305 |
|  Progress Residential Trust Series 2021-SFR6, Class G | Progress Residential Trust Series 2021-SFR6, Class G | Progress Residential Trust Series 2021-SFR6, Class G | Progress Residential Trust Series 2021-SFR6, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(1)</sup>* | 07/17/38 | 250000 | 248436 |
|  Progress Residential Trust Series 2021-SFR7, Class F | Progress Residential Trust Series 2021-SFR7, Class F | Progress Residential Trust Series 2021-SFR7, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83% *<sup>(1)</sup>* | 08/17/40 | 220000 | 208055 |
|  Progress Residential Trust Series 2022-SFR1, Class F | Progress Residential Trust Series 2022-SFR1, Class F | Progress Residential Trust Series 2022-SFR1, Class F | Progress Residential Trust Series 2022-SFR1, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(1)</sup>* | 02/17/41 | 130000 | 126073 |
|  RIDE Series 2025-SHRE, Class D | RIDE Series 2025-SHRE, Class D | RIDE Series 2025-SHRE, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30% *<sup>(1),(3)</sup>* | 02/14/47 | 100000 | 102136 |
|  ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D | ROCK Trust Series 2024-CNTR, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.11% *<sup>(1)</sup>* | 11/13/41 | 213000 | 221700 |
|  SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class D | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class D | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class D | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% *<sup>(1),(3)</sup>* | 01/05/43 | 200000 | 149011 |
|  SFO Commercial Mortgage Trust Series 2021-555, Class B | SFO Commercial Mortgage Trust Series 2021-555, Class B | SFO Commercial Mortgage Trust Series 2021-555, Class B | SFO Commercial Mortgage Trust Series 2021-555, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29% (1 mo. USD Term SOFR + 1.614%) *<sup>(1),(2)</sup>* | 05/15/38 | 150000 | 149779 |
|  SMRT Commercial Mortgage Trust Series 2022-MINI, Class E | SMRT Commercial Mortgage Trust Series 2022-MINI, Class E | SMRT Commercial Mortgage Trust Series 2022-MINI, Class E | SMRT Commercial Mortgage Trust Series 2022-MINI, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.37% (1 mo. USD Term SOFR + 2.700%) *<sup>(1),(2)</sup>* | 01/15/39 | 100000 | 99684 |
|  SMRT Commercial Mortgage Trust Series 2022-MINI, Class F | SMRT Commercial Mortgage Trust Series 2022-MINI, Class F | SMRT Commercial Mortgage Trust Series 2022-MINI, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.02% (1 mo. USD Term SOFR + 3.350%) *<sup>(1),(2)</sup>* | 01/15/39 | 150000 | 146427 |
|  SWCH Commercial Mortgage Trust Series 2025-DATA, Class E | SWCH Commercial Mortgage Trust Series 2025-DATA, Class E | SWCH Commercial Mortgage Trust Series 2025-DATA, Class E | SWCH Commercial Mortgage Trust Series 2025-DATA, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.01% (1 mo. USD Term SOFR + 3.340%) *<sup>(1),(2)</sup>* | 02/15/42 | 200000 | 197051 |
|  TCO Commercial Mortgage Trust Series 2024-DPM, Class D | TCO Commercial Mortgage Trust Series 2024-DPM, Class D | TCO Commercial Mortgage Trust Series 2024-DPM, Class D | TCO Commercial Mortgage Trust Series 2024-DPM, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.41% (1 mo. USD Term SOFR + 2.741%) *<sup>(1),(2)</sup>* | 12/15/39 | 130000 | 130126 |
|  Tricon American Homes Series 2020-SFR1, Class D | Tricon American Homes Series 2020-SFR1, Class D | Tricon American Homes Series 2020-SFR1, Class D | Tricon American Homes Series 2020-SFR1, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% *<sup>(1)</sup>* | 07/17/38 | 133000 | 131878 |
|  Tricon American Homes Trust Series 2020-SFR1, Class F | Tricon American Homes Trust Series 2020-SFR1, Class F | Tricon American Homes Trust Series 2020-SFR1, Class F | Tricon American Homes Trust Series 2020-SFR1, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(1)</sup>* | 07/17/38 | 244000 | 243110 |
|  Tricon Residential Trust Series 2021-SFR1, Class F | Tricon Residential Trust Series 2021-SFR1, Class F | Tricon Residential Trust Series 2021-SFR1, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69% *<sup>(1)</sup>* | 07/17/38 | 230000 | 228421 |
|  U.K. Logistics DAC Series 2025-1A, Class E | U.K. Logistics DAC Series 2025-1A, Class E | U.K. Logistics DAC Series 2025-1A, Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% (1 day GBP SONIA + 5.500% *<sup>1),(2)</sup>* | 05/17/35 | GBP 71,788 | 94617 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Wells Fargo Commercial Mortgage Trust Series 2015-NXS2, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-NXS2, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-NXS2, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-NXS2, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-NXS2, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(3),(4)</sup>* | 07/15/58 | 118540 | $| 1 |
|  Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47% *<sup>(3)</sup>* | 11/15/49 | 2153622 |  | 1756 |
|  WFRBS Commercial Mortgage Trust Series 2013-C14,<br>Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2013-C14,<br>Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2013-C14,<br>Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2013-C14,<br>Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2013-C14,<br>Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30% *<sup>(3)</sup>* | 06/15/46 | 29300 |  |  |
|  **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** |
|  (Cost: $7,356,262) | (Cost: $7,356,262) | (Cost: $7,356,262) |  | 7011276 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.7%** |
|  Federal Home Loan Mortgage Corp. Multifamily PC REMIC Trust Series 2019-P002, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily PC REMIC Trust Series 2019-P002, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily PC REMIC Trust Series 2019-P002, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily PC REMIC Trust Series 2019-P002, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily PC REMIC Trust Series 2019-P002, Class X (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77% *<sup>(3)</sup>* | 07/25/33 | 535000 |  | 27242 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series KC04, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series KC04, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series KC04, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series KC04, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series KC04, Class X1 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32% *<sup>(3)</sup>* | 12/25/26 | 976992 |  | 8402 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series KC05, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series KC05, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series KC05, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series KC05, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured<br>Pass-Through Certificates Series KC05, Class X1 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.18% *<sup>(3)</sup>* | 06/25/27 | 1308478 |  | 10544 |
|  Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97% *<sup>(3)</sup>* | 07/25/39 | 170472 |  | 3055 |
|  FREMF Mortgage Trust Series 2017-K66, Class X2A (I/O) | FREMF Mortgage Trust Series 2017-K66, Class X2A (I/O) | FREMF Mortgage Trust Series 2017-K66, Class X2A (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10% *<sup>(1)</sup>* | 06/25/27 | 39076392 |  | 30351 |
|  Government National Mortgage Association Series 2010-148 (I/O) | Government National Mortgage Association Series 2010-148 (I/O) | Government National Mortgage Association Series 2010-148 (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30% *<sup>(3)</sup>* | 09/16/50 | 1246004 |  | 12963 |
|  Government National Mortgage Association Series 2012-123 (I/O) | Government National Mortgage Association Series 2012-123 (I/O) | Government National Mortgage Association Series 2012-123 (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60% *<sup>(3)</sup>* | 12/16/51 | 1803528 |  | 29058 |
|  Government National Mortgage Association Series 2012-125 (I/O) | Government National Mortgage Association Series 2012-125 (I/O) | Government National Mortgage Association Series 2012-125 (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.16% *<sup>(3)</sup>* | 02/16/53 | 5378916 |  | 30509 |
|  Government National Mortgage Association Series 2012-27 (I/O) | Government National Mortgage Association Series 2012-27 (I/O) | Government National Mortgage Association Series 2012-27 (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.19% *<sup>(3)</sup>* | 04/16/53 | 2451143 |  | 7175 |
|  Government National Mortgage Association Series 2013-156 (I/O) | Government National Mortgage Association Series 2013-156 (I/O) | Government National Mortgage Association Series 2013-156 (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.21% *<sup>(3)</sup>* | 06/16/55 | 3228079 |  | 11476 |
|  Government National Mortgage Association Series 2013-163 (I/O) | Government National Mortgage Association Series 2013-163 (I/O) | Government National Mortgage Association Series 2013-163 (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.01% *<sup>(3)</sup>* | 02/16/46 | 693587 |  | 8487 |
|  Government National Mortgage Association Series 2013-63 (I/O) | Government National Mortgage Association Series 2013-63 (I/O) | Government National Mortgage Association Series 2013-63 (I/O) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.71% *<sup>(3)</sup>* | 09/16/51 | 2373953 |  | 53821 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED<br>SECURITIES — AGENCY (Continued)** |
|  Government National Mortgage Association Series 2013-74 (I/O) | Government National Mortgage Association Series 2013-74 (I/O) | Government National Mortgage Association Series 2013-74 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45% *<sup>(3)</sup>* | 12/16/53 | 328177 | 2422 |
|  Government National Mortgage Association Series 2014-103 (I/O) | Government National Mortgage Association Series 2014-103 (I/O) | Government National Mortgage Association Series 2014-103 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.18% *<sup>(3)</sup>* | 05/16/55 | 799752 | 3830 |
|  Government National Mortgage Association Series 2014-125 (I/O) | Government National Mortgage Association Series 2014-125 (I/O) | Government National Mortgage Association Series 2014-125 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.87% *<sup>(3)</sup>* | 11/16/54 | 347404 | 8877 |
|  Government National Mortgage Association Series 2015-47 (I/O) | Government National Mortgage Association Series 2015-47 (I/O) | Government National Mortgage Association Series 2015-47 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.36% *<sup>(3)</sup>* | 10/16/56 | 486272 | 5535 |
|  Government National Mortgage Association Series 2020-184 (I/O) | Government National Mortgage Association Series 2020-184 (I/O) | Government National Mortgage Association Series 2020-184 (I/O) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.91% *<sup>(3)</sup>* | 11/16/60 | 2150955 | 143971 |
|  **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** |
|  (Cost: $965,590) | (Cost: $965,590) | (Cost: $965,590) | 397718 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 24.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 24.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 24.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 24.0%** |
|  ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2D | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2D | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2D | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% (1 mo. USD Term SOFR + 0.874%) *<sup>(2)</sup>* | 03/25/37 | 339859 | 138765 |
|  ACE Securities Corp. Home Equity Loan Trust Series 2007-HE1, Class A | ACE Securities Corp. Home Equity Loan Trust Series 2007-HE1, Class A | ACE Securities Corp. Home Equity Loan Trust Series 2007-HE1, Class A | ACE Securities Corp. Home Equity Loan Trust Series 2007-HE1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 4.09% (1 mo. USD Term SOFR + 0.414%) *<sup>(2)</sup>* | 01/25/37 | 516882 | 282263 |
|  Ajax Mortgage Loan Trust Series 2021-C, Class A | Ajax Mortgage Loan Trust Series 2021-C, Class A | Ajax Mortgage Loan Trust Series 2021-C, Class A | Ajax Mortgage Loan Trust Series 2021-C, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12% *<sup>(1)</sup>* | 01/25/61 | 153887 | 154088 |
|  American Home Mortgage Assets Trust Series 2007-1, Class A1 | American Home Mortgage Assets Trust Series 2007-1, Class A1 | American Home Mortgage Assets Trust Series 2007-1, Class A1 | American Home Mortgage Assets Trust Series 2007-1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56% (1 yr. MTA + 0.700%) *<sup>(2)</sup>* | 02/25/47 | 690581 | 233058 |
|  Angel Oak Mortgage Trust Series 2024-11, Class M1A | Angel Oak Mortgage Trust Series 2024-11, Class M1A | Angel Oak Mortgage Trust Series 2024-11, Class M1A | Angel Oak Mortgage Trust Series 2024-11, Class M1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.58% *<sup>(1),(3)</sup>* | 08/25/69 | 200000 | 201896 |
|  Banc of America Funding Corp. Series 2015-R3, Class 1A2 | Banc of America Funding Corp. Series 2015-R3, Class 1A2 | Banc of America Funding Corp. Series 2015-R3, Class 1A2 | Banc of America Funding Corp. Series 2015-R3, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86% *<sup>(1),(3)</sup>* | 03/27/36 | 313929 | 267368 |
|  Banc of America Funding Trust Series 2006-7, Class T2A | Banc of America Funding Trust Series 2006-7, Class T2A | Banc of America Funding Trust Series 2006-7, Class T2A | Banc of America Funding Trust Series 2006-7, Class T2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.69% *<sup>(3)</sup>* | 10/25/36 | 172972 | 156542 |
|  Banc of America Funding Trust Series 2014-R5, Class 1A2 | Banc of America Funding Trust Series 2014-R5, Class 1A2 | Banc of America Funding Trust Series 2014-R5, Class 1A2 | Banc of America Funding Trust Series 2014-R5, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74% (6 mo. USD Term SOFR + 1.928%) *<sup>(1),(2)</sup>* | 09/26/45 | 201352 | 143464 |
|  C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46% | 02/25/37 | 189962 | 108369 |
|  Carrington Mortgage Loan Trust Series 2006-NC4, Class A4 | Carrington Mortgage Loan Trust Series 2006-NC4, Class A4 | Carrington Mortgage Loan Trust Series 2006-NC4, Class A4 | Carrington Mortgage Loan Trust Series 2006-NC4, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03% (1 mo. USD Term SOFR + 0.354%) *<sup>(2)</sup>* | 10/25/36 | 175000 | 154770 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Carrington Mortgage Loan Trust Series 2007-RFC1, Class A3 | Carrington Mortgage Loan Trust Series 2007-RFC1, Class A3 | Carrington Mortgage Loan Trust Series 2007-RFC1, Class A3 | Carrington Mortgage Loan Trust Series 2007-RFC1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% (1 mo. USD Term SOFR + 0.394%) *<sup>(2)</sup>* | 12/25/36 | $&nbsp;&nbsp;&nbsp;&nbsp;54385 | $53645 |
|  CIM Trust Series 2020-R6, Class A1 | CIM Trust Series 2020-R6, Class A1 | CIM Trust Series 2020-R6, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% *<sup>(1),(3)</sup>* | 12/25/60 | 233019 | 213576 |
|  CIM Trust Series 2021-R1, Class A2 | CIM Trust Series 2021-R1, Class A2 | CIM Trust Series 2021-R1, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40% *<sup>(1),(3)</sup>* | 08/25/56 | 222451 | 204097 |
|  CIM Trust Series 2021-R3, Class A1A | CIM Trust Series 2021-R3, Class A1A | CIM Trust Series 2021-R3, Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% *<sup>(1),(3)</sup>* | 06/25/57 | 116449 | 108359 |
|  CIM Trust Series 2021-R5, Class A1B | CIM Trust Series 2021-R5, Class A1B | CIM Trust Series 2021-R5, Class A1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(1),(3)</sup>* | 08/25/61 | 115000 | 77554 |
|  CIM Trust Series 2025-R1, Class A1 | CIM Trust Series 2025-R1, Class A1 | CIM Trust Series 2025-R1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 02/25/99 | 180427 | 178679 |
|  Citigroup Mortgage Loan Trust, Inc. Series 2005-WF2, Class AF6A | Citigroup Mortgage Loan Trust, Inc. Series 2005-WF2, Class AF6A | Citigroup Mortgage Loan Trust, Inc. Series 2005-WF2, Class AF6A | Citigroup Mortgage Loan Trust, Inc. Series 2005-WF2, Class AF6A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 08/25/35 | 248308 | 230263 |
|  COLT Mortgage Loan Trust Series 2021-2, Class A1 | COLT Mortgage Loan Trust Series 2021-2, Class A1 | COLT Mortgage Loan Trust Series 2021-2, Class A1 | COLT Mortgage Loan Trust Series 2021-2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.92% *<sup>(1),(3)</sup>* | 08/25/66 | 76010 | 64340 |
|  Conseco Finance Corp. Series 1999-5, Class A5 | Conseco Finance Corp. Series 1999-5, Class A5 | Conseco Finance Corp. Series 1999-5, Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.86% *<sup>(3)</sup>* | 03/01/30 | 67923 | 16622 |
|  Countrywide Alternative Loan Trust Series 2005-10CB, Class 1A8 | Countrywide Alternative Loan Trust Series 2005-10CB, Class 1A8 | Countrywide Alternative Loan Trust Series 2005-10CB, Class 1A8 | Countrywide Alternative Loan Trust Series 2005-10CB, Class 1A8 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/25/35 | 248250 | 199142 |
|  Countrywide Alternative Loan Trust Series 2005-59, Class 1A | Countrywide Alternative Loan Trust Series 2005-59, Class 1A | Countrywide Alternative Loan Trust Series 2005-59, Class 1A | Countrywide Alternative Loan Trust Series 2005-59, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 4.45% (1 mo. USD<br>Term SOFR +<br>0.774%) *<sup>(2)</sup>* | 11/20/35 | 255358 | 245902 |
|  Countrywide Alternative Loan Trust Series 2007-15CB, Class A7 | Countrywide Alternative Loan Trust Series 2007-15CB, Class A7 | Countrywide Alternative Loan Trust Series 2007-15CB, Class A7 | Countrywide Alternative Loan Trust Series 2007-15CB, Class A7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 07/25/37 | 430261 | 244565 |
|  Credit Suisse First Boston Mortgage Securities Corp. Series 98-1, Class A4 | Credit Suisse First Boston Mortgage Securities Corp. Series 98-1, Class A4 | Credit Suisse First Boston Mortgage Securities Corp. Series 98-1, Class A4 | Credit Suisse First Boston Mortgage Securities Corp. Series 98-1, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.49% | 09/25/28 | 6849 | 6836 |
|  Credit Suisse First Boston Mortgage Securities Corp. Series 98-1, Class A5 | Credit Suisse First Boston Mortgage Securities Corp. Series 98-1, Class A5 | Credit Suisse First Boston Mortgage Securities Corp. Series 98-1, Class A5 | Credit Suisse First Boston Mortgage Securities Corp. Series 98-1, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.96% *<sup>(3)</sup>* | 09/25/28 | 16509 | 16504 |
|  CSMC Mortgage-Backed Trust Series 2007-5, Class 1A9 | CSMC Mortgage-Backed Trust Series 2007-5, Class 1A9 | CSMC Mortgage-Backed Trust Series 2007-5, Class 1A9 | CSMC Mortgage-Backed Trust Series 2007-5, Class 1A9 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% *<sup>(3)</sup>* | 08/25/37 | 425735 | 227148 |
|  CSMC Trust Series 2015-12R, Class 2A2 | CSMC Trust Series 2015-12R, Class 2A2 | CSMC Trust Series 2015-12R, Class 2A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% *<sup>(1),(3)</sup>* | 11/30/37 | 68065 | 62990 |
|  CSMC Trust Series 2021-RPL4, Class A1 | CSMC Trust Series 2021-RPL4, Class A1 | CSMC Trust Series 2021-RPL4, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% *<sup>(1),(3)</sup>* | 12/27/60 | 160120 | 159677 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-AR3, Class 2A5 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-AR3, Class 2A5 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-AR3, Class 2A5 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-AR3, Class 2A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19% (1 mo. USD Term SOFR + 0.514%) *<sup>(2)</sup>* | 06/25/37 | 230564 | 207847 |
|  Ellington Financial Mortgage Trust Series 2021-3, Class A1 | Ellington Financial Mortgage Trust Series 2021-3, Class A1 | Ellington Financial Mortgage Trust Series 2021-3, Class A1 | Ellington Financial Mortgage Trust Series 2021-3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.24% *<sup>(1),(3)</sup>* | 09/25/66 | 64235 | 53744 |
|  Ellington Financial Mortgage Trust Series 2025-NQM1, Class B1B | Ellington Financial Mortgage Trust Series 2025-NQM1, Class B1B | Ellington Financial Mortgage Trust Series 2025-NQM1, Class B1B | Ellington Financial Mortgage Trust Series 2025-NQM1, Class B1B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.43% *<sup>(1),(3)</sup>* | 01/25/70 | 190000 | 190075 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3, Class B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.91% (30 day USD SOFR Average + 6.250%) *<sup>(1),(2)</sup>* | 09/25/41 | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | $203701 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R04, Class 2B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R04, Class 2B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R04, Class 2B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R04, Class 2B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.03% (30 day USD SOFR Average + 5.364%) *<sup>(1),(2)</sup>* | 06/25/39 | 134205 | 135350 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.53% (30 day USD<br>SOFR Average +<br>3.864%) *<sup>(1),(2)</sup>* | 09/25/39 | 51838 | 52367 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.66% (30 day USD SOFR Average + 6.000%) *<sup>(1),(2)</sup>* | 10/25/41 | 195000 | 199072 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.16% (30 day USD SOFR Average + 5.500%) *<sup>(1),(2)</sup>* | 12/25/41 | 185000 | 189513 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.66% (30 day USD SOFR Average + 6.000%) *<sup>(1),(2)</sup>* | 12/25/41 | 200000 | 205280 |
|  First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2B | First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2B | First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2B | First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01% (1 mo. USD Term SOFR + 0.334%) *<sup>(2)</sup>* | 12/25/37 | 226281 | 210779 |
|  First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2B | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2B | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2B | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99% (1 mo. USD Term SOFR + 0.314%) *<sup>(2)</sup>* | 03/25/37 | 475845 | 225272 |
|  Fremont Home Loan Trust Series 2005-A, Class M4 | Fremont Home Loan Trust Series 2005-A, Class M4 | Fremont Home Loan Trust Series 2005-A, Class M4 | Fremont Home Loan Trust Series 2005-A, Class M4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81% (1 mo. USD Term SOFR + 1.134%) *<sup>(2)</sup>* | 01/25/35 | 286455 | 266187 |
|  GMACM Mortgage Loan Trust Series 2006-AR1, Class 1A1 | GMACM Mortgage Loan Trust Series 2006-AR1, Class 1A1 | GMACM Mortgage Loan Trust Series 2006-AR1, Class 1A1 | GMACM Mortgage Loan Trust Series 2006-AR1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% *<sup>(3)</sup>* | 04/19/36 | 148181 | 123344 |
|  GreenPoint MTA Trust Series 2005-AR1, Class A2 | GreenPoint MTA Trust Series 2005-AR1, Class A2 | GreenPoint MTA Trust Series 2005-AR1, Class A2 | GreenPoint MTA Trust Series 2005-AR1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% (1 mo. USD Term SOFR + 0.554%) *<sup>(2)</sup>* | 06/25/45 | 49682 | 44427 |
|  GSAA Home Equity Trust Series 2006-1, Class A3 | GSAA Home Equity Trust Series 2006-1, Class A3 | GSAA Home Equity Trust Series 2006-1, Class A3 | GSAA Home Equity Trust Series 2006-1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% (1 mo. USD Term SOFR + 0.774%) *<sup>(2)</sup>* | 01/25/36 | 610418 | 245635 |
|  GSAA Home Equity Trust Series 2006-10, Class AF3 | GSAA Home Equity Trust Series 2006-10, Class AF3 | GSAA Home Equity Trust Series 2006-10, Class AF3 | GSAA Home Equity Trust Series 2006-10, Class AF3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.98% *<sup>(3)</sup>* | 06/25/36 | 548066 | 118386 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  GSAA Home Equity Trust Series 2006-6, Class AF3 | GSAA Home Equity Trust Series 2006-6, Class AF3 | GSAA Home Equity Trust Series 2006-6, Class AF3 | GSAA Home Equity Trust Series 2006-6, Class AF3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.73% *<sup>(3)</sup>* | 03/25/36 | $&nbsp;&nbsp;&nbsp;&nbsp;489415 | $130003 |
|  GSAA Trust Series 2006-7, Class AF3 | GSAA Trust Series 2006-7, Class AF3 | GSAA Trust Series 2006-7, Class AF3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.72% | 03/25/46 | 621475 | 209921 |
|  GSAMP Trust Series 2007-NC1, Class A2C | GSAMP Trust Series 2007-NC1, Class A2C | GSAMP Trust Series 2007-NC1, Class A2C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% (1 mo. USD Term SOFR + 0.414%) *<sup>(2)</sup>* | 12/25/46 | 224722 | 111508 |
|  HarborView Mortgage Loan Trust Series 2005-3, Class 1A | HarborView Mortgage Loan Trust Series 2005-3, Class 1A | HarborView Mortgage Loan Trust Series 2005-3, Class 1A | HarborView Mortgage Loan Trust Series 2005-3, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31% (1 mo. USD Term SOFR + 0.634%) *<sup>(2)</sup>* | 06/19/35 | 267629 | 133792 |
|  HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A | HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A | HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A | HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% (1 mo. USD Term SOFR + 0.474%) *<sup>(2)</sup>* | 05/19/46 | 570210 | 283914 |
|  HarborView Mortgage Loan Trust Series 2006-5, Class 1A1 | HarborView Mortgage Loan Trust Series 2006-5, Class 1A1 | HarborView Mortgage Loan Trust Series 2006-5, Class 1A1 | HarborView Mortgage Loan Trust Series 2006-5, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77% (1 yr. MTA + 0.910%) *<sup>(2)</sup>* | 07/19/47 | 304816 | 93023 |
|  HSI Asset Loan Obligation Trust Series 2007-2, Class 2A12 | HSI Asset Loan Obligation Trust Series 2007-2, Class 2A12 | HSI Asset Loan Obligation Trust Series 2007-2, Class 2A12 | HSI Asset Loan Obligation Trust Series 2007-2, Class 2A12 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 09/25/37 | 175521 | 120897 |
|  HSI Asset Securitization Corp. Trust Series 2007-OPT1, Class 1A | HSI Asset Securitization Corp. Trust Series 2007-OPT1, Class 1A | HSI Asset Securitization Corp. Trust Series 2007-OPT1, Class 1A | HSI Asset Securitization Corp. Trust Series 2007-OPT1, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93% (1 mo. USD Term SOFR + 0.254%) *<sup>(2)</sup>* | 12/25/36 | 171691 | 151329 |
|  Impac CMB Trust Series 2004-6, Class 1A2 | Impac CMB Trust Series 2004-6, Class 1A2 | Impac CMB Trust Series 2004-6, Class 1A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57% (1 mo. USD Term SOFR + 0.894%) *<sup>(2)</sup>* | 10/25/34 | 13120 | 13140 |
|  IndyMac INDX Mortgage Loan Trust Series 2005-AR25, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR25, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR25, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR25, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76% *<sup>(3)</sup>* | 12/25/35 | 177494 | 152385 |
|  IndyMac INDX Mortgage Loan Trust Series 2007-AR5, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2007-AR5, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2007-AR5, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2007-AR5, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31% *<sup>(3)</sup>* | 05/25/37 | 164680 | 133858 |
|  IndyMac Manufactured Housing Contract Pass-Through Certificates Series 1997-1, Class A3 | IndyMac Manufactured Housing Contract Pass-Through Certificates Series 1997-1, Class A3 | IndyMac Manufactured Housing Contract Pass-Through Certificates Series 1997-1, Class A3 | IndyMac Manufactured Housing Contract Pass-Through Certificates Series 1997-1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.61% | 02/25/28 | 21906 | 21979 |
|  IndyMac Manufactured Housing Contract Pass-Through Certificates Series 1997-1, Class A4 | IndyMac Manufactured Housing Contract Pass-Through Certificates Series 1997-1, Class A4 | IndyMac Manufactured Housing Contract Pass-Through Certificates Series 1997-1, Class A4 | IndyMac Manufactured Housing Contract Pass-Through Certificates Series 1997-1, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 02/25/28 | 9222 | 9255 |
|  Knock Issuer Trust Series 2025-1, Class A1 | Knock Issuer Trust Series 2025-1, Class A1 | Knock Issuer Trust Series 2025-1, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.12% *<sup>(1)</sup>* | 02/25/30 | 150000 | 151364 |
|  Long Beach Mortgage Loan Trust Series 2006-9, Class 2A3 | Long Beach Mortgage Loan Trust Series 2006-9, Class 2A3 | Long Beach Mortgage Loan Trust Series 2006-9, Class 2A3 | Long Beach Mortgage Loan Trust Series 2006-9, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% (1 mo. USD Term SOFR + 0.434%) *<sup>(2)</sup>* | 10/25/36 | 372631 | 113450 |
|  Luminent Mortgage Trust Series 2006-5, Class A1A | Luminent Mortgage Trust Series 2006-5, Class A1A | Luminent Mortgage Trust Series 2006-5, Class A1A | Luminent Mortgage Trust Series 2006-5, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17% (1 mo. USD Term SOFR + 0.494%) *<sup>(2)</sup>* | 07/25/36 | 224929 | 134955 |
|  MASTR Adjustable Rate Mortgages Trust Series 2007-1, Class I1A | MASTR Adjustable Rate Mortgages Trust Series 2007-1, Class I1A | MASTR Adjustable Rate Mortgages Trust Series 2007-1, Class I1A | MASTR Adjustable Rate Mortgages Trust Series 2007-1, Class I1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18% (1 mo. USD Term SOFR + 0.504%) *<sup>(2)</sup>* | 01/25/47 | 409416 | 157706 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  MASTR Adjustable Rate Mortgages Trust Series 2007-2, Class A1 | MASTR Adjustable Rate Mortgages Trust Series 2007-2, Class A1 | MASTR Adjustable Rate Mortgages Trust Series 2007-2, Class A1 | MASTR Adjustable Rate Mortgages Trust Series 2007-2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% (1 mo. USD Term SOFR + 0.414%) *<sup>(2)</sup>* | 03/25/47 | $163138 | $152888 |
|  MASTR Alternative Loan Trust Series 2006-2, Class 2A1 | MASTR Alternative Loan Trust Series 2006-2, Class 2A1 | MASTR Alternative Loan Trust Series 2006-2, Class 2A1 | MASTR Alternative Loan Trust Series 2006-2, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19% (1 mo. USD Term SOFR + 0.514%) *<sup>(2)</sup>* | 03/25/36 | 2376996 | 192012 |
|  MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A3 | MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A3 | MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A3 | MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD Term SOFR + 0.534%) *<sup>(2)</sup>* | 05/25/37 | 71278 | 69704 |
|  MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A4 | MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A4 | MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A4 | MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% (1 mo. USD Term SOFR + 0.674%) *<sup>(2)</sup>* | 05/25/37 | 300000 | 260656 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2B | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2B | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2B | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% (1 mo. USD Term SOFR + 0.454%) *<sup>(2)</sup>* | 05/25/37 | 177659 | 129615 |
|  Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A | Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A | Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A | Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16% (1 mo. USD Term SOFR + 0.484%) *<sup>(2)</sup>* | 05/25/37 | 408960 | 118311 |
|  Mid-State Capital Corp. Trust Series 2005-1, Class A | Mid-State Capital Corp. Trust Series 2005-1, Class A | Mid-State Capital Corp. Trust Series 2005-1, Class A | Mid-State Capital Corp. Trust Series 2005-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 01/15/40 | 8452 | 8448 |
|  Mid-State Trust XI Series 11, Class B | Mid-State Trust XI Series 11, Class B | Mid-State Trust XI Series 11, Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.22% | 07/15/38 | 766 | 772 |
|  Morgan Stanley ABS Capital I, Inc. Trust Series 2006-HE4, Class A3 | Morgan Stanley ABS Capital I, Inc. Trust Series 2006-HE4, Class A3 | Morgan Stanley ABS Capital I, Inc. Trust Series 2006-HE4, Class A3 | Morgan Stanley ABS Capital I, Inc. Trust Series 2006-HE4, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% (1 mo. USD Term SOFR + 0.414%) *<sup>(2)</sup>* | 06/25/36 | 538449 | 265539 |
|  Morgan Stanley Home Equity Loan Trust Series 2007-1, Class A3 | Morgan Stanley Home Equity Loan Trust Series 2007-1, Class A3 | Morgan Stanley Home Equity Loan Trust Series 2007-1, Class A3 | Morgan Stanley Home Equity Loan Trust Series 2007-1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93% (1 mo. USD Term SOFR + 0.254%) *<sup>(2)</sup>* | 12/25/36 | 543686 | 259005 |
|  Morgan Stanley Mortgage Loan Trust Series 2004-7AR, Class 2A4 | Morgan Stanley Mortgage Loan Trust Series 2004-7AR, Class 2A4 | Morgan Stanley Mortgage Loan Trust Series 2004-7AR, Class 2A4 | Morgan Stanley Mortgage Loan Trust Series 2004-7AR, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% *<sup>(3)</sup>* | 09/25/34 | 44544 | 43814 |
|  Morgan Stanley Mortgage Loan Trust Series 2006-15XS, Class A4A | Morgan Stanley Mortgage Loan Trust Series 2006-15XS, Class A4A | Morgan Stanley Mortgage Loan Trust Series 2006-15XS, Class A4A | Morgan Stanley Mortgage Loan Trust Series 2006-15XS, Class A4A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% | 11/25/36 | 408898 | 85226 |
|  Morgan Stanley Mortgage Loan Trust Series 2007-11AR, Class 2A3 | Morgan Stanley Mortgage Loan Trust Series 2007-11AR, Class 2A3 | Morgan Stanley Mortgage Loan Trust Series 2007-11AR, Class 2A3 | Morgan Stanley Mortgage Loan Trust Series 2007-11AR, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82% *<sup>(3)</sup>* | 06/25/37 | 276351 | 156563 |
|  New Residential Mortgage Loan Trust Series 2022-NQM2, Class A2 | New Residential Mortgage Loan Trust Series 2022-NQM2, Class A2 | New Residential Mortgage Loan Trust Series 2022-NQM2, Class A2 | New Residential Mortgage Loan Trust Series 2022-NQM2, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% *<sup>(1),(3)</sup>* | 03/27/62 | 250000 | 204118 |
|  Nomura Resecuritization Trust Series 2015-4R, Class 2A2 | Nomura Resecuritization Trust Series 2015-4R, Class 2A2 | Nomura Resecuritization Trust Series 2015-4R, Class 2A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% (1 mo. USD<br>Term SOFR +<br>0.420%) *<sup>(1),(2)</sup>* | 10/26/36 | 245471 | 222713 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Option One Mortgage Loan Trust Series 2006-3, Class 1A1 | Option One Mortgage Loan Trust Series 2006-3, Class 1A1 | Option One Mortgage Loan Trust Series 2006-3, Class 1A1 | Option One Mortgage Loan Trust Series 2006-3, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% (1 mo. USD<br>Term SOFR +<br>0.394%) *<sup>(2)</sup>* | 02/25/37 | $158182 | $104857 |
|  Pretium Mortgage Credit Partners LLC Series 2025-NPL6, Class A1 | Pretium Mortgage Credit Partners LLC Series 2025-NPL6, Class A1 | Pretium Mortgage Credit Partners LLC Series 2025-NPL6, Class A1 | Pretium Mortgage Credit Partners LLC Series 2025-NPL6, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.74% *<sup>(1)</sup>* | 06/25/55 | 170816 | 171207 |
|  PRPM LLC Series 2024-RPL1, Class B1 | PRPM LLC Series 2024-RPL1, Class B1 | PRPM LLC Series 2024-RPL1, Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% *<sup>(1),(3)</sup>* | 12/25/64 | 280000 | 270050 |
|  RALI Trust Series 2005-QA3, Class NB1 | RALI Trust Series 2005-QA3, Class NB1 | RALI Trust Series 2005-QA3, Class NB1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67% *<sup>(3)</sup>* | 03/25/35 | 100987 | 56353 |
|  RALI Trust Series 2006-QS5, Class A6 | RALI Trust Series 2006-QS5, Class A6 | RALI Trust Series 2006-QS5, Class A6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 05/25/36 | 197392 | 175350 |
|  RALI Trust Series 2007-QS1, Class 1A5 | RALI Trust Series 2007-QS1, Class 1A5 | RALI Trust Series 2007-QS1, Class 1A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34% (1 mo. USD<br>Term SOFR +<br>0.664%) *<sup>(2)</sup>* | 01/25/37 | 248339 | 184157 |
|  Residential Asset Securities Corporation Trust Series 2005-KS11, Class M3 | Residential Asset Securities Corporation Trust Series 2005-KS11, Class M3 | Residential Asset Securities Corporation Trust Series 2005-KS11, Class M3 | Residential Asset Securities Corporation Trust Series 2005-KS11, Class M3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% (1 mo. USD<br>Term SOFR +<br>0.774%) *<sup>(2)</sup>* | 12/25/35 | 127994 | 126994 |
|  SG Mortgage Securities Trust Series 2006-OPT2, Class A3D | SG Mortgage Securities Trust Series 2006-OPT2, Class A3D | SG Mortgage Securities Trust Series 2006-OPT2, Class A3D | SG Mortgage Securities Trust Series 2006-OPT2, Class A3D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD<br>Term SOFR +<br>0.534%) *<sup>(2)</sup>* | 10/25/36 | 250000 | 202658 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 2A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 2A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 2A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.62% *<sup>(3)</sup>* | 09/25/34 | 38433 | 37694 |
|  Structured Asset Mortgage Investments II Trust Series 2005-AR8, Class A1B | Structured Asset Mortgage Investments II Trust Series 2005-AR8, Class A1B | Structured Asset Mortgage Investments II Trust Series 2005-AR8, Class A1B | Structured Asset Mortgage Investments II Trust Series 2005-AR8, Class A1B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96% (1 mo. USD<br>Term SOFR +<br>0.284%) *<sup>(2)</sup>* | 02/25/36 | 246782 | 210253 |
|  Structured Asset Mortgage Investments II Trust Series 2006-AR7, Class A1A | Structured Asset Mortgage Investments II Trust Series 2006-AR7, Class A1A | Structured Asset Mortgage Investments II Trust Series 2006-AR7, Class A1A | Structured Asset Mortgage Investments II Trust Series 2006-AR7, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD<br>Term SOFR +<br>0.534%) *<sup>(2)</sup>* | 08/25/36 | 306315 | 258442 |
|  Terwin Mortgage Trust Series 2004-7HE, Class A1 | Terwin Mortgage Trust Series 2004-7HE, Class A1 | Terwin Mortgage Trust Series 2004-7HE, Class A1 | Terwin Mortgage Trust Series 2004-7HE, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89% (1 mo. USD<br>Term SOFR +<br>1.214%) *<sup>(1),(2)</sup>* | 07/25/34 | 41455 | 40831 |
|  Towd Point Mortgage Trust Series 2019-HY2, Class M2 | Towd Point Mortgage Trust Series 2019-HY2, Class M2 | Towd Point Mortgage Trust Series 2019-HY2, Class M2 | Towd Point Mortgage Trust Series 2019-HY2, Class M2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.69% (1 mo. USD<br>Term SOFR +<br>2.014%) *<sup>(1),(2)</sup>* | 05/25/58 | 210000 | 210708 |
|  TRK Trust Series 2021-INV2, Class A1 | TRK Trust Series 2021-INV2, Class A1 | TRK Trust Series 2021-INV2, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.97% *<sup>(1),(3)</sup>* | 11/25/56 | 168460 | 153289 |
|  WaMu Asset-Backed Certificates Trust Series 2007-HE1, Class 2A4 | WaMu Asset-Backed Certificates Trust Series 2007-HE1, Class 2A4 | WaMu Asset-Backed Certificates Trust Series 2007-HE1, Class 2A4 | WaMu Asset-Backed Certificates Trust Series 2007-HE1, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% (1 mo. USD Term SOFR + 0.574%) *<sup>(2)</sup>* | 01/25/37 | 479836 | 216743 |
| **Total Residential Mortgage-Backed<br>Securities — Non-Agency** | **Total Residential Mortgage-Backed<br>Securities — Non-Agency** | **Total Residential Mortgage-Backed<br>Securities — Non-Agency** | **Total Residential Mortgage-Backed<br>Securities — Non-Agency** |
|  (Cost: $15,906,568) |  |  | 13532910 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **CORPORATE BONDS — 23.1%** | **CORPORATE BONDS — 23.1%** | **CORPORATE BONDS — 23.1%** | **CORPORATE BONDS — 23.1%** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(1)</sup> | 01/15/33 | $&nbsp;&nbsp;&nbsp;&nbsp;100000 | $100135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% <sup>(1)</sup> | 07/31/34 | 40000 | 39478 |
|  |  |  | 139613 |
| **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 02/04/28 | 55000 | 55497 |
|  BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73% | 03/25/31 | 25000 | 22847 |
|  Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% <sup>(1)</sup> | 06/30/28 | 90000 | 90081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% <sup>(1)</sup> | 07/27/27 | 70000 | 71426 |
|  |  |  | 239851 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 04/20/29 | 40000 | 39723 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88% <sup>(1)</sup> | 09/20/31 | 7000 | 6623 |
|  JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/15/34 | 67282 | 63504 |
|  United Airlines Pass-Through Trust Series 2023-1, Class A | United Airlines Pass-Through Trust Series 2023-1, Class A | United Airlines Pass-Through Trust Series 2023-1, Class A | United Airlines Pass-Through Trust Series 2023-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 07/15/37 | 81957 | 84451 |
|  |  |  | 194301 |
| **Banks — 2.3%** | **Banks — 2.3%** | **Banks — 2.3%** | **Banks — 2.3%** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73% (1 day USD<br>SOFR +<br>0.960%) *<sup>(2)</sup>* | 07/22/27 | 50000 | 49585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42% (3 mo. USD<br>Term SOFR +<br>1.302%) *<sup>(2)</sup>* | 12/20/28 | 35000 | 34388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82% (3 mo. USD Term SOFR + 1.837%) *<sup>(2)</sup>* | 01/20/28 | 110000 | 109464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% (5 yr. CMT + 2.760%) *<sup>(2),(8)</sup>* | 01/27/27 | 15000 | 14779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47% (1 day USD SOFR + 1.650%) | 01/23/35 | 75000 | 76538 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% (1 day USD SOFR + 1.177%) *<sup>(2)</sup>* | 11/03/32 | 140000 | 123665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% (5 yr. CMT + 3.001%) *<sup>(2),(8)</sup>* | 02/15/31 | 95000 | 95054 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54% (1 day USD SOFR + 0.818%) *<sup>(2)</sup>* | 09/10/27 | 235000 | 231966 |
|  HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36% (1 day USD SOFR + 1.947%) *<sup>(2)</sup>* | 08/18/31 | 15000 | 13535 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58% (1 day USD SOFR + 0.885%) *<sup>(2)</sup>* | 04/22/27 | 55000 | $| 54911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07% (1 day USD SOFR + 1.015%) *<sup>(2)</sup>* | 06/01/29 | 205000 |  | 195062 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93% (1 day USD SOFR + 1.020%) *<sup>(2)</sup>* | 04/28/32 | 35000 |  | 30341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24% (1 day USD<br>SOFR +<br>1.178%) *<sup>(2)</sup>* | 07/21/32 | 90000 |  | 78831 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47% (1 day USD SOFR + 0.770%) *<sup>(2)</sup>* | 07/06/28 | 5000 |  | 5002 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% (5 yr. CMT + 2.595%) *<sup>(2),(8)</sup>* | 09/15/26 | 15000 |  | 14778 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08% (1 day USD<br>SOFR<br>+ 1.296%) *<sup>(2)</sup>* | 05/15/31 | 50000 |  | 50722 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39% (1 day USD SOFR + 2.100%) *<sup>(2)</sup>* | 06/02/28 | 45000 |  | 43928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% (1 day USD SOFR + 2.100%) *<sup>(2)</sup>* | 07/25/33 | 100000 |  | 99582 |
|  |  |  |  | 1322131 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
|  Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% <sup>(1)</sup> | 10/14/31 | 105000 |  | 89975 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85% | 02/19/36 | 75000 |  | 73736 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  JH North America Holdings, Inc. | JH North America Holdings, Inc. | JH North America Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% <sup>(1)</sup> | 07/31/32 | 55000 |  | 54955 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.83% <sup>(1)</sup> | 10/15/27 | 110000 |  | 105550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% <sup>(1)</sup> | 11/01/30 | 66000 |  | 58769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27% <sup>(1)</sup> | 11/15/40 | 5000 |  | 3745 |
|  |  |  |  | 168064 |
| **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/15/28 | 75000 |  | 74320 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Commercial Services (Continued)** | **Commercial Services (Continued)** | **Commercial Services (Continued)** | **Commercial Services (Continued)** | **Commercial Services (Continued)** |
|  Grand Canyon University | Grand Canyon University | Grand Canyon University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 10/01/28 | 35000 | $| 34809 |
|  RAC Bond Co. PLC (United Kingdom) | RAC Bond Co. PLC (United Kingdom) | RAC Bond Co. PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(9)</sup> | 05/06/46 | GBP 100,000 |  | 139572 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 11/15/31 | 15000 |  | 14555 |
|  Rollins, Inc. | Rollins, Inc. | Rollins, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 02/24/35 | 100000 |  | 99864 |
|  Upbound Group, Inc. | Upbound Group, Inc. | Upbound Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 02/15/29 | 25000 |  | 24303 |
|  VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 08/15/30 | 45000 |  | 45806 |
|  |  |  |  | 433229 |
| **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/15/31 | 25000 |  | 24685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 04/01/28 | 100000 |  | 100718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/30 | 60000 |  | 60775 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(1)</sup> | 10/01/30 | 10000 |  | 9143 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% <sup>(1)</sup> | 04/15/29 | 33000 |  | 31647 |
|  |  |  |  | 226968 |
| **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
|  Edgewell Personal Care Co. | Edgewell Personal Care Co. | Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 06/01/28 | 32000 |  | 31838 |
|  Opal Bidco SAS (France) | Opal Bidco SAS (France) | Opal Bidco SAS (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 03/31/32 | 35000 |  | 35081 |
|  |  |  |  | 66919 |
| **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation<br>Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation<br>Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation<br>Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation<br>Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation<br>Trust (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 06/06/28 | 35000 |  | 35869 |
|  American Express Co. 3.55% (5 yr. CMT + | American Express Co. 3.55% (5 yr. CMT + | American Express Co. 3.55% (5 yr. CMT + |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.854%) *<sup>(2),(8)</sup>* | 09/15/26 | 15000 |  | 14831 |
|  Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53% *<sup>(1)</sup>* | 11/18/27 | 82000 |  | 79296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% *<sup>(1)</sup>* | 02/15/27 | 15000 |  | 14857 |
|  GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% *<sup>(1)</sup>* | 06/15/28 | 25000 |  | 25946 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% *<sup>(1)</sup>* | 11/01/32 | 50000 |  | 49625 |
|  |  |  |  | 220424 |
| **Electric — 2.0%** | **Electric — 2.0%** | **Electric — 2.0%** | **Electric — 2.0%** | **Electric — 2.0%** |
|  Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% (5 yr. CMT + 2.077%) *<sup>(2)</sup>* | 04/01/56 | 130000 |  | 126408 |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% *<sup>(1)</sup>* | 03/01/32 | 55000 |  | 50878 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** |
|  Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 01/15/34 | 45000 | $| 44439 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% (5 yr. CMT + 2.128%) *<sup>(2)</sup>* | 03/15/56 | 180000 |  | 177790 |
|  Ausgrid Finance Pty. Ltd. (Australia) | Ausgrid Finance Pty. Ltd. (Australia) | Ausgrid Finance Pty. Ltd. (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% *<sup>(9)</sup>* | 12/10/35 | AUD 30,000 |  | 20099 |
|  CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% (5 yr. CMT + 2.223%) *<sup>(2)</sup>* | 04/01/56 | 75000 |  | 74205 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (5 yr. CMT + 2.262%) *<sup>(2)</sup>* | 02/15/56 | 90000 |  | 89427 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(9)</sup>* | 06/17/44 | EUR 100,000 |  | 114125 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% (5 yr. CMT + 2.179%) *<sup>(2)</sup>* | 06/15/56 | 75000 |  | 74041 |
|  Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45% | 12/01/27 | 150000 |  | 147969 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87% *<sup>(1)</sup>* | 09/15/28 | 39000 |  | 37540 |
|  Southern Co. | Southern Co. | Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (5 yr. CMT + 1.993%) | 04/01/58 | 85000 |  | 85475 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 04/01/36 | 70000 |  | 68881 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(1)</sup>* | 04/15/32 | 25000 |  | 25888 |
|  |  |  |  | 1137165 |
| **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** |
|  Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(1)</sup>* | 09/15/33 | 35000 |  | 32839 |
|  WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% <sup>(1)</sup> | 04/15/31 | 50000 |  | 49733 |
|  |  |  |  | 82572 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
|  Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/36 | 60000 |  | 58043 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
|  Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90% <sup>(9)</sup> | 04/19/34 | AUD 10,000 |  | 6769 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 02/15/32 | 35000 |  | 34635 |
|  Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/42 | 3000 |  | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 03/15/52 | 17000 |  | 10322 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Entertainment (Continued)** | **Entertainment (Continued)** | **Entertainment (Continued)** | **Entertainment (Continued)** | **Entertainment (Continued)** |
|  Great Canadian Gaming Corp./Raptor LLC (Canada) | Great Canadian Gaming Corp./Raptor LLC (Canada) | Great Canadian Gaming Corp./Raptor LLC (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% <sup>(1)</sup> | 11/15/29 | 17000 | $| 16592 |
|  Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% <sup>(1)</sup> | 08/01/30 | 30000 |  | 28789 |
|  Penn Entertainment, Inc. | Penn Entertainment, Inc. | Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(1)</sup> | 07/01/29 | 79000 |  | 74002 |
|  Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 10/15/30 | 55000 |  | 54963 |
|  Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% <sup>(1)</sup> | 07/01/32 | 51000 |  | 53198 |
|  |  |  |  | 274507 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(1)</sup> | 08/01/28 | 30000 |  | 29213 |
| **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** |
|  JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 12/01/31 | 52000 |  | 48752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 03/15/34 | 47000 |  | 51647 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/32 | 36000 |  | 32705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 04/15/31 | 25000 |  | 23949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 07/01/33 | 32000 |  | 33450 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% <sup>(1)</sup> | 04/15/30 | 65000 |  | 62569 |
|  Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% <sup>(1)</sup> | 09/13/31 | 45000 |  | 39586 |
|  |  |  |  | 292658 |
| **Gas — 0.6%** | **Gas — 0.6%** | **Gas — 0.6%** | **Gas — 0.6%** | **Gas — 0.6%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38% *<sup>(1)</sup>* | 06/01/28 | 73000 |  | 75078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% <sup>(1)</sup> | 06/01/30 | 15000 |  | 15914 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% (5 yr. CMT + 2.035%) <sup>(2)</sup> | 07/15/56 | 90000 |  | 88690 |
|  Northwest Natural Holding Co. | Northwest Natural Holding Co. | Northwest Natural Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% (5 yr. CMT + 2.701%) <sup>(2)</sup> | 09/15/55 | 130000 |  | 131404 |
|  |  |  |  | 311086 |
| **Health Care-Products — 0.3%** | **Health Care-Products — 0.3%** | **Health Care-Products — 0.3%** | **Health Care-Products — 0.3%** | **Health Care-Products — 0.3%** |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 04/01/29 | 175000 |  | 169447 |
| **Health Care-Services — 1.6%** | **Health Care-Services — 1.6%** | **Health Care-Services — 1.6%** | **Health Care-Services — 1.6%** | **Health Care-Services — 1.6%** |
|  Centene Corp. | Centene Corp. | Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/15/30 | 129000 |  | 113067 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Health Care-Services (Continued)** | **Health Care-Services (Continued)** | **Health Care-Services (Continued)** | **Health Care-Services (Continued)** | **Health Care-Services (Continued)** |
|  Cigna Group | Cigna Group | Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/15/30 | 130000 | $| 129661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 01/15/36 | 15000 |  | 15042 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78% | 10/01/30 | 40000 |  | 36924 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 03/15/31 | 25000 |  | 22564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/15/36 | 120000 |  | 117622 |
|  Fresenius Medical Care U.S. Finance III, Inc. (Germany) | Fresenius Medical Care U.S. Finance III, Inc. (Germany) | Fresenius Medical Care U.S. Finance III, Inc. (Germany) | Fresenius Medical Care U.S. Finance III, Inc. (Germany) | Fresenius Medical Care U.S. Finance III, Inc. (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88% <sup>(1)</sup> | 12/01/26 | 30000 |  | 29437 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 09/01/28 | 14000 |  | 14286 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 05/01/35 | 50000 |  | 49494 |
|  Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 09/01/29 | 70000 |  | 67556 |
|  ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <sup>(1),(4),(10),(11)</sup> | 10/01/29 | 161700 |  | 2426 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 01/15/33 | 13000 |  | 12613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 02/15/31 | 17000 |  | 16774 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% <sup>(1)</sup> | 10/31/29 | 72000 |  | 69606 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% <sup>(1)</sup> | 10/01/30 | 40000 |  | 41638 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 07/15/54 | 130000 |  | 123899 |
|  Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 09/01/26 | 15000 |  | 14825 |
|  |  |  |  | 877434 |
| **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** |
|  Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 03/15/31 | 68000 |  | 59007 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
|  Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 10/15/30 | 40000 |  | 37815 |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 04/01/36 | 30000 |  | 27720 |
|  |  |  |  | 65535 |
| **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
|  Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(1)</sup> | 11/06/30 | 25000 |  | 25065 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 10/15/27 | 66000 |  | 66027 |
|  Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% (3 mo. USD Term SOFR + 4.006%) <sup>(1),(2)</sup> | 11/01/53 | 50000 |  | 48759 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (3 mo. USD LIBOR + 3.231%) <sup>(1),(2)</sup> | 11/01/57 | 25000 | $| 20975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% (10 yr. CMT + 3.864%) <sup>(1),(2)</sup> | 10/15/64 | 30000 |  | 30334 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 03/15/36 | 75000 |  | 74313 |
|  |  |  |  | 265473 |
| **Internet — 1.3%** | **Internet — 1.3%** | **Internet — 1.3%** | **Internet — 1.3%** | **Internet — 1.3%** |
|  Airbnb, Inc. | Airbnb, Inc. | Airbnb, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 03/16/36 | 70000 |  | 70044 |
|  Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 02/15/36 | 110000 |  | 109542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 02/15/56 | 15000 |  | 14958 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 03/13/36 | 40000 |  | 39644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 11/20/55 | 50000 |  | 47894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 03/13/56 | 55000 |  | 54891 |
|  Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% <sup>(1)</sup> | 11/15/30 | 30000 |  | 27125 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60% | 11/15/32 | 140000 |  | 138580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 11/15/35 | 50000 |  | 49071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 11/15/55 | 80000 |  | 75037 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 03/01/33 | 25000 |  | 23691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 03/15/34 | 60000 |  | 56464 |
|  |  |  |  | 706941 |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 06/15/30 | 57000 |  | 53580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% <sup>(1)</sup> | 11/15/29 | 19000 |  | 18714 |
|  |  |  |  | 72294 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% <sup>(1)</sup> | 11/15/29 | 5000 |  | 4283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% <sup>(1)</sup> | 03/15/30 | 5000 |  | 4181 |
|  |  |  |  | 8464 |
| **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/30/28 | 80000 |  | 80845 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 06/15/28 | 130000 |  | 131787 |
|  |  |  |  | 212632 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
|  Belo Corp. | Belo Corp. | Belo Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% | 09/15/27 | $10000 | $10302 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(1)</sup> | 02/01/31 | 50000 | 45551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% <sup>(1)</sup> | 06/01/29 | 15000 | 14808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 02/01/33 | 15000 | 15075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 02/01/36 | 35000 | 34854 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/01/41 | 40000 | 28097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 04/01/51 | 54000 | 33536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65% | 02/01/34 | 50000 | 52200 |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 01/15/30 | 15000 | 5680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 02/01/29 | 92000 | 58804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% <sup>(1)</sup> | 01/31/29 | 39000 | 28265 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 07/01/26 | 15000 | 14974 |
|  DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% <sup>(1)</sup> | 11/15/27 | 39000 | 40203 |
|  Midcontinent Communications | Midcontinent Communications | Midcontinent Communications |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% <sup>(1)</sup> | 08/15/32 | 20000 | 18715 |
|  Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% *<sup>(1)</sup>* | 02/15/33 | 40000 | 40800 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(1)</sup>* | 04/15/32 | 25000 | 24868 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/41 | 44000 | 37894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 11/15/40 | 10000 | 9042 |
|  Virgin Media O2 Vendor Financing Notes VI DAC | Virgin Media O2 Vendor Financing Notes VI DAC | Virgin Media O2 Vendor Financing Notes VI DAC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% *<sup>(1)</sup>* | 03/15/33 | 31000 | 27050 |
|  VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 01/15/32 | 50000 | 43017 |
|  |  |  | 583735 |
| **Miscellaneous Manufacturers — 0.4%** | **Miscellaneous Manufacturers — 0.4%** | **Miscellaneous Manufacturers — 0.4%** | **Miscellaneous Manufacturers — 0.4%** |
|  Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 11/08/32 | AUD 50,000 | 32901 |
|  Eaton Corp. | Eaton Corp. | Eaton Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 03/06/33 | 200000 | 197270 |
|  |  |  | 230171 |
| **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
|  Xerox Corp. | Xerox Corp. | Xerox Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25% *<sup>(1)</sup>* | 10/15/30 | 65000 | 50700 |
| **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** |
|  Sunoco LP | Sunoco LP | Sunoco LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% *<sup>(1)</sup>* | 07/15/34 | 5000 | 4925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% (5 yr. CMT + 4.230%) *<sup>(1),(2),(8)</sup>* | 09/18/30 | 95000 | 96940 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Oil & Gas (Continued)** | **Oil & Gas (Continued)** | **Oil & Gas (Continued)** | **Oil & Gas (Continued)** | **Oil & Gas (Continued)** |
|  Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% *<sup>(1)</sup>* | 02/15/30 | 17500 | $| 18270 |
|  |  |  |  | 120135 |
|  **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 10/01/33 | 38000 |  | 38410 |
|  WBI Operating LLC | WBI Operating LLC | WBI Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 10/15/30 | 24000 |  | 24153 |
|  |  |  |  | 62563 |
|  **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 03/17/28 | 90000 |  | 90595 |
|  Ardagh Group SA | Ardagh Group SA | Ardagh Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(1)</sup>* | 12/01/30 | 5000 |  | 5230 |
|  Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 | Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 | Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.00% *<sup>(1)</sup>* | 12/01/30 | 25000 |  | 21032 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 01/15/27 | 5000 |  | 4897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(1)</sup>* | 07/15/26 | 24000 |  | 24007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/15/28 | 115000 |  | 117238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 01/15/34 | 20000 |  | 20462 |
|  Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 07/15/32 | 15000 |  | 15863 |
|  |  |  |  | 299324 |
| **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% *<sup>(1)</sup>* | 04/15/32 | 55000 |  | 56070 |
|  Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *<sup>(1)</sup>* | 06/25/38 | 156000 |  | 139352 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% | 03/25/38 | 10000 |  | 9218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 09/15/35 | 35000 |  | 35142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (5 yr. CMT+ 2.516%)*<sup>(2)</sup>* | 12/10/54 | 100000 |  | 101003 |
|  Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(9)</sup>* | 05/01/30 | EUR 105,000 |  | 125306 |
|  Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 03/18/36 | 85000 |  | 84821 |
|  Teva Pharmaceutical Finance Netherlands IV BV (Israel) | Teva Pharmaceutical Finance Netherlands IV BV (Israel) | Teva Pharmaceutical Finance Netherlands IV BV (Israel) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 12/01/30 | 13000 |  | 13204 |
|  |  |  |  | 564116 |
| **Pipelines — 0.5%** | **Pipelines — 0.5%** | **Pipelines — 0.5%** | **Pipelines — 0.5%** | **Pipelines — 0.5%** |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 06/01/27 | 3000 |  | 3030 |
|  Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(1)</sup>* | 01/15/32 | 50000 |  | 51878 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **Pipelines (Continued)** | **Pipelines (Continued)** | **Pipelines (Continued)** | **Pipelines (Continued)** | **Pipelines (Continued)** |
|  ITT Holdings LLC | ITT Holdings LLC | ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 08/01/29 | 20000 | $| 19510 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% *<sup>(1)</sup>* | 02/15/32 | 47000 |  | 48594 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (5 yr. CMT + 5.440%)*<sup>(1),(2),(8)</sup>* | 09/30/29 | 63000 |  | 62773 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(1)</sup>* | 01/15/36 | 68000 |  | 72032 |
|  |  |  |  | 257817 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
|  Vonovia SE (Germany) | Vonovia SE (Germany) | Vonovia SE (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72% *<sup>(9)</sup>* | 09/03/35 | AUD 40,000 |  | 25900 |
| **REIT — 2.0%** | **REIT — 2.0%** | **REIT — 2.0%** | **REIT — 2.0%** | **REIT — 2.0%** |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/01/31 | 30000 |  | 27068 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 01/15/30 | 65000 |  | 61084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 12/15/32 | 65000 |  | 63911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 03/15/30 | 65000 |  | 65564 |
|  Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 05/15/32 | 95000 |  | 93817 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80% | 02/15/28 | 160000 |  | 157819 |
|  Equinix Asia Financing Corp. Pte. Ltd. (REIT) | Equinix Asia Financing Corp. Pte. Ltd. (REIT) | Equinix Asia Financing Corp. Pte. Ltd. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 03/15/31 | 65000 |  | 63702 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40% | 10/15/31 | 50000 |  | 43802 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/15/31 | 25000 |  | 23666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 06/01/28 | 25000 |  | 25413 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 01/15/28 | 70000 |  | 68599 |
|  Host Hotels & Resorts LP (REIT) | Host Hotels & Resorts LP (REIT) | Host Hotels & Resorts LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 06/15/32 | 20000 |  | 20519 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 01/15/30 | 11000 |  | 8934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 5000 |  | 4738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 04/01/29 | 2000 |  | 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 02/15/28 | 47000 |  | 44645 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/15/31 | 60000 |  | 51465 |
|  Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 01/15/33 | 45000 |  | 44910 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 10/01/31 | 55000 |  | 47799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 09/15/30 | 35000 |  | 31946 |
|  Phillips Edison Grocery Center Operating Partnership I LP (REIT) | Phillips Edison Grocery Center Operating Partnership I LP (REIT) | Phillips Edison Grocery Center Operating Partnership I LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 03/15/33 | 50000 |  | 48782 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
| **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** |
|  Realty Income Corp. (REIT) | Realty Income Corp. (REIT) | Realty Income Corp. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 07/06/30 | EUR 100,000 | $| 120006 |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15% | 09/01/31 | 5000 |  | 4342 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(1)</sup>* | 01/15/28 | 9000 |  | 8948 |
|  VICI Properties LP/VICI Notes Co., Inc. | VICI Properties LP/VICI Notes Co., Inc. | VICI Properties LP/VICI Notes Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% *<sup>(1)</sup>* | 08/15/30 | 12000 |  | 11505 |
|  |  |  |  | 1144702 |
| **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** |
|  Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *<sup>(1)</sup>* | 11/15/29 | 10000 |  | 9673 |
|  BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(1)</sup>* | 07/01/32 | 50000 |  | 45148 |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(1)</sup>* | 01/15/31 | 75000 |  | 78297 |
|  FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(1)</sup>* | 03/01/32 | 40000 |  | 40905 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% *<sup>(1)</sup>* | 03/15/33 | 45000 |  | 43878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00% *<sup>(1)</sup>* | 03/15/34 | 5000 |  | 4672 |
|  Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(1)</sup>* | 09/15/29 | 35000 |  | 33417 |
|  Staples, Inc. | Staples, Inc. | Staples, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% *<sup>(1)</sup>* | 09/01/29 | 15000 |  | 13940 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 12/15/35 | 50000 |  | 48717 |
|  |  |  | 318647 | 318647 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 01/25/31 | 20000 |  | 20449 |
|  Intel Corp. | Intel Corp. | Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/12/31 | 55000 |  | 47657 |
|  |  |  |  | 68106 |
| **Software — 1.0%** | **Software — 1.0%** | **Software — 1.0%** | **Software — 1.0%** | **Software — 1.0%** |
|  Atlassian Corp. | Atlassian Corp. | Atlassian Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/15/34 | 30000 |  | 29389 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(1)</sup>* | 06/30/32 | 68000 |  | 64670 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% | 02/15/31 | 15000 |  | 14696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 08/11/35 | 65000 |  | 63225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 03/15/34 | 35000 |  | 34832 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(1)</sup>* | 12/01/29 | 25000 |  | 22403 |
|  Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% *<sup>(1)</sup>* | 12/01/27 | 178000 |  | 182973 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
|  Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% | 04/15/32 | 25000 | 25140 |
|  Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 03/15/29 | 30000 | 30061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 03/15/36 | 55000 | 54848 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(1)</sup>* | 02/01/31 | 25000 | 24528 |
|  |  |  | 546765 |
| **Telecommunications — 1.3%** | **Telecommunications — 1.3%** | **Telecommunications — 1.3%** | **Telecommunications — 1.3%** |
|  Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63% *<sup>(1)</sup>* | 07/15/27 | 97000 | 71768 |
|  Altice France SA | Altice France SA | Altice France SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 04/15/32 | 16623 | 15731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(1)</sup>* | 11/01/29 | 12397 | 12555 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% | 11/30/29 | 21000 | 22702 |
|  Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38% *<sup>(9)</sup>* | 10/07/30 | EUR 100,000 | 106402 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% *<sup>(1)</sup>* | 03/20/28 | 210000 | 211082 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 02/15/31 | 78000 | 70897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 02/15/36 | 75000 | 73847 |
|  Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(1)</sup>* | 07/15/31 | 108000 | 93022 |
|  Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(1)</sup>* | 10/01/31 | 23000 | 24108 |
|  Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 | Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 | Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 | Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(1)</sup>* | 03/09/30 | 48248 | 47974 |
|  |  |  | 750088 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% *<sup>(9)</sup>* | 09/02/30 | AUD 80,000 | 48256 |
|  Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 09/24/29 | AUD 50,000 | 31210 |
|  |  |  | 79466 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
|  Yorkshire Water Finance PLC (United Kingdom) | Yorkshire Water Finance PLC (United Kingdom) | Yorkshire Water Finance PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(9)</sup>* | 04/18/41 | GBP 100,000 | 81799 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |
| (Cost: $13,234,128) |  |  | 13043440 |
| **MUNICIPAL BONDS — 0.0%** | **MUNICIPAL BONDS — 0.0%** | **MUNICIPAL BONDS — 0.0%** | **MUNICIPAL BONDS — 0.0%** |
|  California Health Facilities Financing Authority, Revenue Bonds | California Health Facilities Financing Authority, Revenue Bonds | California Health Facilities Financing Authority, Revenue Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/15/51 | 20000 | 14355 |
| **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |
| (Cost: $15,362) |  |  | 14355 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **FOREIGN GOVERNMENT BONDS — 1.8%** | **FOREIGN GOVERNMENT BONDS — 1.8%** | **FOREIGN GOVERNMENT BONDS — 1.8%** | **FOREIGN GOVERNMENT BONDS — 1.8%** |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 04/30/54 | $90000 | $86081 |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% *<sup>(1)</sup>* | 10/09/35 | 100000 | 95910 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(9)</sup>* | 02/24/38 | AUD 250,000 | 163782 |
|  Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% *<sup>(1)</sup>* | 04/23/48 | 75000 | 69066 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(9)</sup>* | 08/13/38 | AUD 85,000 | 55309 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/20/37 | AUD 85,000 | 39452 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(9)</sup>* | 03/07/28 | GBP 370,000 | 488075 |
| **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** |
| (Cost: $1,011,274) |  |  | 997675 |
| **U.S. TREASURY SECURITIES — 6.8%** | **U.S. TREASURY SECURITIES — 6.8%** | **U.S. TREASURY SECURITIES — 6.8%** | **U.S. TREASURY SECURITIES — 6.8%** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/29/28 | 64000 | 63505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/28 | 3590000 | 3595680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/31 | 190000 | 189406 |
| **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |
|  (Cost: $3,840,734) | (Cost: $3,840,734) | (Cost: $3,840,734) | 3848591 |
| **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |
|  (Cost: $58,599,109) | (Cost: $58,599,109) | (Cost: $58,599,109) | 54509626 |
| **CONVERTIBLE SECURITIES — 0.0%** | **CONVERTIBLE SECURITIES — 0.0%** | **CONVERTIBLE SECURITIES — 0.0%** | **CONVERTIBLE SECURITIES — 0.0%** |
| **CONVERTIBLE CORPORATE BONDS — 0.0%** | **CONVERTIBLE CORPORATE BONDS — 0.0%** | **CONVERTIBLE CORPORATE BONDS — 0.0%** | **CONVERTIBLE CORPORATE BONDS — 0.0%** |
| **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
|  Worldline SA (France) | Worldline SA (France) | Worldline SA (France) |  |
|  0.00% *<sup>(4),(9)</sup>* | 07/30/26 | EUR 11,104 | 12987 |
| **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** |
|  (Cost: $11,925) | (Cost: $11,925) | (Cost: $11,925) | 12987 |
| **Issues** |  | **Shares** | **Value** |
| **COMMON STOCK — 0.2%** | **COMMON STOCK — 0.2%** | **COMMON STOCK — 0.2%** | **COMMON STOCK — 0.2%** |
| **Health Care-Services — 0.0%** | **Health Care-Services — 0.0%** | **Health Care-Services — 0.0%** | **Health Care-Services — 0.0%** |
|  ModivCare, Inc. *<sup>(12)</sup>* | ModivCare, Inc. *<sup>(12)</sup>* | 2093 | 13604 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
|  Ardagh Holdings SA *<sup>(12)</sup>* | Ardagh Holdings SA *<sup>(12)</sup>* | 3375 | 24891 |
| **REIT — 0.1%** | **REIT — 0.1%** | **REIT — 0.1%** | **REIT — 0.1%** |
|  AGNC Investment Corp. | AGNC Investment Corp. | 4500 | 45135 |
|  |  |  | 45135 |
| **Total Common Stock** | **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |
|  (Cost: $133,944) | (Cost: $133,944) | (Cost: $133,944) | 83630 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **INVESTMENT COMPANIES — 1.7%** | **INVESTMENT COMPANIES — 1.7%** | **INVESTMENT COMPANIES — 1.7%** |
|  TCW Private Asset Income Fund — I Class *<sup>(13)</sup>* | 97716 | $974233 |
| **Total Investment Companies** | **Total Investment Companies** | **Total Investment Companies** |
|  (Cost: $977,234) | (Cost: $977,234) | 974233 |
| **MONEY MARKET INVESTMENTS — 15.7%** | **MONEY MARKET INVESTMENTS — 15.7%** | **MONEY MARKET INVESTMENTS — 15.7%** |
|  State Street Institutional U.S. Government Money Market Fund —<br>Premier Class, 3.60% *<sup>(14)</sup>* | 350853 | 350853 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **MONEY MARKET INVESTMENTS (Continued)** | **MONEY MARKET INVESTMENTS (Continued)** | **MONEY MARKET INVESTMENTS (Continued)** |
|  TCW Central Cash Fund, 3.69% *<sup>(13),(14)</sup>* | 8496289 | $8496289 |
| **Total Money Market Investments** | **Total Money Market Investments** |  |
|  (Cost: $8,847,142) | (Cost: $8,847,142) | 8847142 |
| **Total Investments (114.2%)** | **Total Investments (114.2%)** |  |
|  (Cost: $68,569,354) |  | 64427618 |
| **Liabilities In Excess Of Other Assets (-14.2%)** | **Liabilities In Excess Of Other Assets (-14.2%)** | (8033538) |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | $56394080 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional<br>Contract<br>Value** | **Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** |  |  |  |  |  |
| 37 | 5-Year U.S. Treasury Note Futures | 06/30/26 | $4055817 | $4002648 | $(53169) |
|  **Short Futures** | **Short Futures** |  |  |  |  |
| 5 | 10-Year Australian Bond Futures | 06/15/26 | $(369430) | $(369003) | $427 |
| 33 | 10-Year U.S. Treasury Note Futures | 06/18/26 | (3809882) | (3746016) | 63866 |
| 8 | 2-Year U.S. Treasury Note Futures | 06/30/26 | (1671612) | (1659563) | 12049 |
| 5 | 3-Year Australian Bond Futures | 06/15/26 | (355732) | (354966) | 766 |
| 2 | Euro-Bund Futures | 06/08/26 | (296516) | (288949) | 7567 |
| 1 | Long Gilt Futures | 06/26/26 | (121701) | (115769) | 5932 |
| 17 | U.S. Ultra Long Bond Futures | 06/18/26 | (2036327) | (1981563) | 54764 |
|  |  |  | $(8661200) | $(8515829) | $145371 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts at<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **BUY** *<sup>(15)</sup>* |  |  |  |  |  |  |
|  JP Morgan Chase Bank | AUD | 658897 | 04/01/26 | $453528 | $451279 | $(2249) |
|  Goldman Sachs & Co. | AUD | 10071 | 04/01/26 | 6984 | 6897 | (87) |
|  Goldman Sachs & Co. | EUR | 541228 | 04/01/26 | 625280 | 623603 | (1677) |
|  Citibank N.A. | EUR | 12108 | 04/01/26 | 14299 | 13951 | (348) |
|  Citibank N.A. | GBP | 624020 | 04/01/26 | 830882 | 822894 | (7988) |
|  Goldman Sachs & Co. | GBP | 26258 | 04/01/26 | 36188 | 34626 | (1562) |
|  |  |  |  | $1967161 | $1953250 | $(13911) |
| **SELL** *<sup>(16)</sup>* |  |  |  |  |  |  |
|  JP Morgan Chase Bank | AUD | 608355 | 04/01/26 | $408282 | $416662 | $(8380) |
|  Citibank N.A. | AUD | 30183 | 04/01/26 | 20325 | 20672 | (347) |
|  Bank of America | AUD | 30430 | 04/01/26 | 20339 | 20841 | (502) |
|  JP Morgan Chase Bank | AUD | 648836 | 06/26/26 | 445910 | 443824 | 2086 |
|  Bank of America | EUR | 553336 | 04/01/26 | 651382 | 637554 | 13828 |
|  Goldman Sachs & Co. | EUR | 433783 | 06/26/26 | 501750 | 501728 | 22 |
|  JP Morgan Chase Bank | GBP | 565178 | 04/01/26 | 760148 | 745300 | 14848 |
|  Citibank N.A. | GBP | 85100 | 04/01/26 | 114318 | 112222 | 2096 |
|  Citibank N.A. | GBP | 624020 | 06/26/26 | 830607 | 822645 | 7962 |
|  |  |  |  | $3753061 | $&nbsp;&nbsp;&nbsp;&nbsp;3721448 | $&nbsp;&nbsp;&nbsp;&nbsp;31613 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements |
| **Notional Amount** | **Expiration<br>Date** | **Payment<br>Made by Fund<br>Frequency** | **Payment Made by<br>Fund** | **Payment<br>Received<br>by Fund<br>Frequency** | **Payment<br>Received<br>by Fund** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Premium<br>Paid** | **Value** |
|  GBP 2,953,000 | 03/20/28 | Annual | 12 - Month SONIA | Annual | 3.93% | $(3614) | $16008 | $(19622) |

---

#### Notes to the Schedule of Investments:
*ABS* *Asset-Backed Securities.* 

*ACES* *Alternative Credit Enhancement Securities.* 

*AUD* *Australian Dollar.* 

*CDO* *Collateralized Debt Obligation.* 

*CLO* *Collateralized Loan Obligation.* 

*EUR* *Euro Currency.* 

*GBP* *British Pound Sterling.* 

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

*I/O* *Interest Only Security.* 

*LIBOR* *London Interbank Offered Rate.* 

*PIK* *Payment In Kind.* 

*REIT* *Real Estate Investment Trust.* 

*REMIC* *Real Estate Mortgage Investment Conduits.* 

*SOFR* *Secured Overnight Financing Rate.* 

*SONIA* *Sterling Overnight Index Average.* 

*STACR* *Structured Agency Credit Risk.* 

*STRIPS* *Separate Trading of Registered Interest and Principal Securities.* 

*TBA* *To Be Announced.* 

*USD* *United States Dollar.* 

*(1)* *Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At March 31, 2026, the value of these securities amounted to $19,892,068 or 35.3% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Trust's Board of Trustees.* 

*(2)* *Floating or variable rate security. The interest shown reflects the rate in effect at March 31, 2026.* 

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

*(4)* *Security is not accruing interest.* 

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

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

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

*(8)* *Perpetual maturity.* 

*(9)* *Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At March 31, 2026, the value of these securities amounted to $1,388,381 or 2.5% of net assets.* 

*(10)* *Restricted security (Note 11).* 

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

*(12)* *Non-income producing security.* 

*(13)* *Affiliated issuer.* 

*(14)* *Rate disclosed is the 7-day net yield as of March 31, 2026.* 

*(15)* *Fund buys foreign currency, sells USD.* 

*(16)* *Fund sells foreign currency, buys USD.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Strategic Income Fund
March 31, 2026

The summary of the TCW MetWest Strategic Income Fund transactions in the affiliated funds for the year ended March 31, 2026 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of**<br> **Affiliated<br>Fund** | **Value at<br>March 31,<br>2025** | **Purchases**<br>**at Cost** | **Proceeds**<br>**from Sales** | **Number of<br>Shares Held<br>March 31,<br>2026** | **Value at<br>March 31,<br>2026** | **Dividends and<br>Interest<br>Income<br>Received** | **Distributions<br>Received<br>from Net<br>Realized<br>Gain** | **Net Realized<br>Gain (Loss)<br>on<br>Investments** | **Net change in<br>Unrealized<br>Gain (Loss)**<br>**on<br>Investments** |
|  **TCW Central Cash Fund** | $6740188 | $71195101 | $69439000 | 8496289 | $8496289 | $190641 | $— | $— | $— |
|  **TCW Private Asset Income Fund — I Class** | 168429 | 808805 |  | 97716 | 974233 | 68384 |  |  | (3001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $9470522 | $259025 | $— | $— | $(3001) |

---

*See accompanying Notes to Financial Statements.* 

------

Fair Valuation Summary March 31, 2026

The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets**<br>**(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Non-Agency | $— | $13532910 | $— | $13532910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 13043440 |  | 13043440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Agency |  | 10739131 |  | 10739131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Non-Agency |  | 7011276 |  | 7011276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 4874837 | 49693 | 4924530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 3848591 |  | 3848591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds |  | 997675 |  | 997675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Agency |  | 397718 |  | 397718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 14355 |  | 14355 |
|  Total Fixed Income Securities |  | 54459933 | 49693 | 54509626 |
|  Convertible Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Corporate Bonds |  | 12987 |  | 12987 |
|  Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 8847142 |  |  | 8847142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies |  | 974233 |  | 974233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock |  | 83630 |  | 83630 |
|  Total Equity Securities | 8847142 | 1057863 |  | 9905005 |
|  Total Investments | $8847142 | $55530783 | $49693 | $64427618 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 40842 |  | 40842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 145371 |  |  | 145371 |
|  Total | $8992513 | $55571625 | $49693 | $64613831 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | $(53169) | $— | $— | $(53169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | (23140) |  | (23140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk |  | (19622) |  | (19622) |
|  Total | $(53169) | $(42762) | $— | $(95931) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Sustainable Securitized Fund
Schedule of Investments March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 110.5% of Net Assets** | **FIXED INCOME SECURITIES — 110.5% of Net Assets** | **FIXED INCOME SECURITIES — 110.5% of Net Assets** | **FIXED INCOME SECURITIES — 110.5% of Net Assets** |
| **ASSET-BACKED SECURITIES — 17.3%** | **ASSET-BACKED SECURITIES — 17.3%** | **ASSET-BACKED SECURITIES — 17.3%** | **ASSET-BACKED SECURITIES — 17.3%** |
|  Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 | Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 | Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 | Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.94% <sup>(1)</sup> | 08/15/46 | $175000 | $173229 |
|  Allegro CLO X Ltd. Series 2019-1A, Class BRR | Allegro CLO X Ltd. Series 2019-1A, Class BRR | Allegro CLO X Ltd. Series 2019-1A, Class BRR | Allegro CLO X Ltd. Series 2019-1A, Class BRR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27% (3 mo. USD<br>Term SOFR +<br>1.600%) <sup>(1),(2)</sup> | 04/20/32 | 50000 | 50031 |
|  ALLO Issuer LLC Series 2023-1A, Class C | ALLO Issuer LLC Series 2023-1A, Class C | ALLO Issuer LLC Series 2023-1A, Class C | ALLO Issuer LLC Series 2023-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.18% <sup>(1)</sup> | 06/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 104111 |
|  ALLO Issuer LLC Series 2024-1A, Class B | ALLO Issuer LLC Series 2024-1A, Class B | ALLO Issuer LLC Series 2024-1A, Class B | ALLO Issuer LLC Series 2024-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.15% <sup>(1)</sup> | 07/20/54 | 100000 | 102127 |
|  ALLO Issuer LLC Series 2024-1A, Class C | ALLO Issuer LLC Series 2024-1A, Class C | ALLO Issuer LLC Series 2024-1A, Class C | ALLO Issuer LLC Series 2024-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.19% <sup>(1)</sup> | 07/20/54 | 120000 | 126306 |
|  Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08% <sup>(1)</sup> | 02/20/28 | 30000 | 29671 |
|  Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% <sup>(1)</sup> | 02/20/28 | 100000 | 100820 |
|  Bain Capital Credit CLO Ltd. Series 2021-3A, Class BR | Bain Capital Credit CLO Ltd. Series 2021-3A, Class BR | Bain Capital Credit CLO Ltd. Series 2021-3A, Class BR | Bain Capital Credit CLO Ltd. Series 2021-3A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22% (3 mo.<br>USD Term SOFR +<br>1.550%) <sup>(1),(2)</sup> | 07/24/34 | 125000 | 124750 |
|  Bayview Opportunity Master Fund VII LLC Series 2024-EDU1, Class D | Bayview Opportunity Master Fund VII LLC Series 2024-EDU1, Class D | Bayview Opportunity Master Fund VII LLC Series 2024-EDU1, Class D | Bayview Opportunity Master Fund VII LLC Series 2024-EDU1, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.41% (30 day USD SOFR Average +<br>2.750%) <sup>(1),(2)</sup> | 06/25/47 | 29679 | 30087 |
|  Brazos Education Loan Authority, Inc. Series 2021-2, Class A1A | Brazos Education Loan Authority, Inc. Series 2021-2, Class A1A | Brazos Education Loan Authority, Inc. Series 2021-2, Class A1A | Brazos Education Loan Authority, Inc. Series 2021-2, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06% | 01/25/72 | 67482 | 58681 |
|  CARS-DB4 LP Series 2020-1A, Class A5 | CARS-DB4 LP Series 2020-1A, Class A5 | CARS-DB4 LP Series 2020-1A, Class A5 | CARS-DB4 LP Series 2020-1A, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48% <sup>(1)</sup> | 02/15/50 | 97604 | 96271 |
|  CARS-DB4 LP Series 2020-1A, Class B3 | CARS-DB4 LP Series 2020-1A, Class B3 | CARS-DB4 LP Series 2020-1A, Class B3 | CARS-DB4 LP Series 2020-1A, Class B3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% <sup>(1)</sup> | 02/15/50 | 100000 | 94374 |
|  CARS-DB5 LP Series 2021-1A, Class A1 | CARS-DB5 LP Series 2021-1A, Class A1 | CARS-DB5 LP Series 2021-1A, Class A1 | CARS-DB5 LP Series 2021-1A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.44% <sup>(1)</sup> | 08/15/51 | 92054 | 90887 |
|  CIFC Funding Ltd. Series 2021-7A, Class CR | CIFC Funding Ltd. Series 2021-7A, Class CR | CIFC Funding Ltd. Series 2021-7A, Class CR | CIFC Funding Ltd. Series 2021-7A, Class CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (3 mo. USD<br>Term SOFR +<br>1.750%) <sup>(1),(2)</sup> | 01/23/35 | 100000 | 99865 |
|  CIFC Funding Ltd. Series 2022-1A, Class A | CIFC Funding Ltd. Series 2022-1A, Class A | CIFC Funding Ltd. Series 2022-1A, Class A | CIFC Funding Ltd. Series 2022-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99% (3 mo. USD Term SOFR + 1.320%) <sup>(1),(2)</sup> | 04/17/35 | 50000 | 50026 |
|  CyrusOne Data Centers Issuer I LLC Series 2023-1A, Class B | CyrusOne Data Centers Issuer I LLC Series 2023-1A, Class B | CyrusOne Data Centers Issuer I LLC Series 2023-1A, Class B | CyrusOne Data Centers Issuer I LLC Series 2023-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% <sup>(1)</sup> | 04/20/48 | 42123 | 41663 |
|  Diamond Infrastructure Funding LLC Series 2021-1A, Class B | Diamond Infrastructure Funding LLC Series 2021-1A, Class B | Diamond Infrastructure Funding LLC Series 2021-1A, Class B | Diamond Infrastructure Funding LLC Series 2021-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36% <sup>(1)</sup> | 04/15/49 | 100000 | 98078 |
|  Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 | Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 | Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 | Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (3 mo. USD<br>Term SOFR +<br>1.150%) <sup>(1),(2)</sup> | 08/15/31 | 13727 | 13740 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  Dryden 68 CLO Ltd. Series 2019-68A, Class CRR | Dryden 68 CLO Ltd. Series 2019-68A, Class CRR | Dryden 68 CLO Ltd. Series 2019-68A, Class CRR | Dryden 68 CLO Ltd. Series 2019-68A, Class CRR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47% (3 mo. USD<br>Term SOFR +<br>1.800%) <sup>(1),(2)</sup> | 07/15/35 | $125000 | $124351 |
|  Dryden 72 CLO Ltd. Series 2019-72A, Class BRR | Dryden 72 CLO Ltd. Series 2019-72A, Class BRR | Dryden 72 CLO Ltd. Series 2019-72A, Class BRR | Dryden 72 CLO Ltd. Series 2019-72A, Class BRR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% (3 mo. USD<br>Term SOFR +<br>1.650%) <sup>(1),(2)</sup> | 05/15/32 | 115000 | 115075 |
|  Dryden 75 CLO Ltd. Series 2019-75A, Class CR2 | Dryden 75 CLO Ltd. Series 2019-75A, Class CR2 | Dryden 75 CLO Ltd. Series 2019-75A, Class CR2 | Dryden 75 CLO Ltd. Series 2019-75A, Class CR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.73% (3 mo. USD Term SOFR + 2.062%) <sup>(1),(2)</sup> | 04/15/34 | 125000 | 124382 |
|  Dryden 80 CLO Ltd. Series 2019-80A, Class CRR | Dryden 80 CLO Ltd. Series 2019-80A, Class CRR | Dryden 80 CLO Ltd. Series 2019-80A, Class CRR | Dryden 80 CLO Ltd. Series 2019-80A, Class CRR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52% (3 mo. USD Term SOFR + 1.850%) <sup>(1),(2)</sup> | 01/17/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 99675 |
|  Edgeconnex Data Centers Issuer LLC Series 2022-1, Class A2 | Edgeconnex Data Centers Issuer LLC Series 2022-1, Class A2 | Edgeconnex Data Centers Issuer LLC Series 2022-1, Class A2 | Edgeconnex Data Centers Issuer LLC Series 2022-1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(1)</sup> | 03/25/52 | 46708 | 45476 |
|  GoodLeap Sustainable Home Solutions Trust Series 2022-1GS, Class A | GoodLeap Sustainable Home Solutions Trust Series 2022-1GS, Class A | GoodLeap Sustainable Home Solutions Trust Series 2022-1GS, Class A | GoodLeap Sustainable Home Solutions Trust Series 2022-1GS, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% <sup>(1)</sup> | 01/20/49 | 61919 | 53352 |
|  HPS Loan Management Ltd. Series 2021-16A, Class BR | HPS Loan Management Ltd. Series 2021-16A, Class BR | HPS Loan Management Ltd. Series 2021-16A, Class BR | HPS Loan Management Ltd. Series 2021-16A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% (3 mo. USD Term SOFR + 1.650%) <sup>(1),(2)</sup> | 01/23/35 | 150000 | 150075 |
|  JG Wentworth XLII LLC Series 2018-2A, Class B | JG Wentworth XLII LLC Series 2018-2A, Class B | JG Wentworth XLII LLC Series 2018-2A, Class B | JG Wentworth XLII LLC Series 2018-2A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% <sup>(1)</sup> | 10/15/77 | 172611 | 156761 |
|  JG Wentworth XXXIX LLC Series 2017-2A, Class B | JG Wentworth XXXIX LLC Series 2017-2A, Class B | JG Wentworth XXXIX LLC Series 2017-2A, Class B | JG Wentworth XXXIX LLC Series 2017-2A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% <sup>(1)</sup> | 09/17/74 | 195976 | 177178 |
|  Lightpath Fiber Issuer LLC Series 2026-1A, Class A2 | Lightpath Fiber Issuer LLC Series 2026-1A, Class A2 | Lightpath Fiber Issuer LLC Series 2026-1A, Class A2 | Lightpath Fiber Issuer LLC Series 2026-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% <sup>(1)</sup> | 03/25/56 | 35000 | 34988 |
|  LMRK Issuer Co. 2 LLC Series 2025-1A, Class A | LMRK Issuer Co. 2 LLC Series 2025-1A, Class A | LMRK Issuer Co. 2 LLC Series 2025-1A, Class A | LMRK Issuer Co. 2 LLC Series 2025-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52% <sup>(1)</sup> | 09/15/55 | 45000 | 44991 |
|  Loanpal Solar Loan Ltd. Series 2021-1GS, Class A | Loanpal Solar Loan Ltd. Series 2021-1GS, Class A | Loanpal Solar Loan Ltd. Series 2021-1GS, Class A | Loanpal Solar Loan Ltd. Series 2021-1GS, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29% <sup>(1)</sup> | 01/20/48 | 117446 | 97475 |
|  Madison Park Funding LVII Ltd. Series 2022-57A, Class BR | Madison Park Funding LVII Ltd. Series 2022-57A, Class BR | Madison Park Funding LVII Ltd. Series 2022-57A, Class BR | Madison Park Funding LVII Ltd. Series 2022-57A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.37% (3 mo. USD Term SOFR + 1.700%) <sup>(1),(2)</sup> | 07/27/34 | 125000 | 125005 |
|  Madison Park Funding XXVII Ltd. Series 2018-27A, Class A2R | Madison Park Funding XXVII Ltd. Series 2018-27A, Class A2R | Madison Park Funding XXVII Ltd. Series 2018-27A, Class A2R | Madison Park Funding XXVII Ltd. Series 2018-27A, Class A2R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17% (3 mo. USD Term SOFR + 1.500%) <sup>(1),(2)</sup> | 04/20/38 | 150000 | 149549 |
|  Madison Park Funding XXXIX Ltd. Series 2021-39A, Class BR | Madison Park Funding XXXIX Ltd. Series 2021-39A, Class BR | Madison Park Funding XXXIX Ltd. Series 2021-39A, Class BR | Madison Park Funding XXXIX Ltd. Series 2021-39A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (3 mo. USD Term SOFR + 1.750%) <sup>(1),(2)</sup> | 10/22/34 | 105000 | 105082 |
|  Madison Park Funding XXXVI Ltd. Series 2019-36A, Class B1R | Madison Park Funding XXXVI Ltd. Series 2019-36A, Class B1R | Madison Park Funding XXXVI Ltd. Series 2019-36A, Class B1R | Madison Park Funding XXXVI Ltd. Series 2019-36A, Class B1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22% (3 mo. USD Term SOFR + 1.550%) <sup>(1),(2)</sup> | 04/15/35 | 100000 | 99518 |
|  Mosaic Solar Loan Trust Series 2020-2A, Class A | Mosaic Solar Loan Trust Series 2020-2A, Class A | Mosaic Solar Loan Trust Series 2020-2A, Class A | Mosaic Solar Loan Trust Series 2020-2A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.44% <sup>(1)</sup> | 08/20/46 | 34336 | 29059 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  Navient Private Education Loan Trust Series 2018-BA, Class A2B | Navient Private Education Loan Trust Series 2018-BA, Class A2B | Navient Private Education Loan Trust Series 2018-BA, Class A2B | Navient Private Education Loan Trust Series 2018-BA, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51% (1 mo. USD Term SOFR + 0.834%) <sup>(1),(2)</sup> | 12/15/59 | 442 | 442 |
|  Navient Private Education Loan Trust Series 2020-A, Class A2B | Navient Private Education Loan Trust Series 2020-A, Class A2B | Navient Private Education Loan Trust Series 2020-A, Class A2B | Navient Private Education Loan Trust Series 2020-A, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69% (1 mo. USD Term SOFR + 1.014%) <sup>(1),(2)</sup> | 11/15/68 | 29663 | 29613 |
|  Navient Student Loan Trust Series 2017-1A, Class A3 | Navient Student Loan Trust Series 2017-1A, Class A3 | Navient Student Loan Trust Series 2017-1A, Class A3 | Navient Student Loan Trust Series 2017-1A, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93% (30 day USD SOFR Average + 1.264%) <sup>(1),(2)</sup> | 07/26/66 | 82454 | 83212 |
|  Ramsgate DC Holdings U.K. 1 Sarl Series 1A, Class A | Ramsgate DC Holdings U.K. 1 Sarl Series 1A, Class A | Ramsgate DC Holdings U.K. 1 Sarl Series 1A, Class A | Ramsgate DC Holdings U.K. 1 Sarl Series 1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.48% <sup>(1)</sup> | 02/28/56 | 100000 | 129116 |
|  Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR | Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR | Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR | Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% (3 mo. USD<br>Term SOFR +<br>1.090%) <sup>(1),(2)</sup> | 01/20/36 | 70000 | 69986 |
|  Sixth Street CLO VIII Ltd. Series 2017-8A, Class CR2 | Sixth Street CLO VIII Ltd. Series 2017-8A, Class CR2 | Sixth Street CLO VIII Ltd. Series 2017-8A, Class CR2 | Sixth Street CLO VIII Ltd. Series 2017-8A, Class CR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.62% (3 mo. USD<br>Term SOFR +<br>2.950%) <sup>(1),(2)</sup> | 10/20/34 | 100000 | 97469 |
|  SLM Student Loan Trust Series 2012-2, Class A | SLM Student Loan Trust Series 2012-2, Class A | SLM Student Loan Trust Series 2012-2, Class A | SLM Student Loan Trust Series 2012-2, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48% (30 day USD SOFR Average + 0.814%) <sup>(2)</sup> | 01/25/29 | 26034 | 25447 |
|  SoFi Professional Loan Program LLC Series 2021-B, Class AFX | SoFi Professional Loan Program LLC Series 2021-B, Class AFX | SoFi Professional Loan Program LLC Series 2021-B, Class AFX | SoFi Professional Loan Program LLC Series 2021-B, Class AFX |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <sup>(1)</sup> | 02/15/47 | 25367 | 22777 |
|  Stonepeak ABS Series 2021-1A, Class A | Stonepeak ABS Series 2021-1A, Class A | Stonepeak ABS Series 2021-1A, Class A | Stonepeak ABS Series 2021-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68% <sup>(1)</sup> | 02/28/33 | 69114 | 67594 |
|  Switch ABS Issuer LLC Series 2024-1A, Class A2 | Switch ABS Issuer LLC Series 2024-1A, Class A2 | Switch ABS Issuer LLC Series 2024-1A, Class A2 | Switch ABS Issuer LLC Series 2024-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.28% <sup>(1)</sup> | 03/25/54 | 75000 | 75734 |
|  Switch ABS Issuer LLC Series 2024-1A, Class B | Switch ABS Issuer LLC Series 2024-1A, Class B | Switch ABS Issuer LLC Series 2024-1A, Class B | Switch ABS Issuer LLC Series 2024-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 03/25/54 | 100000 | 100118 |
|  Symphony CLO XIX Ltd. Series 2018-19A, Class B | Symphony CLO XIX Ltd. Series 2018-19A, Class B | Symphony CLO XIX Ltd. Series 2018-19A, Class B | Symphony CLO XIX Ltd. Series 2018-19A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.28% (3 mo. USD<br>Term SOFR +<br>1.612%) <sup>(1),(2)</sup> | 04/16/31 | 50000 | 50044 |
|  Voya CLO Ltd. Series 2014-4A, Class A2RA | Voya CLO Ltd. Series 2014-4A, Class A2RA | Voya CLO Ltd. Series 2014-4A, Class A2RA | Voya CLO Ltd. Series 2014-4A, Class A2RA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.53% (3 mo. USD<br>Term SOFR +<br>1.862%) <sup>(1),(2)</sup> | 07/14/31 | 50000 | 50056 |
|  Voya CLO Ltd. Series 2015-3A, Class BR4 | Voya CLO Ltd. Series 2015-3A, Class BR4 | Voya CLO Ltd. Series 2015-3A, Class BR4 | Voya CLO Ltd. Series 2015-3A, Class BR4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47% (3 mo. USD<br>Term SOFR +<br>1.800%) <sup>(1),(2)</sup> | 10/20/31 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | 125110 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |  |
|  (Cost: $4,149,131) | (Cost: $4,149,131) | (Cost: $4,149,131) | 4143427 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 44.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 44.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 44.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 44.8%** |
|  Federal Home Loan Mortgage Corp., Pool #RA4201 | Federal Home Loan Mortgage Corp., Pool #RA4201 | Federal Home Loan Mortgage Corp., Pool #RA4201 | Federal Home Loan Mortgage Corp., Pool #RA4201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/01/50 | 77729 | 63279 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp., Pool #SD8160 | Federal Home Loan Mortgage Corp., Pool #SD8160 | Federal Home Loan Mortgage Corp., Pool #SD8160 | Federal Home Loan Mortgage Corp., Pool #SD8160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/01/51 | $44418 | $36046 |
|  Federal Home Loan Mortgage Corp., Pool #RA6071 | Federal Home Loan Mortgage Corp., Pool #RA6071 | Federal Home Loan Mortgage Corp., Pool #RA6071 | Federal Home Loan Mortgage Corp., Pool #RA6071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/01/51 | 118062 | 96228 |
|  Federal Home Loan Mortgage Corp., Pool #QD1841 | Federal Home Loan Mortgage Corp., Pool #QD1841 | Federal Home Loan Mortgage Corp., Pool #QD1841 | Federal Home Loan Mortgage Corp., Pool #QD1841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/01/51 | 112426 | 91063 |
|  Federal Home Loan Mortgage Corp., Pool #SD7549 | Federal Home Loan Mortgage Corp., Pool #SD7549 | Federal Home Loan Mortgage Corp., Pool #SD7549 | Federal Home Loan Mortgage Corp., Pool #SD7549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/52 | 115307 | 94754 |
|  Federal Home Loan Mortgage Corp., Pool #RA5855 | Federal Home Loan Mortgage Corp., Pool #RA5855 | Federal Home Loan Mortgage Corp., Pool #RA5855 | Federal Home Loan Mortgage Corp., Pool #RA5855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 09/01/51 | 157534 | 133711 |
|  Federal Home Loan Mortgage Corp., Pool #QC8921 | Federal Home Loan Mortgage Corp., Pool #QC8921 | Federal Home Loan Mortgage Corp., Pool #QC8921 | Federal Home Loan Mortgage Corp., Pool #QC8921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 10/01/51 | 107720 | 92174 |
|  Federal Home Loan Mortgage Corp., Pool #RA6528 | Federal Home Loan Mortgage Corp., Pool #RA6528 | Federal Home Loan Mortgage Corp., Pool #RA6528 | Federal Home Loan Mortgage Corp., Pool #RA6528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 02/01/52 | 19029 | 16120 |
|  Federal Home Loan Mortgage Corp., Pool #RA7091 | Federal Home Loan Mortgage Corp., Pool #RA7091 | Federal Home Loan Mortgage Corp., Pool #RA7091 | Federal Home Loan Mortgage Corp., Pool #RA7091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/01/52 | 78919 | 66802 |
|  Federal Home Loan Mortgage Corp., Pool #SD8205 | Federal Home Loan Mortgage Corp., Pool #SD8205 | Federal Home Loan Mortgage Corp., Pool #SD8205 | Federal Home Loan Mortgage Corp., Pool #SD8205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/01/52 | 54247 | 45959 |
|  Federal Home Loan Mortgage Corp., Pool #QA7550 | Federal Home Loan Mortgage Corp., Pool #QA7550 | Federal Home Loan Mortgage Corp., Pool #QA7550 | Federal Home Loan Mortgage Corp., Pool #QA7550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 03/01/50 | 51893 | 46431 |
|  Federal Home Loan Mortgage Corp., Pool #QA8518 | Federal Home Loan Mortgage Corp., Pool #QA8518 | Federal Home Loan Mortgage Corp., Pool #QA8518 | Federal Home Loan Mortgage Corp., Pool #QA8518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/50 | 61635 | 55264 |
|  Federal Home Loan Mortgage Corp., Pool #RA5552 | Federal Home Loan Mortgage Corp., Pool #RA5552 | Federal Home Loan Mortgage Corp., Pool #RA5552 | Federal Home Loan Mortgage Corp., Pool #RA5552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 07/01/51 | 184466 | 164226 |
|  Federal Home Loan Mortgage Corp., Pool #SD8220 | Federal Home Loan Mortgage Corp., Pool #SD8220 | Federal Home Loan Mortgage Corp., Pool #SD8220 | Federal Home Loan Mortgage Corp., Pool #SD8220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/01/52 | 266996 | 235486 |
|  Federal Home Loan Mortgage Corp., Pool #SD8225 | Federal Home Loan Mortgage Corp., Pool #SD8225 | Federal Home Loan Mortgage Corp., Pool #SD8225 | Federal Home Loan Mortgage Corp., Pool #SD8225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 07/01/52 | 320694 | 282848 |
|  Federal Home Loan Mortgage Corp., Pool #SD5845 | Federal Home Loan Mortgage Corp., Pool #SD5845 | Federal Home Loan Mortgage Corp., Pool #SD5845 | Federal Home Loan Mortgage Corp., Pool #SD5845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/01/52 | 88056 | 80877 |
|  Federal Home Loan Mortgage Corp., Pool #RA7543 | Federal Home Loan Mortgage Corp., Pool #RA7543 | Federal Home Loan Mortgage Corp., Pool #RA7543 | Federal Home Loan Mortgage Corp., Pool #RA7543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/52 | 97354 | 92268 |
|  Federal Home Loan Mortgage Corp., Pool #SD8222 | Federal Home Loan Mortgage Corp., Pool #SD8222 | Federal Home Loan Mortgage Corp., Pool #SD8222 | Federal Home Loan Mortgage Corp., Pool #SD8222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/52 | 76624 | 72615 |
|  Federal Home Loan Mortgage Corp., Pool #SD8342 | Federal Home Loan Mortgage Corp., Pool #SD8342 | Federal Home Loan Mortgage Corp., Pool #SD8342 | Federal Home Loan Mortgage Corp., Pool #SD8342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/01/53 | 105716 | 106613 |
|  Federal Home Loan Mortgage Corp., Pool #SD8493 | Federal Home Loan Mortgage Corp., Pool #SD8493 | Federal Home Loan Mortgage Corp., Pool #SD8493 | Federal Home Loan Mortgage Corp., Pool #SD8493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 12/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103353 | 104018 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3067, Class FA (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3067, Class FA (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3067, Class FA (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3067, Class FA (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14% (30 day<br>USD SOFR Average +<br>0.464%) <sup>(2)</sup> | 11/15/35 | 36475 | 36378 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4139, Class DA | Federal Home Loan Mortgage Corp. REMICS Series 4139, Class DA | Federal Home Loan Mortgage Corp. REMICS Series 4139, Class DA | Federal Home Loan Mortgage Corp. REMICS Series 4139, Class DA |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% | 12/15/27 | 5005 | 4900 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5107, Class LI (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5107, Class LI (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5107, Class LI (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5107, Class LI (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/15/51 | 36017 | 6770 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp. REMICS Series 5473, Class BF | Federal Home Loan Mortgage Corp. REMICS Series 5473, Class BF | Federal Home Loan Mortgage Corp. REMICS Series 5473, Class BF | Federal Home Loan Mortgage Corp. REMICS Series 5473, Class BF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96% (30 day<br>USD SOFR Average +<br>1.300%) <sup>(2)</sup> | 11/25/54 | $150092 | $151303 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5529, Class DI (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5529, Class DI (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5529, Class DI (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5529, Class DI (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/25/51 | 113270 | 22643 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/15/52 | 175070 | 22595 |
|  Federal National Mortgage Association, Pool #BQ1226 | Federal National Mortgage Association, Pool #BQ1226 | Federal National Mortgage Association, Pool #BQ1226 | Federal National Mortgage Association, Pool #BQ1226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 09/01/50 | 107934 | 87970 |
|  Federal National Mortgage Association, Pool #FM5254 | Federal National Mortgage Association, Pool #FM5254 | Federal National Mortgage Association, Pool #FM5254 | Federal National Mortgage Association, Pool #FM5254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/01/50 | 128124 | 104291 |
|  Federal National Mortgage Association, Pool #FM6400 | Federal National Mortgage Association, Pool #FM6400 | Federal National Mortgage Association, Pool #FM6400 | Federal National Mortgage Association, Pool #FM6400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/51 | 79937 | 65582 |
|  Federal National Mortgage Association, Pool #MA4398 | Federal National Mortgage Association, Pool #MA4398 | Federal National Mortgage Association, Pool #MA4398 | Federal National Mortgage Association, Pool #MA4398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/01/51 | 139298 | 113255 |
|  Federal National Mortgage Association, Pool #FS1334 | Federal National Mortgage Association, Pool #FS1334 | Federal National Mortgage Association, Pool #FS1334 | Federal National Mortgage Association, Pool #FS1334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/01/51 | 131077 | 106511 |
|  Federal National Mortgage Association, Pool #FS1598 | Federal National Mortgage Association, Pool #FS1598 | Federal National Mortgage Association, Pool #FS1598 | Federal National Mortgage Association, Pool #FS1598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/52 | 87506 | 70887 |
|  Federal National Mortgage Association, Pool #CB2074 | Federal National Mortgage Association, Pool #CB2074 | Federal National Mortgage Association, Pool #CB2074 | Federal National Mortgage Association, Pool #CB2074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 11/01/51 | 132853 | 113095 |
|  Federal National Mortgage Association, Pool #AL9266 | Federal National Mortgage Association, Pool #AL9266 | Federal National Mortgage Association, Pool #AL9266 | Federal National Mortgage Association, Pool #AL9266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/01/46 | 97752 | 88667 |
|  Federal National Mortgage Association, Pool #BV8515 | Federal National Mortgage Association, Pool #BV8515 | Federal National Mortgage Association, Pool #BV8515 | Federal National Mortgage Association, Pool #BV8515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/01/52 | 70331 | 62031 |
|  Federal National Mortgage Association, Pool #MA4600 | Federal National Mortgage Association, Pool #MA4600 | Federal National Mortgage Association, Pool #MA4600 | Federal National Mortgage Association, Pool #MA4600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/01/52 | 94156 | 86648 |
|  Federal National Mortgage Association, Pool #MA4654 | Federal National Mortgage Association, Pool #MA4654 | Federal National Mortgage Association, Pool #MA4654 | Federal National Mortgage Association, Pool #MA4654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/01/52 | 388155 | 356512 |
|  Federal National Mortgage Association, Pool #MA4782 | Federal National Mortgage Association, Pool #MA4782 | Federal National Mortgage Association, Pool #MA4782 | Federal National Mortgage Association, Pool #MA4782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384608 | 353254 |
|  Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/52 | 56733 | 53765 |
|  Federal National Mortgage Association, Pool #BW0000 | Federal National Mortgage Association, Pool #BW0000 | Federal National Mortgage Association, Pool #BW0000 | Federal National Mortgage Association, Pool #BW0000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/01/52 | 77234 | 73187 |
|  Federal National Mortgage Association, Pool #MA4700 | Federal National Mortgage Association, Pool #MA4700 | Federal National Mortgage Association, Pool #MA4700 | Federal National Mortgage Association, Pool #MA4700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 08/01/52 | 117790 | 111610 |
|  Federal National Mortgage Association, Pool #CB4818 | Federal National Mortgage Association, Pool #CB4818 | Federal National Mortgage Association, Pool #CB4818 | Federal National Mortgage Association, Pool #CB4818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/01/52 | 46681 | 44166 |
|  Federal National Mortgage Association, Pool #MA4783 | Federal National Mortgage Association, Pool #MA4783 | Federal National Mortgage Association, Pool #MA4783 | Federal National Mortgage Association, Pool #MA4783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/01/52 | 109271 | 103520 |
|  Federal National Mortgage Association, Pool #CB4211 | Federal National Mortgage Association, Pool #CB4211 | Federal National Mortgage Association, Pool #CB4211 | Federal National Mortgage Association, Pool #CB4211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/01/52 | 100504 | 97447 |
|  Federal National Mortgage Association, Pool #MA4784 | Federal National Mortgage Association, Pool #MA4784 | Federal National Mortgage Association, Pool #MA4784 | Federal National Mortgage Association, Pool #MA4784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/52 | 75566 | 73245 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association, Pool #MA5009 | Federal National Mortgage Association, Pool #MA5009 | Federal National Mortgage Association, Pool #MA5009 | Federal National Mortgage Association, Pool #MA5009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/01/53 | $79916 | $79095 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/25/51 | 136568 | 18339 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/25/50 | 95900 | 12889 |
|  Federal National Mortgage Association Interest STRIPS Series 427, Class C21 (I/O) | Federal National Mortgage Association Interest STRIPS Series 427, Class C21 (I/O) | Federal National Mortgage Association Interest STRIPS Series 427, Class C21 (I/O) | Federal National Mortgage Association Interest STRIPS Series 427, Class C21 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/25/50 | 289222 | 38555 |
|  Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) | Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) | Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) | Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/25/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209269 | 26795 |
|  Federal National Mortgage Association Interest STRIPS Series 436, Class C32 (I/O) | Federal National Mortgage Association Interest STRIPS Series 436, Class C32 (I/O) | Federal National Mortgage Association Interest STRIPS Series 436, Class C32 (I/O) | Federal National Mortgage Association Interest STRIPS Series 436, Class C32 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/25/52 | 169751 | 23045 |
|  Federal National Mortgage Association REMICS Series 2019-25, Class PA (PAC) | Federal National Mortgage Association REMICS Series 2019-25, Class PA (PAC) | Federal National Mortgage Association REMICS Series 2019-25, Class PA (PAC) | Federal National Mortgage Association REMICS Series 2019-25, Class PA (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/25/48 | 139802 | 131315 |
|  Federal National Mortgage Association REMICS Series 2024-69, Class FA | Federal National Mortgage Association REMICS Series 2024-69, Class FA | Federal National Mortgage Association REMICS Series 2024-69, Class FA | Federal National Mortgage Association REMICS Series 2024-69, Class FA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91% (30 day<br>USD SOFR Average +<br>1.250%) *<sup>(2)</sup>* | 10/25/54 | 68738 | 69225 |
|  Federal National Mortgage Association REMICS Series 2024-84, Class FD | Federal National Mortgage Association REMICS Series 2024-84, Class FD | Federal National Mortgage Association REMICS Series 2024-84, Class FD | Federal National Mortgage Association REMICS Series 2024-84, Class FD |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81% (30 day<br>USD SOFR Average +<br>1.150%) *<sup>(2)</sup>* | 11/25/54 | 175371 | 176645 |
|  Federal National Mortgage Association REMICS Series 2025-13, Class FA | Federal National Mortgage Association REMICS Series 2025-13, Class FA | Federal National Mortgage Association REMICS Series 2025-13, Class FA | Federal National Mortgage Association REMICS Series 2025-13, Class FA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96% (30 day<br>USD SOFR Average +<br>1.300%) *<sup>(2)</sup>* | 03/25/55 | 70176 | 70662 |
|  Government National Mortgage Association, Pool #MA8346 | Government National Mortgage Association, Pool #MA8346 | Government National Mortgage Association, Pool #MA8346 | Government National Mortgage Association, Pool #MA8346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/20/52 | 280257 | 265601 |
|  Government National Mortgage Association, Pool #MA8488 | Government National Mortgage Association, Pool #MA8488 | Government National Mortgage Association, Pool #MA8488 | Government National Mortgage Association, Pool #MA8488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 12/20/52 | 260851 | 246999 |
|  Government National Mortgage Association, Pool #MA8427 | Government National Mortgage Association, Pool #MA8427 | Government National Mortgage Association, Pool #MA8427 | Government National Mortgage Association, Pool #MA8427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/20/52 | 103976 | 101316 |
|  Government National Mortgage Association, Pool #MA8647 | Government National Mortgage Association, Pool #MA8647 | Government National Mortgage Association, Pool #MA8647 | Government National Mortgage Association, Pool #MA8647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 02/20/53 | 97700 | 97444 |
|  Government National Mortgage Association, Pool #MA8948 | Government National Mortgage Association, Pool #MA8948 | Government National Mortgage Association, Pool #MA8948 | Government National Mortgage Association, Pool #MA8948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 06/20/53 | 209409 | 212699 |
|  Government National Mortgage Association, Pool #MA9171 | Government National Mortgage Association, Pool #MA9171 | Government National Mortgage Association, Pool #MA9171 | Government National Mortgage Association, Pool #MA9171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/20/53 | 136951 | 138936 |
|  Government National Mortgage Association, Pool #MA9488 | Government National Mortgage Association, Pool #MA9488 | Government National Mortgage Association, Pool #MA9488 | Government National Mortgage Association, Pool #MA9488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 02/20/54 | 192263 | 194954 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Government National Mortgage Association REMICS Series 2023-113, Class FD | Government National Mortgage Association REMICS Series 2023-113, Class FD | Government National Mortgage Association REMICS Series 2023-113, Class FD | Government National Mortgage Association REMICS Series 2023-113, Class FD |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (30 day<br>USD SOFR Average +<br>1.350%) *<sup>(2)</sup>* | 08/20/53 | $39324 | $39755 |
|  Government National Mortgage Association REMICS Series 2023-134, Class F | Government National Mortgage Association REMICS Series 2023-134, Class F | Government National Mortgage Association REMICS Series 2023-134, Class F | Government National Mortgage Association REMICS Series 2023-134, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67% (30 day<br>USD SOFR Average +<br>1.000%) *<sup>(2)</sup>* | 08/20/53 | 57665 | 57982 |
|  Government National Mortgage Association REMICS Series 2024-143, Class FB | Government National Mortgage Association REMICS Series 2024-143, Class FB | Government National Mortgage Association REMICS Series 2024-143, Class FB | Government National Mortgage Association REMICS Series 2024-143, Class FB |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% (30 day<br>USD SOFR Average +<br>1.150%) *<sup>(2)</sup>* | 09/20/54 | 32040 | 32297 |
|  Government National Mortgage Association REMICS Series 2024-144, Class FD | Government National Mortgage Association REMICS Series 2024-144, Class FD | Government National Mortgage Association REMICS Series 2024-144, Class FD | Government National Mortgage Association REMICS Series 2024-144, Class FD |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% (30 day<br>USD SOFR Average +<br>1.150%) *<sup>(2)</sup>* | 09/20/54 | 88437 | 89139 |
|  Government National Mortgage Association REMICS Series 2024-148, Class AF | Government National Mortgage Association REMICS Series 2024-148, Class AF | Government National Mortgage Association REMICS Series 2024-148, Class AF | Government National Mortgage Association REMICS Series 2024-148, Class AF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85% (30 day<br>USD SOFR Average +<br>1.180%) *<sup>(2)</sup>* | 09/20/54 | 88427 | 89220 |
|  Government National Mortgage Association REMICS Series 2024-30, Class DF | Government National Mortgage Association REMICS Series 2024-30, Class DF | Government National Mortgage Association REMICS Series 2024-30, Class DF | Government National Mortgage Association REMICS Series 2024-30, Class DF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97% (30 day<br>USD SOFR Average +<br>1.300%) *<sup>(2)</sup>* | 02/20/54 | 108788 | 109671 |
|  Government National Mortgage Association REMICS Series 2024-84, Class LF | Government National Mortgage Association REMICS Series 2024-84, Class LF | Government National Mortgage Association REMICS Series 2024-84, Class LF | Government National Mortgage Association REMICS Series 2024-84, Class LF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% (30 day<br>USD SOFR<br>Average +<br>1.050%) *<sup>(2)</sup>* | 05/20/54 | 79260 | 79726 |
|  Government National Mortgage Association REMICS Series 2024-95, Class FW | Government National Mortgage Association REMICS Series 2024-95, Class FW | Government National Mortgage Association REMICS Series 2024-95, Class FW | Government National Mortgage Association REMICS Series 2024-95, Class FW |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77% (30 day<br>USD SOFR Average +<br>1.100%) *<sup>(2)</sup>* | 06/20/54 | 79632 | 80127 |
|  Government National Mortgage Association REMICS Series 2024-96, Class FL | Government National Mortgage Association REMICS Series 2024-96, Class FL | Government National Mortgage Association REMICS Series 2024-96, Class FL | Government National Mortgage Association REMICS Series 2024-96, Class FL |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% (30 day<br>USD SOFR Average +<br>1.150%) *<sup>(2)</sup>* | 06/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115498 | 116458 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Government National Mortgage Association REMICS Series 2024-97, Class FW | Government National Mortgage Association REMICS Series 2024-97, Class FW | Government National Mortgage Association REMICS Series 2024-97, Class FW | Government National Mortgage Association REMICS Series 2024-97, Class FW |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% (30 day<br>USD SOFR Average +<br>1.150%) *<sup>(2)</sup>* | 06/20/54 | 60148 | 60651 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(3)</sup>* | 04/21/56 | 550000 | 473063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(3)</sup>* | 07/01/55 | 900000 | 821355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(3)</sup>* | 06/01/55 | 550000 | 514876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(3)</sup>* | 01/01/56 | 375000 | 361988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(3)</sup>* | 01/01/56 | 575000 | 569262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(3)</sup>* | 12/01/55 | 175000 | 176064 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(3)</sup>* | 12/01/51 | 75000 | 68760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(3)</sup>* | 05/01/55 | 25000 | 23563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(3)</sup>* | 05/01/55 | 100000 | 94344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(3)</sup>* | 01/01/56 | 100000 | 96467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(3)</sup>* | 01/01/56 | 400000 | 394420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(3)</sup>* | 12/01/55 | 75000 | 75355 |
| **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $10,917,614) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $10,917,614) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $10,917,614) | 10716071 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 30.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 30.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 30.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 30.7%** |
|  1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% *<sup>(1)</sup>* | 08/10/35 | 23000 | 22048 |
|  1211 Avenue of the Americas Trust Series 2015-1211, Class B | 1211 Avenue of the Americas Trust Series 2015-1211, Class B | 1211 Avenue of the Americas Trust Series 2015-1211, Class B | 1211 Avenue of the Americas Trust Series 2015-1211, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% *<sup>(1),(4)</sup>* | 08/10/35 | 100000 | 94888 |
|  1301 Trust Series 2025-1301, Class F | 1301 Trust Series 2025-1301, Class F | 1301 Trust Series 2025-1301, Class F | 1301 Trust Series 2025-1301, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.10% <sup>*(1),(4*)</sup> | 08/11/42 | 100000 | 102286 |
|  245 Park Avenue Trust Series 2017-245P, Class C | 245 Park Avenue Trust Series 2017-245P, Class C | 245 Park Avenue Trust Series 2017-245P, Class C | 245 Park Avenue Trust Series 2017-245P, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66% <sup>(1),(4)</sup> | 06/05/37 | 100000 | 97926 |
|  245 Park Avenue Trust Series 2017-245P, Class E | 245 Park Avenue Trust Series 2017-245P, Class E | 245 Park Avenue Trust Series 2017-245P, Class E | 245 Park Avenue Trust Series 2017-245P, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66% <sup>(1),(4)</sup> | 06/05/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 96646 |
|  280 Park Avenue Mortgage Trust Series 2017-280P, Class A | 280 Park Avenue Mortgage Trust Series 2017-280P, Class A | 280 Park Avenue Mortgage Trust Series 2017-280P, Class A | 280 Park Avenue Mortgage Trust Series 2017-280P, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85% (1 mo. USD<br>Term SOFR +<br>1.180%) <sup>(1),(2)</sup> | 09/15/34 | 58000 | 57725 |
|  280 Park Avenue Mortgage Trust Series 2017-280P, Class D | 280 Park Avenue Mortgage Trust Series 2017-280P, Class D | 280 Park Avenue Mortgage Trust Series 2017-280P, Class D | 280 Park Avenue Mortgage Trust Series 2017-280P, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.51% (1 mo. USD<br>Term SOFR +<br>1.836%) <sup>(1),(2)</sup> | 09/15/34 | 200000 | 197107 |
|  Aventura Mall Trust Series 2018-AVM, Class C | Aventura Mall Trust Series 2018-AVM, Class C | Aventura Mall Trust Series 2018-AVM, Class C | Aventura Mall Trust Series 2018-AVM, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% <sup>(1),(4)</sup> | 07/05/40 | 90000 | 87602 |
|  BAMLL Commercial Mortgage Securities Trust Series 2015-ASTR, Class C | BAMLL Commercial Mortgage Securities Trust Series 2015-ASTR, Class C | BAMLL Commercial Mortgage Securities Trust Series 2015-ASTR, Class C | BAMLL Commercial Mortgage Securities Trust Series 2015-ASTR, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(1)</sup> | 07/14/37 | 100000 | 94927 |
|  BAMLL Commercial Mortgage Securities Trust Series 2018-PARK, Class A | BAMLL Commercial Mortgage Securities Trust Series 2018-PARK, Class A | BAMLL Commercial Mortgage Securities Trust Series 2018-PARK, Class A | BAMLL Commercial Mortgage Securities Trust Series 2018-PARK, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% <sup>(1),(4)</sup> | 08/10/38 | 100000 | 97856 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  BGME Trust Series 2021-VR, Class C | BGME Trust Series 2021-VR, Class C | BGME Trust Series 2021-VR, Class C | BGME Trust Series 2021-VR, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99% <sup>(1),(4)</sup> | 01/10/43 | $100000 | $76852 |
|  BX Commercial Mortgage Trust Series 2022-AHP, Class D | BX Commercial Mortgage Trust Series 2022-AHP, Class D | BX Commercial Mortgage Trust Series 2022-AHP, Class D | BX Commercial Mortgage Trust Series 2022-AHP, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.11% (1 mo. USD<br>Term SOFR +<br>2.440%) <sup>(1),(2)</sup> | 01/17/39 | 98392 | 98461 |
|  BX Commercial Mortgage Trust Series 2024-VLT5, Class C | BX Commercial Mortgage Trust Series 2024-VLT5, Class C | BX Commercial Mortgage Trust Series 2024-VLT5, Class C | BX Commercial Mortgage Trust Series 2024-VLT5, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78% <sup>(1),(4)</sup> | 11/13/46 | 100000 | 100637 |
|  BX Trust Series 2022-CLS, Class B | BX Trust Series 2022-CLS, Class B | BX Trust Series 2022-CLS, Class B | BX Trust Series 2022-CLS, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30% <sup>(1)</sup> | 10/13/27 | 100000 | 100095 |
|  BX Trust Series 2023-LIFE, Class B | BX Trust Series 2023-LIFE, Class B | BX Trust Series 2023-LIFE, Class B | BX Trust Series 2023-LIFE, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39% <sup>(1)</sup> | 02/15/28 | 100000 | 97657 |
|  BX Trust Series 2024-BIO, Class B | BX Trust Series 2024-BIO, Class B | BX Trust Series 2024-BIO, Class B | BX Trust Series 2024-BIO, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61% (1 mo. USD<br>Term SOFR +<br>1.941%) <sup>(1),(2)</sup> | 02/15/41 | 110000 | 109714 |
|  BX Trust Series 2025-VLT6, Class C | BX Trust Series 2025-VLT6, Class C | BX Trust Series 2025-VLT6, Class C | BX Trust Series 2025-VLT6, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86% (1 mo. USD<br>Term SOFR +<br>2.192%) <sup>(1),(2)</sup> | 03/15/42 | 100000 | 99211 |
|  BXP Trust Series 2017-GM, Class C | BXP Trust Series 2017-GM, Class C | BXP Trust Series 2017-GM, Class C | BXP Trust Series 2017-GM, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42% <sup>(1),(4)</sup> | 06/13/39 | 100000 | 97647 |
|  Caister Finance DAC Series 1A, Class D | Caister Finance DAC Series 1A, Class D | Caister Finance DAC Series 1A, Class D | Caister Finance DAC Series 1A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.64% (1 day<br>GBP SONIA +<br>3.900%) <sup>(1),(2)</sup> | 08/17/35 | 100000 | 131997 |
|  Century Plaza Towers Series 2019-CPT, Class A | Century Plaza Towers Series 2019-CPT, Class A | Century Plaza Towers Series 2019-CPT, Class A | Century Plaza Towers Series 2019-CPT, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87% <sup>(1)</sup> | 11/13/39 | 100000 | 92463 |
|  CHI Commercial Mortgage Trust Series 2025-110W, Class C | CHI Commercial Mortgage Trust Series 2025-110W, Class C | CHI Commercial Mortgage Trust Series 2025-110W, Class C | CHI Commercial Mortgage Trust Series 2025-110W, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.84% <sup>(1),(4)</sup> | 12/13/40 | 220000 | 217288 |
|  CHI Commercial Mortgage Trust Series 2025-SFT, Class D | CHI Commercial Mortgage Trust Series 2025-SFT, Class D | CHI Commercial Mortgage Trust Series 2025-SFT, Class D | CHI Commercial Mortgage Trust Series 2025-SFT, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.84% <sup>(1),(4)</sup> | 04/15/42 | 100000 | 102215 |
|  CONE Trust Series 2024-DFW1, Class A | CONE Trust Series 2024-DFW1, Class A | CONE Trust Series 2024-DFW1, Class A | CONE Trust Series 2024-DFW1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.31% (1 mo. USD<br>Term SOFR +<br>1.642%) <sup>(1),(2)</sup> | 08/15/41 | 59000 | 58660 |
|  CONE Trust Series 2024-DFW1, Class B | CONE Trust Series 2024-DFW1, Class B | CONE Trust Series 2024-DFW1, Class B | CONE Trust Series 2024-DFW1, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.96% (1 mo. USD<br>Term SOFR +<br>2.291%) <sup>(1),(2)</sup> | 08/15/41 | 50000 | 49718 |
|  CSMC Trust Series 2019-UVIL, Class E | CSMC Trust Series 2019-UVIL, Class E | CSMC Trust Series 2019-UVIL, Class E | CSMC Trust Series 2019-UVIL, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28% <sup>(1),(4)</sup> | 12/15/41 | 100000 | 88844 |
|  DBC Mortgage Trust Series 2025-DBC, Class C | DBC Mortgage Trust Series 2025-DBC, Class C | DBC Mortgage Trust Series 2025-DBC, Class C | DBC Mortgage Trust Series 2025-DBC, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72% (1 mo. USD<br>Term SOFR +<br>2.050%) <sup>(1),(2)</sup> | 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | 199677 |
|  DBGS Mortgage Trust Series 2021-W52, Class C | DBGS Mortgage Trust Series 2021-W52, Class C | DBGS Mortgage Trust Series 2021-W52, Class C | DBGS Mortgage Trust Series 2021-W52, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.24% (1 mo. USD<br>Term SOFR +<br>2.564%) <sup>(1),(2)</sup> | 10/15/39 | 100000 | 99767 |
|  DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96% <sup>(1)</sup> | 05/10/41 | 100000 | 89838 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C | Durst Commercial Mortgage Trust Series 2025-151, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.44% <sup>(1),(4)</sup> | 08/10/42 | $200000 | $201740 |
|  Grace Trust Series 2020-GRCE, Class A | Grace Trust Series 2020-GRCE, Class A | Grace Trust Series 2020-GRCE, Class A | Grace Trust Series 2020-GRCE, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35% <sup>(1)</sup> | 12/10/40 | 100000 | 89436 |
|  Hudson Yards Mortgage Trust Series 2019-30HY, Class D | Hudson Yards Mortgage Trust Series 2019-30HY, Class D | Hudson Yards Mortgage Trust Series 2019-30HY, Class D | Hudson Yards Mortgage Trust Series 2019-30HY, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44% <sup>(1),(4)</sup> | 07/10/39 | 100000 | 92315 |
|  Hudson Yards Mortgage Trust Series 2019-55HY, Class F | Hudson Yards Mortgage Trust Series 2019-55HY, Class F | Hudson Yards Mortgage Trust Series 2019-55HY, Class F | Hudson Yards Mortgage Trust Series 2019-55HY, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% <sup>(1),(4)</sup> | 12/10/41 | 100000 | 86123 |
|  Hudson Yards Mortgage Trust Series 2025-SPRL, Class F | Hudson Yards Mortgage Trust Series 2025-SPRL, Class F | Hudson Yards Mortgage Trust Series 2025-SPRL, Class F | Hudson Yards Mortgage Trust Series 2025-SPRL, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40% <sup>(1),(4)</sup> | 01/13/40 | 100000 | 100230 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2025-BMS, Class D | JPMorgan Chase Commercial Mortgage Securities Trust Series 2025-BMS, Class D | JPMorgan Chase Commercial Mortgage Securities Trust Series 2025-BMS, Class D | JPMorgan Chase Commercial Mortgage Securities Trust Series 2025-BMS, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (1 mo. USD<br>Term SOFR +<br>3.150%) <sup>(1),(2)</sup> | 01/15/42 | 109000 | 108735 |
|  KREST Commercial Mortgage Securities Trust Series 2021-CHIP, Class C | KREST Commercial Mortgage Securities Trust Series 2021-CHIP, Class C | KREST Commercial Mortgage Securities Trust Series 2021-CHIP, Class C | KREST Commercial Mortgage Securities Trust Series 2021-CHIP, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93% <sup>(1),(4)</sup> | 11/05/44 | 125000 | 87916 |
|  LEX Trust Series 2026-450, Class C | LEX Trust Series 2026-450, Class C | LEX Trust Series 2026-450, Class C | LEX Trust Series 2026-450, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52% (1 mo. USD<br>Term SOFR +<br>1.850%) <sup>(1),(2)</sup> | 03/15/43 | 240000 | 238603 |
|  Life Mortgage Trust Series 2021-BMR, Class C | Life Mortgage Trust Series 2021-BMR, Class C | Life Mortgage Trust Series 2021-BMR, Class C | Life Mortgage Trust Series 2021-BMR, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89% (1 mo. USD<br>Term SOFR +<br>1.214%) <sup>(1),(2)</sup> | 03/15/38 | 10680 | 10585 |
|  Manhattan West Mortgage Trust Series 2020-1MW, Class D | Manhattan West Mortgage Trust Series 2020-1MW, Class D | Manhattan West Mortgage Trust Series 2020-1MW, Class D | Manhattan West Mortgage Trust Series 2020-1MW, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34% <sup>(1),(4)</sup> | 09/10/39 | 50000 | 47693 |
|  MFT Mortgage Trust Series 2020-B6, Class B | MFT Mortgage Trust Series 2020-B6, Class B | MFT Mortgage Trust Series 2020-B6, Class B | MFT Mortgage Trust Series 2020-B6, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28% <sup>(1),(4)</sup> | 08/10/40 | 150000 | 112822 |
|  MKT Mortgage Trust Series 2020-525M, Class D | MKT Mortgage Trust Series 2020-525M, Class D | MKT Mortgage Trust Series 2020-525M, Class D | MKT Mortgage Trust Series 2020-525M, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% <sup>(1),(4)</sup> | 02/12/40 | 100000 | 81775 |
|  Morgan Stanley Capital I Trust Series 2021-PLZA, Class A | Morgan Stanley Capital I Trust Series 2021-PLZA, Class A | Morgan Stanley Capital I Trust Series 2021-PLZA, Class A | Morgan Stanley Capital I Trust Series 2021-PLZA, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57% <sup>(1)</sup> | 11/09/43 | 110000 | 93730 |
|  Morgan Stanley Capital I Trust Series 2021-PLZA, Class B | Morgan Stanley Capital I Trust Series 2021-PLZA, Class B | Morgan Stanley Capital I Trust Series 2021-PLZA, Class B | Morgan Stanley Capital I Trust Series 2021-PLZA, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81% <sup>(1),(4)</sup> | 11/09/43 | 150000 | 129359 |
|  NY Commercial Mortgage Trust Series 2025-299P, Class C | NY Commercial Mortgage Trust Series 2025-299P, Class C | NY Commercial Mortgage Trust Series 2025-299P, Class C | NY Commercial Mortgage Trust Series 2025-299P, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17% <sup>(1),(4)</sup> | 02/10/47 | 44000 | 44932 |
|  NYC Commercial Mortgage Trust Series 2021-909, Class A | NYC Commercial Mortgage Trust Series 2021-909, Class A | NYC Commercial Mortgage Trust Series 2021-909, Class A | NYC Commercial Mortgage Trust Series 2021-909, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% <sup>(1)</sup> | 04/10/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 86788 |
|  NYC Commercial Mortgage Trust Series 2021-909, Class C | NYC Commercial Mortgage Trust Series 2021-909, Class C | NYC Commercial Mortgage Trust Series 2021-909, Class C | NYC Commercial Mortgage Trust Series 2021-909, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21% <sup>(1),(4)</sup> | 04/10/43 | 100000 | 81519 |
|  NYC Commercial Mortgage Trust Series 2025-1155, Class A | NYC Commercial Mortgage Trust Series 2025-1155, Class A | NYC Commercial Mortgage Trust Series 2025-1155, Class A | NYC Commercial Mortgage Trust Series 2025-1155, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83% <sup>(1)</sup> | 06/10/42 | 131000 | 132707 |
|  NYC Commercial Mortgage Trust Series 2025-1155, Class C | NYC Commercial Mortgage Trust Series 2025-1155, Class C | NYC Commercial Mortgage Trust Series 2025-1155, Class C | NYC Commercial Mortgage Trust Series 2025-1155, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.81% <sup>(1)</sup> | 06/10/42 | 100000 | 101926 |
|  NYC Commercial Mortgage Trust Series 2026-1PARK, Class C | NYC Commercial Mortgage Trust Series 2026-1PARK, Class C | NYC Commercial Mortgage Trust Series 2026-1PARK, Class C | NYC Commercial Mortgage Trust Series 2026-1PARK, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.53% (1 mo. USD<br>Term SOFR +<br>1.850%) <sup>(1),(2)</sup> | 02/15/43 | 250000 | 249445 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  NYCT Trust Series 2024-3ELV, Class C | NYCT Trust Series 2024-3ELV, Class C | NYCT Trust Series 2024-3ELV, Class C | NYCT Trust Series 2024-3ELV, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.51% (1 mo. USD<br>Term SOFR +<br>2.840%) <sup>(1),(2)</sup> | 08/15/29 | $100000 | $100297 |
|  NYCT Trust Series 2024-3ELV, Class D | NYCT Trust Series 2024-3ELV, Class D | NYCT Trust Series 2024-3ELV, Class D | NYCT Trust Series 2024-3ELV, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.51% (1 mo. USD Term SOFR + 3.838%) <sup>(1),(2)</sup> | 08/15/29 | 100000 | 100242 |
|  NYO Commercial Mortgage Trust Series 2021-1290, Class B | NYO Commercial Mortgage Trust Series 2021-1290, Class B | NYO Commercial Mortgage Trust Series 2021-1290, Class B | NYO Commercial Mortgage Trust Series 2021-1290, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33% (1 mo. USD<br>Term SOFR +<br>1.659%) <sup>(1),(2)</sup> | 12/15/38 | 110000 | 109591 |
|  NYO Commercial Mortgage Trust Series 2021-1290, Class C | NYO Commercial Mortgage Trust Series 2021-1290, Class C | NYO Commercial Mortgage Trust Series 2021-1290, Class C | NYO Commercial Mortgage Trust Series 2021-1290, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78% (1 mo. USD<br>Term SOFR +<br>2.109%) <sup>(1),(2)</sup> | 11/15/38 | 140000 | 138487 |
|  NYO Commercial Mortgage Trust Series 2021-1290, Class D | NYO Commercial Mortgage Trust Series 2021-1290, Class D | NYO Commercial Mortgage Trust Series 2021-1290, Class D | NYO Commercial Mortgage Trust Series 2021-1290, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.33% (1 mo. USD<br>Term SOFR +<br>2.659%) <sup>(1),(2)</sup> | 11/15/38 | 150000 | 148824 |
|  One New York Plaza Trust Series 2020-1NYP, Class A | One New York Plaza Trust Series 2020-1NYP, Class A | One New York Plaza Trust Series 2020-1NYP, Class A | One New York Plaza Trust Series 2020-1NYP, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% (1 mo. USD<br>Term SOFR +<br>1.064%) <sup>(1),(2)</sup> | 01/15/36 | 103830 | 100293 |
|  One New York Plaza Trust Series 2020-1NYP, Class AJ | One New York Plaza Trust Series 2020-1NYP, Class AJ | One New York Plaza Trust Series 2020-1NYP, Class AJ | One New York Plaza Trust Series 2020-1NYP, Class AJ |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04% (1 mo. USD<br>Term SOFR +<br>1.364%) <sup>(1),(2)</sup> | 01/15/36 | 150000 | 141966 |
|  Progress Residential Trust Series 2021-SFR3, Class E1 | Progress Residential Trust Series 2021-SFR3, Class E1 | Progress Residential Trust Series 2021-SFR3, Class E1 | Progress Residential Trust Series 2021-SFR3, Class E1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54% <sup>(1)</sup> | 05/17/26 | 40000 | 39841 |
|  RIDE Series 2025-SHRE, Class D | RIDE Series 2025-SHRE, Class D | RIDE Series 2025-SHRE, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30% <sup>(1),(4)</sup> | 02/14/47 | 100000 | 102136 |
|  SFO Commercial Mortgage Trust Series 2021-555, Class B | SFO Commercial Mortgage Trust Series 2021-555, Class B | SFO Commercial Mortgage Trust Series 2021-555, Class B | SFO Commercial Mortgage Trust Series 2021-555, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29% (1 mo. USD<br>Term SOFR +<br>1.614%) <sup>(1),(2)</sup> | 05/15/38 | 100000 | 99853 |
|  Shops at Crystals Trust Series 2016-CSTL, Class C | Shops at Crystals Trust Series 2016-CSTL, Class C | Shops at Crystals Trust Series 2016-CSTL, Class C | Shops at Crystals Trust Series 2016-CSTL, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73% <sup>(1),(4)</sup> | 07/05/36 | 50000 | 49869 |
|  SLG Office Trust Series 2021-OVA, Class C | SLG Office Trust Series 2021-OVA, Class C | SLG Office Trust Series 2021-OVA, Class C | SLG Office Trust Series 2021-OVA, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85% <sup>(1)</sup> | 07/15/41 | 140000 | 123871 |
|  SWCH Commercial Mortgage Trust Series 2025-DATA, Class B | SWCH Commercial Mortgage Trust Series 2025-DATA, Class B | SWCH Commercial Mortgage Trust Series 2025-DATA, Class B | SWCH Commercial Mortgage Trust Series 2025-DATA, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.51% (1 mo. USD<br>Term SOFR +<br>1.842%) <sup>(1),(2)</sup> | 02/15/42 | 100000 | 98783 |
|  SWCH Commercial Mortgage Trust Series 2025-DATA, Class C | SWCH Commercial Mortgage Trust Series 2025-DATA, Class C | SWCH Commercial Mortgage Trust Series 2025-DATA, Class C | SWCH Commercial Mortgage Trust Series 2025-DATA, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.76% (1 mo. USD<br>Term SOFR +<br>2.092%) <sup>(1),(2)</sup> | 02/15/42 | 25000 | 24662 |
|  SWCH Commercial Mortgage Trust Series 2025-DATA, Class E | SWCH Commercial Mortgage Trust Series 2025-DATA, Class E | SWCH Commercial Mortgage Trust Series 2025-DATA, Class E | SWCH Commercial Mortgage Trust Series 2025-DATA, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.01% (1 mo. USD<br>Term SOFR +<br>3.340%) <sup>(1),(2)</sup> | 02/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | 157640 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  TEXAS Commercial Mortgage Trust Series 2025-TWR, Class B | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class B | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class B | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class B | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27% (1 mo. USD<br>Term SOFR +<br>1.593%) <sup>(1),(2)</sup> | 04/15/42 | $| 100000 | 99530 |
|  TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.76% (1 mo. USD<br>Term SOFR +<br>3.091%) <sup>(1),(2)</sup> | 04/15/42 |  | 100000 | 100155 |
|  U.K. Logistics DAC Series 2025-1X, Class C | U.K. Logistics DAC Series 2025-1X, Class C | U.K. Logistics DAC Series 2025-1X, Class C | U.K. Logistics DAC Series 2025-1X, Class C | U.K. Logistics DAC Series 2025-1X, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% (1 day GBP SONIA +<br>2.500%) <sup>(2),(5)</sup> | 05/17/35 | GBP | 71788 | 94608 |
|  Vita Scientia DAC Series 2022-1X, Class C | Vita Scientia DAC Series 2022-1X, Class C | Vita Scientia DAC Series 2022-1X, Class C | Vita Scientia DAC Series 2022-1X, Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06% (3 mo. EUR EURIBOR +<br>2.050%) <sup>(2),(5)</sup> | 02/27/33 | EUR | 100000 | 115246 |
|  VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C | VTR Commercial Mortgage Trust Series 2025-STEM, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47% <sup>(1),(4)</sup> | 10/13/39 |  | 100000 | 98811 |
|  Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class C | Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class C | Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class C | Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class C | Wells Fargo Commercial Mortgage Trust Series 2024-SVEN, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% <sup>(1),(4)</sup> | 06/10/37 |  | 50000 | 50860 |
|  Wells Fargo Commercial Mortgage Trust Series 2025-609M, Class C | Wells Fargo Commercial Mortgage Trust Series 2025-609M, Class C | Wells Fargo Commercial Mortgage Trust Series 2025-609M, Class C | Wells Fargo Commercial Mortgage Trust Series 2025-609M, Class C | Wells Fargo Commercial Mortgage Trust Series 2025-609M, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.01% (1 mo. USD Term SOFR + 2.341%) <sup>(1),(2)</sup> | 08/15/42 |  | 100000 | 99529 |
|  Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class D | Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class D | Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class D | Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class D | Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.59% <sup>(1),(4)</sup> | 03/10/41 |  | 100000 | 99212 |
|  **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** |
|  (Cost: $7,316,806) | (Cost: $7,316,806) | (Cost: $7,316,806) | (Cost: $7,316,806) | 7332437 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 1.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 1.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 1.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 1.2%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 1.2%** |
|  Federal Home Loan Mortgage Corp. Multifamily ML Certificates Series 2021-ML12, Class X | Federal Home Loan Mortgage Corp. Multifamily ML Certificates Series 2021-ML12, Class X | Federal Home Loan Mortgage Corp. Multifamily ML Certificates Series 2021-ML12, Class X | Federal Home Loan Mortgage Corp. Multifamily ML Certificates Series 2021-ML12, Class X | Federal Home Loan Mortgage Corp. Multifamily ML Certificates Series 2021-ML12, Class X |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23% <sup>(1),(4)</sup> | 07/25/41 |  | 1044050 | 89538 |
|  Government National Mortgage Association Series 2020-184 (I/O) | Government National Mortgage Association Series 2020-184 (I/O) | Government National Mortgage Association Series 2020-184 (I/O) | Government National Mortgage Association Series 2020-184 (I/O) | Government National Mortgage Association Series 2020-184 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.91% <sup>(4)</sup> | 11/16/60 |  | 790147 | 52887 |
|  Government National Mortgage Association Series 2021-17 (I/O) | Government National Mortgage Association Series 2021-17 (I/O) | Government National Mortgage Association Series 2021-17 (I/O) | Government National Mortgage Association Series 2021-17 (I/O) | Government National Mortgage Association Series 2021-17 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05% <sup>(4)</sup> | 01/16/61 |  | 666681 | 51731 |
|  Government National Mortgage Association Series 2021-36 (I/O) | Government National Mortgage Association Series 2021-36 (I/O) | Government National Mortgage Association Series 2021-36 (I/O) | Government National Mortgage Association Series 2021-36 (I/O) | Government National Mortgage Association Series 2021-36 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.28% <sup>(4)</sup> | 03/16/63 |  | 562242 | 45385 |
|  Government National Mortgage Association Series 2023-127 (I/O) | Government National Mortgage Association Series 2023-127 (I/O) | Government National Mortgage Association Series 2023-127 (I/O) | Government National Mortgage Association Series 2023-127 (I/O) | Government National Mortgage Association Series 2023-127 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40% <sup>(4)</sup> | 07/16/57 |  | 2334327 | 39715 |
| **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** |
|  (Cost: $284,955) | (Cost: $284,955) | (Cost: $284,955) | (Cost: $284,955) | 279256 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 12.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 12.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 12.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 12.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 12.1%** |
|  Ajax Mortgage Loan Trust Series 2021-G, Class A | Ajax Mortgage Loan Trust Series 2021-G, Class A | Ajax Mortgage Loan Trust Series 2021-G, Class A | Ajax Mortgage Loan Trust Series 2021-G, Class A | Ajax Mortgage Loan Trust Series 2021-G, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% <sup>(1),(4)</sup> | 06/25/61 |  | 43594 | 43644 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  BINOM Securitization Trust Series 2022-RPL1, Class M1 | BINOM Securitization Trust Series 2022-RPL1, Class M1 | BINOM Securitization Trust Series 2022-RPL1, Class M1 | BINOM Securitization Trust Series 2022-RPL1, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% <sup>(1),(4)</sup> | 02/25/61 | $50000 | $40917 |
|  Cascade MH Asset Trust Series 2019-MH1, Class A | Cascade MH Asset Trust Series 2019-MH1, Class A | Cascade MH Asset Trust Series 2019-MH1, Class A | Cascade MH Asset Trust Series 2019-MH1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(1),(4)</sup> | 11/25/44 | 31417 | 30228 |
|  Cascade MH Asset Trust Series 2021-MH1, Class A1 | Cascade MH Asset Trust Series 2021-MH1, Class A1 | Cascade MH Asset Trust Series 2021-MH1, Class A1 | Cascade MH Asset Trust Series 2021-MH1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% <sup>(1)</sup> | 02/25/46 | 47794 | 43689 |
|  Cascade MH Asset Trust Series 2022-MH1, Class A | Cascade MH Asset Trust Series 2022-MH1, Class A | Cascade MH Asset Trust Series 2022-MH1, Class A | Cascade MH Asset Trust Series 2022-MH1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(1)</sup> | 08/25/54 | 78850 | 77286 |
|  CIM Trust Series 2020-R6, Class A1A | CIM Trust Series 2020-R6, Class A1A | CIM Trust Series 2020-R6, Class A1A | CIM Trust Series 2020-R6, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% <sup>(1),(4)</sup> | 12/25/60 | 38525 | 35322 |
|  CIM Trust Series 2021-R3, Class A1A | CIM Trust Series 2021-R3, Class A1A | CIM Trust Series 2021-R3, Class A1A | CIM Trust Series 2021-R3, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% <sup>(1),(4)</sup> | 06/25/57 | 94419 | 87859 |
|  CIM Trust Series 2021-R5, Class A1A | CIM Trust Series 2021-R5, Class A1A | CIM Trust Series 2021-R5, Class A1A | CIM Trust Series 2021-R5, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% <sup>(1),(4)</sup> | 08/25/61 | 71297 | 64060 |
|  CSMC Trust Series 2020-RPL4, Class A1 | CSMC Trust Series 2020-RPL4, Class A1 | CSMC Trust Series 2020-RPL4, Class A1 | CSMC Trust Series 2020-RPL4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% <sup>(1),(4)</sup> | 01/25/60 | 45952 | 41516 |
|  CSMC Trust Series 2021-RPL3, Class M3 | CSMC Trust Series 2021-RPL3, Class M3 | CSMC Trust Series 2021-RPL3, Class M3 | CSMC Trust Series 2021-RPL3, Class M3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01% <sup>(1),(4)</sup> | 01/25/60 | 90000 | 70461 |
|  CSMC Trust Series 2021-RPL4, Class A1 | CSMC Trust Series 2021-RPL4, Class A1 | CSMC Trust Series 2021-RPL4, Class A1 | CSMC Trust Series 2021-RPL4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% <sup>(1),(4)</sup> | 12/27/60 | 55271 | 55118 |
|  CSMCM Trust Series 2021-RP11, Class CERT | CSMCM Trust Series 2021-RP11, Class CERT | CSMCM Trust Series 2021-RP11, Class CERT | CSMCM Trust Series 2021-RP11, Class CERT |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78% <sup>(1)</sup> | 10/27/61 | 64335 | 50433 |
|  GoodLeap Home Improvement Solutions Trust Series 2024-1A, Class A | GoodLeap Home Improvement Solutions Trust Series 2024-1A, Class A | GoodLeap Home Improvement Solutions Trust Series 2024-1A, Class A | GoodLeap Home Improvement Solutions Trust Series 2024-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% <sup>(1)</sup> | 10/20/46 | 70649 | 71274 |
|  GoodLeap Home Improvement Solutions Trust Series 2025-2A, Class C | GoodLeap Home Improvement Solutions Trust Series 2025-2A, Class C | GoodLeap Home Improvement Solutions Trust Series 2025-2A, Class C | GoodLeap Home Improvement Solutions Trust Series 2025-2A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.16% <sup>(1)</sup> | 06/20/49 | 43022 | 43642 |
|  JPMorgan Mortgage Trust Series 2025-CES2, Class M1 | JPMorgan Mortgage Trust Series 2025-CES2, Class M1 | JPMorgan Mortgage Trust Series 2025-CES2, Class M1 | JPMorgan Mortgage Trust Series 2025-CES2, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.24% <sup>(1)</sup> | 06/25/55 | 100000 | 100431 |
|  Legacy Mortgage Asset Trust Series 2021-GS2, Class A1 | Legacy Mortgage Asset Trust Series 2021-GS2, Class A1 | Legacy Mortgage Asset Trust Series 2021-GS2, Class A1 | Legacy Mortgage Asset Trust Series 2021-GS2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 04/25/61 | 269111 | 269783 |
|  Legacy Mortgage Asset Trust Series 2021-GS3, Class A1 | Legacy Mortgage Asset Trust Series 2021-GS3, Class A1 | Legacy Mortgage Asset Trust Series 2021-GS3, Class A1 | Legacy Mortgage Asset Trust Series 2021-GS3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 07/25/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133660 | 133802 |
|  Legacy Mortgage Asset Trust Series 2021-GS4, Class A1 | Legacy Mortgage Asset Trust Series 2021-GS4, Class A1 | Legacy Mortgage Asset Trust Series 2021-GS4, Class A1 | Legacy Mortgage Asset Trust Series 2021-GS4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% <sup>(1)</sup> | 11/25/60 | 41125 | 41182 |
|  Legacy Mortgage Asset Trust Series 2021-GS5, Class A1 | Legacy Mortgage Asset Trust Series 2021-GS5, Class A1 | Legacy Mortgage Asset Trust Series 2021-GS5, Class A1 | Legacy Mortgage Asset Trust Series 2021-GS5, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 07/25/67 | 132902 | 133097 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2B | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2B | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2B | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% (1 mo. USD<br>Term SOFR +<br>0.454%) <sup>(2)</sup> | 05/25/37 | 11167 | 8147 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2D | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2D | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2D | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD<br>Term SOFR +<br>0.614%) <sup>(2)</sup> | 06/25/37 | 39980 | 40242 |
|  MFA Trust Series 2023-INV2, Class B1 | MFA Trust Series 2023-INV2, Class B1 | MFA Trust Series 2023-INV2, Class B1 | MFA Trust Series 2023-INV2, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.96% <sup>(1),(4)</sup> | 10/25/58 | 30000 | 30121 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  PRKCM Trust Series 2021-AFC1, Class A1 | PRKCM Trust Series 2021-AFC1, Class A1 | PRKCM Trust Series 2021-AFC1, Class A1 | PRKCM Trust Series 2021-AFC1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51% <sup>(1),(4)</sup> | 08/25/56 | 28074 | 24201 |
|  PRPM LLC Series 2024-RPL1, Class A3 | PRPM LLC Series 2024-RPL1, Class A3 | PRPM LLC Series 2024-RPL1, Class A3 | PRPM LLC Series 2024-RPL1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% <sup>(1),(4)</sup> | 12/25/64 | 150000 | 147330 |
|  PRPM LLC Series 2025-RPL2, Class M1 | PRPM LLC Series 2025-RPL2, Class M1 | PRPM LLC Series 2025-RPL2, Class M1 | PRPM LLC Series 2025-RPL2, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(1)</sup> | 04/25/55 | 110000 | 105580 |
|  PRPM LLC Series 2025-RPL3, Class M2 | PRPM LLC Series 2025-RPL3, Class M2 | PRPM LLC Series 2025-RPL3, Class M2 | PRPM LLC Series 2025-RPL3, Class M2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(1)</sup> | 04/25/55 | 180000 | 166711 |
|  Soundview Home Loan Trust Series 2007-OPT2, Class 2A4 | Soundview Home Loan Trust Series 2007-OPT2, Class 2A4 | Soundview Home Loan Trust Series 2007-OPT2, Class 2A4 | Soundview Home Loan Trust Series 2007-OPT2, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04% (1 mo. USD<br>Term SOFR +<br>0.364%*) <sup>(2)</sup>* | 07/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118537 | 100296 |
|  Towd Point Mortgage Trust Series 2015-1, Class B1 | Towd Point Mortgage Trust Series 2015-1, Class B1 | Towd Point Mortgage Trust Series 2015-1, Class B1 | Towd Point Mortgage Trust Series 2015-1, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.53% <sup>(1),(4)</sup> | 10/25/53 | 45000 | 43041 |
|  Towd Point Mortgage Trust Series 2019-2, Class M1 | Towd Point Mortgage Trust Series 2019-2, Class M1 | Towd Point Mortgage Trust Series 2019-2, Class M1 | Towd Point Mortgage Trust Series 2019-2, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(1),(4)</sup> | 12/25/58 | 100000 | 86632 |
|  Towd Point Mortgage Trust Series 2019-HY2, Class M2 | Towd Point Mortgage Trust Series 2019-HY2, Class M2 | Towd Point Mortgage Trust Series 2019-HY2, Class M2 | Towd Point Mortgage Trust Series 2019-HY2, Class M2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.69% (1 mo. USD<br>Term SOFR +<br>2.014%) <sup>(1),(2)</sup> | 05/25/58 | 210000 | 210709 |
|  Towd Point Mortgage Trust Series 2020-MH1, Class A1 | Towd Point Mortgage Trust Series 2020-MH1, Class A1 | Towd Point Mortgage Trust Series 2020-MH1, Class A1 | Towd Point Mortgage Trust Series 2020-MH1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% <sup>(1),(4)</sup> | 02/25/60 | 95787 | 94434 |
|  Towd Point Mortgage Trust Series 2020-MH1, Class A1A | Towd Point Mortgage Trust Series 2020-MH1, Class A1A | Towd Point Mortgage Trust Series 2020-MH1, Class A1A | Towd Point Mortgage Trust Series 2020-MH1, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18% <sup>(1),(4)</sup> | 02/25/60 | 46622 | 45950 |
|  Towd Point Mortgage Trust Series 2020-MH1, Class M2A | Towd Point Mortgage Trust Series 2020-MH1, Class M2A | Towd Point Mortgage Trust Series 2020-MH1, Class M2A | Towd Point Mortgage Trust Series 2020-MH1, Class M2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(1),(4)</sup> | 02/25/60 | 125000 | 118432 |
|  Verus Securitization Trust Series 2024-INV2, Class B1 | Verus Securitization Trust Series 2024-INV2, Class B1 | Verus Securitization Trust Series 2024-INV2, Class B1 | Verus Securitization Trust Series 2024-INV2, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.93% <sup>(1)</sup> | 08/26/69 | 100000 | 100661 |
|  Verus Securitization Trust Series 2025-1, Class B1 | Verus Securitization Trust Series 2025-1, Class B1 | Verus Securitization Trust Series 2025-1, Class B1 | Verus Securitization Trust Series 2025-1, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.01% <sup>(1),(4)</sup> | 01/25/70 | 24000 | 24269 |
|  Verus Securitization Trust Series 2025-3, Class B1 | Verus Securitization Trust Series 2025-3, Class B1 | Verus Securitization Trust Series 2025-3, Class B1 | Verus Securitization Trust Series 2025-3, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.49% <sup>(1),(4)</sup> | 05/25/70 | 100000 | 101184 |
| **Total Residential Mortgage-Backed Securities — Non-Agency** | **Total Residential Mortgage-Backed Securities — Non-Agency** | **Total Residential Mortgage-Backed Securities — Non-Agency** | **Total Residential Mortgage-Backed Securities — Non-Agency** |
|  (Cost: $2,805,220) | (Cost: $2,805,220) | (Cost: $2,805,220) | 2881684 |
| **U.S. TREASURY SECURITIES — 4.4%** | **U.S. TREASURY SECURITIES — 4.4%** | **U.S. TREASURY SECURITIES — 4.4%** | **U.S. TREASURY SECURITIES — 4.4%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 02/15/56 | 13000 | 12677 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/29/28 | 5000 | 4961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/28 | 330000 | 330522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/31 | 295000 | 294078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 02/15/36 | 410000 | 403626 |
| **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |  |
|  (Cost: $1,048,407) | (Cost: $1,048,407) | (Cost: $1,048,407) | 1045864 |
| **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |
|  (Cost: $26,522,133) | (Cost: $26,522,133) | (Cost: $26,522,133) | 26398739 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
|  **MONEY MARKET INVESTMENTS — 5.7%** | **MONEY MARKET INVESTMENTS — 5.7%** | **MONEY MARKET INVESTMENTS — 5.7%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class,<br>3.60% <sup>(6)</sup> | 148740 | $148740 |
|  TCW Central Cash Fund,<br>3.69% <sup>(6),(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1224353 | 1224353 |
| **Total Money Market Investments** | **Total Money Market Investments** |  |
|  (Cost: $1,373,093) |  | 1373093 |
| **Total Investments (116.2%)** | **Total Investments (116.2%)** | **Total Investments (116.2%)** |
|  (Cost: $27,895,226) |  | 27771832 |
| **Liabilities In Excess Of Other Assets (-16.2%)** | **Liabilities In Excess Of Other Assets (-16.2%)** | (3868403) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | $23903429 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional<br>Contract<br>Value** | **Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** |  |  |  |  |  |
| 7 | 2-Year U.S. Treasury Note Futures | 06/30/26 | $1462933 | $1452117 | $(10816) |
| 31 | 10-Year U.S. Treasury Note Futures | 06/18/26 | 3591436 | 3518984 | (72452) |
| 4 | U.S. Ultra Long Bond Futures | 06/18/26 | 479008 | 466250 | (12758) |
|  |  |  | $5533377 | $5437351 | $(96026) |
|  **Short Futures** |  |  |  |  |  |
| 3 | 5-Year U.S. Treasury Note Futures | 06/30/26 | $(328308) | $(324539) | $3769 |
| 1 | Long Gilt Futures | 06/26/26 | (121926) | (115769) | 6157 |
|  |  |  | $(450234) | $(440308) | $9926 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts<br>at Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **BUY** *<sup>(8)</sup>* |  |  |  |  |  |  |
|  Goldman Sachs & Co. | EUR | 100156 | 04/01/26 | $115389 | $115399 | $10 |
|  Bank of New York | GBP | 118761 | 04/01/26 | 160121 | 156610 | (3511) |
|  Citibank N.A. | GBP | 380279 | 04/01/26 | 508114 | 501474 | (6640) |
|  |  |  |  | $783624 | $773483 | $(10141) |
|  **SELL** *<sup>(9)</sup>* |  |  |  |  |  |  |
|  Bank of America | EUR | 100156 | 04/01/26 | $117902 | $115399 | $2503 |
|  Goldman Sachs & Co. | EUR | 100156 | 06/26/26 | 115848 | 115843 | 5 |
|  Citibank N.A. | GBP | 100000 | 04/01/26 | 134965 | 131871 | 3094 |
|  Bank of New York | GBP | 399040 | 04/01/26 | 539818 | 526214 | 13604 |
|  Citibank N.A. | GBP | 277558 | 06/26/26 | 369447 | 365905 | 3542 |
|  |  |  |  | $1277980 | $1255232 | $22748 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

#### Notes to the Schedule of Investments:
*ABS* *Asset-Backed Securities.* 

*CLO* *Collateralized Loan Obligation.* 

*EUR* *Euro Currency.* 

*GBP* *British Pound Sterling.* 

*I/O* *Interest Only Security.* 

*PAC* *Planned Amortization Class.* 

*REMIC* *Real Estate Mortgage Investment Conduits.* 

*SOFR* *Secured Overnight Financing Rate.* 

*STRIPS* *Separate Trading of Registered Interest and Principal Securities.* 

*TBA* *To Be Announced.* 

*(1)* *Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At March 31, 2026, the value of these securities amounted to $14,004,419 or 58.6% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Trust's Board of Trustees.* 

*(2)* *Floating or variable rate security. The interest shown reflects the rate in effect at March 31, 2026.* 

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

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

*(5)* *Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At March 31, 2026, the value of these securities amounted to $209,854 or 0.9% of net assets.* 

*(6)* *Rate disclosed is the 7-day net yield as of March 31, 2026.* 

*(7)* *Affiliated issuer.* 

*(8)* *Fund buys foreign currency, sells USD.* 

*(9)* *Fund sells foreign currency, buys USD.* 

The summary of the TCW MetWest Sustainable Securitized Fund transactions in the affiliated funds for the year ended March 31, 2026 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of<br>Affiliated<br>Fund** | **Value at<br>March 31,<br>2025** | **Purchases<br>at Cost** | **Proceeds**<br>**from Sales** | **Number of<br>Shares Held<br>March 31,<br>2026** | **Value at<br>March 31,<br>2026** | **Dividends and<br>Interest<br>Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net Realized<br>Gain (Loss)<br>on<br>Investments** | **Net change in<br>Unrealized<br>Gain (Loss)<br>on<br>Investments** |
|  **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** | **TCW Central Cash Fund** |
|  | $1172 | $25083181 | $23860000 | 1224353 | $1224353 | $47940 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $1224353 | $47940 | $— | $— | $— |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Sustainable Securitized Fund
Fair Valuation Summary March 31, 2026

The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices**<br>**in Active<br>Markets for<br>Identical<br>Assets**<br>**(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Agency | $— | $10716071 | $— | $10716071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Non-Agency |  | 7332437 |  | 7332437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 4143427 |  | 4143427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Non-Agency |  | 2881684 |  | 2881684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 1045864 |  | 1045864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Agency |  | 279256 |  | 279256 |
|  Total Fixed Income Securities |  | 26398739 |  | 26398739 |
|  Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 1373093 |  |  | 1373093 |
|  Total Investments | $1373093 | $26398739 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $27771832 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 22758 |  | 22758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 9926 |  |  | 9926 |
|  Total | $1383019 | $26421497 | $— | $27804516 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | $(96026) | $— | $— | $(96026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | (10151) |  | (10151) |
|  Total | $(96026) | $(10151) | $— | $(106177) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Total Return Bond Fund
Consolidated Schedule of Investments March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 100.4% of Net Assets** | **FIXED INCOME SECURITIES — 100.4% of Net Assets** | **FIXED INCOME SECURITIES — 100.4% of Net Assets** | **FIXED INCOME SECURITIES — 100.4% of Net Assets** |
| **ASSET-BACKED SECURITIES — 4.9%** | **ASSET-BACKED SECURITIES — 4.9%** | **ASSET-BACKED SECURITIES — 4.9%** | **ASSET-BACKED SECURITIES — 4.9%** |
|  522 Funding CLO Ltd. Series 2019-5A, Class AR2 | 522 Funding CLO Ltd. Series 2019-5A, Class AR2 | 522 Funding CLO Ltd. Series 2019-5A, Class AR2 | 522 Funding CLO Ltd. Series 2019-5A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68% (3 mo. USD Term SOFR + 1.020%) *<sup>(1),(2)</sup>* | 04/15/35 | $28000000 | $27973960 |
|  AGL CLO 14 Ltd. Series 2021-14A, Class AR | AGL CLO 14 Ltd. Series 2021-14A, Class AR | AGL CLO 14 Ltd. Series 2021-14A, Class AR | AGL CLO 14 Ltd. Series 2021-14A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (3 mo. USD Term SOFR + 1.130%) *<sup>(1),(2)</sup>* | 12/02/34 | 17080000 | 17073851 |
|  AGL CLO 17 Ltd. Series 2022-17A, Class AR | AGL CLO 17 Ltd. Series 2022-17A, Class AR | AGL CLO 17 Ltd. Series 2022-17A, Class AR | AGL CLO 17 Ltd. Series 2022-17A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.62% (3 mo. USD Term SOFR + 0.950%) *<sup>(1),(2)</sup>* | 01/21/35 | 10375000 | 10357477 |
|  ARES LX CLO Ltd. Series 2021-60A, Class AR2 | ARES LX CLO Ltd. Series 2021-60A, Class AR2 | ARES LX CLO Ltd. Series 2021-60A, Class AR2 | ARES LX CLO Ltd. Series 2021-60A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% (3 mo. USD Term SOFR + 0.960%) *<sup>(1),(2)</sup>* | 07/18/34 | 25000000 | 24946300 |
|  ARES LXV CLO Ltd. Series 2022-65A, Class A1R | ARES LXV CLO Ltd. Series 2022-65A, Class A1R | ARES LXV CLO Ltd. Series 2022-65A, Class A1R | ARES LXV CLO Ltd. Series 2022-65A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79% (3 mo. USD Term SOFR + 1.120%) *<sup>(1),(2)</sup>* | 07/25/34 | 30000000 | 29977500 |
|  Bain Capital Credit CLO Ltd. Series 2020-2A, Class AR3 | Bain Capital Credit CLO Ltd. Series 2020-2A, Class AR3 | Bain Capital Credit CLO Ltd. Series 2020-2A, Class AR3 | Bain Capital Credit CLO Ltd. Series 2020-2A, Class AR3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% (3 mo. USD Term SOFR + 0.980%) *<sup>(1),(2)</sup>* | 07/19/34 | 30000000 | 29985270 |
|  Bain Capital Credit CLO Ltd. Series 2021-4A, Class A1RR | Bain Capital Credit CLO Ltd. Series 2021-4A, Class A1RR | Bain Capital Credit CLO Ltd. Series 2021-4A, Class A1RR | Bain Capital Credit CLO Ltd. Series 2021-4A, Class A1RR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67% (3 mo. USD Term SOFR + 1.000%) *<sup>(1),(2)</sup>* | 10/20/34 | 35755000 | 35700724 |
|  Ballyrock CLO 20 Ltd. Series 2022-20A, Class A1A3 | Ballyrock CLO 20 Ltd. Series 2022-20A, Class A1A3 | Ballyrock CLO 20 Ltd. Series 2022-20A, Class A1A3 | Ballyrock CLO 20 Ltd. Series 2022-20A, Class A1A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% (3 mo. USD Term SOFR + 1.050%) *<sup>(1),(2)</sup>* | 10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;30000000 | 29955300 |
|  Barings CLO Ltd. Series 2021-3A, Class AR | Barings CLO Ltd. Series 2021-3A, Class AR | Barings CLO Ltd. Series 2021-3A, Class AR | Barings CLO Ltd. Series 2021-3A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (3 mo. USD Term SOFR + 1.130%) *<sup>(1),(2)</sup>* | 01/18/35 | 19500000 | 19487539 |
|  BCRED MML CLO LLC Series 2022-1A, Class A1 | BCRED MML CLO LLC Series 2022-1A, Class A1 | BCRED MML CLO LLC Series 2022-1A, Class A1 | BCRED MML CLO LLC Series 2022-1A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% (3 mo. USD Term SOFR + 1.650%) *<sup>(1),(2)</sup>* | 04/20/35 | 48400000 | 48419602 |
|  Beechwood Park CLO Ltd. Series 2019-1A, Class A1RR | Beechwood Park CLO Ltd. Series 2019-1A, Class A1RR | Beechwood Park CLO Ltd. Series 2019-1A, Class A1RR | Beechwood Park CLO Ltd. Series 2019-1A, Class A1RR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% (3 mo. USD Term SOFR + 1.070%) *<sup>(1),(2)</sup>* | 01/17/35 | 14915000 | 14896162 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  Boyce Park CLO Ltd. Series 2022-1A, Class A1R | Boyce Park CLO Ltd. Series 2022-1A, Class A1R | Boyce Park CLO Ltd. Series 2022-1A, Class A1R | Boyce Park CLO Ltd. Series 2022-1A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67% (3 mo. USD Term SOFR + 1.000%) *<sup>(1),(2)</sup>* | 04/21/35 | $14275000 | $14241197 |
|  Carvana Auto Receivables Trust Series 2021-N1, Class R | Carvana Auto Receivables Trust Series 2021-N1, Class R | Carvana Auto Receivables Trust Series 2021-N1, Class R | Carvana Auto Receivables Trust Series 2021-N1, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(3)</sup>* | 01/10/28 | 53821 | 5321171 |
|  Carvana Auto Receivables Trust Series 2021-P4, Class R | Carvana Auto Receivables Trust Series 2021-P4, Class R | Carvana Auto Receivables Trust Series 2021-P4, Class R | Carvana Auto Receivables Trust Series 2021-P4, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(3)</sup>* | 09/11/28 | 43250 | 4516809 |
|  Carvana Auto Receivables Trust Series 2023-N1, Class R | Carvana Auto Receivables Trust Series 2023-N1, Class R | Carvana Auto Receivables Trust Series 2023-N1, Class R | Carvana Auto Receivables Trust Series 2023-N1, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(3)</sup>* | 04/10/30 | 30000 | 5815465 |
|  Carvana Auto Receivables Trust Series 2023-N1, Class XS | Carvana Auto Receivables Trust Series 2023-N1, Class XS | Carvana Auto Receivables Trust Series 2023-N1, Class XS | Carvana Auto Receivables Trust Series 2023-N1, Class XS |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(4)</sup>* | 04/10/30 | 165187071 | 1596533 |
|  Carvana Auto Receivables Trust Series 2023-N3, Class R | Carvana Auto Receivables Trust Series 2023-N3, Class R | Carvana Auto Receivables Trust Series 2023-N3, Class R | Carvana Auto Receivables Trust Series 2023-N3, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(3)</sup>* | 09/10/30 | 30900 | 5569572 |
|  Castlelake Aircraft Structured Trust Series 2025-3A, Class A | Castlelake Aircraft Structured Trust Series 2025-3A, Class A | Castlelake Aircraft Structured Trust Series 2025-3A, Class A | Castlelake Aircraft Structured Trust Series 2025-3A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% *<sup>(1)</sup>* | 11/15/50 | 6742902 | 6667788 |
|  CIFC Funding Ltd. Series 2017-4A, Class A2R | CIFC Funding Ltd. Series 2017-4A, Class A2R | CIFC Funding Ltd. Series 2017-4A, Class A2R | CIFC Funding Ltd. Series 2017-4A, Class A2R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.48% (3 mo. USD Term SOFR + 1.812%) *<sup>(1),(2)</sup>* | 10/24/30 | 3475000 | 3476786 |
|  CIFC Funding Ltd. Series 2021-6A, Class B | CIFC Funding Ltd. Series 2021-6A, Class B | CIFC Funding Ltd. Series 2021-6A, Class B | CIFC Funding Ltd. Series 2021-6A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58% (3 mo. USD Term SOFR + 1.912%) *<sup>(1),(2)</sup>* | 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;20000000 | 20023520 |
|  CIFC Funding Ltd. Series 2022-1A, Class A | CIFC Funding Ltd. Series 2022-1A, Class A | CIFC Funding Ltd. Series 2022-1A, Class A | CIFC Funding Ltd. Series 2022-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99% (3 mo. USD Term SOFR + 1.320%) *<sup>(1),(2)</sup>* | 04/17/35 | 25000000 | 25013100 |
|  CIFC Funding Ltd. Series 2022-2A, Class A1R | CIFC Funding Ltd. Series 2022-2A, Class A1R | CIFC Funding Ltd. Series 2022-2A, Class A1R | CIFC Funding Ltd. Series 2022-2A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64% (3 mo. USD Term SOFR + 0.970%) *<sup>(1),(2)</sup>* | 04/19/35 | 17000000 | 16953539 |
|  CIT Education Loan Trust Series 2007-1, Class B | CIT Education Loan Trust Series 2007-1, Class B | CIT Education Loan Trust Series 2007-1, Class B | CIT Education Loan Trust Series 2007-1, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% (90 day USD SOFR Average + 0.562%) *<sup>(1),(2)</sup>* | 06/25/42 | 4591452 | 4269791 |
|  Clover CLO LLC Series 2021-3A, Class AR | Clover CLO LLC Series 2021-3A, Class AR | Clover CLO LLC Series 2021-3A, Class AR | Clover CLO LLC Series 2021-3A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% (3 mo. USD Term SOFR + 1.070%) *<sup>(1),(2)</sup>* | 01/25/35 | 24850000 | 24787875 |
|  Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 | Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 | Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 | Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (3 mo. USD Term SOFR + 1.150%) *<sup>(1),(2)</sup>* | 08/15/31 | 4742107 | 4746707 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  Dryden 43 Senior Loan Fund Series 2016-43A, Class AR3 | Dryden 43 Senior Loan Fund Series 2016-43A, Class AR3 | Dryden 43 Senior Loan Fund Series 2016-43A, Class AR3 | Dryden 43 Senior Loan Fund Series 2016-43A, Class AR3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% (3 mo. USD Term SOFR + 1.070%) *<sup>(1),(2)</sup>* | 04/20/34 | $17600000 | $17598944 |
|  Dryden 65 CLO Ltd. Series 2018-65A, Class B | Dryden 65 CLO Ltd. Series 2018-65A, Class B | Dryden 65 CLO Ltd. Series 2018-65A, Class B | Dryden 65 CLO Ltd. Series 2018-65A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.53% (3 mo. USD Term SOFR + 1.862%) *<sup>(1),(2)</sup>* | 07/18/30 | 3500000 | 3504165 |
|  Dryden 68 CLO Ltd. Series 2019-68A, Class ARR | Dryden 68 CLO Ltd. Series 2019-68A, Class ARR | Dryden 68 CLO Ltd. Series 2019-68A, Class ARR | Dryden 68 CLO Ltd. Series 2019-68A, Class ARR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77% (3 mo. USD Term SOFR + 1.100%) *<sup>(1),(2)</sup>* | 07/15/35 | 15850000 | 15850079 |
|  Dryden 86 CLO Ltd. Series 2020-86A, Class A1R2 | Dryden 86 CLO Ltd. Series 2020-86A, Class A1R2 | Dryden 86 CLO Ltd. Series 2020-86A, Class A1R2 | Dryden 86 CLO Ltd. Series 2020-86A, Class A1R2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (3 mo. USD Term SOFR + 1.130%) *<sup>(1),(2)</sup>* | 07/17/34 | 22000000 | 22011000 |
|  Dryden 98 CLO Ltd. Series 2022-98A, Class AR | Dryden 98 CLO Ltd. Series 2022-98A, Class AR | Dryden 98 CLO Ltd. Series 2022-98A, Class AR | Dryden 98 CLO Ltd. Series 2022-98A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% (3 mo. USD Term SOFR + 1.020%) *<sup>(1),(2)</sup>* | 04/20/35 | 29330000 | 29329531 |
|  Goal Capital Funding Trust Series 2006-1, Class B | Goal Capital Funding Trust Series 2006-1, Class B | Goal Capital Funding Trust Series 2006-1, Class B | Goal Capital Funding Trust Series 2006-1, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% (3 mo. USD LIBOR + 0.450%) *<sup>(2)</sup>* | 08/25/42 | 778475 | 757919 |
|  Golub Capital Partners CLO 50B-R Ltd. Series 2020-50A, Class A1R2 | Golub Capital Partners CLO 50B-R Ltd. Series 2020-50A, Class A1R2 | Golub Capital Partners CLO 50B-R Ltd. Series 2020-50A, Class A1R2 | Golub Capital Partners CLO 50B-R Ltd. Series 2020-50A, Class A1R2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% (3 mo. USD Term SOFR + 1.110%) *<sup>(1),(2)</sup>* | 04/20/35 | 14850000 | 14836694 |
|  HPS Loan Management Ltd. Series 10A-16, Class A1R3 | HPS Loan Management Ltd. Series 10A-16, Class A1R3 | HPS Loan Management Ltd. Series 10A-16, Class A1R3 | HPS Loan Management Ltd. Series 10A-16, Class A1R3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79% (3 mo. USD Term SOFR + 1.120%) *<sup>(1),(2)</sup>* | 04/20/34 | 13500000 | 13498812 |
|  HPS Loan Management Ltd. Series 2021-16A, Class BR | HPS Loan Management Ltd. Series 2021-16A, Class BR | HPS Loan Management Ltd. Series 2021-16A, Class BR | HPS Loan Management Ltd. Series 2021-16A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% (3 mo. USD Term SOFR + 1.650%) *<sup>(1),(2)</sup>* | 01/23/35 | 17750000 | 17758875 |
|  Invesco CLO Ltd. Series 2022-2A, Class A1R | Invesco CLO Ltd. Series 2022-2A, Class A1R | Invesco CLO Ltd. Series 2022-2A, Class A1R | Invesco CLO Ltd. Series 2022-2A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% (3 mo. USD Term SOFR + 1.150%) *<sup>(1),(2)</sup>* | 07/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;23000000 | 22997838 |
|  JGWPT XXX LLC Series 2013-3A, Class A | JGWPT XXX LLC Series 2013-3A, Class A | JGWPT XXX LLC Series 2013-3A, Class A | JGWPT XXX LLC Series 2013-3A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08% *<sup>(1)</sup>* | 01/17/73 | 384896 | 367637 |
|  JGWPT XXXII LLC Series 2014-2A, Class A | JGWPT XXXII LLC Series 2014-2A, Class A | JGWPT XXXII LLC Series 2014-2A, Class A | JGWPT XXXII LLC Series 2014-2A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61% *<sup>(1)</sup>* | 01/17/73 | 24594530 | 22394459 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  LCM 41 Ltd. Series 41A, Class A1R | LCM 41 Ltd. Series 41A, Class A1R | LCM 41 Ltd. Series 41A, Class A1R | LCM 41 Ltd. Series 41A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% (3 mo. USD Term SOFR + 1.200%) *<sup>(1),(2)</sup>* | 04/15/36 | $15000000 | $14985270 |
|  LCM Loan Income Fund I Ltd. Series 1A, Class B | LCM Loan Income Fund I Ltd. Series 1A, Class B | LCM Loan Income Fund I Ltd. Series 1A, Class B | LCM Loan Income Fund I Ltd. Series 1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% (3 mo. USD Term SOFR + 1.712%) *<sup>(1),(2)</sup>* | 04/20/31 | 7042298 | 7045988 |
|  Lehman XS Trust Series 2006-13, Class 1A2 | Lehman XS Trust Series 2006-13, Class 1A2 | Lehman XS Trust Series 2006-13, Class 1A2 | Lehman XS Trust Series 2006-13, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% (1 mo. USD Term SOFR + 0.454%) *<sup>(2)</sup>* | 09/25/36 | 30517 |  |
|  Madison Park Funding XLIX Ltd. Series 2021-49A, Class AR | Madison Park Funding XLIX Ltd. Series 2021-49A, Class AR | Madison Park Funding XLIX Ltd. Series 2021-49A, Class AR | Madison Park Funding XLIX Ltd. Series 2021-49A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% (3 mo. USD Term SOFR + 1.050%) *<sup>(1),(2)</sup>* | 10/19/34 | 40000000 | 39986680 |
|  Madison Park Funding XLVI Ltd. Series 2020-46A, Class B1R | Madison Park Funding XLVI Ltd. Series 2020-46A, Class B1R | Madison Park Funding XLVI Ltd. Series 2020-46A, Class B1R | Madison Park Funding XLVI Ltd. Series 2020-46A, Class B1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17% (3 mo. USD Term SOFR + 1.500%) *<sup>(1),(2)</sup>* | 10/15/34 | 33270000 | 33143408 |
|  Madison Park Funding XXVII Ltd. Series 2018-27A, Class A2R | Madison Park Funding XXVII Ltd. Series 2018-27A, Class A2R | Madison Park Funding XXVII Ltd. Series 2018-27A, Class A2R | Madison Park Funding XXVII Ltd. Series 2018-27A, Class A2R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17% (3 mo. USD Term SOFR + 1.500%) *<sup>(1),(2)</sup>* | 04/20/38 | 32300000 | 32202842 |
|  Madison Park Funding XXXVI Ltd. Series 2019-36A, Class B1R | Madison Park Funding XXXVI Ltd. Series 2019-36A, Class B1R | Madison Park Funding XXXVI Ltd. Series 2019-36A, Class B1R | Madison Park Funding XXXVI Ltd. Series 2019-36A, Class B1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22% (3 mo. USD Term SOFR + 1.550%) *<sup>(1),(2)</sup>* | 04/15/35 | 13350000 | 13285613 |
|  Magnetite XXIII Ltd. Series 2019-23A, Class AR2 | Magnetite XXIII Ltd. Series 2019-23A, Class AR2 | Magnetite XXIII Ltd. Series 2019-23A, Class AR2 | Magnetite XXIII Ltd. Series 2019-23A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64% (3 mo. USD Term SOFR + 0.990%) *<sup>(1),(2)</sup>* | 01/25/35 | 25000000 | 24955150 |
|  Marino Park CLO DAC Series 1A, Class BRR | Marino Park CLO DAC Series 1A, Class BRR | Marino Park CLO DAC Series 1A, Class BRR | Marino Park CLO DAC Series 1A, Class BRR |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67% (3 mo. EUR EURIBOR + 1.700%) *<sup>(1),(2)</sup>* | 04/16/39 | &nbsp;&nbsp;&nbsp;&nbsp;13135000 | 15070127 |
|  NCFA LLC | NCFA LLC | NCFA LLC | NCFA LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(5)</sup>* | 06/12/28 | 11660366 | 11660366 |
|  Neuberger Berman Loan Advisers CLO 43Ltd. Series 2021-43A, Class AR | Neuberger Berman Loan Advisers CLO 43Ltd. Series 2021-43A, Class AR | Neuberger Berman Loan Advisers CLO 43Ltd. Series 2021-43A, Class AR | Neuberger Berman Loan Advisers CLO 43Ltd. Series 2021-43A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% (3 mo. USD Term SOFR + 1.050%) *<sup>(1),(2)</sup>* | 07/17/36 | 35000000 | 34998075 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  Neuberger Berman Loan Advisers CLO 50 Ltd. Series 2022-50A, Class AR2 | Neuberger Berman Loan Advisers CLO 50 Ltd. Series 2022-50A, Class AR2 | Neuberger Berman Loan Advisers CLO 50 Ltd. Series 2022-50A, Class AR2 | Neuberger Berman Loan Advisers CLO 50 Ltd. Series 2022-50A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% (3 mo. USD Term SOFR + 1.040%) *<sup>(1),(2)</sup>* | 07/23/36 | $20000000 | $19962940 |
|  Neuberger Berman Loan Advisers CLO 50 Ltd. Series 2022-50A, Class BR2 | Neuberger Berman Loan Advisers CLO 50 Ltd. Series 2022-50A, Class BR2 | Neuberger Berman Loan Advisers CLO 50 Ltd. Series 2022-50A, Class BR2 | Neuberger Berman Loan Advisers CLO 50 Ltd. Series 2022-50A, Class BR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01% (3 mo. USD Term SOFR + 1.350%) *<sup>(1),(2)</sup>* | 07/23/36 | 2500000 | 2477055 |
|  Neuberger Berman Loan Advisers CLO 51 Ltd. Series 2022-51A, Class AR2 | Neuberger Berman Loan Advisers CLO 51 Ltd. Series 2022-51A, Class AR2 | Neuberger Berman Loan Advisers CLO 51 Ltd. Series 2022-51A, Class AR2 | Neuberger Berman Loan Advisers CLO 51 Ltd. Series 2022-51A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67% (3 mo. USD Term SOFR + 1.000%) *<sup>(1),(2)</sup>* | 10/23/36 | 10050000 | 10052161 |
|  Octagon 64 Ltd. Series 2022-1A, Class B1R | Octagon 64 Ltd. Series 2022-1A, Class B1R | Octagon 64 Ltd. Series 2022-1A, Class B1R | Octagon 64 Ltd. Series 2022-1A, Class B1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.37% (3 mo. USD Term SOFR + 1.700%) *<sup>(1),(2)</sup>* | 07/21/37 | 18250000 | 18234268 |
|  Octagon Investment Partners 41 Ltd. Series 2019-2A, Class A1R | Octagon Investment Partners 41 Ltd. Series 2019-2A, Class A1R | Octagon Investment Partners 41 Ltd. Series 2019-2A, Class A1R | Octagon Investment Partners 41 Ltd. Series 2019-2A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% (3 mo. USD Term SOFR + 1.090%) *<sup>(1),(2)</sup>* | 10/15/33 | 30000000 | 29959350 |
|  Octagon Investment Partners 49 Ltd. Series 2020-5A, Class BRR | Octagon Investment Partners 49 Ltd. Series 2020-5A, Class BRR | Octagon Investment Partners 49 Ltd. Series 2020-5A, Class BRR | Octagon Investment Partners 49 Ltd. Series 2020-5A, Class BRR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22% (3 mo. USD Term SOFR + 1.550%) *<sup>(1),(2)</sup>* | 04/15/37 | 13150000 | 13037199 |
|  Octagon Investment Partners 51 Ltd. Series 2021-1A, Class AR | Octagon Investment Partners 51 Ltd. Series 2021-1A, Class AR | Octagon Investment Partners 51 Ltd. Series 2021-1A, Class AR | Octagon Investment Partners 51 Ltd. Series 2021-1A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66% (3 mo. USD Term SOFR + 0.990%) *<sup>(1),(2)</sup>* | 07/20/34 | 30700000 | 30633074 |
|  Palmer Square CLO Ltd. Series 2018-1A, Class A1R | Palmer Square CLO Ltd. Series 2018-1A, Class A1R | Palmer Square CLO Ltd. Series 2018-1A, Class A1R | Palmer Square CLO Ltd. Series 2018-1A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.19% (3 mo. USD Term SOFR + 1.520%) *<sup>(1),(2)</sup>* | 04/18/37 | 22000000 | 22001430 |
|  Palmer Square Loan Funding Ltd. Series 2024-3A, Class A2R | Palmer Square Loan Funding Ltd. Series 2024-3A, Class A2R | Palmer Square Loan Funding Ltd. Series 2024-3A, Class A2R | Palmer Square Loan Funding Ltd. Series 2024-3A, Class A2R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81% (3 mo. USD Term SOFR + 1.150%) *<sup>(1),(2)</sup>* | 08/08/32 | 7000000 | 6995569 |
|  Providus CLO V DAC Series 5A, Class BR | Providus CLO V DAC Series 5A, Class BR | Providus CLO V DAC Series 5A, Class BR | Providus CLO V DAC Series 5A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78% (3 mo. EUR EURIBOR + 1.800%) *<sup>(1),(2)</sup>* | 11/15/39 | 8500000 | 9761399 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  Rad CLO 18 Ltd. Series 2023-18A, Class A1R | Rad CLO 18 Ltd. Series 2023-18A, Class A1R | Rad CLO 18 Ltd. Series 2023-18A, Class A1R | Rad CLO 18 Ltd. Series 2023-18A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.07% (3 mo. USD Term SOFR + 1.400%) *<sup>(1),(2)</sup>* | 07/15/37 | $22150000 | $22177687 |
|  Rad CLO 21 Ltd. Series 2023-21A, Class A1R | Rad CLO 21 Ltd. Series 2023-21A, Class A1R | Rad CLO 21 Ltd. Series 2023-21A, Class A1R | Rad CLO 21 Ltd. Series 2023-21A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% (3 mo. USD Term SOFR + 1.070%) *<sup>(1),(2)</sup>* | 01/25/37 | 16050000 | 16009875 |
|  Rockford Tower CLO Ltd. Series 2017-3A, Class A | Rockford Tower CLO Ltd. Series 2017-3A, Class A | Rockford Tower CLO Ltd. Series 2017-3A, Class A | Rockford Tower CLO Ltd. Series 2017-3A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.12% (3 mo. USD Term SOFR + 1.452%) *<sup>(1),(2)</sup>* | 10/20/30 | 561 | 561 |
|  Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR | Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR | Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR | Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% (3 mo. USD Term SOFR + 1.090%) *<sup>(1),(2)</sup>* | 01/20/36 | 22730000 | 22725590 |
|  RR 26 Ltd. Series 2023-26A, Class A1R | RR 26 Ltd. Series 2023-26A, Class A1R | RR 26 Ltd. Series 2023-26A, Class A1R | RR 26 Ltd. Series 2023-26A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79% (3 mo. USD Term SOFR + 1.120%) *<sup>(1),(2)</sup>* | 04/15/38 | 34500000 | 34439935 |
|  Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23% *<sup>(5)</sup>* | 07/03/38 | 22571649 | 21328402 |
|  SLC Student Loan Trust Series 2004-1, Class B | SLC Student Loan Trust Series 2004-1, Class B | SLC Student Loan Trust Series 2004-1, Class B | SLC Student Loan Trust Series 2004-1, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34% (90 day USD SOFR Average + 0.552%) *<sup>(2)</sup>* | 08/15/31 | 160966 | 142173 |
|  SLM Student Loan Trust Series 2003-12, Class B | SLM Student Loan Trust Series 2003-12, Class B | SLM Student Loan Trust Series 2003-12, Class B | SLM Student Loan Trust Series 2003-12, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54% (90 day USD SOFR Average + 0.852%) *<sup>(2)</sup>* | 12/15/68 | 22283 | 21537 |
|  SLM Student Loan Trust Series 2006-2, Class A6 | SLM Student Loan Trust Series 2006-2, Class A6 | SLM Student Loan Trust Series 2006-2, Class A6 | SLM Student Loan Trust Series 2006-2, Class A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32% (90 day USD SOFR Average + 0.432%) *<sup>(2)</sup>* | 01/25/41 | 14875581 | 14445534 |
|  SLM Student Loan Trust Series 2006-8, Class A6 | SLM Student Loan Trust Series 2006-8, Class A6 | SLM Student Loan Trust Series 2006-8, Class A6 | SLM Student Loan Trust Series 2006-8, Class A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31% (90 day USD SOFR Average + 0.422%) *<sup>(2)</sup>* | 01/25/41 | &nbsp;&nbsp;&nbsp;&nbsp;16051505 | 15586554 |
|  SLM Student Loan Trust Series 2007-1, Class A6 | SLM Student Loan Trust Series 2007-1, Class A6 | SLM Student Loan Trust Series 2007-1, Class A6 | SLM Student Loan Trust Series 2007-1, Class A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (90 day USD SOFR Average + 0.402%) *<sup>(2)</sup>* | 01/27/42 | 15999911 | 15512234 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  SLM Student Loan Trust Series 2007-1, Class B | SLM Student Loan Trust Series 2007-1, Class B | SLM Student Loan Trust Series 2007-1, Class B | SLM Student Loan Trust Series 2007-1, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37% (90 day USD SOFR Average + 0.482%) *<sup>(2)</sup>* | 01/27/42 | $1870233 | $1741467 |
|  SLM Student Loan Trust Series 2007-6, Class B | SLM Student Loan Trust Series 2007-6, Class B | SLM Student Loan Trust Series 2007-6, Class B | SLM Student Loan Trust Series 2007-6, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% (90 day USD SOFR Average + 1.112%) *<sup>(2)</sup>* | 04/27/43 | 2331360 | 2208885 |
|  SLM Student Loan Trust Series 2007-7, Class A4 | SLM Student Loan Trust Series 2007-7, Class A4 | SLM Student Loan Trust Series 2007-7, Class A4 | SLM Student Loan Trust Series 2007-7, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48% (90 day USD SOFR Average + 0.592%) *<sup>(2)</sup>* | 01/25/49 | 73983 | 73195 |
|  SLM Student Loan Trust Series 2008-2, Class B | SLM Student Loan Trust Series 2008-2, Class B | SLM Student Loan Trust Series 2008-2, Class B | SLM Student Loan Trust Series 2008-2, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% (90 day USD SOFR Average + 1.462%) *<sup>(2)</sup>* | 01/25/83 | 38874000 | 41434102 |
|  SLM Student Loan Trust Series 2008-3, Class A3 | SLM Student Loan Trust Series 2008-3, Class A3 | SLM Student Loan Trust Series 2008-3, Class A3 | SLM Student Loan Trust Series 2008-3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% (90 day USD SOFR Average + 1.262%) *<sup>(2)</sup>* | 10/25/21 | 4739 | 4729 |
|  SLM Student Loan Trust Series 2008-3, Class B | SLM Student Loan Trust Series 2008-3, Class B | SLM Student Loan Trust Series 2008-3, Class B | SLM Student Loan Trust Series 2008-3, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% (90 day USD SOFR Average + 1.462%) *<sup>(2)</sup>* | 04/26/83 | 2260000 | 2352736 |
|  SLM Student Loan Trust Series 2008-4, Class A4 | SLM Student Loan Trust Series 2008-4, Class A4 | SLM Student Loan Trust Series 2008-4, Class A4 | SLM Student Loan Trust Series 2008-4, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% (90 day USD SOFR Average + 1.912%) *<sup>(2)</sup>* | 07/25/22 | 535735 | 537163 |
|  SLM Student Loan Trust Series 2008-4, Class B | SLM Student Loan Trust Series 2008-4, Class B | SLM Student Loan Trust Series 2008-4, Class B | SLM Student Loan Trust Series 2008-4, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (90 day USD SOFR Average + 2.112%) *<sup>(2)</sup>* | 04/25/73 | 8849000 | 9395525 |
|  SLM Student Loan Trust Series 2008-5, Class A4 | SLM Student Loan Trust Series 2008-5, Class A4 | SLM Student Loan Trust Series 2008-5, Class A4 | SLM Student Loan Trust Series 2008-5, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% (90 day USD SOFR Average + 1.962%) *<sup>(2)</sup>* | 07/25/23 | 6300650 | 6327778 |
|  SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (90 day USD SOFR Average + 2.112%) *<sup>(2)</sup>* | 07/25/73 | 37199000 | 39536965 |
|  SLM Student Loan Trust Series 2008-6, Class B | SLM Student Loan Trust Series 2008-6, Class B | SLM Student Loan Trust Series 2008-6, Class B | SLM Student Loan Trust Series 2008-6, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (90 day USD SOFR Average + 2.112%) *<sup>(2)</sup>* | 07/26/83 | &nbsp;&nbsp;&nbsp;&nbsp;31424000 | 32649945 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (90 day USD SOFR Average + 2.112%) *<sup>(2)</sup>* | 07/26/83 | $17206000 | $17223189 |
|  SLM Student Loan Trust Series 2012-1, Class A3 | SLM Student Loan Trust Series 2012-1, Class A3 | SLM Student Loan Trust Series 2012-1, Class A3 | SLM Student Loan Trust Series 2012-1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (30 day USD SOFR Average + 1.064%) *<sup>(2)</sup>* | 09/25/28 | 272291 | 269658 |
|  SLM Student Loan Trust Series 2012-2, Class A | SLM Student Loan Trust Series 2012-2, Class A | SLM Student Loan Trust Series 2012-2, Class A | SLM Student Loan Trust Series 2012-2, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48% (30 day USD SOFR Average + 0.814%) *<sup>(2)</sup>* | 01/25/29 | 6267744 | 6126463 |
|  SLM Student Loan Trust Series 2012-7, Class A3 | SLM Student Loan Trust Series 2012-7, Class A3 | SLM Student Loan Trust Series 2012-7, Class A3 | SLM Student Loan Trust Series 2012-7, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43% (30 day USD SOFR Average + 0.764%) *<sup>(2)</sup>* | 05/26/26 | 10779966 | 10550167 |
|  Symphony CLO XX Ltd. Series 2018-20A, Class AR2 | Symphony CLO XX Ltd. Series 2018-20A, Class AR2 | Symphony CLO XX Ltd. Series 2018-20A, Class AR2 | Symphony CLO XX Ltd. Series 2018-20A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77% (3 mo. USD Term SOFR + 1.100%) *<sup>(1),(2)</sup>* | 01/16/32 | &nbsp;&nbsp;&nbsp;&nbsp;16334173 | 16362921 |
|  Trestles CLO VIII Ltd. Series 2025-8A, Class A1 | Trestles CLO VIII Ltd. Series 2025-8A, Class A1 | Trestles CLO VIII Ltd. Series 2025-8A, Class A1 | Trestles CLO VIII Ltd. Series 2025-8A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% (3 mo. USD Term SOFR + 1.330%) *<sup>(1),(2)</sup>* | 06/11/35 | 20000000 | 20013720 |
|  Trinitas CLO VII Ltd. Series 2017-7A, Class A1R2 | Trinitas CLO VII Ltd. Series 2017-7A, Class A1R2 | Trinitas CLO VII Ltd. Series 2017-7A, Class A1R2 | Trinitas CLO VII Ltd. Series 2017-7A, Class A1R2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (3 mo. USD Term SOFR + 1.060%) *<sup>(1),(2)</sup>* | 01/25/35 | 15000000 | 14964225 |
|  Trinitas CLO XVI Ltd. Series 2021-16A, Class A1R | Trinitas CLO XVI Ltd. Series 2021-16A, Class A1R | Trinitas CLO XVI Ltd. Series 2021-16A, Class A1R | Trinitas CLO XVI Ltd. Series 2021-16A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (3 mo. USD Term SOFR + 1.130%) *<sup>(1),(2)</sup>* | 07/20/34 | 25000000 | 24984400 |
|  United Auto Credit Securitization Trust Series 2022-2, Class R1 | United Auto Credit Securitization Trust Series 2022-2, Class R1 | United Auto Credit Securitization Trust Series 2022-2, Class R1 | United Auto Credit Securitization Trust Series 2022-2, Class R1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(4)</sup>* | 04/10/29 | 33600 | 2 |
|  Valley Stream Park CLO Ltd. Series 2022-1A, Class ARR | Valley Stream Park CLO Ltd. Series 2022-1A, Class ARR | Valley Stream Park CLO Ltd. Series 2022-1A, Class ARR | Valley Stream Park CLO Ltd. Series 2022-1A, Class ARR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86% (3 mo. USD Term SOFR + 1.190%) *<sup>(1),(2)</sup>* | 01/20/37 | 13350000 | 13355954 |
|  Voya CLO Ltd. Series 2019-4A, Class BR | Voya CLO Ltd. Series 2019-4A, Class BR | Voya CLO Ltd. Series 2019-4A, Class BR | Voya CLO Ltd. Series 2019-4A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% (3 mo. USD Term SOFR + 2.012%) *<sup>(1),(2)</sup>* | 01/15/35 | 17500000 | 17521070 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  Whetstone Park CLO Ltd. Series 2021-1A, Class A1R | Whetstone Park CLO Ltd. Series 2021-1A, Class A1R | Whetstone Park CLO Ltd. Series 2021-1A, Class A1R | Whetstone Park CLO Ltd. Series 2021-1A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% (3 mo. USD Term SOFR + 1.070%) *<sup>(1),(2)</sup>* | 01/20/35 | 22345000 | 22317069 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |
|  (Cost: $1,444,175,952) | (Cost: $1,444,175,952) |  | 1465468865 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY** — **36.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY** — **36.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY** — **36.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY** — **36.8%** |
|  Federal Home Loan Mortgage Corp., Pool #RA4201 | Federal Home Loan Mortgage Corp., Pool #RA4201 | Federal Home Loan Mortgage Corp., Pool #RA4201 | Federal Home Loan Mortgage Corp., Pool #RA4201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/01/50 | 7120620 | 5796881 |
|  Federal Home Loan Mortgage Corp., Pool #RA4398 | Federal Home Loan Mortgage Corp., Pool #RA4398 | Federal Home Loan Mortgage Corp., Pool #RA4398 | Federal Home Loan Mortgage Corp., Pool #RA4398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/51 | 63128120 | 51392461 |
|  Federal Home Loan Mortgage Corp., Pool #SD8121 | Federal Home Loan Mortgage Corp., Pool #SD8121 | Federal Home Loan Mortgage Corp., Pool #SD8121 | Federal Home Loan Mortgage Corp., Pool #SD8121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/51 | 97535 | 79392 |
|  Federal Home Loan Mortgage Corp., Pool #SD3302 | Federal Home Loan Mortgage Corp., Pool #SD3302 | Federal Home Loan Mortgage Corp., Pool #SD3302 | Federal Home Loan Mortgage Corp., Pool #SD3302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/01/51 | 50701311 | 41145981 |
|  Federal Home Loan Mortgage Corp., Pool #RA6507 | Federal Home Loan Mortgage Corp., Pool #RA6507 | Federal Home Loan Mortgage Corp., Pool #RA6507 | Federal Home Loan Mortgage Corp., Pool #RA6507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/01/51 | 106626136 | 86381748 |
|  Federal Home Loan Mortgage Corp., Pool #SD8182 | Federal Home Loan Mortgage Corp., Pool #SD8182 | Federal Home Loan Mortgage Corp., Pool #SD8182 | Federal Home Loan Mortgage Corp., Pool #SD8182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/01/51 | 22655067 | 18350220 |
|  Federal Home Loan Mortgage Corp., Pool #SD8188 | Federal Home Loan Mortgage Corp., Pool #SD8188 | Federal Home Loan Mortgage Corp., Pool #SD8188 | Federal Home Loan Mortgage Corp., Pool #SD8188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/52 | 35887184 | 29055474 |
|  Federal Home Loan Mortgage Corp., Pool #SD8193 | Federal Home Loan Mortgage Corp., Pool #SD8193 | Federal Home Loan Mortgage Corp., Pool #SD8193 | Federal Home Loan Mortgage Corp., Pool #SD8193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 02/01/52 | 67624767 | 54727663 |
|  Federal Home Loan Mortgage Corp., Pool #SD1178 | Federal Home Loan Mortgage Corp., Pool #SD1178 | Federal Home Loan Mortgage Corp., Pool #SD1178 | Federal Home Loan Mortgage Corp., Pool #SD1178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/52 | 13906208 | 11254076 |
|  Federal Home Loan Mortgage Corp., Pool #QE0312 | Federal Home Loan Mortgage Corp., Pool #QE0312 | Federal Home Loan Mortgage Corp., Pool #QE0312 | Federal Home Loan Mortgage Corp., Pool #QE0312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/52 | 5526579 | 4476984 |
|  Federal Home Loan Mortgage Corp., Pool #SD8211 | Federal Home Loan Mortgage Corp., Pool #SD8211 | Federal Home Loan Mortgage Corp., Pool #SD8211 | Federal Home Loan Mortgage Corp., Pool #SD8211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 05/01/52 | 10119446 | 8197585 |
|  Federal Home Loan Mortgage Corp., Pool #RA5285 | Federal Home Loan Mortgage Corp., Pool #RA5285 | Federal Home Loan Mortgage Corp., Pool #RA5285 | Federal Home Loan Mortgage Corp., Pool #RA5285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 05/01/51 | 93304008 | 79586977 |
|  Federal Home Loan Mortgage Corp., Pool #SD8189 | Federal Home Loan Mortgage Corp., Pool #SD8189 | Federal Home Loan Mortgage Corp., Pool #SD8189 | Federal Home Loan Mortgage Corp., Pool #SD8189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 01/01/52 | 169353586 | 143519459 |
|  Federal Home Loan Mortgage Corp., Pool #SD8205 | Federal Home Loan Mortgage Corp., Pool #SD8205 | Federal Home Loan Mortgage Corp., Pool #SD8205 | Federal Home Loan Mortgage Corp., Pool #SD8205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;77495129 | 65655543 |
|  Federal Home Loan Mortgage Corp., Pool #C04546 | Federal Home Loan Mortgage Corp., Pool #C04546 | Federal Home Loan Mortgage Corp., Pool #C04546 | Federal Home Loan Mortgage Corp., Pool #C04546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/01/43 | 7746811 | 7125431 |
|  Federal Home Loan Mortgage Corp., Pool #C04573 | Federal Home Loan Mortgage Corp., Pool #C04573 | Federal Home Loan Mortgage Corp., Pool #C04573 | Federal Home Loan Mortgage Corp., Pool #C04573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 03/01/43 | 9134556 | 8401623 |
|  Federal Home Loan Mortgage Corp., Pool #G08710 | Federal Home Loan Mortgage Corp., Pool #G08710 | Federal Home Loan Mortgage Corp., Pool #G08710 | Federal Home Loan Mortgage Corp., Pool #G08710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/01/46 | 63448346 | 57366837 |
|  Federal Home Loan Mortgage Corp., Pool #G08715 | Federal Home Loan Mortgage Corp., Pool #G08715 | Federal Home Loan Mortgage Corp., Pool #G08715 | Federal Home Loan Mortgage Corp., Pool #G08715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/01/46 | 87364099 | 78990271 |
|  Federal Home Loan Mortgage Corp., Pool #ZM1779 | Federal Home Loan Mortgage Corp., Pool #ZM1779 | Federal Home Loan Mortgage Corp., Pool #ZM1779 | Federal Home Loan Mortgage Corp., Pool #ZM1779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/01/46 | 9611357 | 8679341 |
|  Federal Home Loan Mortgage Corp., Pool #G08721 | Federal Home Loan Mortgage Corp., Pool #G08721 | Federal Home Loan Mortgage Corp., Pool #G08721 | Federal Home Loan Mortgage Corp., Pool #G08721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/01/46 | 8813934 | 7969120 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp., Pool #G08726 | Federal Home Loan Mortgage Corp., Pool #G08726 | Federal Home Loan Mortgage Corp., Pool #G08726 | Federal Home Loan Mortgage Corp., Pool #G08726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/01/46 | $95241138 | $86112298 |
|  Federal Home Loan Mortgage Corp., Pool #G08732 | Federal Home Loan Mortgage Corp., Pool #G08732 | Federal Home Loan Mortgage Corp., Pool #G08732 | Federal Home Loan Mortgage Corp., Pool #G08732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 11/01/46 | 58599501 | 52982753 |
|  Federal Home Loan Mortgage Corp., Pool #ZS4693 | Federal Home Loan Mortgage Corp., Pool #ZS4693 | Federal Home Loan Mortgage Corp., Pool #ZS4693 | Federal Home Loan Mortgage Corp., Pool #ZS4693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 12/01/46 | 11438067 | 10328914 |
|  Federal Home Loan Mortgage Corp., Pool #ZM2285 | Federal Home Loan Mortgage Corp., Pool #ZM2285 | Federal Home Loan Mortgage Corp., Pool #ZM2285 | Federal Home Loan Mortgage Corp., Pool #ZM2285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 12/01/46 | 11283460 | 10189300 |
|  Federal Home Loan Mortgage Corp., Pool #G08741 | Federal Home Loan Mortgage Corp., Pool #G08741 | Federal Home Loan Mortgage Corp., Pool #G08741 | Federal Home Loan Mortgage Corp., Pool #G08741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/01/47 | 37342127 | 33762893 |
|  Federal Home Loan Mortgage Corp., Pool #G08747 | Federal Home Loan Mortgage Corp., Pool #G08747 | Federal Home Loan Mortgage Corp., Pool #G08747 | Federal Home Loan Mortgage Corp., Pool #G08747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/01/47 | 13232749 | 11964393 |
|  Federal Home Loan Mortgage Corp., Pool #RE6029 | Federal Home Loan Mortgage Corp., Pool #RE6029 | Federal Home Loan Mortgage Corp., Pool #RE6029 | Federal Home Loan Mortgage Corp., Pool #RE6029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/01/50 | 3147011 | 2775749 |
|  Federal Home Loan Mortgage Corp., Pool #SD3890 | Federal Home Loan Mortgage Corp., Pool #SD3890 | Federal Home Loan Mortgage Corp., Pool #SD3890 | Federal Home Loan Mortgage Corp., Pool #SD3890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/01/52 | 51859433 | 45812715 |
|  Federal Home Loan Mortgage Corp., Pool #SD4636 | Federal Home Loan Mortgage Corp., Pool #SD4636 | Federal Home Loan Mortgage Corp., Pool #SD4636 | Federal Home Loan Mortgage Corp., Pool #SD4636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/01/53 | 90038088 | 79433371 |
|  Federal Home Loan Mortgage Corp., Pool #G07408 | Federal Home Loan Mortgage Corp., Pool #G07408 | Federal Home Loan Mortgage Corp., Pool #G07408 | Federal Home Loan Mortgage Corp., Pool #G07408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/01/43 | 8229376 | 7810228 |
|  Federal Home Loan Mortgage Corp., Pool #U99097 | Federal Home Loan Mortgage Corp., Pool #U99097 | Federal Home Loan Mortgage Corp., Pool #U99097 | Federal Home Loan Mortgage Corp., Pool #U99097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/01/43 | 20703297 | 19649828 |
|  Federal Home Loan Mortgage Corp., Pool #V80356 | Federal Home Loan Mortgage Corp., Pool #V80356 | Federal Home Loan Mortgage Corp., Pool #V80356 | Federal Home Loan Mortgage Corp., Pool #V80356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/43 | 14586781 | 13846285 |
|  Federal Home Loan Mortgage Corp., Pool #G07848 | Federal Home Loan Mortgage Corp., Pool #G07848 | Federal Home Loan Mortgage Corp., Pool #G07848 | Federal Home Loan Mortgage Corp., Pool #G07848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/44 | 41445859 | 39341866 |
|  Federal Home Loan Mortgage Corp., Pool #G07849 | Federal Home Loan Mortgage Corp., Pool #G07849 | Federal Home Loan Mortgage Corp., Pool #G07849 | Federal Home Loan Mortgage Corp., Pool #G07849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/01/44 | 5564508 | 5281430 |
|  Federal Home Loan Mortgage Corp., Pool #G07924 | Federal Home Loan Mortgage Corp., Pool #G07924 | Federal Home Loan Mortgage Corp., Pool #G07924 | Federal Home Loan Mortgage Corp., Pool #G07924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/45 | 6165168 | 5836319 |
|  Federal Home Loan Mortgage Corp., Pool #G60023 | Federal Home Loan Mortgage Corp., Pool #G60023 | Federal Home Loan Mortgage Corp., Pool #G60023 | Federal Home Loan Mortgage Corp., Pool #G60023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/45 | 6633548 | 6286394 |
|  Federal Home Loan Mortgage Corp., Pool #G60138 | Federal Home Loan Mortgage Corp., Pool #G60138 | Federal Home Loan Mortgage Corp., Pool #G60138 | Federal Home Loan Mortgage Corp., Pool #G60138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/45 | 55405154 | 52296612 |
|  Federal Home Loan Mortgage Corp., Pool #G60238 | Federal Home Loan Mortgage Corp., Pool #G60238 | Federal Home Loan Mortgage Corp., Pool #G60238 | Federal Home Loan Mortgage Corp., Pool #G60238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/45 | 21359024 | 20136598 |
|  Federal Home Loan Mortgage Corp., Pool #G08676 | Federal Home Loan Mortgage Corp., Pool #G08676 | Federal Home Loan Mortgage Corp., Pool #G08676 | Federal Home Loan Mortgage Corp., Pool #G08676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/01/45 | 15675883 | 14681514 |
|  Federal Home Loan Mortgage Corp., Pool #G08681 | Federal Home Loan Mortgage Corp., Pool #G08681 | Federal Home Loan Mortgage Corp., Pool #G08681 | Federal Home Loan Mortgage Corp., Pool #G08681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/45 | 10461637 | 9798024 |
|  Federal Home Loan Mortgage Corp., Pool #G08698 | Federal Home Loan Mortgage Corp., Pool #G08698 | Federal Home Loan Mortgage Corp., Pool #G08698 | Federal Home Loan Mortgage Corp., Pool #G08698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/46 | 541 | 505 |
|  Federal Home Loan Mortgage Corp., Pool #G08711 | Federal Home Loan Mortgage Corp., Pool #G08711 | Federal Home Loan Mortgage Corp., Pool #G08711 | Federal Home Loan Mortgage Corp., Pool #G08711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/01/46 | 4427950 | 4136437 |
|  Federal Home Loan Mortgage Corp., Pool #G67700 | Federal Home Loan Mortgage Corp., Pool #G67700 | Federal Home Loan Mortgage Corp., Pool #G67700 | Federal Home Loan Mortgage Corp., Pool #G67700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/46 | 16565688 | 15538058 |
|  Federal Home Loan Mortgage Corp., Pool #G08722 | Federal Home Loan Mortgage Corp., Pool #G08722 | Federal Home Loan Mortgage Corp., Pool #G08722 | Federal Home Loan Mortgage Corp., Pool #G08722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;19755726 | 18455114 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp., Pool #ZT0277 | Federal Home Loan Mortgage Corp., Pool #ZT0277 | Federal Home Loan Mortgage Corp., Pool #ZT0277 | Federal Home Loan Mortgage Corp., Pool #ZT0277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/46 | $1116461 | $1044344 |
|  Federal Home Loan Mortgage Corp., Pool #G08727 | Federal Home Loan Mortgage Corp., Pool #G08727 | Federal Home Loan Mortgage Corp., Pool #G08727 | Federal Home Loan Mortgage Corp., Pool #G08727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/46 | 17168730 | 16038432 |
|  Federal Home Loan Mortgage Corp., Pool #G08742 | Federal Home Loan Mortgage Corp., Pool #G08742 | Federal Home Loan Mortgage Corp., Pool #G08742 | Federal Home Loan Mortgage Corp., Pool #G08742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/47 | 28305919 | 26442406 |
|  Federal Home Loan Mortgage Corp., Pool #G08757 | Federal Home Loan Mortgage Corp., Pool #G08757 | Federal Home Loan Mortgage Corp., Pool #G08757 | Federal Home Loan Mortgage Corp., Pool #G08757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/47 | 10230098 | 9537166 |
|  Federal Home Loan Mortgage Corp., Pool #G67703 | Federal Home Loan Mortgage Corp., Pool #G67703 | Federal Home Loan Mortgage Corp., Pool #G67703 | Federal Home Loan Mortgage Corp., Pool #G67703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;119087010 | 111699610 |
|  Federal Home Loan Mortgage Corp., Pool #G08779 | Federal Home Loan Mortgage Corp., Pool #G08779 | Federal Home Loan Mortgage Corp., Pool #G08779 | Federal Home Loan Mortgage Corp., Pool #G08779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/47 | 39604 | 36921 |
|  Federal Home Loan Mortgage Corp., Pool #G08784 | Federal Home Loan Mortgage Corp., Pool #G08784 | Federal Home Loan Mortgage Corp., Pool #G08784 | Federal Home Loan Mortgage Corp., Pool #G08784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/47 | 35260 | 32871 |
|  Federal Home Loan Mortgage Corp., Pool #ZA5128 | Federal Home Loan Mortgage Corp., Pool #ZA5128 | Federal Home Loan Mortgage Corp., Pool #ZA5128 | Federal Home Loan Mortgage Corp., Pool #ZA5128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/47 | 323437 | 301151 |
|  Federal Home Loan Mortgage Corp., Pool #ZA5103 | Federal Home Loan Mortgage Corp., Pool #ZA5103 | Federal Home Loan Mortgage Corp., Pool #ZA5103 | Federal Home Loan Mortgage Corp., Pool #ZA5103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/47 | 92084 | 85739 |
|  Federal Home Loan Mortgage Corp., Pool #G08792 | Federal Home Loan Mortgage Corp., Pool #G08792 | Federal Home Loan Mortgage Corp., Pool #G08792 | Federal Home Loan Mortgage Corp., Pool #G08792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/47 | 30005 | 27972 |
|  Federal Home Loan Mortgage Corp., Pool #G67707 | Federal Home Loan Mortgage Corp., Pool #G67707 | Federal Home Loan Mortgage Corp., Pool #G67707 | Federal Home Loan Mortgage Corp., Pool #G67707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/48 | 61570378 | 57759285 |
|  Federal Home Loan Mortgage Corp., Pool #ZS4768 | Federal Home Loan Mortgage Corp., Pool #ZS4768 | Federal Home Loan Mortgage Corp., Pool #ZS4768 | Federal Home Loan Mortgage Corp., Pool #ZS4768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/01/48 | 773106 | 718074 |
|  Federal Home Loan Mortgage Corp., Pool #SD7502 | Federal Home Loan Mortgage Corp., Pool #SD7502 | Federal Home Loan Mortgage Corp., Pool #SD7502 | Federal Home Loan Mortgage Corp., Pool #SD7502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/01/49 | 5083727 | 4729982 |
|  Federal Home Loan Mortgage Corp., Pool #SD7503 | Federal Home Loan Mortgage Corp., Pool #SD7503 | Federal Home Loan Mortgage Corp., Pool #SD7503 | Federal Home Loan Mortgage Corp., Pool #SD7503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/49 | 11162164 | 10401682 |
|  Federal Home Loan Mortgage Corp., Pool #SD7511 | Federal Home Loan Mortgage Corp., Pool #SD7511 | Federal Home Loan Mortgage Corp., Pool #SD7511 | Federal Home Loan Mortgage Corp., Pool #SD7511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/50 | 11742784 | 10942744 |
|  Federal Home Loan Mortgage Corp., Pool #A97038 | Federal Home Loan Mortgage Corp., Pool #A97038 | Federal Home Loan Mortgage Corp., Pool #A97038 | Federal Home Loan Mortgage Corp., Pool #A97038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 02/01/41 | 3798238 | 3711495 |
|  Federal Home Loan Mortgage Corp., Pool #G06499 | Federal Home Loan Mortgage Corp., Pool #G06499 | Federal Home Loan Mortgage Corp., Pool #G06499 | Federal Home Loan Mortgage Corp., Pool #G06499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/01/41 | 3345440 | 3275443 |
|  Federal Home Loan Mortgage Corp., Pool #G06361 | Federal Home Loan Mortgage Corp., Pool #G06361 | Federal Home Loan Mortgage Corp., Pool #G06361 | Federal Home Loan Mortgage Corp., Pool #G06361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/01/41 | 7757 | 7594 |
|  Federal Home Loan Mortgage Corp., Pool #G06498 | Federal Home Loan Mortgage Corp., Pool #G06498 | Federal Home Loan Mortgage Corp., Pool #G06498 | Federal Home Loan Mortgage Corp., Pool #G06498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/01/41 | 7585594 | 7426397 |
|  Federal Home Loan Mortgage Corp., Pool #Q05804 | Federal Home Loan Mortgage Corp., Pool #Q05804 | Federal Home Loan Mortgage Corp., Pool #Q05804 | Federal Home Loan Mortgage Corp., Pool #Q05804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/42 | 12742870 | 12476005 |
|  Federal Home Loan Mortgage Corp., Pool #G07786 | Federal Home Loan Mortgage Corp., Pool #G07786 | Federal Home Loan Mortgage Corp., Pool #G07786 | Federal Home Loan Mortgage Corp., Pool #G07786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 08/01/44 | 66344026 | 64759159 |
|  Federal Home Loan Mortgage Corp., Pool #G07925 | Federal Home Loan Mortgage Corp., Pool #G07925 | Federal Home Loan Mortgage Corp., Pool #G07925 | Federal Home Loan Mortgage Corp., Pool #G07925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 02/01/45 | 4408595 | 4291602 |
|  Federal Home Loan Mortgage Corp., Pool #G60344 | Federal Home Loan Mortgage Corp., Pool #G60344 | Federal Home Loan Mortgage Corp., Pool #G60344 | Federal Home Loan Mortgage Corp., Pool #G60344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 12/01/45 | 51901 | 50303 |
|  Federal Home Loan Mortgage Corp., Pool #G08758 | Federal Home Loan Mortgage Corp., Pool #G08758 | Federal Home Loan Mortgage Corp., Pool #G08758 | Federal Home Loan Mortgage Corp., Pool #G08758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/01/47 | 7856 | 7528 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp., Pool #G08762 | Federal Home Loan Mortgage Corp., Pool #G08762 | Federal Home Loan Mortgage Corp., Pool #G08762 | Federal Home Loan Mortgage Corp., Pool #G08762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/01/47 | $7903472 | $7573675 |
|  Federal Home Loan Mortgage Corp., Pool #G67711 | Federal Home Loan Mortgage Corp., Pool #G67711 | Federal Home Loan Mortgage Corp., Pool #G67711 | Federal Home Loan Mortgage Corp., Pool #G67711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/01/48 | 35109865 | 33834668 |
|  Federal Home Loan Mortgage Corp., Pool #G67713 | Federal Home Loan Mortgage Corp., Pool #G67713 | Federal Home Loan Mortgage Corp., Pool #G67713 | Federal Home Loan Mortgage Corp., Pool #G67713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/48 | 312637 | 300497 |
|  Federal Home Loan Mortgage Corp., Pool #G67714 | Federal Home Loan Mortgage Corp., Pool #G67714 | Federal Home Loan Mortgage Corp., Pool #G67714 | Federal Home Loan Mortgage Corp., Pool #G67714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/01/48 | 51331 | 49370 |
|  Federal Home Loan Mortgage Corp., Pool #G67717 | Federal Home Loan Mortgage Corp., Pool #G67717 | Federal Home Loan Mortgage Corp., Pool #G67717 | Federal Home Loan Mortgage Corp., Pool #G67717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/01/48 | 42892536 | 41253739 |
|  Federal Home Loan Mortgage Corp., Pool #G05866 | Federal Home Loan Mortgage Corp., Pool #G05866 | Federal Home Loan Mortgage Corp., Pool #G05866 | Federal Home Loan Mortgage Corp., Pool #G05866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/01/40 | 5253134 | 5256358 |
|  Federal Home Loan Mortgage Corp., Pool #G08843 | Federal Home Loan Mortgage Corp., Pool #G08843 | Federal Home Loan Mortgage Corp., Pool #G08843 | Federal Home Loan Mortgage Corp., Pool #G08843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/48 | 3995361 | 3926646 |
|  Federal Home Loan Mortgage Corp., Pool #G08848 | Federal Home Loan Mortgage Corp., Pool #G08848 | Federal Home Loan Mortgage Corp., Pool #G08848 | Federal Home Loan Mortgage Corp., Pool #G08848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/01/48 | 679958 | 668264 |
|  Federal Home Loan Mortgage Corp., Pool #SD8245 | Federal Home Loan Mortgage Corp., Pool #SD8245 | Federal Home Loan Mortgage Corp., Pool #SD8245 | Federal Home Loan Mortgage Corp., Pool #SD8245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/52 | 88354652 | 85649836 |
|  Federal Home Loan Mortgage Corp., Pool #SD2322 | Federal Home Loan Mortgage Corp., Pool #SD2322 | Federal Home Loan Mortgage Corp., Pool #SD2322 | Federal Home Loan Mortgage Corp., Pool #SD2322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/52 | 63954794 | 61998114 |
|  Federal Home Loan Mortgage Corp., Pool #SD8257 | Federal Home Loan Mortgage Corp., Pool #SD8257 | Federal Home Loan Mortgage Corp., Pool #SD8257 | Federal Home Loan Mortgage Corp., Pool #SD8257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/52 | 69324658 | 67195964 |
|  Federal Home Loan Mortgage Corp., Pool #SD8266 | Federal Home Loan Mortgage Corp., Pool #SD8266 | Federal Home Loan Mortgage Corp., Pool #SD8266 | Federal Home Loan Mortgage Corp., Pool #SD8266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;204242287 | 197951800 |
|  Federal Home Loan Mortgage Corp., Pool #SD2148 | Federal Home Loan Mortgage Corp., Pool #SD2148 | Federal Home Loan Mortgage Corp., Pool #SD2148 | Federal Home Loan Mortgage Corp., Pool #SD2148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 01/01/53 | 41082029 | 39832354 |
|  Federal Home Loan Mortgage Corp., Pool #SL1660 | Federal Home Loan Mortgage Corp., Pool #SL1660 | Federal Home Loan Mortgage Corp., Pool #SL1660 | Federal Home Loan Mortgage Corp., Pool #SL1660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/53 | 59573415 | 57744144 |
|  Federal Home Loan Mortgage Corp., Pool #C01492 | Federal Home Loan Mortgage Corp., Pool #C01492 | Federal Home Loan Mortgage Corp., Pool #C01492 | Federal Home Loan Mortgage Corp., Pool #C01492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 02/01/33 | 115034 | 116960 |
|  Federal Home Loan Mortgage Corp., Pool #G01515 | Federal Home Loan Mortgage Corp., Pool #G01515 | Federal Home Loan Mortgage Corp., Pool #G01515 | Federal Home Loan Mortgage Corp., Pool #G01515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 02/01/33 | 139421 | 141754 |
|  Federal Home Loan Mortgage Corp., Pool #A54856 | Federal Home Loan Mortgage Corp., Pool #A54856 | Federal Home Loan Mortgage Corp., Pool #A54856 | Federal Home Loan Mortgage Corp., Pool #A54856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/01/34 | 905663 | 923226 |
|  Federal Home Loan Mortgage Corp., Pool #G02579 | Federal Home Loan Mortgage Corp., Pool #G02579 | Federal Home Loan Mortgage Corp., Pool #G02579 | Federal Home Loan Mortgage Corp., Pool #G02579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 12/01/34 | 239259 | 243871 |
|  Federal Home Loan Mortgage Corp., Pool #A61164 | Federal Home Loan Mortgage Corp., Pool #A61164 | Federal Home Loan Mortgage Corp., Pool #A61164 | Federal Home Loan Mortgage Corp., Pool #A61164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/36 | 2533 | 2582 |
|  Federal Home Loan Mortgage Corp., Pool #G08826 | Federal Home Loan Mortgage Corp., Pool #G08826 | Federal Home Loan Mortgage Corp., Pool #G08826 | Federal Home Loan Mortgage Corp., Pool #G08826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 06/01/48 | 5631169 | 5675938 |
|  Federal Home Loan Mortgage Corp., Pool #G08833 | Federal Home Loan Mortgage Corp., Pool #G08833 | Federal Home Loan Mortgage Corp., Pool #G08833 | Federal Home Loan Mortgage Corp., Pool #G08833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 07/01/48 | 3180441 | 3205726 |
|  Federal Home Loan Mortgage Corp., Pool #G08840 | Federal Home Loan Mortgage Corp., Pool #G08840 | Federal Home Loan Mortgage Corp., Pool #G08840 | Federal Home Loan Mortgage Corp., Pool #G08840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 08/01/48 | 470974 | 474718 |
|  Federal Home Loan Mortgage Corp., Pool #G08838 | Federal Home Loan Mortgage Corp., Pool #G08838 | Federal Home Loan Mortgage Corp., Pool #G08838 | Federal Home Loan Mortgage Corp., Pool #G08838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 09/01/48 | 1606640 | 1619413 |
|  Federal Home Loan Mortgage Corp., Pool #G08844 | Federal Home Loan Mortgage Corp., Pool #G08844 | Federal Home Loan Mortgage Corp., Pool #G08844 | Federal Home Loan Mortgage Corp., Pool #G08844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/01/48 | 4443392 | 4478717 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp., Pool #G08849 | Federal Home Loan Mortgage Corp., Pool #G08849 | Federal Home Loan Mortgage Corp., Pool #G08849 | Federal Home Loan Mortgage Corp., Pool #G08849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/01/48 | $1554649 | $1567009 |
|  Federal Home Loan Mortgage Corp., Pool #A25162 | Federal Home Loan Mortgage Corp., Pool #A25162 | Federal Home Loan Mortgage Corp., Pool #A25162 | Federal Home Loan Mortgage Corp., Pool #A25162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/01/34 | 512907 | 527701 |
|  Federal Home Loan Mortgage Corp., Pool #A39012 | Federal Home Loan Mortgage Corp., Pool #A39012 | Federal Home Loan Mortgage Corp., Pool #A39012 | Federal Home Loan Mortgage Corp., Pool #A39012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 06/01/35 | 10336 | 10714 |
|  Federal Home Loan Mortgage Corp., Pool #G02955 | Federal Home Loan Mortgage Corp., Pool #G02955 | Federal Home Loan Mortgage Corp., Pool #G02955 | Federal Home Loan Mortgage Corp., Pool #G02955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/01/37 | 1109541 | 1150742 |
|  Federal Home Loan Mortgage Corp., Pool #H05069 | Federal Home Loan Mortgage Corp., Pool #H05069 | Federal Home Loan Mortgage Corp., Pool #H05069 | Federal Home Loan Mortgage Corp., Pool #H05069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/01/37 | 54396 | 56416 |
|  Federal Home Loan Mortgage Corp., Pool #H00790 | Federal Home Loan Mortgage Corp., Pool #H00790 | Federal Home Loan Mortgage Corp., Pool #H00790 | Federal Home Loan Mortgage Corp., Pool #H00790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/01/37 | 1931 | 2002 |
|  Federal Home Loan Mortgage Corp., Pool #G03357 | Federal Home Loan Mortgage Corp., Pool #G03357 | Federal Home Loan Mortgage Corp., Pool #G03357 | Federal Home Loan Mortgage Corp., Pool #G03357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 08/01/37 | 214777 | 222705 |
|  Federal Home Loan Mortgage Corp., Pool #G03676 | Federal Home Loan Mortgage Corp., Pool #G03676 | Federal Home Loan Mortgage Corp., Pool #G03676 | Federal Home Loan Mortgage Corp., Pool #G03676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 12/01/37 | 835186 | 866013 |
|  Federal Home Loan Mortgage Corp., Pool #G03783 | Federal Home Loan Mortgage Corp., Pool #G03783 | Federal Home Loan Mortgage Corp., Pool #G03783 | Federal Home Loan Mortgage Corp., Pool #G03783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 01/01/38 | 560392 | 581076 |
|  Federal Home Loan Mortgage Corp., Pool #G04438 | Federal Home Loan Mortgage Corp., Pool #G04438 | Federal Home Loan Mortgage Corp., Pool #G04438 | Federal Home Loan Mortgage Corp., Pool #G04438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/01/38 | 1696673 | 1761254 |
|  Federal Home Loan Mortgage Corp., Pool #G04703 | Federal Home Loan Mortgage Corp., Pool #G04703 | Federal Home Loan Mortgage Corp., Pool #G04703 | Federal Home Loan Mortgage Corp., Pool #G04703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 08/01/38 | 1403196 | 1456509 |
|  Federal Home Loan Mortgage Corp., Pool #G04706 | Federal Home Loan Mortgage Corp., Pool #G04706 | Federal Home Loan Mortgage Corp., Pool #G04706 | Federal Home Loan Mortgage Corp., Pool #G04706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/38 | 55243 | 57346 |
|  Federal Home Loan Mortgage Corp., Pool #SD8362 | Federal Home Loan Mortgage Corp., Pool #SD8362 | Federal Home Loan Mortgage Corp., Pool #SD8362 | Federal Home Loan Mortgage Corp., Pool #SD8362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;139490165 | 140640564 |
|  Federal Home Loan Mortgage Corp., Pool #G02884 | Federal Home Loan Mortgage Corp., Pool #G02884 | Federal Home Loan Mortgage Corp., Pool #G02884 | Federal Home Loan Mortgage Corp., Pool #G02884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 04/01/37 | 846304 | 889132 |
|  Federal Home Loan Mortgage Corp., Pool #G03985 | Federal Home Loan Mortgage Corp., Pool #G03985 | Federal Home Loan Mortgage Corp., Pool #G03985 | Federal Home Loan Mortgage Corp., Pool #G03985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 03/01/38 | 3906 | 4121 |
|  Federal Home Loan Mortgage Corp., Pool #C46104 | Federal Home Loan Mortgage Corp., Pool #C46104 | Federal Home Loan Mortgage Corp., Pool #C46104 | Federal Home Loan Mortgage Corp., Pool #C46104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 09/01/29 | 1098 | 1111 |
|  Federal Home Loan Mortgage Corp., Pool #A24156 | Federal Home Loan Mortgage Corp., Pool #A24156 | Federal Home Loan Mortgage Corp., Pool #A24156 | Federal Home Loan Mortgage Corp., Pool #A24156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 10/01/31 | 14254 | 14604 |
|  Federal Home Loan Mortgage Corp., Pool #G00992 | Federal Home Loan Mortgage Corp., Pool #G00992 | Federal Home Loan Mortgage Corp., Pool #G00992 | Federal Home Loan Mortgage Corp., Pool #G00992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 11/01/28 | 77 | 78 |
|  Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z | Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 07/15/27 | 3025 | 3049 |
|  Federal Home Loan Mortgage Corp. REMICS Series 2098, Class TZ (TAC) | Federal Home Loan Mortgage Corp. REMICS Series 2098, Class TZ (TAC) | Federal Home Loan Mortgage Corp. REMICS Series 2098, Class TZ (TAC) | Federal Home Loan Mortgage Corp. REMICS Series 2098, Class TZ (TAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 01/15/28 | 16784 | 16800 |
|  Federal Home Loan Mortgage Corp. REMICS Series 2174, Class PN (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 2174, Class PN (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 2174, Class PN (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 2174, Class PN (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 07/15/29 | 2799 | 2856 |
|  Federal Home Loan Mortgage Corp. REMICS Series 2313, Class LA | Federal Home Loan Mortgage Corp. REMICS Series 2313, Class LA | Federal Home Loan Mortgage Corp. REMICS Series 2313, Class LA | Federal Home Loan Mortgage Corp. REMICS Series 2313, Class LA |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 05/15/31 | 837 | 846 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp. REMICS Series 2433, Class SA (I/F) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 2433, Class SA (I/F) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 2433, Class SA (I/F) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 2433, Class SA (I/F) (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.08% (-30 day USD SOFR Average + 20.632%) *<sup>(2)</sup>* | 02/15/32 | $2000 | $2191 |
|  Federal Home Loan Mortgage Corp. REMICS Series 2481, Class AW | Federal Home Loan Mortgage Corp. REMICS Series 2481, Class AW | Federal Home Loan Mortgage Corp. REMICS Series 2481, Class AW | Federal Home Loan Mortgage Corp. REMICS Series 2481, Class AW |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 08/15/32 | 552 | 555 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3019, Class SW (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3019, Class SW (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3019, Class SW (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3019, Class SW (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41% (-30 day USD SOFR Average + 7.086%) *<sup>(2)</sup>* | 08/15/35 | 383813 | 42674 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3063, Class YG (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3063, Class YG (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3063, Class YG (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3063, Class YG (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035352 | 1068002 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3300, Class SA (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3300, Class SA (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3300, Class SA (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3300, Class SA (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41% (-30 day USD SOFR Average + 7.086%) *<sup>(2)</sup>* | 08/15/35 | 169692 | 18867 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3752, Class XL (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3752, Class XL (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3752, Class XL (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3752, Class XL (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/15/40 | 19064704 | 18997784 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3891, Class HS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3891, Class HS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3891, Class HS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3891, Class HS (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16% (-30 day USD SOFR Average + 5.836%) *<sup>(2)</sup>* | 07/15/41 | 2076376 | 175538 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3904, Class JB (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3904, Class JB (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3904, Class JB (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3904, Class JB (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/15/41 | 4245987 | 4228527 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3925, Class LB (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3925, Class LB (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3925, Class LB (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3925, Class LB (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/15/41 | 9215000 | 9163819 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3928, Class JD (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3928, Class JD (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3928, Class JD (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3928, Class JD (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/15/41 | 8817332 | 8773357 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4102, Class TC (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4102, Class TC (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4102, Class TC (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4102, Class TC (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 09/15/41 | 1969996 | 1941470 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4161, Class BA (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4161, Class BA (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4161, Class BA (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4161, Class BA (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 12/15/41 | 2697408 | 2658907 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4656, Class EZ | Federal Home Loan Mortgage Corp. REMICS Series 4656, Class EZ | Federal Home Loan Mortgage Corp. REMICS Series 4656, Class EZ | Federal Home Loan Mortgage Corp. REMICS Series 4656, Class EZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 02/15/47 | 199888 | 189557 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4818, Class CA | Federal Home Loan Mortgage Corp. REMICS Series 4818, Class CA | Federal Home Loan Mortgage Corp. REMICS Series 4818, Class CA | Federal Home Loan Mortgage Corp. REMICS Series 4818, Class CA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/15/48 | 885105 | 791720 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp. REMICS Series 4846, Class PA | Federal Home Loan Mortgage Corp. REMICS Series 4846, Class PA | Federal Home Loan Mortgage Corp. REMICS Series 4846, Class PA | Federal Home Loan Mortgage Corp. REMICS Series 4846, Class PA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/15/47 | $6696 | $6681 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4852, Class CA (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4852, Class CA (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4852, Class CA (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4852, Class CA (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/15/47 | 3336816 | 3328404 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4860, Class BH (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4860, Class BH (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4860, Class BH (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4860, Class BH (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/15/48 | 1796448 | 1745984 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4860, Class PA (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4860, Class PA (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4860, Class PA (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4860, Class PA (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/15/49 | 1660933 | 1553396 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4879, Class BC (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4879, Class BC (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4879, Class BC (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 4879, Class BC (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/15/49 | 565398 | 516130 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4896, Class DA | Federal Home Loan Mortgage Corp. REMICS Series 4896, Class DA | Federal Home Loan Mortgage Corp. REMICS Series 4896, Class DA | Federal Home Loan Mortgage Corp. REMICS Series 4896, Class DA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/15/49 | 536183 | 487815 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4937, Class MF | Federal Home Loan Mortgage Corp. REMICS Series 4937, Class MF | Federal Home Loan Mortgage Corp. REMICS Series 4937, Class MF | Federal Home Loan Mortgage Corp. REMICS Series 4937, Class MF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% (30 day USD SOFR Average + 0.564%) *<sup>(2)</sup>* | 12/25/49 | 3933614 | 3879910 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 309 (P/O) | Federal Home Loan Mortgage Corp. STRIPS Series 309 (P/O) | Federal Home Loan Mortgage Corp. STRIPS Series 309 (P/O) | Federal Home Loan Mortgage Corp. STRIPS Series 309 (P/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4)</sup>* | 08/15/43 | 8522139 | 6482838 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 319, Class F2 | Federal Home Loan Mortgage Corp. STRIPS Series 319, Class F2 | Federal Home Loan Mortgage Corp. STRIPS Series 319, Class F2 | Federal Home Loan Mortgage Corp. STRIPS Series 319, Class F2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (30 day USD SOFR Average + 0.614%) *<sup>(2)</sup>* | 11/15/43 | 1492388 | 1482597 |
|  Federal National Mortgage Association, Pool #MA4128 | Federal National Mortgage Association, Pool #MA4128 | Federal National Mortgage Association, Pool #MA4128 | Federal National Mortgage Association, Pool #MA4128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 09/01/40 | 96907078 | 85765436 |
|  Federal National Mortgage Association, Pool #MA4333 | Federal National Mortgage Association, Pool #MA4333 | Federal National Mortgage Association, Pool #MA4333 | Federal National Mortgage Association, Pool #MA4333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 05/01/41 | 57024260 | 50036775 |
|  Federal National Mortgage Association, Pool #MA4158 | Federal National Mortgage Association, Pool #MA4158 | Federal National Mortgage Association, Pool #MA4158 | Federal National Mortgage Association, Pool #MA4158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;144485925 | 117760742 |
|  Federal National Mortgage Association, Pool #MA4237 | Federal National Mortgage Association, Pool #MA4237 | Federal National Mortgage Association, Pool #MA4237 | Federal National Mortgage Association, Pool #MA4237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/51 | 1960262 | 1595623 |
|  Federal National Mortgage Association, Pool #MA4281 | Federal National Mortgage Association, Pool #MA4281 | Federal National Mortgage Association, Pool #MA4281 | Federal National Mortgage Association, Pool #MA4281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/51 | 31929811 | 25967995 |
|  Federal National Mortgage Association, Pool #MA4305 | Federal National Mortgage Association, Pool #MA4305 | Federal National Mortgage Association, Pool #MA4305 | Federal National Mortgage Association, Pool #MA4305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 04/01/51 | 71802916 | 58371056 |
|  Federal National Mortgage Association, Pool #CB2365 | Federal National Mortgage Association, Pool #CB2365 | Federal National Mortgage Association, Pool #CB2365 | Federal National Mortgage Association, Pool #CB2365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 09/01/51 | 136441462 | 110679602 |
|  Federal National Mortgage Association, Pool #BQ6913 | Federal National Mortgage Association, Pool #BQ6913 | Federal National Mortgage Association, Pool #BQ6913 | Federal National Mortgage Association, Pool #BQ6913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/01/51 | 352989861 | 286039136 |
|  Federal National Mortgage Association, Pool #MA4492 | Federal National Mortgage Association, Pool #MA4492 | Federal National Mortgage Association, Pool #MA4492 | Federal National Mortgage Association, Pool #MA4492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/01/51 | 79318837 | 64246915 |
|  Federal National Mortgage Association, Pool #BU1452 | Federal National Mortgage Association, Pool #BU1452 | Federal National Mortgage Association, Pool #BU1452 | Federal National Mortgage Association, Pool #BU1452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/52 | 62460331 | 50548167 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association, Pool #BQ7006 | Federal National Mortgage Association, Pool #BQ7006 | Federal National Mortgage Association, Pool #BQ7006 | Federal National Mortgage Association, Pool #BQ7006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/52 | $37050764 | $30010492 |
|  Federal National Mortgage Association, Pool #CB2767 | Federal National Mortgage Association, Pool #CB2767 | Federal National Mortgage Association, Pool #CB2767 | Federal National Mortgage Association, Pool #CB2767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 01/01/52 | 60928242 | 49629551 |
|  Federal National Mortgage Association, Pool #MA4547 | Federal National Mortgage Association, Pool #MA4547 | Federal National Mortgage Association, Pool #MA4547 | Federal National Mortgage Association, Pool #MA4547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 02/01/52 | 15890667 | 12874891 |
|  Federal National Mortgage Association, Pool #CB0610 | Federal National Mortgage Association, Pool #CB0610 | Federal National Mortgage Association, Pool #CB0610 | Federal National Mortgage Association, Pool #CB0610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 05/01/51 | 48475208 | 41539345 |
|  Federal National Mortgage Association, Pool #CB2313 | Federal National Mortgage Association, Pool #CB2313 | Federal National Mortgage Association, Pool #CB2313 | Federal National Mortgage Association, Pool #CB2313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 12/01/51 | 122936591 | 105118143 |
|  Federal National Mortgage Association, Pool #MA4493 | Federal National Mortgage Association, Pool #MA4493 | Federal National Mortgage Association, Pool #MA4493 | Federal National Mortgage Association, Pool #MA4493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;124855525 | 105848117 |
|  Federal National Mortgage Association, Pool #BV2994 | Federal National Mortgage Association, Pool #BV2994 | Federal National Mortgage Association, Pool #BV2994 | Federal National Mortgage Association, Pool #BV2994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/01/52 | 2246885 | 1901749 |
|  Federal National Mortgage Association, Pool #MA4578 | Federal National Mortgage Association, Pool #MA4578 | Federal National Mortgage Association, Pool #MA4578 | Federal National Mortgage Association, Pool #MA4578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/01/52 | 182621685 | 154569822 |
|  Federal National Mortgage Association, Pool #MA1432 | Federal National Mortgage Association, Pool #MA1432 | Federal National Mortgage Association, Pool #MA1432 | Federal National Mortgage Association, Pool #MA1432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/01/33 | 22398 | 21650 |
|  Federal National Mortgage Association, Pool #MA1459 | Federal National Mortgage Association, Pool #MA1459 | Federal National Mortgage Association, Pool #MA1459 | Federal National Mortgage Association, Pool #MA1459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/01/33 | 10584 | 10227 |
|  Federal National Mortgage Association, Pool #MA1527 | Federal National Mortgage Association, Pool #MA1527 | Federal National Mortgage Association, Pool #MA1527 | Federal National Mortgage Association, Pool #MA1527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/01/33 | 15601693 | 15066482 |
|  Federal National Mortgage Association, Pool #MA1561 | Federal National Mortgage Association, Pool #MA1561 | Federal National Mortgage Association, Pool #MA1561 | Federal National Mortgage Association, Pool #MA1561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/01/33 | 9914719 | 9572196 |
|  Federal National Mortgage Association, Pool #AB6385 | Federal National Mortgage Association, Pool #AB6385 | Federal National Mortgage Association, Pool #AB6385 | Federal National Mortgage Association, Pool #AB6385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/01/42 | 162188 | 149559 |
|  Federal National Mortgage Association, Pool #AL8256 | Federal National Mortgage Association, Pool #AL8256 | Federal National Mortgage Association, Pool #AL8256 | Federal National Mortgage Association, Pool #AL8256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/01/43 | 257165 | 237217 |
|  Federal National Mortgage Association, Pool #AL7092 | Federal National Mortgage Association, Pool #AL7092 | Federal National Mortgage Association, Pool #AL7092 | Federal National Mortgage Association, Pool #AL7092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 07/01/45 | 28653 | 26089 |
|  Federal National Mortgage Association, Pool #MA2895 | Federal National Mortgage Association, Pool #MA2895 | Federal National Mortgage Association, Pool #MA2895 | Federal National Mortgage Association, Pool #MA2895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/01/47 | 31665 | 28594 |
|  Federal National Mortgage Association, Pool #FM2310 | Federal National Mortgage Association, Pool #FM2310 | Federal National Mortgage Association, Pool #FM2310 | Federal National Mortgage Association, Pool #FM2310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/01/48 | 7023479 | 6329886 |
|  Federal National Mortgage Association, Pool #BM5507 | Federal National Mortgage Association, Pool #BM5507 | Federal National Mortgage Association, Pool #BM5507 | Federal National Mortgage Association, Pool #BM5507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/01/48 | 4414701 | 3986606 |
|  Federal National Mortgage Association, Pool #MA3811 | Federal National Mortgage Association, Pool #MA3811 | Federal National Mortgage Association, Pool #MA3811 | Federal National Mortgage Association, Pool #MA3811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/01/49 | 4735873 | 4177168 |
|  Federal National Mortgage Association, Pool #MA3846 | Federal National Mortgage Association, Pool #MA3846 | Federal National Mortgage Association, Pool #MA3846 | Federal National Mortgage Association, Pool #MA3846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 11/01/49 | 25322 | 22335 |
|  Federal National Mortgage Association, Pool #MA3942 | Federal National Mortgage Association, Pool #MA3942 | Federal National Mortgage Association, Pool #MA3942 | Federal National Mortgage Association, Pool #MA3942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/01/50 | 9204143 | 8118304 |
|  Federal National Mortgage Association, Pool #MA3997 | Federal National Mortgage Association, Pool #MA3997 | Federal National Mortgage Association, Pool #MA3997 | Federal National Mortgage Association, Pool #MA3997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 04/01/50 | 11260295 | 9806926 |
|  Federal National Mortgage Association, Pool #CA5689 | Federal National Mortgage Association, Pool #CA5689 | Federal National Mortgage Association, Pool #CA5689 | Federal National Mortgage Association, Pool #CA5689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/01/50 | 45419192 | 40810944 |
|  Federal National Mortgage Association, Pool #AB4262 | Federal National Mortgage Association, Pool #AB4262 | Federal National Mortgage Association, Pool #AB4262 | Federal National Mortgage Association, Pool #AB4262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/32 | 1460011 | 1437828 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association, Pool #MA1584 | Federal National Mortgage Association, Pool #MA1584 | Federal National Mortgage Association, Pool #MA1584 | Federal National Mortgage Association, Pool #MA1584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/33 | $14958897 | $14627256 |
|  Federal National Mortgage Association, Pool #MA1608 | Federal National Mortgage Association, Pool #MA1608 | Federal National Mortgage Association, Pool #MA1608 | Federal National Mortgage Association, Pool #MA1608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;10401356 | 10171068 |
|  Federal National Mortgage Association, Pool #MA1982 | Federal National Mortgage Association, Pool #MA1982 | Federal National Mortgage Association, Pool #MA1982 | Federal National Mortgage Association, Pool #MA1982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/34 | 21799 | 21262 |
|  Federal National Mortgage Association, Pool #AB3679 | Federal National Mortgage Association, Pool #AB3679 | Federal National Mortgage Association, Pool #AB3679 | Federal National Mortgage Association, Pool #AB3679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/41 | 4552035 | 4332432 |
|  Federal National Mortgage Association, Pool #AB4045 | Federal National Mortgage Association, Pool #AB4045 | Federal National Mortgage Association, Pool #AB4045 | Federal National Mortgage Association, Pool #AB4045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/41 | 4127824 | 3932102 |
|  Federal National Mortgage Association, Pool #AL2521 | Federal National Mortgage Association, Pool #AL2521 | Federal National Mortgage Association, Pool #AL2521 | Federal National Mortgage Association, Pool #AL2521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/42 | 57327 | 54414 |
|  Federal National Mortgage Association, Pool #MA1177 | Federal National Mortgage Association, Pool #MA1177 | Federal National Mortgage Association, Pool #MA1177 | Federal National Mortgage Association, Pool #MA1177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/42 | 17455136 | 16568519 |
|  Federal National Mortgage Association, Pool #MA1404 | Federal National Mortgage Association, Pool #MA1404 | Federal National Mortgage Association, Pool #MA1404 | Federal National Mortgage Association, Pool #MA1404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/43 | 36741 | 34829 |
|  Federal National Mortgage Association, Pool #AB9703 | Federal National Mortgage Association, Pool #AB9703 | Federal National Mortgage Association, Pool #AB9703 | Federal National Mortgage Association, Pool #AB9703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/01/43 | 8034028 | 7615882 |
|  Federal National Mortgage Association, Pool #MA1582 | Federal National Mortgage Association, Pool #MA1582 | Federal National Mortgage Association, Pool #MA1582 | Federal National Mortgage Association, Pool #MA1582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/43 | 6084561 | 5767878 |
|  Federal National Mortgage Association, Pool #AL6348 | Federal National Mortgage Association, Pool #AL6348 | Federal National Mortgage Association, Pool #AL6348 | Federal National Mortgage Association, Pool #AL6348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/01/45 | 18641 | 17671 |
|  Federal National Mortgage Association, Pool #BD2450 | Federal National Mortgage Association, Pool #BD2450 | Federal National Mortgage Association, Pool #BD2450 | Federal National Mortgage Association, Pool #BD2450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/47 | 32982 | 30773 |
|  Federal National Mortgage Association, Pool #CA0862 | Federal National Mortgage Association, Pool #CA0862 | Federal National Mortgage Association, Pool #CA0862 | Federal National Mortgage Association, Pool #CA0862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/47 | 1694075 | 1577347 |
|  Federal National Mortgage Association, Pool #MA3120 | Federal National Mortgage Association, Pool #MA3120 | Federal National Mortgage Association, Pool #MA3120 | Federal National Mortgage Association, Pool #MA3120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/47 | 881749 | 820994 |
|  Federal National Mortgage Association, Pool #CA1191 | Federal National Mortgage Association, Pool #CA1191 | Federal National Mortgage Association, Pool #CA1191 | Federal National Mortgage Association, Pool #CA1191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/01/47 | 2004621 | 1866495 |
|  Federal National Mortgage Association, Pool #MA3182 | Federal National Mortgage Association, Pool #MA3182 | Federal National Mortgage Association, Pool #MA3182 | Federal National Mortgage Association, Pool #MA3182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/01/47 | 18759003 | 17466440 |
|  Federal National Mortgage Association, Pool #MA3210 | Federal National Mortgage Association, Pool #MA3210 | Federal National Mortgage Association, Pool #MA3210 | Federal National Mortgage Association, Pool #MA3210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/01/47 | 32685904 | 30433727 |
|  Federal National Mortgage Association, Pool #CA0996 | Federal National Mortgage Association, Pool #CA0996 | Federal National Mortgage Association, Pool #CA0996 | Federal National Mortgage Association, Pool #CA0996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/48 | 23397 | 21872 |
|  Federal National Mortgage Association, Pool #MA3238 | Federal National Mortgage Association, Pool #MA3238 | Federal National Mortgage Association, Pool #MA3238 | Federal National Mortgage Association, Pool #MA3238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/01/48 | 28470367 | 26508656 |
|  Federal National Mortgage Association, Pool #CA1187 | Federal National Mortgage Association, Pool #CA1187 | Federal National Mortgage Association, Pool #CA1187 | Federal National Mortgage Association, Pool #CA1187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/01/48 | 26550725 | 24721212 |
|  Federal National Mortgage Association, Pool #MA3276 | Federal National Mortgage Association, Pool #MA3276 | Federal National Mortgage Association, Pool #MA3276 | Federal National Mortgage Association, Pool #MA3276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/01/48 | 11161114 | 10392073 |
|  Federal National Mortgage Association, Pool #MA3305 | Federal National Mortgage Association, Pool #MA3305 | Federal National Mortgage Association, Pool #MA3305 | Federal National Mortgage Association, Pool #MA3305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/48 | 14844461 | 13787781 |
|  Federal National Mortgage Association, Pool #FM2388 | Federal National Mortgage Association, Pool #FM2388 | Federal National Mortgage Association, Pool #FM2388 | Federal National Mortgage Association, Pool #FM2388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/48 | 11504958 | 10761991 |
|  Federal National Mortgage Association, Pool #MA3332 | Federal National Mortgage Association, Pool #MA3332 | Federal National Mortgage Association, Pool #MA3332 | Federal National Mortgage Association, Pool #MA3332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/01/48 | 40783605 | 37880488 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association, Pool #CA3633 | Federal National Mortgage Association, Pool #CA3633 | Federal National Mortgage Association, Pool #CA3633 | Federal National Mortgage Association, Pool #CA3633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/01/49 | $12893589 | $12009657 |
|  Federal National Mortgage Association, Pool #CA4011 | Federal National Mortgage Association, Pool #CA4011 | Federal National Mortgage Association, Pool #CA4011 | Federal National Mortgage Association, Pool #CA4011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/49 | 12453260 | 11386585 |
|  Federal National Mortgage Association, Pool #FM2318 | Federal National Mortgage Association, Pool #FM2318 | Federal National Mortgage Association, Pool #FM2318 | Federal National Mortgage Association, Pool #FM2318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/49 | 115011146 | 107175395 |
|  Federal National Mortgage Association, Pool #AB1613 | Federal National Mortgage Association, Pool #AB1613 | Federal National Mortgage Association, Pool #AB1613 | Federal National Mortgage Association, Pool #AB1613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/01/40 | 11066927 | 10821230 |
|  Federal National Mortgage Association, Pool #AB1803 | Federal National Mortgage Association, Pool #AB1803 | Federal National Mortgage Association, Pool #AB1803 | Federal National Mortgage Association, Pool #AB1803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/01/40 | 12372981 | 12098784 |
|  Federal National Mortgage Association, Pool #AH3780 | Federal National Mortgage Association, Pool #AH3780 | Federal National Mortgage Association, Pool #AH3780 | Federal National Mortgage Association, Pool #AH3780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 02/01/41 | 4842972 | 4735648 |
|  Federal National Mortgage Association, Pool #AJ1404 | Federal National Mortgage Association, Pool #AJ1404 | Federal National Mortgage Association, Pool #AJ1404 | Federal National Mortgage Association, Pool #AJ1404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/01/41 | 6779636 | 6616580 |
|  Federal National Mortgage Association, Pool #MA1146 | Federal National Mortgage Association, Pool #MA1146 | Federal National Mortgage Association, Pool #MA1146 | Federal National Mortgage Association, Pool #MA1146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 08/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;12530494 | 12200816 |
|  Federal National Mortgage Association, Pool #AT9649 | Federal National Mortgage Association, Pool #AT9649 | Federal National Mortgage Association, Pool #AT9649 | Federal National Mortgage Association, Pool #AT9649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/01/43 | 88548 | 86396 |
|  Federal National Mortgage Association, Pool #AL9472 | Federal National Mortgage Association, Pool #AL9472 | Federal National Mortgage Association, Pool #AL9472 | Federal National Mortgage Association, Pool #AL9472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/01/43 | 2536504 | 2471647 |
|  Federal National Mortgage Association, Pool #AL4597 | Federal National Mortgage Association, Pool #AL4597 | Federal National Mortgage Association, Pool #AL4597 | Federal National Mortgage Association, Pool #AL4597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/44 | 20688383 | 20185714 |
|  Federal National Mortgage Association, Pool #MA2960 | Federal National Mortgage Association, Pool #MA2960 | Federal National Mortgage Association, Pool #MA2960 | Federal National Mortgage Association, Pool #MA2960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/01/47 | 14948402 | 14306622 |
|  Federal National Mortgage Association, Pool #AS9830 | Federal National Mortgage Association, Pool #AS9830 | Federal National Mortgage Association, Pool #AS9830 | Federal National Mortgage Association, Pool #AS9830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/47 | 18379057 | 17589367 |
|  Federal National Mortgage Association, Pool #MA3027 | Federal National Mortgage Association, Pool #MA3027 | Federal National Mortgage Association, Pool #MA3027 | Federal National Mortgage Association, Pool #MA3027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/47 | 11326635 | 10840349 |
|  Federal National Mortgage Association, Pool #AS9972 | Federal National Mortgage Association, Pool #AS9972 | Federal National Mortgage Association, Pool #AS9972 | Federal National Mortgage Association, Pool #AS9972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/01/47 | 16387693 | 15683567 |
|  Federal National Mortgage Association, Pool #CA2327 | Federal National Mortgage Association, Pool #CA2327 | Federal National Mortgage Association, Pool #CA2327 | Federal National Mortgage Association, Pool #CA2327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/01/48 | 18691772 | 17973937 |
|  Federal National Mortgage Association, Pool #BM5164 | Federal National Mortgage Association, Pool #BM5164 | Federal National Mortgage Association, Pool #BM5164 | Federal National Mortgage Association, Pool #BM5164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/01/48 | 18904741 | 18178727 |
|  Federal National Mortgage Association, Pool #BN4316 | Federal National Mortgage Association, Pool #BN4316 | Federal National Mortgage Association, Pool #BN4316 | Federal National Mortgage Association, Pool #BN4316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/49 | 13078 | 12595 |
|  Federal National Mortgage Association, Pool #CB3619 | Federal National Mortgage Association, Pool #CB3619 | Federal National Mortgage Association, Pool #CB3619 | Federal National Mortgage Association, Pool #CB3619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/01/52 | 131973659 | 125073964 |
|  Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/52 | 352857021 | 334396816 |
|  Federal National Mortgage Association, Pool #MA4732 | Federal National Mortgage Association, Pool #MA4732 | Federal National Mortgage Association, Pool #MA4732 | Federal National Mortgage Association, Pool #MA4732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/01/52 | 23050092 | 21838835 |
|  Federal National Mortgage Association, Pool #MA4783 | Federal National Mortgage Association, Pool #MA4783 | Federal National Mortgage Association, Pool #MA4783 | Federal National Mortgage Association, Pool #MA4783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/01/52 | 14700090 | 13926477 |
|  Federal National Mortgage Association, Pool #MA4866 | Federal National Mortgage Association, Pool #MA4866 | Federal National Mortgage Association, Pool #MA4866 | Federal National Mortgage Association, Pool #MA4866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/53 | 49228882 | 46630509 |
|  Federal National Mortgage Association, Pool #734830 | Federal National Mortgage Association, Pool #734830 | Federal National Mortgage Association, Pool #734830 | Federal National Mortgage Association, Pool #734830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/33 | 2947 | 2965 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association, Pool #734922 | Federal National Mortgage Association, Pool #734922 | Federal National Mortgage Association, Pool #734922 | Federal National Mortgage Association, Pool #734922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/33 | $413457 | $416008 |
|  Federal National Mortgage Association, Pool #753168 | Federal National Mortgage Association, Pool #753168 | Federal National Mortgage Association, Pool #753168 | Federal National Mortgage Association, Pool #753168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/01/33 | 2522 | 2538 |
|  Federal National Mortgage Association, Pool #AL8356 | Federal National Mortgage Association, Pool #AL8356 | Federal National Mortgage Association, Pool #AL8356 | Federal National Mortgage Association, Pool #AL8356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/01/34 | 99307 | 99680 |
|  Federal National Mortgage Association, Pool #AL8037 | Federal National Mortgage Association, Pool #AL8037 | Federal National Mortgage Association, Pool #AL8037 | Federal National Mortgage Association, Pool #AL8037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/01/34 | 46532 | 46685 |
|  Federal National Mortgage Association, Pool #815422 | Federal National Mortgage Association, Pool #815422 | Federal National Mortgage Association, Pool #815422 | Federal National Mortgage Association, Pool #815422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/01/35 | 11594 | 11650 |
|  Federal National Mortgage Association, Pool #735651 | Federal National Mortgage Association, Pool #735651 | Federal National Mortgage Association, Pool #735651 | Federal National Mortgage Association, Pool #735651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 06/01/35 | 1232230 | 1238171 |
|  Federal National Mortgage Association, Pool #745147 | Federal National Mortgage Association, Pool #745147 | Federal National Mortgage Association, Pool #745147 | Federal National Mortgage Association, Pool #745147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/01/35 | 6921 | 6954 |
|  Federal National Mortgage Association, Pool #190396 | Federal National Mortgage Association, Pool #190396 | Federal National Mortgage Association, Pool #190396 | Federal National Mortgage Association, Pool #190396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 06/01/39 | 3255 | 3253 |
|  Federal National Mortgage Association, Pool #AC8279 | Federal National Mortgage Association, Pool #AC8279 | Federal National Mortgage Association, Pool #AC8279 | Federal National Mortgage Association, Pool #AC8279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/39 | 5008 | 5025 |
|  Federal National Mortgage Association, Pool #AE0138 | Federal National Mortgage Association, Pool #AE0138 | Federal National Mortgage Association, Pool #AE0138 | Federal National Mortgage Association, Pool #AE0138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 03/01/40 | 18306 | 18295 |
|  Federal National Mortgage Association, Pool #AL0209 | Federal National Mortgage Association, Pool #AL0209 | Federal National Mortgage Association, Pool #AL0209 | Federal National Mortgage Association, Pool #AL0209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/01/41 | 7304821 | 7277374 |
|  Federal National Mortgage Association, Pool #AL9106 | Federal National Mortgage Association, Pool #AL9106 | Federal National Mortgage Association, Pool #AL9106 | Federal National Mortgage Association, Pool #AL9106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/01/46 | 15593083 | 15458829 |
|  Federal National Mortgage Association, Pool #AL8960 | Federal National Mortgage Association, Pool #AL8960 | Federal National Mortgage Association, Pool #AL8960 | Federal National Mortgage Association, Pool #AL8960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/01/46 | 12547537 | 12439504 |
|  Federal National Mortgage Association, Pool #AL9722 | Federal National Mortgage Association, Pool #AL9722 | Federal National Mortgage Association, Pool #AL9722 | Federal National Mortgage Association, Pool #AL9722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/46 | 51729976 | 51284589 |
|  Federal National Mortgage Association, Pool #AS8663 | Federal National Mortgage Association, Pool #AS8663 | Federal National Mortgage Association, Pool #AS8663 | Federal National Mortgage Association, Pool #AS8663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 01/01/47 | 9606367 | 9433255 |
|  Federal National Mortgage Association, Pool #AL9846 | Federal National Mortgage Association, Pool #AL9846 | Federal National Mortgage Association, Pool #AL9846 | Federal National Mortgage Association, Pool #AL9846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/01/47 | 55438842 | 54961522 |
|  Federal National Mortgage Association, Pool #CA1711 | Federal National Mortgage Association, Pool #CA1711 | Federal National Mortgage Association, Pool #CA1711 | Federal National Mortgage Association, Pool #CA1711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/01/48 | 5757826 | 5651772 |
|  Federal National Mortgage Association, Pool #CA1710 | Federal National Mortgage Association, Pool #CA1710 | Federal National Mortgage Association, Pool #CA1710 | Federal National Mortgage Association, Pool #CA1710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/01/48 | 56462 | 55422 |
|  Federal National Mortgage Association, Pool #CA2208 | Federal National Mortgage Association, Pool #CA2208 | Federal National Mortgage Association, Pool #CA2208 | Federal National Mortgage Association, Pool #CA2208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/48 | 12422783 | 12193967 |
|  Federal National Mortgage Association, Pool #CA2493 | Federal National Mortgage Association, Pool #CA2493 | Federal National Mortgage Association, Pool #CA2493 | Federal National Mortgage Association, Pool #CA2493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/48 | 3128569 | 3070988 |
|  Federal National Mortgage Association, Pool #MA3537 | Federal National Mortgage Association, Pool #MA3537 | Federal National Mortgage Association, Pool #MA3537 | Federal National Mortgage Association, Pool #MA3537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/01/48 | 7440505 | 7303563 |
|  Federal National Mortgage Association, Pool #MA4733 | Federal National Mortgage Association, Pool #MA4733 | Federal National Mortgage Association, Pool #MA4733 | Federal National Mortgage Association, Pool #MA4733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;265552081 | 257422690 |
|  Federal National Mortgage Association, Pool #CB5675 | Federal National Mortgage Association, Pool #CB5675 | Federal National Mortgage Association, Pool #CB5675 | Federal National Mortgage Association, Pool #CB5675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/01/53 | 44286510 | 42931120 |
|  Federal National Mortgage Association, Pool #CB6854 | Federal National Mortgage Association, Pool #CB6854 | Federal National Mortgage Association, Pool #CB6854 | Federal National Mortgage Association, Pool #CB6854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/53 | 30033718 | 29126464 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association, Pool #MA5038 | Federal National Mortgage Association, Pool #MA5038 | Federal National Mortgage Association, Pool #MA5038 | Federal National Mortgage Association, Pool #MA5038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 06/01/53 | $204182073 | $202443750 |
|  Federal National Mortgage Association, Pool #FS7252 | Federal National Mortgage Association, Pool #FS7252 | Federal National Mortgage Association, Pool #FS7252 | Federal National Mortgage Association, Pool #FS7252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/01/53 | 39769937 | 39416316 |
|  Federal National Mortgage Association, Pool #740297 | Federal National Mortgage Association, Pool #740297 | Federal National Mortgage Association, Pool #740297 | Federal National Mortgage Association, Pool #740297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 10/01/33 | 656 | 674 |
|  Federal National Mortgage Association, Pool #725257 | Federal National Mortgage Association, Pool #725257 | Federal National Mortgage Association, Pool #725257 | Federal National Mortgage Association, Pool #725257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 02/01/34 | 297507 | 305749 |
|  Federal National Mortgage Association, Pool #735224 | Federal National Mortgage Association, Pool #735224 | Federal National Mortgage Association, Pool #735224 | Federal National Mortgage Association, Pool #735224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 02/01/35 | 977406 | 1011102 |
|  Federal National Mortgage Association, Pool #889184 | Federal National Mortgage Association, Pool #889184 | Federal National Mortgage Association, Pool #889184 | Federal National Mortgage Association, Pool #889184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/36 | 1029847 | 1058319 |
|  Federal National Mortgage Association, Pool #190375 | Federal National Mortgage Association, Pool #190375 | Federal National Mortgage Association, Pool #190375 | Federal National Mortgage Association, Pool #190375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 11/01/36 | 227501 | 235694 |
|  Federal National Mortgage Association, Pool #AE0482 | Federal National Mortgage Association, Pool #AE0482 | Federal National Mortgage Association, Pool #AE0482 | Federal National Mortgage Association, Pool #AE0482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 01/01/38 | 2353818 | 2418892 |
|  Federal National Mortgage Association, Pool #MA5072 | Federal National Mortgage Association, Pool #MA5072 | Federal National Mortgage Association, Pool #MA5072 | Federal National Mortgage Association, Pool #MA5072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;114526283 | 115632564 |
|  Federal National Mortgage Association, Pool #AL0851 | Federal National Mortgage Association, Pool #AL0851 | Federal National Mortgage Association, Pool #AL0851 | Federal National Mortgage Association, Pool #AL0851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/01/40 | 4279970 | 4507432 |
|  Federal National Mortgage Association, Pool #844773 | Federal National Mortgage Association, Pool #844773 | Federal National Mortgage Association, Pool #844773 | Federal National Mortgage Association, Pool #844773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (1 yr. USD RFUCCT + 1.559%) *<sup>(2)</sup>* | 12/01/35 | 1224 | 1243 |
|  Federal National Mortgage Association, Pool #839109 | Federal National Mortgage Association, Pool #839109 | Federal National Mortgage Association, Pool #839109 | Federal National Mortgage Association, Pool #839109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.29% (1 yr. USD RFUCCT + 1.912%) *<sup>(2)</sup>* | 11/01/35 | 2719 | 2785 |
|  Federal National Mortgage Association, Pool #394854 | Federal National Mortgage Association, Pool #394854 | Federal National Mortgage Association, Pool #394854 | Federal National Mortgage Association, Pool #394854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 05/01/27 | 23 | 23 |
|  Federal National Mortgage Association, Pool #545191 | Federal National Mortgage Association, Pool #545191 | Federal National Mortgage Association, Pool #545191 | Federal National Mortgage Association, Pool #545191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 09/01/31 | 829 | 881 |
|  Federal National Mortgage Association, Pool #613142 | Federal National Mortgage Association, Pool #613142 | Federal National Mortgage Association, Pool #613142 | Federal National Mortgage Association, Pool #613142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 11/01/31 | 2521 | 2651 |
|  Federal National Mortgage Association, Pool #625666 | Federal National Mortgage Association, Pool #625666 | Federal National Mortgage Association, Pool #625666 | Federal National Mortgage Association, Pool #625666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 01/01/32 | 1049 | 1115 |
|  Federal National Mortgage Association, Pool #545756 | Federal National Mortgage Association, Pool #545756 | Federal National Mortgage Association, Pool #545756 | Federal National Mortgage Association, Pool #545756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 06/01/32 | 139 | 146 |
|  Federal National Mortgage Association, Pool #655928 | Federal National Mortgage Association, Pool #655928 | Federal National Mortgage Association, Pool #655928 | Federal National Mortgage Association, Pool #655928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 08/01/32 | 30455 | 32385 |
|  Federal National Mortgage Association, Pool #735207 | Federal National Mortgage Association, Pool #735207 | Federal National Mortgage Association, Pool #735207 | Federal National Mortgage Association, Pool #735207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 04/01/34 | 5905 | 6256 |
|  Federal National Mortgage Association, Pool #888412 | Federal National Mortgage Association, Pool #888412 | Federal National Mortgage Association, Pool #888412 | Federal National Mortgage Association, Pool #888412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 04/01/37 | 57661 | 62265 |
|  Federal National Mortgage Association, Pool #313182 | Federal National Mortgage Association, Pool #313182 | Federal National Mortgage Association, Pool #313182 | Federal National Mortgage Association, Pool #313182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 10/01/26 | 18 | 18 |
|  Federal National Mortgage Association, Pool #633698 | Federal National Mortgage Association, Pool #633698 | Federal National Mortgage Association, Pool #633698 | Federal National Mortgage Association, Pool #633698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 02/01/31 | 10650 | 11201 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association REMICS Series 1999-11, Class Z | Federal National Mortgage Association REMICS Series 1999-11, Class Z | Federal National Mortgage Association REMICS Series 1999-11, Class Z | Federal National Mortgage Association REMICS Series 1999-11, Class Z |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/25/29 | $2003 | $2008 |
|  Federal National Mortgage Association REMICS Series 2001-52, Class YZ (PAC) | Federal National Mortgage Association REMICS Series 2001-52, Class YZ (PAC) | Federal National Mortgage Association REMICS Series 2001-52, Class YZ (PAC) | Federal National Mortgage Association REMICS Series 2001-52, Class YZ (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 10/25/31 | 30645 | 31854 |
|  Federal National Mortgage Association REMICS Series 2005-122, Class SG (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2005-122, Class SG (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2005-122, Class SG (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2005-122, Class SG (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82% (-30 day USD SOFR Average + 6.486%) *<sup>(2)</sup>* | 11/25/35 | 851 | 3 |
|  Federal National Mortgage Association REMICS Series 2006-4, Class WE | Federal National Mortgage Association REMICS Series 2006-4, Class WE | Federal National Mortgage Association REMICS Series 2006-4, Class WE | Federal National Mortgage Association REMICS Series 2006-4, Class WE |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/25/36 | 11492 | 11499 |
|  Federal National Mortgage Association REMICS Series 2006-49, Class SE (I/F) (PAC) | Federal National Mortgage Association REMICS Series 2006-49, Class SE (I/F) (PAC) | Federal National Mortgage Association REMICS Series 2006-49, Class SE (I/F) (PAC) | Federal National Mortgage Association REMICS Series 2006-49, Class SE (I/F) (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.89% (-30 day USD SOFR Average + 28.542%) *<sup>(2)</sup>* | 04/25/36 | 276204 | 296146 |
|  Federal National Mortgage Association REMICS Series 2007-17, Class SI (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-17, Class SI (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-17, Class SI (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-17, Class SI (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62% (-30 day USD SOFR Average + 6.286%) *<sup>(2)</sup>* | 03/25/37 | 532686 | 32750 |
|  Federal National Mortgage Association REMICS Series 2007-34, Class SB (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-34, Class SB (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-34, Class SB (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-34, Class SB (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33% (-30 day USD SOFR Average + 5.996%) *<sup>(2)</sup>* | 04/25/37 | 988330 | 80005 |
|  Federal National Mortgage Association REMICS Series 2007-64, Class FA | Federal National Mortgage Association REMICS Series 2007-64, Class FA | Federal National Mortgage Association REMICS Series 2007-64, Class FA | Federal National Mortgage Association REMICS Series 2007-64, Class FA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% (30 day USD SOFR Average + 0.584%) *<sup>(2)</sup>* | 07/25/37 | 1490 | 1484 |
|  Federal National Mortgage Association REMICS Series 2008-24, Class NA | Federal National Mortgage Association REMICS Series 2008-24, Class NA | Federal National Mortgage Association REMICS Series 2008-24, Class NA | Federal National Mortgage Association REMICS Series 2008-24, Class NA |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 06/25/37 | 74895 | 79288 |
|  Federal National Mortgage Association REMICS Series 2010-116, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-116, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-116, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-116, Class SE (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82% (-30 day USD SOFR Average + 6.486%) *<sup>(2)</sup>* | 10/25/40 | 1192811 | 105877 |
|  Federal National Mortgage Association REMICS Series 2010-17, Class SB (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-17, Class SB (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-17, Class SB (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-17, Class SB (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57% (-30 day USD SOFR Average + 6.236%) *<sup>(2)</sup>* | 03/25/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2609136 | 246174 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association REMICS Series 2010-43, Class KS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-43, Class KS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-43, Class KS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-43, Class KS (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64% (-30 day USD SOFR Average + 6.306%) *<sup>(2)</sup>* | 05/25/40 | $4617457 | $444905 |
|  Federal National Mortgage Association REMICS Series 2011-101, Class HE (PAC) | Federal National Mortgage Association REMICS Series 2011-101, Class HE (PAC) | Federal National Mortgage Association REMICS Series 2011-101, Class HE (PAC) | Federal National Mortgage Association REMICS Series 2011-101, Class HE (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/25/41 | 5185797 | 5092736 |
|  Federal National Mortgage Association REMICS Series 2011-111, Class DB | Federal National Mortgage Association REMICS Series 2011-111, Class DB | Federal National Mortgage Association REMICS Series 2011-111, Class DB | Federal National Mortgage Association REMICS Series 2011-111, Class DB |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/25/41 | 5315977 | 5182244 |
|  Federal National Mortgage Association REMICS Series 2012-84, Class VZ | Federal National Mortgage Association REMICS Series 2012-84, Class VZ | Federal National Mortgage Association REMICS Series 2012-84, Class VZ | Federal National Mortgage Association REMICS Series 2012-84, Class VZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/25/42 | 4413024 | 4205373 |
|  Federal National Mortgage Association REMICS Series 2013-101, Class BO (P/O) | Federal National Mortgage Association REMICS Series 2013-101, Class BO (P/O) | Federal National Mortgage Association REMICS Series 2013-101, Class BO (P/O) | Federal National Mortgage Association REMICS Series 2013-101, Class BO (P/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(4)</sup> | 10/25/43 | 7035863 | 5056977 |
|  Federal National Mortgage Association REMICS Series 2013-101, Class CO (P/O) | Federal National Mortgage Association REMICS Series 2013-101, Class CO (P/O) | Federal National Mortgage Association REMICS Series 2013-101, Class CO (P/O) | Federal National Mortgage Association REMICS Series 2013-101, Class CO (P/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(4)</sup> | 10/25/43 | 4151334 | 2990585 |
|  Federal National Mortgage Association REMICS Series 2016-45, Class AF | Federal National Mortgage Association REMICS Series 2016-45, Class AF | Federal National Mortgage Association REMICS Series 2016-45, Class AF | Federal National Mortgage Association REMICS Series 2016-45, Class AF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% (30 day USD SOFR Average + 0.614%) *<sup>(2)</sup>* | 07/25/46 | 5161426 | 5114379 |
|  Federal National Mortgage Association REMICS Series 2016-72, Class FA | Federal National Mortgage Association REMICS Series 2016-72, Class FA | Federal National Mortgage Association REMICS Series 2016-72, Class FA | Federal National Mortgage Association REMICS Series 2016-72, Class FA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% (30 day USD SOFR Average + 0.614%) *<sup>(2)</sup>* | 10/25/46 | 10675843 | 10575867 |
|  Federal National Mortgage Association REMICS Series 2016-74, Class GF | Federal National Mortgage Association REMICS Series 2016-74, Class GF | Federal National Mortgage Association REMICS Series 2016-74, Class GF | Federal National Mortgage Association REMICS Series 2016-74, Class GF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% (30 day USD SOFR Average + 0.614%) *<sup>(2)</sup>* | 10/25/46 | 8266094 | 8189595 |
|  Federal National Mortgage Association REMICS Series 2016-75, Class FL | Federal National Mortgage Association REMICS Series 2016-75, Class FL | Federal National Mortgage Association REMICS Series 2016-75, Class FL | Federal National Mortgage Association REMICS Series 2016-75, Class FL |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% (30 day USD SOFR Average + 0.614%) *<sup>(2)</sup>* | 10/25/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8302539 | 8226577 |
|  Federal National Mortgage Association REMICS Series 2018-29, Class AP (PAC) | Federal National Mortgage Association REMICS Series 2018-29, Class AP (PAC) | Federal National Mortgage Association REMICS Series 2018-29, Class AP (PAC) | Federal National Mortgage Association REMICS Series 2018-29, Class AP (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/25/46 | 8153301 | 8051906 |
|  Federal National Mortgage Association REMICS Series 2018-38, Class LA | Federal National Mortgage Association REMICS Series 2018-38, Class LA | Federal National Mortgage Association REMICS Series 2018-38, Class LA | Federal National Mortgage Association REMICS Series 2018-38, Class LA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/25/48 | 10516501 | 9456327 |
|  Federal National Mortgage Association REMICS Series 2018-38, Class PA (PAC) | Federal National Mortgage Association REMICS Series 2018-38, Class PA (PAC) | Federal National Mortgage Association REMICS Series 2018-38, Class PA (PAC) | Federal National Mortgage Association REMICS Series 2018-38, Class PA (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/25/47 | 10744 | 10552 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association REMICS Series 2018-45, Class GA | Federal National Mortgage Association REMICS Series 2018-45, Class GA | Federal National Mortgage Association REMICS Series 2018-45, Class GA | Federal National Mortgage Association REMICS Series 2018-45, Class GA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/25/48 | $11754750 | $10572013 |
|  Federal National Mortgage Association REMICS Series 2018-86, Class JA (PAC) | Federal National Mortgage Association REMICS Series 2018-86, Class JA (PAC) | Federal National Mortgage Association REMICS Series 2018-86, Class JA (PAC) | Federal National Mortgage Association REMICS Series 2018-86, Class JA (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/25/47 | 233848 | 233252 |
|  Federal National Mortgage Association REMICS Series 2018-94, Class KD (PAC) | Federal National Mortgage Association REMICS Series 2018-94, Class KD (PAC) | Federal National Mortgage Association REMICS Series 2018-94, Class KD (PAC) | Federal National Mortgage Association REMICS Series 2018-94, Class KD (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/25/48 | 2573935 | 2385020 |
|  Federal National Mortgage Association REMICS Series 2019-1, Class AB | Federal National Mortgage Association REMICS Series 2019-1, Class AB | Federal National Mortgage Association REMICS Series 2019-1, Class AB | Federal National Mortgage Association REMICS Series 2019-1, Class AB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/25/49 | 1049991 | 979068 |
|  Federal National Mortgage Association REMICS Series 2019-1, Class KP (PAC) | Federal National Mortgage Association REMICS Series 2019-1, Class KP (PAC) | Federal National Mortgage Association REMICS Series 2019-1, Class KP (PAC) | Federal National Mortgage Association REMICS Series 2019-1, Class KP (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 02/25/49 | 1091347 | 1007497 |
|  Federal National Mortgage Association REMICS Series 2019-26, Class JE (PAC) | Federal National Mortgage Association REMICS Series 2019-26, Class JE (PAC) | Federal National Mortgage Association REMICS Series 2019-26, Class JE (PAC) | Federal National Mortgage Association REMICS Series 2019-26, Class JE (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789845 | 2513726 |
|  Federal National Mortgage Association REMICS Series 2019-45, Class PA (PAC) | Federal National Mortgage Association REMICS Series 2019-45, Class PA (PAC) | Federal National Mortgage Association REMICS Series 2019-45, Class PA (PAC) | Federal National Mortgage Association REMICS Series 2019-45, Class PA (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/25/49 | 10812684 | 9685885 |
|  Federal National Mortgage Association REMICS Series 2019-52, Class PA (PAC) | Federal National Mortgage Association REMICS Series 2019-52, Class PA (PAC) | Federal National Mortgage Association REMICS Series 2019-52, Class PA (PAC) | Federal National Mortgage Association REMICS Series 2019-52, Class PA (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/25/49 | 2947343 | 2643036 |
|  Federal National Mortgage Association REMICS Series 2019-67, Class FE | Federal National Mortgage Association REMICS Series 2019-67, Class FE | Federal National Mortgage Association REMICS Series 2019-67, Class FE | Federal National Mortgage Association REMICS Series 2019-67, Class FE |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% (30 day USD SOFR Average + 0.564%) *<sup>(2)</sup>* | 11/25/49 | 20504784 | 20096241 |
|  Federal National Mortgage Association REMICS Series 2019-79, Class FA | Federal National Mortgage Association REMICS Series 2019-79, Class FA | Federal National Mortgage Association REMICS Series 2019-79, Class FA | Federal National Mortgage Association REMICS Series 2019-79, Class FA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% (30 day USD SOFR Average + 0.614%) *<sup>(2)</sup>* | 01/25/50 | 61230 | 60459 |
|  Federal National Mortgage Association Trust Series 2003-W2, Class 2A9 | Federal National Mortgage Association Trust Series 2003-W2, Class 2A9 | Federal National Mortgage Association Trust Series 2003-W2, Class 2A9 | Federal National Mortgage Association Trust Series 2003-W2, Class 2A9 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90% | 07/25/42 | 11313 | 11597 |
|  Government National Mortgage Association, Pool #MA3309 | Government National Mortgage Association, Pool #MA3309 | Government National Mortgage Association, Pool #MA3309 | Government National Mortgage Association, Pool #MA3309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 12/20/45 | 4157 | 3775 |
|  Government National Mortgage Association, Pool #MA3662 | Government National Mortgage Association, Pool #MA3662 | Government National Mortgage Association, Pool #MA3662 | Government National Mortgage Association, Pool #MA3662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/20/46 | 1498458 | 1358412 |
|  Government National Mortgage Association, Pool #MA3873 | Government National Mortgage Association, Pool #MA3873 | Government National Mortgage Association, Pool #MA3873 | Government National Mortgage Association, Pool #MA3873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/20/46 | 11609257 | 10524257 |
|  Government National Mortgage Association, Pool #MA4003 | Government National Mortgage Association, Pool #MA4003 | Government National Mortgage Association, Pool #MA4003 | Government National Mortgage Association, Pool #MA4003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/20/46 | 4648043 | 4213638 |
|  Government National Mortgage Association, Pool #MA4126 | Government National Mortgage Association, Pool #MA4126 | Government National Mortgage Association, Pool #MA4126 | Government National Mortgage Association, Pool #MA4126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 12/20/46 | 80151476 | 72660529 |
|  Government National Mortgage Association, Pool #MA4961 | Government National Mortgage Association, Pool #MA4961 | Government National Mortgage Association, Pool #MA4961 | Government National Mortgage Association, Pool #MA4961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 01/20/48 | 216102 | 195378 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Government National Mortgage Association, Pool #MA6080 | Government National Mortgage Association, Pool #MA6080 | Government National Mortgage Association, Pool #MA6080 | Government National Mortgage Association, Pool #MA6080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 08/20/49 | $1407 | $1238 |
|  Government National Mortgage Association, Pool #MA6209 | Government National Mortgage Association, Pool #MA6209 | Government National Mortgage Association, Pool #MA6209 | Government National Mortgage Association, Pool #MA6209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/20/49 | 2562722 | 2254635 |
|  Government National Mortgage Association, Pool #AA5452 | Government National Mortgage Association, Pool #AA5452 | Government National Mortgage Association, Pool #AA5452 | Government National Mortgage Association, Pool #AA5452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/15/42 | 53799 | 50345 |
|  Government National Mortgage Association, Pool #MA1157 | Government National Mortgage Association, Pool #MA1157 | Government National Mortgage Association, Pool #MA1157 | Government National Mortgage Association, Pool #MA1157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/20/43 | 22846 | 21584 |
|  Government National Mortgage Association, Pool #MA3521 | Government National Mortgage Association, Pool #MA3521 | Government National Mortgage Association, Pool #MA3521 | Government National Mortgage Association, Pool #MA3521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/20/46 | 15353031 | 14394706 |
|  Government National Mortgage Association, Pool #MA3597 | Government National Mortgage Association, Pool #MA3597 | Government National Mortgage Association, Pool #MA3597 | Government National Mortgage Association, Pool #MA3597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 04/20/46 | 38856096 | 36430727 |
|  Government National Mortgage Association, Pool #MA3663 | Government National Mortgage Association, Pool #MA3663 | Government National Mortgage Association, Pool #MA3663 | Government National Mortgage Association, Pool #MA3663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/20/46 | 10941018 | 10238071 |
|  Government National Mortgage Association, Pool #MA3937 | Government National Mortgage Association, Pool #MA3937 | Government National Mortgage Association, Pool #MA3937 | Government National Mortgage Association, Pool #MA3937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/20/46 | 8841421 | 8289546 |
|  Government National Mortgage Association, Pool #MA4069 | Government National Mortgage Association, Pool #MA4069 | Government National Mortgage Association, Pool #MA4069 | Government National Mortgage Association, Pool #MA4069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/20/46 | 27854224 | 26115584 |
|  Government National Mortgage Association, Pool #MA4127 | Government National Mortgage Association, Pool #MA4127 | Government National Mortgage Association, Pool #MA4127 | Government National Mortgage Association, Pool #MA4127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/20/46 | 31584868 | 29613364 |
|  Government National Mortgage Association, Pool #MA4196 | Government National Mortgage Association, Pool #MA4196 | Government National Mortgage Association, Pool #MA4196 | Government National Mortgage Association, Pool #MA4196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/20/47 | 7324 | 6867 |
|  Government National Mortgage Association, Pool #MA4510 | Government National Mortgage Association, Pool #MA4510 | Government National Mortgage Association, Pool #MA4510 | Government National Mortgage Association, Pool #MA4510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/20/47 | 24226 | 22750 |
|  Government National Mortgage Association, Pool #MA4586 | Government National Mortgage Association, Pool #MA4586 | Government National Mortgage Association, Pool #MA4586 | Government National Mortgage Association, Pool #MA4586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/20/47 | 28955052 | 27191470 |
|  Government National Mortgage Association, Pool #MA4652 | Government National Mortgage Association, Pool #MA4652 | Government National Mortgage Association, Pool #MA4652 | Government National Mortgage Association, Pool #MA4652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/20/47 | 2206310 | 2071929 |
|  Government National Mortgage Association, Pool #MA4719 | Government National Mortgage Association, Pool #MA4719 | Government National Mortgage Association, Pool #MA4719 | Government National Mortgage Association, Pool #MA4719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/20/47 | 27421821 | 25751623 |
|  Government National Mortgage Association, Pool #MA4900 | Government National Mortgage Association, Pool #MA4900 | Government National Mortgage Association, Pool #MA4900 | Government National Mortgage Association, Pool #MA4900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/20/47 | 4369497 | 4103361 |
|  Government National Mortgage Association, Pool #MA6030 | Government National Mortgage Association, Pool #MA6030 | Government National Mortgage Association, Pool #MA6030 | Government National Mortgage Association, Pool #MA6030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/20/49 | 6570358 | 6012375 |
|  Government National Mortgage Association, Pool #MA6081 | Government National Mortgage Association, Pool #MA6081 | Government National Mortgage Association, Pool #MA6081 | Government National Mortgage Association, Pool #MA6081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/20/49 | 2565935 | 2348025 |
|  Government National Mortgage Association, Pool #MA6210 | Government National Mortgage Association, Pool #MA6210 | Government National Mortgage Association, Pool #MA6210 | Government National Mortgage Association, Pool #MA6210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/20/49 | 1347022 | 1232627 |
|  Government National Mortgage Association, Pool #MA4511 | Government National Mortgage Association, Pool #MA4511 | Government National Mortgage Association, Pool #MA4511 | Government National Mortgage Association, Pool #MA4511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/20/47 | 3400538 | 3251679 |
|  Government National Mortgage Association, Pool #MA4720 | Government National Mortgage Association, Pool #MA4720 | Government National Mortgage Association, Pool #MA4720 | Government National Mortgage Association, Pool #MA4720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/20/47 | 67623 | 64663 |
|  Government National Mortgage Association, Pool #MA4838 | Government National Mortgage Association, Pool #MA4838 | Government National Mortgage Association, Pool #MA4838 | Government National Mortgage Association, Pool #MA4838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/20/47 | &nbsp;&nbsp;&nbsp;&nbsp;22307378 | 21330869 |
|  Government National Mortgage Association, Pool #MA4901 | Government National Mortgage Association, Pool #MA4901 | Government National Mortgage Association, Pool #MA4901 | Government National Mortgage Association, Pool #MA4901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 12/20/47 | 15083725 | 14423433 |
|  Government National Mortgage Association, Pool #MA4963 | Government National Mortgage Association, Pool #MA4963 | Government National Mortgage Association, Pool #MA4963 | Government National Mortgage Association, Pool #MA4963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/20/48 | 24869156 | 23780506 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Government National Mortgage Association, Pool #MA5078 | Government National Mortgage Association, Pool #MA5078 | Government National Mortgage Association, Pool #MA5078 | Government National Mortgage Association, Pool #MA5078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/20/48 | $37694 | $36044 |
|  Government National Mortgage Association, Pool #MA5137 | Government National Mortgage Association, Pool #MA5137 | Government National Mortgage Association, Pool #MA5137 | Government National Mortgage Association, Pool #MA5137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/20/48 | 7979397 | 7626071 |
|  Government National Mortgage Association, Pool #MA5466 | Government National Mortgage Association, Pool #MA5466 | Government National Mortgage Association, Pool #MA5466 | Government National Mortgage Association, Pool #MA5466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/20/48 | 3313215 | 3166506 |
|  Government National Mortgage Association, Pool #MA5528 | Government National Mortgage Association, Pool #MA5528 | Government National Mortgage Association, Pool #MA5528 | Government National Mortgage Association, Pool #MA5528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/20/48 | 15221901 | 14547879 |
|  Government National Mortgage Association, Pool #MA5651 | Government National Mortgage Association, Pool #MA5651 | Government National Mortgage Association, Pool #MA5651 | Government National Mortgage Association, Pool #MA5651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 12/20/48 | 5541 | 5296 |
|  Government National Mortgage Association, Pool #MA8346 | Government National Mortgage Association, Pool #MA8346 | Government National Mortgage Association, Pool #MA8346 | Government National Mortgage Association, Pool #MA8346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;137507579 | 130317036 |
|  Government National Mortgage Association, Pool #3388 | Government National Mortgage Association, Pool #3388 | Government National Mortgage Association, Pool #3388 | Government National Mortgage Association, Pool #3388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/20/33 | 911 | 914 |
|  Government National Mortgage Association, Pool #3427 | Government National Mortgage Association, Pool #3427 | Government National Mortgage Association, Pool #3427 | Government National Mortgage Association, Pool #3427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/20/33 | 478 | 479 |
|  Government National Mortgage Association, Pool #3554 | Government National Mortgage Association, Pool #3554 | Government National Mortgage Association, Pool #3554 | Government National Mortgage Association, Pool #3554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/20/34 | 382 | 383 |
|  Government National Mortgage Association, Pool #782817 | Government National Mortgage Association, Pool #782817 | Government National Mortgage Association, Pool #782817 | Government National Mortgage Association, Pool #782817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/15/39 | 6041092 | 6022252 |
|  Government National Mortgage Association, Pool #783591 | Government National Mortgage Association, Pool #783591 | Government National Mortgage Association, Pool #783591 | Government National Mortgage Association, Pool #783591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/20/41 | 7279 | 7244 |
|  Government National Mortgage Association, Pool #5140 | Government National Mortgage Association, Pool #5140 | Government National Mortgage Association, Pool #5140 | Government National Mortgage Association, Pool #5140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/20/41 | 18823 | 18733 |
|  Government National Mortgage Association, Pool #5175 | Government National Mortgage Association, Pool #5175 | Government National Mortgage Association, Pool #5175 | Government National Mortgage Association, Pool #5175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/20/41 | 20501 | 20403 |
|  Government National Mortgage Association, Pool #5281 | Government National Mortgage Association, Pool #5281 | Government National Mortgage Association, Pool #5281 | Government National Mortgage Association, Pool #5281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 01/20/42 | 5715 | 5688 |
|  Government National Mortgage Association, Pool #MA0627 | Government National Mortgage Association, Pool #MA0627 | Government National Mortgage Association, Pool #MA0627 | Government National Mortgage Association, Pool #MA0627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/20/42 | 24143 | 24028 |
|  Government National Mortgage Association, Pool #MA0701 | Government National Mortgage Association, Pool #MA0701 | Government National Mortgage Association, Pool #MA0701 | Government National Mortgage Association, Pool #MA0701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 01/20/43 | 23434 | 23323 |
|  Government National Mortgage Association, Pool #MA1997 | Government National Mortgage Association, Pool #MA1997 | Government National Mortgage Association, Pool #MA1997 | Government National Mortgage Association, Pool #MA1997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 06/20/44 | 6010 | 5963 |
|  Government National Mortgage Association, Pool #MA2756 | Government National Mortgage Association, Pool #MA2756 | Government National Mortgage Association, Pool #MA2756 | Government National Mortgage Association, Pool #MA2756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/20/45 | 12349 | 12252 |
|  Government National Mortgage Association, Pool #MA2828 | Government National Mortgage Association, Pool #MA2828 | Government National Mortgage Association, Pool #MA2828 | Government National Mortgage Association, Pool #MA2828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/20/45 | 525413 | 521074 |
|  Government National Mortgage Association, Pool #MA2894 | Government National Mortgage Association, Pool #MA2894 | Government National Mortgage Association, Pool #MA2894 | Government National Mortgage Association, Pool #MA2894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 06/20/45 | 202827 | 201236 |
|  Government National Mortgage Association, Pool #MA3036 | Government National Mortgage Association, Pool #MA3036 | Government National Mortgage Association, Pool #MA3036 | Government National Mortgage Association, Pool #MA3036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/20/45 | 19848 | 19684 |
|  Government National Mortgage Association, Pool #MA3456 | Government National Mortgage Association, Pool #MA3456 | Government National Mortgage Association, Pool #MA3456 | Government National Mortgage Association, Pool #MA3456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/20/46 | 133836 | 132730 |
|  Government National Mortgage Association, Pool #MA3665 | Government National Mortgage Association, Pool #MA3665 | Government National Mortgage Association, Pool #MA3665 | Government National Mortgage Association, Pool #MA3665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/20/46 | 55911 | 55449 |
|  Government National Mortgage Association, Pool #MA3738 | Government National Mortgage Association, Pool #MA3738 | Government National Mortgage Association, Pool #MA3738 | Government National Mortgage Association, Pool #MA3738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 06/20/46 | 228223 | 226433 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Government National Mortgage Association, Pool #MA3805 | Government National Mortgage Association, Pool #MA3805 | Government National Mortgage Association, Pool #MA3805 | Government National Mortgage Association, Pool #MA3805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/20/46 | $1871133 | $1855681 |
|  Government National Mortgage Association, Pool #MA3876 | Government National Mortgage Association, Pool #MA3876 | Government National Mortgage Association, Pool #MA3876 | Government National Mortgage Association, Pool #MA3876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/20/46 | 1965707 | 1950294 |
|  Government National Mortgage Association, Pool #MA3939 | Government National Mortgage Association, Pool #MA3939 | Government National Mortgage Association, Pool #MA3939 | Government National Mortgage Association, Pool #MA3939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/20/46 | 1035520 | 1028710 |
|  Government National Mortgage Association, Pool #MA4006 | Government National Mortgage Association, Pool #MA4006 | Government National Mortgage Association, Pool #MA4006 | Government National Mortgage Association, Pool #MA4006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/46 | 1199525 | 1190119 |
|  Government National Mortgage Association, Pool #MA4071 | Government National Mortgage Association, Pool #MA4071 | Government National Mortgage Association, Pool #MA4071 | Government National Mortgage Association, Pool #MA4071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/20/46 | 3243355 | 3217924 |
|  Government National Mortgage Association, Pool #MA4129 | Government National Mortgage Association, Pool #MA4129 | Government National Mortgage Association, Pool #MA4129 | Government National Mortgage Association, Pool #MA4129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/20/46 | 10986735 | 10900588 |
|  Government National Mortgage Association, Pool #MA4198 | Government National Mortgage Association, Pool #MA4198 | Government National Mortgage Association, Pool #MA4198 | Government National Mortgage Association, Pool #MA4198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 01/20/47 | 86830 | 86016 |
|  Government National Mortgage Association, Pool #MA4264 | Government National Mortgage Association, Pool #MA4264 | Government National Mortgage Association, Pool #MA4264 | Government National Mortgage Association, Pool #MA4264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 02/20/47 | &nbsp;&nbsp;&nbsp;&nbsp;25725316 | 25484129 |
|  Government National Mortgage Association, Pool #MA4384 | Government National Mortgage Association, Pool #MA4384 | Government National Mortgage Association, Pool #MA4384 | Government National Mortgage Association, Pool #MA4384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/20/47 | 1019650 | 1006696 |
|  Government National Mortgage Association, Pool #MA4453 | Government National Mortgage Association, Pool #MA4453 | Government National Mortgage Association, Pool #MA4453 | Government National Mortgage Association, Pool #MA4453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/20/47 | 56127892 | 55414820 |
|  Government National Mortgage Association, Pool #MA4512 | Government National Mortgage Association, Pool #MA4512 | Government National Mortgage Association, Pool #MA4512 | Government National Mortgage Association, Pool #MA4512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 06/20/47 | 197763 | 195250 |
|  Government National Mortgage Association, Pool #MA4588 | Government National Mortgage Association, Pool #MA4588 | Government National Mortgage Association, Pool #MA4588 | Government National Mortgage Association, Pool #MA4588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/20/47 | 31214 | 30817 |
|  Government National Mortgage Association, Pool #MA5399 | Government National Mortgage Association, Pool #MA5399 | Government National Mortgage Association, Pool #MA5399 | Government National Mortgage Association, Pool #MA5399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/20/48 | 1788592 | 1758346 |
|  Government National Mortgage Association, Pool #MA5467 | Government National Mortgage Association, Pool #MA5467 | Government National Mortgage Association, Pool #MA5467 | Government National Mortgage Association, Pool #MA5467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/20/48 | 16816 | 16532 |
|  Government National Mortgage Association, Pool #4058 | Government National Mortgage Association, Pool #4058 | Government National Mortgage Association, Pool #4058 | Government National Mortgage Association, Pool #4058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 12/20/37 | 326 | 332 |
|  Government National Mortgage Association, Pool #4342 | Government National Mortgage Association, Pool #4342 | Government National Mortgage Association, Pool #4342 | Government National Mortgage Association, Pool #4342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/20/39 | 449 | 457 |
|  Government National Mortgage Association, Pool #4520 | Government National Mortgage Association, Pool #4520 | Government National Mortgage Association, Pool #4520 | Government National Mortgage Association, Pool #4520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 08/20/39 | 8359 | 8522 |
|  Government National Mortgage Association, Pool #MA2374 | Government National Mortgage Association, Pool #MA2374 | Government National Mortgage Association, Pool #MA2374 | Government National Mortgage Association, Pool #MA2374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/20/44 | 126794 | 129249 |
|  Government National Mortgage Association, Pool #MA3524 | Government National Mortgage Association, Pool #MA3524 | Government National Mortgage Association, Pool #MA3524 | Government National Mortgage Association, Pool #MA3524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 03/20/46 | 6436 | 6561 |
|  Government National Mortgage Association, Pool #MA3600 | Government National Mortgage Association, Pool #MA3600 | Government National Mortgage Association, Pool #MA3600 | Government National Mortgage Association, Pool #MA3600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/20/46 | 3478357 | 3545707 |
|  Government National Mortgage Association, Pool #MA3666 | Government National Mortgage Association, Pool #MA3666 | Government National Mortgage Association, Pool #MA3666 | Government National Mortgage Association, Pool #MA3666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/20/46 | 2057967 | 2097815 |
|  Government National Mortgage Association, Pool #MA3739 | Government National Mortgage Association, Pool #MA3739 | Government National Mortgage Association, Pool #MA3739 | Government National Mortgage Association, Pool #MA3739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 06/20/46 | 1290264 | 1315247 |
|  Government National Mortgage Association, Pool #MA3806 | Government National Mortgage Association, Pool #MA3806 | Government National Mortgage Association, Pool #MA3806 | Government National Mortgage Association, Pool #MA3806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 07/20/46 | 93203 | 95018 |
|  Government National Mortgage Association, Pool #MA3877 | Government National Mortgage Association, Pool #MA3877 | Government National Mortgage Association, Pool #MA3877 | Government National Mortgage Association, Pool #MA3877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 08/20/46 | 399559 | 407296 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Government National Mortgage Association, Pool #MA4007 | Government National Mortgage Association, Pool #MA4007 | Government National Mortgage Association, Pool #MA4007 | Government National Mortgage Association, Pool #MA4007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/20/46 | $2236243 | $2279795 |
|  Government National Mortgage Association, Pool #MA4072 | Government National Mortgage Association, Pool #MA4072 | Government National Mortgage Association, Pool #MA4072 | Government National Mortgage Association, Pool #MA4072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/20/46 | 670605 | 683665 |
|  Government National Mortgage Association, Pool #MA4199 | Government National Mortgage Association, Pool #MA4199 | Government National Mortgage Association, Pool #MA4199 | Government National Mortgage Association, Pool #MA4199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/20/47 | 1910611 | 1947821 |
|  Government National Mortgage Association, Pool #MA4265 | Government National Mortgage Association, Pool #MA4265 | Government National Mortgage Association, Pool #MA4265 | Government National Mortgage Association, Pool #MA4265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 02/20/47 | 444017 | 453550 |
|  Government National Mortgage Association, Pool #MA4324 | Government National Mortgage Association, Pool #MA4324 | Government National Mortgage Association, Pool #MA4324 | Government National Mortgage Association, Pool #MA4324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 03/20/47 | 2416528 | 2463318 |
|  Government National Mortgage Association, Pool #MA4385 | Government National Mortgage Association, Pool #MA4385 | Government National Mortgage Association, Pool #MA4385 | Government National Mortgage Association, Pool #MA4385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/20/47 | 4164398 | 4255510 |
|  Government National Mortgage Association, Pool #MA4454 | Government National Mortgage Association, Pool #MA4454 | Government National Mortgage Association, Pool #MA4454 | Government National Mortgage Association, Pool #MA4454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/20/47 | &nbsp;&nbsp;&nbsp;&nbsp;9698496 | 9882177 |
|  Government National Mortgage Association, Pool #MA4513 | Government National Mortgage Association, Pool #MA4513 | Government National Mortgage Association, Pool #MA4513 | Government National Mortgage Association, Pool #MA4513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 06/20/47 | 170654 | 174388 |
|  Government National Mortgage Association, Pool #MA4589 | Government National Mortgage Association, Pool #MA4589 | Government National Mortgage Association, Pool #MA4589 | Government National Mortgage Association, Pool #MA4589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 07/20/47 | 8437492 | 8597291 |
|  Government National Mortgage Association, Pool #MA4655 | Government National Mortgage Association, Pool #MA4655 | Government National Mortgage Association, Pool #MA4655 | Government National Mortgage Association, Pool #MA4655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 08/20/47 | 9472192 | 9651588 |
|  Government National Mortgage Association, Pool #MA4722 | Government National Mortgage Association, Pool #MA4722 | Government National Mortgage Association, Pool #MA4722 | Government National Mortgage Association, Pool #MA4722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 09/20/47 | 180463 | 183012 |
|  Government National Mortgage Association, Pool #MA4781 | Government National Mortgage Association, Pool #MA4781 | Government National Mortgage Association, Pool #MA4781 | Government National Mortgage Association, Pool #MA4781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/20/47 | 2210170 | 2252029 |
|  Government National Mortgage Association, Pool #MA4840 | Government National Mortgage Association, Pool #MA4840 | Government National Mortgage Association, Pool #MA4840 | Government National Mortgage Association, Pool #MA4840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/20/47 | 693867 | 707008 |
|  Government National Mortgage Association, Pool #MA5530 | Government National Mortgage Association, Pool #MA5530 | Government National Mortgage Association, Pool #MA5530 | Government National Mortgage Association, Pool #MA5530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/20/48 | 2653451 | 2674233 |
|  Government National Mortgage Association, Pool #81497 | Government National Mortgage Association, Pool #81497 | Government National Mortgage Association, Pool #81497 | Government National Mortgage Association, Pool #81497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% (1 yr. CMT + 1.500%) *<sup>(2)</sup>* | 10/20/35 | 5924 | 6013 |
|  Government National Mortgage Association, Pool #80968 | Government National Mortgage Association, Pool #80968 | Government National Mortgage Association, Pool #80968 | Government National Mortgage Association, Pool #80968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% (1 yr. CMT + 1.500%) *<sup>(2)</sup>* | 07/20/34 | 3535 | 3587 |
|  Government National Mortgage Association, Pool #81432 | Government National Mortgage Association, Pool #81432 | Government National Mortgage Association, Pool #81432 | Government National Mortgage Association, Pool #81432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% (1 yr. CMT + 1.500%) *<sup>(2)</sup>* | 08/20/35 | 5791 | 5869 |
|  Government National Mortgage Association, Pool #MA9488 | Government National Mortgage Association, Pool #MA9488 | Government National Mortgage Association, Pool #MA9488 | Government National Mortgage Association, Pool #MA9488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 02/20/54 | 76538229 | 77609248 |
|  Government National Mortgage Association, Pool #81267 | Government National Mortgage Association, Pool #81267 | Government National Mortgage Association, Pool #81267 | Government National Mortgage Association, Pool #81267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% (1 yr. CMT + 1.500%) *<sup>(2)</sup>* | 03/20/35 | 5417 | 5436 |
|  Government National Mortgage Association, Pool #2631 | Government National Mortgage Association, Pool #2631 | Government National Mortgage Association, Pool #2631 | Government National Mortgage Association, Pool #2631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 08/20/28 | 248 | 254 |
|  Government National Mortgage Association REMICS Series 2003-86, Class ZK | Government National Mortgage Association REMICS Series 2003-86, Class ZK | Government National Mortgage Association REMICS Series 2003-86, Class ZK | Government National Mortgage Association REMICS Series 2003-86, Class ZK |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 10/20/33 | 1829665 | 1861128 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Government National Mortgage Association REMICS Series 2007-35, Class PY (I/O) (I/F) (PAC) | Government National Mortgage Association REMICS Series 2007-35, Class PY (I/O) (I/F) (PAC) | Government National Mortgage Association REMICS Series 2007-35, Class PY (I/O) (I/F) (PAC) | Government National Mortgage Association REMICS Series 2007-35, Class PY (I/O) (I/F) (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96% (-1 mo. USD Term SOFR + 6.636%) *<sup>(2)</sup>* | 06/16/37 | $4329522 | $461345 |
|  Government National Mortgage Association REMICS Series 2009-106, Class SD (I/O) (I/F) | Government National Mortgage Association REMICS Series 2009-106, Class SD (I/O) (I/F) | Government National Mortgage Association REMICS Series 2009-106, Class SD (I/O) (I/F) | Government National Mortgage Association REMICS Series 2009-106, Class SD (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.46% (-1 mo. USD Term SOFR + 6.136%) *<sup>(2)</sup>* | 03/20/36 | 3582849 | 294265 |
|  Government National Mortgage Association REMICS Series 2009-106, Class XI (I/O) (I//F) | Government National Mortgage Association REMICS Series 2009-106, Class XI (I/O) (I//F) | Government National Mortgage Association REMICS Series 2009-106, Class XI (I/O) (I//F) | Government National Mortgage Association REMICS Series 2009-106, Class XI (I/O) (I//F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01% (-1 mo. USD Term SOFR + 6.686%) *<sup>(2)</sup>* | 05/20/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8890153 | 878653 |
|  Government National Mortgage Association REMICS Series 2009-124, Class SC (I/O) (I/F) | Government National Mortgage Association REMICS Series 2009-124, Class SC (I/O) (I/F) | Government National Mortgage Association REMICS Series 2009-124, Class SC (I/O) (I/F) | Government National Mortgage Association REMICS Series 2009-124, Class SC (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69% (-1 mo. USD Term SOFR + 6.366%) *<sup>(2)</sup>* | 12/20/39 | 1585122 | 167196 |
|  Government National Mortgage Association REMICS Series 2009-66, Class XS (I/O) (I/F) (PAC) | Government National Mortgage Association REMICS Series 2009-66, Class XS (I/O) (I/F) (PAC) | Government National Mortgage Association REMICS Series 2009-66, Class XS (I/O) (I/F) (PAC) | Government National Mortgage Association REMICS Series 2009-66, Class XS (I/O) (I/F) (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01% (-1 mo. USD Term SOFR + 6.686%) *<sup>(2)</sup>* | 07/16/39 | 5578 | 176 |
|  Government National Mortgage Association REMICS Series 2010-4, Class SL (I/O) (I/F) | Government National Mortgage Association REMICS Series 2010-4, Class SL (I/O) (I/F) | Government National Mortgage Association REMICS Series 2010-4, Class SL (I/O) (I/F) | Government National Mortgage Association REMICS Series 2010-4, Class SL (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61% (-1 mo. USD Term SOFR + 6.286%) *<sup>(2)</sup>* | 01/16/40 | 19812 | 1892 |
|  Government National Mortgage Association REMICS Series 2010-4, Class SM (I/O) (I/F) | Government National Mortgage Association REMICS Series 2010-4, Class SM (I/O) (I/F) | Government National Mortgage Association REMICS Series 2010-4, Class SM (I/O) (I/F) | Government National Mortgage Association REMICS Series 2010-4, Class SM (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01% (-1 mo. USD Term SOFR + 5.686%) *<sup>(2)</sup>* | 01/16/40 | 3602188 | 299022 |
|  Government National Mortgage Association REMICS Series 2011-146, Class EI (I/O) (PAC) | Government National Mortgage Association REMICS Series 2011-146, Class EI (I/O) (PAC) | Government National Mortgage Association REMICS Series 2011-146, Class EI (I/O) (PAC) | Government National Mortgage Association REMICS Series 2011-146, Class EI (I/O) (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/16/41 | 46866 | 8305 |
|  Government National Mortgage Association REMICS Series 2014-108, Class PA (PAC) | Government National Mortgage Association REMICS Series 2014-108, Class PA (PAC) | Government National Mortgage Association REMICS Series 2014-108, Class PA (PAC) | Government National Mortgage Association REMICS Series 2014-108, Class PA (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 12/20/39 | 2805977 | 2705804 |
|  Government National Mortgage Association REMICS Series 2018-124, Class NW | Government National Mortgage Association REMICS Series 2018-124, Class NW | Government National Mortgage Association REMICS Series 2018-124, Class NW | Government National Mortgage Association REMICS Series 2018-124, Class NW |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/20/48 | 507878 | 470903 |
|  Government National Mortgage Association REMICS Series 2019-1, Class NP | Government National Mortgage Association REMICS Series 2019-1, Class NP | Government National Mortgage Association REMICS Series 2019-1, Class NP | Government National Mortgage Association REMICS Series 2019-1, Class NP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 01/20/49 | 4495813 | 4199563 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Government National Mortgage Association REMICS Series 2019-119, Class JE (PAC) | Government National Mortgage Association REMICS Series 2019-119, Class JE (PAC) | Government National Mortgage Association REMICS Series 2019-119, Class JE (PAC) | Government National Mortgage Association REMICS Series 2019-119, Class JE (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 09/20/49 | 2996261 | 2674984 |
|  Government National Mortgage Association REMICS Series 2019-15, Class GT | Government National Mortgage Association REMICS Series 2019-15, Class GT | Government National Mortgage Association REMICS Series 2019-15, Class GT | Government National Mortgage Association REMICS Series 2019-15, Class GT |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/20/49 | 5236836 | 4878154 |
|  Government National Mortgage Association REMICS Series 2019-71, Class PT | Government National Mortgage Association REMICS Series 2019-71, Class PT | Government National Mortgage Association REMICS Series 2019-71, Class PT | Government National Mortgage Association REMICS Series 2019-71, Class PT |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/20/49 | 657728 | 584291 |
|  Government National Mortgage Association REMICS Series 2019-86, Class C | Government National Mortgage Association REMICS Series 2019-86, Class C | Government National Mortgage Association REMICS Series 2019-86, Class C | Government National Mortgage Association REMICS Series 2019-86, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/20/49 | 7614881 | 6499123 |
|  Government National Mortgage Association REMICS Series 2019-90, Class HE | Government National Mortgage Association REMICS Series 2019-90, Class HE | Government National Mortgage Association REMICS Series 2019-90, Class HE | Government National Mortgage Association REMICS Series 2019-90, Class HE |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 07/20/49 | 4979670 | 4495272 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(6)</sup>* | 04/21/56 | 400325000 | 344325337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(6)</sup>* | 07/01/55 | 171625000 | 156627807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(6)</sup>* | 06/01/55 | 428775000 | 401392785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(6)</sup>* | 01/01/56 | 133950000 | 132613380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(6)</sup>* | 12/01/55 | 158675000 | 159639744 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(6)</sup>* | 09/01/51 | 112075000 | 90248842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(6)</sup>* | 12/01/51 | 132075000 | 121085948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(6)</sup>* | 12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;773750000 | 709309392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(6)</sup>* | 05/01/55 | 316450000 | 298260454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(6)</sup>* | 05/01/55 | 741975000 | 700011862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(6)</sup>* | 01/01/56 | 602725000 | 581432233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(6)</sup>* | 01/01/56 | 260375000 | 256742769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(6)</sup>* | 12/01/55 | 158475000 | 159226171 |
| **Total Residential Mortgage-Backed<br>Securities — Agency** | **Total Residential Mortgage-Backed<br>Securities — Agency** | **Total Residential Mortgage-Backed<br>Securities — Agency** |  |
|  (Cost: $11,372,224,398) | (Cost: $11,372,224,398) |  | 10935077655 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY**— **3.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY**— **3.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY**— **3.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY**— **3.7%** |
|  AMSR Trust Series 2021-SFR1, Class G | AMSR Trust Series 2021-SFR1, Class G | AMSR Trust Series 2021-SFR1, Class G | AMSR Trust Series 2021-SFR1, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61% *<sup>(1)</sup>* | 06/17/38 | 15250000 | 14839115 |
|  BAMLL Commercial Mortgage Securities Trust Series 2018-PARK, Class A | BAMLL Commercial Mortgage Securities Trust Series 2018-PARK, Class A | BAMLL Commercial Mortgage Securities Trust Series 2018-PARK, Class A | BAMLL Commercial Mortgage Securities Trust Series 2018-PARK, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% *<sup>(1),(7),(8)</sup>* | 08/10/38 | 122930000 | 120294479 |
|  BGME Trust Series 2021-VR, Class A | BGME Trust Series 2021-VR, Class A | BGME Trust Series 2021-VR, Class A | BGME Trust Series 2021-VR, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99% *<sup>(1),(7)</sup>* | 01/10/43 | 20000000 | 17453444 |
|  BGME Trust Series 2021-VR, Class B | BGME Trust Series 2021-VR, Class B | BGME Trust Series 2021-VR, Class B | BGME Trust Series 2021-VR, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99% *<sup>(1),(7)</sup>* | 01/10/43 | 32137000 | 26982685 |
|  BX Commercial Mortgage Trust Series 2020-VIV4, Class A | BX Commercial Mortgage Trust Series 2020-VIV4, Class A | BX Commercial Mortgage Trust Series 2020-VIV4, Class A | BX Commercial Mortgage Trust Series 2020-VIV4, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84% *<sup>(1)</sup>* | 03/09/44 | 130165000 | 120703267 |
|  BX Trust Series 2019-OC11, Class A | BX Trust Series 2019-OC11, Class A | BX Trust Series 2019-OC11, Class A | BX Trust Series 2019-OC11, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20% *<sup>(1)</sup>* | 12/09/41 | 42270000 | 39943108 |
|  BXHPP Trust Series 2021-FILM, Class D | BXHPP Trust Series 2021-FILM, Class D | BXHPP Trust Series 2021-FILM, Class D | BXHPP Trust Series 2021-FILM, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29% (1 mo. USD Term SOFR + 1.614%) *<sup>(1),(2)</sup>* | 08/15/36 | 11500000 | 9943188 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  CALI Mortgage Trust Series 2019-101C, Class XA (I/O) | CALI Mortgage Trust Series 2019-101C, Class XA (I/O) | CALI Mortgage Trust Series 2019-101C, Class XA (I/O) | CALI Mortgage Trust Series 2019-101C, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30% *<sup>(1),(7)</sup>* | 03/10/39 | $272551000 | $2240901 |
|  Century Plaza Towers Series 2019-CPT, Class A | Century Plaza Towers Series 2019-CPT, Class A | Century Plaza Towers Series 2019-CPT, Class A | Century Plaza Towers Series 2019-CPT, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87% *<sup>(1)</sup>* | 11/13/39 | 27645000 | 25561347 |
|  Citigroup Commercial Mortgage Trust Series 2020-555, Class A | Citigroup Commercial Mortgage Trust Series 2020-555, Class A | Citigroup Commercial Mortgage Trust Series 2020-555, Class A | Citigroup Commercial Mortgage Trust Series 2020-555, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% *<sup>(1)</sup>* | 12/10/41 | 5000000 | 4533103 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% *<sup>(7)</sup>* | 03/10/27 | 83029534 | 83145776 |
|  DC Office Trust Series 2019-MTC, Class A | DC Office Trust Series 2019-MTC, Class A | DC Office Trust Series 2019-MTC, Class A | DC Office Trust Series 2019-MTC, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97% *<sup>(1)</sup>* | 09/15/45 | 31135000 | 28114236 |
|  FirstKey Homes Trust Series 2021-SFR1, Class F1 | FirstKey Homes Trust Series 2021-SFR1, Class F1 | FirstKey Homes Trust Series 2021-SFR1, Class F1 | FirstKey Homes Trust Series 2021-SFR1, Class F1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24% *<sup>(1)</sup>* | 08/17/38 | 12416000 | 12300920 |
|  FirstKey Homes Trust Series 2021-SFR2, Class F1 | FirstKey Homes Trust Series 2021-SFR2, Class F1 | FirstKey Homes Trust Series 2021-SFR2, Class F1 | FirstKey Homes Trust Series 2021-SFR2, Class F1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91% *<sup>(1)</sup>* | 09/17/38 | 12677000 | 12509779 |
|  Hudson Yards Mortgage Trust Series 2019-30HY, Class A | Hudson Yards Mortgage Trust Series 2019-30HY, Class A | Hudson Yards Mortgage Trust Series 2019-30HY, Class A | Hudson Yards Mortgage Trust Series 2019-30HY, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23% *<sup>(1)</sup>* | 07/10/39 | 84915000 | 80769178 |
|  Hudson Yards Mortgage Trust Series 2019-55HY, Class A | Hudson Yards Mortgage Trust Series 2019-55HY, Class A | Hudson Yards Mortgage Trust Series 2019-55HY, Class A | Hudson Yards Mortgage Trust Series 2019-55HY, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% *<sup>(1),(7)</sup>* | 12/10/41 | 81025000 | 75844885 |
|  MF1 Ltd. Series 2022-FL8, Class A | MF1 Ltd. Series 2022-FL8, Class A | MF1 Ltd. Series 2022-FL8, Class A | MF1 Ltd. Series 2022-FL8, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.03% (1 mo. USD Term SOFR + 1.350%) *<sup>(1),(2)</sup>* | 02/19/37 | 9372366 | 9373966 |
|  MKT Mortgage Trust Series 2020-525M, Class A | MKT Mortgage Trust Series 2020-525M, Class A | MKT Mortgage Trust Series 2020-525M, Class A | MKT Mortgage Trust Series 2020-525M, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69% *<sup>(1)</sup>* | 02/12/40 | 8500000 | 7685445 |
|  One Bryant Park Trust Series 2019-OBP, Class A | One Bryant Park Trust Series 2019-OBP, Class A | One Bryant Park Trust Series 2019-OBP, Class A | One Bryant Park Trust Series 2019-OBP, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% *<sup>(1)</sup>* | 09/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;128310000 | 118654377 |
|  Progress Residential Trust Series 2021-SFR3, Class E1 | Progress Residential Trust Series 2021-SFR3, Class E1 | Progress Residential Trust Series 2021-SFR3, Class E1 | Progress Residential Trust Series 2021-SFR3, Class E1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54% *<sup>(1)</sup>* | 05/17/26 | 3055000 | 3042882 |
|  Progress Residential Trust Series 2021-SFR3, Class G | Progress Residential Trust Series 2021-SFR3, Class G | Progress Residential Trust Series 2021-SFR3, Class G | Progress Residential Trust Series 2021-SFR3, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% *<sup>(1)</sup>* | 05/17/26 | 3190000 | 3177874 |
|  Progress Residential Trust Series 2021-SFR6, Class E2 | Progress Residential Trust Series 2021-SFR6, Class E2 | Progress Residential Trust Series 2021-SFR6, Class E2 | Progress Residential Trust Series 2021-SFR6, Class E2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53% *<sup>(1)</sup>* | 07/17/38 | 3973000 | 3942049 |
|  Progress Residential Trust Series 2021-SFR6, Class F | Progress Residential Trust Series 2021-SFR6, Class F | Progress Residential Trust Series 2021-SFR6, Class F | Progress Residential Trust Series 2021-SFR6, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42% *<sup>(1)</sup>* | 07/17/38 | 10437000 | 10371520 |
|  Progress Residential Trust Series 2021-SFR6, Class G | Progress Residential Trust Series 2021-SFR6, Class G | Progress Residential Trust Series 2021-SFR6, Class G | Progress Residential Trust Series 2021-SFR6, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(1)</sup>* | 07/17/38 | 8896000 | 8840361 |
|  Progress Residential Trust Series 2021-SFR7, Class F | Progress Residential Trust Series 2021-SFR7, Class F | Progress Residential Trust Series 2021-SFR7, Class F | Progress Residential Trust Series 2021-SFR7, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83% *<sup>(1)</sup>* | 08/17/40 | 23777000 | 22486006 |
|  Progress Residential Trust Series 2021-SFR8, Class E1 | Progress Residential Trust Series 2021-SFR8, Class E1 | Progress Residential Trust Series 2021-SFR8, Class E1 | Progress Residential Trust Series 2021-SFR8, Class E1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% *<sup>(1)</sup>* | 10/17/38 | 17400000 | 17151284 |
|  Progress Residential Trust Series 2021-SFR8, Class E2 | Progress Residential Trust Series 2021-SFR8, Class E2 | Progress Residential Trust Series 2021-SFR8, Class E2 | Progress Residential Trust Series 2021-SFR8, Class E2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53% *<sup>(1)</sup>* | 10/17/38 | 13425000 | 13236143 |
|  Progress Residential Trust Series 2021-SFR8, Class F | Progress Residential Trust Series 2021-SFR8, Class F | Progress Residential Trust Series 2021-SFR8, Class F | Progress Residential Trust Series 2021-SFR8, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18% *<sup>(1)</sup>* | 10/17/38 | 61665000 | 60873036 |
|  Progress Residential Trust Series 2021-SFR8, Class G | Progress Residential Trust Series 2021-SFR8, Class G | Progress Residential Trust Series 2021-SFR8, Class G | Progress Residential Trust Series 2021-SFR8, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01% *<sup>(1)</sup>* | 10/17/38 | 19482000 | 19247941 |
|  SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A1 | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A1 | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A1 | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87% *<sup>(1),(7)</sup>* | 01/05/43 | 56465000 | 48547647 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14% *<sup>(1),(7)</sup>* | 01/05/43 | 8710000 | 7560142 |
|  SHOW Trust Series 2022-BIZ, Class A | SHOW Trust Series 2022-BIZ, Class A | SHOW Trust Series 2022-BIZ, Class A | SHOW Trust Series 2022-BIZ, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65% (1 mo. USD Term SOFR + 2.984%) *<sup>(1),(2),(8)</sup>* | 01/15/27 | 68000000 | 36707223 |
|  SREIT Trust Series 2021-PALM, Class G | SREIT Trust Series 2021-PALM, Class G | SREIT Trust Series 2021-PALM, Class G | SREIT Trust Series 2021-PALM, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40% (1 mo. USD Term SOFR + 3.731%) *<sup>(1),(2)</sup>* | 10/15/34 | 40000000 | 40088624 |
| **Total Commercial Mortgage-Backed Securities<br>— Non-Agency** | **Total Commercial Mortgage-Backed Securities<br>— Non-Agency** | **Total Commercial Mortgage-Backed Securities<br>— Non-Agency** | **Total Commercial Mortgage-Backed Securities<br>— Non-Agency** |
|  (Cost: $1,181,718,138) | (Cost: $1,181,718,138) |  | 1106165931 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY —0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY —0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY —0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY —0.8%** |
|  Government National Mortgage Association Series 2020-193 (I/O) | Government National Mortgage Association Series 2020-193 (I/O) | Government National Mortgage Association Series 2020-193 (I/O) | Government National Mortgage Association Series 2020-193 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.78% *<sup>(7)</sup>* | 09/16/62 | 529325825 | 27451896 |
|  Government National Mortgage Association Series 2021-10 (I/O) | Government National Mortgage Association Series 2021-10 (I/O) | Government National Mortgage Association Series 2021-10 (I/O) | Government National Mortgage Association Series 2021-10 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99% *<sup>(7)</sup>* | 05/16/63 | 57749646 | 4364406 |
|  Government National Mortgage Association Series 2021-150 (I/O) | Government National Mortgage Association Series 2021-150 (I/O) | Government National Mortgage Association Series 2021-150 (I/O) | Government National Mortgage Association Series 2021-150 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04% *<sup>(7)</sup>* | 11/16/63 | 30924857 | 2414171 |
|  Government National Mortgage Association Series 2021-17 (I/O) | Government National Mortgage Association Series 2021-17 (I/O) | Government National Mortgage Association Series 2021-17 (I/O) | Government National Mortgage Association Series 2021-17 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05% *<sup>(7)</sup>* | 01/16/61 | 125002626 | 9699529 |
|  Government National Mortgage Association Series 2021-2, Class AH | Government National Mortgage Association Series 2021-2, Class AH | Government National Mortgage Association Series 2021-2, Class AH | Government National Mortgage Association Series 2021-2, Class AH |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% | 06/16/63 | 92194270 | 68551723 |
|  Government National Mortgage Association Series 2021-21, Class AH | Government National Mortgage Association Series 2021-21, Class AH | Government National Mortgage Association Series 2021-21, Class AH | Government National Mortgage Association Series 2021-21, Class AH |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40% | 06/16/63 | 64529432 | 49020474 |
|  Government National Mortgage Association Series 2021-31 (I/O) | Government National Mortgage Association Series 2021-31 (I/O) | Government National Mortgage Association Series 2021-31 (I/O) | Government National Mortgage Association Series 2021-31 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.94% *<sup>(7)</sup>* | 01/16/61 | 107280181 | 7365471 |
|  Government National Mortgage Association Series 2021-31, Class B | Government National Mortgage Association Series 2021-31, Class B | Government National Mortgage Association Series 2021-31, Class B | Government National Mortgage Association Series 2021-31, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% | 01/16/61 | 70152298 | 51233079 |
|  Government National Mortgage Association Series 2022-32 (I/O) | Government National Mortgage Association Series 2022-32 (I/O) | Government National Mortgage Association Series 2022-32 (I/O) | Government National Mortgage Association Series 2022-32 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.53% *<sup>(7)</sup>* | 02/01/62 | &nbsp;&nbsp;&nbsp;&nbsp;259919931 | 9120044 |
| **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** |
|  (Cost: $252,106,056) | (Cost: $252,106,056) |  | 229220793 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY**—**9.3%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY**—**9.3%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY**—**9.3%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY**—**9.3%** |
|  Aames Mortgage Trust Series 2002-1, Class A3 | Aames Mortgage Trust Series 2002-1, Class A3 | Aames Mortgage Trust Series 2002-1, Class A3 | Aames Mortgage Trust Series 2002-1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40% | 06/25/32 | 12657 | 12282 |
|  ABFC Trust Series 2006-OPT3, Class A3B | ABFC Trust Series 2006-OPT3, Class A3B | ABFC Trust Series 2006-OPT3, Class A3B | ABFC Trust Series 2006-OPT3, Class A3B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% (1 mo. USD Term SOFR + 0.434%) *<sup>(2)</sup>* | 11/25/36 | 36582126 | 14731373 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  ABFC Trust Series 2007-WMC1, Class A2A | ABFC Trust Series 2007-WMC1, Class A2A | ABFC Trust Series 2007-WMC1, Class A2A | ABFC Trust Series 2007-WMC1, Class A2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54% (1 mo. USD Term SOFR + 0.864%) *<sup>(2)</sup>* | 06/25/37 | $18009937 | $15484405 |
|  ABFC Trust Series 2007-WMC1, Class A2B | ABFC Trust Series 2007-WMC1, Class A2B | ABFC Trust Series 2007-WMC1, Class A2B | ABFC Trust Series 2007-WMC1, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79% (1 mo. USD Term SOFR + 1.114%) *<sup>(2)</sup>* | 06/25/37 | 13156890 | 11311604 |
|  ACE Securities Corp. Home Equity Loan Trust Series 2004-IN1, Class A1 | ACE Securities Corp. Home Equity Loan Trust Series 2004-IN1, Class A1 | ACE Securities Corp. Home Equity Loan Trust Series 2004-IN1, Class A1 | ACE Securities Corp. Home Equity Loan Trust Series 2004-IN1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43% (1 mo. USD Term SOFR + 0.754%) *<sup>(2)</sup>* | 05/25/34 | 98706 | 94180 |
|  ACE Securities Corp. Home Equity Loan Trust Series 2006-HE3, Class A2C | ACE Securities Corp. Home Equity Loan Trust Series 2006-HE3, Class A2C | ACE Securities Corp. Home Equity Loan Trust Series 2006-HE3, Class A2C | ACE Securities Corp. Home Equity Loan Trust Series 2006-HE3, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% (1 mo. USD Term SOFR + 0.414%) *<sup>(2)</sup>* | 06/25/36 | 2002897 | 1488612 |
|  ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP2, Class A1 | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP2, Class A1 | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP2, Class A1 | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17% (1 mo. USD Term SOFR + 0.494%) *<sup>(2)</sup>* | 06/25/37 | 21872001 | 16038686 |
|  Adjustable Rate Mortgage Trust Series 2005-10, Class 6A1 | Adjustable Rate Mortgage Trust Series 2005-10, Class 6A1 | Adjustable Rate Mortgage Trust Series 2005-10, Class 6A1 | Adjustable Rate Mortgage Trust Series 2005-10, Class 6A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33% (1 mo. USD Term SOFR + 0.654%) *<sup>(2)</sup>* | 01/25/36 | 110439 | 105915 |
|  Adjustable Rate Mortgage Trust Series 2007-3, Class 2A1 | Adjustable Rate Mortgage Trust Series 2007-3, Class 2A1 | Adjustable Rate Mortgage Trust Series 2007-3, Class 2A1 | Adjustable Rate Mortgage Trust Series 2007-3, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02% *<sup>(1),(7)</sup>* | 11/25/37 | 24102601 | 15150970 |
|  Ajax Mortgage Loan Trust Series 2019-F, Class A1 | Ajax Mortgage Loan Trust Series 2019-F, Class A1 | Ajax Mortgage Loan Trust Series 2019-F, Class A1 | Ajax Mortgage Loan Trust Series 2019-F, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.86% *<sup>(1)</sup>* | 07/25/59 | 55037 | 53854 |
|  American Home Mortgage Assets Trust Series 2006-3, Class 2A1 | American Home Mortgage Assets Trust Series 2006-3, Class 2A1 | American Home Mortgage Assets Trust Series 2006-3, Class 2A1 | American Home Mortgage Assets Trust Series 2006-3, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01% (1 yr. MTA + 1.150%) *<sup>(2)</sup>* | 10/25/46 | &nbsp;&nbsp;&nbsp;&nbsp;27860137 | 18405279 |
|  American Home Mortgage Assets Trust Series 2007-1, Class A1 | American Home Mortgage Assets Trust Series 2007-1, Class A1 | American Home Mortgage Assets Trust Series 2007-1, Class A1 | American Home Mortgage Assets Trust Series 2007-1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56% (1 yr. MTA + 0.700%) *<sup>(2)</sup>* | 02/25/47 | 42819441 | 14450761 |
|  American Home Mortgage Assets Trust Series 2007-2, Class A1 | American Home Mortgage Assets Trust Series 2007-2, Class A1 | American Home Mortgage Assets Trust Series 2007-2, Class A1 | American Home Mortgage Assets Trust Series 2007-2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92% (1 mo. USD Term SOFR + 0.239%) *<sup>(2)</sup>* | 03/25/47 | 18490787 | 16854526 |
|  American Home Mortgage Investment Trust Series 2004-3, Class 2A | American Home Mortgage Investment Trust Series 2004-3, Class 2A | American Home Mortgage Investment Trust Series 2004-3, Class 2A | American Home Mortgage Investment Trust Series 2004-3, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54% (6 mo. USD Term SOFR + 1.928%) *<sup>(2)</sup>* | 10/25/34 | 715622 | 714010 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W2, Class M1 | Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W2, Class M1 | Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W2, Class M1 | Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W2, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.53% (1 mo. USD Term SOFR + 0.849%) *<sup>(2)</sup>* | 10/25/35 | $2998 | $2994 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W3, Class M1 | Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W3, Class M1 | Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W3, Class M1 | Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W3, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% (1 mo. USD Term SOFR + 0.774%) *<sup>(2)</sup>* | 11/25/35 | 4748042 | 4674754 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust Series 2006-HE6, Class A5 | Asset-Backed Securities Corp. Home Equity Loan Trust Series 2006-HE6, Class A5 | Asset-Backed Securities Corp. Home Equity Loan Trust Series 2006-HE6, Class A5 | Asset-Backed Securities Corp. Home Equity Loan Trust Series 2006-HE6, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% (1 mo. USD Term SOFR + 0.574%) *<sup>(2)</sup>* | 11/25/36 | 7497167 | 7392191 |
|  Banc of America Funding Trust Series 2003-2, Class 1A1 | Banc of America Funding Trust Series 2003-2, Class 1A1 | Banc of America Funding Trust Series 2003-2, Class 1A1 | Banc of America Funding Trust Series 2003-2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 06/25/32 | 9095 | 9217 |
|  Banc of America Funding Trust Series 2006-D, Class 3A1 | Banc of America Funding Trust Series 2006-D, Class 3A1 | Banc of America Funding Trust Series 2006-D, Class 3A1 | Banc of America Funding Trust Series 2006-D, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% *<sup>(7)</sup>* | 05/20/36 | 1956662 | 1768556 |
|  Banc of America Funding Trust Series 2006-E, Class 2A1 | Banc of America Funding Trust Series 2006-E, Class 2A1 | Banc of America Funding Trust Series 2006-E, Class 2A1 | Banc of America Funding Trust Series 2006-E, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.48% *<sup>(7)</sup>* | 06/20/36 | 18611 | 16860 |
|  Banc of America Funding Trust Series 2006-H, Class 3A1 | Banc of America Funding Trust Series 2006-H, Class 3A1 | Banc of America Funding Trust Series 2006-H, Class 3A1 | Banc of America Funding Trust Series 2006-H, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06% *<sup>(7)</sup>* | 09/20/46 | 374796 | 324949 |
|  Banc of America Mortgage Trust Series 2004-F, Class 1A1 | Banc of America Mortgage Trust Series 2004-F, Class 1A1 | Banc of America Mortgage Trust Series 2004-F, Class 1A1 | Banc of America Mortgage Trust Series 2004-F, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% *<sup>(7)</sup>* | 07/25/34 | 10569 | 10236 |
|  Banc of America Mortgage Trust Series 2005-C, Class 2A2 | Banc of America Mortgage Trust Series 2005-C, Class 2A2 | Banc of America Mortgage Trust Series 2005-C, Class 2A2 | Banc of America Mortgage Trust Series 2005-C, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.79% *<sup>(7)</sup>* | 04/25/35 | 59597 | 59268 |
|  Banc of America Mortgage Trust Series 2007-1, Class 1A2 | Banc of America Mortgage Trust Series 2007-1, Class 1A2 | Banc of America Mortgage Trust Series 2007-1, Class 1A2 | Banc of America Mortgage Trust Series 2007-1, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 03/25/37 | 293382 | 251582 |
|  Banc of America Mortgage Trust Series 2007-3, Class 1A1 | Banc of America Mortgage Trust Series 2007-3, Class 1A1 | Banc of America Mortgage Trust Series 2007-3, Class 1A1 | Banc of America Mortgage Trust Series 2007-3, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 09/25/37 | 104563 | 86423 |
|  BCAP LLC Trust Series 2007-AA2, Class 2A5 | BCAP LLC Trust Series 2007-AA2, Class 2A5 | BCAP LLC Trust Series 2007-AA2, Class 2A5 | BCAP LLC Trust Series 2007-AA2, Class 2A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 04/25/37 | 201933 | 85886 |
|  BCAP LLC Trust Series 2007-AA5, Class A1 | BCAP LLC Trust Series 2007-AA5, Class A1 | BCAP LLC Trust Series 2007-AA5, Class A1 | BCAP LLC Trust Series 2007-AA5, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% (1 mo. USD Term SOFR + 1.414%) *<sup>(2)</sup>* | 09/25/47 | &nbsp;&nbsp;&nbsp;&nbsp;10099237 | 9159684 |
|  Bear Stearns ALT-A Trust Series 2005-4, Class 22A | Bear Stearns ALT-A Trust Series 2005-4, Class 22A | Bear Stearns ALT-A Trust Series 2005-4, Class 22A | Bear Stearns ALT-A Trust Series 2005-4, Class 22A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67% *<sup>(7)</sup>* | 05/25/35 | 4729 | 4639 |
|  Bear Stearns ALT-A Trust Series 2006-4, Class 32A1 | Bear Stearns ALT-A Trust Series 2006-4, Class 32A1 | Bear Stearns ALT-A Trust Series 2006-4, Class 32A1 | Bear Stearns ALT-A Trust Series 2006-4, Class 32A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% *<sup>(7)</sup>* | 07/25/36 | 1172617 | 474042 |
|  Bear Stearns ARM Trust Series 2004-10, Class 14A | Bear Stearns ARM Trust Series 2004-10, Class 14A | Bear Stearns ARM Trust Series 2004-10, Class 14A | Bear Stearns ARM Trust Series 2004-10, Class 14A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% *<sup>(7)</sup>* | 01/25/35 | 1436789 | 1413094 |
|  Bear Stearns ARM Trust Series 2006-4, Class 2A1 | Bear Stearns ARM Trust Series 2006-4, Class 2A1 | Bear Stearns ARM Trust Series 2006-4, Class 2A1 | Bear Stearns ARM Trust Series 2006-4, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06% *<sup>(7)</sup>* | 10/25/36 | 132727 | 112540 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Bear Stearns Asset-Backed Securities I Trust Series 2005-AC5, Class 2A3 | Bear Stearns Asset-Backed Securities I Trust Series 2005-AC5, Class 2A3 | Bear Stearns Asset-Backed Securities I Trust Series 2005-AC5, Class 2A3 | Bear Stearns Asset-Backed Securities I Trust Series 2005-AC5, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04% (1 mo. USD Term SOFR + 0.364%) *<sup>(2)</sup>* | 08/25/49 | $831221 | $477728 |
|  Bear Stearns Asset-Backed Securities I Trust Series 2006-AC2, Class 21A (PAC) | Bear Stearns Asset-Backed Securities I Trust Series 2006-AC2, Class 21A (PAC) | Bear Stearns Asset-Backed Securities I Trust Series 2006-AC2, Class 21A (PAC) | Bear Stearns Asset-Backed Securities I Trust Series 2006-AC2, Class 21A (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 03/25/36 | 30926 | 30871 |
|  Bear Stearns Asset-Backed Securities I Trust Series 2006-HE9, Class 3A | Bear Stearns Asset-Backed Securities I Trust Series 2006-HE9, Class 3A | Bear Stearns Asset-Backed Securities I Trust Series 2006-HE9, Class 3A | Bear Stearns Asset-Backed Securities I Trust Series 2006-HE9, Class 3A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% (1 mo. USD Term SOFR + 0.394%) *<sup>(2)</sup>* | 11/25/36 | 1224507 | 1211947 |
|  Bear Stearns Asset-Backed Securities I Trust Series 2007-AC1, Class A3 | Bear Stearns Asset-Backed Securities I Trust Series 2007-AC1, Class A3 | Bear Stearns Asset-Backed Securities I Trust Series 2007-AC1, Class A3 | Bear Stearns Asset-Backed Securities I Trust Series 2007-AC1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% | 02/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;24175528 | 22859833 |
|  Bear Stearns Asset-Backed Securities Trust Series 2003-AC7, Class A1 | Bear Stearns Asset-Backed Securities Trust Series 2003-AC7, Class A1 | Bear Stearns Asset-Backed Securities Trust Series 2003-AC7, Class A1 | Bear Stearns Asset-Backed Securities Trust Series 2003-AC7, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 01/25/34 | 320425 | 262804 |
|  Bear Stearns Asset-Backed Securities Trust Series 2003-AC7, Class A2 | Bear Stearns Asset-Backed Securities Trust Series 2003-AC7, Class A2 | Bear Stearns Asset-Backed Securities Trust Series 2003-AC7, Class A2 | Bear Stearns Asset-Backed Securities Trust Series 2003-AC7, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 01/25/34 | 288885 | 236883 |
|  Bear Stearns Mortgage Funding Trust Series 2006-AR3, Class 1A1 | Bear Stearns Mortgage Funding Trust Series 2006-AR3, Class 1A1 | Bear Stearns Mortgage Funding Trust Series 2006-AR3, Class 1A1 | Bear Stearns Mortgage Funding Trust Series 2006-AR3, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% (1 mo. USD Term SOFR + 0.474%) *<sup>(2)</sup>* | 10/25/36 | 752546 | 673876 |
|  Bear Stearns Mortgage Funding Trust Series 2006-AR5, Class 1A1 | Bear Stearns Mortgage Funding Trust Series 2006-AR5, Class 1A1 | Bear Stearns Mortgage Funding Trust Series 2006-AR5, Class 1A1 | Bear Stearns Mortgage Funding Trust Series 2006-AR5, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% (1 mo. USD Term SOFR + 0.434%) *<sup>(2)</sup>* | 12/25/46 | 10982166 | 9871265 |
|  Bear Stearns Mortgage Funding Trust Series 2007-AR5, Class 1A1 | Bear Stearns Mortgage Funding Trust Series 2007-AR5, Class 1A1 | Bear Stearns Mortgage Funding Trust Series 2007-AR5, Class 1A1 | Bear Stearns Mortgage Funding Trust Series 2007-AR5, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% (1 mo. USD Term SOFR + 0.454%) *<sup>(2)</sup>* | 06/25/47 | 1642659 | 1465433 |
|  C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46% | 02/25/37 | 19691107 | 11233396 |
|  C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2D | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2D | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2D | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46% | 02/25/37 | 14416822 | 8224519 |
|  C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2E | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2E | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2E | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2E |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46% | 02/25/37 | 2621677 | 1495616 |
|  C-BASS Trust Series 2006-CB7, Class A1 | C-BASS Trust Series 2006-CB7, Class A1 | C-BASS Trust Series 2006-CB7, Class A1 | C-BASS Trust Series 2006-CB7, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% (1 mo. USD Term SOFR + 0.394%) *<sup>(2)</sup>* | 10/25/36 | 28369459 | 20863394 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  C-BASS Trust Series 2006-CB9, Class A3 | C-BASS Trust Series 2006-CB9, Class A3 | C-BASS Trust Series 2006-CB9, Class A3 | C-BASS Trust Series 2006-CB9, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% (1 mo. USD Term SOFR + 0.414%) *<sup>(2)</sup>* | 11/25/36 | $20673108 | $9576823 |
|  C-BASS Trust Series 2007-CB1, Class AF4 | C-BASS Trust Series 2007-CB1, Class AF4 | C-BASS Trust Series 2007-CB1, Class AF4 | C-BASS Trust Series 2007-CB1, Class AF4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08% | 01/25/37 | 5629835 | 1528044 |
|  C-BASS Trust Series 2007-CB1, Class AF5 | C-BASS Trust Series 2007-CB1, Class AF5 | C-BASS Trust Series 2007-CB1, Class AF5 | C-BASS Trust Series 2007-CB1, Class AF5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08% | 01/25/37 | 10579800 | 2870603 |
|  C-BASS Trust Series 2007-CB5, Class A2 | C-BASS Trust Series 2007-CB5, Class A2 | C-BASS Trust Series 2007-CB5, Class A2 | C-BASS Trust Series 2007-CB5, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21% (1 mo. USD Term SOFR + 0.454%) *<sup>(2)</sup>* | 04/25/37 | 17359352 | 10376685 |
|  Carrington Mortgage Loan Trust Series 2006-NC3, Class A4 | Carrington Mortgage Loan Trust Series 2006-NC3, Class A4 | Carrington Mortgage Loan Trust Series 2006-NC3, Class A4 | Carrington Mortgage Loan Trust Series 2006-NC3, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.594%) *<sup>(2)</sup>* | 08/25/36 | 46429000 | 39863888 |
|  Carrington Mortgage Loan Trust Series 2007-RFC1, Class A4 | Carrington Mortgage Loan Trust Series 2007-RFC1, Class A4 | Carrington Mortgage Loan Trust Series 2007-RFC1, Class A4 | Carrington Mortgage Loan Trust Series 2007-RFC1, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% (1 mo. USD Term SOFR + 0.554%) *<sup>(2)</sup>* | 10/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;22415000 | 20295868 |
|  Chase Funding Trust Series 2003-5, Class 2A2 | Chase Funding Trust Series 2003-5, Class 2A2 | Chase Funding Trust Series 2003-5, Class 2A2 | Chase Funding Trust Series 2003-5, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% (1 mo. USD Term SOFR + 0.714%) *<sup>(2)</sup>* | 07/25/33 | 1752 | 1761 |
|  Chase Funding Trust Series 2004-2, Class 2A2 | Chase Funding Trust Series 2004-2, Class 2A2 | Chase Funding Trust Series 2004-2, Class 2A2 | Chase Funding Trust Series 2004-2, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.614%) *<sup>(2)</sup>* | 02/26/35 | 2204 | 2133 |
|  Chase Mortgage Finance Trust Series 2006-A1, Class 1A2 | Chase Mortgage Finance Trust Series 2006-A1, Class 1A2 | Chase Mortgage Finance Trust Series 2006-A1, Class 1A2 | Chase Mortgage Finance Trust Series 2006-A1, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03% <sup>(7)</sup> | 09/25/36 | 254963 | 229113 |
|  Chase Mortgage Finance Trust Series 2006-S3, Class 2A1 | Chase Mortgage Finance Trust Series 2006-S3, Class 2A1 | Chase Mortgage Finance Trust Series 2006-S3, Class 2A1 | Chase Mortgage Finance Trust Series 2006-S3, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 11/25/21 | 1301032 | 106008 |
|  Chase Mortgage Finance Trust Series 2007-A2, Class 2A3 | Chase Mortgage Finance Trust Series 2007-A2, Class 2A3 | Chase Mortgage Finance Trust Series 2007-A2, Class 2A3 | Chase Mortgage Finance Trust Series 2007-A2, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% *<sup>(7)</sup>* | 06/25/35 | 404136 | 407886 |
|  ChaseFlex Trust Series 2006-2, Class A2B | ChaseFlex Trust Series 2006-2, Class A2B | ChaseFlex Trust Series 2006-2, Class A2B | ChaseFlex Trust Series 2006-2, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99% (1 mo. USD Term SOFR + 0.314%) *<sup>(2)</sup>* | 09/25/36 | 3240055 | 2743048 |
|  CHL Mortgage Pass-Through Trust Series 2001-HYB1, Class 1A1 | CHL Mortgage Pass-Through Trust Series 2001-HYB1, Class 1A1 | CHL Mortgage Pass-Through Trust Series 2001-HYB1, Class 1A1 | CHL Mortgage Pass-Through Trust Series 2001-HYB1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(7)</sup>* | 06/19/31 | 3334 | 3317 |
|  CHL Mortgage Pass-Through Trust Series 2004-14, Class 4A1 | CHL Mortgage Pass-Through Trust Series 2004-14, Class 4A1 | CHL Mortgage Pass-Through Trust Series 2004-14, Class 4A1 | CHL Mortgage Pass-Through Trust Series 2004-14, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% *<sup>(7)</sup>* | 08/25/34 | 400274 | 380422 |
|  CHL Mortgage Pass-Through Trust Series 2004-25, Class 1A1 | CHL Mortgage Pass-Through Trust Series 2004-25, Class 1A1 | CHL Mortgage Pass-Through Trust Series 2004-25, Class 1A1 | CHL Mortgage Pass-Through Trust Series 2004-25, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% (1 mo. USD Term SOFR + 0.774%) *<sup>(2)</sup>* | 02/25/35 | 46598 | 44347 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  CHL Mortgage Pass-Through Trust Series 2004-7, Class 2A1 | CHL Mortgage Pass-Through Trust Series 2004-7, Class 2A1 | CHL Mortgage Pass-Through Trust Series 2004-7, Class 2A1 | CHL Mortgage Pass-Through Trust Series 2004-7, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.23% *<sup>(7)</sup>* | 06/25/34 | $30890 | $28657 |
|  CHL Mortgage Pass-Through Trust Series 2004-HYB3, Class 1A | CHL Mortgage Pass-Through Trust Series 2004-HYB3, Class 1A | CHL Mortgage Pass-Through Trust Series 2004-HYB3, Class 1A | CHL Mortgage Pass-Through Trust Series 2004-HYB3, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.52% *<sup>(7)</sup>* | 06/20/34 | 3610 | 3576 |
|  CHL Mortgage Pass-Through Trust Series 2004-HYB4, Class 2A1 | CHL Mortgage Pass-Through Trust Series 2004-HYB4, Class 2A1 | CHL Mortgage Pass-Through Trust Series 2004-HYB4, Class 2A1 | CHL Mortgage Pass-Through Trust Series 2004-HYB4, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.16% *<sup>(7)</sup>* | 09/20/34 | 294654 | 287673 |
|  CHL Mortgage Pass-Through Trust Series 2005-11, Class 1A2 | CHL Mortgage Pass-Through Trust Series 2005-11, Class 1A2 | CHL Mortgage Pass-Through Trust Series 2005-11, Class 1A2 | CHL Mortgage Pass-Through Trust Series 2005-11, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49% *<sup>(7)</sup>* | 04/25/35 | 183977 | 171878 |
|  CHL Mortgage Pass-Through Trust Series 2007-HY5, Class 1A1 | CHL Mortgage Pass-Through Trust Series 2007-HY5, Class 1A1 | CHL Mortgage Pass-Through Trust Series 2007-HY5, Class 1A1 | CHL Mortgage Pass-Through Trust Series 2007-HY5, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.03% *<sup>(7)</sup>* | 09/25/47 | 446461 | 351060 |
|  CHL Mortgage Pass-Through Trust Series 2007-HYB1, Class 1A1 | CHL Mortgage Pass-Through Trust Series 2007-HYB1, Class 1A1 | CHL Mortgage Pass-Through Trust Series 2007-HYB1, Class 1A1 | CHL Mortgage Pass-Through Trust Series 2007-HYB1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68% *<sup>(7)</sup>* | 03/25/37 | 720811 | 608835 |
|  CIM Trust Series 2020-R1, Class A1 | CIM Trust Series 2020-R1, Class A1 | CIM Trust Series 2020-R1, Class A1 | CIM Trust Series 2020-R1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85% *<sup>(1),(7)</sup>* | 10/27/59 | 96273799 | 89725326 |
|  CIM Trust Series 2020-R6, Class A1 | CIM Trust Series 2020-R6, Class A1 | CIM Trust Series 2020-R6, Class A1 | CIM Trust Series 2020-R6, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% *<sup>(1),(7)</sup>* | 12/25/60 | 56600931 | 51878038 |
|  CIM Trust Series 2020-R6, Class A1A | CIM Trust Series 2020-R6, Class A1A | CIM Trust Series 2020-R6, Class A1A | CIM Trust Series 2020-R6, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% *<sup>(1),(7)</sup>* | 12/25/60 | 33613069 | 30818754 |
|  CIM Trust Series 2020-R7, Class A1A | CIM Trust Series 2020-R7, Class A1A | CIM Trust Series 2020-R7, Class A1A | CIM Trust Series 2020-R7, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% *<sup>(1),(7)</sup>* | 12/27/61 | 136157048 | 125909392 |
|  CIM Trust Series 2021-R1, Class A2 | CIM Trust Series 2021-R1, Class A2 | CIM Trust Series 2021-R1, Class A2 | CIM Trust Series 2021-R1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40% *<sup>(1),(7)</sup>* | 08/25/56 | 45405170 | 41658780 |
|  CIM Trust Series 2021-R2, Class A2 | CIM Trust Series 2021-R2, Class A2 | CIM Trust Series 2021-R2, Class A2 | CIM Trust Series 2021-R2, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(1),(7)</sup>* | 01/25/57 | 37971511 | 36729319 |
|  CIM Trust Series 2021-R3, Class A1A | CIM Trust Series 2021-R3, Class A1A | CIM Trust Series 2021-R3, Class A1A | CIM Trust Series 2021-R3, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% *<sup>(1),(7)</sup>* | 06/25/57 | &nbsp;&nbsp;&nbsp;&nbsp;121805662 | 113343226 |
|  CIM Trust Series 2021-R4, Class A1A | CIM Trust Series 2021-R4, Class A1A | CIM Trust Series 2021-R4, Class A1A | CIM Trust Series 2021-R4, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(1),(7)</sup>* | 05/01/61 | 118912015 | 112779075 |
|  CIM Trust Series 2021-R5, Class A1 | CIM Trust Series 2021-R5, Class A1 | CIM Trust Series 2021-R5, Class A1 | CIM Trust Series 2021-R5, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(1),(7)</sup>* | 08/25/61 | 30483759 | 26766235 |
|  CIM Trust Series 2021-R5, Class A1A | CIM Trust Series 2021-R5, Class A1A | CIM Trust Series 2021-R5, Class A1A | CIM Trust Series 2021-R5, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(1),(7)</sup>* | 08/25/61 | 119398183 | 107278326 |
|  Citicorp Mortgage Securities, Inc. Series 2005-1, Class 1A1 | Citicorp Mortgage Securities, Inc. Series 2005-1, Class 1A1 | Citicorp Mortgage Securities, Inc. Series 2005-1, Class 1A1 | Citicorp Mortgage Securities, Inc. Series 2005-1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 02/25/35 | 55792 | 53886 |
|  Citigroup Mortgage Loan Trust Series 2005-9, Class 1A1 | Citigroup Mortgage Loan Trust Series 2005-9, Class 1A1 | Citigroup Mortgage Loan Trust Series 2005-9, Class 1A1 | Citigroup Mortgage Loan Trust Series 2005-9, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05% (1 mo. USD Term SOFR + 0.374%) *<sup>(2)</sup>* | 11/25/35 | 76228 | 67432 |
|  Citigroup Mortgage Loan Trust Series 2006-AR2, Class 1A1 | Citigroup Mortgage Loan Trust Series 2006-AR2, Class 1A1 | Citigroup Mortgage Loan Trust Series 2006-AR2, Class 1A1 | Citigroup Mortgage Loan Trust Series 2006-AR2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.37% *<sup>(7)</sup>* | 03/25/36 | 5384743 | 3992472 |
|  Citigroup Mortgage Loan Trust Series 2014-5, Class 2A2 | Citigroup Mortgage Loan Trust Series 2014-5, Class 2A2 | Citigroup Mortgage Loan Trust Series 2014-5, Class 2A2 | Citigroup Mortgage Loan Trust Series 2014-5, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79% (1 mo. USD LIBOR + 1.750%) *<sup>(1),(2)</sup>* | 02/20/36 | 4158689 | 3938749 |
|  Citigroup Mortgage Loan Trust, Inc. Series 2005-5, Class 3A2 | Citigroup Mortgage Loan Trust, Inc. Series 2005-5, Class 3A2 | Citigroup Mortgage Loan Trust, Inc. Series 2005-5, Class 3A2 | Citigroup Mortgage Loan Trust, Inc. Series 2005-5, Class 3A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68% *<sup>(7)</sup>* | 10/25/35 | 249537 | 224426 |
|  Citigroup Mortgage Loan Trust, Inc. Series 2006-WF2, Class A1 | Citigroup Mortgage Loan Trust, Inc. Series 2006-WF2, Class A1 | Citigroup Mortgage Loan Trust, Inc. Series 2006-WF2, Class A1 | Citigroup Mortgage Loan Trust, Inc. Series 2006-WF2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% | 05/25/36 | 25182300 | 12270950 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Citigroup Mortgage Loan Trust, Inc. Series 2007-6, Class 1A4 | Citigroup Mortgage Loan Trust, Inc. Series 2007-6, Class 1A4 | Citigroup Mortgage Loan Trust, Inc. Series 2007-6, Class 1A4 | Citigroup Mortgage Loan Trust, Inc. Series 2007-6, Class 1A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57% *<sup>(7)</sup>* | 03/25/37 | $78920 | $78430 |
|  Citigroup Mortgage Loan Trust, Inc. Series 2007-AR5, Class 1A1 | Citigroup Mortgage Loan Trust, Inc. Series 2007-AR5, Class 1A1 | Citigroup Mortgage Loan Trust, Inc. Series 2007-AR5, Class 1A1 | Citigroup Mortgage Loan Trust, Inc. Series 2007-AR5, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96% *<sup>(7)</sup>* | 04/25/37 | 38206 | 34848 |
|  Countrywide Alternative Loan Trust Series 2004-30CB, Class 1A6 | Countrywide Alternative Loan Trust Series 2004-30CB, Class 1A6 | Countrywide Alternative Loan Trust Series 2004-30CB, Class 1A6 | Countrywide Alternative Loan Trust Series 2004-30CB, Class 1A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 02/25/35 | 16724642 | 16604822 |
|  Countrywide Alternative Loan Trust Series 2004-J6, Class 2A1 | Countrywide Alternative Loan Trust Series 2004-J6, Class 2A1 | Countrywide Alternative Loan Trust Series 2004-J6, Class 2A1 | Countrywide Alternative Loan Trust Series 2004-J6, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 11/25/31 | 1147 | 1172 |
|  Countrywide Alternative Loan Trust Series 2005-76, Class 2A1 | Countrywide Alternative Loan Trust Series 2005-76, Class 2A1 | Countrywide Alternative Loan Trust Series 2005-76, Class 2A1 | Countrywide Alternative Loan Trust Series 2005-76, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86% (1 yr. MTA + 1.000%) *<sup>(2)</sup>* | 02/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;24353721 | 22647297 |
|  Countrywide Alternative Loan Trust Series 2005-84, Class 1A1 | Countrywide Alternative Loan Trust Series 2005-84, Class 1A1 | Countrywide Alternative Loan Trust Series 2005-84, Class 1A1 | Countrywide Alternative Loan Trust Series 2005-84, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% *<sup>(7)</sup>* | 02/25/36 | 19468 | 16935 |
|  Countrywide Alternative Loan Trust Series 2006-HY13, Class 4A1 | Countrywide Alternative Loan Trust Series 2006-HY13, Class 4A1 | Countrywide Alternative Loan Trust Series 2006-HY13, Class 4A1 | Countrywide Alternative Loan Trust Series 2006-HY13, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47% *<sup>(7)</sup>* | 02/25/37 | 516750 | 465142 |
|  Countrywide Alternative Loan Trust Series 2007-J1, Class 2A1 | Countrywide Alternative Loan Trust Series 2007-J1, Class 2A1 | Countrywide Alternative Loan Trust Series 2007-J1, Class 2A1 | Countrywide Alternative Loan Trust Series 2007-J1, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99% (1 mo. USD Term SOFR + 0.314%) *<sup>(2)</sup>* | 03/25/37 | 517003 | 137027 |
|  Countrywide Asset-Backed Certificates Trust Series 2005-13, Class AF4 | Countrywide Asset-Backed Certificates Trust Series 2005-13, Class AF4 | Countrywide Asset-Backed Certificates Trust Series 2005-13, Class AF4 | Countrywide Asset-Backed Certificates Trust Series 2005-13, Class AF4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81% *<sup>(7)</sup>* | 04/25/36 | 63042 | 59240 |
|  Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A2 | Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A2 | Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A2 | Countrywide Asset-Backed Certificates Trust Series 2007-13, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59% (1 mo. USD Term SOFR + 0.914%) *<sup>(2)</sup>* | 10/25/47 | 5303564 | 4931653 |
|  Credit Suisse First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2A4 | Credit Suisse First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2A4 | Credit Suisse First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2A4 | Credit Suisse First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% *<sup>(7)</sup>* | 08/25/33 | 2916 | 2863 |
|  Credit Suisse First Boston Mortgage Securities Corp. Series 2005-6, Class 8A1 | Credit Suisse First Boston Mortgage Securities Corp. Series 2005-6, Class 8A1 | Credit Suisse First Boston Mortgage Securities Corp. Series 2005-6, Class 8A1 | Credit Suisse First Boston Mortgage Securities Corp. Series 2005-6, Class 8A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/25/49 | 2533 | 2182 |
|  Credit-Based Asset Servicing & Securitization LLC Series 2003-CB1, Class AF | Credit-Based Asset Servicing & Securitization LLC Series 2003-CB1, Class AF | Credit-Based Asset Servicing & Securitization LLC Series 2003-CB1, Class AF | Credit-Based Asset Servicing & Securitization LLC Series 2003-CB1, Class AF |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 01/25/33 | 2037 | 1989 |
|  Credit-Based Asset Servicing & Securitization LLC Series 2006-CB8, Class A1 | Credit-Based Asset Servicing & Securitization LLC Series 2006-CB8, Class A1 | Credit-Based Asset Servicing & Securitization LLC Series 2006-CB8, Class A1 | Credit-Based Asset Servicing & Securitization LLC Series 2006-CB8, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% (1 mo. USD Term SOFR + 0.394%) *<sup>(2)</sup>* | 10/25/36 | 6712500 | 6232008 |
|  CSAB Mortgage-Backed Trust Series 2006-4, Class A6B | CSAB Mortgage-Backed Trust Series 2006-4, Class A6B | CSAB Mortgage-Backed Trust Series 2006-4, Class A6B | CSAB Mortgage-Backed Trust Series 2006-4, Class A6B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.28% | 12/25/36 | 5268016 | 187858 |
|  CSFB Mortgage-Backed Pass-Through Certificates Series 2004-1, Class 2A1 | CSFB Mortgage-Backed Pass-Through Certificates Series 2004-1, Class 2A1 | CSFB Mortgage-Backed Pass-Through Certificates Series 2004-1, Class 2A1 | CSFB Mortgage-Backed Pass-Through Certificates Series 2004-1, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 02/25/34 | 1244 | 1247 |
|  CSFB Mortgage-Backed Pass-Through Certificates Series 2004-AR5, Class 6A1 | CSFB Mortgage-Backed Pass-Through Certificates Series 2004-AR5, Class 6A1 | CSFB Mortgage-Backed Pass-Through Certificates Series 2004-AR5, Class 6A1 | CSFB Mortgage-Backed Pass-Through Certificates Series 2004-AR5, Class 6A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(7)</sup>* | 06/25/34 | 22473 | 22238 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  CSMC Trust Series 2021-NQM6, Class A1 | CSMC Trust Series 2021-NQM6, Class A1 | CSMC Trust Series 2021-NQM6, Class A1 | CSMC Trust Series 2021-NQM6, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.17% *<sup>(1),(7)</sup>* | 07/25/66 | $4890972 | $4225293 |
|  CSMC Trust Series 2021-RP11, Class PT | CSMC Trust Series 2021-RP11, Class PT | CSMC Trust Series 2021-RP11, Class PT | CSMC Trust Series 2021-RP11, Class PT |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71% *<sup>(1),(7)</sup>* | 10/25/61 | &nbsp;&nbsp;&nbsp;&nbsp;188827797 | 157713640 |
|  CSMC Trust Series 2021-RP11, Class SA (I/O) | CSMC Trust Series 2021-RP11, Class SA (I/O) | CSMC Trust Series 2021-RP11, Class SA (I/O) | CSMC Trust Series 2021-RP11, Class SA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(4)</sup>* | 10/25/61 | 131811 | 128240 |
|  CSMC Trust Series 2022-RPL1, Class PT | CSMC Trust Series 2022-RPL1, Class PT | CSMC Trust Series 2022-RPL1, Class PT | CSMC Trust Series 2022-RPL1, Class PT |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% *<sup>(1),(7)</sup>* | 04/25/61 | 187786485 | 168993077 |
|  CSMC Trust Series 2022-RPL1, Class SA (I/O) | CSMC Trust Series 2022-RPL1, Class SA (I/O) | CSMC Trust Series 2022-RPL1, Class SA (I/O) | CSMC Trust Series 2022-RPL1, Class SA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(4)</sup>* | 04/25/61 | 271161 | 266956 |
|  CSMCM Trust Series 2021-RP11, Class CERT | CSMCM Trust Series 2021-RP11, Class CERT | CSMCM Trust Series 2021-RP11, Class CERT | CSMCM Trust Series 2021-RP11, Class CERT |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78% *<sup>(1)</sup>* | 10/27/61 | 7932096 | 6218131 |
|  CSMCM Trust Series 2022-RPL1, Class CERT | CSMCM Trust Series 2022-RPL1, Class CERT | CSMCM Trust Series 2022-RPL1, Class CERT | CSMCM Trust Series 2022-RPL1, Class CERT |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% *<sup>(1)</sup>* | 04/25/61 | 7819116 | 6451274 |
|  Deephaven Residential Mortgage Trust Series 2021-4, Class A1 | Deephaven Residential Mortgage Trust Series 2021-4, Class A1 | Deephaven Residential Mortgage Trust Series 2021-4, Class A1 | Deephaven Residential Mortgage Trust Series 2021-4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93% *<sup>(1),(7)</sup>* | 11/25/66 | 17031491 | 15121521 |
|  Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A1 | Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A1 | Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A1 | Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05% (1 mo. USD Term SOFR + 0.374%) *<sup>(2)</sup>* | 12/25/36 | 1283517 | 436551 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-6, Class 1A7 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-6, Class 1A7 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-6, Class 1A7 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-6, Class 1A7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 12/25/35 | 163441 | 133790 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR1, Class 2A1 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR1, Class 2A1 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR1, Class 2A1 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR1, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85% *<sup>(7)</sup>* | 02/25/36 | 475754 | 301423 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR3, Class A1 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR3, Class A1 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR3, Class A1 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17% (1 mo. USD Term SOFR + 0.494%) *<sup>(2)</sup>* | 08/25/36 | 1498005 | 1384749 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR4, Class A2 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR4, Class A2 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR4, Class A2 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR4, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17% (1 mo. USD Term SOFR + 0.494%) *<sup>(2)</sup>* | 12/25/36 | 23558770 | 7392351 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR6, Class A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17% (1 mo. USD Term SOFR + 0.494%) *<sup>(2)</sup>* | 02/25/37 | 260334 | 229700 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-3, Class 1A1 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-3, Class 1A1 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-3, Class 1A1 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-3, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.48% (1 mo. USD Term SOFR + 1.814%) *<sup>(2)</sup>* | 10/25/47 | 15617862 | 12440530 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-AR3, Class 2A4 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-AR3, Class 2A4 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-AR3, Class 2A4 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-AR3, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49% (1 mo. USD Term SOFR + 0.814%) *<sup>(2)</sup>* | 06/25/37 | $12728713 | $10911778 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-OA3, Class A1 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-OA3, Class A1 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-OA3, Class A1 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2007-OA3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93% (1 mo. USD Term SOFR + 0.394%) *<sup>(2)</sup>* | 07/25/47 | &nbsp;&nbsp;&nbsp;&nbsp;22560303 | 21587841 |
|  DSLA Mortgage Loan Trust Series 2004-AR4, Class 2A1 | DSLA Mortgage Loan Trust Series 2004-AR4, Class 2A1 | DSLA Mortgage Loan Trust Series 2004-AR4, Class 2A1 | DSLA Mortgage Loan Trust Series 2004-AR4, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51% (1 mo. USD Term SOFR + 0.834%)*<sup>(2)</sup>* | 01/19/45 | 852013 | 648645 |
|  DSLA Mortgage Loan Trust Series 2005-AR3, Class 2A1 | DSLA Mortgage Loan Trust Series 2005-AR3, Class 2A1 | DSLA Mortgage Loan Trust Series 2005-AR3, Class 2A1 | DSLA Mortgage Loan Trust Series 2005-AR3, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.594%) *<sup>(2)</sup>* | 07/19/45 | 49974 | 48909 |
|  DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A | DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A | DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A | DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99% (1 mo. USD Term SOFR + 0.314%) *<sup>(2)</sup>* | 10/19/36 | 11395182 | 7748384 |
|  DSLA Mortgage Loan Trust Series 2007-AR1, Class 2A1A | DSLA Mortgage Loan Trust Series 2007-AR1, Class 2A1A | DSLA Mortgage Loan Trust Series 2007-AR1, Class 2A1A | DSLA Mortgage Loan Trust Series 2007-AR1, Class 2A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93% (1 mo. USD Term SOFR + 0.254%) *<sup>(2)</sup>* | 03/19/37 | 4449975 | 3790373 |
|  Equity One Mortgage Pass-Through Trust Series 2002-4, Class M1 | Equity One Mortgage Pass-Through Trust Series 2002-4, Class M1 | Equity One Mortgage Pass-Through Trust Series 2002-4, Class M1 | Equity One Mortgage Pass-Through Trust Series 2002-4, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22% *<sup>(7)</sup>* | 02/25/33 | 1654 | 1653 |
|  Equity One Mortgage Pass-Through Trust Series 2002-5, Class M1 | Equity One Mortgage Pass-Through Trust Series 2002-5, Class M1 | Equity One Mortgage Pass-Through Trust Series 2002-5, Class M1 | Equity One Mortgage Pass-Through Trust Series 2002-5, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 11/25/32 | 14032 | 15486 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R07, Class 1B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R07, Class 1B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R07, Class 1B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R07, Class 1B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.18% (30 day USD SOFR Average + 3.514%) *<sup>(1),(2)</sup>* | 10/25/39 | 9223147 | 9320072 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.76% (30 day USD SOFR Average + 3.100%) *<sup>(1),(2)</sup>* | 10/25/41 | 5660000 | 5715354 |
|  First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C | First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C | First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C | First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% (1 mo. USD Term SOFR + 0.434%) *<sup>(2)</sup>* | 10/25/36 | 8178507 | 5377268 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2D | First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2D | First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2D | First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.594%) *<sup>(2)</sup>* | 10/25/36 | $515717 | $338737 |
|  First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2B | First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2B | First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2B | First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01% (1 mo. USD Term SOFR + 0.334%) *<sup>(2)</sup>* | 12/25/37 | 3948890 | 3678364 |
|  First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2C | First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2C | First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2C | First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% (1 mo. USD Term SOFR + 0.434%) *<sup>(2)</sup>* | 12/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;10859802 | 10114321 |
|  First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2D | First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2D | First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2D | First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD Term SOFR + 0.534%) *<sup>(2)</sup>* | 12/25/37 | 7870831 | 7327078 |
|  First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2C | First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2C | First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2C | First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% (1 mo. USD Term SOFR + 0.394%) *<sup>(2)</sup>* | 01/25/38 | 45417557 | 24971894 |
|  First Franklin Mortgage Loan Trust Series 2007-FF2, Class A1 | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A1 | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A1 | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% (1 mo. USD Term SOFR + 0.394%) *<sup>(2)</sup>* | 03/25/37 | 41112018 | 22003008 |
|  First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2B | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2B | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2B | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99% (1 mo. USD Term SOFR + 0.314%) *<sup>(2)</sup>* | 03/25/37 | 18388756 | 8705494 |
|  First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2C | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2C | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2C | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% (1 mo. USD Term SOFR + 0.414%) *<sup>(2)</sup>* | 03/25/37 | 10541980 | 5005202 |
|  First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2D | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2D | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2D | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% (1 mo. USD Term SOFR + 0.554%) *<sup>(2)</sup>* | 03/25/37 | 31184387 | 14810622 |
|  First Horizon Alternative Mortgage Securities Trust Series 2004-AA2, Class 1A1 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA2, Class 1A1 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA2, Class 1A1 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% *<sup>(7)</sup>* | 08/25/34 | 1696391 | 1669715 |
|  First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A1 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A1 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A1 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% *<sup>(7)</sup>* | 09/25/34 | 3907 | 3927 |
|  First Horizon Alternative Mortgage Securities Trust Series 2004-AA4, Class A1 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA4, Class A1 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA4, Class A1 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% *<sup>(7)</sup>* | 10/25/34 | 241246 | 238711 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  First Horizon Alternative Mortgage Securities Trust Series 2005-AA10, Class 1A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA10, Class 1A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA10, Class 1A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA10, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06% *<sup>(7)</sup>* | 12/25/35 | $5146213 | $4253811 |
|  First Horizon Alternative Mortgage Securities Trust Series 2005-AA12, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA12, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA12, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA12, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% *<sup>(7)</sup>* | 02/25/36 | 5124913 | 3039048 |
|  First Horizon Alternative Mortgage Securities Trust Series 2005-AA4, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA4, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA4, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA4, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04% *<sup>(7)</sup>* | 06/25/35 | 4860307 | 4548879 |
|  First Horizon Alternative Mortgage Securities Trust Series 2005-AA7, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA7, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA7, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA7, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% *<sup>(7)</sup>* | 09/25/35 | 3422197 | 3054088 |
|  First Horizon Alternative Mortgage Securities Trust Series 2005-AA8, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA8, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA8, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA8, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% *<sup>(7)</sup>* | 10/25/35 | 6155977 | 3309628 |
|  First Horizon Alternative Mortgage Securities Trust Series 2005-AA9, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA9, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA9, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA9, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.19% *<sup>(7)</sup>* | 11/25/35 | 5213250 | 4550209 |
|  First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1 | First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1 | First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1 | First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33% *<sup>(7)</sup>* | 12/25/34 | 53527 | 52413 |
|  First Horizon Mortgage Pass-Through Trust Series 2006-AR4, Class 1A2 | First Horizon Mortgage Pass-Through Trust Series 2006-AR4, Class 1A2 | First Horizon Mortgage Pass-Through Trust Series 2006-AR4, Class 1A2 | First Horizon Mortgage Pass-Through Trust Series 2006-AR4, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44% *<sup>(7)</sup>* | 01/25/37 | 34910 | 15451 |
|  First Horizon Mortgage Pass-Through Trust Series 2007-AR3, Class 1A1 | First Horizon Mortgage Pass-Through Trust Series 2007-AR3, Class 1A1 | First Horizon Mortgage Pass-Through Trust Series 2007-AR3, Class 1A1 | First Horizon Mortgage Pass-Through Trust Series 2007-AR3, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.53% *<sup>(7)</sup>* | 11/25/37 | 65066 | 24867 |
|  GMACM Home Equity Loan Trust Series 2000-HE2, Class A1 | GMACM Home Equity Loan Trust Series 2000-HE2, Class A1 | GMACM Home Equity Loan Trust Series 2000-HE2, Class A1 | GMACM Home Equity Loan Trust Series 2000-HE2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73% (1 mo. USD Term SOFR + 0.554%) *<sup>(2)</sup>* | 06/25/30 | 6665 | 6017 |
|  GMACM Mortgage Loan Trust Series 2005-AR6, Class 3A1 | GMACM Mortgage Loan Trust Series 2005-AR6, Class 3A1 | GMACM Mortgage Loan Trust Series 2005-AR6, Class 3A1 | GMACM Mortgage Loan Trust Series 2005-AR6, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72% *<sup>(7)</sup>* | 11/19/35 | 100583 | 90005 |
|  GMACM Mortgage Loan Trust Series 2006-AR2, Class 1A1 | GMACM Mortgage Loan Trust Series 2006-AR2, Class 1A1 | GMACM Mortgage Loan Trust Series 2006-AR2, Class 1A1 | GMACM Mortgage Loan Trust Series 2006-AR2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% *<sup>(7)</sup>* | 05/19/36 | 1454196 | 952752 |
|  GreenPoint Mortgage Funding Trust Series 2005-AR4, Class G41 | GreenPoint Mortgage Funding Trust Series 2005-AR4, Class G41 | GreenPoint Mortgage Funding Trust Series 2005-AR4, Class G41 | GreenPoint Mortgage Funding Trust Series 2005-AR4, Class G41 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99% (1 mo. USD Term SOFR + 0.314%) *<sup>(2)</sup>* | 10/25/45 | 5202899 | 4835816 |
|  GreenPoint Mortgage Funding Trust Series 2006-OH1, Class A1 | GreenPoint Mortgage Funding Trust Series 2006-OH1, Class A1 | GreenPoint Mortgage Funding Trust Series 2006-OH1, Class A1 | GreenPoint Mortgage Funding Trust Series 2006-OH1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% (1 mo. USD Term SOFR + 0.474%) *<sup>(2)</sup>* | 01/25/37 | 7291053 | 6828757 |
|  GS Mortgage-Backed Securities Trust Series 2018-RPL1, Class A1A | GS Mortgage-Backed Securities Trust Series 2018-RPL1, Class A1A | GS Mortgage-Backed Securities Trust Series 2018-RPL1, Class A1A | GS Mortgage-Backed Securities Trust Series 2018-RPL1, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(1)</sup>* | 10/25/57 | 10303116 | 10117757 |
|  GS Mortgage-Backed Securities Trust Series 2023-PJ1, Class A3 | GS Mortgage-Backed Securities Trust Series 2023-PJ1, Class A3 | GS Mortgage-Backed Securities Trust Series 2023-PJ1, Class A3 | GS Mortgage-Backed Securities Trust Series 2023-PJ1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% *<sup>(1),(7)</sup>* | 02/25/53 | &nbsp;&nbsp;&nbsp;&nbsp;80701075 | 70241239 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  GSAA Home Equity Trust Series 2005-11, Class 2A2 | GSAA Home Equity Trust Series 2005-11, Class 2A2 | GSAA Home Equity Trust Series 2005-11, Class 2A2 | GSAA Home Equity Trust Series 2005-11, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43% (1 mo. USD Term SOFR + 0.754%) *<sup>(2)</sup>* | 10/25/35 | $16272 | $18418 |
|  GSAMP Trust Series 2005-AHL2, Class A2D | GSAMP Trust Series 2005-AHL2, Class A2D | GSAMP Trust Series 2005-AHL2, Class A2D | GSAMP Trust Series 2005-AHL2, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49% (1 mo. USD Term SOFR + 0.814%) *<sup>(2)</sup>* | 12/25/35 | 12262852 | 11883498 |
|  GSAMP Trust Series 2007-HE2, Class A1 | GSAMP Trust Series 2007-HE2, Class A1 | GSAMP Trust Series 2007-HE2, Class A1 | GSAMP Trust Series 2007-HE2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26% (1 mo. USD Term SOFR + 0.584%) *<sup>(2)</sup>* | 03/25/47 | &nbsp;&nbsp;&nbsp;&nbsp;57445158 | 43316068 |
|  GSMSC Resecuritization Trust Series 2015-3R, Class 1B | GSMSC Resecuritization Trust Series 2015-3R, Class 1B | GSMSC Resecuritization Trust Series 2015-3R, Class 1B | GSMSC Resecuritization Trust Series 2015-3R, Class 1B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% (1 mo. USD Term SOFR + 0.394%) *<sup>(1),(2)</sup>* | 01/26/37 | 8818578 | 8045810 |
|  GSR Mortgage Loan Trust Series 2004-9, Class 3A1 | GSR Mortgage Loan Trust Series 2004-9, Class 3A1 | GSR Mortgage Loan Trust Series 2004-9, Class 3A1 | GSR Mortgage Loan Trust Series 2004-9, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% *<sup>(7)</sup>* | 08/25/34 | 794 | 765 |
|  GSR Mortgage Loan Trust Series 2004-9, Class 5A7 | GSR Mortgage Loan Trust Series 2004-9, Class 5A7 | GSR Mortgage Loan Trust Series 2004-9, Class 5A7 | GSR Mortgage Loan Trust Series 2004-9, Class 5A7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83% *<sup>(7)</sup>* | 08/25/34 | 131 | 131 |
|  GSR Mortgage Loan Trust Series 2005-AR5, Class 2A3 | GSR Mortgage Loan Trust Series 2005-AR5, Class 2A3 | GSR Mortgage Loan Trust Series 2005-AR5, Class 2A3 | GSR Mortgage Loan Trust Series 2005-AR5, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *<sup>(7)</sup>* | 10/25/35 | 1662423 | 815860 |
|  GSR Mortgage Loan Trust Series 2005-AR5, Class 2A4 | GSR Mortgage Loan Trust Series 2005-AR5, Class 2A4 | GSR Mortgage Loan Trust Series 2005-AR5, Class 2A4 | GSR Mortgage Loan Trust Series 2005-AR5, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *<sup>(5),(7)</sup>* | 10/25/35 | 19 |  |
|  GSR Mortgage Loan Trust Series 2005-AR6, Class 4A5 | GSR Mortgage Loan Trust Series 2005-AR6, Class 4A5 | GSR Mortgage Loan Trust Series 2005-AR6, Class 4A5 | GSR Mortgage Loan Trust Series 2005-AR6, Class 4A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% *<sup>(7)</sup>* | 09/25/35 | 20481 | 18680 |
|  GSR Mortgage Loan Trust Series 2007-AR2, Class 2A1 | GSR Mortgage Loan Trust Series 2007-AR2, Class 2A1 | GSR Mortgage Loan Trust Series 2007-AR2, Class 2A1 | GSR Mortgage Loan Trust Series 2007-AR2, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% *<sup>(7)</sup>* | 05/25/37 | 1152988 | 577545 |
|  HarborView Mortgage Loan Trust Series 2004-1, Class 2A | HarborView Mortgage Loan Trust Series 2004-1, Class 2A | HarborView Mortgage Loan Trust Series 2004-1, Class 2A | HarborView Mortgage Loan Trust Series 2004-1, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46% *<sup>(7)</sup>* | 04/19/34 | 2128 | 2115 |
|  HarborView Mortgage Loan Trust Series 2004-11, Class 3A2 | HarborView Mortgage Loan Trust Series 2004-11, Class 3A2 | HarborView Mortgage Loan Trust Series 2004-11, Class 3A2 | HarborView Mortgage Loan Trust Series 2004-11, Class 3A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47% (1 mo. USD Term SOFR + 0.794%) *<sup>(2)</sup>* | 01/19/35 | 126863 | 122493 |
|  HarborView Mortgage Loan Trust Series 2004-3, Class 1A | HarborView Mortgage Loan Trust Series 2004-3, Class 1A | HarborView Mortgage Loan Trust Series 2004-3, Class 1A | HarborView Mortgage Loan Trust Series 2004-3, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% *<sup>(7)</sup>* | 05/19/34 | 20382 | 19425 |
|  HarborView Mortgage Loan Trust Series 2005-3, Class 2A1 | HarborView Mortgage Loan Trust Series 2005-3, Class 2A1 | HarborView Mortgage Loan Trust Series 2005-3, Class 2A1 | HarborView Mortgage Loan Trust Series 2005-3, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.594%) *<sup>(2)</sup>* | 06/19/35 | 74455 | 73765 |
|  HarborView Mortgage Loan Trust Series 2006-1, Class 2A1 | HarborView Mortgage Loan Trust Series 2006-1, Class 2A1 | HarborView Mortgage Loan Trust Series 2006-1, Class 2A1 | HarborView Mortgage Loan Trust Series 2006-1, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.594%) *<sup>(2)</sup>* | 03/19/36 | 8132342 | 7661730 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  HarborView Mortgage Loan Trust Series 2006-10, Class 1A1 | HarborView Mortgage Loan Trust Series 2006-10, Class 1A1 | HarborView Mortgage Loan Trust Series 2006-10, Class 1A1 | HarborView Mortgage Loan Trust Series 2006-10, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99% (1 mo. USD Term SOFR + 0.514%) *<sup>(2)</sup>* | 11/19/36 | $42634022 | $34572675 |
|  HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A | HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A | HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A | HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% (1 mo. USD Term SOFR + 0.474%) *<sup>(2)</sup>* | 05/19/46 | &nbsp;&nbsp;&nbsp;&nbsp;28018362 | 13950682 |
|  HarborView Mortgage Loan Trust Series 2006-5, Class 1A1 | HarborView Mortgage Loan Trust Series 2006-5, Class 1A1 | HarborView Mortgage Loan Trust Series 2006-5, Class 1A1 | HarborView Mortgage Loan Trust Series 2006-5, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77% (1 yr. MTA + 0.910%) *<sup>(2)</sup>* | 07/19/47 | 32766217 | 9999469 |
|  HarborView Mortgage Loan Trust Series 2006-7, Class 1A | HarborView Mortgage Loan Trust Series 2006-7, Class 1A | HarborView Mortgage Loan Trust Series 2006-7, Class 1A | HarborView Mortgage Loan Trust Series 2006-7, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD Term SOFR + 0.534%) *<sup>(2)</sup>* | 09/19/46 | 43894393 | 39469263 |
|  HarborView Mortgage Loan Trust Series 2007-7, Class 1A1 | HarborView Mortgage Loan Trust Series 2007-7, Class 1A1 | HarborView Mortgage Loan Trust Series 2007-7, Class 1A1 | HarborView Mortgage Loan Trust Series 2007-7, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.79% (1 mo. USD Term SOFR + 2.114%) *<sup>(2)</sup>* | 10/25/37 | 12948595 | 10641756 |
|  HarborView Mortgage Loan Trust Series 2007-7, Class 2A1A | HarborView Mortgage Loan Trust Series 2007-7, Class 2A1A | HarborView Mortgage Loan Trust Series 2007-7, Class 2A1A | HarborView Mortgage Loan Trust Series 2007-7, Class 2A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.79% (1 mo. USD Term SOFR + 2.114%) *<sup>(2)</sup>* | 10/25/37 | 9232206 | 8772372 |
|  HSI Asset Securitization Corp. Trust Series 2006-HE1, Class 1A1 | HSI Asset Securitization Corp. Trust Series 2006-HE1, Class 1A1 | HSI Asset Securitization Corp. Trust Series 2006-HE1, Class 1A1 | HSI Asset Securitization Corp. Trust Series 2006-HE1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% (1 mo. USD Term SOFR + 0.394%) *<sup>(2)</sup>* | 10/25/36 | 47960670 | 12675861 |
|  Impac Secured Assets Trust Series 2006-3, Class A1 | Impac Secured Assets Trust Series 2006-3, Class A1 | Impac Secured Assets Trust Series 2006-3, Class A1 | Impac Secured Assets Trust Series 2006-3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% (1 mo. USD Term SOFR + 0.454%) *<sup>(2)</sup>* | 11/25/36 | 2895834 | 2688025 |
|  Impac Secured Assets Trust Series 2006-5, Class 1A1 | Impac Secured Assets Trust Series 2006-5, Class 1A1 | Impac Secured Assets Trust Series 2006-5, Class 1A1 | Impac Secured Assets Trust Series 2006-5, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33% (1 mo. USD Term SOFR + 0.654%) *<sup>(2)</sup>* | 02/25/37 | 5084535 | 4643557 |
|  Impac Secured Assets Trust Series 2007-2, Class 1A1 | Impac Secured Assets Trust Series 2007-2, Class 1A1 | Impac Secured Assets Trust Series 2007-2, Class 1A1 | Impac Secured Assets Trust Series 2007-2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.614%) *<sup>(2)</sup>* | 05/25/37 | 23185865 | 19915584 |
|  IndyMac INDA Mortgage Loan Trust Series 2007-AR1, Class 1A2 | IndyMac INDA Mortgage Loan Trust Series 2007-AR1, Class 1A2 | IndyMac INDA Mortgage Loan Trust Series 2007-AR1, Class 1A2 | IndyMac INDA Mortgage Loan Trust Series 2007-AR1, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89% *<sup>(7)</sup>* | 03/25/37 | 266960 | 195344 |
|  IndyMac INDA Mortgage Loan Trust Series 2007-AR7, Class 1A1 | IndyMac INDA Mortgage Loan Trust Series 2007-AR7, Class 1A1 | IndyMac INDA Mortgage Loan Trust Series 2007-AR7, Class 1A1 | IndyMac INDA Mortgage Loan Trust Series 2007-AR7, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% *<sup>(7)</sup>* | 11/25/37 | 1069694 | 881185 |
|  IndyMac INDX Mortgage Loan Trust Series 2004-AR4, Class 1A | IndyMac INDX Mortgage Loan Trust Series 2004-AR4, Class 1A | IndyMac INDX Mortgage Loan Trust Series 2004-AR4, Class 1A | IndyMac INDX Mortgage Loan Trust Series 2004-AR4, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19% *<sup>(7)</sup>* | 08/25/34 | 405628 | 387286 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  IndyMac INDX Mortgage Loan Trust Series 2004-AR7, Class A2 | IndyMac INDX Mortgage Loan Trust Series 2004-AR7, Class A2 | IndyMac INDX Mortgage Loan Trust Series 2004-AR7, Class A2 | IndyMac INDX Mortgage Loan Trust Series 2004-AR7, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% (1 mo. USD Term SOFR + 0.974%) *<sup>(2)</sup>* | 09/25/34 | $28506 | $25009 |
|  IndyMac INDX Mortgage Loan Trust Series 2005-AR19, Class A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR19, Class A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR19, Class A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR19, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61% *<sup>(7)</sup>* | 10/25/35 | 14517225 | 11602396 |
|  IndyMac INDX Mortgage Loan Trust Series 2005-AR6, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR6, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR6, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR6, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.594%) *<sup>(2)</sup>* | 04/25/35 | 300636 | 249145 |
|  IndyMac INDX Mortgage Loan Trust Series 2006-AR19, Class 1A2 | IndyMac INDX Mortgage Loan Trust Series 2006-AR19, Class 1A2 | IndyMac INDX Mortgage Loan Trust Series 2006-AR19, Class 1A2 | IndyMac INDX Mortgage Loan Trust Series 2006-AR19, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80% *<sup>(7)</sup>* | 08/25/36 | 9361299 | 5825579 |
|  IndyMac INDX Mortgage Loan Trust Series 2006-AR27, Class 2A2 | IndyMac INDX Mortgage Loan Trust Series 2006-AR27, Class 2A2 | IndyMac INDX Mortgage Loan Trust Series 2006-AR27, Class 2A2 | IndyMac INDX Mortgage Loan Trust Series 2006-AR27, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19% (1 mo. USD Term SOFR + 0.514%) *<sup>(2)</sup>* | 10/25/36 | 9033137 | 8289435 |
|  IndyMac INDX Mortgage Loan Trust Series 2006-AR35, Class 2A3 | IndyMac INDX Mortgage Loan Trust Series 2006-AR35, Class 2A3 | IndyMac INDX Mortgage Loan Trust Series 2006-AR35, Class 2A3 | IndyMac INDX Mortgage Loan Trust Series 2006-AR35, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19% (1 mo. USD Term SOFR + 0.514%) *<sup>(2)</sup>* | 01/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;20906276 | 19180187 |
|  IndyMac INDX Mortgage Loan Trust Series 2006-AR7, Class 1A1 | IndyMac INDX Mortgage Loan Trust Series 2006-AR7, Class 1A1 | IndyMac INDX Mortgage Loan Trust Series 2006-AR7, Class 1A1 | IndyMac INDX Mortgage Loan Trust Series 2006-AR7, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09% *<sup>(7)</sup>* | 05/25/36 | 1493536 | 1226346 |
|  IndyMac INDX Mortgage Loan Trust Series 2006-AR7, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2006-AR7, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2006-AR7, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2006-AR7, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74% *<sup>(7)</sup>* | 05/25/36 | 15988814 | 10564527 |
|  IndyMac INDX Mortgage Loan Trust Series 2007-AR11, Class 1A1 | IndyMac INDX Mortgage Loan Trust Series 2007-AR11, Class 1A1 | IndyMac INDX Mortgage Loan Trust Series 2007-AR11, Class 1A1 | IndyMac INDX Mortgage Loan Trust Series 2007-AR11, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29% *<sup>(7)</sup>* | 06/25/37 | 1885369 | 1713126 |
|  IndyMac Manufactured Housing Contract Pass-Through Certificates Series 1997-1, Class A3 | IndyMac Manufactured Housing Contract Pass-Through Certificates Series 1997-1, Class A3 | IndyMac Manufactured Housing Contract Pass-Through Certificates Series 1997-1, Class A3 | IndyMac Manufactured Housing Contract Pass-Through Certificates Series 1997-1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.61% | 02/25/28 | 13566 | 13611 |
|  JPMorgan Alternative Loan Trust Series 2006-A2, Class 5A1 | JPMorgan Alternative Loan Trust Series 2006-A2, Class 5A1 | JPMorgan Alternative Loan Trust Series 2006-A2, Class 5A1 | JPMorgan Alternative Loan Trust Series 2006-A2, Class 5A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10% *<sup>(7)</sup>* | 05/25/36 | 3377971 | 1765843 |
|  JPMorgan Mortgage Acquisition Corp. Series 2006-WF1, Class A3A | JPMorgan Mortgage Acquisition Corp. Series 2006-WF1, Class A3A | JPMorgan Mortgage Acquisition Corp. Series 2006-WF1, Class A3A | JPMorgan Mortgage Acquisition Corp. Series 2006-WF1, Class A3A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.33% | 07/25/36 | 26031930 | 6572518 |
|  JPMorgan Mortgage Acquisition Corp. Series 2006-WF1, Class A6 | JPMorgan Mortgage Acquisition Corp. Series 2006-WF1, Class A6 | JPMorgan Mortgage Acquisition Corp. Series 2006-WF1, Class A6 | JPMorgan Mortgage Acquisition Corp. Series 2006-WF1, Class A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 07/25/36 | 3630090 | 916006 |
|  JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AF1 | JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AF1 | JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AF1 | JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AF1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89% (1 mo. USD Term SOFR + 0.214%) *<sup>(2)</sup>* | 03/25/47 | 87531 | 59278 |
|  JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AF2 | JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AF2 | JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AF2 | JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AF2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% | 03/25/47 | 5726073 | 3716760 |
|  JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AF3 | JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AF3 | JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AF3 | JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AF3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% | 05/25/35 | 4819189 | 3127556 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AF4 | JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AF4 | JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AF4 | JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AF4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% | 03/25/47 | $2190541 | $1421074 |
|  JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AV4 | JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AV4 | JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AV4 | JPMorgan Mortgage Acquisition Corp. Series 2007-HE1, Class AV4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% (1 mo. USD Term SOFR + 0.394%) *<sup>(2)</sup>* | 03/25/47 | 211569 | 202440 |
|  JPMorgan Mortgage Trust Series 2003-A2, Class 2A3 | JPMorgan Mortgage Trust Series 2003-A2, Class 2A3 | JPMorgan Mortgage Trust Series 2003-A2, Class 2A3 | JPMorgan Mortgage Trust Series 2003-A2, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% *<sup>(7)</sup>* | 11/25/33 | 18859 | 17895 |
|  JPMorgan Mortgage Trust Series 2004-A4, Class 1A3 | JPMorgan Mortgage Trust Series 2004-A4, Class 1A3 | JPMorgan Mortgage Trust Series 2004-A4, Class 1A3 | JPMorgan Mortgage Trust Series 2004-A4, Class 1A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.74% *<sup>(7)</sup>* | 09/25/34 | 9987 | 9832 |
|  JPMorgan Mortgage Trust Series 2005-A5, Class TA1 | JPMorgan Mortgage Trust Series 2005-A5, Class TA1 | JPMorgan Mortgage Trust Series 2005-A5, Class TA1 | JPMorgan Mortgage Trust Series 2005-A5, Class TA1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% *<sup>(7)</sup>* | 08/25/35 | 21281 | 20486 |
|  JPMorgan Mortgage Trust Series 2005-S2, Class 4A3 | JPMorgan Mortgage Trust Series 2005-S2, Class 4A3 | JPMorgan Mortgage Trust Series 2005-S2, Class 4A3 | JPMorgan Mortgage Trust Series 2005-S2, Class 4A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497157 | 775645 |
|  JPMorgan Mortgage Trust Series 2006-A2, Class 5A3 | JPMorgan Mortgage Trust Series 2006-A2, Class 5A3 | JPMorgan Mortgage Trust Series 2006-A2, Class 5A3 | JPMorgan Mortgage Trust Series 2006-A2, Class 5A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.31% *<sup>(7)</sup>* | 11/25/33 | 626 | 626 |
|  JPMorgan Mortgage Trust Series 2006-A3, Class 2A1 | JPMorgan Mortgage Trust Series 2006-A3, Class 2A1 | JPMorgan Mortgage Trust Series 2006-A3, Class 2A1 | JPMorgan Mortgage Trust Series 2006-A3, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79% *<sup>(7)</sup>* | 05/25/36 | 372179 | 313721 |
|  JPMorgan Mortgage Trust Series 2006-A3, Class 3A3 | JPMorgan Mortgage Trust Series 2006-A3, Class 3A3 | JPMorgan Mortgage Trust Series 2006-A3, Class 3A3 | JPMorgan Mortgage Trust Series 2006-A3, Class 3A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41% *<sup>(7)</sup>* | 05/25/36 | 240412 | 196901 |
|  JPMorgan Mortgage Trust Series 2006-A4, Class 1A1 | JPMorgan Mortgage Trust Series 2006-A4, Class 1A1 | JPMorgan Mortgage Trust Series 2006-A4, Class 1A1 | JPMorgan Mortgage Trust Series 2006-A4, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% *<sup>(7)</sup>* | 06/25/36 | 200032 | 133016 |
|  JPMorgan Mortgage Trust Series 2006-A4, Class 1A4 | JPMorgan Mortgage Trust Series 2006-A4, Class 1A4 | JPMorgan Mortgage Trust Series 2006-A4, Class 1A4 | JPMorgan Mortgage Trust Series 2006-A4, Class 1A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% *<sup>(7)</sup>* | 06/25/36 | 644838 | 428800 |
|  JPMorgan Mortgage Trust Series 2006-A5, Class 2A4 | JPMorgan Mortgage Trust Series 2006-A5, Class 2A4 | JPMorgan Mortgage Trust Series 2006-A5, Class 2A4 | JPMorgan Mortgage Trust Series 2006-A5, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% *<sup>(7)</sup>* | 08/25/36 | 171382 | 134486 |
|  JPMorgan Mortgage Trust Series 2007-A1, Class 5A2 | JPMorgan Mortgage Trust Series 2007-A1, Class 5A2 | JPMorgan Mortgage Trust Series 2007-A1, Class 5A2 | JPMorgan Mortgage Trust Series 2007-A1, Class 5A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82% *<sup>(7)</sup>* | 07/25/35 | 283803 | 283779 |
|  JPMorgan Mortgage Trust Series 2007-A3, Class 2A3 | JPMorgan Mortgage Trust Series 2007-A3, Class 2A3 | JPMorgan Mortgage Trust Series 2007-A3, Class 2A3 | JPMorgan Mortgage Trust Series 2007-A3, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.03% *<sup>(7)</sup>* | 05/25/37 | 875423 | 732349 |
|  JPMorgan Mortgage Trust Series 2007-A3, Class 3A2 | JPMorgan Mortgage Trust Series 2007-A3, Class 3A2 | JPMorgan Mortgage Trust Series 2007-A3, Class 3A2 | JPMorgan Mortgage Trust Series 2007-A3, Class 3A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% *<sup>(7)</sup>* | 05/25/37 | 152505 | 132070 |
|  JPMorgan Mortgage Trust Series 2007-A4, Class 2A3 | JPMorgan Mortgage Trust Series 2007-A4, Class 2A3 | JPMorgan Mortgage Trust Series 2007-A4, Class 2A3 | JPMorgan Mortgage Trust Series 2007-A4, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% *<sup>(7)</sup>* | 06/25/37 | 185436 | 144513 |
|  Lehman ABS Mortgage Loan Trust Series 2007-1, Class 2A2 | Lehman ABS Mortgage Loan Trust Series 2007-1, Class 2A2 | Lehman ABS Mortgage Loan Trust Series 2007-1, Class 2A2 | Lehman ABS Mortgage Loan Trust Series 2007-1, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99% (1 mo. USD Term SOFR + 0.314%) *<sup>(1),(2)</sup>* | 06/25/37 | 152290 | 101089 |
|  Lehman XS Trust Series 2005-7N, Class 1A1 | Lehman XS Trust Series 2005-7N, Class 1A1 | Lehman XS Trust Series 2005-7N, Class 1A1 | Lehman XS Trust Series 2005-7N, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33% (1 mo. USD Term SOFR + 0.654%) *<sup>(2)</sup>* | 12/25/35 | 186429 | 178975 |
|  Lehman XS Trust Series 2006-12N, Class A31A | Lehman XS Trust Series 2006-12N, Class A31A | Lehman XS Trust Series 2006-12N, Class A31A | Lehman XS Trust Series 2006-12N, Class A31A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19% (1 mo. USD Term SOFR + 0.514%) *<sup>(2)</sup>* | 08/25/46 | 4970721 | 5383064 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Lehman XS Trust Series 2006-14N, Class 3A2 | Lehman XS Trust Series 2006-14N, Class 3A2 | Lehman XS Trust Series 2006-14N, Class 3A2 | Lehman XS Trust Series 2006-14N, Class 3A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03% (1 mo. USD Term SOFR + 0.354%) *<sup>(2)</sup>* | 08/25/36 | $13858 | $16596 |
|  Lehman XS Trust Series 2006-5, Class 1A1 | Lehman XS Trust Series 2006-5, Class 1A1 | Lehman XS Trust Series 2006-5, Class 1A1 | Lehman XS Trust Series 2006-5, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD Term SOFR + 0.534%) *<sup>(2)</sup>* | 04/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;15538462 | 13944576 |
|  Lehman XS Trust Series 2006-8, Class 1A1 | Lehman XS Trust Series 2006-8, Class 1A1 | Lehman XS Trust Series 2006-8, Class 1A1 | Lehman XS Trust Series 2006-8, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% (1 mo. USD Term SOFR + 0.274%) *<sup>(2)</sup>* | 06/25/36 | 20158843 | 17970980 |
|  Lehman XS Trust Series 2007-4N, Class 1A3 | Lehman XS Trust Series 2007-4N, Class 1A3 | Lehman XS Trust Series 2007-4N, Class 1A3 | Lehman XS Trust Series 2007-4N, Class 1A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.594%) *<sup>(2)</sup>* | 03/25/47 | 10431182 | 9302481 |
|  Long Beach Mortgage Loan Trust Series 2004-4, Class M1 | Long Beach Mortgage Loan Trust Series 2004-4, Class M1 | Long Beach Mortgage Loan Trust Series 2004-4, Class M1 | Long Beach Mortgage Loan Trust Series 2004-4, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69% (1 mo. USD Term SOFR + 1.014%) *<sup>(2)</sup>* | 10/25/34 | 37018 | 36196 |
|  Luminent Mortgage Trust Series 2006-5, Class A1A | Luminent Mortgage Trust Series 2006-5, Class A1A | Luminent Mortgage Trust Series 2006-5, Class A1A | Luminent Mortgage Trust Series 2006-5, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17% (1 mo. USD Term SOFR + 0.494%) *<sup>(2)</sup>* | 07/25/36 | 23319217 | 13991309 |
|  Luminent Mortgage Trust Series 2006-6, Class A1 | Luminent Mortgage Trust Series 2006-6, Class A1 | Luminent Mortgage Trust Series 2006-6, Class A1 | Luminent Mortgage Trust Series 2006-6, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19% (1 mo. USD Term SOFR + 0.514%) *<sup>(2)</sup>* | 10/25/46 | 6816126 | 6340012 |
|  MASTR Adjustable Rate Mortgages Trust Series 2003-6, Class 4A2 | MASTR Adjustable Rate Mortgages Trust Series 2003-6, Class 4A2 | MASTR Adjustable Rate Mortgages Trust Series 2003-6, Class 4A2 | MASTR Adjustable Rate Mortgages Trust Series 2003-6, Class 4A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% *<sup>(7)</sup>* | 01/25/34 | 8974 | 8812 |
|  MASTR Adjustable Rate Mortgages Trust Series 2003-7, Class 3A1 | MASTR Adjustable Rate Mortgages Trust Series 2003-7, Class 3A1 | MASTR Adjustable Rate Mortgages Trust Series 2003-7, Class 3A1 | MASTR Adjustable Rate Mortgages Trust Series 2003-7, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.98% *<sup>(7)</sup>* | 11/25/33 | 181011 | 181150 |
|  MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 3A1 | MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 3A1 | MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 3A1 | MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% *<sup>(7)</sup>* | 11/21/34 | 974579 | 972151 |
|  MASTR Adjustable Rate Mortgages Trust Series 2004-8, Class 2A1 | MASTR Adjustable Rate Mortgages Trust Series 2004-8, Class 2A1 | MASTR Adjustable Rate Mortgages Trust Series 2004-8, Class 2A1 | MASTR Adjustable Rate Mortgages Trust Series 2004-8, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% *<sup>(7)</sup>* | 09/25/34 | 889828 | 858714 |
|  MASTR Adjustable Rate Mortgages Trust Series 2006-2, Class 5A1 | MASTR Adjustable Rate Mortgages Trust Series 2006-2, Class 5A1 | MASTR Adjustable Rate Mortgages Trust Series 2006-2, Class 5A1 | MASTR Adjustable Rate Mortgages Trust Series 2006-2, Class 5A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(7)</sup>* | 05/25/36 | 4287258 | 1289075 |
|  MASTR Adjustable Rate Mortgages Trust Series 2007-1, Class I1A | MASTR Adjustable Rate Mortgages Trust Series 2007-1, Class I1A | MASTR Adjustable Rate Mortgages Trust Series 2007-1, Class I1A | MASTR Adjustable Rate Mortgages Trust Series 2007-1, Class I1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18% (1 mo. USD Term SOFR + 0.504%) *<sup>(2)</sup>* | 01/25/47 | 75773182 | 29187701 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  MASTR Asset-Backed Securities Trust Series 2006-HE4, Class A3 | MASTR Asset-Backed Securities Trust Series 2006-HE4, Class A3 | MASTR Asset-Backed Securities Trust Series 2006-HE4, Class A3 | MASTR Asset-Backed Securities Trust Series 2006-HE4, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% (1 mo. USD Term SOFR + 0.414%) *<sup>(2)</sup>* | 11/25/36 | $11382589 | $3237460 |
|  MASTR Asset-Backed Securities Trust Series 2006-HE4, Class A4 | MASTR Asset-Backed Securities Trust Series 2006-HE4, Class A4 | MASTR Asset-Backed Securities Trust Series 2006-HE4, Class A4 | MASTR Asset-Backed Securities Trust Series 2006-HE4, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD Term SOFR + 0.534%) *<sup>(2)</sup>* | 11/25/36 | 3161830 | 898392 |
|  MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A3 | MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A3 | MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A3 | MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD Term SOFR + 0.534%) *<sup>(2)</sup>* | 05/25/37 | 7155767 | 6997788 |
|  MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1 | MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1 | MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1 | MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.53% *<sup>(7)</sup>* | 10/25/32 | 5359 | 5294 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A1 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A1 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A1 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% (1 mo. USD Term SOFR + 0.394%) *<sup>(2)</sup>* | 04/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;112298664 | 47807046 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2B | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2B | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2B | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% (1 mo. USD Term SOFR + 0.454%) *<sup>(2)</sup>* | 04/25/37 | 23171208 | 8441264 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.614%) *<sup>(2)</sup>* | 04/25/37 | 48540016 | 17771820 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.594%) *<sup>(2)</sup>* | 05/25/37 | 13050546 | 9578902 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2D | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2D | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2D | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-2, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43% (1 mo. USD Term SOFR + 0.754%) *<sup>(2)</sup>* | 05/25/37 | 6444926 | 4758128 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% (1 mo. USD Term SOFR + 0.474%) *<sup>(2)</sup>* | 06/25/37 | 3465585 | 3477779 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2D | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2D | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2D | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.614%) *<sup>(2)</sup>* | 06/25/37 | $5164920 | $5198773 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-4, Class 2A2 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-4, Class 2A2 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-4, Class 2A2 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-4, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03% (1 mo. USD Term SOFR + 0.354%) *<sup>(2)</sup>* | 07/25/37 | 8328363 | 8412356 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-4, Class 2A3 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-4, Class 2A3 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-4, Class 2A3 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-4, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% (1 mo. USD Term SOFR + 0.434%) *<sup>(2)</sup>* | 07/25/37 | 6104897 | 6192999 |
|  Merrill Lynch Mortgage Investors Trust Series 2003-A6, Class 2A | Merrill Lynch Mortgage Investors Trust Series 2003-A6, Class 2A | Merrill Lynch Mortgage Investors Trust Series 2003-A6, Class 2A | Merrill Lynch Mortgage Investors Trust Series 2003-A6, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.73% *<sup>(7)</sup>* | 10/25/33 | 101873 | 100846 |
|  Merrill Lynch Mortgage Investors Trust Series 2004-A4, Class A1 | Merrill Lynch Mortgage Investors Trust Series 2004-A4, Class A1 | Merrill Lynch Mortgage Investors Trust Series 2004-A4, Class A1 | Merrill Lynch Mortgage Investors Trust Series 2004-A4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% *<sup>(7)</sup>* | 08/25/34 | 356436 | 341023 |
|  Merrill Lynch Mortgage Investors Trust Series 2005-A10, Class A | Merrill Lynch Mortgage Investors Trust Series 2005-A10, Class A | Merrill Lynch Mortgage Investors Trust Series 2005-A10, Class A | Merrill Lynch Mortgage Investors Trust Series 2005-A10, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD Term SOFR + 0.534%) *<sup>(2)</sup>* | 02/25/36 | 2385 | 2365 |
|  Merrill Lynch Mortgage Investors Trust Series 2006-WMC2, Class A2B | Merrill Lynch Mortgage Investors Trust Series 2006-WMC2, Class A2B | Merrill Lynch Mortgage Investors Trust Series 2006-WMC2, Class A2B | Merrill Lynch Mortgage Investors Trust Series 2006-WMC2, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81% | 03/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;25796462 | 4798893 |
|  Merrill Lynch Mortgage Investors Trust Series 2006-WMC2, Class A2D | Merrill Lynch Mortgage Investors Trust Series 2006-WMC2, Class A2D | Merrill Lynch Mortgage Investors Trust Series 2006-WMC2, Class A2D | Merrill Lynch Mortgage Investors Trust Series 2006-WMC2, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81% | 03/25/37 | 20190003 | 3751103 |
|  Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1 | Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1 | Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1 | Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (1 yr. CMT + 2.400%) *<sup>(2)</sup>* | 08/25/36 | 1161393 | 1001324 |
|  Mid-State Capital Corp. Trust Series 2005-1, Class A | Mid-State Capital Corp. Trust Series 2005-1, Class A | Mid-State Capital Corp. Trust Series 2005-1, Class A | Mid-State Capital Corp. Trust Series 2005-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 01/15/40 | 766931 | 766573 |
|  Mid-State Capital Corp. Trust Series 2006-1, Class A | Mid-State Capital Corp. Trust Series 2006-1, Class A | Mid-State Capital Corp. Trust Series 2006-1, Class A | Mid-State Capital Corp. Trust Series 2006-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.79% *<sup>(1)</sup>* | 10/15/40 | 3160946 | 3178076 |
|  Mid-State Trust XI Series 11, Class A1 | Mid-State Trust XI Series 11, Class A1 | Mid-State Trust XI Series 11, Class A1 | Mid-State Trust XI Series 11, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86% | 07/15/38 | 20605 | 20616 |
|  Morgan Stanley Mortgage Loan Trust Series 2004-11AR, Class 1A1 | Morgan Stanley Mortgage Loan Trust Series 2004-11AR, Class 1A1 | Morgan Stanley Mortgage Loan Trust Series 2004-11AR, Class 1A1 | Morgan Stanley Mortgage Loan Trust Series 2004-11AR, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% (1 mo. USD Term SOFR + 0.434%) *<sup>(2)</sup>* | 01/25/35 | 35625 | 34154 |
|  Morgan Stanley Mortgage Loan Trust Series 2004-7AR, Class 2A4 | Morgan Stanley Mortgage Loan Trust Series 2004-7AR, Class 2A4 | Morgan Stanley Mortgage Loan Trust Series 2004-7AR, Class 2A4 | Morgan Stanley Mortgage Loan Trust Series 2004-7AR, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% *<sup>(7)</sup>* | 09/25/34 | 150337 | 147873 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Morgan Stanley Mortgage Loan Trust Series 2005-2AR, Class A | Morgan Stanley Mortgage Loan Trust Series 2005-2AR, Class A | Morgan Stanley Mortgage Loan Trust Series 2005-2AR, Class A | Morgan Stanley Mortgage Loan Trust Series 2005-2AR, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05% (1 mo. USD Term SOFR + 0.374%) *<sup>(2)</sup>* | 04/25/35 | $412430 | $412156 |
|  Morgan Stanley Mortgage Loan Trust Series 2006-7, Class 5A2 | Morgan Stanley Mortgage Loan Trust Series 2006-7, Class 5A2 | Morgan Stanley Mortgage Loan Trust Series 2006-7, Class 5A2 | Morgan Stanley Mortgage Loan Trust Series 2006-7, Class 5A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.96% *<sup>(7)</sup>* | 06/25/36 | 607415 | 159186 |
|  MortgageIT Trust Series 2005-1, Class 1A1 | MortgageIT Trust Series 2005-1, Class 1A1 | MortgageIT Trust Series 2005-1, Class 1A1 | MortgageIT Trust Series 2005-1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43% (1 mo. USD Term SOFR + 0.754%) *<sup>(2)</sup>* | 02/25/35 | 753294 | 751574 |
|  MortgageIT Trust Series 2005-4, Class A1 | MortgageIT Trust Series 2005-4, Class A1 | MortgageIT Trust Series 2005-4, Class A1 | MortgageIT Trust Series 2005-4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% (1 mo. USD Term SOFR + 0.674%) *<sup>(2)</sup>* | 10/25/35 | 759144 | 763006 |
|  MortgageIT Trust Series 2005-5, Class A1 | MortgageIT Trust Series 2005-5, Class A1 | MortgageIT Trust Series 2005-5, Class A1 | MortgageIT Trust Series 2005-5, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31% (1 mo. USD Term SOFR + 0.634%) *<sup>(2)</sup>* | 12/25/35 | 204662 | 204953 |
|  Nationstar Home Equity Loan Trust Series 2007-C, Class 2AV4 | Nationstar Home Equity Loan Trust Series 2007-C, Class 2AV4 | Nationstar Home Equity Loan Trust Series 2007-C, Class 2AV4 | Nationstar Home Equity Loan Trust Series 2007-C, Class 2AV4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.614%) *<sup>(2)</sup>* | 06/25/37 | 2747983 | 2698422 |
|  NLT Trust Series 2021-INV3, Class PT | NLT Trust Series 2021-INV3, Class PT | NLT Trust Series 2021-INV3, Class PT | NLT Trust Series 2021-INV3, Class PT |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(4)</sup>* | 11/25/56 | &nbsp;&nbsp;&nbsp;&nbsp;128501469 | 119726130 |
|  Oakwood Mortgage Investors, Inc. Series 2000-A, Class A5 | Oakwood Mortgage Investors, Inc. Series 2000-A, Class A5 | Oakwood Mortgage Investors, Inc. Series 2000-A, Class A5 | Oakwood Mortgage Investors, Inc. Series 2000-A, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.16% *<sup>(7)</sup>* | 09/15/29 | 20571005 | 2125075 |
|  OBX Trust Series 2021-NQM4, Class A1 | OBX Trust Series 2021-NQM4, Class A1 | OBX Trust Series 2021-NQM4, Class A1 | OBX Trust Series 2021-NQM4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.96% *<sup>(1),(7)</sup>* | 10/25/61 | 3942249 | 3406925 |
|  Ownit Mortgage Loan Trust Series 2006-4, Class A1 | Ownit Mortgage Loan Trust Series 2006-4, Class A1 | Ownit Mortgage Loan Trust Series 2006-4, Class A1 | Ownit Mortgage Loan Trust Series 2006-4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% (1 mo. USD Term SOFR + 0.394%) *<sup>(2)</sup>* | 05/25/37 | 520895 | 519670 |
|  Ownit Mortgage Loan Trust Series 2006-4, Class A2D | Ownit Mortgage Loan Trust Series 2006-4, Class A2D | Ownit Mortgage Loan Trust Series 2006-4, Class A2D | Ownit Mortgage Loan Trust Series 2006-4, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.594%) *<sup>(2)</sup>* | 05/25/37 | 13509305 | 11429199 |
|  Popular ABS Mortgage Pass-Through Trust Series 2005-6, Class A5 | Popular ABS Mortgage Pass-Through Trust Series 2005-6, Class A5 | Popular ABS Mortgage Pass-Through Trust Series 2005-6, Class A5 | Popular ABS Mortgage Pass-Through Trust Series 2005-6, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26% | 01/25/36 | 14224803 | 13786365 |
|  Popular ABS Mortgage Pass-Through Trust Series 2007-A, Class A3 | Popular ABS Mortgage Pass-Through Trust Series 2007-A, Class A3 | Popular ABS Mortgage Pass-Through Trust Series 2007-A, Class A3 | Popular ABS Mortgage Pass-Through Trust Series 2007-A, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10% (1 mo. USD Term SOFR + 0.424%) *<sup>(2)</sup>* | 06/25/47 | 14876222 | 14043020 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Popular ABS, Inc. Series 1998-1, Class A2 | Popular ABS, Inc. Series 1998-1, Class A2 | Popular ABS, Inc. Series 1998-1, Class A2 | Popular ABS, Inc. Series 1998-1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.48% | 11/25/29 | $43247 | $41152 |
|  RALI Trust Series 2005-QO5, Class A1 | RALI Trust Series 2005-QO5, Class A1 | RALI Trust Series 2005-QO5, Class A1 | RALI Trust Series 2005-QO5, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86% (1 yr. MTA + 1.000%) *<sup>(2)</sup>* | 01/25/46 | 2945507 | 2284830 |
|  RALI Trust Series 2006-QA1, Class A11 | RALI Trust Series 2006-QA1, Class A11 | RALI Trust Series 2006-QA1, Class A11 | RALI Trust Series 2006-QA1, Class A11 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97% *<sup>(7)</sup>* | 01/25/36 | 71856 | 52240 |
|  RALI Trust Series 2006-QA1, Class A21 | RALI Trust Series 2006-QA1, Class A21 | RALI Trust Series 2006-QA1, Class A21 | RALI Trust Series 2006-QA1, Class A21 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97% *<sup>(7)</sup>* | 01/25/36 | 6653351 | 4461937 |
|  RALI Trust Series 2006-QA7, Class 2A1 | RALI Trust Series 2006-QA7, Class 2A1 | RALI Trust Series 2006-QA7, Class 2A1 | RALI Trust Series 2006-QA7, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16% (1 mo. USD Term SOFR + 0.484%) *<sup>(2)</sup>* | 08/25/36 | 10907492 | 10134311 |
|  RALI Trust Series 2006-QS10, Class AV (I/O) | RALI Trust Series 2006-QS10, Class AV (I/O) | RALI Trust Series 2006-QS10, Class AV (I/O) | RALI Trust Series 2006-QS10, Class AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.57% *<sup>(7)</sup>* | 08/25/36 | 9464268 | 180255 |
|  RALI Trust Series 2006-QS12, Class 2A9 | RALI Trust Series 2006-QS12, Class 2A9 | RALI Trust Series 2006-QS12, Class 2A9 | RALI Trust Series 2006-QS12, Class 2A9 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17% (1 mo. USD Term SOFR + 0.494%) *<sup>(2)</sup>* | 09/25/36 | 95922 | 70293 |
|  RALI Trust Series 2006-QS2, Class 1AV (I/O) | RALI Trust Series 2006-QS2, Class 1AV (I/O) | RALI Trust Series 2006-QS2, Class 1AV (I/O) | RALI Trust Series 2006-QS2, Class 1AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.48% *<sup>(7)</sup>* | 02/25/36 | 35239303 | 588454 |
|  RALI Trust Series 2006-QS7, Class AV (I/O) | RALI Trust Series 2006-QS7, Class AV (I/O) | RALI Trust Series 2006-QS7, Class AV (I/O) | RALI Trust Series 2006-QS7, Class AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% *<sup>(7)</sup>* | 06/25/36 | 15369044 | 404635 |
|  RALI Trust Series 2006-QS8, Class AV (I/O) | RALI Trust Series 2006-QS8, Class AV (I/O) | RALI Trust Series 2006-QS8, Class AV (I/O) | RALI Trust Series 2006-QS8, Class AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.79% *<sup>(7)</sup>* | 08/25/36 | 38714778 | 1076623 |
|  RALI Trust Series 2007-QS1, Class 2A4 | RALI Trust Series 2007-QS1, Class 2A4 | RALI Trust Series 2007-QS1, Class 2A4 | RALI Trust Series 2007-QS1, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34% (1 mo. USD Term SOFR + 0.664%) *<sup>(2)</sup>* | 01/25/37 | 7711923 | 5305053 |
|  RALI Trust Series 2007-QS10, Class AV (I/O) | RALI Trust Series 2007-QS10, Class AV (I/O) | RALI Trust Series 2007-QS10, Class AV (I/O) | RALI Trust Series 2007-QS10, Class AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.48% *<sup>(7)</sup>* | 09/25/37 | 30432993 | 591852 |
|  RALI Trust Series 2007-QS4, Class 3AV (I/O) | RALI Trust Series 2007-QS4, Class 3AV (I/O) | RALI Trust Series 2007-QS4, Class 3AV (I/O) | RALI Trust Series 2007-QS4, Class 3AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% *<sup>(7)</sup>* | 03/25/37 | 17480096 | 320884 |
|  RALI Trust Series 2007-QS5, Class AV (I/O) | RALI Trust Series 2007-QS5, Class AV (I/O) | RALI Trust Series 2007-QS5, Class AV (I/O) | RALI Trust Series 2007-QS5, Class AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.28% *<sup>(7)</sup>* | 03/25/37 | 20948926 | 237913 |
|  RALI Trust Series 2007-QS6, Class AV (I/O) | RALI Trust Series 2007-QS6, Class AV (I/O) | RALI Trust Series 2007-QS6, Class AV (I/O) | RALI Trust Series 2007-QS6, Class AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35% *<sup>(7)</sup>* | 04/25/37 | 47436151 | 614426 |
|  RALI Trust Series 2007-QS7, Class 2AV (I/O) | RALI Trust Series 2007-QS7, Class 2AV (I/O) | RALI Trust Series 2007-QS7, Class 2AV (I/O) | RALI Trust Series 2007-QS7, Class 2AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.37% *<sup>(7)</sup>* | 06/25/37 | 18061901 | 194416 |
|  RALI Trust Series 2007-QS8, Class AV (I/O) | RALI Trust Series 2007-QS8, Class AV (I/O) | RALI Trust Series 2007-QS8, Class AV (I/O) | RALI Trust Series 2007-QS8, Class AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45% *<sup>(7)</sup>* | 06/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;41050772 | 709866 |
|  Residential Asset Mortgage Products Trust Series 2004-SL3, Class A4 | Residential Asset Mortgage Products Trust Series 2004-SL3, Class A4 | Residential Asset Mortgage Products Trust Series 2004-SL3, Class A4 | Residential Asset Mortgage Products Trust Series 2004-SL3, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 12/25/31 | 7605 | 3359 |
|  Residential Asset Securities Corporation Trust Series 2006-KS3, Class M1 | Residential Asset Securities Corporation Trust Series 2006-KS3, Class M1 | Residential Asset Securities Corporation Trust Series 2006-KS3, Class M1 | Residential Asset Securities Corporation Trust Series 2006-KS3, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.444%) *<sup>(2)</sup>* | 04/25/36 | 30041 | 29976 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Residential Asset Securitization Trust Series 2004-IP2, Class 1A1 | Residential Asset Securitization Trust Series 2004-IP2, Class 1A1 | Residential Asset Securitization Trust Series 2004-IP2, Class 1A1 | Residential Asset Securitization Trust Series 2004-IP2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.97% *<sup>(7)</sup>* | 12/25/34 | $96486 | $96314 |
|  Residential Asset Securitization Trust Series 2004-IP2, Class 2A1 | Residential Asset Securitization Trust Series 2004-IP2, Class 2A1 | Residential Asset Securitization Trust Series 2004-IP2, Class 2A1 | Residential Asset Securitization Trust Series 2004-IP2, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(7)</sup>* | 12/25/34 | 8952 | 8252 |
|  Residential Asset Securitization Trust Series 2004-IP2, Class 3A1 | Residential Asset Securitization Trust Series 2004-IP2, Class 3A1 | Residential Asset Securitization Trust Series 2004-IP2, Class 3A1 | Residential Asset Securitization Trust Series 2004-IP2, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% *<sup>(7)</sup>* | 12/25/34 | 169218 | 166966 |
|  Residential Asset Securitization Trust Series 2006-A7CB, Class 1A3 | Residential Asset Securitization Trust Series 2006-A7CB, Class 1A3 | Residential Asset Securitization Trust Series 2006-A7CB, Class 1A3 | Residential Asset Securitization Trust Series 2006-A7CB, Class 1A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 07/25/36 | 1382862 | 1011556 |
|  Residential Funding Mortgage Securities I Trust Series 2005-SA5, Class 1A | Residential Funding Mortgage Securities I Trust Series 2005-SA5, Class 1A | Residential Funding Mortgage Securities I Trust Series 2005-SA5, Class 1A | Residential Funding Mortgage Securities I Trust Series 2005-SA5, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77% *<sup>(7)</sup>* | 11/25/35 | 1399831 | 626221 |
|  RFMSI Trust Series 2006-SA3, Class 3A1 | RFMSI Trust Series 2006-SA3, Class 3A1 | RFMSI Trust Series 2006-SA3, Class 3A1 | RFMSI Trust Series 2006-SA3, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.51% *<sup>(7)</sup>* | 09/25/36 | 31063 | 27491 |
|  RFMSI Trust Series 2006-SA4, Class 2A1 | RFMSI Trust Series 2006-SA4, Class 2A1 | RFMSI Trust Series 2006-SA4, Class 2A1 | RFMSI Trust Series 2006-SA4, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% *<sup>(7)</sup>* | 11/25/36 | 23648 | 20108 |
|  RFMSI Trust Series 2007-SA2, Class 2A2 | RFMSI Trust Series 2007-SA2, Class 2A2 | RFMSI Trust Series 2007-SA2, Class 2A2 | RFMSI Trust Series 2007-SA2, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% *<sup>(7)</sup>* | 04/25/37 | 634941 | 547950 |
|  Saxon Asset Securities Trust Series 2007-2, Class A2C | Saxon Asset Securities Trust Series 2007-2, Class A2C | Saxon Asset Securities Trust Series 2007-2, Class A2C | Saxon Asset Securities Trust Series 2007-2, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03% (1 mo. USD Term SOFR + 0.354%) *<sup>(2)</sup>* | 05/25/47 | 133948 | 99480 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80% | 01/25/36 | 4835156 | 4148613 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2006-CB5, Class A3 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB5, Class A3 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB5, Class A3 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB5, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% (1 mo. USD Term SOFR + 0.394%) *<sup>(2)</sup>* | 06/25/36 | 163109 | 111586 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2007-BR1, Class A2A | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR1, Class A2A | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR1, Class A2A | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR1, Class A2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01% (1 mo. USD Term SOFR + 0.334%) *<sup>(2)</sup>* | 02/25/37 | 4758215 | 1916694 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2007-BR1, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR1, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR1, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR1, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33% (1 mo. USD Term SOFR + 0.654%) *<sup>(2)</sup>* | 02/25/37 | 23554651 | 9486994 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2007-BR2, Class A2 | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR2, Class A2 | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR2, Class A2 | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR2, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% (1 mo. USD Term SOFR + 0.574%) *<sup>(2)</sup>* | 02/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;30552775 | 13683008 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2007-BR5, Class A2A | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR5, Class A2A | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR5, Class A2A | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR5, Class A2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05% (1 mo. USD Term SOFR + 0.374%) *<sup>(2)</sup>* | 05/25/37 | 9188716 | 7209550 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Securitized Asset-Backed Receivables LLC Trust Series 2007-BR5, Class A2C | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR5, Class A2C | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR5, Class A2C | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR5, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49% (1 mo. USD Term SOFR + 0.814%) *<sup>(2)</sup>* | 05/25/37 | $6930050 | $5436659 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% (1 mo. USD Term SOFR + 0.414%) *<sup>(2)</sup>* | 12/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;23024200 | 11420505 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC2, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% (1 mo. USD Term SOFR + 0.394%) *<sup>(2)</sup>* | 01/25/37 | 11461337 | 10032194 |
|  Sequoia Mortgage Trust Series 2003-8, Class A1 | Sequoia Mortgage Trust Series 2003-8, Class A1 | Sequoia Mortgage Trust Series 2003-8, Class A1 | Sequoia Mortgage Trust Series 2003-8, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43% (1 mo. USD Term SOFR + 0.754%) *<sup>(2)</sup>* | 01/20/34 | 216 | 212 |
|  Sequoia Mortgage Trust Series 2004-4, Class A | Sequoia Mortgage Trust Series 2004-4, Class A | Sequoia Mortgage Trust Series 2004-4, Class A | Sequoia Mortgage Trust Series 2004-4, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68% (6 mo. USD Term SOFR + 0.948%) *<sup>(2)</sup>* | 05/20/34 | 32929 | 31237 |
|  SG Mortgage Securities Trust Series 2007-NC1, Class A2 | SG Mortgage Securities Trust Series 2007-NC1, Class A2 | SG Mortgage Securities Trust Series 2007-NC1, Class A2 | SG Mortgage Securities Trust Series 2007-NC1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.594%) *<sup>(1),(2)</sup>* | 12/25/36 | 10736086 | 6374990 |
|  STARM Mortgage Loan Trust Series 2007-3, Class 1A1 | STARM Mortgage Loan Trust Series 2007-3, Class 1A1 | STARM Mortgage Loan Trust Series 2007-3, Class 1A1 | STARM Mortgage Loan Trust Series 2007-3, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.56% *<sup>(7)</sup>* | 06/25/37 | 962531 | 435446 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2004-1, Class 3A3 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-1, Class 3A3 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-1, Class 3A3 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-1, Class 3A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% *<sup>(7)</sup>* | 02/25/34 | 2544 | 2511 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 2A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 2A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 2A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.62% *<sup>(7)</sup>* | 09/25/34 | 871816 | 855047 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18% *<sup>(7)</sup>* | 10/25/34 | 10698 | 10290 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 2A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 2A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 2A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.31% *<sup>(7)</sup>* | 10/25/34 | 1462463 | 1445048 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2004-15, Class A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-15, Class A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-15, Class A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-15, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72% *<sup>(7)</sup>* | 10/25/34 | 869360 | 847393 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2004-17, Class A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-17, Class A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-17, Class A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-17, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99% *<sup>(7)</sup>* | 11/25/34 | 18180 | 16541 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2004-20, Class 1A2 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-20, Class 1A2 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-20, Class 1A2 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-20, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *<sup>(7)</sup>* | 01/25/35 | $174566 | $169196 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2005-12, Class 3A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-12, Class 3A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-12, Class 3A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-12, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% *<sup>(7)</sup>* | 06/25/35 | 179093 | 150782 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2005-18, Class 7A3 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-18, Class 7A3 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-18, Class 7A3 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-18, Class 7A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% *<sup>(7)</sup>* | 09/25/35 | 8512034 | 4695718 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2006-12, Class 1A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2006-12, Class 1A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2006-12, Class 1A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2006-12, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% (1 mo. USD Term SOFR + 0.434%) *<sup>(2)</sup>* | 01/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;11259023 | 11167483 |
|  Structured Asset Mortgage Investments II Trust Series 2005-AR8, Class A1A | Structured Asset Mortgage Investments II Trust Series 2005-AR8, Class A1A | Structured Asset Mortgage Investments II Trust Series 2005-AR8, Class A1A | Structured Asset Mortgage Investments II Trust Series 2005-AR8, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% (1 mo. USD Term SOFR + 0.674%) *<sup>(2)</sup>* | 02/25/36 | 182133 | 156052 |
|  Structured Asset Mortgage Investments II Trust Series 2005-AR8, Class A3 | Structured Asset Mortgage Investments II Trust Series 2005-AR8, Class A3 | Structured Asset Mortgage Investments II Trust Series 2005-AR8, Class A3 | Structured Asset Mortgage Investments II Trust Series 2005-AR8, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67% (1 yr. MTA + 2.000%) *<sup>(2)</sup>* | 02/25/36 | 5875242 | 5080429 |
|  Structured Asset Mortgage Investments II Trust Series 2006-AR7, Class A1A | Structured Asset Mortgage Investments II Trust Series 2006-AR7, Class A1A | Structured Asset Mortgage Investments II Trust Series 2006-AR7, Class A1A | Structured Asset Mortgage Investments II Trust Series 2006-AR7, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD Term SOFR + 0.534%) *<sup>(2)</sup>* | 08/25/36 | 7859401 | 6631067 |
|  Structured Asset Mortgage Investments II Trust Series 2006-AR8, Class A1B | Structured Asset Mortgage Investments II Trust Series 2006-AR8, Class A1B | Structured Asset Mortgage Investments II Trust Series 2006-AR8, Class A1B | Structured Asset Mortgage Investments II Trust Series 2006-AR8, Class A1B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91% (1 mo. USD Term SOFR + 0.234%) *<sup>(2)</sup>* | 10/25/36 | 6734200 | 5900340 |
|  Structured Asset Mortgage Investments II Trust Series 2007-AR6, Class A1 | Structured Asset Mortgage Investments II Trust Series 2007-AR6, Class A1 | Structured Asset Mortgage Investments II Trust Series 2007-AR6, Class A1 | Structured Asset Mortgage Investments II Trust Series 2007-AR6, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.36% (1 yr. MTA + 1.500%) *<sup>(2)</sup>* | 08/25/47 | 66377086 | 57487574 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-26A, Class 3A5 | Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-26A, Class 3A5 | Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-26A, Class 3A5 | Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-26A, Class 3A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% *<sup>(7)</sup>* | 09/25/33 | 44037 | 42820 |
|  Structured Asset Securities Corp. Trust Series 2005-5, Class 2A4 | Structured Asset Securities Corp. Trust Series 2005-5, Class 2A4 | Structured Asset Securities Corp. Trust Series 2005-5, Class 2A4 | Structured Asset Securities Corp. Trust Series 2005-5, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/25/35 | 615992 | 579115 |
|  Thornburg Mortgage Securities Trust Series 2004-4, Class 2A | Thornburg Mortgage Securities Trust Series 2004-4, Class 2A | Thornburg Mortgage Securities Trust Series 2004-4, Class 2A | Thornburg Mortgage Securities Trust Series 2004-4, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22% *<sup>(7)</sup>* | 12/25/44 | 47715 | 46026 |
|  Wachovia Mortgage Loan Trust LLC Series 2006-ALT1, Class A3 | Wachovia Mortgage Loan Trust LLC Series 2006-ALT1, Class A3 | Wachovia Mortgage Loan Trust LLC Series 2006-ALT1, Class A3 | Wachovia Mortgage Loan Trust LLC Series 2006-ALT1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68% (1 mo. USD Term SOFR + 0.574%) *<sup>(2)</sup>* | 01/25/37 | 8706893 | 2949440 |

---

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| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Wachovia Mortgage Loan Trust LLC Series 2006-AMN1, Class A3 | Wachovia Mortgage Loan Trust LLC Series 2006-AMN1, Class A3 | Wachovia Mortgage Loan Trust LLC Series 2006-AMN1, Class A3 | Wachovia Mortgage Loan Trust LLC Series 2006-AMN1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% (1 mo. USD Term SOFR + 0.594%) *<sup>(2)</sup>* | 08/25/36 | $13732915 | $4413674 |
|  WaMu Asset-Backed Certificates Trust Series 2007-HE1, Class 2A2 | WaMu Asset-Backed Certificates Trust Series 2007-HE1, Class 2A2 | WaMu Asset-Backed Certificates Trust Series 2007-HE1, Class 2A2 | WaMu Asset-Backed Certificates Trust Series 2007-HE1, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01% (1 mo. USD Term SOFR + 0.334%) *<sup>(2)</sup>* | 01/25/37 | 2620522 | 1184152 |
|  WaMu Asset-Backed Certificates Trust Series 2007-HE1, Class 2A4 | WaMu Asset-Backed Certificates Trust Series 2007-HE1, Class 2A4 | WaMu Asset-Backed Certificates Trust Series 2007-HE1, Class 2A4 | WaMu Asset-Backed Certificates Trust Series 2007-HE1, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% (1 mo. USD Term SOFR + 0.574%) *<sup>(2)</sup>* | 01/25/37 | 8120297 | 3667960 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR6, Class A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR6, Class A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR6, Class A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR6, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.11% *<sup>(7)</sup>* | 06/25/33 | 656293 | 647041 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR3, Class A2 | WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR3, Class A2 | WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR3, Class A2 | WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR3, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% *<sup>(7)</sup>* | 06/25/34 | 9807 | 9398 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR1, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR1, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR1, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR1, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43% (1 mo. USD Term SOFR + 0.754%) *<sup>(2)</sup>* | 01/25/45 | 227510 | 223018 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR13, Class A1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR13, Class A1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR13, Class A1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR13, Class A1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37% (1 mo. USD Term SOFR + 0.694%) *<sup>(2)</sup>* | 10/25/45 | 1388856 | 1353591 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR14, Class 2A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR14, Class 2A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR14, Class 2A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR14, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69% *<sup>(7)</sup>* | 12/25/35 | 843296 | 790195 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR15, Class A1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR15, Class A1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR15, Class A1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR15, Class A1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31% (1 mo. USD Term SOFR + 0.634%) *<sup>(2)</sup>* | 11/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;10753231 | 10199036 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR17, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR17, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR17, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR17, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33% (1 mo. USD Term SOFR + 0.654%) *<sup>(2)</sup>* | 12/25/45 | 4821501 | 4488313 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR19, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR19, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR19, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR19, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37% (1 mo. USD Term SOFR + 0.694%) *<sup>(2)</sup>* | 12/25/45 | 4058357 | 4060340 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41% (1 mo. USD Term SOFR + 0.734%) *<sup>(2)</sup>* | 01/25/45 | $209075 | $210421 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A2 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A2 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A2 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% (1 mo. USD Term SOFR + 0.774%) *<sup>(2)</sup>* | 01/25/45 | 17780 | 17889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% (1 mo. USD Term SOFR + 0.874%) *<sup>(2)</sup>* | 01/25/45 | 742425 | 747771 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR6, Class 2A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR6, Class 2A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR6, Class 2A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR6, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% (1 mo. USD Term SOFR + 0.574%) *<sup>(2)</sup>* | 04/25/45 | 36862 | 36022 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR8, Class 1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR8, Class 1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR8, Class 1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR8, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33% (1 mo. USD Term SOFR + 0.654%) *<sup>(2)</sup>* | 07/25/45 | 47294 | 46254 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR10, Class 1A4 | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR10, Class 1A4 | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR10, Class 1A4 | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR10, Class 1A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44% *<sup>(7)</sup>* | 09/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5141726 | 4554286 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR16, Class 3A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR16, Class 3A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR16, Class 3A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR16, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14% *<sup>(7)</sup>* | 12/25/36 | 287173 | 261303 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR3, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR3, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR3, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR3, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86% (1 yr. MTA + 1.000%) *<sup>(2)</sup>* | 02/25/46 | 6766754 | 6299346 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR4, Class 1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR4, Class 1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR4, Class 1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR4, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02% (1 yr. MTA + 0.940%) *<sup>(2)</sup>* | 05/25/46 | 2302589 | 2109207 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR7, Class 2A | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR7, Class 2A | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR7, Class 2A | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR7, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% (1 yr. MTA + 0.980%) *<sup>(2)</sup>* | 07/25/46 | 3570104 | 3448707 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2007-HY7, Class 4A2 | WaMu Mortgage Pass-Through Certificates Trust Series 2007-HY7, Class 4A2 | WaMu Mortgage Pass-Through Certificates Trust Series 2007-HY7, Class 4A2 | WaMu Mortgage Pass-Through Certificates Trust Series 2007-HY7, Class 4A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% *<sup>(7)</sup>* | 07/25/37 | 116595 | 107389 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2007-OA1, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2007-OA1, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2007-OA1, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2007-OA1, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56% (1 yr. MTA + 0.700%) *<sup>(2)</sup>* | 02/25/47 | 6138427 | 5765642 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-3, Class 2A3 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-3, Class 2A3 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-3, Class 2A3 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-3, Class 2A3 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-3, Class 2A3 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-3, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34% (1 mo. USD Term SOFR + 0.664%) *<sup>(2)</sup>* | 05/25/35 | $| 906486 | $| 729515 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB1 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB1 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB1 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB1 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB1 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.614%) *<sup>(2)</sup>* | 06/25/35 |  | 1896096 |  | 1655660 |
|  Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2002-AR1, Class 1A1 | Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2002-AR1, Class 1A1 | Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2002-AR1, Class 1A1 | Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2002-AR1, Class 1A1 | Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2002-AR1, Class 1A1 | Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2002-AR1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.98% *<sup>(7)</sup>* | 11/25/30 |  | 8092 |  | 8127 |
|  Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1 | Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1 | Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1 | Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1 | Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1 | Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 11/25/37 |  | 56868 |  | 48830 |
|  Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR1, Class 1A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR1, Class 1A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR1, Class 1A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR1, Class 1A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR1, Class 1A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02% *<sup>(7)</sup>* | 03/25/36 |  | 886755 |  | 899414 |
| **Total Residential Mortgage-Backed<br>Securities — Non-Agency** | **Total Residential Mortgage-Backed<br>Securities — Non-Agency** | **Total Residential Mortgage-Backed<br>Securities — Non-Agency** | **Total Residential Mortgage-Backed<br>Securities — Non-Agency** |  |  |
|  (Cost: $3,350,786,787) | (Cost: $3,350,786,787) |  |  |  | 2764048298 |
|  **CORPORATE BONDS** — **16.9%** | **CORPORATE BONDS** — **16.9%** | **CORPORATE BONDS** — **16.9%** | **CORPORATE BONDS** — **16.9%** | **CORPORATE BONDS** — **16.9%** | **CORPORATE BONDS** — **16.9%** |
| **Aerospace/Defense — 0.0%** | **Aerospace/Defense — 0.0%** | **Aerospace/Defense — 0.0%** | **Aerospace/Defense — 0.0%** | **Aerospace/Defense — 0.0%** | **Aerospace/Defense — 0.0%** |
|  General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% (3 mo. USD Term SOFR + 0.642%) *<sup>(2)</sup>* | 05/05/26 |  | 1785000 |  | 1786089 |
| **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 02/04/51 |  | 995000 |  | 685923 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC (United Kingdom) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (5 yr. EURIBOR ICE Swap + 2.284%) *<sup>(2),(9),(10),(11)</sup>* | 12/31/99 | EUR | 800000 |  | 901177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC (United Kingdom) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(1)</sup>* | 07/26/26 |  | 4997000 |  | 4984708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(1)</sup>* | 06/30/28 |  | 3310000 |  | 3312979 |
|  |  |  |  |  | 9884787 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** |
|  American Airlines Pass-Through Trust Series 2017-2, Class AA | American Airlines Pass-Through Trust Series 2017-2, Class AA | American Airlines Pass-Through Trust Series 2017-2, Class AA | American Airlines Pass-Through Trust Series 2017-2, Class AA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% | 04/15/31 | $11848989 | $11401808 |
|  Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/10/29 | 60499990 | 58561570 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88% *<sup>(1)</sup>* | 09/20/31 | 1832000 | 1733200 |
|  JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/15/34 | 7165481 | 6763211 |
|  United Airlines Pass-Through Trust Series 2018-1, Class AA | United Airlines Pass-Through Trust Series 2018-1, Class AA | United Airlines Pass-Through Trust Series 2018-1, Class AA | United Airlines Pass-Through Trust Series 2018-1, Class AA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/01/31 | 21685012 | 20935578 |
|  United Airlines Pass-Through Trust Series 2023-1, Class A | United Airlines Pass-Through Trust Series 2023-1, Class A | United Airlines Pass-Through Trust Series 2023-1, Class A | United Airlines Pass-Through Trust Series 2023-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 07/15/37 | 20159483 | 20773138 |
|  |  |  | 120168505 |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
|  Volkswagen Bank GmbH (Germany) | Volkswagen Bank GmbH (Germany) | Volkswagen Bank GmbH (Germany) | Volkswagen Bank GmbH (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% *<sup>(9),(11)</sup>* | 10/02/32 | 10000000 | 11211135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(9),(11)</sup>* | 12/10/32 | 8000000 | 9019881 |
|  Volkswagen Financial Services Australia Pty. Ltd. (Germany) | Volkswagen Financial Services Australia Pty. Ltd. (Germany) | Volkswagen Financial Services Australia Pty. Ltd. (Germany) | Volkswagen Financial Services Australia Pty. Ltd. (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11% *<sup>(9),(11)</sup>* | 06/13/29 | 6200000 | 4148035 |
|  Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% *<sup>(1)</sup>* | 03/25/32 | 4800000 | 4877184 |
|  Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% (9 yr. EUR Swap + 4.783%) *<sup>(2),(9),(10)</sup>* | 09/06/32 | 12500000 | 15948894 |
|  |  |  | 45205129 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Robert Bosch Finance LLC | Robert Bosch Finance LLC | Robert Bosch Finance LLC | Robert Bosch Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% *<sup>(9),(11)</sup>* | 05/28/31 | 100000 | 112834 |
|  Robert Bosch GmbH | Robert Bosch GmbH | Robert Bosch GmbH | Robert Bosch GmbH |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(9)</sup>* | 06/02/43 | 6000000 | 6633698 |
|  |  |  | 6746532 |
| **Banks — 2.5%** | **Banks — 2.5%** | **Banks — 2.5%** | **Banks — 2.5%** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73% (1 day USD SOFR + 0.960%) *<sup>(2)</sup>* | 07/22/27 | 38542000 | 38222101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09% (1 day USD SOFR + 1.060%) *<sup>(2)</sup>* | 06/14/29 | 110562000 | 105159941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% (1 day USD SOFR + 1.220%) *<sup>(2)</sup>* | 07/21/32 | 2000 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69% (1 day USD SOFR + 1.320%) *<sup>(2)</sup>* | 04/22/32 | 4000 | 3631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42% (3 mo. USD Term SOFR + 1.302%) *<sup>(2)</sup>* | 12/20/28 | 1587000 | 1559228 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97% (3 mo. USD Term SOFR + 1.332%) *<sup>(2)</sup>* | 03/05/29 | $336000 | $333094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58% (3 mo. USD Term SOFR + 0.912%) *<sup>(2)</sup>* | 12/01/26 | 50000000 | 50158000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47% (1 day USD SOFR + 1.650%) *<sup>(2)</sup>* | 01/23/35 | 525000 | 535768 |
|  Citibank NA | Citibank NA | Citibank NA | Citibank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 05/29/30 | 9015000 | 9160863 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46% (1 day USD SOFR + 0.770%) *<sup>(2)</sup>* | 06/09/27 | 22971000 | 22838457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% (1 day USD SOFR + 1.177%) *<sup>(2)</sup>* | 11/03/32 | 14658000 | 12947705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06% (1 day USD SOFR + 1.351%) *<sup>(2)</sup>* | 01/25/33 | 4000 | 3613 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54% (1 day USD SOFR + 0.818%) *<sup>(2)</sup>* | 09/10/27 | 75070000 | 74100846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% (1 day USD SOFR + 0.913%) *<sup>(2)</sup>* | 10/21/27 | 1337000 | 1318710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% (1 day USD SOFR + 1.248%) *<sup>(2)</sup>* | 07/21/32 | 4000 | 3531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% (1 day USD SOFR + 0.900%) *<sup>(2)</sup>* | 10/21/29 | 6675000 | 6614191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (1 day USD SOFR + 1.420%) *<sup>(2)</sup>* | 10/23/35 | &nbsp;&nbsp;&nbsp;&nbsp;10436000 | 10250761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.54% (1 day USD SOFR + 1.380%) *<sup>(2)</sup>* | 01/28/36 | 5605000 | 5701462 |
|  HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.21% (1 day USD SOFR + 1.285%) *<sup>(2)</sup>* | 08/17/29 | 2000 | 1893 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47% (1 day USD SOFR + 0.765%) *<sup>(2)</sup>* | 09/22/27 | 14377000 | 14180466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58% (1 day USD SOFR + 0.885%) *<sup>(2)</sup>* | 04/22/27 | 19179000 | 19147930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% (1 day USD SOFR + 1.065%) *<sup>(2)</sup>* | 02/04/32 | 9805000 | 8644480 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07% (1 day USD SOFR + 1.015%) *<sup>(2)</sup>* | 06/01/29 | $3013000 | $2866930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18% (1 day USD SOFR + 1.890%) *<sup>(2)</sup>* | 06/01/28 | 2490000 | 2427227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% (1 day USD SOFR + 1.180%) *<sup>(2)</sup>* | 11/08/32 | 20371000 | 18140375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58% (3 mo. USD Term SOFR + 1.250%) *<sup>(2)</sup>* | 04/22/32 | 19039000 | 17228581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95% (1 day USD SOFR + 1.170%) *<sup>(2)</sup>* | 02/24/28 | 23236000 | 22941600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96% (1 day USD SOFR + 1.260%) *<sup>(2)</sup>* | 01/25/33 | 7747000 | 7027923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% (3 mo. USD Term SOFR + 1.422%) *<sup>(2)</sup>* | 05/06/30 | 2876000 | 2806142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01% (3 mo. USD Term SOFR + 1.382%) *<sup>(2)</sup>* | 04/23/29 | 2671000 | 2648938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% (3 mo. USD Term SOFR + 1.592%) *<sup>(2)</sup>* | 12/05/29 | 8325000 | 8335989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01% (1 day USD SOFR + 1.310%) *<sup>(2)</sup>* | 01/23/30 | 10505000 | 10654486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% (1 day USD SOFR + 1.315%) *<sup>(2)</sup>* | 01/24/36 | 2715000 | 2782060 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51% (1 day USD SOFR + 0.858%) *<sup>(2)</sup>* | 07/20/27 | 1000000 | 990860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79% (1 day USD SOFR + 1.034%) *<sup>(2)</sup>* | 02/13/32 | 4798000 | 4161449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93% (1 day USD SOFR + 1.020%) *<sup>(2)</sup>* | 04/28/32 | 2890000 | 2505283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24% (1 day USD SOFR + 1.178%) *<sup>(2)</sup>* | 07/21/32 | &nbsp;&nbsp;&nbsp;&nbsp;28402000 | 24877312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51% (1 day USD SOFR + 1.200%) *<sup>(2)</sup>* | 10/20/32 | 455000 | 402120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% (1 day USD SOFR + 1.290%) *<sup>(2)</sup>* | 01/21/33 | 2483000 | 2232937 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% (1 day USD SOFR + 1.555%) *<sup>(2)</sup>* | 07/19/35 | $2325000 | $2330929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83% (1 day USD SOFR + 1.580%) *<sup>(2)</sup>* | 04/19/35 | 235000 | 244017 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (1 day USD SOFR + 0.906%) *<sup>(2)</sup>* | 01/12/29 | 17635000 | 17830043 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% (1 day USD SOFR + 0.780%) *<sup>(2)</sup>* | 11/17/28 | 5000000 | 4983700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47% (1 day USD SOFR + 1.020%) *<sup>(2)</sup>* | 11/19/31 | 32433000 | 31958181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (1 day USD SOFR + 1.080%) *<sup>(2)</sup>* | 07/18/31 | 3277000 | 3268742 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.07% (1 day USD SOFR + 1.933%) *<sup>(2)</sup>* | 01/24/34 | 3000 | 3006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58% (1 day USD SOFR + 1.394%) *<sup>(2)</sup>* | 01/29/36 | 300000 | 306687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% (1 day USD SOFR + 1.902%) *<sup>(2)</sup>* | 01/22/35 | 1465000 | 1508511 |
|  Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47% (1 day USD SOFR + 1.220%) *<sup>(2)</sup>* | 01/11/28 | 7952000 | 7820712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82% (3 mo. USD LIBOR + 1.400%) *<sup>(2)</sup>* | 11/03/28 | 2200000 | 2172478 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% (1 day USD SOFR + 1.230%) *<sup>(2)</sup>* | 02/01/29 | 70000 | 70296 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39% (1 day USD SOFR + 2.100%) *<sup>(2)</sup>* | 06/02/28 | 61030000 | 59575655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88% (3 mo. USD Term SOFR + 1.432%) *<sup>(2)</sup>* | 10/30/30 | 69972000 | 66044472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% (1 day USD SOFR + 1.500%) *<sup>(2)</sup>* | 03/02/33 | 2000 | 1836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% (1 day USD SOFR + 2.100%) *<sup>(2)</sup>* | 07/25/33 | 3000 | 2987 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.57% (1 day USD SOFR + 1.740%) *<sup>(2)</sup>* | 07/25/29 | $| 14844000 | 15183779 |
|  |  |  |  | 727224680 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% *<sup>(1)</sup>* | 05/15/38 |  | 2881000 | 2675095 |
|  Coca-Cola HBC Finance BV (Italy) | Coca-Cola HBC Finance BV (Italy) | Coca-Cola HBC Finance BV (Italy) | Coca-Cola HBC Finance BV (Italy) | Coca-Cola HBC Finance BV (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(9),(11)</sup>* | 10/01/33 | EUR | 12100000 | 14067650 |
|  Maple Parent Holdings Corp. | Maple Parent Holdings Corp. | Maple Parent Holdings Corp. | Maple Parent Holdings Corp. | Maple Parent Holdings Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% *<sup>(9),(11)</sup>* | 03/26/35 | EUR | 8625000 | 9934941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% *<sup>(1)</sup>* | 03/26/35 | EUR | 9980000 | 11495735 |
|  |  |  |  | 38173421 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 02/19/56 |  | 4705000 | 4561121 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 03/23/31 |  | 200000 | 179324 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% | 09/02/27 |  | 1295000 | 1248484 |
|  |  |  |  | 5988929 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
|  FIS Fabbrica Italiana Sintetici SpA | FIS Fabbrica Italiana Sintetici SpA | FIS Fabbrica Italiana Sintetici SpA | FIS Fabbrica Italiana Sintetici SpA | FIS Fabbrica Italiana Sintetici SpA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.28% (3 mo. EUR EURIBOR + 3.250%) *<sup>(1),(2)</sup>* | 02/05/31 | EUR | 3800000 | 4301432 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.83% *<sup>(1)</sup>* | 10/15/27 |  | 1615000 | 1549657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% *<sup>(1)</sup>* | 11/01/30 |  | 48565000 | 43244219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27% *<sup>(1)</sup>* | 11/15/40 |  | 10351000 | 7753623 |
|  Novonesis Novozymes B (Denmark) | Novonesis Novozymes B (Denmark) | Novonesis Novozymes B (Denmark) | Novonesis Novozymes B (Denmark) | Novonesis Novozymes B (Denmark) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(9),(11)</sup>* | 03/19/37 | EUR | 10000000 | 11408622 |
|  |  |  |  | 68257553 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
|  AA Bond Co. Ltd. (United Kingdom) | AA Bond Co. Ltd. (United Kingdom) | AA Bond Co. Ltd. (United Kingdom) | AA Bond Co. Ltd. (United Kingdom) | AA Bond Co. Ltd. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(9)</sup>* | 07/31/50 | GBP | 7537000 | 9645934 |
|  Dalrymple Bay Finance Pty. Ltd. (Australia) | Dalrymple Bay Finance Pty. Ltd. (Australia) | Dalrymple Bay Finance Pty. Ltd. (Australia) | Dalrymple Bay Finance Pty. Ltd. (Australia) | Dalrymple Bay Finance Pty. Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.23% *<sup>(11)</sup>* | 03/24/31 | AUD | 19170000 | 13152249 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(1)</sup>* | 11/15/31 |  | 3500000 | 3396155 |
|  Rollins, Inc. | Rollins, Inc. | Rollins, Inc. | Rollins, Inc. | Rollins, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 02/24/35 |  | 8000000 | 7989120 |
|  VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% *<sup>(1)</sup>* | 08/15/30 |  | 10122000 | 10303285 |
|  |  |  |  | 44486743 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/30 | $24890000 | $25211330 |
| **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% | 10/29/26 | 11203000 | 11076630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/29/28 | 58242000 | 56095782 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20% | 01/15/27 | 18695000 | 18358677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 10/01/29 | 2090000 | 1984601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 10/01/28 | 2000000 | 1991280 |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% (1 day USD SOFR + 1.220%) *<sup>(2)</sup>* | 07/20/33 | 15935000 | 15993003 |
|  Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53% *<sup>(1)</sup>* | 11/18/27 | 53870000 | 52093368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% *<sup>(1)</sup>* | 02/15/27 | 5900000 | 5843773 |
|  Lseg U.S. Fin Corp. (United Kingdom) | Lseg U.S. Fin Corp. (United Kingdom) | Lseg U.S. Fin Corp. (United Kingdom) | Lseg U.S. Fin Corp. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(1)</sup>* | 03/23/36 | 11895000 | 11785923 |
|  |  |  | 175223037 |
| **Electric — 2.1%** | **Electric — 2.1%** | **Electric — 2.1%** | **Electric — 2.1%** |
|  Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% (5 yr. CMT + 2.077%) *<sup>(2)</sup>* | 04/01/56 | 26430000 | 25699739 |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% *<sup>(1)</sup>* | 03/01/32 | 4515000 | 4176601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% *<sup>(1)</sup>* | 03/30/29 | 4120000 | 4274459 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% (5 yr. CMT + 2.128%) *<sup>(2)</sup>* | 03/15/56 | 58030000 | 57317392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05% (5 yr. CMT + 1.940%) *<sup>(2)</sup>* | 03/15/56 | 11615000 | 11524287 |
|  Amprion GmbH (Germany) | Amprion GmbH (Germany) | Amprion GmbH (Germany) | Amprion GmbH (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(9)</sup>* | 05/21/44 | 3800000 | 4059746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% *<sup>(9),(11)</sup>* | 01/15/38 | 11300000 | 12805942 |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 04/01/34 | 18900000 | 19493460 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 12/15/32 | 2444000 | 2624856 |
|  Ausgrid Finance Pty. Ltd. (Australia) | Ausgrid Finance Pty. Ltd. (Australia) | Ausgrid Finance Pty. Ltd. (Australia) | Ausgrid Finance Pty. Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% *<sup>(9),(11)</sup>* | 12/10/35 | 14370000 | 9627655 |
|  CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% (5 yr. CMT + 2.223%) *<sup>(2)</sup>* | 04/01/56 | 39005000 | 38591547 |
|  Comision Federal de Electricidad (Mexico) | Comision Federal de Electricidad (Mexico) | Comision Federal de Electricidad (Mexico) | Comision Federal de Electricidad (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% *<sup>(9)</sup>* | 02/09/31 | 3368000 | 3014528 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (5 yr. CMT + 2.262%) *<sup>(2)</sup>* | 02/15/56 | $11960000 | $11883815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% (5 yr. CMT + 2.006%) *<sup>(2),(11)</sup>* | 02/15/56 | 35570000 | 35292198 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/30/42 | 1239000 | 1017764 |
|  Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 11/15/33 | 2409000 | 2559370 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(9),(11)</sup>* | 12/09/49 | 50000000 | 34281402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% (5 yr. EURIBOR ICE Swap + 2.074%) *<sup>(2),(9),(10),(11)</sup>* | 12/31/99 | 14200000 | 15890361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64% *<sup>(9),(11)</sup>* | 08/28/35 | 9200000 | 6027110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% *<sup>(1)</sup>* | 01/13/55 | 1885000 | 1922210 |
|  EnBW International Finance BV (Germany) | EnBW International Finance BV (Germany) | EnBW International Finance BV (Germany) | EnBW International Finance BV (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.79% *<sup>(9),(11)</sup>* | 02/26/36 | 6690000 | 4430822 |
|  Enel SpA (Italy) | Enel SpA (Italy) | Enel SpA (Italy) | Enel SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% (5 yr. EURIBOR ICE Swap + 1.821%) *<sup>(9),(2),(10),(11)</sup>* | 10/14/34 | 15537000 | 16961530 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% (5 yr. CMT + 2.179%) *<sup>(2)</sup>* | 06/15/56 | 31755000 | 31348854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10% (5 yr. CMT + 2.013%) *<sup>(2)</sup>* | 06/15/56 | 11840000 | 11675069 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% *<sup>(1)</sup>* | 03/15/28 | 125000 | 122253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% *<sup>(1)</sup>* | 01/15/29 | 13381000 | 13298305 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87% *<sup>(1)</sup>* | 09/15/28 | 40514000 | 38997156 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(1)</sup>* | 03/01/32 | 820000 | 737295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40% | 05/15/36 | 1404000 | 1504905 |
|  MVM Energetika Zrt (Hungary) | MVM Energetika Zrt (Hungary) | MVM Energetika Zrt (Hungary) | MVM Energetika Zrt (Hungary) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(9)</sup>* | 03/13/31 | 2988000 | 3084722 |
|  Network Finance Co. Pty. Ltd. (Australia) | Network Finance Co. Pty. Ltd. (Australia) | Network Finance Co. Pty. Ltd. (Australia) | Network Finance Co. Pty. Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(9),(11)</sup>* | 09/05/33 | 6215000 | 6965787 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03% *<sup>(1)</sup>* | 06/27/50 | 3543000 | 2217705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% *<sup>(1)</sup>* | 10/01/34 | 4375000 | 4071900 |
|  Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 01/15/36 | 12140000 | 12239062 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** |
|  RTE Reseau de Transport d'Electricite SADIR (France) | RTE Reseau de Transport d'Electricite SADIR (France) | RTE Reseau de Transport d'Electricite SADIR (France) | RTE Reseau de Transport d'Electricite SADIR (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(9)</sup>* | 04/30/44 | 4800000 | 5069476 |
|  South Eastern Power Networks PLC (United Kingdom) | South Eastern Power Networks PLC (United Kingdom) | South Eastern Power Networks PLC (United Kingdom) | South Eastern Power Networks PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10% *<sup>(9),(11)</sup>* | 03/17/38 | 1000000 | 1142233 |
|  Southern Co. | Southern Co. | Southern Co. | Southern Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% (5 yr. CMT + 2.915%) *<sup>(2)</sup>* | 09/15/51 | 65307000 | 64758421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (5 yr. CMT + 1.993%) *<sup>(2)</sup>* | 04/01/58 | 37690000 | 37900687 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 10/01/26 | 26488000 | 26293313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 04/01/36 | 6595000 | 6489612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 04/01/33 | 29341000 | 29808696 |
|  |  |  | 621202245 |
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
|  Amphenol Technologies Holding GmbH | Amphenol Technologies Holding GmbH | Amphenol Technologies Holding GmbH | Amphenol Technologies Holding GmbH |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 03/30/31 | 1830000 | 2117613 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
|  Alta Wind Holdings LLC | Alta Wind Holdings LLC | Alta Wind Holdings LLC | Alta Wind Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% *<sup>(1)</sup>* | 06/30/35 | 2923028 | 2783541 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Cellnex Finance Co. SA (Spain) | Cellnex Finance Co. SA (Spain) | Cellnex Finance Co. SA (Spain) | Cellnex Finance Co. SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(9),(11)</sup>* | 01/19/36 | 8300000 | 9191630 |
|  Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(9)</sup>* | 01/16/38 | 9465000 | 10569353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(9)</sup>* | 05/13/43 | 4340000 | 5377419 |
|  |  |  | 25138402 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
|  Allwyn Entertainment Financing U.K. PLC (Switzerland) | Allwyn Entertainment Financing U.K. PLC (Switzerland) | Allwyn Entertainment Financing U.K. PLC (Switzerland) | Allwyn Entertainment Financing U.K. PLC (Switzerland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *<sup>(9),(11)</sup>* | 08/15/31 | 400000 | 443445 |
|  Betclic Everest Group SAS (France) | Betclic Everest Group SAS (France) | Betclic Everest Group SAS (France) | Betclic Everest Group SAS (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% *<sup>(9),(11)</sup>* | 12/10/31 | 1000000 | 1137970 |
|  Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 03/15/52 | 8440000 | 5124768 |
|  Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 04/29/29 | 2320000 | 2703604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(1)</sup>* | 06/04/31 | 17745000 | 17553886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% *<sup>(9)</sup>* | 06/04/31 | 3000000 | 3842043 |
|  Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% *<sup>(1)</sup>* | 08/01/30 | 2115000 | 2029639 |
|  Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(1)</sup>* | 07/01/32 | 3468000 | 3617471 |
|  |  |  | 36452826 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  Biffa Group Holdings Ltd, Reg. S (United Kingdom) | Biffa Group Holdings Ltd, Reg. S (United Kingdom) | Biffa Group Holdings Ltd, Reg. S (United Kingdom) | Biffa Group Holdings Ltd, Reg. S (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% *<sup>(9),(11)</sup>* | 06/15/31 | 200000 | 259064 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Environmental Control (Continued)** | **Environmental Control (Continued)** | **Environmental Control (Continued)** | **Environmental Control (Continued)** |
|  Luna 2 5 Sarl (Luxemburg) | Luna 2 5 Sarl (Luxemburg) | Luna 2 5 Sarl (Luxemburg) | Luna 2 5 Sarl (Luxemburg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(9)</sup>* | 07/01/32 | 1900000 | 2161881 |
|  Seche Environnement SACA | Seche Environnement SACA | Seche Environnement SACA | Seche Environnement SACA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.87% (5 yr. EURIBOR ICE Swap + 3.707%) *<sup>(2),(9),(10)</sup>* | 01/09/31 | 6200000 | 6975549 |
|  |  |  | 9396494 |
| **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** |
|  JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 02/02/52 | 20036000 | 15236376 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/32 | 56833000 | 51630507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 05/15/34 | 4500000 | 4865535 |
|  Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% *<sup>(1)</sup>* | 09/13/31 | 14435000 | 12698181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% *<sup>(1)</sup>* | 10/15/30 | 8890000 | 8134795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% *<sup>(1)</sup>* | 02/01/27 | 24855000 | 24842821 |
|  |  |  | 117408215 |
| **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(1)</sup>* | 06/01/30 | 2094000 | 2221546 |
|  Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% *<sup>(1)</sup>* | 08/05/32 | 1700000 | 1666714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.39% *<sup>(1)</sup>* | 09/15/33 | 1120000 | 1194570 |
|  CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 07/01/34 | 2500000 | 2558450 |
|  Nederlandse Gasunie NV (Netherlands) | Nederlandse Gasunie NV (Netherlands) | Nederlandse Gasunie NV (Netherlands) | Nederlandse Gasunie NV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(9),(11)</sup>* | 01/15/38 | 4900000 | 5499723 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% (5 yr. CMT + 2.035%) *<sup>(2)</sup>* | 07/15/56 | 45690000 | 45025210 |
|  Nortegas Energia Grupo SL (Spain) | Nortegas Energia Grupo SL (Spain) | Nortegas Energia Grupo SL (Spain) | Nortegas Energia Grupo SL (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% *<sup>(9),(11)</sup>* | 01/21/33 | 16700000 | 18657173 |
|  Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/15/31 | 7272000 | 6569379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 06/15/33 | 3070000 | 3153657 |
|  Redexis SA | Redexis SA | Redexis SA | Redexis SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(9),(11)</sup>* | 05/30/31 | 11800000 | 13662850 |
|  Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 05/30/47 | 50000 | 41021 |
|  |  |  | 100250293 |
| **Health Care-Products — 0.3%** | **Health Care-Products — 0.3%** | **Health Care-Products — 0.3%** | **Health Care-Products — 0.3%** |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(1)</sup>* | 04/01/29 | 74040000 | 71690711 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Health Care-Products (Continued)** | **Health Care-Products (Continued)** | **Health Care-Products (Continued)** | **Health Care-Products (Continued)** |
|  Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(9)</sup>* | 09/14/32 | 2000000 | 2360765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(9)</sup>* | 09/14/35 | 11400000 | 13597170 |
|  |  |  | 87648646 |
| **Health Care-Services — 1.3%** | **Health Care-Services — 1.3%** | **Health Care-Services — 1.3%** | **Health Care-Services — 1.3%** |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 03/01/31 | 3387000 | 2840914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 08/01/31 | 23000000 | 19253300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/15/30 | 48742000 | 42721876 |
|  Cigna Group | Cigna Group | Cigna Group | Cigna Group |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 01/15/36 | 55025000 | 55180170 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60% | 09/15/32 | 10000000 | 9847500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/15/36 | 22790000 | 22338302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/15/35 | 28644000 | 28646864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 06/15/34 | 9507000 | 9646373 |
|  Eurofins Scientific SE (Luxemburg) | Eurofins Scientific SE (Luxemburg) | Eurofins Scientific SE (Luxemburg) | Eurofins Scientific SE (Luxemburg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% (3 mo. EUR EURIBOR + 3.185%) *<sup>(2),(9),(10),(11)</sup>* | 12/31/99 | 100000 | 118309 |
|  Fresenius Medical Care U.S. Finance III, Inc. (Germany) | Fresenius Medical Care U.S. Finance III, Inc. (Germany) | Fresenius Medical Care U.S. Finance III, Inc. (Germany) | Fresenius Medical Care U.S. Finance III, Inc. (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88% *<sup>(1)</sup>* | 12/01/26 | 67592000 | 66324650 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 07/15/31 | 563000 | 497951 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 05/01/35 | 49285000 | 48786729 |
|  Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 09/01/29 | 867000 | 836733 |
|  ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% *<sup>(1),(4),(8),(12)</sup>* | 10/01/29 | 44324700 | 664871 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 01/15/33 | 4686000 | 4546592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 02/15/31 | 3793000 | 3742477 |
|  Premier Health Partners | Premier Health Partners | Premier Health Partners | Premier Health Partners |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91% | 11/15/26 | 2229000 | 2199800 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% *<sup>(1)</sup>* | 10/01/30 | 6632000 | 6903514 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 05/15/52 | 2910000 | 2450307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 07/15/54 | 23090000 | 22006386 |
|  Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 09/01/26 | 45000000 | 44474850 |
|  |  |  | 394028468 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 04/01/36 | 5335000 | 4929540 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
|  Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(1)</sup>* | 02/01/29 | $3300000 | $3268782 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 10/01/31 | 1154000 | 1139413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% *<sup>(1)</sup>* | 01/15/31 | 1067000 | 1076710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% *<sup>(1)</sup>* | 10/01/32 | 1157000 | 1137840 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.61% *<sup>(1)</sup>* | 06/29/26 | 31415000 | 31202321 |
|  Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% *<sup>(1)</sup>* | 07/15/28 | 13283000 | 13801967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% *<sup>(1)</sup>* | 07/15/48 | 18415000 | 18693987 |
|  Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% (3 mo. USD Term SOFR + 4.006%) *<sup>(1),(2)</sup>* | 11/01/53 | 57061000 | 55644746 |
|  Farmers Exchange Capital III | Farmers Exchange Capital III | Farmers Exchange Capital III | Farmers Exchange Capital III |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% (3 mo. USD Term SOFR + 3.716%) *<sup>(1),(2)</sup>* | 10/15/54 | 49425000 | 44741981 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (3 mo. USD LIBOR + 3.231%) *<sup>(1),(2)</sup>* | 11/01/57 | 23060000 | 19347340 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 03/15/36 | 4715000 | 4671811 |
|  Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% *<sup>(1)</sup>* | 05/15/50 | 1135000 | 761267 |
|  |  |  | 195488165 |
| **Internet — 1.1%** | **Internet — 1.1%** | **Internet — 1.1%** | **Internet — 1.1%** |
|  Airbnb, Inc. | Airbnb, Inc. | Airbnb, Inc. | Airbnb, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 03/16/36 | 4775000 | 4778008 |
|  Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/06/38 | 860000 | 940446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 02/15/36 | 10070000 | 10028109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 02/15/56 | 39710000 | 39600003 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85% | 03/16/64 | 31395000 | 35967850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 03/13/36 | 49540000 | 49098599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 11/20/55 | 22235000 | 21298684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 03/13/56 | 10235000 | 10214632 |
|  Booking Holdings, Inc. | Booking Holdings, Inc. | Booking Holdings, Inc. | Booking Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/21/45 | 1310000 | 1335410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/01/44 | 3865000 | 3995057 |
|  Cerved Group SpA (Italy) | Cerved Group SpA (Italy) | Cerved Group SpA (Italy) | Cerved Group SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40% (3 mo. EUR EURIBOR + 5.250%) *<sup>(2),(9)</sup>* | 02/15/29 | 2825000 | 2860072 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** |
|  Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% *<sup>(1)</sup>* | 11/15/30 | $| 7475000 | 6758671 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 11/15/35 |  | 37260000 | 36567709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 11/15/45 |  | 77000000 | 72965200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 08/15/64 |  | 5000000 | 4504500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 11/15/55 |  | 9760000 | 9154490 |
|  |  |  |  | 310067440 |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 06/15/30 |  | 16598000 | 15602286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% | 01/15/29 |  | 11566000 | 11391584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% *<sup>(1)</sup>* | 11/15/29 |  | 437000 | 430419 |
|  |  |  |  | 27424289 |
| **Iron & Steel — 0.0%** | **Iron & Steel — 0.0%** | **Iron & Steel — 0.0%** | **Iron & Steel — 0.0%** | **Iron & Steel — 0.0%** |
|  CSN Inova Ventures (Brazil) | CSN Inova Ventures (Brazil) | CSN Inova Ventures (Brazil) | CSN Inova Ventures (Brazil) | CSN Inova Ventures (Brazil) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(9)</sup>* | 01/28/28 |  | 3512000 | 2581039 |
|  CSN Resources SA (Brazil) | CSN Resources SA (Brazil) | CSN Resources SA (Brazil) | CSN Resources SA (Brazil) | CSN Resources SA (Brazil) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% *<sup>(9)</sup>* | 12/05/30 |  | 7451000 | 5244982 |
|  |  |  |  | 7826021 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 06/15/28 |  | 29515000 | 29920831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 06/14/30 |  | 1130000 | 1164273 |
|  |  |  |  | 31085104 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
|  Eaton Capital ULC | Eaton Capital ULC | Eaton Capital ULC | Eaton Capital ULC | Eaton Capital ULC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55% | 03/10/34 | EUR | 10610000 | 11999536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/10/38 | EUR | 11155000 | 12733130 |
|  |  |  |  | 24732666 |
| **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
|  Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% *<sup>(1)</sup>* | 10/15/29 |  | 12270896 | 2156487 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% *<sup>(1)</sup>* | 02/01/36 |  | 4305000 | 4287048 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80% | 04/01/31 |  | 10000000 | 8978500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/01/41 |  | 4605000 | 3234736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/42 |  | 9605000 | 6581538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 06/01/52 |  | 18000 | 11470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 03/01/50 |  | 3458000 | 2570643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 07/01/49 |  | 14837000 | 11405053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/01/38 |  | 505000 | 453995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% | 12/01/35 |  | 29325000 | 28857853 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Media (Continued)** | **Media (Continued)** | **Media (Continued)** | **Media (Continued)** | **Media (Continued)** |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(1)</sup>* | 11/15/31 | $| 775000 | 460265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *<sup>(1)</sup>* | 12/01/30 |  | 4879000 | 1736290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(1)</sup>* | 01/15/30 |  | 175000 | 66271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 02/01/29 |  | 41539000 | 26550483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% *<sup>(1)</sup>* | 01/31/29 |  | 30907000 | 22399539 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/15/42 |  | 27580000 | 20743745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/41 |  | 6812000 | 5866699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 11/15/40 |  | 2016000 | 1822907 |
|  Virgin Media O2 Vendor Financing Notes VI DAC | Virgin Media O2 Vendor Financing Notes VI DAC | Virgin Media O2 Vendor Financing Notes VI DAC | Virgin Media O2 Vendor Financing Notes VI DAC | Virgin Media O2 Vendor Financing Notes VI DAC |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% *<sup>(1)</sup>* | 03/15/33 |  | 7669000 | 6691893 |
|  |  |  |  | 152718928 |
| **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
|  Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% *<sup>(9)</sup>* | 02/02/33 |  | 8908000 | 8820969 |
| **Miscellaneous Manufacturers — 0.2%** | **Miscellaneous Manufacturers — 0.2%** | **Miscellaneous Manufacturers — 0.2%** | **Miscellaneous Manufacturers — 0.2%** | **Miscellaneous Manufacturers — 0.2%** |
|  Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82% *<sup>(11)</sup>* | 08/08/35 | AUD | 13480000 | 8839520 |
|  Smiths Group PLC (United Kingdom) | Smiths Group PLC (United Kingdom) | Smiths Group PLC (United Kingdom) | Smiths Group PLC (United Kingdom) | Smiths Group PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% *<sup>(9),(11)</sup>* | 11/13/33 | EUR | 20925000 | 23261599 |
|  Vossloh AG (Germany) | Vossloh AG (Germany) | Vossloh AG (Germany) | Vossloh AG (Germany) | Vossloh AG (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% (-5 yr. EURIBOR ICE Swap + 7.860%) *<sup>(2),(9),(10),(11)</sup>* | 01/12/33 | EUR | 18500000 | 21733272 |
|  |  |  |  | 53834391 |
| **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** |
|  Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% | 01/13/33 |  | 11674000 | 12295057 |
|  KazMunayGas National Co. JSC (Kazakhstan) | KazMunayGas National Co. JSC (Kazakhstan) | KazMunayGas National Co. JSC (Kazakhstan) | KazMunayGas National Co. JSC (Kazakhstan) | KazMunayGas National Co. JSC (Kazakhstan) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(1)</sup>* | 04/14/33 |  | 1443000 | 1290432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(9)</sup>* | 04/14/33 |  | 12735000 | 11388528 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 09/21/47 |  | 4181000 | 3332759 |
|  Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% *<sup>(1)</sup>* | 07/15/34 |  | 3735000 | 3678900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% (5 yr. CMT + 4.230%) *<sup>(1),(2),(10)</sup>* | 09/18/30 |  | 18486000 | 18863484 |
|  |  |  |  | 50849160 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% | 03/11/46 | EUR | 13105000 | 14965193 |
| **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% | 03/17/30 |  | 19322000 | 19539566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/17/35 |  | 3585000 | 3632429 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Packaging & Containers (Continued)** | **Packaging & Containers (Continued)** | **Packaging & Containers (Continued)** | **Packaging & Containers (Continued)** |
|  Amcor U.K. Finance PLC (Australia) | Amcor U.K. Finance PLC (Australia) | Amcor U.K. Finance PLC (Australia) | Amcor U.K. Finance PLC (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 02/20/33 | 19140000 | 21313885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 05/29/32 | 4570000 | 5197575 |
|  AptarGroup, Inc. | AptarGroup, Inc. | AptarGroup, Inc. | AptarGroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 03/30/31 | 15050000 | 14952175 |
|  Ardagh Group SA | Ardagh Group SA | Ardagh Group SA | Ardagh Group SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(1)</sup>* | 12/01/30 | 1200000 | 1255200 |
|  Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 | Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 | Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 | Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.00% *<sup>(1)</sup>* | 12/01/30 | 4280000 | 3600678 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 01/15/27 | 16949000 | 16599851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(1)</sup>* | 07/15/26 | 38211000 | 38222081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 01/15/34 | 1570000 | 1606283 |
|  SIG Combibloc PurchaseCo SARL (Switzerland) | SIG Combibloc PurchaseCo SARL (Switzerland) | SIG Combibloc PurchaseCo SARL (Switzerland) | SIG Combibloc PurchaseCo SARL (Switzerland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(9),(11)</sup>* | 04/07/31 | 11810000 | 13507329 |
|  |  |  | 139427052 |
| **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% *<sup>(1)</sup>* | 04/15/32 | 12142000 | 12378162 |
|  Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% *<sup>(1)</sup>* | 04/15/45 | 17489000 | 12744234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(1)</sup>* | 12/15/28 | 4212000 | 4173671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% *<sup>(1)</sup>* | 07/15/44 | 44514000 | 35069910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *<sup>(1)</sup>* | 06/25/38 | 6729000 | 6010881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 07/30/35 | 3820000 | 3778973 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% | 03/25/38 | 11472000 | 10575463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/25/48 | 4406000 | 3782771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 09/15/35 | 18857000 | 18933371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 06/01/53 | 13496000 | 12784221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (5 yr. CMT + 2.516%) *<sup>(2)</sup>* | 12/10/54 | 14063000 | 14204052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% (5 yr. CMT + 2.886%) *<sup>(2)</sup>* | 03/10/55 | 17780000 | 18337403 |
|  Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(9)</sup>* | 05/01/30 | 5820000 | 6945536 |
|  Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 03/18/36 | 2980000 | 2973742 |
|  |  |  | 162692390 |
| **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
|  Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) | Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) | Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) | Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16% *<sup>(1)</sup>* | 03/31/34 | 5181299 | 4596693 |
|  QazaqGaz NC JSC (Kazakhstan) | QazaqGaz NC JSC (Kazakhstan) | QazaqGaz NC JSC (Kazakhstan) | QazaqGaz NC JSC (Kazakhstan) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(9)</sup>* | 09/26/27 | 5091000 | 5054956 |
|  TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% | 03/15/36 | 2878000 | 2999912 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Pipelines (Continued)** | **Pipelines (Continued)** | **Pipelines (Continued)** | **Pipelines (Continued)** | **Pipelines (Continued)** |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 06/15/34 | $| 1574000 | 1640139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(1)</sup>* | 01/15/36 |  | 8185000 | 8670289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(1)</sup>* | 05/01/33 |  | 5030000 | 5534811 |
|  |  |  |  | 28496800 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
|  Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% *<sup>(9)</sup>* | 05/04/28 | EUR | 13936000 | 15156738 |
|  Blackstone Property Partners Europe Holdings Sarl (Luxemburg) | Blackstone Property Partners Europe Holdings Sarl (Luxemburg) | Blackstone Property Partners Europe Holdings Sarl (Luxemburg) | Blackstone Property Partners Europe Holdings Sarl (Luxemburg) | Blackstone Property Partners Europe Holdings Sarl (Luxemburg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(9),(11)</sup>* | 01/29/31 | EUR | 11400000 | 12799608 |
|  CBRE Open-Ended Funds SCA SICAV-SIF (Luxemburg) | CBRE Open-Ended Funds SCA SICAV-SIF (Luxemburg) | CBRE Open-Ended Funds SCA SICAV-SIF (Luxemburg) | CBRE Open-Ended Funds SCA SICAV-SIF (Luxemburg) | CBRE Open-Ended Funds SCA SICAV-SIF (Luxemburg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(9)</sup>* | 03/27/34 | EUR | 2765000 | 3253309 |
|  DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH | DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH | DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH | DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH | DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(9)</sup>* | 08/21/30 | EUR | 3200000 | 3673508 |
|  LEG Immobilien SE (Germany) | LEG Immobilien SE (Germany) | LEG Immobilien SE (Germany) | LEG Immobilien SE (Germany) | LEG Immobilien SE (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88% *<sup>(9)</sup>* | 03/30/33 | EUR | 8100000 | 7388699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% *<sup>(9)</sup>* | 01/17/34 | EUR | 2800000 | 2600639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63% *<sup>(9),(11)</sup>* | 11/28/34 | EUR | 18600000 | 17254031 |
|  Vonovia SE (Germany) | Vonovia SE (Germany) | Vonovia SE (Germany) | Vonovia SE (Germany) | Vonovia SE (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72% *<sup>(9),(11)</sup>* | 09/03/35 | AUD | 13800000 | 8935374 |
|  |  |  |  | 71061906 |
|  **REIT — 1.0%** | **REIT — 1.0%** | **REIT — 1.0%** | **REIT — 1.0%** | **REIT — 1.0%** |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/01/31 |  | 1704000 | 1537451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% | 10/01/34 |  | 6925000 | 6871885 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 07/15/31 |  | 2845000 | 2507014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 07/15/51 |  | 7558000 | 4944141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/15/34 |  | 5000000 | 5009750 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88% | 10/15/30 |  | 3336000 | 2946789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 01/15/30 |  | 2025000 | 1903014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 12/15/32 |  | 10515000 | 10338769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 03/15/30 |  | 16040000 | 16179067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 07/15/33 |  | 975000 | 1002534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90% | 11/15/33 |  | 27000000 | 28286280 |
|  Crown Castle, Inc. (REIT) | Crown Castle, Inc. (REIT) | Crown Castle, Inc. (REIT) | Crown Castle, Inc. (REIT) | Crown Castle, Inc. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10% | 04/01/31 |  | 23220000 | 20241571 |
|  Digital Dutch Finco BV (REIT) | Digital Dutch Finco BV (REIT) | Digital Dutch Finco BV (REIT) | Digital Dutch Finco BV (REIT) | Digital Dutch Finco BV (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(9)</sup>* | 07/15/34 | EUR | 4155000 | 4583112 |
|  Equinix Europe 2 Financing Corp. LLC (REIT) | Equinix Europe 2 Financing Corp. LLC (REIT) | Equinix Europe 2 Financing Corp. LLC (REIT) | Equinix Europe 2 Financing Corp. LLC (REIT) | Equinix Europe 2 Financing Corp. LLC (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 11/22/34 | EUR | 24755000 | 27027261 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20% | 10/15/30 |  | 1090000 | 976825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40% | 10/15/31 |  | 14348000 | 12569422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 06/01/31 |  | 1500000 | 1340655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 12/15/27 |  | 928000 | 919555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 04/01/29 |  | 1430000 | 1402515 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** |
|  Federal Realty OP LP (REIT) | Federal Realty OP LP (REIT) | Federal Realty OP LP (REIT) | Federal Realty OP LP (REIT) | Federal Realty OP LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.48% | 08/15/26 | $| 18825000 | 18990284 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/15/31 |  | 7310000 | 6920012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 01/15/29 |  | 13180000 | 13308900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 11/01/37 |  | 1251000 | 1211206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 06/01/28 |  | 24498000 | 24902952 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40% | 03/15/30 |  | 2000 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 01/15/28 |  | 25359000 | 24851313 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 01/15/30 |  | 6274000 | 5095366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 |  | 12220000 | 11579061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 02/15/28 |  | 3725000 | 3538378 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 11/15/28 |  | 992000 | 1040995 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(1)</sup>* | 01/15/28 |  | 2727000 | 2711156 |
|  VICI Properties LP/VICI Notes Co., Inc. | VICI Properties LP/VICI Notes Co., Inc. | VICI Properties LP/VICI Notes Co., Inc. | VICI Properties LP/VICI Notes Co., Inc. | VICI Properties LP/VICI Notes Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(1)</sup>* | 02/15/29 |  | 6903000 | 6712546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% *<sup>(1)</sup>* | 08/15/30 |  | 3627000 | 3477423 |
|  WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 05/10/35 | EUR | 14448000 | 15593229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 07/23/32 | EUR | 3655000 | 4224640 |
|  |  |  |  | 294746898 |
| **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
|  BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(1)</sup>* | 07/01/32 |  | 5120000 | 4623155 |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(1)</sup>* | 04/01/29 |  | 5776000 | 5541494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(1)</sup>* | 01/15/31 |  | 8946000 | 9339266 |
|  McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(9),(11)</sup>* | 05/15/38 | EUR | 24920000 | 28122771 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% *<sup>(1)</sup>* | 03/15/33 |  | 7622000 | 7431984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00% *<sup>(1)</sup>* | 03/15/34 |  | 1845000 | 1723894 |
|  Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(1)</sup>* | 09/15/29 |  | 9150000 | 8736146 |
|  Punch Finance PLC | Punch Finance PLC | Punch Finance PLC | Punch Finance PLC | Punch Finance PLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% *<sup>(9)</sup>* | 12/30/30 | GBP | 4105000 | 5403517 |
|  Starbucks Corp. | Starbucks Corp. | Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 05/15/30 |  | 12035000 | 12188326 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 12/15/35 |  | 9890000 | 9636124 |
|  |  |  |  | 92746677 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 01/25/31 |  | 2710000 | 2770840 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Semiconductors (Continued)** | **Semiconductors (Continued)** | **Semiconductors (Continued)** | **Semiconductors (Continued)** | **Semiconductors (Continued)** |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/12/31 | $| 4218000 | 3654855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 11/15/49 |  | 31142000 | 19649356 |
|  |  |  |  | 26075051 |
| **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** |
|  Atlassian Corp. | Atlassian Corp. | Atlassian Corp. | Atlassian Corp. | Atlassian Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/15/34 |  | 3000000 | 2938860 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(1)</sup>* | 06/30/32 |  | 6483000 | 6165527 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 08/11/35 |  | 38150000 | 37108505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 03/15/34 |  | 18510000 | 18421337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 08/21/33 |  | 17345000 | 17536662 |
|  Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% *<sup>(1)</sup>* | 12/01/27 |  | 3061000 | 3146524 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88% | 03/25/31 |  | 6515000 | 5791900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 03/25/51 |  | 24754000 | 15697997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/15/46 |  | 6250000 | 4216125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/15/47 |  | 5750000 | 3799025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/03/28 |  | 5570000 | 5573064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 09/26/45 |  | 37312000 | 32233837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% | 02/04/46 |  | 9350000 | 8734770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% | 02/04/56 |  | 13685000 | 12685037 |
|  Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% | 04/15/32 |  | 14140000 | 14219184 |
|  Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 09/15/31 |  | 12205000 | 12190964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 03/15/36 |  | 30241000 | 30157232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% | 03/15/56 |  | 3205000 | 3215801 |
|  TeamSystem SpA (Italy) | TeamSystem SpA (Italy) | TeamSystem SpA (Italy) | TeamSystem SpA (Italy) | TeamSystem SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(9)</sup>* | 07/01/31 | EUR | 3945000 | 4204749 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. | UKG, Inc. | UKG, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(1)</sup>* | 02/01/31 |  | 5510000 | 5405861 |
|  |  |  |  | 243442961 |
| **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |
|  Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63% *<sup>(1)</sup>* | 07/15/27 |  | 9869000 | 7301876 |
|  Altice France SA | Altice France SA | Altice France SA | Altice France SA | Altice France SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 04/15/32 |  | 911472 | 862581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(1)</sup>* | 07/15/32 |  | 3234000 | 3068387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(1)</sup>* | 11/01/29 |  | 696328 | 705192 |
|  Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38% *<sup>(9)</sup>* | 10/07/30 | EUR | 63777000 | 67860130 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% *<sup>(1)</sup>* | 03/20/28 |  | 120438000 | 121058256 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 01/15/35 |  | 47915000 | 46369741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 04/15/34 |  | 450000 | 453623 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** | **Telecommunications (Continued)** |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% *<sup>(1)</sup>* | 04/15/32 | $| 1475000 | 1416265 |
|  Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(1)</sup>* | 07/15/31 |  | 1074000 | 925047 |
|  |  |  |  | 250021098 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% *<sup>(9)</sup>* | 09/02/30 | AUD | 17130000 | 10332787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10% *<sup>(9)</sup>* | 09/12/31 | AUD | 4630000 | 3168963 |
|  Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 09/24/29 | AUD | 26170000 | 16335604 |
|  |  |  |  | 29837354 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
|  SMBC Aviation Capital Finance DAC (Ireland) | SMBC Aviation Capital Finance DAC (Ireland) | SMBC Aviation Capital Finance DAC (Ireland) | SMBC Aviation Capital Finance DAC (Ireland) | SMBC Aviation Capital Finance DAC (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% *<sup>(1)</sup>* | 04/01/30 |  | 4410000 | 4453174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% *<sup>(1)</sup>* | 04/03/29 |  | 500000 | 508125 |
|  |  |  |  | 4961299 |
| **Water — 0.4%** | **Water — 0.4%** | **Water — 0.4%** | **Water — 0.4%** | **Water — 0.4%** |
|  DWR Cymru Financing U.K. PLC | DWR Cymru Financing U.K. PLC | DWR Cymru Financing U.K. PLC | DWR Cymru Financing U.K. PLC | DWR Cymru Financing U.K. PLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% *<sup>(9)</sup>* | 03/31/34 | GBP | 17113000 | 16821819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(9)</sup>* | 09/08/37 | GBP | 4144000 | 5395561 |
|  Severn Trent Utilities Finance PLC (United Kingdom) | Severn Trent Utilities Finance PLC (United Kingdom) | Severn Trent Utilities Finance PLC (United Kingdom) | Severn Trent Utilities Finance PLC (United Kingdom) | Severn Trent Utilities Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% *<sup>(9),(11)</sup>* | 01/29/40 | EUR | 35100000 | 39391121 |
|  South West Water Finance PLC (United Kingdom) | South West Water Finance PLC (United Kingdom) | South West Water Finance PLC (United Kingdom) | South West Water Finance PLC (United Kingdom) | South West Water Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(9),(11)</sup>* | 09/15/31 | GBP | 17935000 | 23194410 |
|  United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(9)</sup>* | 08/07/35 | EUR | 1625000 | 1817129 |
|  Yorkshire Water Finance PLC (United Kingdom) | Yorkshire Water Finance PLC (United Kingdom) | Yorkshire Water Finance PLC (United Kingdom) | Yorkshire Water Finance PLC (United Kingdom) | Yorkshire Water Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(9)</sup>* | 04/18/41 | GBP | 200000 | 163598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(9),(11)</sup>* | 07/22/33 | GBP | 10000000 | 13056442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% *<sup>(9)</sup>* | 11/18/34 | GBP | 18052000 | 24023453 |
|  |  |  |  | 123863533 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |
|  (Cost: $5,178,232,623) | (Cost: $5,178,232,623) | (Cost: $5,178,232,623) | (Cost: $5,178,232,623) | 5017054850 |
| **MUNICIPAL BONDS** — **0.0%** | **MUNICIPAL BONDS** — **0.0%** | **MUNICIPAL BONDS** — **0.0%** | **MUNICIPAL BONDS** — **0.0%** | **MUNICIPAL BONDS** — **0.0%** |
|  City of New York, General Obligation Unlimited | City of New York, General Obligation Unlimited | City of New York, General Obligation Unlimited | City of New York, General Obligation Unlimited | City of New York, General Obligation Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.99% | 12/01/36 |  | 1828787 | 1888768 |
|  Empire State Development Corp., Revenue Bonds | Empire State Development Corp., Revenue Bonds | Empire State Development Corp., Revenue Bonds | Empire State Development Corp., Revenue Bonds | Empire State Development Corp., Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% | 03/15/39 |  | 100000 | 102513 |
|  Jersey City Municipal Utilities Authority, Revenue Bonds | Jersey City Municipal Utilities Authority, Revenue Bonds | Jersey City Municipal Utilities Authority, Revenue Bonds | Jersey City Municipal Utilities Authority, Revenue Bonds | Jersey City Municipal Utilities Authority, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47% | 05/15/27 |  | 125000 | 126257 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 02/01/36 |  | 405000 | 411433 |
|  University of California, Revenue Bonds | University of California, Revenue Bonds | University of California, Revenue Bonds | University of California, Revenue Bonds | University of California, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93% | 05/15/45 |  | 6615000 | 6092157 |
| **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |
|  (Cost: $9,224,860) | (Cost: $9,224,860) |  |  | 8621128 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **FOREIGN GOVERNMENT BONDS** — **2.8%** | **FOREIGN GOVERNMENT BONDS** — **2.8%** | **FOREIGN GOVERNMENT BONDS** — **2.8%** | **FOREIGN GOVERNMENT BONDS** — **2.8%** |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 04/30/54 | $24989000 | $23900979 |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/20/33 | 10519000 | 10540880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 03/15/34 | 7531000 | 7526858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% | 03/15/35 | 12427000 | 12706359 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 11/07/36 | 8680000 | 8886844 |
|  Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(9)</sup>* | 08/15/36 | 25291000 | 25820088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60% *<sup>(9)</sup>* | 06/13/36 | 5853000 | 6145826 |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13% *<sup>(1)</sup>* | 09/22/31 | 7284000 | 6178434 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 02/19/30 | 15340000 | 15579151 |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% *<sup>(1),(11)</sup>* | 10/09/35 | 55958000 | 53669318 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/12/34 | 11840000 | 10056896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 04/27/32 | 1884000 | 1813067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 05/19/33 | 6734000 | 6384236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 09/22/35 | 13699000 | 13249673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 02/09/35 | 7168000 | 7332004 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(9)</sup>* | 02/20/37 | 44360000 | 28174599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(9)</sup>* | 02/24/38 | 47195000 | 30918741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 02/22/39 | 8195000 | 5318704 |
|  Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1),(11)</sup>* | 01/25/31 | 15090000 | 15762863 |
|  Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% *<sup>(1)</sup>* | 04/16/50 | 7718000 | 6379622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% *<sup>(1)</sup>* | 03/14/49 | 13524500 | 11927662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% *<sup>(1)</sup>* | 04/23/48 | 7207000 | 6636782 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(9)</sup>* | 07/21/37 | 44360000 | 28519741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(9)</sup>* | 08/13/38 | 72600000 | 47240542 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 06/22/30 | 4438000 | 4468356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 04/20/32 | 8499000 | 8466874 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(9)</sup>* | 03/24/35 | 21718000 | 20516995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% *<sup>(9)</sup>* | 05/16/36 | 23276000 | 23106783 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(1),(11)</sup>* | 01/12/36 | 24493000 | 23806216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(1)</sup>* | 01/12/56 | 26461000 | 25184521 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/20/37 | 41635000 | 19324597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/15/39 | 5405000 | 3547627 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **FOREIGN GOVERNMENT BONDS (Continued)** | **FOREIGN GOVERNMENT BONDS (Continued)** | **FOREIGN GOVERNMENT BONDS (Continued)** | **FOREIGN GOVERNMENT BONDS (Continued)** | **FOREIGN GOVERNMENT BONDS (Continued)** |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 36.00% | 08/12/26 | TRY | 3144500700 | 69552283 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(9)</sup>* | 03/07/28 | GBP | 161820000 | 213460204 |
|  Western Australian Treasury Corp. | Western Australian Treasury Corp. | Western Australian Treasury Corp. | Western Australian Treasury Corp. | Western Australian Treasury Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(9),(11)</sup>* | 10/21/37 | AUD | 62020000 | 40248283 |
| **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** |
|  (Cost: $858,218,262) | (Cost: $858,218,262) |  |  | 842352608 |
| **U.S. TREASURY SECURITIES** — **23.1%** | **U.S. TREASURY SECURITIES** — **23.1%** | **U.S. TREASURY SECURITIES** — **23.1%** | **U.S. TREASURY SECURITIES** — **23.1%** | **U.S. TREASURY SECURITIES** — **23.1%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/46 |  | 920696000 | 887392704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(11)</sup>* | 02/15/56 |  | 910895000 | 888264952 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/29/28 |  | 81368000 | 80738670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/28/31 |  | 195443000 | 191663926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/28 |  | 1152187000 | 1154009794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/31 |  | 1983235000 | 1977037391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% *<sup>(11)</sup>* | 02/15/36 |  | 677642000 | 667106788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 03/31/33 |  | 999795000 | 1006746705 |
| **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |
|  (Cost: $6,911,964,850) | (Cost: $6,911,964,850) |  |  | 6852960930 |
|  **BANK LOANS — 2.1%** | **BANK LOANS — 2.1%** | **BANK LOANS — 2.1%** | **BANK LOANS — 2.1%** | **BANK LOANS — 2.1%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
|  Advantage Sales & Marketing, Inc. 2026 First Out Term Loan | Advantage Sales & Marketing, Inc. 2026 First Out Term Loan | Advantage Sales & Marketing, Inc. 2026 First Out Term Loan | Advantage Sales & Marketing, Inc. 2026 First Out Term Loan | Advantage Sales & Marketing, Inc. 2026 First Out Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.78% (1 mo. USD Term SOFR + 6.000%)<sup>(2)</sup> | 04/19/30 |  | 4155987 | 3155952 |
|  Research Now Group, Inc. 2024 First Lien First Out Term Loan | Research Now Group, Inc. 2024 First Lien First Out Term Loan | Research Now Group, Inc. 2024 First Lien First Out Term Loan | Research Now Group, Inc. 2024 First Lien First Out Term Loan | Research Now Group, Inc. 2024 First Lien First Out Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.91% (3 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 07/15/28 |  | 1212539 | 1195873 |
|  |  |  |  | 4351825 |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
|  HDI Aerospace Intermediate Holding III Corp. Term Loan B | HDI Aerospace Intermediate Holding III Corp. Term Loan B | HDI Aerospace Intermediate Holding III Corp. Term Loan B | HDI Aerospace Intermediate Holding III Corp. Term Loan B | HDI Aerospace Intermediate Holding III Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40% (3 mo. USD Term SOFR + 3.750%) *<sup>(2)</sup>* | 02/11/32 |  | 3465000 | 3480177 |
|  TransDigm, Inc. 2023 Term Loan J | TransDigm, Inc. 2023 Term Loan J | TransDigm, Inc. 2023 Term Loan J | TransDigm, Inc. 2023 Term Loan J | TransDigm, Inc. 2023 Term Loan J |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17% (1 mo. USD Term SOFR + 2.500%) *<sup>(2)</sup>* | 02/28/31 |  | 3793828 | 3798608 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** | **Aerospace & Defense (Continued)** |
|  TransDigm, Inc. 2025 Term Loan K | TransDigm, Inc. 2025 Term Loan K | TransDigm, Inc. 2025 Term Loan K | TransDigm, Inc. 2025 Term Loan K |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (1 mo. USD Term SOFR + 2.250%) *<sup>(2)</sup>* | 03/22/30 | 800018 | 800926 |
|  TransDigm, Inc. 2025 Term Loan M | TransDigm, Inc. 2025 Term Loan M | TransDigm, Inc. 2025 Term Loan M | TransDigm, Inc. 2025 Term Loan M |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17% (1 mo. USD Term SOFR + 2.500%) *<sup>(2)</sup>* | 08/19/32 | 5582792 | 5588961 |
|  |  |  | 13668672 |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
|  SkyMiles IP Ltd. 2025 Repriced Term Loan B | SkyMiles IP Ltd. 2025 Repriced Term Loan B | SkyMiles IP Ltd. 2025 Repriced Term Loan B | SkyMiles IP Ltd. 2025 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17% (3 mo. USD Term SOFR + 1.500%) *<sup>(2)</sup>* | 10/20/28 | 7090890 | 7135953 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
|  ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (1 mo. USD Term SOFR + 2.250%) *<sup>(2)</sup>* | 12/21/28 | 3287879 | 3284904 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  First Brands Group LLC 2021 Term Loan | First Brands Group LLC 2021 Term Loan | First Brands Group LLC 2021 Term Loan | First Brands Group LLC 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(13)</sup>* | 03/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240215 | 3621 |
|  First Brands Group LLC 2025 PIK DIP Roll-Up Term Loan B | First Brands Group LLC 2025 PIK DIP Roll-Up Term Loan B | First Brands Group LLC 2025 PIK DIP Roll-Up Term Loan B | First Brands Group LLC 2025 PIK DIP Roll-Up Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.67% (1 mo. USD Term SOFR + 7.000%) *<sup>(2)</sup>* | 06/29/26 | 1422245 | 5419 |
|  |  |  | 9040 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
|  Celsius Holdings, Inc. 2025 Term Loan B | Celsius Holdings, Inc. 2025 Term Loan B | Celsius Holdings, Inc. 2025 Term Loan B | Celsius Holdings, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% (3 mo. USD Term SOFR + 2.500%) *<sup>(2)</sup>* | 04/01/32 | 2762579 | 2772939 |
|  Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.20% (3 mo. USD Term SOFR + 5.500%) *<sup>(2)</sup>* | 01/24/29 | 23489795 | 23425786 |
|  Naked Juice LLC 2025 FLSO Term Loan | Naked Juice LLC 2025 FLSO Term Loan | Naked Juice LLC 2025 FLSO Term Loan | Naked Juice LLC 2025 FLSO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% (3 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 01/24/29 | 6904736 | 3705530 |
|  Naked Juice LLC 2025 FLTO Term Loan | Naked Juice LLC 2025 FLTO Term Loan | Naked Juice LLC 2025 FLTO Term Loan | Naked Juice LLC 2025 FLTO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.80% (3 mo. USD Term SOFR + 6.000%) *<sup>(2)</sup>* | 01/24/30 | 2056714 | 454770 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Beverages (Continued)** | **Beverages (Continued)** | **Beverages (Continued)** | **Beverages (Continued)** |
|  Primo Brands Corp. 2026 Term Loan B | Primo Brands Corp. 2026 Term Loan B | Primo Brands Corp. 2026 Term Loan B | Primo Brands Corp. 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(13)</sup>* | 03/19/31 | 1664443 | 1669120 |
|  |  |  | 32028145 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  Mativ Holdings, Inc. Delayed Draw Term Loan A | Mativ Holdings, Inc. Delayed Draw Term Loan A | Mativ Holdings, Inc. Delayed Draw Term Loan A | Mativ Holdings, Inc. Delayed Draw Term Loan A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.27% (1 mo. USD Term SOFR + 2.500%) *<sup>(2)</sup>* | 05/06/27 | 3121848 | 3106239 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
|  Amspec Parent LLC 2025 Term Loan | Amspec Parent LLC 2025 Term Loan | Amspec Parent LLC 2025 Term Loan | Amspec Parent LLC 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% (3 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 12/22/31 | 4189449 | 4188570 |
|  CCRR Parent, Inc. Term Loan B | CCRR Parent, Inc. Term Loan B | CCRR Parent, Inc. Term Loan B | CCRR Parent, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.18% (3 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 03/06/28 | 4595587 | 1318037 |
|  CCRR Parent, Inc. US Acquisition Facility | CCRR Parent, Inc. US Acquisition Facility | CCRR Parent, Inc. US Acquisition Facility | CCRR Parent, Inc. US Acquisition Facility |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.02% (3 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 03/06/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3684108 | 930237 |
|  Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan | Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan | Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan | Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% (3 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 07/06/29 | 785938 | 789380 |
|  Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.42% (1 mo. USD Term SOFR + 5.750%) *<sup>(2)</sup>* | 12/30/29 | 6190110 | 6174635 |
|  KUEHG Corp. 2025 Term Loan | KUEHG Corp. 2025 Term Loan | KUEHG Corp. 2025 Term Loan | KUEHG Corp. 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45% (3 mo. USD Term SOFR + 2.750%) *<sup>(2)</sup>* | 06/12/30 | 1766413 | 1589772 |
|  Priority Holdings LLC 2025 Term Loan B | Priority Holdings LLC 2025 Term Loan B | Priority Holdings LLC 2025 Term Loan B | Priority Holdings LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(13),(2)</sup>* | 08/02/32 | 5046086 | 4934139 |
|  Secretariat Advisors LLC 2025 Delayed Draw Term Loan | Secretariat Advisors LLC 2025 Delayed Draw Term Loan | Secretariat Advisors LLC 2025 Delayed Draw Term Loan | Secretariat Advisors LLC 2025 Delayed Draw Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(13),(14)</sup>* | 02/28/32 | 230355 | 226900 |
|  Secretariat Advisors LLC 2025 Term Loan B | Secretariat Advisors LLC 2025 Term Loan B | Secretariat Advisors LLC 2025 Term Loan B | Secretariat Advisors LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(13)</sup>* | 02/28/32 | 1892830 | 1864437 |
|  TTF Holdings LLC 2024 Term Loan | TTF Holdings LLC 2024 Term Loan | TTF Holdings LLC 2024 Term Loan | TTF Holdings LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% (6 mo. USD Term SOFR + 3.750%) *<sup>(2)</sup>* | 07/18/31 | 6509758 | 4882318 |
|  |  |  | 26898425 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
|  McAfee LLC 2024 USD 1st Lien Term Loan B | McAfee LLC 2024 USD 1st Lien Term Loan B | McAfee LLC 2024 USD 1st Lien Term Loan B | McAfee LLC 2024 USD 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.67% (1 mo. USD Term SOFR + 3.000%) *<sup>(2)</sup>* | 03/01/29 | $3066567 | $2748411 |
|  Peraton Corp. Term Loan B | Peraton Corp. Term Loan B | Peraton Corp. Term Loan B | Peraton Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.52% (3 mo. USD Term SOFR + 3.750%) *<sup>(2)</sup>* | 02/01/28 | 4617598 | 3951902 |
|  Surf Holdings LLC 2025 Incremental Term Loan | Surf Holdings LLC 2025 Incremental Term Loan | Surf Holdings LLC 2025 Incremental Term Loan | Surf Holdings LLC 2025 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.28% (1 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 03/05/27 | 6573149 | 6276339 |
|  |  |  | 12976652 |
|  **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
|  Opal Bidco SAS USD Term Loan B4 | Opal Bidco SAS USD Term Loan B4 | Opal Bidco SAS USD Term Loan B4 | Opal Bidco SAS USD Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% (3 mo. USD Term SOFR + 3.000%) *<sup>(2)</sup>* | 04/28/32 | 3224616 | 3226631 |
| **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** | **Distribution & Wholesale — 0.0%** |
|  BCPE Empire Holdings, Inc. 2025 Term Loan B | BCPE Empire Holdings, Inc. 2025 Term Loan B | BCPE Empire Holdings, Inc. 2025 Term Loan B | BCPE Empire Holdings, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.92% (1 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 12/11/30 | 992335 | 979102 |
|  BCPE Empire Holdings, Inc. 2026 10th Amendment Term Loan | BCPE Empire Holdings, Inc. 2026 10th Amendment Term Loan | BCPE Empire Holdings, Inc. 2026 10th Amendment Term Loan | BCPE Empire Holdings, Inc. 2026 10th Amendment Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.17% (1 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 12/29/32 | &nbsp;&nbsp;&nbsp;&nbsp;10487586 | 10343434 |
|  |  |  | 11322536 |
| **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
|  Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% (1 mo. USD Term SOFR + 1.750%) *<sup>(2)</sup>* | 06/24/30 | 21482495 | 21549628 |
|  Blackhawk Network Holdings, Inc. 2026 Term Loan B | Blackhawk Network Holdings, Inc. 2026 Term Loan B | Blackhawk Network Holdings, Inc. 2026 Term Loan B | Blackhawk Network Holdings, Inc. 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.17% (1 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 03/12/29 | 5349391 | 5288542 |
|  Guggenheim Partners LLC 2024 Term Loan B | Guggenheim Partners LLC 2024 Term Loan B | Guggenheim Partners LLC 2024 Term Loan B | Guggenheim Partners LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% (3 mo. USD Term SOFR + 2.500%) *<sup>(2)</sup>* | 11/26/31 | 2247399 | 2251894 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** |
|  Jane Street Group LLC 2024 Term Loan B1 | Jane Street Group LLC 2024 Term Loan B1 | Jane Street Group LLC 2024 Term Loan B1 | Jane Street Group LLC 2024 Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67% (3 mo. USD Term SOFR + 2.000%) *<sup>(2)</sup>* | 12/15/31 | 5150808 | 5063012 |
|  |  |  | 34153076 |
| **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** |
|  Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 mo. USD Term SOFR + 1.750%) *<sup>(2)</sup>* | 09/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7104000 | 7094729 |
|  Cornerstone Generation LLC Term Loan B | Cornerstone Generation LLC Term Loan B | Cornerstone Generation LLC Term Loan B | Cornerstone Generation LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (3 mo. USD Term SOFR + 2.250%) *<sup>(2)</sup>* | 08/11/32 | 2025235 | 2029579 |
|  Potomac Energy Center LLC 2026 Term Loan B | Potomac Energy Center LLC 2026 Term Loan B | Potomac Energy Center LLC 2026 Term Loan B | Potomac Energy Center LLC 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (3 mo. USD Term SOFR + 2.750%) *<sup>(2)</sup>* | 08/05/32 | 2044478 | 2049589 |
|  South Field LLC 2025 1st Lien Term Loan B | South Field LLC 2025 1st Lien Term Loan B | South Field LLC 2025 1st Lien Term Loan B | South Field LLC 2025 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% (3 mo. USD Term SOFR + 3.000%) *<sup>(2)</sup>* | 08/29/31 | 2210643 | 2221707 |
|  South Field LLC 2025 1st Lien Term Loan C | South Field LLC 2025 1st Lien Term Loan C | South Field LLC 2025 1st Lien Term Loan C | South Field LLC 2025 1st Lien Term Loan C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% (3 mo. USD Term SOFR + 3.000%) *<sup>(2)</sup>* | 08/29/31 | 138243 | 138935 |
|  Vistra Operations Co. LLC 1st Lien Term Loan B3 | Vistra Operations Co. LLC 1st Lien Term Loan B3 | Vistra Operations Co. LLC 1st Lien Term Loan B3 | Vistra Operations Co. LLC 1st Lien Term Loan B3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 mo. USD Term SOFR + 1.750%) *<sup>(2)</sup>* | 12/20/30 | 7745538 | 7765715 |
|  |  |  | 21300254 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
|  Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.21% (3 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 12/29/28 | 9489962 | 8469886 |
|  **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
|  LSF12 Crown U.S. Commercial Bidco LLC 2026 Term Loan B | LSF12 Crown U.S. Commercial Bidco LLC 2026 Term Loan B | LSF12 Crown U.S. Commercial Bidco LLC 2026 Term Loan B | LSF12 Crown U.S. Commercial Bidco LLC 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.67% (1 mo. USD Term SOFR + 3.000%) *<sup>(2)</sup>* | 12/02/31 | 1962001 | 1966416 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Electronics (Continued)** | **Electronics (Continued)** | **Electronics (Continued)** | **Electronics (Continued)** | **Electronics (Continued)** |
|  TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.92% (3 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 10/24/31 | $| 4927625 | 4936864 |
|  |  |  |  | 6903280 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
|  Astrion Group LLC 2024 Term Loan | Astrion Group LLC 2024 Term Loan | Astrion Group LLC 2024 Term Loan | Astrion Group LLC 2024 Term Loan | Astrion Group LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.70% (3 mo. USD Term SOFR + 5.000%) *<sup>(2)</sup>* | 08/29/31 |  | 2977386 | 2362065 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
|  Betclic Everest Group SAS 2026 Term Loan B | Betclic Everest Group SAS 2026 Term Loan B | Betclic Everest Group SAS 2026 Term Loan B | Betclic Everest Group SAS 2026 Term Loan B | Betclic Everest Group SAS 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(13)</sup>* | 12/10/31 | EUR | 2889185 | 3285227 |
|  City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.46% (3 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 07/22/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5363381 | 5358367 |
|  DK Crown Holdings, Inc. 2025 Term Loan B | DK Crown Holdings, Inc. 2025 Term Loan B | DK Crown Holdings, Inc. 2025 Term Loan B | DK Crown Holdings, Inc. 2025 Term Loan B | DK Crown Holdings, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 mo. USD Term SOFR + 1.750%) *<sup>(2)</sup>* | 03/04/32 |  | 3235717 | 3236235 |
|  EOC Borrower LLC Term Loan A | EOC Borrower LLC Term Loan A | EOC Borrower LLC Term Loan A | EOC Borrower LLC Term Loan A | EOC Borrower LLC Term Loan A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.42% (1 mo. USD Term SOFR + 3.750%) *<sup>(2)</sup>* | 03/24/28 |  | 1887046 | 1889405 |
|  Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% (3 mo. USD Term SOFR + 1.750%) *<sup>(2)</sup>* | 11/30/30 |  | 4617639 | 4578389 |
|  Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.44% (3 mo. USD Term SOFR + 4.750%) *<sup>(2)</sup>* | 11/01/29 |  | 4897814 | 4834558 |
|  GVC Holdings Gibraltar Ltd. 2025 Term Loan B6 (2029) | GVC Holdings Gibraltar Ltd. 2025 Term Loan B6 (2029) | GVC Holdings Gibraltar Ltd. 2025 Term Loan B6 (2029) | GVC Holdings Gibraltar Ltd. 2025 Term Loan B6 (2029) | GVC Holdings Gibraltar Ltd. 2025 Term Loan B6 (2029) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% (3 mo. USD Term SOFR + 2.250%) *<sup>(2)</sup>* | 10/31/29 |  | 2390389 | 2392445 |
|  Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.40% (3 mo. USD Term SOFR + 4.750%) *<sup>(2)</sup>* | 08/16/31 |  | 5685006 | 5628156 |
|  TKO Worldwide Holdings LLC 2025 Term Loan | TKO Worldwide Holdings LLC 2025 Term Loan | TKO Worldwide Holdings LLC 2025 Term Loan | TKO Worldwide Holdings LLC 2025 Term Loan | TKO Worldwide Holdings LLC 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.66% (3 mo. USD Term SOFR + 2.000%) *<sup>(2)</sup>* | 11/21/31 |  | 3703258 | 3705573 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Entertainment (Continued)** | **Entertainment (Continued)** | **Entertainment (Continued)** | **Entertainment (Continued)** |
|  Voyager Parent LLC Repriced Term Loan B | Voyager Parent LLC Repriced Term Loan B | Voyager Parent LLC Repriced Term Loan B | Voyager Parent LLC Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95% (3 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 07/01/32 | 6341705 | 6306699 |
|  |  |  | 41215054 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  Action Environmental Group, Inc. 2023 Term Loan B | Action Environmental Group, Inc. 2023 Term Loan B | Action Environmental Group, Inc. 2023 Term Loan B | Action Environmental Group, Inc. 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.69% (3 mo. USD Term SOFR + 3.000%) *<sup>(2)</sup>* | 10/24/30 | 2212182 | 2208499 |
|  Heritage Environmental Services, Inc. 2026 Term Loan B | Heritage Environmental Services, Inc. 2026 Term Loan B | Heritage Environmental Services, Inc. 2026 Term Loan B | Heritage Environmental Services, Inc. 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(13)</sup>* | 03/18/33 | 2132691 | 2138023 |
|  |  |  | 4346522 |
|  **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
|  BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.78% (1 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 06/09/28 | 4781289 | 4773519 |
|  C&S Wholesale Grocers, Inc. Term Loan B | C&S Wholesale Grocers, Inc. Term Loan B | C&S Wholesale Grocers, Inc. Term Loan B | C&S Wholesale Grocers, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.70% (3 mo. USD Term SOFR + 5.000%) *<sup>(2)</sup>* | 09/20/30 | 6697471 | 6560708 |
|  United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (1 mo. USD Term SOFR + 4.750%) *<sup>(2)</sup>* | 05/01/31 | 6259191 | 6303006 |
|  |  |  | 17637233 |
| **Health Care-Products — 0.1%** | **Health Care-Products — 0.1%** | **Health Care-Products — 0.1%** | **Health Care-Products — 0.1%** |
|  Antylia Scientific Term Loan | Antylia Scientific Term Loan | Antylia Scientific Term Loan | Antylia Scientific Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.66% (3 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 05/27/32 | 3140420 | 3120793 |
|  Hologic, Inc. 2026 Term Loan B | Hologic, Inc. 2026 Term Loan B | Hologic, Inc. 2026 Term Loan B | Hologic, Inc. 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(13)</sup>* | 01/14/33 | 3101338 | 3068200 |
|  QuidelOrtho Corp. Term Loan | QuidelOrtho Corp. Term Loan | QuidelOrtho Corp. Term Loan | QuidelOrtho Corp. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (1 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 08/20/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5970000 | 5970000 |
|  QuidelOrtho Corp. Term Loan A | QuidelOrtho Corp. Term Loan A | QuidelOrtho Corp. Term Loan A | QuidelOrtho Corp. Term Loan A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% (3 mo. USD Term SOFR + 1.500%) *<sup>(2)</sup>* | 08/14/30 | 4322170 | 4154686 |
|  |  |  | 16313679 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Health Care-Services — 0.1%** | **Health Care-Services — 0.1%** | **Health Care-Services — 0.1%** | **Health Care-Services — 0.1%** |
|  ADMI Corp. 2021 Incremental Term Loan B3 | ADMI Corp. 2021 Incremental Term Loan B3 | ADMI Corp. 2021 Incremental Term Loan B3 | ADMI Corp. 2021 Incremental Term Loan B3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.53% (1 mo. USD Term SOFR + 3.750%) *<sup>(2)</sup>* | 12/23/27 | $3314975 | $3117734 |
|  ADMI Corp. 2021 Term Loan B2 | ADMI Corp. 2021 Term Loan B2 | ADMI Corp. 2021 Term Loan B2 | ADMI Corp. 2021 Term Loan B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.16% (1 mo. USD Term SOFR + 3.375%) *<sup>(2)</sup>* | 12/23/27 | 3763051 | 3537945 |
|  Heartland Dental LLC 2025 Term Loan | Heartland Dental LLC 2025 Term Loan | Heartland Dental LLC 2025 Term Loan | Heartland Dental LLC 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.42% (1 mo. USD Term SOFR + 3.750%) *<sup>(2)</sup>* | 08/25/32 | 5649944 | 5645763 |
|  IQVIA, Inc. 2025 Incremental Term Loan B5 | IQVIA, Inc. 2025 Incremental Term Loan B5 | IQVIA, Inc. 2025 Incremental Term Loan B5 | IQVIA, Inc. 2025 Incremental Term Loan B5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% (3 mo. USD Term SOFR + 1.750%) *<sup>(2)</sup>* | 01/02/31 | 6188256 | 6213783 |
|  ModivCare Buyer LLC Super Senior Term Loan | ModivCare Buyer LLC Super Senior Term Loan | ModivCare Buyer LLC Super Senior Term Loan | ModivCare Buyer LLC Super Senior Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95% (3 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 12/29/30 | 5506200 | 5524563 |
|  ModivCare Buyer LLC Takeback Term Loan | ModivCare Buyer LLC Takeback Term Loan | ModivCare Buyer LLC Takeback Term Loan | ModivCare Buyer LLC Takeback Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95% (3 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 12/30/32 | 9798418 | 9210513 |
|  Pediatric Associates Holding Co. LLC 2021 Term Loan B | Pediatric Associates Holding Co. LLC 2021 Term Loan B | Pediatric Associates Holding Co. LLC 2021 Term Loan B | Pediatric Associates Holding Co. LLC 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.18% (3 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 12/29/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4558770 | 4373889 |
|  Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.70% (3 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 09/27/30 | 1614961 | 1598957 |
|  |  |  | 39223147 |
|  **Holding Companies — Diversified — 0.0%** | **Holding Companies — Diversified — 0.0%** | **Holding Companies — Diversified — 0.0%** | **Holding Companies — Diversified — 0.0%** |
|  GC Ferry Acquisition I, Inc. Term Loan | GC Ferry Acquisition I, Inc. Term Loan | GC Ferry Acquisition I, Inc. Term Loan | GC Ferry Acquisition I, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% (3 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 08/16/32 | 4604649 | 4547091 |
| **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
|  Lavender Dutch BorrowerCo BV Term Loan | Lavender Dutch BorrowerCo BV Term Loan | Lavender Dutch BorrowerCo BV Term Loan | Lavender Dutch BorrowerCo BV Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.93% (3 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 12/30/32 | 3961249 | 3911733 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
|  Asurion LLC 2021 Second Lien Term Loan B4 | Asurion LLC 2021 Second Lien Term Loan B4 | Asurion LLC 2021 Second Lien Term Loan B4 | Asurion LLC 2021 Second Lien Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.03% (1 mo. USD Term SOFR + 5.250%) *<sup>(2)</sup>* | 01/20/29 | $1084819 | $1079493 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
|  Arches Buyer, Inc. 2021 Term Loan B | Arches Buyer, Inc. 2021 Term Loan B | Arches Buyer, Inc. 2021 Term Loan B | Arches Buyer, Inc. 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.02% (1 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 12/06/27 | 656565 | 655130 |
|  Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.17% (3 mo. USD Term SOFR + 4.500%) *<sup>(2)</sup>* | 08/15/29 | 4787241 | 3093754 |
|  Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.64% (3 mo. USD Term SOFR + 5.000%) *<sup>(2)</sup>* | 12/12/29 | 8050768 | 7927511 |
|  Delivery Hero SE 2026 Term Loan B | Delivery Hero SE 2026 Term Loan B | Delivery Hero SE 2026 Term Loan B | Delivery Hero SE 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% (3 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 06/30/32 | 2821353 | 2733200 |
|  Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.67% (1 mo. USD Term SOFR + 3.000%) *<sup>(2)</sup>* | 02/06/31 | 5000892 | 4963385 |
|  MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.92% (1 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 05/03/28 | 2909458 | 2509408 |
|  MH Sub I LLC 2024 Term Loan B4 | MH Sub I LLC 2024 Term Loan B4 | MH Sub I LLC 2024 Term Loan B4 | MH Sub I LLC 2024 Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.92% (1 mo. USD Term SOFR + 4.250%) *<sup>(2)</sup>* | 12/31/31 | 6599672 | 4430030 |
|  Plano HoldCo, Inc. Term Loan B | Plano HoldCo, Inc. Term Loan B | Plano HoldCo, Inc. Term Loan B | Plano HoldCo, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% (3 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 10/02/31 | 990000 | 801900 |
|  PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (1 mo. USD Term SOFR + 4.750%) *<sup>(2)</sup>* | 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004962 | 1979279 |
|  Red Ventures LLC 2024 Term Loan B | Red Ventures LLC 2024 Term Loan B | Red Ventures LLC 2024 Term Loan B | Red Ventures LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (1 mo. USD Term SOFR + 2.750%) *<sup>(2)</sup>* | 03/04/30 | 3164844 | 2809986 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** |
|  TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (1 mo. USD Term SOFR + 2.750%) *<sup>(2)</sup>* | 07/08/31 | $| 3365152 | 3202497 |
|  |  |  |  | 35106080 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.77% (1 mo. USD Term SOFR + 6.000%) *<sup>(2)</sup>* | 11/15/29 |  | 1045285 | 829371 |
|  **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
|  Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 | Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 | Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 | Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 | Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% (1 mo. USD Term SOFR + 1.750%) *<sup>(2)</sup>* | 11/08/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;16429504 | 16480024 |
|  Station Casinos LLC 2024 Term Loan B | Station Casinos LLC 2024 Term Loan B | Station Casinos LLC 2024 Term Loan B | Station Casinos LLC 2024 Term Loan B | Station Casinos LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67% (1 mo. USD Term SOFR + 2.000%) *<sup>(2)</sup>* | 03/14/31 |  | 1830803 | 1832296 |
|  |  |  |  | 18312320 |
| **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
|  SGB-SMIT MidCo GmbH Term Loan B | SGB-SMIT MidCo GmbH Term Loan B | SGB-SMIT MidCo GmbH Term Loan B | SGB-SMIT MidCo GmbH Term Loan B | SGB-SMIT MidCo GmbH Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(13)</sup>* | 03/10/33 | EUR | 3992966 | 4619856 |
|  WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67% (1 mo. USD Term SOFR + 2.000%) *<sup>(2)</sup>* | 01/27/31 |  | 3197281 | 3195283 |
|  |  |  |  | 7815139 |
| **Machinery- Diversified — 0.0%** | **Machinery- Diversified — 0.0%** | **Machinery- Diversified — 0.0%** | **Machinery- Diversified — 0.0%** | **Machinery- Diversified — 0.0%** |
|  Oregon Tool, Inc. 2025 1st Lien Term Loan | Oregon Tool, Inc. 2025 1st Lien Term Loan | Oregon Tool, Inc. 2025 1st Lien Term Loan | Oregon Tool, Inc. 2025 1st Lien Term Loan | Oregon Tool, Inc. 2025 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (3 mo. USD Term SOFR + 5.350%) *<sup>(2)</sup>* | 10/15/29 |  | 369195 | 375656 |
|  Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.91% (3 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 10/15/29 |  | 9003628 | 6396312 |
|  |  |  |  | 6771968 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
|  Charter Communications Operating LLC 2024 Term Loan B5 | Charter Communications Operating LLC 2024 Term Loan B5 | Charter Communications Operating LLC 2024 Term Loan B5 | Charter Communications Operating LLC 2024 Term Loan B5 | Charter Communications Operating LLC 2024 Term Loan B5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.91% (3 mo. USD Term SOFR + 2.250%) *<sup>(2)</sup>* | 12/15/31 |  | 7211536 | 7219217 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Media (Continued)** | **Media (Continued)** | **Media (Continued)** | **Media (Continued)** |
|  Virgin Media Bristol LLC 2023 Term Loan Y | Virgin Media Bristol LLC 2023 Term Loan Y | Virgin Media Bristol LLC 2023 Term Loan Y | Virgin Media Bristol LLC 2023 Term Loan Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% (6 mo. USD Term SOFR + 3.175%) *<sup>(2)</sup>* | 03/31/31 | 6282663 | 5751935 |
|  Ziggo Financing Partnership 2025 Term Loan B | Ziggo Financing Partnership 2025 Term Loan B | Ziggo Financing Partnership 2025 Term Loan B | Ziggo Financing Partnership 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.03% (6 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 01/15/33 | 3568294 | 3483547 |
|  |  |  | 16454699 |
| **Miscellaneous Manufacturers — 0.0%** | **Miscellaneous Manufacturers — 0.0%** | **Miscellaneous Manufacturers — 0.0%** | **Miscellaneous Manufacturers — 0.0%** |
|  Cleanova U.S. Holdings LLC 2025 Term Loan B | Cleanova U.S. Holdings LLC 2025 Term Loan B | Cleanova U.S. Holdings LLC 2025 Term Loan B | Cleanova U.S. Holdings LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (3 mo. USD Term SOFR + 4.750%) *<sup>(2)</sup>* | 06/14/32 | 2110489 | 2115765 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
|  Xerox Holdings Corp. 2023 Non-CoOp Term Loan | Xerox Holdings Corp. 2023 Non-CoOp Term Loan | Xerox Holdings Corp. 2023 Non-CoOp Term Loan | Xerox Holdings Corp. 2023 Non-CoOp Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.73% (6 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 11/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;10876692 | 7749643 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
|  Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (3 mo. USD Term SOFR + 4.750%) *<sup>(2)</sup>* | 10/18/31 | 3542334 | 2391075 |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
|  Jazz Financing Lux SARL 2024 1st Lien Term Loan B2 | Jazz Financing Lux SARL 2024 1st Lien Term Loan B2 | Jazz Financing Lux SARL 2024 1st Lien Term Loan B2 | Jazz Financing Lux SARL 2024 1st Lien Term Loan B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (1 mo. USD Term SOFR + 2.250%) *<sup>(2)</sup>* | 05/05/28 | 3828525 | 3847667 |
|  **REIT — 0.3%** | **REIT — 0.3%** | **REIT — 0.3%** | **REIT — 0.3%** |
|  Healthpeak Properties, Inc. 2024 Term Loan A3 | Healthpeak Properties, Inc. 2024 Term Loan A3 | Healthpeak Properties, Inc. 2024 Term Loan A3 | Healthpeak Properties, Inc. 2024 Term Loan A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48% (3 mo. USD Term SOFR + 0.850%) *<sup>(2)</sup>* | 03/01/29 | 27796272 | 27379328 |
|  Healthpeak Properties, Inc. Term Loan A1 | Healthpeak Properties, Inc. Term Loan A1 | Healthpeak Properties, Inc. Term Loan A1 | Healthpeak Properties, Inc. Term Loan A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51% (1 mo. USD Term SOFR + 0.840%) *<sup>(2)</sup>* | 08/20/27 | 13772696 | 13634969 |
|  Healthpeak Properties, Inc. Term Loan A2 | Healthpeak Properties, Inc. Term Loan A2 | Healthpeak Properties, Inc. Term Loan A2 | Healthpeak Properties, Inc. Term Loan A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51% (1 mo. USD Term SOFR + 0.840%) *<sup>(2)</sup>* | 02/22/27 | 13772696 | 13634969 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** |
|  Invitation Homes Operating Partnership LP 2024 Term Loan | Invitation Homes Operating Partnership LP 2024 Term Loan | Invitation Homes Operating Partnership LP 2024 Term Loan | Invitation Homes Operating Partnership LP 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.53% (1 mo. USD Term SOFR + 0.850%) *<sup>(2)</sup>* | 09/09/28 | 36581794 | 36307431 |
|  |  |  | 90956697 |
| **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
|  1011778 BC Unlimited Liability Co. 2024 Term Loan B6 | 1011778 BC Unlimited Liability Co. 2024 Term Loan B6 | 1011778 BC Unlimited Liability Co. 2024 Term Loan B6 | 1011778 BC Unlimited Liability Co. 2024 Term Loan B6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 mo. USD Term SOFR + 1.750%) *<sup>(2)</sup>* | 09/20/30 | 2923621 | 2920712 |
|  BW Gas & Convenience Holdings LLC 2021 Term Loan B | BW Gas & Convenience Holdings LLC 2021 Term Loan B | BW Gas & Convenience Holdings LLC 2021 Term Loan B | BW Gas & Convenience Holdings LLC 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.28% (1 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 03/31/28 | 1492167 | 1492786 |
|  Dave & Buster's, Inc. 2024 1st Lien Term Loan B | Dave & Buster's, Inc. 2024 1st Lien Term Loan B | Dave & Buster's, Inc. 2024 1st Lien Term Loan B | Dave & Buster's, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.94% (3 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 11/01/31 | 4731722 | 3975498 |
|  KFC Holding Co. 2021 Term Loan B | KFC Holding Co. 2021 Term Loan B | KFC Holding Co. 2021 Term Loan B | KFC Holding Co. 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.54% (1 mo. USD Term SOFR + 1.750%) *<sup>(2)</sup>* | 03/15/28 | 8407800 | 8449839 |
|  Michaels Cos., Inc. 2026 Term Loan B | Michaels Cos., Inc. 2026 Term Loan B | Michaels Cos., Inc. 2026 Term Loan B | Michaels Cos., Inc. 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.67% (3 mo. USD Term SOFR + 5.000%) *<sup>(2)</sup>* | 03/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;10922369 | 10622659 |
|  Peer Holding III BV 2025 USD Term Loan B | Peer Holding III BV 2025 USD Term Loan B | Peer Holding III BV 2025 USD Term Loan B | Peer Holding III BV 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% (3 mo. USD Term SOFR + 2.250%) *<sup>(2)</sup>* | 09/29/32 | 8432656 | 8370718 |
|  Peer Holding III BV 2025 USD Term Loan B5B | Peer Holding III BV 2025 USD Term Loan B5B | Peer Holding III BV 2025 USD Term Loan B5B | Peer Holding III BV 2025 USD Term Loan B5B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% (3 mo. USD Term SOFR + 2.500%) *<sup>(2)</sup>* | 07/01/31 | 3864274 | 3861260 |
|  Raising Cane's Restaurants LLC 2025 Term Loan B | Raising Cane's Restaurants LLC 2025 Term Loan B | Raising Cane's Restaurants LLC 2025 Term Loan B | Raising Cane's Restaurants LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67% (1 mo. USD Term SOFR + 2.000%) *<sup>(2)</sup>* | 11/03/32 | 4953789 | 4930581 |
|  |  |  | 44624053 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
|  Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.67% (3 mo. USD Term SOFR + 3.000%) *<sup>(2)</sup>* | 07/30/31 | 3640806 | 3385567 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
|  Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.42% (3 mo. USD Term SOFR + 3.750%) *<sup>(2)</sup>* | 12/29/28 | $4371744 | $1756348 |
|  Cloud Software Group, Inc. 2025 Term Loan B (2031) | Cloud Software Group, Inc. 2025 Term Loan B (2031) | Cloud Software Group, Inc. 2025 Term Loan B (2031) | Cloud Software Group, Inc. 2025 Term Loan B (2031) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% (3 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 03/21/31 | 5010213 | 4604386 |
|  Cloudera, Inc. 2021 Term Loan | Cloudera, Inc. 2021 Term Loan | Cloudera, Inc. 2021 Term Loan | Cloudera, Inc. 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.52% (1 mo. USD Term SOFR + 3.750%) *<sup>(2)</sup>* | 10/08/28 | 5193653 | 4651565 |
|  Darktrace PLC 1st Lien Term Loan | Darktrace PLC 1st Lien Term Loan | Darktrace PLC 1st Lien Term Loan | Darktrace PLC 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% (3 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 10/09/31 | 10022420 | 9622826 |
|  DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (1 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 04/26/29 | 5110547 | 4424890 |
|  EagleView Technology Corp. 2025 Term Loan | EagleView Technology Corp. 2025 Term Loan | EagleView Technology Corp. 2025 Term Loan | EagleView Technology Corp. 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.20% (3 mo. USD Term SOFR + 5.500%) *<sup>(2)</sup>* | 08/14/28 | 7287086 | 6651761 |
|  Electronic Arts, Inc. USD Term Loan B | Electronic Arts, Inc. USD Term Loan B | Electronic Arts, Inc. USD Term Loan B | Electronic Arts, Inc. USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(13)</sup>* | 03/24/33 | 1110370 | 1104818 |
|  Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B | Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B | Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B | Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17% (1 mo. USD Term SOFR + 2.500%) *<sup>(2)</sup>* | 01/30/32 | 2403056 | 2303930 |
|  Planview Parent, Inc. 2024 1st Lien Term Loan | Planview Parent, Inc. 2024 1st Lien Term Loan | Planview Parent, Inc. 2024 1st Lien Term Loan | Planview Parent, Inc. 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% (3 mo. USD Term SOFR + 3.500%) *<sup>(2)</sup>* | 12/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;11676980 | 8794284 |
|  Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% (3 mo. USD Term SOFR + 3.250%) *<sup>(2)</sup>* | 10/26/30 | 10291732 | 7845130 |
|  Quartz Acquireco LLC 2025 Term Loan B | Quartz Acquireco LLC 2025 Term Loan B | Quartz Acquireco LLC 2025 Term Loan B | Quartz Acquireco LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% (3 mo. USD Term SOFR + 2.250%) *<sup>(2)</sup>* | 06/28/30 | 5039902 | 4220918 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
|  Renaissance Holding Corp. 2024 1st Lien Term Loan | Renaissance Holding Corp. 2024 1st Lien Term Loan | Renaissance Holding Corp. 2024 1st Lien Term Loan | Renaissance Holding Corp. 2024 1st Lien Term Loan | Renaissance Holding Corp. 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (3 mo. USD Term SOFR + 4.000%) *<sup>(2)</sup>* | 04/05/30 | $| 9154223 | 6582482 |
|  SonarSource Financing LLC Term Loan | SonarSource Financing LLC Term Loan | SonarSource Financing LLC Term Loan | SonarSource Financing LLC Term Loan | SonarSource Financing LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.17% (3 mo. USD Term SOFR + 4.500%) *<sup>(2)</sup>* | 12/19/30 |  | 3714917 | 3417724 |
|  |  |  |  | 69366629 |
| **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** |
|  Altice Financing SA 2022 USD Term Loan | Altice Financing SA 2022 USD Term Loan | Altice Financing SA 2022 USD Term Loan | Altice Financing SA 2022 USD Term Loan | Altice Financing SA 2022 USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.67% (3 mo. USD Term SOFR + 5.000%) *<sup>(2)</sup>* | 10/31/27 |  | 3082595 | 2245485 |
|  GOGO Intermediate Holdings LLC Term Loan B | GOGO Intermediate Holdings LLC Term Loan B | GOGO Intermediate Holdings LLC Term Loan B | GOGO Intermediate Holdings LLC Term Loan B | GOGO Intermediate Holdings LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.53% (1 mo. USD Term SOFR + 3.750%) *<sup>(2)</sup>* | 04/30/28 |  | 2692244 | 2363804 |
|  Zayo Group Holdings, Inc. 2025 USD Term Loan | Zayo Group Holdings, Inc. 2025 USD Term Loan | Zayo Group Holdings, Inc. 2025 USD Term Loan | Zayo Group Holdings, Inc. 2025 USD Term Loan | Zayo Group Holdings, Inc. 2025 USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.78% (1 mo. USD Term SOFR + 3.000%) *<sup>(2)</sup>* | 03/11/30 |  | 2685121 | 2641340 |
|  |  |  |  | 7250629 |
| **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** |
|  (Cost: $659,386,995) | (Cost: $659,386,995) |  |  | 633063270 |
| **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |
|  (Cost: $31,218,038,921) | (Cost: $31,218,038,921) |  |  | 29854034328 |
|  **CONVERTIBLE SECURITIES — 0.1%** | **CONVERTIBLE SECURITIES — 0.1%** | **CONVERTIBLE SECURITIES — 0.1%** | **CONVERTIBLE SECURITIES — 0.1%** | **CONVERTIBLE SECURITIES — 0.1%** |
|  **CONVERTIBLE CORPORATE BONDS— 0.1%** | **CONVERTIBLE CORPORATE BONDS— 0.1%** | **CONVERTIBLE CORPORATE BONDS— 0.1%** | **CONVERTIBLE CORPORATE BONDS— 0.1%** | **CONVERTIBLE CORPORATE BONDS— 0.1%** |
|  **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
|  Davide Campari-Milano NV (Italy) | Davide Campari-Milano NV (Italy) | Davide Campari-Milano NV (Italy) | Davide Campari-Milano NV (Italy) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% *<sup>(9)</sup>* | 01/17/29 | EUR | 14300000 | 16049388 |
| **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Worldline SA (France) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(4),(9)</sup>* | 07/30/26 | EUR | 6342326 | 7417679 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% *<sup>(9)</sup>* | 11/20/31 | EUR | 2400000 | 2463311 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero SE |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% *<sup>(9)</sup>* | 01/15/28 | 4000000 | $4303743 |
| **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** |
|  (Cost: $27,879,873) | (Cost: $27,879,873) |  | 30234121 |
| **Total Convertible Securities** | **Total Convertible Securities** | **Total Convertible Securities** | **Total Convertible Securities** |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $27,879,873) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $27,879,873) |  | 30234121 |
| **Issues** |  | **Shares** | **Value** |
|  **COMMON STOCK** — **0.1%** | **COMMON STOCK** — **0.1%** | **COMMON STOCK** — **0.1%** | **COMMON STOCK** — **0.1%** |
|  **Health Care-Services — 0.0%** | **Health Care-Services — 0.0%** | **Health Care-Services — 0.0%** | **Health Care-Services — 0.0%** |
|  ModivCare, Inc. *<sup>(15)</sup>* | ModivCare, Inc. *<sup>(15)</sup>* | 1934234 | 12572521 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
|  Ardagh Holdings SA *<sup>(15)</sup>* | Ardagh Holdings SA *<sup>(15)</sup>* | 1815919 | 13392403 |
| **Total Common Stock** | **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |
|  (Cost: $55,072,415) | (Cost: $55,072,415) |  | 25964924 |
| **INVESTMENT COMPANIES** — **0.7%** | **INVESTMENT COMPANIES** — **0.7%** | **INVESTMENT COMPANIES** — **0.7%** | **INVESTMENT COMPANIES** — **0.7%** |
|  TCW Private Asset Income Fund — I Class *<sup>(16)</sup>* | TCW Private Asset Income Fund — I Class *<sup>(16)</sup>* | 21516602 | 214520519 |
| **Total Investment Companies** | **Total Investment Companies** | **Total Investment Companies** | **Total Investment Companies** |
|  (Cost: $215,190,960) | (Cost: $215,190,960) |  | 214520519 |
| **MONEY MARKET INVESTMENTS** — **13.9%** | **MONEY MARKET INVESTMENTS** — **13.9%** | **MONEY MARKET INVESTMENTS** — **13.9%** |  |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 3.60% *<sup>(17),(11)</sup>* | State Street Institutional U.S. Government Money Market Fund — Premier Class, 3.60% *<sup>(17),(11)</sup>* | 59394639 | 59394639 |
|  TCW Central Cash Fund, 3.69% *<sup>(16),(17)</sup>* | TCW Central Cash Fund, 3.69% *<sup>(16),(17)</sup>* | 4057401839 | 4057401839 |
|  **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** |  |
|  (Cost: $4,116,796,478) | (Cost: $4,116,796,478) |  | 4116796478 |
|  **Total Investments (115.2%)** | **Total Investments (115.2%)** | **Total Investments (115.2%)** |  |
|  (Cost: $35,632,978,647) | (Cost: $35,632,978,647) |  | 34241550370 |
|  **Net unrealized appreciation/depreciation on Unfunded Commitments** *<sup>(18)</sup>* **(0.0%)**  | **Net unrealized appreciation/depreciation on Unfunded Commitments** *<sup>(18)</sup>* **(0.0%)**  | **Net unrealized appreciation/depreciation on Unfunded Commitments** *<sup>(18)</sup>* **(0.0%)**  | (14502) |
|  **Liabilities In Excess Of Other Assets (-15.2%)** | **Liabilities In Excess Of Other Assets (-15.2%)** | **Liabilities In Excess Of Other Assets (-15.2%)** | (4515639060) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $29725896808 |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Schedule of Investments (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional<br>Contract<br>Value** | **Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** |  |  |  |  |  |
| 25584 | 2-Year U.S. Treasury Note Futures | 06/30/26 | $5341721201 | $5307280862 | $(34440339) |
| 9905 | 5-Year U.S. Treasury Note Futures | 06/30/26 | 1085058566 | 1071519810 | (13538756) |
| 184 | 10-Year U.S. Treasury Note Futures | 06/18/26 | 21316903 | 20886875 | (430028) |
| 1006 | U.S. Long Bond Futures | 06/18/26 | 118269884 | 114558250 | (3711634) |
| 7800 | U.S. Ultra Long Bond Futures | 06/18/26 | 934064586 | 909187500 | (24877086) |
|  |  |  | $7500431140 | $7423433297 | $(76997843) |
|  **Short Futures** | **Short Futures** |  |  |  |  |
| 3983 | 10-Year Australian Bond Futures | 06/15/26 | $(294300225) | $(293947679) | $352546 |
| 1153 | 3-Year Australian Bond Futures | 06/15/26 | (82030465) | (81855216) | 175249 |
| 507 | 30-Year Euro-Buxl Futures | 06/08/26 | (65283969) | (64410068) | 873901 |
| 1075 | Euro Schatz Futures | 06/08/26 | (131684109) | (130983518) | 700591 |
| 1317 | Euro-Bobl Futures | 06/08/26 | (177181349) | (175158929) | 2022420 |
| 2961 | Euro-Bund Futures | 06/08/26 | (436145243) | (427788514) | 8356729 |
| 542 | Long Gilt Futures | 06/26/26 | (65463944) | (62746587) | 2717357 |
|  |  |  | $(1252089304) | $(1236890511) | $15198793 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts at<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **BUY** *<sup>(19)</sup>* |  |  |  |  |  |  |
|  Citibank N.A.*<sup>(11)</sup>* | AUD | 55507872 | 04/01/26 | $38877083 | $38017344 | $(859739) |
|  JP Morgan Chase Bank | AUD | 307598917 | 04/01/26 | 211673228 | 210674522 | (998706) |
|  Goldman Sachs & Co.*<sup>(11)</sup>* | AUD | 125920936 | 04/01/26 | 86721853 | 86243259 | (478594) |
|  Bank of America | AUD | 924721 | 04/01/26 | 656796 | 633341 | (23455) |
|  Citibank N.A.*<sup>(11)</sup>* | EUR | 88725734 | 04/01/26 | 103992192 | 102229776 | (1762416) |
|  Goldman Sachs & Co.*<sup>(11)</sup>* | EUR | 590053839 | 04/01/26 | 679923974 | 679859937 | (64037) |
|  JP Morgan Chase Bank | EUR | 3446964 | 04/01/26 | 3941748 | 3971591 | 29843 |
|  Goldman Sachs & Co.*<sup>(11)</sup>* | EUR | 11633441 | 04/07/26 | 13395555 | 13407172 | 11617 |
|  Citibank N.A. | EUR | 131338 | 06/26/26 | 152018 | 151910 | (108) |
|  Citibank N.A. | GBP | 279948720 | 04/01/26 | 372972083 | 369168176 | (3803907) |
|  |  |  |  | $1512306530 | $1504357028 | $(7949502) |
| **SELL** *<sup>(20)</sup>* |  |  |  |  |  |  |
|  Citibank N.A.*<sup>(11)</sup>* | AUD | 208211715 | 04/01/26 | $140762489 | $142604220 | $(1841731) |
|  Bank of America | AUD | 277124456 | 04/01/26 | 186056636 | 189802560 | (3745924) |
|  Goldman Sachs & Co. | AUD | 4616272 | 04/01/26 | 3085622 | 3161685 | (76063) |
|  Goldman Sachs & Co.*<sup>(11)</sup>* | AUD | 125769878 | 06/26/26 | 86498233 | 86030576 | 467657 |
|  Citibank N.A.*<sup>(11)</sup>* | AUD | 4189246 | 06/26/26 | 2906348 | 2865577 | 40771 |
|  Morgan Stanley Bank N.A. | AUD | 4641668 | 06/26/26 | 3196121 | 3175048 | 21073 |
|  JP Morgan Chase Bank | AUD | 307468128 | 06/26/26 | 211306026 | 210317930 | 988096 |
|  Citibank N.A.*<sup>(11)</sup>* | EUR | 246837664 | 04/01/26 | 289194100 | 284406315 | 4787785 |
|  JP Morgan Chase Bank | EUR | 343244164 | 04/01/26 | 403164045 | 395485868 | 7678177 |
|  Goldman Sachs & Co.*<sup>(11)</sup>* | EUR | 62344008 | 04/01/26 | 72594397 | 71832756 | 761641 |
|  Bank of New York | EUR | 17707598 | 04/01/26 | 20471814 | 20402692 | 69122 |
|  Goldman Sachs & Co. | EUR | 608602065 | 06/26/26 | 703998665 | 703930290 | 68375 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Exchange Contracts (Continued) | Forward Currency Exchange Contracts (Continued) | Forward Currency Exchange Contracts (Continued) | Forward Currency Exchange Contracts (Continued) | Forward Currency Exchange Contracts (Continued) | Forward Currency Exchange Contracts (Continued) | Forward Currency Exchange Contracts (Continued) |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts at<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **SELL** *<sup>(20)</sup>* **(Continued)** |  |  |  |  |  |  |
|  Citibank N.A. <sup>(11)</sup> | EUR | 12224441 | 06/26/26 | $14158836 | $14139213 | $19623 |
|  Bank of America | EUR | 11915745 | 06/26/26 | 13886312 | 13782165 | 104147 |
|  JP Morgan Chase Bank | EUR | 1830604 | 06/26/26 | 2133648 | 2117340 | 16308 |
|  Bank of New York | EUR | 15957151 | 06/26/26 | 18424817 | 18456596 | (31779) |
|  Citibank N.A. <sup>(11)</sup> | GBP | 105280239 | 04/01/26 | 142104625 | 138832977 | 3271648 |
|  Goldman Sachs & Co. | GBP | 559605 | 04/01/26 | 754719 | 737951 | 16768 |
|  JP Morgan Chase Bank | GBP | 169741772 | 04/01/26 | 226520969 | 223838354 | 2682615 |
|  Bank of America | GBP | 4367104 | 04/01/26 | 5878768 | 5758897 | 119871 |
|  Citibank N.A. <sup>(11)</sup> | GBP | 267175397 | 06/26/26 | 355626484 | 352217400 | 3409084 |
|  |  |  |  | $2902723674 | $2883896410 | $18827264 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements |
| **Notional**<br> **Amount** | **Expiration<br>Date** | **Payment<br>Made by Fund<br>Frequency** | **Payment Made by<br>Fund** | **Payment<br>Received<br>by Fund<br>Frequency** | **Payment<br>Received<br>by Fund** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Premium<br>Paid** | **Value** |
|  GBP 1,019,462,000 | 03/20/28 | Annual | 12 - Month SONIA | Annual | 3.93% | $(2330604) | $(4442704) | $(6773308) |

---

#### Notes to the Schedule of Investments:
*ABS* *Asset-Backed Securities.* 

*AUD* *Australian Dollar.* 

*CLO* *Collateralized Loan Obligation.* 

*EUR* *Euro Currency.* 

*GBP* *British Pound Sterling.* 

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

*I/O* *Interest Only Security.* 

*LIBOR* *London Interbank Offered Rate.* 

*PAC* *Planned Amortization Class.* 

*PIK* *Payment In Kind.* 

*REMIC* *Real Estate Mortgage Investment Conduits.* 

*SOFR* *Secured Overnight Financing Rate.* 

*SONIA* *Sterling Overnight Index Average.* 

*STRIPS* *Separate Trading of Registered Interest and Principal Securities.* 

*TAC* *Target Amortization Class.* 

*TBA* *To Be Announced.* 

*(1)* *Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At March 31, 2026, the value of these securities amounted to $4,878,331,986 or 16.4% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Trust's Board of Trustees.* 

*(2)* *Floating or variable rate security. The interest shown reflects the rate in effect at March 31, 2026.* 

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

*(4)* *Security is not accruing interest.* 

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

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

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Total Return Bond Fund
Consolidated Schedule of Investments (Continued)

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

*(8)* *Restricted security (Note 11).* 

*(9)* *Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At March 31, 2026, the value of these securities amounted to $1,224,634,132 or 4.1% of net assets.* 

*(10)* *Perpetual maturity.* 

*(11)* *All or a portion of this security is owned by TCW MetWest Cayman Total Return Bond Fund, Ltd.* 

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

*(13)* *This position represents an unsettled bank loan at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.* 

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

*(15)* *Non-income producing security.* 

*(16)* *Affiliated issuer.* 

*(17)* *Rate disclosed is the 7-day net yield as of March 31, 2026.* 

*(18)* *Unfunded or partially unfunded loan commitments. The Fund may enter into certain credit agreements for which all or a portion may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion.* 

*(19)* *Fund buys foreign currency, sells USD.* 

*(20)* *Fund sells foreign currency, buys USD.* 

The summary of the TCW MetWest Total Return Bond Fund transactions in the affiliated funds for the year ended March 31, 2026 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of<br>Affiliated Fund** | **Value at<br>March 31,**<br>**2025** | **Purchases at<br>Cost** | **Proceeds**<br>**from Sales** | **Number of<br>Shares Held<br>March 31,<br>2026** | **Value at<br>March 31,**<br>**2026** | **Dividends<br>and**<br>**Interest<br>Income<br>Received** | **Distributions<br>Received<br>from Net<br>Realized<br>Gain** | **Net<br>Realized<br>Gain (Loss)<br>on<br>Investments** | **Net change in<br>Unrealized<br>Gain (Loss)<br>on<br>Investments** |
| **TCW Central Cash Fund** | $1736327625 | $25008474214 | $22687400000 | 4057401839 | $4057401839 | $137193609 | $— | $— | $— |
| **TCW Private Asset Income Fund — I Class** | 36136726 | 179054234 |  | 21516602 | 214520519 | 14821742 | 42760 |  | (670441) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $4271922358 | $152015351 | $42760 | $— | $(670441) |

---

*See accompanying Notes to Financial Statements.* 

------

Consolidated Fair Valuation Summary March 31, 2026

The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets**<br>**(Level 1)** | **Other**<br>**Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Agency | $— | $10935077655 | $— | $10935077655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 6852960930 |  | 6852960930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 5017054850 |  | 5017054850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Non-Agency |  | 2764048298 |  | 2764048298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 1432480097 | 32988768 | 1465468865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Non-Agency |  | 1106165931 |  | 1106165931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds |  | 842352608 |  | 842352608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 633063270 |  | 633063270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Agency |  | 229220793 |  | 229220793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 8621128 |  | 8621128 |
|  Total Fixed Income Securities |  | 29821045560 | 32988768 | 29854034328 |
|  Convertible Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Corporate Bonds |  | 30234121 |  | 30234121 |
|  Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 4116796478 |  |  | 4116796478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies |  | 214520519 |  | 214520519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock |  | 25964924 |  | 25964924 |
|  Total Equity Securities | 4116796478 | 240485443 |  | 4357281921 |
|  Net Unrealized Appreciation (Depreciation) on Unfunded Commitments |  | (14502) |  | (14502) |
|  Total Investments | $4116796478 | $30091750622 | $32988768 | $34241535868 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 24564221 |  | 24564221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 15198793 |  |  | 15198793 |
|  Total | $4131995271 | $30116314843 | $32988768 | $34281298882 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | $(76997843) | $— | $— | $(76997843) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | (13686459) |  | (13686459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk |  | (6773308) |  | (6773308) |
|  Total | $(76997843) | $(20459767) | $— | $(97457610) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Ultra Short Bond Fund
Schedule of Investments

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 101.5% of Net Assets** | **FIXED INCOME SECURITIES — 101.5% of Net Assets** | **FIXED INCOME SECURITIES — 101.5% of Net Assets** | **FIXED INCOME SECURITIES — 101.5% of Net Assets** |
| **ASSET-BACKED SECURITIES — 13.3%** | **ASSET-BACKED SECURITIES — 13.3%** | **ASSET-BACKED SECURITIES — 13.3%** | **ASSET-BACKED SECURITIES — 13.3%** |
|  522 Funding CLO Ltd. Series 2020-6A, Class A1R2 | 522 Funding CLO Ltd. Series 2020-6A, Class A1R2 | 522 Funding CLO Ltd. Series 2020-6A, Class A1R2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% (3 mo. USD Term SOFR + 1.200%) *<sup>(1),(2)</sup>* | 10/23/34 | $190000 | $189933 |
|  AGL CLO 13 Ltd. Series 2021-13A, Class A1R | AGL CLO 13 Ltd. Series 2021-13A, Class A1R | AGL CLO 13 Ltd. Series 2021-13A, Class A1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77% (3 mo. USD Term SOFR + 1.100%) *<sup>(1),(2)</sup>* | 10/20/34 | 150000 | 149919 |
|  Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 | Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 | Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 | Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.94% *<sup>(1)</sup>* | 08/15/46 | 240000 | 237571 |
|  ALLO Issuer LLC Series 2023-1A, Class A2 | ALLO Issuer LLC Series 2023-1A, Class A2 | ALLO Issuer LLC Series 2023-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% *<sup>(1)</sup>* | 06/20/53 | 100000 | 100749 |
|  AmeriCredit Automobile Receivables Trust Series 2022-2, Class C | AmeriCredit Automobile Receivables Trust Series 2022-2, Class C | AmeriCredit Automobile Receivables Trust Series 2022-2, Class C | AmeriCredit Automobile Receivables Trust Series 2022-2, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% | 04/18/28 | 299986 | 301201 |
|  Bain Capital Credit CLO Ltd. Series 2020-5A, Class ARR | Bain Capital Credit CLO Ltd. Series 2020-5A, Class ARR | Bain Capital Credit CLO Ltd. Series 2020-5A, Class ARR | Bain Capital Credit CLO Ltd. Series 2020-5A, Class ARR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% (3 mo. USD Term SOFR + 1.150%) *<sup>(1),(2)</sup>* | 04/20/34 | 200000 | 200050 |
|  Bain Capital Credit CLO Ltd. Series 2021-6A, Class A1R | Bain Capital Credit CLO Ltd. Series 2021-6A, Class A1R | Bain Capital Credit CLO Ltd. Series 2021-6A, Class A1R | Bain Capital Credit CLO Ltd. Series 2021-6A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% (3 mo. USD Term SOFR + 1.090%) *<sup>(1),(2)</sup>* | 10/21/34 | 150000 | 149915 |
|  Barings CLO Ltd. Series 2021-3A, Class AR | Barings CLO Ltd. Series 2021-3A, Class AR | Barings CLO Ltd. Series 2021-3A, Class AR | Barings CLO Ltd. Series 2021-3A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (3 mo. USD Term SOFR + 1.130%) *<sup>(1),(2)</sup>* | 01/18/35 | 200000 | 199872 |
|  CARS-DB5 LP Series 2021-1A, Class A1 | CARS-DB5 LP Series 2021-1A, Class A1 | CARS-DB5 LP Series 2021-1A, Class A1 | CARS-DB5 LP Series 2021-1A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.44% *<sup>(1)</sup>* | 08/15/51 | 92054 | 90887 |
|  Diamond Infrastructure Funding LLC Series 2021-1A, Class A | Diamond Infrastructure Funding LLC Series 2021-1A, Class A | Diamond Infrastructure Funding LLC Series 2021-1A, Class A | Diamond Infrastructure Funding LLC Series 2021-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76% *<sup>(1)</sup>* | 04/15/49 | 130000 | 127114 |
|  Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 | Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 | Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 | Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (3 mo. USD Term SOFR + 1.150%) *<sup>(1),(2)</sup>* | 08/15/31 | 62396 | 62457 |
|  Dryden 72 CLO Ltd. Series 2019-72A, Class ARR | Dryden 72 CLO Ltd. Series 2019-72A, Class ARR | Dryden 72 CLO Ltd. Series 2019-72A, Class ARR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (3 mo. USD Term SOFR + 1.100%) *<sup>(1),(2)</sup>* | 05/15/32 | 356807 | 356992 |
|  Dryden 86 CLO Ltd. Series 2020-86A, Class A1R2 | Dryden 86 CLO Ltd. Series 2020-86A, Class A1R2 | Dryden 86 CLO Ltd. Series 2020-86A, Class A1R2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (3 mo. USD Term SOFR + 1.130%) *<sup>(1),(2)</sup>* | 07/17/34 | 200000 | 200100 |
|  GLS Auto Receivables Issuer Trust Series 2021-3A, Class D | GLS Auto Receivables Issuer Trust Series 2021-3A, Class D | GLS Auto Receivables Issuer Trust Series 2021-3A, Class D | GLS Auto Receivables Issuer Trust Series 2021-3A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.48% *<sup>(1)</sup>* | 07/15/27 | 18305 | 18284 |
|  Hotwire Funding LLC Series 2024-1A, Class A2 | Hotwire Funding LLC Series 2024-1A, Class A2 | Hotwire Funding LLC Series 2024-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.89% *<sup>(1)</sup>* | 06/20/54 | 60000 | 60744 |
|  HPS Loan Management Ltd. Series 2021-16A, Class A1R | HPS Loan Management Ltd. Series 2021-16A, Class A1R | HPS Loan Management Ltd. Series 2021-16A, Class A1R | HPS Loan Management Ltd. Series 2021-16A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% (3 mo. USD Term SOFR + 1.110%) *<sup>(1),(2)</sup>* | 01/23/35 | 250000 | 249889 |
|  HTS Fund II LLC Series 2025-1, Class A | HTS Fund II LLC Series 2025-1, Class A | HTS Fund II LLC Series 2025-1, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% *<sup>(1)</sup>* | 06/23/45 | 100000 | 99952 |
|  JG Wentworth XXII LLC Series 2010-3A, Class A | JG Wentworth XXII LLC Series 2010-3A, Class A | JG Wentworth XXII LLC Series 2010-3A, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82% *<sup>(1)</sup>* | 12/15/48 | 207543 | 206691 |
|  Laurel Road Prime Student Loan Trust Series 2019-A, Class BFX | Laurel Road Prime Student Loan Trust Series 2019-A, Class BFX | Laurel Road Prime Student Loan Trust Series 2019-A, Class BFX | Laurel Road Prime Student Loan Trust Series 2019-A, Class BFX |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% *<sup>(1)</sup>* | 10/25/48 | 67302 | 66714 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  LCM 37 Ltd. Series 37A, Class A1R | LCM 37 Ltd. Series 37A, Class A1R | LCM 37 Ltd. Series 37A, Class A1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (3 mo. USD Term SOFR + 1.060%) *<sup>(1),(2)</sup>* | 04/15/34 | 113246 | 113248 |
|  Navient Private Education Refi Loan Trust Series 2021-CA, Class A | Navient Private Education Refi Loan Trust Series 2021-CA, Class A | Navient Private Education Refi Loan Trust Series 2021-CA, Class A | Navient Private Education Refi Loan Trust Series 2021-CA, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.06% *<sup>(1)</sup>* | 10/15/69 | 215135 | 195585 |
|  Navient Private Education Refi Loan Trust Series 2021-FA, Class A | Navient Private Education Refi Loan Trust Series 2021-FA, Class A | Navient Private Education Refi Loan Trust Series 2021-FA, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.11% *<sup>(1)</sup>* | 02/18/70 | 148842 | 132857 |
|  Octagon Investment Partners 41 Ltd. Series 2019-2A, Class A1R | Octagon Investment Partners 41 Ltd. Series 2019-2A, Class A1R | Octagon Investment Partners 41 Ltd. Series 2019-2A, Class A1R | Octagon Investment Partners 41 Ltd. Series 2019-2A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% (3 mo. USD Term SOFR + 1.090%) *<sup>(1),(2)</sup>* | 10/15/33 | 200000 | 199729 |
|  Oxford Finance Funding LLC Series 2022-1A, Class A2 | Oxford Finance Funding LLC Series 2022-1A, Class A2 | Oxford Finance Funding LLC Series 2022-1A, Class A2 | Oxford Finance Funding LLC Series 2022-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% *<sup>(1)</sup>* | 02/15/30 | 124508 | 121522 |
|  Rockford Tower CLO Ltd. Series 2019-1A, Class AR2 | Rockford Tower CLO Ltd. Series 2019-1A, Class AR2 | Rockford Tower CLO Ltd. Series 2019-1A, Class AR2 | Rockford Tower CLO Ltd. Series 2019-1A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77% (3 mo. USD Term SOFR + 1.100%) *<sup>(1),(2)</sup>* | 04/20/34 | 200000 | 199858 |
|  Sabey Data Center Issuer LLC Series 2021-1, Class A2 | Sabey Data Center Issuer LLC Series 2021-1, Class A2 | Sabey Data Center Issuer LLC Series 2021-1, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88% *<sup>(1)</sup>* | 06/20/46 | 111000 | 110265 |
|  Store Master Funding I-VII & XIV Series 2019-1, Class A3 | Store Master Funding I-VII & XIV Series 2019-1, Class A3 | Store Master Funding I-VII & XIV Series 2019-1, Class A3 | Store Master Funding I-VII & XIV Series 2019-1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.32% *<sup>(1)</sup>* | 11/20/49 | 150092 | 148222 |
|  Symphony CLO XXIV Ltd. Series 2020-24A, Class A1R | Symphony CLO XXIV Ltd. Series 2020-24A, Class A1R | Symphony CLO XXIV Ltd. Series 2020-24A, Class A1R | Symphony CLO XXIV Ltd. Series 2020-24A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% (3 mo. USD Term SOFR + 1.130%) *<sup>(1),(2)</sup>* | 10/23/35 | 215000 | 214861 |
|  Thompson Park CLO Ltd. Series 2021-1A, Class A1R | Thompson Park CLO Ltd. Series 2021-1A, Class A1R | Thompson Park CLO Ltd. Series 2021-1A, Class A1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% (3 mo. USD Term SOFR + 1.050%) *<sup>(1),(2)</sup>* | 04/15/34 | 250000 | 249907 |
|  Trinitas CLO XX Ltd. Series 2022-20A, Class A1R | Trinitas CLO XX Ltd. Series 2022-20A, Class A1R | Trinitas CLO XX Ltd. Series 2022-20A, Class A1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.71% (3 mo. USD Term SOFR + 1.040%) *<sup>(1),(2)</sup>* | 07/20/35 | 250000 | 249347 |
|  Vantage Data Centers Issuer LLC Series 2021-1A, Class A2 | Vantage Data Centers Issuer LLC Series 2021-1A, Class A2 | Vantage Data Centers Issuer LLC Series 2021-1A, Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17% *<sup>(1)</sup>* | 10/15/46 | 200000 | 196644 |
|  VB-S1 Issuer LLC Series 2022-1A, Class C2I | VB-S1 Issuer LLC Series 2022-1A, Class C2I | VB-S1 Issuer LLC Series 2022-1A, Class C2I |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16% *<sup>(1)</sup>* | 02/15/52 | 90000 | 87861 |
|  Voya CLO Ltd. Series 2020-1A, Class ARR | Voya CLO Ltd. Series 2020-1A, Class ARR | Voya CLO Ltd. Series 2020-1A, Class ARR |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (3 mo. USD Term SOFR + 1.080%) *<sup>(1),(2)</sup>* | 07/16/34 | 225000 | 224944 |
| **Total Asset-Backed Securities**<br>(Cost: $5,489,373) | **Total Asset-Backed Securities**<br>(Cost: $5,489,373) | **Total Asset-Backed Securities**<br>(Cost: $5,489,373) | 5513884 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 21.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 21.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 21.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 21.1%** |
|  Federal Home Loan Mortgage Corp., Pool #SD8286 | Federal Home Loan Mortgage Corp., Pool #SD8286 | Federal Home Loan Mortgage Corp., Pool #SD8286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/53 | 144601 | 136781 |
|  Federal Home Loan Mortgage Corp. REMICS Series 2368, Class AF (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 2368, Class AF (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 2368, Class AF (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 2368, Class AF (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% (30 day USD SOFR Average + 1.064%) *<sup>(2)</sup>* | 10/15/31 | 20407 | 20606 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp. REMICS Series 2733, Class FB (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 2733, Class FB (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 2733, Class FB (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 2733, Class FB (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% (30 day USD SOFR Average + 0.714%) *<sup>(2)</sup>* | 10/15/33 | $160500 | $161686 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3085, Class FW | Federal Home Loan Mortgage Corp. REMICS Series 3085, Class FW | Federal Home Loan Mortgage Corp. REMICS Series 3085, Class FW | Federal Home Loan Mortgage Corp. REMICS Series 3085, Class FW |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49% (30 day USD SOFR Average + 0.814%) *<sup>(2)</sup>* | 08/15/35 | 126530 | 127955 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3300, Class FA | Federal Home Loan Mortgage Corp. REMICS Series 3300, Class FA | Federal Home Loan Mortgage Corp. REMICS Series 3300, Class FA | Federal Home Loan Mortgage Corp. REMICS Series 3300, Class FA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% (30 day USD SOFR Average + 0.414%) *<sup>(2)</sup>* | 08/15/35 | 117757 | 117570 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3325, Class NF | Federal Home Loan Mortgage Corp. REMICS Series 3325, Class NF | Federal Home Loan Mortgage Corp. REMICS Series 3325, Class NF | Federal Home Loan Mortgage Corp. REMICS Series 3325, Class NF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% (30 day USD SOFR Average + 0.414%) *<sup>(2)</sup>* | 08/15/35 | 23656 | 23618 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3895, Class BF | Federal Home Loan Mortgage Corp. REMICS Series 3895, Class BF | Federal Home Loan Mortgage Corp. REMICS Series 3895, Class BF | Federal Home Loan Mortgage Corp. REMICS Series 3895, Class BF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (30 day USD SOFR Average + 0.614%) *<sup>(2)</sup>* | 07/15/41 | 75082 | 74939 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 263, Class F5 | Federal Home Loan Mortgage Corp. STRIPS Series 263, Class F5 | Federal Home Loan Mortgage Corp. STRIPS Series 263, Class F5 | Federal Home Loan Mortgage Corp. STRIPS Series 263, Class F5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (30 day USD SOFR Average + 0.614%) *<sup>(2)</sup>* | 06/15/42 | 111163 | 110794 |
|  Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/52 | 94555 | 89608 |
|  Federal National Mortgage Association, Pool #MA4866 | Federal National Mortgage Association, Pool #MA4866 | Federal National Mortgage Association, Pool #MA4866 | Federal National Mortgage Association, Pool #MA4866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/53 | 99945 | 94670 |
|  Federal National Mortgage Association, Pool #MA4805 | Federal National Mortgage Association, Pool #MA4805 | Federal National Mortgage Association, Pool #MA4805 | Federal National Mortgage Association, Pool #MA4805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/01/52 | 530915 | 514563 |
|  Federal National Mortgage Association, Pool #MA5009 | Federal National Mortgage Association, Pool #MA5009 | Federal National Mortgage Association, Pool #MA5009 | Federal National Mortgage Association, Pool #MA5009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/01/53 | 191798 | 189827 |
|  Federal National Mortgage Association, Pool #254548 | Federal National Mortgage Association, Pool #254548 | Federal National Mortgage Association, Pool #254548 | Federal National Mortgage Association, Pool #254548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 12/01/32 | 25263 | 25881 |
|  Federal National Mortgage Association, Pool #555424 | Federal National Mortgage Association, Pool #555424 | Federal National Mortgage Association, Pool #555424 | Federal National Mortgage Association, Pool #555424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/01/33 | 17834 | 18327 |
|  Federal National Mortgage Association, Pool #AL0851 | Federal National Mortgage Association, Pool #AL0851 | Federal National Mortgage Association, Pool #AL0851 | Federal National Mortgage Association, Pool #AL0851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/01/40 | 22008 | 23178 |
|  Federal National Mortgage Association, Pool #555098 | Federal National Mortgage Association, Pool #555098 | Federal National Mortgage Association, Pool #555098 | Federal National Mortgage Association, Pool #555098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.19% (1 yr. USD RFUCCT + 1.636%) *<sup>(2)</sup>* | 11/01/32 | 3150 | 3192 |
|  Federal National Mortgage Association, Pool #762525 | Federal National Mortgage Association, Pool #762525 | Federal National Mortgage Association, Pool #762525 | Federal National Mortgage Association, Pool #762525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 11/01/33 | 6036 | 6343 |
|  Federal National Mortgage Association, Pool #AE0443 | Federal National Mortgage Association, Pool #AE0443 | Federal National Mortgage Association, Pool #AE0443 | Federal National Mortgage Association, Pool #AE0443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 10/01/39 | 26097 | 27801 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association, Pool #770900 | Federal National Mortgage Association, Pool #770900 | Federal National Mortgage Association, Pool #770900 | Federal National Mortgage Association, Pool #770900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% (1 yr. USD RFUCCT + 1.551%) *<sup>(2)</sup>* | 04/01/34 | $34250 | $34675 |
|  Federal National Mortgage Association, Pool #655133 | Federal National Mortgage Association, Pool #655133 | Federal National Mortgage Association, Pool #655133 | Federal National Mortgage Association, Pool #655133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 08/01/32 | 3615 | 3832 |
|  Federal National Mortgage Association, Pool #655151 | Federal National Mortgage Association, Pool #655151 | Federal National Mortgage Association, Pool #655151 | Federal National Mortgage Association, Pool #655151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 08/01/32 | 1840 | 1935 |
|  Federal National Mortgage Association REMICS Series 2001-42, Class SB (I/F) | Federal National Mortgage Association REMICS Series 2001-42, Class SB (I/F) | Federal National Mortgage Association REMICS Series 2001-42, Class SB (I/F) | Federal National Mortgage Association REMICS Series 2001-42, Class SB (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% (-30 day USD SOFR Average + 126.168%) *<sup>(2)</sup>* | 09/25/31 | 221 | 237 |
|  Federal National Mortgage Association REMICS Series 2001-60, Class OF | Federal National Mortgage Association REMICS Series 2001-60, Class OF | Federal National Mortgage Association REMICS Series 2001-60, Class OF | Federal National Mortgage Association REMICS Series 2001-60, Class OF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (30 day USD SOFR Average + 1.064%) *<sup>(2)</sup>* | 10/25/31 | 22148 | 22362 |
|  Federal National Mortgage Association REMICS Series 2002-30, Class FB | Federal National Mortgage Association REMICS Series 2002-30, Class FB | Federal National Mortgage Association REMICS Series 2002-30, Class FB | Federal National Mortgage Association REMICS Series 2002-30, Class FB |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% (30 day USD SOFR Average + 1.114%) *<sup>(2)</sup>* | 08/25/31 | 15049 | 15161 |
|  Federal National Mortgage Association REMICS Series 2003-124, Class TS (I/F) | Federal National Mortgage Association REMICS Series 2003-124, Class TS (I/F) | Federal National Mortgage Association REMICS Series 2003-124, Class TS (I/F) | Federal National Mortgage Association REMICS Series 2003-124, Class TS (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.80% (-30 day USD SOFR Average + 99.197%) *<sup>(2)</sup>* | 01/25/34 | 3976 | 4368 |
|  Federal National Mortgage Association REMICS Series 2004-60, Class FW | Federal National Mortgage Association REMICS Series 2004-60, Class FW | Federal National Mortgage Association REMICS Series 2004-60, Class FW | Federal National Mortgage Association REMICS Series 2004-60, Class FW |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% (30 day USD SOFR Average + 0.564%) *<sup>(2)</sup>* | 04/25/34 | 7846 | 7852 |
|  Federal National Mortgage Association REMICS Series 2004-96, Class MT (I/F) (TAC) | Federal National Mortgage Association REMICS Series 2004-96, Class MT (I/F) (TAC) | Federal National Mortgage Association REMICS Series 2004-96, Class MT (I/F) (TAC) | Federal National Mortgage Association REMICS Series 2004-96, Class MT (I/F) (TAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% (-30 day USD SOFR Average + 123.122%) *<sup>(2)</sup>* | 12/25/34 | 10049 | 10896 |
|  Federal National Mortgage Association REMICS Series 2005-73, Class DF (PAC) | Federal National Mortgage Association REMICS Series 2005-73, Class DF (PAC) | Federal National Mortgage Association REMICS Series 2005-73, Class DF (PAC) | Federal National Mortgage Association REMICS Series 2005-73, Class DF (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03% (30 day USD SOFR Average + 0.364%) *<sup>(2)</sup>* | 08/25/35 | 24286 | 24216 |
|  Federal National Mortgage Association REMICS Series 2007-68, Class SC (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-68, Class SC (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-68, Class SC (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-68, Class SC (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92% (-30 day USD SOFR Average + 6.586%) *<sup>(2)</sup>* | 07/25/37 | 34707 | 3563 |
|  Federal National Mortgage Association REMICS Series 2010-109, Class PF (PAC) | Federal National Mortgage Association REMICS Series 2010-109, Class PF (PAC) | Federal National Mortgage Association REMICS Series 2010-109, Class PF (PAC) | Federal National Mortgage Association REMICS Series 2010-109, Class PF (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18% (30 day USD SOFR Average + 0.514%) *<sup>(2)</sup>* | 10/25/40 | 18508 | 18523 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association REMICS Series 2010-26, Class S (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-26, Class S (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-26, Class S (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-26, Class S (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% (-30 day USD SOFR Average + 6.116%) *<sup>(2)</sup>* | 11/25/36 | $113766 | $9593 |
|  Federal National Mortgage Association REMICS Series 2010-95, Class FB (PAC) | Federal National Mortgage Association REMICS Series 2010-95, Class FB (PAC) | Federal National Mortgage Association REMICS Series 2010-95, Class FB (PAC) | Federal National Mortgage Association REMICS Series 2010-95, Class FB (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18% (30 day USD SOFR Average + 0.514%) *<sup>(2)</sup>* | 09/25/40 | 16059 | 16036 |
|  Federal National Mortgage Association REMICS Series 2018-79, Class FA | Federal National Mortgage Association REMICS Series 2018-79, Class FA | Federal National Mortgage Association REMICS Series 2018-79, Class FA | Federal National Mortgage Association REMICS Series 2018-79, Class FA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03% (30 day USD SOFR Average + 0.364%) *<sup>(2)</sup>* | 11/25/48 | 28391 | 28052 |
|  Federal National Mortgage Association REMICS Series 2019-79, Class FA | Federal National Mortgage Association REMICS Series 2019-79, Class FA | Federal National Mortgage Association REMICS Series 2019-79, Class FA | Federal National Mortgage Association REMICS Series 2019-79, Class FA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% (30 day USD SOFR Average + 0.614%) *<sup>(2)</sup>* | 01/25/50 | 76537 | 75574 |
|  Federal National Mortgage Association REMICS Series 2020-10, Class FA | Federal National Mortgage Association REMICS Series 2020-10, Class FA | Federal National Mortgage Association REMICS Series 2020-10, Class FA | Federal National Mortgage Association REMICS Series 2020-10, Class FA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% (30 day USD SOFR Average + 0.614%) *<sup>(2)</sup>* | 03/25/50 | 216051 | 213379 |
|  Federal National Mortgage Association REMICS Series 2024-73, Class FB | Federal National Mortgage Association REMICS Series 2024-73, Class FB | Federal National Mortgage Association REMICS Series 2024-73, Class FB | Federal National Mortgage Association REMICS Series 2024-73, Class FB |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86% (30 day USD SOFR Average + 1.200%) *<sup>(2)</sup>* | 10/25/54 | 373898 | 375894 |
|  Government National Mortgage Association, Pool #80546 | Government National Mortgage Association, Pool #80546 | Government National Mortgage Association, Pool #80546 | Government National Mortgage Association, Pool #80546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% (1 yr. CMT + 1.500%) *<sup>(2)</sup>* | 10/20/31 | 2336 | 2358 |
|  Government National Mortgage Association, Pool #80614 | Government National Mortgage Association, Pool #80614 | Government National Mortgage Association, Pool #80614 | Government National Mortgage Association, Pool #80614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% (1 yr. CMT + 1.500%) *<sup>(2)</sup>* | 07/20/32 | 3008 | 3038 |
|  Government National Mortgage Association, Pool #MA0331 | Government National Mortgage Association, Pool #MA0331 | Government National Mortgage Association, Pool #MA0331 | Government National Mortgage Association, Pool #MA0331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% (1 yr. CMT + 1.500%) *<sup>(2)</sup>* | 08/20/42 | 30138 | 30788 |
|  Government National Mortgage Association, Pool #80610 | Government National Mortgage Association, Pool #80610 | Government National Mortgage Association, Pool #80610 | Government National Mortgage Association, Pool #80610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% (1 yr. CMT + 1.500%) *<sup>(2)</sup>* | 06/20/32 | 35675 | 36088 |
|  Government National Mortgage Association, Pool #80687 | Government National Mortgage Association, Pool #80687 | Government National Mortgage Association, Pool #80687 | Government National Mortgage Association, Pool #80687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% (1 yr. CMT + 1.500%) *<sup>(2)</sup>* | 04/20/33 | 25714 | 25847 |
|  Government National Mortgage Association REMICS Series 2004-2, Class FW | Government National Mortgage Association REMICS Series 2004-2, Class FW | Government National Mortgage Association REMICS Series 2004-2, Class FW | Government National Mortgage Association REMICS Series 2004-2, Class FW |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18% (1 mo. USD Term SOFR + 1.514%) *<sup>(2)</sup>* | 01/16/34 | 157906 | 160878 |
|  Government National Mortgage Association REMICS Series 2009-92, Class FC | Government National Mortgage Association REMICS Series 2009-92, Class FC | Government National Mortgage Association REMICS Series 2009-92, Class FC | Government National Mortgage Association REMICS Series 2009-92, Class FC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59% (1 mo. USD Term SOFR + 0.914%) *<sup>(2)</sup>* | 10/16/39 | 42411 | 42749 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Government National Mortgage Association REMICS Series 2011-70, Class IL (I/O) (I/F) | Government National Mortgage Association REMICS Series 2011-70, Class IL (I/O) (I/F) | Government National Mortgage Association REMICS Series 2011-70, Class IL (I/O) (I/F) | Government National Mortgage Association REMICS Series 2011-70, Class IL (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60% (-1 mo. USD Term SOFR + 6.986%) *<sup>(2)</sup>* | 06/16/37 | 689212 | 12341 |
|  Government National Mortgage Association REMICS Series 2023-113, Class FD | Government National Mortgage Association REMICS Series 2023-113, Class FD | Government National Mortgage Association REMICS Series 2023-113, Class FD | Government National Mortgage Association REMICS Series 2023-113, Class FD |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (30 day USD SOFR Average + 1.350%) *<sup>(2)</sup>* | 08/20/53 | 288379 | 291534 |
|  Government National Mortgage Association REMICS Series 2024-144, Class FD | Government National Mortgage Association REMICS Series 2024-144, Class FD | Government National Mortgage Association REMICS Series 2024-144, Class FD | Government National Mortgage Association REMICS Series 2024-144, Class FD |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% (30 day USD SOFR Average + 1.150%) *<sup>(2)</sup>* | 09/20/54 | 407578 | 410813 |
|  Government National Mortgage Association REMICS Series 2024-148, Class AF | Government National Mortgage Association REMICS Series 2024-148, Class AF | Government National Mortgage Association REMICS Series 2024-148, Class AF | Government National Mortgage Association REMICS Series 2024-148, Class AF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85% (30 day USD SOFR Average + 1.180%) *<sup>(2)</sup>* | 09/20/54 | 407535 | 411187 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(3)</sup>* | 06/01/55 | 975000 | 912735 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(3)</sup>* | 04/16/41 | 375000 | 361371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(3)</sup>* | 12/01/51 | 200000 | 183359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(3)</sup>* | 04/16/41 | 375000 | 366225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(3)</sup>* | 05/01/55 | 150000 | 141517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(3)</sup>* | 04/15/40 | 450000 | 446903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(3)</sup>* | 01/01/56 | 400000 | 385869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(3)</sup>* | 04/15/40 | 500000 | 503833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(3)</sup>* | 01/01/56 | 1050000 | 1035353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(3)</sup>* | 12/01/55 | 350000 | 351659 |
| **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** | **Total Residential Mortgage-Backed Securities — Agency** |
|  (Cost: $8,816,174) | (Cost: $8,816,174) | (Cost: $8,816,174) | 8749932 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 5.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 5.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 5.4%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 5.4%** |
|  ALA Trust Series 2025-OANA, Class A | ALA Trust Series 2025-OANA, Class A | ALA Trust Series 2025-OANA, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 mo. USD Term SOFR + 1.743%) *<sup>(1),(2)</sup>* | 06/15/40 | 140000 | 140569 |
|  BPR Trust Series 2021-WILL, Class A | BPR Trust Series 2021-WILL, Class A | BPR Trust Series 2021-WILL, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.54% (1 mo. USD Term SOFR + 1.864%) *<sup>(1),(2)</sup>* | 06/15/38 | 185775 | 185674 |
|  BX Commercial Mortgage Trust Series 2021-21M, Class A | BX Commercial Mortgage Trust Series 2021-21M, Class A | BX Commercial Mortgage Trust Series 2021-21M, Class A | BX Commercial Mortgage Trust Series 2021-21M, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.52% (1 mo. USD Term SOFR + 0.844%) *<sup>(1),(2)</sup>* | 10/15/36 | 59504 | 59474 |
|  Great Wolf Trust Series 2024-WOLF, Class A | Great Wolf Trust Series 2024-WOLF, Class A | Great Wolf Trust Series 2024-WOLF, Class A | Great Wolf Trust Series 2024-WOLF, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21% (1 mo. USD Term SOFR + 1.542%) *<sup>(1),(2)</sup>* | 03/15/39 | 152000 | 152117 |
|  GS Mortgage Securities Corp. Trust Series 2023-FUN, Class A | GS Mortgage Securities Corp. Trust Series 2023-FUN, Class A | GS Mortgage Securities Corp. Trust Series 2023-FUN, Class A | GS Mortgage Securities Corp. Trust Series 2023-FUN, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.76% (1 mo. USD Term SOFR + 2.091%) *<sup>(1),(2)</sup>* | 03/15/28 | 125000 | 125573 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  GWT Trust Series 2024-WLF2, Class A | GWT Trust Series 2024-WLF2, Class A | GWT Trust Series 2024-WLF2, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.36% (1 mo. USD Term SOFR + 1.691%) *<sup>(1),(2)</sup>* | 05/15/41 | 100000 | 100121 |
|  HILT Commercial Mortgage Trust Series 2024-ORL, Class A | HILT Commercial Mortgage Trust Series 2024-ORL, Class A | HILT Commercial Mortgage Trust Series 2024-ORL, Class A | HILT Commercial Mortgage Trust Series 2024-ORL, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21% (1 mo. USD Term SOFR + 1.541%) *<sup>(1),(2)</sup>* | 05/15/37 | 100000 | 100049 |
|  Hilton USA Trust Series 2016-HHV, Class A | Hilton USA Trust Series 2016-HHV, Class A | Hilton USA Trust Series 2016-HHV, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72% *<sup>(1)</sup>* | 11/05/38 | 103000 | 102476 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A | JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A | JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A | JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85% *<sup>(1),(4)</sup>* | 09/06/38 | 163000 | 161887 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class B | JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class B | JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class B | JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85% *<sup>(1),(4)</sup>* | 09/06/38 | 145000 | 143756 |
|  NYCT Trust Series 2024-3ELV, Class A | NYCT Trust Series 2024-3ELV, Class A | NYCT Trust Series 2024-3ELV, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.66% (1 mo. USD Term SOFR + 1.991%) *<sup>(1),(2)</sup>* | 08/15/29 | 200000 | 200612 |
|  NYO Commercial Mortgage Trust Series 2021-1290, Class A | NYO Commercial Mortgage Trust Series 2021-1290, Class A | NYO Commercial Mortgage Trust Series 2021-1290, Class A | NYO Commercial Mortgage Trust Series 2021-1290, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% (1 mo. USD Term SOFR + 1.209%) *<sup>(1),(2)</sup>* | 11/15/38 | 140000 | 139785 |
|  PGA Trust Series 2024-RSR2, Class A | PGA Trust Series 2024-RSR2, Class A | PGA Trust Series 2024-RSR2, Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.56% (1 mo. USD Term SOFR + 1.891%) *<sup>(1),(2)</sup>* | 06/15/39 | 173000 | 172657 |
|  SREIT Trust Series 2021-MFP2, Class B | SREIT Trust Series 2021-MFP2, Class B | SREIT Trust Series 2021-MFP2, Class B | SREIT Trust Series 2021-MFP2, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96% (1 mo. USD Term SOFR + 1.286%) *<sup>(1),(2)</sup>* | 11/15/36 | 115000 | 114952 |
|  Tricon Residential Trust Series 2021-SFR1, Class F | Tricon Residential Trust Series 2021-SFR1, Class F | Tricon Residential Trust Series 2021-SFR1, Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69% *<sup>(1)</sup>* | 07/17/38 | 140000 | 139039 |
|  Wells Fargo Commercial Mortgage Trust Series 2021-FCMT, Class A | Wells Fargo Commercial Mortgage Trust Series 2021-FCMT, Class A | Wells Fargo Commercial Mortgage Trust Series 2021-FCMT, Class A | Wells Fargo Commercial Mortgage Trust Series 2021-FCMT, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99% (1 mo. USD Term SOFR + 1.314%) *<sup>(1),(2)</sup>* | 05/15/31 | 200000 | 199923 |
|  **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** |
|  (Cost: $2,220,359) | (Cost: $2,220,359) | (Cost: $2,220,359) | 2238664 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.8%** |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q004, Class AFL | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q004, Class AFL | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q004, Class AFL | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q004, Class AFL |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60% (1 yr. MTA + 0.740%) *<sup>(2)</sup>* | 05/25/44 | 56387 | 56364 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q010, Class APT | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q010, Class APT | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q010, Class APT | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q010, Class APT |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.19% *<sup>(4)</sup>* | 04/25/46 | 12639 | 12704 |
|  Government National Mortgage Association Series 2008-92, Class E | Government National Mortgage Association Series 2008-92, Class E | Government National Mortgage Association Series 2008-92, Class E | Government National Mortgage Association Series 2008-92, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.56% *<sup>(4)</sup>* | 03/16/44 | 7572 | 7556 |
|  Government National Mortgage Association Series 2012-135 (I/O) | Government National Mortgage Association Series 2012-135 (I/O) | Government National Mortgage Association Series 2012-135 (I/O) | Government National Mortgage Association Series 2012-135 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35% *<sup>(4)</sup>* | 01/16/53 | 1242818 | 16754 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Government National Mortgage Association Series 2014-157, Class C | Government National Mortgage Association Series 2014-157, Class C | Government National Mortgage Association Series 2014-157, Class C | Government National Mortgage Association Series 2014-157, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15% *<sup>(4)</sup>* | 10/16/54 | 249093 | 244357 |
| **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** | **Total Commercial Mortgage-Backed Securities — Agency** |
| (Cost: $394,335) | (Cost: $394,335) | (Cost: $394,335) | 337735 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 4.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 4.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 4.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY — 4.1%** |
|  Aames Mortgage Trust Series 2002-1, Class A3 | Aames Mortgage Trust Series 2002-1, Class A3 | Aames Mortgage Trust Series 2002-1, Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40% | 06/25/32 | 6329 | 6141 |
|  Adjustable Rate Mortgage Trust Series 2005-1, Class 1A1 | Adjustable Rate Mortgage Trust Series 2005-1, Class 1A1 | Adjustable Rate Mortgage Trust Series 2005-1, Class 1A1 | Adjustable Rate Mortgage Trust Series 2005-1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.49% *<sup>(4)</sup>* | 05/25/35 | 10534 | 10528 |
|  Ajax Mortgage Loan Trust Series 2019-F, Class A1 | Ajax Mortgage Loan Trust Series 2019-F, Class A1 | Ajax Mortgage Loan Trust Series 2019-F, Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.86% *<sup>(1)</sup>* | 07/25/59 | 71345 | 69811 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-R10, Class M3 | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-R10, Class M3 | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-R10, Class M3 | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-R10, Class M3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47% (1 mo. USD Term SOFR + 0.789%) *<sup>(2)</sup>* | 01/25/36 | 9386 | 9473 |
|  Banc of America Funding Trust Series 2003-2, Class 1A1 | Banc of America Funding Trust Series 2003-2, Class 1A1 | Banc of America Funding Trust Series 2003-2, Class 1A1 | Banc of America Funding Trust Series 2003-2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 06/25/32 | 2169 | 2199 |
|  Chase Home Lending Mortgage Trust Series 2024-8, Class A6A | Chase Home Lending Mortgage Trust Series 2024-8, Class A6A | Chase Home Lending Mortgage Trust Series 2024-8, Class A6A | Chase Home Lending Mortgage Trust Series 2024-8, Class A6A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1),(4)</sup>* | 08/25/55 | 31232 | 31193 |
|  Citigroup Mortgage Loan Trust, Inc. Series 2006-WFH4, Class M2 | Citigroup Mortgage Loan Trust, Inc. Series 2006-WFH4, Class M2 | Citigroup Mortgage Loan Trust, Inc. Series 2006-WFH4, Class M2 | Citigroup Mortgage Loan Trust, Inc. Series 2006-WFH4, Class M2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% (1 mo. USD Term SOFR + 0.549%) *<sup>(2)</sup>* | 11/25/36 | 259084 | 259310 |
|  Citigroup Mortgage Loan Trust, Inc. Series 2007-AMC4, Class A2D | Citigroup Mortgage Loan Trust, Inc. Series 2007-AMC4, Class A2D | Citigroup Mortgage Loan Trust, Inc. Series 2007-AMC4, Class A2D | Citigroup Mortgage Loan Trust, Inc. Series 2007-AMC4, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33% (1 mo. USD Term SOFR + 0.654%) *<sup>(2)</sup>* | 05/25/37 | 43867 | 43743 |
|  Countrywide Alternative Loan Trust Series 2004-J6, Class 2A1 | Countrywide Alternative Loan Trust Series 2004-J6, Class 2A1 | Countrywide Alternative Loan Trust Series 2004-J6, Class 2A1 | Countrywide Alternative Loan Trust Series 2004-J6, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 11/25/31 | 9388 | 9593 |
|  Credit Suisse First Boston Mortgage Securities Corp. Series 2002-AR31, Class 4A2 | Credit Suisse First Boston Mortgage Securities Corp. Series 2002-AR31, Class 4A2 | Credit Suisse First Boston Mortgage Securities Corp. Series 2002-AR31, Class 4A2 | Credit Suisse First Boston Mortgage Securities Corp. Series 2002-AR31, Class 4A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(4)</sup>* | 11/25/32 | 11772 | 11762 |
|  First Franklin Mortgage Loan Trust Series 2006-FFH1, Class M1 | First Franklin Mortgage Loan Trust Series 2006-FFH1, Class M1 | First Franklin Mortgage Loan Trust Series 2006-FFH1, Class M1 | First Franklin Mortgage Loan Trust Series 2006-FFH1, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% (1 mo. USD Term SOFR + 0.669%) *<sup>(2)</sup>* | 01/25/36 | 371862 | 368338 |
|  IndyMac INDX Mortgage Loan Trust Series 2004-AR6, Class 6A1 | IndyMac INDX Mortgage Loan Trust Series 2004-AR6, Class 6A1 | IndyMac INDX Mortgage Loan Trust Series 2004-AR6, Class 6A1 | IndyMac INDX Mortgage Loan Trust Series 2004-AR6, Class 6A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.26% *<sup>(4)</sup>* | 10/25/34 | 61466 | 58377 |
|  JPMorgan Mortgage Trust Series 2005-A2, Class 9A1 | JPMorgan Mortgage Trust Series 2005-A2, Class 9A1 | JPMorgan Mortgage Trust Series 2005-A2, Class 9A1 | JPMorgan Mortgage Trust Series 2005-A2, Class 9A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% *<sup>(4)</sup>* | 04/25/35 | 24046 | 23878 |
|  MASTR Adjustable Rate Mortgages Trust Series 2004-12, Class 5A1 | MASTR Adjustable Rate Mortgages Trust Series 2004-12, Class 5A1 | MASTR Adjustable Rate Mortgages Trust Series 2004-12, Class 5A1 | MASTR Adjustable Rate Mortgages Trust Series 2004-12, Class 5A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17% *<sup>(4)</sup>* | 10/25/34 | 7001 | 6899 |
|  MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1 | MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1 | MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1 | MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.53% *<sup>(4)</sup>* | 10/25/32 | 11867 | 11724 |
|  Merrill Lynch Mortgage Investors Trust Series 2003-A1, Class 2A | Merrill Lynch Mortgage Investors Trust Series 2003-A1, Class 2A | Merrill Lynch Mortgage Investors Trust Series 2003-A1, Class 2A | Merrill Lynch Mortgage Investors Trust Series 2003-A1, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81% (1 yr. USD Term SOFR + 2.340%) *<sup>(2)</sup>* | 12/25/32 | 76828 | 77437 |
|  MortgageIT Trust Series 2005-1, Class 1A1 | MortgageIT Trust Series 2005-1, Class 1A1 | MortgageIT Trust Series 2005-1, Class 1A1 | MortgageIT Trust Series 2005-1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43% (1 mo. USD Term SOFR + 0.754%) *<sup>(2)</sup>* | 02/25/35 | 164952 | 164576 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Ownit Mortgage Loan Trust Series 2006-3, Class A2D | Ownit Mortgage Loan Trust Series 2006-3, Class A2D | Ownit Mortgage Loan Trust Series 2006-3, Class A2D | Ownit Mortgage Loan Trust Series 2006-3, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33% (1 mo. USD Term SOFR + 0.654%) *<sup>(2)</sup>* | 03/25/37 | 187208 | 183060 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-WHQ2, Class M4 | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-WHQ2, Class M4 | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-WHQ2, Class M4 | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2004-WHQ2, Class M4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.37% (1 mo. USD Term SOFR + 1.689%)(2) | 02/25/35 | 125593 | 124550 |
|  PMT Loan Trust Series 2026-INV3, Class A36 | PMT Loan Trust Series 2026-INV3, Class A36 | PMT Loan Trust Series 2026-INV3, Class A36 | PMT Loan Trust Series 2026-INV3, Class A36 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (30 day USD SOFR Average + 1.350%) *<sup>(1),(2)</sup>* | 02/25/57 | 100000 | 100247 |
|  Residential Asset Mortgage Products Trust Series 2004-SL1, Class A2 | Residential Asset Mortgage Products Trust Series 2004-SL1, Class A2 | Residential Asset Mortgage Products Trust Series 2004-SL1, Class A2 | Residential Asset Mortgage Products Trust Series 2004-SL1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% | 11/25/31 | 33820 | 10927 |
|  Residential Asset Securities Corporation Trust Series 2006-KS3, Class M1 | Residential Asset Securities Corporation Trust Series 2006-KS3, Class M1 | Residential Asset Securities Corporation Trust Series 2006-KS3, Class M1 | Residential Asset Securities Corporation Trust Series 2006-KS3, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.444%) *<sup>(2)</sup>* | 04/25/36 | 28751 | 28689 |
|  Residential Asset Securitization Trust Series 2004-IP2, Class 2A1 | Residential Asset Securitization Trust Series 2004-IP2, Class 2A1 | Residential Asset Securitization Trust Series 2004-IP2, Class 2A1 | Residential Asset Securitization Trust Series 2004-IP2, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(4)</sup>* | 12/25/34 | 44421 | 40950 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR6, Class A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR6, Class A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR6, Class A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR6, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.11% *<sup>(4)</sup>* | 06/25/33 | 11659 | 11495 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB1 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB1 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB1 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.614%) *<sup>(2)</sup>* | 06/25/35 | 57378 | 50102 |
| **Total Residential Mortgage-Backed Securities — Non-Agency** | **Total Residential Mortgage-Backed Securities — Non-Agency** | **Total Residential Mortgage-Backed Securities — Non-Agency** | **Total Residential Mortgage-Backed Securities — Non-Agency** |
| (Cost: $1,727,059) | (Cost: $1,727,059) | (Cost: $1,727,059) | 1715002 |
| **CORPORATE BONDS — 25.7%** | **CORPORATE BONDS — 25.7%** | **CORPORATE BONDS — 25.7%** | **CORPORATE BONDS — 25.7%** |
| **Agriculture — 0.5%** | **Agriculture — 0.5%** | **Agriculture — 0.5%** | **Agriculture — 0.5%** |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 02/04/28 | 70000 | 70633 |
|  Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% *<sup>(1)</sup>* | 07/27/27 | 135000 | 137750 |
|  |  |  | 208383 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
|  JetBlue Pass-Through Trust Series 2019-1, Class AA | JetBlue Pass-Through Trust Series 2019-1, Class AA | JetBlue Pass-Through Trust Series 2019-1, Class AA | JetBlue Pass-Through Trust Series 2019-1, Class AA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 11/15/33 | 68359 | 60345 |
| **Banks — 12.8%** | **Banks — 12.8%** | **Banks — 12.8%** | **Banks — 12.8%** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42% (3 mo. USD Term SOFR + 1.302%) *<sup>(2)</sup>* | 12/20/28 | 70000 | 68775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82% (3 mo. USD Term SOFR + 1.837%) *<sup>(2)</sup>* | 01/20/28 | 985000 | 980203 |
|  Bank of New York Mellon | Bank of New York Mellon | Bank of New York Mellon |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (1 day USD SOFR + 1.135%) *<sup>(2)</sup>* | 04/20/29 | 160000 | 161182 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46% (1 day USD SOFR + 0.770%) *<sup>(2)</sup>* | 06/09/27 | 815000 | 810297 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54% (1 day USD SOFR + 0.818%) *<sup>(2)</sup>* | 09/10/27 | 405000 | $| 399771 |
|  HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01% (1 day USD SOFR + 1.732%) *<sup>(2)</sup>* | 09/22/28 | 85000 |  | 81989 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47% (1 day USD SOFR + 0.765%) *<sup>(2)</sup>* | 09/22/27 | 195000 |  | 192334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78% (3 mo. USD Term SOFR + 1.599%) *<sup>(2)</sup>* | 02/01/28 | 585000 |  | 581999 |
|  Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63% (1 yr. CMT + 0.850%) *<sup>(2)</sup>* | 05/11/27 | 50000 |  | 49828 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51% (1 day USD SOFR + 0.858%) *<sup>(2)</sup>* | 07/20/27 | 225000 |  | 222944 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% (1 day USD SOFR + 0.780%) *<sup>(2)</sup>* | 11/17/28 | 625000 |  | 622963 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58% (1 day USD SOFR + 1.841%) *<sup>(2)</sup>* | 06/12/29 | 55000 |  | 56378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.62% (1 day USD SOFR Index + 1.730%) *<sup>(2)</sup>* | 10/20/27 | 40000 |  | 40467 |
|  Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67% (1 day USD SOFR + 0.989%) *<sup>(2)</sup>* | 06/14/27 | 105000 |  | 104348 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% (1 day USD SOFR + 1.230%) *<sup>(2)</sup>* | 02/01/29 | 200000 |  | 200846 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39% (1 day USD SOFR + 2.100%) *<sup>(2)</sup>* | 06/02/28 | 560000 |  | 546655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.57% (1 day USD SOFR + 1.740%) *<sup>(2)</sup>* | 07/25/29 | 175000 |  | 179006 |
|  |  |  |  | 5299985 |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.83% *<sup>(1)</sup>* | 10/15/27 | 150000 |  | 143931 |
| **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15% | 01/15/27 | 300000 |  | 294645 |
|  Grand Canyon University | Grand Canyon University | Grand Canyon University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 10/01/28 | 5000 |  | 4973 |
|  |  |  |  | 299618 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 04/01/28 | 70000 |  | 70503 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| **Diversified Financial Services — 2.0%** | **Diversified Financial Services — 2.0%** | **Diversified Financial Services — 2.0%** | **Diversified Financial Services — 2.0%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% | 10/29/26 | $300000 | $296616 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 04/01/27 | 200000 | 198244 |
|  American Express Co. | American Express Co. | American Express Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (1 day USD SOFR + 1.260%) *<sup>(2)</sup>* | 04/25/29 | 230000 | 231582 |
|  Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53% *<sup>(1)</sup>* | 11/18/27 | 87000 | 84131 |
|  |  |  | 810573 |
| **Electric — 0.8%** | **Electric — 0.8%** | **Electric — 0.8%** | **Electric — 0.8%** |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% *<sup>(1)</sup>* | 03/30/29 | 135000 | 140061 |
|  Eversource Energy | Eversource Energy | Eversource Energy |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 03/01/27 | 200000 | 197520 |
|  |  |  | 337581 |
| **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38% *<sup>(1)</sup>* | 06/01/28 | 5000 | 5142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(1)</sup>* | 06/01/30 | 4000 | 4244 |
|  |  |  | 9386 |
| **Health Care-Products — 0.3%** | **Health Care-Products — 0.3%** | **Health Care-Products — 0.3%** | **Health Care-Products — 0.3%** |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 02/10/28 | 120000 | 121013 |
| **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
|  Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(1)</sup>* | 03/15/31 | 6000 | 5206 |
| **Insurance — 0.9%** | **Insurance — 0.9%** | **Insurance — 0.9%** | **Insurance — 0.9%** |
|  Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% *<sup>(1)</sup>* | 08/25/29 | 360000 | 357055 |
| **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% *<sup>(1)</sup>* | 11/15/30 | 10000 | 9042 |
| **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/30/28 | 115000 | 116214 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 06/15/28 | 90000 | 91238 |
|  |  |  | 207452 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
|  DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% *<sup>(1)</sup>* | 11/15/27 | 3000 | 3093 |
|  Virgin Media Secured Finance PLC (United Kingdom) | Virgin Media Secured Finance PLC (United Kingdom) | Virgin Media Secured Finance PLC (United Kingdom) | Virgin Media Secured Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 05/15/29 | 11000 | 10556 |
|  |  |  | 13649 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
|  Xerox Corp. | Xerox Corp. | Xerox Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25% *<sup>(1)</sup>* | 10/15/30 | $20000 | $15600 |
| **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
|  Sunoco LP | Sunoco LP | Sunoco LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% (5 yr. CMT + 4.230%) *<sup>(1),(2),(5)</sup>* | 09/18/30 | 25000 | 25510 |
|  Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% *<sup>(1)</sup>* | 02/15/30 | 3500 | 3654 |
|  |  |  | 29164 |
| **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** |
|  Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 | Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 | Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 | Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.00% *<sup>(1)</sup>* | 12/01/30 | 10000 | 8413 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/15/28 | 225000 | 229378 |
|  |  |  | 237791 |
| **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% *<sup>(1)</sup>* | 04/15/32 | 15000 | 15292 |
|  Bayer U.S. Finance LLC (Germany) | Bayer U.S. Finance LLC (Germany) | Bayer U.S. Finance LLC (Germany) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 01/21/29 | 220000 | 228659 |
|  |  |  | 243951 |
| **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% *<sup>(1)</sup>* | 06/01/28 | 20000 | 20494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (5 yr. CMT + 5.440%) *<sup>(1),(2),(5)</sup>* | 09/30/29 | 5000 | 4982 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% *<sup>(1)</sup>* | 12/15/30 | 9000 | 9266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 06/15/34 | 1000 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(1)</sup>* | 01/15/36 | 11000 | 11652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(1)</sup>* | 05/01/33 | 5000 | 5502 |
|  |  |  | 52938 |
| **REIT — 3.3%** | **REIT — 3.3%** | **REIT — 3.3%** | **REIT — 3.3%** |
|  American Tower Corp. (REIT) | American Tower Corp. (REIT) | American Tower Corp. (REIT) | American Tower Corp. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 07/15/28 | 250000 | 254372 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80% | 02/15/28 | 135000 | 133160 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 12/15/27 | 205000 | 203134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 04/01/28 | 135000 | 137889 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 01/15/28 | 220000 | 215596 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 50000 | 47378 |
|  VICI Properties LP/VICI Notes Co., Inc. | VICI Properties LP/VICI Notes Co., Inc. | VICI Properties LP/VICI Notes Co., Inc. | VICI Properties LP/VICI Notes Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(1)</sup>* | 02/01/27 | 285000 | 286690 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** |
|  WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 07/15/30 | 110000 | 109357 |
|  |  |  | 1387576 |
| **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(1)</sup>* | 04/01/29 | 24000 | 23026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(1)</sup>* | 01/15/31 | 17000 | 17747 |
|  Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(1)</sup>* | 09/15/29 | 10000 | 9548 |
|  |  |  | 50321 |
| **Savings & Loans — 0.5%** | **Savings & Loans — 0.5%** | **Savings & Loans — 0.5%** | **Savings & Loans — 0.5%** |
|  Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97% (1 day USD SOFR + 1.290%) *<sup>(1),(2)</sup>* | 02/16/28 | 200000 | 197232 |
| **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 01/25/31 | 95000 | 97133 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(1)</sup>* | 06/30/32 | 6000 | 5706 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% | 02/15/31 | 45000 | 44089 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/03/28 | 50000 | 50028 |
|  |  |  | 99823 |
| **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** |
|  Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63% *<sup>(1)</sup>* | 07/15/27 | 15000 | 11098 |
|  Altice France SA | Altice France SA | Altice France SA | Altice France SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 04/15/32 | 2770 | 2622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(1)</sup>* | 11/01/29 | 2067 | 2093 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% | 11/30/29 | 2200 | 2378 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% *<sup>(1)</sup>* | 03/20/28 | 140000 | 140721 |
|  Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 | Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 | Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 | Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(1)</sup>* | 03/09/30 | 19299 | 19190 |
|  |  |  | 178102 |
| **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** |
|  Yorkshire Water Finance PLC (United Kingdom) | Yorkshire Water Finance PLC (United Kingdom) | Yorkshire Water Finance PLC (United Kingdom) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45% | 05/28/27 | 100000 | 132906 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |
|  (Cost: $10,543,114) | (Cost: $10,543,114) |  | 10676259 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| **FOREIGN GOVERNMENT BONDS — 1.7%** | **FOREIGN GOVERNMENT BONDS — 1.7%** | **FOREIGN GOVERNMENT BONDS — 1.7%** | **FOREIGN GOVERNMENT BONDS — 1.7%** |
|  Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 01/25/31 | $219000 | $228765 |
|  Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(1)</sup>* | 04/16/30 | 228000 | 221098 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(6)</sup>* | 03/07/28 | 195000 | 257229 |
| **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** |
|  (Cost: $717,103) | (Cost: $717,103) |  | 707092 |
| **U.S. TREASURY SECURITIES — 25.8%** | **U.S. TREASURY SECURITIES — 25.8%** | **U.S. TREASURY SECURITIES — 25.8%** | **U.S. TREASURY SECURITIES — 25.8%** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/29/28 | 130000 | 128994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/15/29 | 695000 | 688946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/28 | 9852000 | 9867586 |
| **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |
|  (Cost: $10,674,189) | (Cost: $10,674,189) |  | 10685526 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.6%** |
|  U.S. International Development Finance Corp. | U.S. International Development Finance Corp. | U.S. International Development Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.49% | 08/15/31 | 1593513 | 1475689 |
| **Total U.S. Government Agency Obligations** | **Total U.S. Government Agency Obligations** | **Total U.S. Government Agency Obligations** | **Total U.S. Government Agency Obligations** |
|  (Cost: $1,598,952) | (Cost: $1,598,952) |  | 1475689 |
| **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |
|  (Cost: $42,180,658) | (Cost: $42,180,658) |  | 42099783 |
| **CONVERTIBLE SECURITIES — 0.0%** | **CONVERTIBLE SECURITIES — 0.0%** | **CONVERTIBLE SECURITIES — 0.0%** | **CONVERTIBLE SECURITIES — 0.0%** |
| **CONVERTIBLE CORPORATE BONDS — 0.0%** | **CONVERTIBLE CORPORATE BONDS — 0.0%** | **CONVERTIBLE CORPORATE BONDS — 0.0%** | **CONVERTIBLE CORPORATE BONDS — 0.0%** |
| **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
|  Worldline SA (France) | Worldline SA (France) | Worldline SA (France) | Worldline SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(6),(7)</sup>* | 07/30/26 | 5954 | 6964 |
| **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** |
|  (Cost: $6,448) |  |  | 6964 |
| **Issues** |  | **Shares** | **Value** |
| **MONEY MARKET INVESTMENTS — 12.0%** | **MONEY MARKET INVESTMENTS — 12.0%** | **MONEY MARKET INVESTMENTS — 12.0%** | **MONEY MARKET INVESTMENTS — 12.0%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 3.60% *<sup>(8)</sup>* | State Street Institutional U.S. Government Money Market Fund — Premier Class, 3.60% *<sup>(8)</sup>* | 263058 | 263058 |
|  TCW Central Cash Fund, 3.69% *<sup>(8),(9)</sup>* | TCW Central Cash Fund, 3.69% *<sup>(8),(9)</sup>* | 4734414 | 4734414 |
| **Total Money Market Investments** <br>(Cost: $4,997,472) | **Total Money Market Investments** <br>(Cost: $4,997,472) | **Total Money Market Investments** <br>(Cost: $4,997,472) | 4997472 |
| **Total Investments (113.5%)**<br>(Cost: $47,184,578) | **Total Investments (113.5%)**<br>(Cost: $47,184,578) | **Total Investments (113.5%)**<br>(Cost: $47,184,578) | 47104219 |
|  **Liabilities In Excess Of Other Assets (-13.5%)** | **Liabilities In Excess Of Other Assets (-13.5%)** | **Liabilities In Excess Of Other Assets (-13.5%)** | (5590872) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $41513347 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional<br>Contract<br>Value** | **Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** |  |  |  |  |  |
| 35 | 2-Year U.S. Treasury Note Futures | 06/30/26 | $7312887 | $7260586 | $(52301) |
|  **Short Futures** | **Short Futures** |  |  |  |  |
| 18 | 10-Year U.S. Treasury Note Futures | 06/18/26 | $(2069249) | $(2043281) | $25968 |
| 35 | 5-Year U.S. Treasury Note Futures | 06/30/26 | (3828396) | (3786289) | 42107 |
| 4 | U.S. Ultra Long Bond Futures | 06/18/26 | (476508) | (466250) | 10258 |
|  |  |  | $(6374153) | $(6295820) | $78333 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In<br>Exchange<br>for USD** | **Contracts at<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **BUY** <sup>*(10)*</sup> |  |  |  |  |  |  |
|  Goldman Sachs & Co. | AUD | 10071 | 04/01/26 | $6985 | $6897 | $(88) |
|  Citibank N.A. | EUR | 2622 | 04/01/26 | 3048 | 3021 | (27) |
|  Goldman Sachs & Co. | EUR | 51326 | 04/01/26 | 59745 | 59138 | (607) |
|  Citibank N.A. | GBP | 196241 | 04/01/26 | 261295 | 258783 | (2512) |
|  |  |  |  | $331073 | $327839 | $(3234) |
|  **SELL** <sup>*(11)*</sup> |  |  |  |  |  |  |
|  Bank of America | AUD | 10052 | 04/01/26 | $6718 | $6885 | $(167) |
|  JP Morgan Chase Bank | AUD | 18 | 04/01/26 | 13 | 13 |  |
|  Bank of America | EUR | 48363 | 04/01/26 | 56933 | 55724 | 1209 |
|  Barclays Capital | EUR | 5585 | 04/01/26 | 6548 | 6435 | 113 |
|  Goldman Sachs & Co. | EUR | 30438 | 06/26/26 | 35207 | 35205 | 2 |
|  JP Morgan Chase Bank | GBP | 196241 | 04/01/26 | 261888 | 258782 | 3106 |
|  Citibank N.A. | GBP | 196241 | 06/26/26 | 261208 | 258704 | 2504 |
|  JP Morgan Chase Bank | GBP | 103059 | 06/26/26 | 136291 | 135862 | 429 |
|  |  |  |  | $764806 | $757610 | $7196 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements | Centrally Cleared — Interest Rate Swap Agreements |
| **Notional Amount** | **Expiration<br>Date** | **Payment<br>Made by Fund<br>Frequency** | **Payment Made by<br>Fund** | **Payment<br>Received<br>by Fund<br>Frequency** | **Payment<br>Received<br>by Fund** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Premium<br>Paid** | **Value** |
|  GBP 1,332,000 | 03/20/28 | Annual | 12 - Month SONIA | Annual | 3.93% | $(3119) | $(5731) | $(8850) |

---

#### Notes to the Schedule of Investments:
*AUD* *Australian Dollar.* 

*CLO* *Collateralized Loan Obligation.* 

*EUR* *Euro Currency.* 

*GBP* *British Pound Sterling.* 

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

*I/O* *Interest Only Security.* 

*PAC* *Planned Amortization Class.* 

*REMIC* *Real Estate Mortgage Investment Conduits.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Ultra Short Bond Fund
Schedule of Investments (Continued)

*SOFR* *Secured Overnight Financing Rate.* 

*SONIA* *Sterling Overnight Index Average.* 

*STRIPS* *Separate Trading of Registered Interest and Principal Securities.* 

*TAC* *Target Amortization Class.* 

*TBA* *To Be Announced.* 

*(1)* *Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At March 31, 2026, the value of these securities amounted to $10,165,544 or 24.5% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Trust's Board of Trustees.* 

*(2)* *Floating or variable rate security. The interest shown reflects the rate in effect at March 31, 2026.* 

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

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

*(5)* *Perpetual maturity.* 

*(6)* *Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At March 31, 2026, the value of these securities amounted to $264,193 or 0.6% of net assets.* 

*(7)* *Security is not accruing interest.* 

*(8)* *Rate disclosed is the 7-day net yield as of March 31, 2026.* 

*(9)* *Affiliated issuer.* 

*(10)* *Fund buys foreign currency, sells USD.* 

*(11)* *Fund sells foreign currency, buys USD.* 

The summary of the TCW MetWest Ultra Short Bond Fund transactions in the affiliated funds for the year ended March 31, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of**<br> **Affiliated Fund** | **Value at<br>March 31,<br>2025** | **Purchases at<br>Cost** | **Proceeds from**<br>**Sales** | **Number of<br>Shares Held<br>March 31,<br>2026** | **Value at<br>March 31,<br>2026** | **Dividends<br>and<br>Interest<br>Income<br>Received** | **Distributions<br>Received<br>from Net<br>Realized<br>Gain** | **Net change in<br>Unrealized<br>Gain (Loss) on<br>Investments** |
| **TCW Central Cash Fund** | $1349875 | $122384539 | $119000000 | 4734414 | $4734414 | $230457 | $– $– $|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $4734414 | $230457 | $– $– $|  |

---

*See accompanying Notes to Financial Statements.* 

------

Fair Valuation Summary March 31, 2026

The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets**<br>**(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $10685526 | $— | $10685526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 10676259 |  | 10676259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Agency |  | 8749932 |  | 8749932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 5513884 |  | 5513884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Non-Agency |  | 2238664 |  | 2238664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Non-Agency |  | 1715002 |  | 1715002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations |  | 1475689 |  | 1475689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds |  | 707092 |  | 707092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Agency |  | 337735 |  | 337735 |
|  Total Fixed Income Securities |  | 42099783 |  | 42099783 |
|  Convertible Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Corporate Bonds |  | 6964 |  | 6964 |
|  Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 4997472 |  |  | 4997472 |
|  Total Investments | $4997472 | $42106747 | $— | $47104219 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 7363 |  | 7363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 78333 |  |  | 78333 |
|  Total | $5075805 | $42114110 | $— | $47189915 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | $(52301) | $— | $— | $(52301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | (3401) |  | (3401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk |  | (8850) |  | (8850) |
|  Total | $(52301) | $(12251) | $— | $(64552) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Unconstrained Bond Fund
Schedule of Investments

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 103.6% of Net Assets** | **FIXED INCOME SECURITIES — 103.6% of Net Assets** | **FIXED INCOME SECURITIES — 103.6% of Net Assets** | **FIXED INCOME SECURITIES — 103.6% of Net Assets** |
| **ASSET-BACKED SECURITIES — 10.3%** | **ASSET-BACKED SECURITIES — 10.3%** | **ASSET-BACKED SECURITIES — 10.3%** | **ASSET-BACKED SECURITIES — 10.3%** |
|  321 Henderson Receivables VI LLC Series 2010-1A, Class B | 321 Henderson Receivables VI LLC Series 2010-1A, Class B | 321 Henderson Receivables VI LLC Series 2010-1A, Class B | 321 Henderson Receivables VI LLC Series 2010-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.31% *<sup>(1)</sup>* | 07/15/61 | $52119 | $52580 |
|  AIMCO CLO 24 Ltd. Series 2025-24A, Class SUB | AIMCO CLO 24 Ltd. Series 2025-24A, Class SUB | AIMCO CLO 24 Ltd. Series 2025-24A, Class SUB | AIMCO CLO 24 Ltd. Series 2025-24A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(2),(3)</sup>* | 04/19/38 | 3100000 | 2169966 |
|  ALLO Issuer LLC Series 2023-1A, Class C | ALLO Issuer LLC Series 2023-1A, Class C | ALLO Issuer LLC Series 2023-1A, Class C | ALLO Issuer LLC Series 2023-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.18% *<sup>(1)</sup>* | 06/20/53 | 3700000 | 3852108 |
|  ALLO Issuer LLC Series 2024-1A, Class C | ALLO Issuer LLC Series 2024-1A, Class C | ALLO Issuer LLC Series 2024-1A, Class C | ALLO Issuer LLC Series 2024-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.19% *<sup>(1)</sup>* | 07/20/54 | 1200000 | 1263060 |
|  ALLO Issuer LLC Series 2025-1A, Class C | ALLO Issuer LLC Series 2025-1A, Class C | ALLO Issuer LLC Series 2025-1A, Class C | ALLO Issuer LLC Series 2025-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.10% *<sup>(1)</sup>* | 04/20/55 | 5590000 | 5674136 |
|  Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08% *<sup>(1)</sup>* | 02/20/28 | 8500000 | 8406790 |
|  Avis Budget Rental Car Funding AESOP LLC Series 2022-1A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2022-1A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2022-1A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2022-1A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.36% *<sup>(1)</sup>* | 08/21/28 | 5000000 | 5010720 |
|  Avis Budget Rental Car Funding AESOP LLC Series 2023-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2023-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2023-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2023-2A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.26% *<sup>(1)</sup>* | 10/20/27 | 7310000 | 7338601 |
|  Bayview Opportunity Master Fund VII LLC Series 2024-EDU1, Class E | Bayview Opportunity Master Fund VII LLC Series 2024-EDU1, Class E | Bayview Opportunity Master Fund VII LLC Series 2024-EDU1, Class E | Bayview Opportunity Master Fund VII LLC Series 2024-EDU1, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.36% (30 day USD SOFR Average + 3.500%) *<sup>(1),(4)</sup>* | 06/25/47 | 5475749 | 5536944 |
|  Blue Stream Issuer LLC Series 2023-1A, Class C | Blue Stream Issuer LLC Series 2023-1A, Class C | Blue Stream Issuer LLC Series 2023-1A, Class C | Blue Stream Issuer LLC Series 2023-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.90% *<sup>(1)</sup>* | 05/20/53 | 6100000 | 6194641 |
|  CARS-DB5 LP Series 2021-1A, Class A1 | CARS-DB5 LP Series 2021-1A, Class A1 | CARS-DB5 LP Series 2021-1A, Class A1 | CARS-DB5 LP Series 2021-1A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.44% *<sup>(1)</sup>* | 08/15/51 | 2485465 | 2453961 |
|  Carvana Auto Receivables Trust Series 2021-N3, Class R | Carvana Auto Receivables Trust Series 2021-N3, Class R | Carvana Auto Receivables Trust Series 2021-N3, Class R | Carvana Auto Receivables Trust Series 2021-N3, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(3),(5)</sup>* | 06/12/28 | 19250 | 1421487 |
|  Carvana Auto Receivables Trust Series 2021-N4, Class R | Carvana Auto Receivables Trust Series 2021-N4, Class R | Carvana Auto Receivables Trust Series 2021-N4, Class R | Carvana Auto Receivables Trust Series 2021-N4, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(3),(5)</sup>* | 09/12/28 | 26800 | 1088564 |
|  Carvana Auto Receivables Trust Series 2021-P4, Class R | Carvana Auto Receivables Trust Series 2021-P4, Class R | Carvana Auto Receivables Trust Series 2021-P4, Class R | Carvana Auto Receivables Trust Series 2021-P4, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(3),(5)</sup>* | 09/11/28 | 14200 | 1482976 |
|  Carvana Auto Receivables Trust Series 2022-N1, Class R | Carvana Auto Receivables Trust Series 2022-N1, Class R | Carvana Auto Receivables Trust Series 2022-N1, Class R | Carvana Auto Receivables Trust Series 2022-N1, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(3),(5)</sup>* | 12/11/28 | 71000 | 3182135 |
|  Carvana Auto Receivables Trust Series 2022-P2, Class R | Carvana Auto Receivables Trust Series 2022-P2, Class R | Carvana Auto Receivables Trust Series 2022-P2, Class R | Carvana Auto Receivables Trust Series 2022-P2, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(3),(5)</sup>* | 05/10/29 | 54850 | 5580840 |
|  Carvana Auto Receivables Trust Series 2023-P3, Class R | Carvana Auto Receivables Trust Series 2023-P3, Class R | Carvana Auto Receivables Trust Series 2023-P3, Class R | Carvana Auto Receivables Trust Series 2023-P3, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(3)</sup>* | 08/12/30 | 16200 | 1595851 |
|  CIT Education Loan Trust Series 2007-1, Class B | CIT Education Loan Trust Series 2007-1, Class B | CIT Education Loan Trust Series 2007-1, Class B | CIT Education Loan Trust Series 2007-1, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% (90 day USD SOFR Average + 0.562%) *<sup>(1),(4)</sup>* | 06/25/42 | 801300 | 745164 |
|  Clover CLO LLC Series 2018-1A, Class B1R | Clover CLO LLC Series 2018-1A, Class B1R | Clover CLO LLC Series 2018-1A, Class B1R | Clover CLO LLC Series 2018-1A, Class B1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.62% (3 mo. USD Term SOFR + 1.950%) *<sup>(1),(4)</sup>* | 04/20/37 | 9300000 | 9309430 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class C | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class C | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class C | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.41% *<sup>(1)</sup>* | 05/20/55 | $8142000 | $8484017 |
|  Elmwood CLO 30 Ltd. Series 2024-6A, Class B | Elmwood CLO 30 Ltd. Series 2024-6A, Class B | Elmwood CLO 30 Ltd. Series 2024-6A, Class B | Elmwood CLO 30 Ltd. Series 2024-6A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (3 mo. USD Term SOFR + 1.750%) *<sup>(1),(4)</sup>* | 07/17/37 | 6000000 | 6006798 |
|  FHF Issuer Trust Series 2025-1A, Class A2 | FHF Issuer Trust Series 2025-1A, Class A2 | FHF Issuer Trust Series 2025-1A, Class A2 | FHF Issuer Trust Series 2025-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% *<sup>(1)</sup>* | 02/15/31 | 3009453 | 3009287 |
|  FIGRE Trust Series 2026-HE2, Class C | FIGRE Trust Series 2026-HE2, Class C | FIGRE Trust Series 2026-HE2, Class C | FIGRE Trust Series 2026-HE2, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% *<sup>(1),(2)</sup>* | 01/25/56 | 5208826 | 5173080 |
|  Goal Capital Funding Trust Series 2006-1, Class B | Goal Capital Funding Trust Series 2006-1, Class B | Goal Capital Funding Trust Series 2006-1, Class B | Goal Capital Funding Trust Series 2006-1, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% (3 mo. USD LIBOR + 0.450%) *<sup>(4)</sup>* | 08/25/42 | 136575 | 132968 |
|  GoldenTree Loan Management U.S. CLO 15 Ltd. Series 2022-15A, Class DR2 | GoldenTree Loan Management U.S. CLO 15 Ltd. Series 2022-15A, Class DR2 | GoldenTree Loan Management U.S. CLO 15 Ltd. Series 2022-15A, Class DR2 | GoldenTree Loan Management U.S. CLO 15 Ltd. Series 2022-15A, Class DR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (3 mo. USD Term SOFR + 2.650%) *<sup>(1),(4)</sup>* | 10/20/38 | 3300000 | 3283533 |
|  GoldenTree Loan Management U.S. CLO 25 Ltd. Series 2025-25A, Class D | GoldenTree Loan Management U.S. CLO 25 Ltd. Series 2025-25A, Class D | GoldenTree Loan Management U.S. CLO 25 Ltd. Series 2025-25A, Class D | GoldenTree Loan Management U.S. CLO 25 Ltd. Series 2025-25A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.17% (3 mo. USD Term SOFR + 3.500%) *<sup>(1),(4)</sup>* | 04/20/38 | 6325000 | 6345246 |
|  Hertz Vehicle Financing III LP Series 2021-2A, Class C | Hertz Vehicle Financing III LP Series 2021-2A, Class C | Hertz Vehicle Financing III LP Series 2021-2A, Class C | Hertz Vehicle Financing III LP Series 2021-2A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% *<sup>(1)</sup>* | 12/27/27 | 5569500 | 5497050 |
|  Hertz Vehicle Financing III LP Series 2021-2A, Class D | Hertz Vehicle Financing III LP Series 2021-2A, Class D | Hertz Vehicle Financing III LP Series 2021-2A, Class D | Hertz Vehicle Financing III LP Series 2021-2A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34% *<sup>(1)</sup>* | 12/27/27 | 4225000 | 4172840 |
|  Hertz Vehicle Financing LLC Series 2022-2A, Class D | Hertz Vehicle Financing LLC Series 2022-2A, Class D | Hertz Vehicle Financing LLC Series 2022-2A, Class D | Hertz Vehicle Financing LLC Series 2022-2A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.16% *<sup>(1)</sup>* | 06/26/28 | 6750000 | 6625861 |
|  HPS Loan Management Ltd. Series 2024-20A, Class B1 | HPS Loan Management Ltd. Series 2024-20A, Class B1 | HPS Loan Management Ltd. Series 2024-20A, Class B1 | HPS Loan Management Ltd. Series 2024-20A, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52% (3 mo. USD Term SOFR + 1.850%) *<sup>(1),(4)</sup>* | 07/25/37 | 4850000 | 4860525 |
|  Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class E | Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class E | Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class E | Huntington Bank Auto Credit-Linked Notes Series 2025-2, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.27% (30 day USD SOFR Average + 6.600%) *<sup>(1), (4)</sup>* | 09/20/33 | 2683235 | 2611673 |
|  Huntington Bank Auto Credit-Linked Notes Series 2026-1, Class E | Huntington Bank Auto Credit-Linked Notes Series 2026-1, Class E | Huntington Bank Auto Credit-Linked Notes Series 2026-1, Class E | Huntington Bank Auto Credit-Linked Notes Series 2026-1, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.32% (30 day USD SOFR Average + 8.650%) *<sup>(1),(4)</sup>* | 02/20/34 | 1970000 | 1972967 |
|  Invesco U.S. CLO Ltd. Series 2024-4A, Class SUB | Invesco U.S. CLO Ltd. Series 2024-4A, Class SUB | Invesco U.S. CLO Ltd. Series 2024-4A, Class SUB | Invesco U.S. CLO Ltd. Series 2024-4A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(2),(3)</sup>* | 01/15/38 | 8000000 | 4415976 |
|  Invesco U.S. CLO Ltd. Series 2024-4A, Class Y | Invesco U.S. CLO Ltd. Series 2024-4A, Class Y | Invesco U.S. CLO Ltd. Series 2024-4A, Class Y | Invesco U.S. CLO Ltd. Series 2024-4A, Class Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05% *<sup>(1),(2),(6),(7)</sup>* | 01/15/38 | 8000000 | 1 |
|  LMDV Issuer Co. LLC Series 2025-1A, Class C | LMDV Issuer Co. LLC Series 2025-1A, Class C | LMDV Issuer Co. LLC Series 2025-1A, Class C | LMDV Issuer Co. LLC Series 2025-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% *<sup>(1)</sup>* | 12/15/55 | 2600000 | 2620524 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  Lmrk Issuer Co. 2 LLC Series 2025-1A, Class C | Lmrk Issuer Co. 2 LLC Series 2025-1A, Class C | Lmrk Issuer Co. 2 LLC Series 2025-1A, Class C | Lmrk Issuer Co. 2 LLC Series 2025-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.12% *<sup>(1)</sup>* | 09/15/55 | $3400000 | $3452445 |
|  Madison Park Funding XXXIX Ltd. Series 2021-39A, Class BR | Madison Park Funding XXXIX Ltd. Series 2021-39A, Class BR | Madison Park Funding XXXIX Ltd. Series 2021-39A, Class BR | Madison Park Funding XXXIX Ltd. Series 2021-39A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (3 mo. USD Term SOFR + 1.750%) *<sup>(1),(4)</sup>* | 10/22/34 | 8000000 | 8006216 |
|  Magnetite XLII Ltd. Series 2024-42A, Class SUB | Magnetite XLII Ltd. Series 2024-42A, Class SUB | Magnetite XLII Ltd. Series 2024-42A, Class SUB | Magnetite XLII Ltd. Series 2024-42A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.04% *<sup>(1),(2)</sup>* | 01/25/38 | 7550000 | 4769018 |
|  MAPS Trust Series 2026-1A, Class B | MAPS Trust Series 2026-1A, Class B | MAPS Trust Series 2026-1A, Class B | MAPS Trust Series 2026-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% *<sup>(1)</sup>* | 01/15/51 | 2667271 | 2648732 |
|  NCFA LLC | NCFA LLC | NCFA LLC | NCFA LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(6)</sup>* | 06/12/28 | 5260667 | 5260667 |
|  NCFA LLC Loan Participation 3 | NCFA LLC Loan Participation 3 | NCFA LLC Loan Participation 3 | NCFA LLC Loan Participation 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.90% *<sup>(2),(6)</sup>* | 04/11/30 | 2670000 | 2670000 |
|  NCFA LLC Loan Participation 5 | NCFA LLC Loan Participation 5 | NCFA LLC Loan Participation 5 | NCFA LLC Loan Participation 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.16% *<sup>(6)</sup>* | 07/03/27 | 6600000 | 6600000 |
|  NCFA LLC – Loan Participation 1 | NCFA LLC – Loan Participation 1 | NCFA LLC – Loan Participation 1 | NCFA LLC – Loan Participation 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(6)</sup>* | 06/12/28 | 780068 | 780068 |
|  NCFA LLC – Loan Participation 2 | NCFA LLC – Loan Participation 2 | NCFA LLC – Loan Participation 2 | NCFA LLC – Loan Participation 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14% *<sup>(6)</sup>* | 12/19/27 | 6676589 | 6676589 |
|  New Mountain CLO 8 Ltd. Series CLO-8A, Class M | New Mountain CLO 8 Ltd. Series CLO-8A, Class M | New Mountain CLO 8 Ltd. Series CLO-8A, Class M | New Mountain CLO 8 Ltd. Series CLO-8A, Class M |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(3),(6),(7)</sup>* | 10/20/38 | 650000 |  |
|  New Mountain CLO 8 Ltd. Series CLO-8A, Class SUB | New Mountain CLO 8 Ltd. Series CLO-8A, Class SUB | New Mountain CLO 8 Ltd. Series CLO-8A, Class SUB | New Mountain CLO 8 Ltd. Series CLO-8A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(2),(3)</sup>* | 10/20/38 | 6500000 | 4596027 |
|  Newday Funding Master Issuer PLC Series 2024-2X, Class E | Newday Funding Master Issuer PLC Series 2024-2X, Class E | Newday Funding Master Issuer PLC Series 2024-2X, Class E | Newday Funding Master Issuer PLC Series 2024-2X, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% (1 day GBP SONIA + 3.900%) *<sup>(4),(8)</sup>* | 07/15/32 | 1700000 | 2284251 |
|  OCP CLO Ltd. Series 2025-44A, Class SUB | OCP CLO Ltd. Series 2025-44A, Class SUB | OCP CLO Ltd. Series 2025-44A, Class SUB | OCP CLO Ltd. Series 2025-44A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(2),(3)</sup>* | 10/24/38 | 4750000 | 3664820 |
|  Owl Rock CLO XV LLC Series 2024-15A, Class A | Owl Rock CLO XV LLC Series 2024-15A, Class A | Owl Rock CLO XV LLC Series 2024-15A, Class A | Owl Rock CLO XV LLC Series 2024-15A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.97% (3 mo. USD Term SOFR + 2.300%) *<sup>(1),(4)</sup>* | 01/20/36 | 4650000 | 4653674 |
|  Palmer Square CLO Ltd. Series 2024-3A, Class SUB | Palmer Square CLO Ltd. Series 2024-3A, Class SUB | Palmer Square CLO Ltd. Series 2024-3A, Class SUB | Palmer Square CLO Ltd. Series 2024-3A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(2),(3)</sup>* | 07/20/37 | 3975000 | 2420505 |
|  Rockford Tower CLO Ltd. Series 2025-2A, Class D1 | Rockford Tower CLO Ltd. Series 2025-2A, Class D1 | Rockford Tower CLO Ltd. Series 2025-2A, Class D1 | Rockford Tower CLO Ltd. Series 2025-2A, Class D1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.02% (3 mo. USD Term SOFR + 3.350%) *<sup>(1),(4)</sup>* | 03/31/38 | 6710000 | 6621495 |
|  Serenity-Peace Park CLO Ltd. Series 2025-1A, Class SUB | Serenity-Peace Park CLO Ltd. Series 2025-1A, Class SUB | Serenity-Peace Park CLO Ltd. Series 2025-1A, Class SUB | Serenity-Peace Park CLO Ltd. Series 2025-1A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(2),(3)</sup>* | 10/24/38 | 6400000 | 5012147 |
|  Sixth Street CLO XX Ltd. Series 2021-20A, Class SUB | Sixth Street CLO XX Ltd. Series 2021-20A, Class SUB | Sixth Street CLO XX Ltd. Series 2021-20A, Class SUB | Sixth Street CLO XX Ltd. Series 2021-20A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(2),(3)</sup>* | 07/17/38 | 4900000 | 1990326 |
|  Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23% *<sup>(6)</sup>* | 07/03/38 | 7222367 | 6824559 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  SLC Student Loan Trust Series 2004-1, Class B | SLC Student Loan Trust Series 2004-1, Class B | SLC Student Loan Trust Series 2004-1, Class B | SLC Student Loan Trust Series 2004-1, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34% (90 day USD SOFR Average + 0.552%) *<sup>(4)</sup>* | 08/15/31 | $260147 | $229775 |
|  SLM Student Loan EDC Repackaging Trust Series 2013-M1, Class M1R | SLM Student Loan EDC Repackaging Trust Series 2013-M1, Class M1R | SLM Student Loan EDC Repackaging Trust Series 2013-M1, Class M1R | SLM Student Loan EDC Repackaging Trust Series 2013-M1, Class M1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(1),(3),(5)</sup>* | 10/28/29 | 6250 | 963886 |
|  SLM Student Loan Trust Series 2003-12, Class B | SLM Student Loan Trust Series 2003-12, Class B | SLM Student Loan Trust Series 2003-12, Class B | SLM Student Loan Trust Series 2003-12, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54% (90 day USD SOFR Average + 0.852%) *<sup>(4)</sup>* | 12/15/68 | 1753769 | 1695058 |
|  SLM Student Loan Trust Series 2003-7, Class B | SLM Student Loan Trust Series 2003-7, Class B | SLM Student Loan Trust Series 2003-7, Class B | SLM Student Loan Trust Series 2003-7, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.52% (90 day USD SOFR Average + 0.832%) *<sup>(4)</sup>* | 09/15/39 | 1234233 | 1174612 |
|  SLM Student Loan Trust Series 2004-10, Class B | SLM Student Loan Trust Series 2004-10, Class B | SLM Student Loan Trust Series 2004-10, Class B | SLM Student Loan Trust Series 2004-10, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.52% (90 day USD SOFR Average + 0.632%) *<sup>(4)</sup>* | 01/25/40 | 4422470 | 4166868 |
|  SLM Student Loan Trust Series 2004-2, Class B | SLM Student Loan Trust Series 2004-2, Class B | SLM Student Loan Trust Series 2004-2, Class B | SLM Student Loan Trust Series 2004-2, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.62% (90 day USD SOFR Average + 0.732%) *<sup>(4)</sup>* | 07/25/39 | 211644 | 202434 |
|  SLM Student Loan Trust Series 2005-3, Class B | SLM Student Loan Trust Series 2005-3, Class B | SLM Student Loan Trust Series 2005-3, Class B | SLM Student Loan Trust Series 2005-3, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% (90 day USD SOFR Average + 0.412%) *<sup>(4)</sup>* | 04/25/40 | 1457502 | 1393998 |
|  SLM Student Loan Trust Series 2006-8, Class B | SLM Student Loan Trust Series 2006-8, Class B | SLM Student Loan Trust Series 2006-8, Class B | SLM Student Loan Trust Series 2006-8, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% (90 day USD SOFR Average + 0.492%) *<sup>(4)</sup>* | 01/25/41 | 1538917 | 1455016 |
|  SLM Student Loan Trust Series 2007-7, Class B | SLM Student Loan Trust Series 2007-7, Class B | SLM Student Loan Trust Series 2007-7, Class B | SLM Student Loan Trust Series 2007-7, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% (90 day USD SOFR Average + 1.012%) *<sup>(4)</sup>* | 10/27/70 | 2195000 | 2288773 |
|  SLM Student Loan Trust Series 2007-8, Class B | SLM Student Loan Trust Series 2007-8, Class B | SLM Student Loan Trust Series 2007-8, Class B | SLM Student Loan Trust Series 2007-8, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% (90 day USD SOFR Average + 1.262%) <sup>(4)</sup> | 04/27/83 | 2509253 | 2435209 |
|  SLM Student Loan Trust Series 2008-2, Class B | SLM Student Loan Trust Series 2008-2, Class B | SLM Student Loan Trust Series 2008-2, Class B | SLM Student Loan Trust Series 2008-2, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% (90 day USD SOFR Average + 1.462%) *<sup>(4)</sup>* | 01/25/83 | 1000000 | 1065856 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  SLM Student Loan Trust Series 2008-3, Class B | SLM Student Loan Trust Series 2008-3, Class B | SLM Student Loan Trust Series 2008-3, Class B | SLM Student Loan Trust Series 2008-3, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% (90 day USD SOFR Average + 1.462%) *<sup>(4)</sup>* | 04/26/83 | $710000 | $739134 |
|  SLM Student Loan Trust Series 2008-4, Class A4 | SLM Student Loan Trust Series 2008-4, Class A4 | SLM Student Loan Trust Series 2008-4, Class A4 | SLM Student Loan Trust Series 2008-4, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% (90 day USD SOFR Average + 1.912%) *<sup>(4)</sup>* | 07/25/49 | 280423 | 281170 |
|  SLM Student Loan Trust Series 2008-4, Class B | SLM Student Loan Trust Series 2008-4, Class B | SLM Student Loan Trust Series 2008-4, Class B | SLM Student Loan Trust Series 2008-4, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (90 day USD SOFR Average + 2.112%) <sup>(4)</sup> | 04/25/73 | 710000 | 753850 |
|  SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B | SLM Student Loan Trust Series 2008-5, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (90 day USD SOFR Average + 2.112%) *<sup>(4)</sup>* | 07/25/73 | 7315000 | 7774749 |
|  SLM Student Loan Trust Series 2008-6, Class B | SLM Student Loan Trust Series 2008-6, Class B | SLM Student Loan Trust Series 2008-6, Class B | SLM Student Loan Trust Series 2008-6, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (90 day USD SOFR Average + 2.112%) *<sup>(4)</sup>* | 07/26/83 | 710000 | 737699 |
|  SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (90 day USD SOFR Average + 2.112%) *<sup>(4)</sup>* | 07/26/83 | 820000 | 820819 |
|  SLM Student Loan Trust Series 2012-1, Class A3 | SLM Student Loan Trust Series 2012-1, Class A3 | SLM Student Loan Trust Series 2012-1, Class A3 | SLM Student Loan Trust Series 2012-1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (30 day USD SOFR Average + 1.064%) *<sup>(4)</sup>* | 09/25/28 | 357554 | 354096 |
|  SLM Student Loan Trust Series 2012-2, Class A | SLM Student Loan Trust Series 2012-2, Class A | SLM Student Loan Trust Series 2012-2, Class A | SLM Student Loan Trust Series 2012-2, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48% (30 day USD SOFR Average + 0.814%) *<sup>(4)</sup>* | 01/25/29 | 575646 | 562670 |
|  SLM Student Loan Trust Series 2012-7, Class B | SLM Student Loan Trust Series 2012-7, Class B | SLM Student Loan Trust Series 2012-7, Class B | SLM Student Loan Trust Series 2012-7, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58% (30 day USD SOFR Average + 1.914%) *<sup>(4)</sup>* | 09/25/43 | 2200000 | 2120840 |
|  SLM Student Loan Trust Series 2014-1, Class A3 | SLM Student Loan Trust Series 2014-1, Class A3 | SLM Student Loan Trust Series 2014-1, Class A3 | SLM Student Loan Trust Series 2014-1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% (30 day USD SOFR Average + 0.714%) *<sup>(4)</sup>* | 02/26/29 | 492524 | 478272 |
|  Structured Receivables Finance LLC Series 2010-A, Class B | Structured Receivables Finance LLC Series 2010-A, Class B | Structured Receivables Finance LLC Series 2010-A, Class B | Structured Receivables Finance LLC Series 2010-A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.61% *<sup>(1)</sup>* | 01/16/46 | 327368 | 329222 |
|  Structured Receivables Finance LLC Series 2010-B, Class B | Structured Receivables Finance LLC Series 2010-B, Class B | Structured Receivables Finance LLC Series 2010-B, Class B | Structured Receivables Finance LLC Series 2010-B, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.97% *<sup>(1)</sup>* | 08/15/36 | 567840 | 576871 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  SVC ABS LLC Series 2026-1A, Class M | SVC ABS LLC Series 2026-1A, Class M | SVC ABS LLC Series 2026-1A, Class M | SVC ABS LLC Series 2026-1A, Class M |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% *<sup>(1)</sup>* | 03/20/56 | 5300000 | 5248856 |
|  Switch ABS Issuer LLC Series 2024-2A, Class C | Switch ABS Issuer LLC Series 2024-2A, Class C | Switch ABS Issuer LLC Series 2024-2A, Class C | Switch ABS Issuer LLC Series 2024-2A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.03% *<sup>(1)</sup>* | 06/25/54 | 6215000 | 6343624 |
|  Switch ABS Issuer LLC Series 2025-2A, Class B | Switch ABS Issuer LLC Series 2025-2A, Class B | Switch ABS Issuer LLC Series 2025-2A, Class B | Switch ABS Issuer LLC Series 2025-2A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.24% *<sup>(1)</sup>* | 10/25/55 | 3375000 | 3304350 |
|  TIF Funding II LLC Series 2021-1A, Class B | TIF Funding II LLC Series 2021-1A, Class B | TIF Funding II LLC Series 2021-1A, Class B | TIF Funding II LLC Series 2021-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54% *<sup>(1)</sup>* | 02/20/46 | 2294292 | 2089025 |
|  Trinitas CLO XXII Ltd. Series 2023-22A, Class D1R | Trinitas CLO XXII Ltd. Series 2023-22A, Class D1R | Trinitas CLO XXII Ltd. Series 2023-22A, Class D1R | Trinitas CLO XXII Ltd. Series 2023-22A, Class D1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.77% (3 mo. USD Term SOFR + 3.100%) *<sup>(1),(4)</sup>* | 03/20/38 | 3040000 | 2983158 |
|  Triton Container Finance VIII LLC Series 2021-1A, Class B | Triton Container Finance VIII LLC Series 2021-1A, Class B | Triton Container Finance VIII LLC Series 2021-1A, Class B | Triton Container Finance VIII LLC Series 2021-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58% *<sup>(1)</sup>* | 03/20/46 | 1762375 | 1622533 |
|  U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class E | U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class E | U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class E | U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.36% (30 day USD SOFR Average + 3.700%) *<sup>(1),(4)</sup>* | 09/25/32 | 1316090 | 1344040 |
|  U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class R | U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class R | U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class R | U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.16% (30 day USD SOFR Average + 6.500%) *<sup>(1),(4)</sup>* | 09/25/32 | 2364849 | 2390286 |
|  Wireless PropCo Funding LLC Series 2025-1A, Class C | Wireless PropCo Funding LLC Series 2025-1A, Class C | Wireless PropCo Funding LLC Series 2025-1A, Class C | Wireless PropCo Funding LLC Series 2025-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.51% *<sup>(1)</sup>* | 06/25/55 | 1250000 | 1261118 |
| **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** |
| (Cost: $318,681,502) | (Cost: $318,681,502) | (Cost: $318,681,502) | 275691706 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 24.5%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 24.5%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 24.5%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 24.5%** |
|  Federal Home Loan Mortgage Corp., Pool #SD8244 | Federal Home Loan Mortgage Corp., Pool #SD8244 | Federal Home Loan Mortgage Corp., Pool #SD8244 | Federal Home Loan Mortgage Corp., Pool #SD8244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/01/52 | 7668831 | 7265842 |
|  Federal Home Loan Mortgage Corp., Pool #SD8256 | Federal Home Loan Mortgage Corp., Pool #SD8256 | Federal Home Loan Mortgage Corp., Pool #SD8256 | Federal Home Loan Mortgage Corp., Pool #SD8256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/01/52 | 15975593 | 15134854 |
|  Federal Home Loan Mortgage Corp., Pool #SD8265 | Federal Home Loan Mortgage Corp., Pool #SD8265 | Federal Home Loan Mortgage Corp., Pool #SD8265 | Federal Home Loan Mortgage Corp., Pool #SD8265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/01/52 | 23596401 | 22352777 |
|  Federal Home Loan Mortgage Corp., Pool #SD8245 | Federal Home Loan Mortgage Corp., Pool #SD8245 | Federal Home Loan Mortgage Corp., Pool #SD8245 | Federal Home Loan Mortgage Corp., Pool #SD8245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/52 | 5857913 | 5678584 |
|  Federal Home Loan Mortgage Corp., Pool #SD8257 | Federal Home Loan Mortgage Corp., Pool #SD8257 | Federal Home Loan Mortgage Corp., Pool #SD8257 | Federal Home Loan Mortgage Corp., Pool #SD8257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/52 | 13399894 | 12988434 |
|  Federal Home Loan Mortgage Corp., Pool #SD8275 | Federal Home Loan Mortgage Corp., Pool #SD8275 | Federal Home Loan Mortgage Corp., Pool #SD8275 | Federal Home Loan Mortgage Corp., Pool #SD8275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/01/52 | 28812370 | 27924974 |
|  Federal Home Loan Mortgage Corp., Pool #SD8347 | Federal Home Loan Mortgage Corp., Pool #SD8347 | Federal Home Loan Mortgage Corp., Pool #SD8347 | Federal Home Loan Mortgage Corp., Pool #SD8347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/53 | 9360549 | 9062845 |
|  Federal Home Loan Mortgage Corp., Pool #SD8323 | Federal Home Loan Mortgage Corp., Pool #SD8323 | Federal Home Loan Mortgage Corp., Pool #SD8323 | Federal Home Loan Mortgage Corp., Pool #SD8323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/01/53 | 9288037 | 9197180 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3339, Class JS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3339, Class JS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3339, Class JS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3339, Class JS (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 18.22% (-30 day USD SOFR Average + 42.091%) *<sup>(4)</sup>* | 07/15/37 | 4092 | 5815 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp. REMICS Series 3404, Class AS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3404, Class AS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3404, Class AS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3404, Class AS (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.11% (-30 day USD SOFR Average + 5.781%) *<sup>(4)</sup>* | 01/15/38 | $22351 | $1745 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3439, Class SC (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3439, Class SC (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3439, Class SC (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 3439, Class SC (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.11% (-30 day USD SOFR Average + 5.786%) *<sup>(4)</sup>* | 04/15/38 | 17624 | 1145 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3885 (P/O) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3885 (P/O) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3885 (P/O) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 3885 (P/O) (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(3)</sup>* | 11/15/33 | 5578 | 5202 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82% (-30 day USD SOFR Average + 6.496%) *<sup>(4)</sup>* | 04/15/42 | 43884 | 4625 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5070, Class MI (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5070, Class MI (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5070, Class MI (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5070, Class MI (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 02/25/51 | 4945666 | 793968 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5084, Class NI (I/O) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 5084, Class NI (I/O) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 5084, Class NI (I/O) (PAC) | Federal Home Loan Mortgage Corp. REMICS Series 5084, Class NI (I/O) (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/25/44 | 5836937 | 1142806 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5149, Class DI (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5149, Class DI (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5149, Class DI (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5149, Class DI (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/25/48 | 6020000 | 1176691 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5468, Class SE (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5468, Class SE (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5468, Class SE (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5468, Class SE (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.69% (-30 day USD SOFR Average + 5.350%) *<sup>(4)</sup>* | 10/25/54 | 23760236 | 1750156 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5473, Class SL (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5473, Class SL (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5473, Class SL (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5473, Class SL (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.69% (-30 day USD SOFR Average + 5.350%) *<sup>(4)</sup>* | 11/25/54 | 37895317 | 2142513 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5496, Class S (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5496, Class S (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5496, Class S (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5496, Class S (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24% (-30 day USD SOFR Average + 5.900%) *<sup>(4)</sup>* | 01/25/55 | 25747422 | 1960443 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5512, Class LS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5512, Class LS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5512, Class LS (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5512, Class LS (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.23% (-30 day USD SOFR Average + 5.896%) *<sup>(4)</sup>* | 03/25/55 | 11717389 | 871892 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.39% (-30 day USD SOFR Average + 5.050%) *<sup>(4)</sup>* | 06/25/55 | $34324058 | $2007594 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01% (-30 day USD SOFR Average + 10.500%) *<sup>(4)</sup>* | 06/25/55 | 3222500 | 3062857 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08% (-30 day USD SOFR Average + 10.575%) *<sup>(4)</sup>* | 06/25/55 | 3389246 | 3076064 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.56% (-30 day USD SOFR Average + 11.667%) *<sup>(4)</sup>* | 06/25/55 | 3156624 | 3036026 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS (I/F) | Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01% (-30 day USD SOFR Average + 10.500%) *<sup>(4)</sup>* | 06/25/55 | 1058922 | 1009435 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5578, Class SD (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5578, Class SD (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5578, Class SD (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5578, Class SD (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24% (-30 day USD SOFR Average + 5.900%) *<sup>(4)</sup>* | 09/25/55 | 26183602 | 2579022 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5617, Class IL (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5617, Class IL (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5617, Class IL (I/O) | Federal Home Loan Mortgage Corp. REMICS Series 5617, Class IL (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 08/25/51 | 11722076 | 2520477 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/15/52 | 33518720 | 4326106 |
|  Federal Home Loan Mortgage Corp. STRIPS<br>Series 399, Class C38 (I/O) | Federal Home Loan Mortgage Corp. STRIPS<br>Series 399, Class C38 (I/O) | Federal Home Loan Mortgage Corp. STRIPS<br>Series 399, Class C38 (I/O) | Federal Home Loan Mortgage Corp. STRIPS<br>Series 399, Class C38 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 12/25/52 | 5616682 | 1090931 |
|  Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 | Federal National Mortgage Association, Pool #MA4626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/01/52 | 6675564 | 6326323 |
|  Federal National Mortgage Association, Pool #MA4866 | Federal National Mortgage Association, Pool #MA4866 | Federal National Mortgage Association, Pool #MA4866 | Federal National Mortgage Association, Pool #MA4866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/01/53 | 7036120 | 6664743 |
|  Federal National Mortgage Association, Pool #MA4656 | Federal National Mortgage Association, Pool #MA4656 | Federal National Mortgage Association, Pool #MA4656 | Federal National Mortgage Association, Pool #MA4656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 07/01/52 | 10879249 | 10548224 |
|  Federal National Mortgage Association, Pool #MA4733 | Federal National Mortgage Association, Pool #MA4733 | Federal National Mortgage Association, Pool #MA4733 | Federal National Mortgage Association, Pool #MA4733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/52 | 15016131 | 14556440 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association, Pool #MA4784 | Federal National Mortgage Association, Pool #MA4784 | Federal National Mortgage Association, Pool #MA4784 | Federal National Mortgage Association, Pool #MA4784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/52 | $10791531 | $10460165 |
|  Federal National Mortgage Association, Pool #FS9442 | Federal National Mortgage Association, Pool #FS9442 | Federal National Mortgage Association, Pool #FS9442 | Federal National Mortgage Association, Pool #FS9442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 03/01/53 | 2826782 | 2739719 |
|  Federal National Mortgage Association, Pool #MA5037 | Federal National Mortgage Association, Pool #MA5037 | Federal National Mortgage Association, Pool #MA5037 | Federal National Mortgage Association, Pool #MA5037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 06/01/53 | 1850159 | 1790633 |
|  Federal National Mortgage Association, Pool #MA5009 | Federal National Mortgage Association, Pool #MA5009 | Federal National Mortgage Association, Pool #MA5009 | Federal National Mortgage Association, Pool #MA5009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/01/53 | 12510805 | 12382289 |
|  Federal National Mortgage Association, Pool #FS7252 | Federal National Mortgage Association, Pool #FS7252 | Federal National Mortgage Association, Pool #FS7252 | Federal National Mortgage Association, Pool #FS7252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/01/53 | 11174157 | 11074800 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C40 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C40 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C40 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C40 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 06/25/51 | 7061247 | 952622 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/25/51 | 26661753 | 3580208 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/25/50 | 15324750 | 2059616 |
|  Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) | Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) | Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) | Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/25/52 | 40619179 | 5200973 |
|  Federal National Mortgage Association Interest STRIPS Series 436, Class C32 (I/O) | Federal National Mortgage Association Interest STRIPS Series 436, Class C32 (I/O) | Federal National Mortgage Association Interest STRIPS Series 436, Class C32 (I/O) | Federal National Mortgage Association Interest STRIPS Series 436, Class C32 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/25/52 | 13580065 | 1843590 |
|  Federal National Mortgage Association REMICS Series 2006-11, Class PS (I/F) (PAC) | Federal National Mortgage Association REMICS Series 2006-11, Class PS (I/F) (PAC) | Federal National Mortgage Association REMICS Series 2006-11, Class PS (I/F) (PAC) | Federal National Mortgage Association REMICS Series 2006-11, Class PS (I/F) (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.72% (-30 day USD SOFR Average + 24.147%) <sup>(4)</sup> | 03/25/36 | 7213 | 8291 |
|  Federal National Mortgage Association REMICS Series 2006-8, Class HJ (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2006-8, Class HJ (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2006-8, Class HJ (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2006-8, Class HJ (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82% (-30 day USD SOFR Average + 6.486%) <sup>(4)</sup> | 03/25/36 | 300409 | 28430 |
|  Federal National Mortgage Association REMICS Series 2007-52, Class LS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-52, Class LS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-52, Class LS (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-52, Class LS (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.27% (-30 day USD SOFR Average + 5.936%) <sup>(4)</sup> | 06/25/37 | 15704 | 1290 |
|  Federal National Mortgage Association REMICS Series 2007-77, Class SK (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-77, Class SK (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-77, Class SK (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-77, Class SK (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09% (-30 day USD SOFR Average + 5.756%) <sup>(4)</sup> | 08/25/37 | 40375 | 3014 |
|  Federal National Mortgage Association REMICS Series 2007-88, Class JI (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-88, Class JI (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-88, Class JI (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2007-88, Class JI (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67% (-30 day USD SOFR Average + 6.336%) <sup>(4)</sup> | 04/25/37 | 302336 | 27235 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association REMICS Series 2008-18, Class SM (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-18, Class SM (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-18, Class SM (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-18, Class SM (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22% (-30 day USD SOFR Average + 6.886%) <sup>(4)</sup> | 03/25/38 | $21803 | $2309 |
|  Federal National Mortgage Association REMICS Series 2008-62, Class SN (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-62, Class SN (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-62, Class SN (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2008-62, Class SN (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.42% (-30 day USD SOFR Average + 6.086%) <sup>(4)</sup> | 07/25/38 | 55473 | 4053 |
|  Federal National Mortgage Association REMICS Series 2010-116, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-116, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-116, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2010-116, Class SE (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82% (-30 day USD SOFR Average + 6.486%) <sup>(4)</sup> | 10/25/40 | 16941 | 1504 |
|  Federal National Mortgage Association REMICS Series 2013-5, Class GF | Federal National Mortgage Association REMICS Series 2013-5, Class GF | Federal National Mortgage Association REMICS Series 2013-5, Class GF | Federal National Mortgage Association REMICS Series 2013-5, Class GF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% (30 day USD SOFR Average + 1.214%) <sup>(4)</sup> | 10/25/42 | 103379 | 102874 |
|  Federal National Mortgage Association REMICS Series 2014-49, Class CF | Federal National Mortgage Association REMICS Series 2014-49, Class CF | Federal National Mortgage Association REMICS Series 2014-49, Class CF | Federal National Mortgage Association REMICS Series 2014-49, Class CF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% (30 day USD SOFR Average + 1.114%) <sup>(4)</sup> | 07/25/43 | 4570881 | 4556881 |
|  Federal National Mortgage Association REMICS Series 2021-59, Class KI (I/O) | Federal National Mortgage Association REMICS Series 2021-59, Class KI (I/O) | Federal National Mortgage Association REMICS Series 2021-59, Class KI (I/O) | Federal National Mortgage Association REMICS Series 2021-59, Class KI (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/25/51 | 8190847 | 2040419 |
|  Federal National Mortgage Association REMICS Series 2021-70, Class AI (I/O) | Federal National Mortgage Association REMICS Series 2021-70, Class AI (I/O) | Federal National Mortgage Association REMICS Series 2021-70, Class AI (I/O) | Federal National Mortgage Association REMICS Series 2021-70, Class AI (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/25/51 | 8095500 | 1785565 |
|  Federal National Mortgage Association REMICS Series 2024-98, Class SC (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2024-98, Class SC (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2024-98, Class SC (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2024-98, Class SC (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29% (-30 day USD SOFR Average + 5.950%) <sup>(4)</sup> | 12/25/54 | 10837879 | 989659 |
|  Federal National Mortgage Association REMICS Series 2024-98, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2024-98, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2024-98, Class SE (I/O) (I/F) | Federal National Mortgage Association REMICS Series 2024-98, Class SE (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.32% (-30 day USD SOFR Average + 5.980%) <sup>(4)</sup> | 12/25/54 | 7660525 | 688702 |
|  Federal National Mortgage Association REMICS Series 2025-49, Class SC (I/O) | Federal National Mortgage Association REMICS Series 2025-49, Class SC (I/O) | Federal National Mortgage Association REMICS Series 2025-49, Class SC (I/O) | Federal National Mortgage Association REMICS Series 2025-49, Class SC (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54% (-30 day USD SOFR Average + 5.200%) <sup>(4)</sup> | 06/25/55 | 13313053 | 675874 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Government National Mortgage Association, Pool #MA8346 | Government National Mortgage Association, Pool #MA8346 | Government National Mortgage Association, Pool #MA8346 | Government National Mortgage Association, Pool #MA8346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/20/52 | $7025559 | $6658178 |
|  Government National Mortgage Association REMICS Series 2011-146, Class EI (I/O) (PAC) | Government National Mortgage Association REMICS Series 2011-146, Class EI (I/O) (PAC) | Government National Mortgage Association REMICS Series 2011-146, Class EI (I/O) (PAC) | Government National Mortgage Association REMICS Series 2011-146, Class EI (I/O) (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 11/16/41 | 40585 | 7192 |
|  Government National Mortgage Association REMICS Series 2011-70, Class IL (I/O) (I/F) | Government National Mortgage Association REMICS Series 2011-70, Class IL (I/O) (I/F) | Government National Mortgage Association REMICS Series 2011-70, Class IL (I/O) (I/F) | Government National Mortgage Association REMICS Series 2011-70, Class IL (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60% (-1 mo. USD Term SOFR + 6.986%) <sup>(4)</sup> | 06/16/37 | 252202 | 4516 |
|  Government National Mortgage Association REMICS Series 2011-81, Class IC (I/O) (I/F) | Government National Mortgage Association REMICS Series 2011-81, Class IC (I/O) (I/F) | Government National Mortgage Association REMICS Series 2011-81, Class IC (I/O) (I/F) | Government National Mortgage Association REMICS Series 2011-81, Class IC (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.62% (-1 mo. USD Term SOFR + 6.606%) *<sup>(4)</sup>* | 07/20/35 | 269042 | 4566 |
|  Government National Mortgage Association REMICS Series 2013-135, Class CS (I/O) (I/F) | Government National Mortgage Association REMICS Series 2013-135, Class CS (I/O) (I/F) | Government National Mortgage Association REMICS Series 2013-135, Class CS (I/O) (I/F) | Government National Mortgage Association REMICS Series 2013-135, Class CS (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41% (-1 mo. USD Term SOFR + 6.086%) <sup>(4)</sup> | 09/16/43 | 999455 | 96312 |
|  Government National Mortgage Association REMICS Series 2017-136 (I/O) | Government National Mortgage Association REMICS Series 2017-136 (I/O) | Government National Mortgage Association REMICS Series 2017-136 (I/O) | Government National Mortgage Association REMICS Series 2017-136 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 09/20/47 | 190855 | 39774 |
|  Government National Mortgage Association REMICS Series 2024-151, Class ES (I/O) (I/F) | Government National Mortgage Association REMICS Series 2024-151, Class ES (I/O) (I/F) | Government National Mortgage Association REMICS Series 2024-151, Class ES (I/O) (I/F) | Government National Mortgage Association REMICS Series 2024-151, Class ES (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73% (-30 day USD SOFR Average + 5.400%) <sup>(4)</sup> | 09/20/54 | 15524558 | 906203 |
|  Government National Mortgage Association REMICS Series 2024-154, Class SB (I/O) (I/F) | Government National Mortgage Association REMICS Series 2024-154, Class SB (I/O) (I/F) | Government National Mortgage Association REMICS Series 2024-154, Class SB (I/O) (I/F) | Government National Mortgage Association REMICS Series 2024-154, Class SB (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73% (-30 day USD SOFR Average + 5.400%) <sup>(4)</sup> | 09/20/54 | 17980039 | 1015321 |
|  Government National Mortgage Association REMICS Series 2024-160, Class KS (I/O) (I/F) | Government National Mortgage Association REMICS Series 2024-160, Class KS (I/O) (I/F) | Government National Mortgage Association REMICS Series 2024-160, Class KS (I/O) (I/F) | Government National Mortgage Association REMICS Series 2024-160, Class KS (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.81% (-30 day USD SOFR Average + 5.480%) <sup>(4)</sup> | 10/20/54 | 19715854 | 1147809 |
|  Government National Mortgage Association REMICS Series 2024-30, Class AF | Government National Mortgage Association REMICS Series 2024-30, Class AF | Government National Mortgage Association REMICS Series 2024-30, Class AF | Government National Mortgage Association REMICS Series 2024-30, Class AF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% (30 day USD SOFR Average + 1.250%) <sup>(4)</sup> | 02/20/54 | 764646 | 770541 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(9)</sup> | 07/01/55 | 19000000 | 17339713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(9)</sup> | 06/01/55 | 56050000 | 52470563 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(9)</sup> | 12/01/51 | 79050000 | 72472793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(9)</sup> | 05/01/55 | 1975000 | 1861477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(9)</sup> | 05/01/55 | 103475000 | 97622868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% <sup>(9)</sup> | 01/01/56 | 53475000 | 51585862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(9)</sup> | 01/01/56 | 63950000 | 63057897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(9)</sup> | 12/01/55 | 43250000 | 43455005 |
| **Total Residential Mortgage-Backed<br>Securities — Agency**<br>(Cost: $652,977,933) | **Total Residential Mortgage-Backed<br>Securities — Agency**<br>(Cost: $652,977,933) | **Total Residential Mortgage-Backed<br>Securities — Agency**<br>(Cost: $652,977,933) | 653784038 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON- AGENCY— 12.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON- AGENCY— 12.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON- AGENCY— 12.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>NON- AGENCY— 12.5%** |
|  245 Park Avenue Trust Series 2017-245P, Class E | 245 Park Avenue Trust Series 2017-245P, Class E | 245 Park Avenue Trust Series 2017-245P, Class E | 245 Park Avenue Trust Series 2017-245P, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66% <sup>(1),(2)</sup> | 06/05/37 | 7400000 | 7151803 |
|  280 Park Avenue Mortgage Trust Series 2017-280P, Class D | 280 Park Avenue Mortgage Trust Series 2017-280P, Class D | 280 Park Avenue Mortgage Trust Series 2017-280P, Class D | 280 Park Avenue Mortgage Trust Series 2017-280P, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.51% (1 mo. USD Term SOFR + 1.836%) <sup>(1),(4)</sup> | 09/15/34 | 5537500 | 5457414 |
|  280 Park Avenue Mortgage Trust Series 2017-280P, Class E | 280 Park Avenue Mortgage Trust Series 2017-280P, Class E | 280 Park Avenue Mortgage Trust Series 2017-280P, Class E | 280 Park Avenue Mortgage Trust Series 2017-280P, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.09% (1 mo. USD Term SOFR + 2.419%) <sup>(1),(4)</sup> | 09/15/34 | 5889000 | 5775458 |
|  Acore Issuer LLC Series 2026-FL1, Class C | Acore Issuer LLC Series 2026-FL1, Class C | Acore Issuer LLC Series 2026-FL1, Class C | Acore Issuer LLC Series 2026-FL1, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78% (1 mo. USD Term SOFR + 2.100%) <sup>(1),(4)</sup> | 08/20/43 | 4135000 | 4126897 |
|  ACRE Multifamily Housing Mortgage Loan Trust Series 2022-Q018, Class B | ACRE Multifamily Housing Mortgage Loan Trust Series 2022-Q018, Class B | ACRE Multifamily Housing Mortgage Loan Trust Series 2022-Q018, Class B | ACRE Multifamily Housing Mortgage Loan Trust Series 2022-Q018, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (30 day USD SOFR Average + 4.000%) <sup>(1),(4)</sup> | 06/25/27 | 2524703 | 2523001 |
|  AMSR Trust Series 2021-SFR3, Class G | AMSR Trust Series 2021-SFR3, Class G | AMSR Trust Series 2021-SFR3, Class G | AMSR Trust Series 2021-SFR3, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80% <sup>(1)</sup> | 10/17/38 | 5000000 | 4937282 |
|  AMSR Trust Series 2022-SFR1, Class F | AMSR Trust Series 2022-SFR1, Class F | AMSR Trust Series 2022-SFR1, Class F | AMSR Trust Series 2022-SFR1, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02% <sup>(1)</sup> | 03/17/39 | 4500000 | 4469442 |
|  AMSR Trust Series 2022-SFR3, Class E1 | AMSR Trust Series 2022-SFR3, Class E1 | AMSR Trust Series 2022-SFR3, Class E1 | AMSR Trust Series 2022-SFR3, Class E1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(1)</sup> | 10/17/39 | 10000000 | 9742451 |
|  BAMLL Commercial Mortgage Securities Trust Series 2018-PARK, Class A | BAMLL Commercial Mortgage Securities Trust Series 2018-PARK, Class A | BAMLL Commercial Mortgage Securities Trust Series 2018-PARK, Class A | BAMLL Commercial Mortgage Securities Trust Series 2018-PARK, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% <sup>(1),(2)</sup> | 08/10/38 | 7845000 | 7676809 |
|  BAMLL Commercial Mortgage Securities Trust Series 2020-BOC, Class X (I/O) | BAMLL Commercial Mortgage Securities Trust Series 2020-BOC, Class X (I/O) | BAMLL Commercial Mortgage Securities Trust Series 2020-BOC, Class X (I/O) | BAMLL Commercial Mortgage Securities Trust Series 2020-BOC, Class X (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.47% <sup>(1),(2)</sup> | 01/15/32 | 98610000 | 167977 |
|  BBCMS Trust Series 2015-SRCH, Class D | BBCMS Trust Series 2015-SRCH, Class D | BBCMS Trust Series 2015-SRCH, Class D | BBCMS Trust Series 2015-SRCH, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96% <sup>(1),(2)</sup> | 08/10/35 | 1540000 | 1431696 |
|  BGME Trust Series 2021-VR, Class B | BGME Trust Series 2021-VR, Class B | BGME Trust Series 2021-VR, Class B | BGME Trust Series 2021-VR, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99% <sup>(1),(2)</sup> | 01/10/43 | 3300000 | 2770727 |
|  BGME Trust Series 2021-VR, Class D | BGME Trust Series 2021-VR, Class D | BGME Trust Series 2021-VR, Class D | BGME Trust Series 2021-VR, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99% <sup>(1),(2)</sup> | 01/10/43 | 3300000 | 2427866 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** |
|  BX Commercial Mortgage Trust Series 2020-VIVA, Class D | BX Commercial Mortgage Trust Series 2020-VIVA, Class D | BX Commercial Mortgage Trust Series 2020-VIVA, Class D | BX Commercial Mortgage Trust Series 2020-VIVA, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55% <sup>(1),(2)</sup> | 03/11/44 | $5000000 | $4634842 |
|  BX Commercial Mortgage Trust Series 2025-BCAT, Class D | BX Commercial Mortgage Trust Series 2025-BCAT, Class D | BX Commercial Mortgage Trust Series 2025-BCAT, Class D | BX Commercial Mortgage Trust Series 2025-BCAT, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.650%) <sup>(1),(4)</sup> | 08/15/42 | 2510706 | 2521499 |
|  BX Commercial Mortgage Trust Series 2025-BCAT, Class E | BX Commercial Mortgage Trust Series 2025-BCAT, Class E | BX Commercial Mortgage Trust Series 2025-BCAT, Class E | BX Commercial Mortgage Trust Series 2025-BCAT, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.17% (1 mo. USD Term SOFR + 3.500%) <sup>(1),(4)</sup> | 08/15/42 | 2874855 | 2890934 |
|  BX Trust Series 2019-OC11, Class E | BX Trust Series 2019-OC11, Class E | BX Trust Series 2019-OC11, Class E | BX Trust Series 2019-OC11, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94% <sup>(1),(2)</sup> | 12/09/41 | 7410000 | 6862180 |
|  BX Trust Series 2021-LBA, Class EJV | BX Trust Series 2021-LBA, Class EJV | BX Trust Series 2021-LBA, Class EJV | BX Trust Series 2021-LBA, Class EJV |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.04% (1 mo. USD Term SOFR + 2.364%) <sup>(1),(4)</sup> | 02/15/36 | 1500000 | 1498864 |
|  BX Trust Series 2023-LIFE, Class C | BX Trust Series 2023-LIFE, Class C | BX Trust Series 2023-LIFE, Class C | BX Trust Series 2023-LIFE, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% <sup>(1)</sup> | 02/15/28 | 4362000 | 4221812 |
|  BX Trust Series 2025-VLT6, Class E | BX Trust Series 2025-VLT6, Class E | BX Trust Series 2025-VLT6, Class E | BX Trust Series 2025-VLT6, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.86% (1 mo. USD Term SOFR + 3.191%) <sup>(1),(4)</sup> | 03/15/42 | 5405000 | 5371398 |
|  BX Trust Series 2025-VLT7, Class D | BX Trust Series 2025-VLT7, Class D | BX Trust Series 2025-VLT7, Class D | BX Trust Series 2025-VLT7, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.92% (1 mo. USD Term SOFR + 3.250%) <sup>(1),(4)</sup> | 07/15/44 | 4000000 | 3982151 |
|  BXHPP Trust Series 2021-FILM, Class E | BXHPP Trust Series 2021-FILM, Class E | BXHPP Trust Series 2021-FILM, Class E | BXHPP Trust Series 2021-FILM, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.79% (1 mo. USD Term SOFR + 2.114%) <sup>(1),(4)</sup> | 08/15/36 | 5367000 | 4538469 |
|  Caister Finance DAC Series 1A, Class D | Caister Finance DAC Series 1A, Class D | Caister Finance DAC Series 1A, Class D | Caister Finance DAC Series 1A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.64% (1 day GBP SONIA + 3.900%) <sup>(1),(4)</sup> | 08/17/35 | 1442000 | 1903403 |
|  Caister Finance DAC Series 1A, Class E | Caister Finance DAC Series 1A, Class E | Caister Finance DAC Series 1A, Class E | Caister Finance DAC Series 1A, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.49% (1 day GBP SONIA + 5.750%) <sup>(1),(4)</sup> | 08/17/35 | 1100000 | 1445082 |
|  CD Mortgage Trust Series 2016-CD1, Class XA (I/O) | CD Mortgage Trust Series 2016-CD1, Class XA (I/O) | CD Mortgage Trust Series 2016-CD1, Class XA (I/O) | CD Mortgage Trust Series 2016-CD1, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.33% <sup>(2)</sup> | 08/10/49 | 45233320 | 2171 |
|  CHI Commercial Mortgage Trust Series 2025-SFT, Class D | CHI Commercial Mortgage Trust Series 2025-SFT, Class D | CHI Commercial Mortgage Trust Series 2025-SFT, Class D | CHI Commercial Mortgage Trust Series 2025-SFT, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.84% <sup>(1),(2)</sup> | 04/15/42 | 7232000 | 7392215 |
|  COMM Mortgage Trust Series 2012-CR4, Class XA (I/O) | COMM Mortgage Trust Series 2012-CR4, Class XA (I/O) | COMM Mortgage Trust Series 2012-CR4, Class XA (I/O) | COMM Mortgage Trust Series 2012-CR4, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <sup>(2)</sup> | 10/15/45 | 8525699 | 191480 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** |
|  CoreVest American Finance Ltd. Series 2021-3, Class XA (I/O) | CoreVest American Finance Ltd. Series 2021-3, Class XA (I/O) | CoreVest American Finance Ltd. Series 2021-3, Class XA (I/O) | CoreVest American Finance Ltd. Series 2021-3, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.37% <sup>(1),(2)</sup> | 10/15/54 | $42082955 | $391245 |
|  CoreVest American Finance Trust Series 2019-3, Class XA (I/O) | CoreVest American Finance Trust Series 2019-3, Class XA (I/O) | CoreVest American Finance Trust Series 2019-3, Class XA (I/O) | CoreVest American Finance Trust Series 2019-3, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99% <sup>(1),(2),(7)</sup> | 10/15/52 | 355136 | 4 |
|  CoreVest American Finance Trust Series 2020-1, Class A2 | CoreVest American Finance Trust Series 2020-1, Class A2 | CoreVest American Finance Trust Series 2020-1, Class A2 | CoreVest American Finance Trust Series 2020-1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% <sup>(1)</sup> | 03/15/50 | 1909504 | 1816413 |
|  CoreVest American Finance Trust Series 2020-4, Class XB (I/O) | CoreVest American Finance Trust Series 2020-4, Class XB (I/O) | CoreVest American Finance Trust Series 2020-4, Class XB (I/O) | CoreVest American Finance Trust Series 2020-4, Class XB (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36% <sup>(1),(2)</sup> | 12/15/52 | 8369802 | 388720 |
|  CSAIL Commercial Mortgage Trust Series 2019-C16, Class XA (I/O) | CSAIL Commercial Mortgage Trust Series 2019-C16, Class XA (I/O) | CSAIL Commercial Mortgage Trust Series 2019-C16, Class XA (I/O) | CSAIL Commercial Mortgage Trust Series 2019-C16, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53% <sup>(2)</sup> | 06/15/52 | 85384620 | 3289033 |
|  DGWD Trust Series 2025-INFL, Class D | DGWD Trust Series 2025-INFL, Class D | DGWD Trust Series 2025-INFL, Class D | DGWD Trust Series 2025-INFL, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (1 mo. USD Term SOFR + 2.750%) <sup>(1),(4)</sup> | 08/15/35 | 2750000 | 2743486 |
|  DOLP Trust Series 2021-NYC, Class D | DOLP Trust Series 2021-NYC, Class D | DOLP Trust Series 2021-NYC, Class D | DOLP Trust Series 2021-NYC, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% <sup>(1),(2)</sup> | 05/10/41 | 4740000 | 4027478 |
|  DROP Mortgage Trust Series 2021-FILE, Class A | DROP Mortgage Trust Series 2021-FILE, Class A | DROP Mortgage Trust Series 2021-FILE, Class A | DROP Mortgage Trust Series 2021-FILE, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.94% (1 mo. USD Term SOFR + 1.264%) <sup>(1),(4)</sup> | 10/15/43 | 5520000 | 5506890 |
|  DROP Mortgage Trust Series 2021-FILE, Class D | DROP Mortgage Trust Series 2021-FILE, Class D | DROP Mortgage Trust Series 2021-FILE, Class D | DROP Mortgage Trust Series 2021-FILE, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.54% (1 mo. USD Term SOFR + 2.864%) <sup>(1),(4)</sup> | 10/15/43 | 3145000 | 3076203 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K051, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K051, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K051, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K051, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92% <sup>(2)</sup> | 10/25/43 | 736016 | 7 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K055, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K055, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K055, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K055, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.74% <sup>(2)</sup> | 04/25/44 | 17987327 | 180 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KS06, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KS06, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KS06, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KS06, Class X (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88% *<sup>(2)</sup>* | 08/25/26 | 23568550 | 236 |
|  Federal National Mortgage Association-ACES Series 2016-M2, Class X3 (I/O) | Federal National Mortgage Association-ACES Series 2016-M2, Class X3 (I/O) | Federal National Mortgage Association-ACES Series 2016-M2, Class X3 (I/O) | Federal National Mortgage Association-ACES Series 2016-M2, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.04% *<sup>(2)</sup>* | 04/25/36 | 4625968 | 46 |
|  FirstKey Homes Trust Series 2021-SFR1, Class F3 | FirstKey Homes Trust Series 2021-SFR1, Class F3 | FirstKey Homes Trust Series 2021-SFR1, Class F3 | FirstKey Homes Trust Series 2021-SFR1, Class F3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69% *<sup>(1)</sup>* | 08/17/38 | 6285000 | 6232374 |
|  FRTKL Group, Inc. Series 2021-SFR1, Class G | FRTKL Group, Inc. Series 2021-SFR1, Class G | FRTKL Group, Inc. Series 2021-SFR1, Class G | FRTKL Group, Inc. Series 2021-SFR1, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% *<sup>(1)</sup>* | 09/17/38 | 9435000 | 9281636 |
|  Grace Trust Series 2020-GRCE, Class D | Grace Trust Series 2020-GRCE, Class D | Grace Trust Series 2020-GRCE, Class D | Grace Trust Series 2020-GRCE, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68% *<sup>(1),(2)</sup>* | 12/10/40 | 2950000 | 2607891 |
|  GS Mortgage Securities Corp. Trust Series 2023-FUN, Class B | GS Mortgage Securities Corp. Trust Series 2023-FUN, Class B | GS Mortgage Securities Corp. Trust Series 2023-FUN, Class B | GS Mortgage Securities Corp. Trust Series 2023-FUN, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.46% (1 mo. USD Term SOFR + 2.790%) <sup>(1),(4)</sup> | 03/15/28 | 5160000 | 5187987 |
|  Hilton USA Trust Series 2016-HHV, Class F | Hilton USA Trust Series 2016-HHV, Class F | Hilton USA Trust Series 2016-HHV, Class F | Hilton USA Trust Series 2016-HHV, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19% *<sup>(1),(2)</sup>* | 11/05/38 | 7840000 | 7721510 |
|  Hudson Yards Mortgage Trust Series 2019-55HY, Class F | Hudson Yards Mortgage Trust Series 2019-55HY, Class F | Hudson Yards Mortgage Trust Series 2019-55HY, Class F | Hudson Yards Mortgage Trust Series 2019-55HY, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% *<sup>(1),(2)</sup>* | 12/10/41 | 6891000 | 5934721 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** |
|  Hudson Yards Mortgage Trust Series 2025-SPRL, Class E | Hudson Yards Mortgage Trust Series 2025-SPRL, Class E | Hudson Yards Mortgage Trust Series 2025-SPRL, Class E | Hudson Yards Mortgage Trust Series 2025-SPRL, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.68% *<sup>(1),(2)</sup>* | 01/13/40 | $4000000 | $4065057 |
|  Hudson Yards Mortgage Trust Series 2025-SPRL, Class F | Hudson Yards Mortgage Trust Series 2025-SPRL, Class F | Hudson Yards Mortgage Trust Series 2025-SPRL, Class F | Hudson Yards Mortgage Trust Series 2025-SPRL, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40% *<sup>(1),(2)</sup>* | 01/13/40 | 3358000 | 3365717 |
|  ILPT Commercial Mortgage Trust Series 2022-LPFX, Class A | ILPT Commercial Mortgage Trust Series 2022-LPFX, Class A | ILPT Commercial Mortgage Trust Series 2022-LPFX, Class A | ILPT Commercial Mortgage Trust Series 2022-LPFX, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% *<sup>(1)</sup>* | 03/15/32 | 11000000 | 10037765 |
|  ILPT Commercial Mortgage Trust Series 2025-LPF2, Class E | ILPT Commercial Mortgage Trust Series 2025-LPF2, Class E | ILPT Commercial Mortgage Trust Series 2025-LPF2, Class E | ILPT Commercial Mortgage Trust Series 2025-LPF2, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20% *<sup>(1),(2)</sup>* | 07/13/42 | 4970000 | 5080432 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class H | JPMorgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class H | JPMorgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class H | JPMorgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class H |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.93% (1 mo. USD Term SOFR + 5.260%) *<sup>(1),(4)</sup>* | 04/15/37 | 5119048 | 4868430 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2025-BMS, Class D | JPMorgan Chase Commercial Mortgage Securities Trust Series 2025-BMS, Class D | JPMorgan Chase Commercial Mortgage Securities Trust Series 2025-BMS, Class D | JPMorgan Chase Commercial Mortgage Securities Trust Series 2025-BMS, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (1 mo. USD Term SOFR + 3.150%) *<sup>(1),(4)</sup>* | 01/15/42 | 3129000 | 3121383 |
|  KRE Commercial Mortgage Trust Series 2025-AIP4, Class E | KRE Commercial Mortgage Trust Series 2025-AIP4, Class E | KRE Commercial Mortgage Trust Series 2025-AIP4, Class E | KRE Commercial Mortgage Trust Series 2025-AIP4, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.67% (1 mo. USD Term SOFR + 3.000%) *<sup>(1),(4)</sup>* | 03/15/42 | 3855231 | 3841197 |
|  Life Mortgage Trust Series 2021-BMR, Class G | Life Mortgage Trust Series 2021-BMR, Class G | Life Mortgage Trust Series 2021-BMR, Class G | Life Mortgage Trust Series 2021-BMR, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.74% (1 mo. USD Term SOFR + 3.064%) *<sup>(1),(4)</sup>* | 03/15/38 | 2800000 | 2461382 |
|  MKT Mortgage Trust Series 2020-525M, Class C | MKT Mortgage Trust Series 2020-525M, Class C | MKT Mortgage Trust Series 2020-525M, Class C | MKT Mortgage Trust Series 2020-525M, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% <sup>(1),(2)</sup> | 02/12/40 | 4970000 | 4169444 |
|  MKT Mortgage Trust Series 2020-525M, Class D | MKT Mortgage Trust Series 2020-525M, Class D | MKT Mortgage Trust Series 2020-525M, Class D | MKT Mortgage Trust Series 2020-525M, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% <sup>(1),(2)</sup> | 02/12/40 | 3782000 | 3092748 |
|  MKT Mortgage Trust Series 2020-525M, Class XA (I/O) | MKT Mortgage Trust Series 2020-525M, Class XA (I/O) | MKT Mortgage Trust Series 2020-525M, Class XA (I/O) | MKT Mortgage Trust Series 2020-525M, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.21% <sup>(1),(2)</sup> | 02/12/40 | 147585000 | 1087583 |
|  Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.52% <sup>(2)</sup> | 04/15/48 | 10521177 | 105 |
|  Natixis Commercial Mortgage Securities Trust Series 2018-ALXA, Class E | Natixis Commercial Mortgage Securities Trust Series 2018-ALXA, Class E | Natixis Commercial Mortgage Securities Trust Series 2018-ALXA, Class E | Natixis Commercial Mortgage Securities Trust Series 2018-ALXA, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32% <sup>(1),(2)</sup> | 01/15/43 | 1050000 | 922316 |
|  NYC Commercial Mortgage Trust Series 2025-3BP, Class D | NYC Commercial Mortgage Trust Series 2025-3BP, Class D | NYC Commercial Mortgage Trust Series 2025-3BP, Class D | NYC Commercial Mortgage Trust Series 2025-3BP, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.11% (1 mo. USD Term SOFR + 2.441%) <sup>(1),(4)</sup> | 02/15/42 | 2320000 | 2318345 |
|  NYCT Trust Series 2024-3ELV, Class C | NYCT Trust Series 2024-3ELV, Class C | NYCT Trust Series 2024-3ELV, Class C | NYCT Trust Series 2024-3ELV, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.51% (1 mo. USD Term SOFR + 2.840%) <sup>(1),(4)</sup> | 08/15/29 | 7719083 | 7742006 |
|  One New York Plaza Trust Series 2020-1NYP, Class AJ | One New York Plaza Trust Series 2020-1NYP, Class AJ | One New York Plaza Trust Series 2020-1NYP, Class AJ | One New York Plaza Trust Series 2020-1NYP, Class AJ |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04% (1 mo. USD Term SOFR + 1.364%) <sup>(1),(4)</sup> | 01/15/36 | 2630000 | 2489131 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** |
|  PGA Trust Series 2024-RSR2, Class A | PGA Trust Series 2024-RSR2, Class A | PGA Trust Series 2024-RSR2, Class A | PGA Trust Series 2024-RSR2, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.56% (1 mo. USD Term SOFR + 1.891%) <sup>(1),(4)</sup> | 06/15/39 | $8873000 | $8855405 |
|  Progress Residential Trust Series 2021-SFR10, Class G | Progress Residential Trust Series 2021-SFR10, Class G | Progress Residential Trust Series 2021-SFR10, Class G | Progress Residential Trust Series 2021-SFR10, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86% <sup>(1)</sup> | 12/17/40 | 3315723 | 3246542 |
|  Progress Residential Trust Series 2021-SFR11, Class G | Progress Residential Trust Series 2021-SFR11, Class G | Progress Residential Trust Series 2021-SFR11, Class G | Progress Residential Trust Series 2021-SFR11, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69% <sup>(1)</sup> | 01/17/39 | 3000000 | 2900739 |
|  Progress Residential Trust Series 2021-SFR3, Class F | Progress Residential Trust Series 2021-SFR3, Class F | Progress Residential Trust Series 2021-SFR3, Class F | Progress Residential Trust Series 2021-SFR3, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44% <sup>(1)</sup> | 05/17/26 | 3700000 | 3687152 |
|  Progress Residential Trust Series 2021-SFR3, Class G | Progress Residential Trust Series 2021-SFR3, Class G | Progress Residential Trust Series 2021-SFR3, Class G | Progress Residential Trust Series 2021-SFR3, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(1)</sup> | 05/17/26 | 15752000 | 15692123 |
|  Progress Residential Trust Series 2021-SFR8, Class G | Progress Residential Trust Series 2021-SFR8, Class G | Progress Residential Trust Series 2021-SFR8, Class G | Progress Residential Trust Series 2021-SFR8, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01% <sup>(1)</sup> | 10/17/38 | 4886000 | 4827299 |
|  Progress Residential Trust Series 2022-SFR1, Class G | Progress Residential Trust Series 2022-SFR1, Class G | Progress Residential Trust Series 2022-SFR1, Class G | Progress Residential Trust Series 2022-SFR1, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52% <sup>(1)</sup> | 02/17/41 | 5517817 | 5394715 |
|  RIDE Series 2025-SHRE, Class D | RIDE Series 2025-SHRE, Class D | RIDE Series 2025-SHRE, Class D | RIDE Series 2025-SHRE, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30% <sup>(1),(2)</sup> | 02/14/47 | 3225000 | 3293881 |
|  RIDE Series 2025-SHRE, Class E | RIDE Series 2025-SHRE, Class E | RIDE Series 2025-SHRE, Class E | RIDE Series 2025-SHRE, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.29% <sup>(1),(2)</sup> | 02/14/47 | 2000000 | 2066053 |
|  ROCK Trust Series 2024-CNTR, Class E | ROCK Trust Series 2024-CNTR, Class E | ROCK Trust Series 2024-CNTR, Class E | ROCK Trust Series 2024-CNTR, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.82% <sup>(1)</sup> | 11/13/41 | 2500000 | 2608060 |
|  Sage AR Funding Series 2026-1A, Class D | Sage AR Funding Series 2026-1A, Class D | Sage AR Funding Series 2026-1A, Class D | Sage AR Funding Series 2026-1A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.23% (1 day GBP SONIA + 2.500%) <sup>(1),(4)</sup> | 05/18/38 | 2800000 | 3713924 |
|  Sequoia Logistics DAC Series 2025-1A, Class E | Sequoia Logistics DAC Series 2025-1A, Class E | Sequoia Logistics DAC Series 2025-1A, Class E | Sequoia Logistics DAC Series 2025-1A, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% (3 mo. EUR EURIBOR + 3.800%) <sup>(1),(4)</sup> | 02/17/37 | 3500000 | 4023094 |
|  SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14% <sup>(1),(2)</sup> | 01/05/43 | 1840000 | 1597091 |
|  SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class C | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class C | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class C | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% <sup>(1),(2)</sup> | 01/05/43 | 10000000 | 7925541 |
|  SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class D | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class D | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class D | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% <sup>(1),(2)</sup> | 01/05/43 | 13330000 | 9931555 |
|  SLG Office Trust Series 2021-OVA, Class F | SLG Office Trust Series 2021-OVA, Class F | SLG Office Trust Series 2021-OVA, Class F | SLG Office Trust Series 2021-OVA, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85% <sup>(1)</sup> | 07/15/41 | 3000000 | 2487844 |
|  SLG Office Trust Series 2026-OMA, Class F | SLG Office Trust Series 2026-OMA, Class F | SLG Office Trust Series 2026-OMA, Class F | SLG Office Trust Series 2026-OMA, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.92% <sup>(1),(2),(10)</sup> | 04/15/41 | 2670000 | 2693010 |
|  SMRT Commercial Mortgage Trust Series 2022-MINI, Class F | SMRT Commercial Mortgage Trust Series 2022-MINI, Class F | SMRT Commercial Mortgage Trust Series 2022-MINI, Class F | SMRT Commercial Mortgage Trust Series 2022-MINI, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.02% (1 mo. USD Term SOFR + 3.350%) <sup>(1),(4)</sup> | 01/15/39 | 6570000 | 6413484 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-<br>AGENCY (Continued)** |
|  SWCH Commercial Mortgage Trust Series 2025-DATA, Class E | SWCH Commercial Mortgage Trust Series 2025-DATA, Class E | SWCH Commercial Mortgage Trust Series 2025-DATA, Class E | SWCH Commercial Mortgage Trust Series 2025-DATA, Class E | SWCH Commercial Mortgage Trust Series 2025-DATA, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.01% (1 mo. USD Term SOFR + 3.340%) <sup>(1),(4)</sup> | 02/15/42 | $| 7445000 | 7335209 |
|  TCO Commercial Mortgage Trust Series 2024-DPM, Class D | TCO Commercial Mortgage Trust Series 2024-DPM, Class D | TCO Commercial Mortgage Trust Series 2024-DPM, Class D | TCO Commercial Mortgage Trust Series 2024-DPM, Class D | TCO Commercial Mortgage Trust Series 2024-DPM, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.41% (1 mo. USD Term SOFR + 2.741%) <sup>(1),(4)</sup> | 12/15/39 |  | 5650000 | 5655487 |
|  Tricon Residential Trust Series 2021-SFR1, Class F | Tricon Residential Trust Series 2021-SFR1, Class F | Tricon Residential Trust Series 2021-SFR1, Class F | Tricon Residential Trust Series 2021-SFR1, Class F | Tricon Residential Trust Series 2021-SFR1, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69% <sup>(1)</sup> | 07/17/38 |  | 5820000 | 5780038 |
|  U.K. Logistics DAC Series 2025-1A, Class E | U.K. Logistics DAC Series 2025-1A, Class E | U.K. Logistics DAC Series 2025-1A, Class E | U.K. Logistics DAC Series 2025-1A, Class E | U.K. Logistics DAC Series 2025-1A, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% (1 day GBP SONIA + 5.500%) <sup>(1),(4)</sup> | 05/17/35 | GBP | 951188 | 1253674 |
|  WFRBS Commercial Mortgage Trust Series 2013-C14, Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2013-C14, Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2013-C14, Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2013-C14, Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2013-C14, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.30% <sup>(2)</sup> | 06/15/46 |  | 729288 | 7 |
|  WFRBS Commercial Mortgage Trust Series 2014-C23, Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2014-C23, Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2014-C23, Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2014-C23, Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2014-C23, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10% <sup>(2)</sup> | 10/15/57 |  | 826340 | 1148 |
| **Total Commercial Mortgage-Backed<br>Securities — Non-Agency** | **Total Commercial Mortgage-Backed<br>Securities — Non-Agency** | **Total Commercial Mortgage-Backed<br>Securities — Non-Agency** | **Total Commercial Mortgage-Backed<br>Securities — Non-Agency** |  |
|  (Cost: $352,506,411) | (Cost: $352,506,411) |  |  | 334367499 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY — 0.8%** |
|  Federal Home Loan Mortgage Corp. Multifamily PC REMIC Trust Series 2019-P002, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily PC REMIC Trust Series 2019-P002, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily PC REMIC Trust Series 2019-P002, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily PC REMIC Trust Series 2019-P002, Class X (I/O) | Federal Home Loan Mortgage Corp. Multifamily PC REMIC Trust Series 2019-P002, Class X (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77% <sup>(2)</sup> | 07/25/33 |  | 14520699 | 739395 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K056, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K056, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K056, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K056, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K056, Class X1 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.21% <sup>(2)</sup> | 05/25/26 |  | 37278495 | 21539 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K057, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K057, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K057, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K057, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K057, Class X1 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16% <sup>(2)</sup> | 07/25/26 |  | 91980149 | 120696 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.18% <sup>(2)</sup> | 06/25/27 |  | 57671187 | 464726 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC07, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC07, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC07, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC07, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC07, Class X1 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.73% <sup>(2)</sup> | 09/25/26 |  | 63433543 | 194957 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KL05, Class X1HG (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KL05, Class X1HG (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KL05, Class X1HG (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KL05, Class X1HG (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KL05, Class X1HG (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.22% <sup>(2)</sup> | 12/25/27 |  | 49444667 | 1931 |
|  Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97% <sup>(2)</sup> | 07/25/39 |  | 6927119 | 124156 |
|  Federal National Mortgage Association-ACES Series 2016-M4, Class X2 (I/O) | Federal National Mortgage Association-ACES Series 2016-M4, Class X2 (I/O) | Federal National Mortgage Association-ACES Series 2016-M4, Class X2 (I/O) | Federal National Mortgage Association-ACES Series 2016-M4, Class X2 (I/O) | Federal National Mortgage Association-ACES Series 2016-M4, Class X2 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69% <sup>(2)</sup> | 01/25/39 |  | 15070705 | 527939 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES —<br>AGENCY (Continued)** |
|  Federal National Mortgage Association-ACES Series 2019-M29, Class X4 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2019-M29, Class X4 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2019-M29, Class X4 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2019-M29, Class X4 (ACES) (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70% <sup>(2)</sup> | 03/25/29 | 117375779 | 1816015 |
|  FREMF Mortgage Trust Series 2017-KW03, Class C | FREMF Mortgage Trust Series 2017-KW03, Class C | FREMF Mortgage Trust Series 2017-KW03, Class C | FREMF Mortgage Trust Series 2017-KW03, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(3)</sup> | 08/25/27 | 6135000 | 5465567 |
|  FREMF Mortgage Trust Series 2019-KF71, Class B | FREMF Mortgage Trust Series 2019-KF71, Class B | FREMF Mortgage Trust Series 2019-KF71, Class B | FREMF Mortgage Trust Series 2019-KF71, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.08% (30 day USD SOFR Average + 2.414%) <sup>(1),(4)</sup> | 10/25/29 | 578866 | 546091 |
|  FREMF Mortgage Trust Series 2020-KF75, Class B | FREMF Mortgage Trust Series 2020-KF75, Class B | FREMF Mortgage Trust Series 2020-KF75, Class B | FREMF Mortgage Trust Series 2020-KF75, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.03% (30 day USD SOFR Average + 2.364%) <sup>(1),(4)</sup> | 12/25/29 | 832573 | 781184 |
|  FREMF Mortgage Trust Series 2020-KF78, Class C | FREMF Mortgage Trust Series 2020-KF78, Class C | FREMF Mortgage Trust Series 2020-KF78, Class C | FREMF Mortgage Trust Series 2020-KF78, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.65% (30 day USD SOFR Average + 7.984%) <sup>(1),(4)</sup> | 03/25/30 | 3228631 | 3190264 |
|  FREMF Mortgage Trust Series 2020-KF88, Class C | FREMF Mortgage Trust Series 2020-KF88, Class C | FREMF Mortgage Trust Series 2020-KF88, Class C | FREMF Mortgage Trust Series 2020-KF88, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.78% (30 day USD SOFR Average + 9.114%) <sup>(1),(4)</sup> | 09/25/30 | 2828630 | 2847437 |
|  Government National Mortgage Association Series 2011-152 (I/O) | Government National Mortgage Association Series 2011-152 (I/O) | Government National Mortgage Association Series 2011-152 (I/O) | Government National Mortgage Association Series 2011-152 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01% <sup>(2)</sup> | 08/16/51 | 2392282 | 63 |
|  Government National Mortgage Association Series 2012-112 (I/O) | Government National Mortgage Association Series 2012-112 (I/O) | Government National Mortgage Association Series 2012-112 (I/O) | Government National Mortgage Association Series 2012-112 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.11% <sup>(2)</sup> | 02/16/53 | 15446674 | 45781 |
|  Government National Mortgage Association Series 2012-78 (I/O) | Government National Mortgage Association Series 2012-78 (I/O) | Government National Mortgage Association Series 2012-78 (I/O) | Government National Mortgage Association Series 2012-78 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.03% <sup>(2)</sup> | 06/16/52 | 16639086 | 987 |
|  Government National Mortgage Association Series 2014-103 (I/O) | Government National Mortgage Association Series 2014-103 (I/O) | Government National Mortgage Association Series 2014-103 (I/O) | Government National Mortgage Association Series 2014-103 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.18% <sup>(2)</sup> | 05/16/55 | 13163463 | 63041 |
|  Government National Mortgage Association Series 2014-125 (I/O) | Government National Mortgage Association Series 2014-125 (I/O) | Government National Mortgage Association Series 2014-125 (I/O) | Government National Mortgage Association Series 2014-125 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.87% <sup>(2)</sup> | 11/16/54 | 5867082 | 149909 |
|  Government National Mortgage Association Series 2023-127 (I/O) | Government National Mortgage Association Series 2023-127 (I/O) | Government National Mortgage Association Series 2023-127 (I/O) | Government National Mortgage Association Series 2023-127 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40% <sup>(2)</sup> | 07/16/57 | 153287501 | 2607957 |
| **Total Commercial Mortgage-Backed<br>Securities — Agency**<br>(Cost: $28,583,017) | **Total Commercial Mortgage-Backed<br>Securities — Agency**<br>(Cost: $28,583,017) | **Total Commercial Mortgage-Backed<br>Securities — Agency**<br>(Cost: $28,583,017) | 19709635 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY—26.6%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY—26.6%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY—26.6%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY—26.6%** |
|  ABFC Trust Series 2007-WMC1, Class A1A | ABFC Trust Series 2007-WMC1, Class A1A | ABFC Trust Series 2007-WMC1, Class A1A | ABFC Trust Series 2007-WMC1, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04% (1 mo. USD Term SOFR + 1.364%) <sup>(4)</sup> | 06/25/37 | 13958106 | 10075043 |
|  ABFC Trust Series 2007-WMC1, Class A2B | ABFC Trust Series 2007-WMC1, Class A2B | ABFC Trust Series 2007-WMC1, Class A2B | ABFC Trust Series 2007-WMC1, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79% (1 mo. USD Term SOFR + 1.114%) <sup>(4)</sup> | 06/25/37 | 2567757 | 2207623 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  ACE Securities Corp. Home Equity Loan Trust Series 2006-HE3, Class A2C | ACE Securities Corp. Home Equity Loan Trust Series 2006-HE3, Class A2C | ACE Securities Corp. Home Equity Loan Trust Series 2006-HE3, Class A2C | ACE Securities Corp. Home Equity Loan Trust Series 2006-HE3, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% (1 mo. USD Term SOFR + 0.414%) <sup>(4)</sup> | 06/25/36 | $3869037 | $2875581 |
|  ACE Securities Corp. Home Equity Loan Trust Series 2006-NC3, Class A2C | ACE Securities Corp. Home Equity Loan Trust Series 2006-NC3, Class A2C | ACE Securities Corp. Home Equity Loan Trust Series 2006-NC3, Class A2C | ACE Securities Corp. Home Equity Loan Trust Series 2006-NC3, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% (1 mo. USD Term SOFR + 0.434%) <sup>(4)</sup> | 12/25/36 | 49601878 | 12371477 |
|  ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A1 | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A1 | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A1 | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% (1 mo. USD Term SOFR + 0.434%) <sup>(4)</sup> | 03/25/37 | 25873238 | 11023407 |
|  ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2D | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2D | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2D | ACE Securities Corp. Home Equity Loan Trust Series 2007-ASP1, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% (1 mo. USD Term SOFR + 0.874%) <sup>(4)</sup> | 03/25/37 | 2039153 | 832591 |
|  Adjustable Rate Mortgage Trust Series 2005-4, Class 5A1 | Adjustable Rate Mortgage Trust Series 2005-4, Class 5A1 | Adjustable Rate Mortgage Trust Series 2005-4, Class 5A1 | Adjustable Rate Mortgage Trust Series 2005-4, Class 5A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26% <sup>(2)</sup> | 08/25/35 | 1017051 | 825304 |
|  Adjustable Rate Mortgage Trust Series 2007-1, Class 1A1 | Adjustable Rate Mortgage Trust Series 2007-1, Class 1A1 | Adjustable Rate Mortgage Trust Series 2007-1, Class 1A1 | Adjustable Rate Mortgage Trust Series 2007-1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.12% <sup>(2)</sup> | 03/25/37 | 949319 | 768331 |
|  American Home Mortgage Investment Trust Series 2006-1, Class 11A | American Home Mortgage Investment Trust Series 2006-1, Class 11A | American Home Mortgage Investment Trust Series 2006-1, Class 11A | American Home Mortgage Investment Trust Series 2006-1, Class 11A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% (1 mo. USD Term SOFR + 0.394%) <sup>(4)</sup> | 03/25/46 | 6298684 | 5748056 |
|  American Home Mortgage Investment Trust Series 2006-1, Class 12A | American Home Mortgage Investment Trust Series 2006-1, Class 12A | American Home Mortgage Investment Trust Series 2006-1, Class 12A | American Home Mortgage Investment Trust Series 2006-1, Class 12A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19% (1 mo. USD Term SOFR + 0.514%) <sup>(4)</sup> | 03/25/46 | 1952592 | 1775425 |
|  Argent Securities Trust Series 2006-W3, Class A2C | Argent Securities Trust Series 2006-W3, Class A2C | Argent Securities Trust Series 2006-W3, Class A2C | Argent Securities Trust Series 2006-W3, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% (1 mo. USD Term SOFR + 0.474%) <sup>(4)</sup> | 04/25/36 | 35875427 | 10119139 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust Series 2004-HE9, Class M1 | Asset-Backed Securities Corp. Home Equity Loan Trust Series 2004-HE9, Class M1 | Asset-Backed Securities Corp. Home Equity Loan Trust Series 2004-HE9, Class M1 | Asset-Backed Securities Corp. Home Equity Loan Trust Series 2004-HE9, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77% (1 mo. USD Term SOFR + 1.089%) *<sup>(4)</sup>* | 12/25/34 | 809336 | 765820 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust Series 2006-HE5, Class A5 | Asset-Backed Securities Corp. Home Equity Loan Trust Series 2006-HE5, Class A5 | Asset-Backed Securities Corp. Home Equity Loan Trust Series 2006-HE5, Class A5 | Asset-Backed Securities Corp. Home Equity Loan Trust Series 2006-HE5, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07% (1 mo. USD Term SOFR + 0.594%) *<sup>(4)</sup>* | 07/25/36 | 1213366 | 1207151 |
|  Banc of America Alternative Loan Trust Series 2003-8, Class 1CB | Banc of America Alternative Loan Trust Series 2003-8, Class 1CB | Banc of America Alternative Loan Trust Series 2003-8, Class 1CB | Banc of America Alternative Loan Trust Series 2003-8, Class 1CB |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 10/25/33 | 242535 | 244285 |
|  Banc of America Funding Corp. Series 2015-R3, Class 6A2 | Banc of America Funding Corp. Series 2015-R3, Class 6A2 | Banc of America Funding Corp. Series 2015-R3, Class 6A2 | Banc of America Funding Corp. Series 2015-R3, Class 6A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% *<sup>(1),(2)</sup>* | 05/27/36 | 6177005 | 6032745 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Banc of America Funding Trust Series 2006-D, Class 3A1 | Banc of America Funding Trust Series 2006-D, Class 3A1 | Banc of America Funding Trust Series 2006-D, Class 3A1 | Banc of America Funding Trust Series 2006-D, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% *<sup>(2)</sup>* | 05/20/36 | $469944 | $424766 |
|  Banc of America Mortgage Trust Series 2005-K, Class 2A1 | Banc of America Mortgage Trust Series 2005-K, Class 2A1 | Banc of America Mortgage Trust Series 2005-K, Class 2A1 | Banc of America Mortgage Trust Series 2005-K, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06% *<sup>(2)</sup>* | 12/25/35 | 430546 | 398679 |
|  BCAP LLC Trust Series 2007-AA1, Class 2A1 | BCAP LLC Trust Series 2007-AA1, Class 2A1 | BCAP LLC Trust Series 2007-AA1, Class 2A1 | BCAP LLC Trust Series 2007-AA1, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% (1 mo. USD Term SOFR + 0.474%) *<sup>(4)</sup>* | 03/25/37 | 1925765 | 1807178 |
|  Bear Stearns ALT-A Trust Series 2005-2, Class 2A4 | Bear Stearns ALT-A Trust Series 2005-2, Class 2A4 | Bear Stearns ALT-A Trust Series 2005-2, Class 2A4 | Bear Stearns ALT-A Trust Series 2005-2, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(2)</sup>* | 04/25/35 | 440619 | 403988 |
|  Bear Stearns ALT-A Trust Series 2005-8, Class 11A1 | Bear Stearns ALT-A Trust Series 2005-8, Class 11A1 | Bear Stearns ALT-A Trust Series 2005-8, Class 11A1 | Bear Stearns ALT-A Trust Series 2005-8, Class 11A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33% (1 mo. USD Term SOFR + 0.654%) *<sup>(4)</sup>* | 10/25/35 | 3665601 | 3434045 |
|  Bear Stearns ARM Trust Series 2005-9, Class A1 | Bear Stearns ARM Trust Series 2005-9, Class A1 | Bear Stearns ARM Trust Series 2005-9, Class A1 | Bear Stearns ARM Trust Series 2005-9, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (1 yr. CMT + 2.300%) *<sup>(4)</sup>* | 10/25/35 | 599522 | 581048 |
|  Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A3 | Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A3 | Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A3 | Bear Stearns Asset-Backed Securities I Trust Series 2005-AC6, Class 1A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(2)</sup>* | 09/25/35 | 202853 | 193419 |
|  Bear Stearns Asset-Backed Securities I Trust Series 2006-AC2, Class 21A (PAC) | Bear Stearns Asset-Backed Securities I Trust Series 2006-AC2, Class 21A (PAC) | Bear Stearns Asset-Backed Securities I Trust Series 2006-AC2, Class 21A (PAC) | Bear Stearns Asset-Backed Securities I Trust Series 2006-AC2, Class 21A (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 03/25/36 | 3628 | 3622 |
|  Bear Stearns Mortgage Funding Trust Series 2007-AR4, Class 1A1 | Bear Stearns Mortgage Funding Trust Series 2007-AR4, Class 1A1 | Bear Stearns Mortgage Funding Trust Series 2007-AR4, Class 1A1 | Bear Stearns Mortgage Funding Trust Series 2007-AR4, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19% (1 mo. USD Term SOFR + 0.514%) *<sup>(4)</sup>* | 09/25/47 | 3601791 | 3347532 |
|  Bear Stearns Mortgage Funding Trust Series 2007-AR4, Class 2A1 | Bear Stearns Mortgage Funding Trust Series 2007-AR4, Class 2A1 | Bear Stearns Mortgage Funding Trust Series 2007-AR4, Class 2A1 | Bear Stearns Mortgage Funding Trust Series 2007-AR4, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% (1 mo. USD Term SOFR + 0.324%) *<sup>(4)</sup>* | 06/25/37 | 2799941 | 2669732 |
|  C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46% | 02/25/37 | 3432683 | 1958279 |
|  C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46% | 02/25/37 | 821584 | 468698 |
|  C-BASS Mortgage Loan Trust Series 2007-CB3, Class A3 | C-BASS Mortgage Loan Trust Series 2007-CB3, Class A3 | C-BASS Mortgage Loan Trust Series 2007-CB3, Class A3 | C-BASS Mortgage Loan Trust Series 2007-CB3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26% | 03/25/37 | 4898319 | 1767986 |
|  C-BASS Trust Series 2006-CB9, Class A2 | C-BASS Trust Series 2006-CB9, Class A2 | C-BASS Trust Series 2006-CB9, Class A2 | C-BASS Trust Series 2006-CB9, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01% (1 mo. USD Term SOFR + 0.334%) *<sup>(4)</sup>* | 11/25/36 | 6408542 | 2968844 |
|  C-BASS Trust Series 2007-CB1, Class AF2 | C-BASS Trust Series 2007-CB1, Class AF2 | C-BASS Trust Series 2007-CB1, Class AF2 | C-BASS Trust Series 2007-CB1, Class AF2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08% | 01/25/37 | 2284104 | 620310 |
|  C-BASS Trust Series 2007-CB5, Class A1 | C-BASS Trust Series 2007-CB5, Class A1 | C-BASS Trust Series 2007-CB5, Class A1 | C-BASS Trust Series 2007-CB5, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21% (1 mo. USD Term SOFR + 0.234%) *<sup>(4)</sup>* | 04/25/37 | 1102766 | 659651 |
|  Carrington Mortgage Loan Trust Series 2006-NC4, Class A4 | Carrington Mortgage Loan Trust Series 2006-NC4, Class A4 | Carrington Mortgage Loan Trust Series 2006-NC4, Class A4 | Carrington Mortgage Loan Trust Series 2006-NC4, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03% (1 mo. USD Term SOFR + 0.354%) *<sup>(4)</sup>* | 10/25/36 | 14364300 | 12703803 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Cascade MH Asset Trust Series 2022-MH1, Class A | Cascade MH Asset Trust Series 2022-MH1, Class A | Cascade MH Asset Trust Series 2022-MH1, Class A | Cascade MH Asset Trust Series 2022-MH1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% *<sup>(1)</sup>* | 08/25/54 | $5586487 | $5475699 |
|  CFMT LLC Series 2024-NR1, Class A1 | CFMT LLC Series 2024-NR1, Class A1 | CFMT LLC Series 2024-NR1, Class A1 | CFMT LLC Series 2024-NR1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.41% *<sup>(1)</sup>* | 11/25/29 | 8266262 | 8279151 |
|  Chase Mortgage Finance Trust Series 2007-A1, Class 8A1 | Chase Mortgage Finance Trust Series 2007-A1, Class 8A1 | Chase Mortgage Finance Trust Series 2007-A1, Class 8A1 | Chase Mortgage Finance Trust Series 2007-A1, Class 8A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.06% *<sup>(2)</sup>* | 02/25/37 | 270748 | 267431 |
|  CHL Mortgage Pass-Through Trust Series 2005-3, Class 1A2 | CHL Mortgage Pass-Through Trust Series 2005-3, Class 1A2 | CHL Mortgage Pass-Through Trust Series 2005-3, Class 1A2 | CHL Mortgage Pass-Through Trust Series 2005-3, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37% (1 mo. USD Term SOFR + 0.694%) *<sup>(4)</sup>* | 04/25/35 | 1747105 | 1689894 |
|  CIM Trust Series 2020-R1, Class A1 | CIM Trust Series 2020-R1, Class A1 | CIM Trust Series 2020-R1, Class A1 | CIM Trust Series 2020-R1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85% *<sup>(1),(2)</sup>* | 10/27/59 | 7405409 | 6901698 |
|  CIM Trust Series 2020-R6, Class A1A | CIM Trust Series 2020-R6, Class A1A | CIM Trust Series 2020-R6, Class A1A | CIM Trust Series 2020-R6, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% *<sup>(1),(2)</sup>* | 12/25/60 | 3390183 | 3108351 |
|  CIM Trust Series 2020-R7, Class A1A | CIM Trust Series 2020-R7, Class A1A | CIM Trust Series 2020-R7, Class A1A | CIM Trust Series 2020-R7, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% *<sup>(1),(2)</sup>* | 12/27/61 | 5216532 | 4823918 |
|  CIM Trust Series 2021-R3, Class A1B | CIM Trust Series 2021-R3, Class A1B | CIM Trust Series 2021-R3, Class A1B | CIM Trust Series 2021-R3, Class A1B |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% *<sup>(1),(2)</sup>* | 06/25/57 | 18287000 | 15497858 |
|  CIM Trust Series 2021-R4, Class A1A | CIM Trust Series 2021-R4, Class A1A | CIM Trust Series 2021-R4, Class A1A | CIM Trust Series 2021-R4, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(1),(2)</sup>* | 05/01/61 | 6580364 | 6240979 |
|  CIM Trust Series 2021-R4, Class A1B | CIM Trust Series 2021-R4, Class A1B | CIM Trust Series 2021-R4, Class A1B | CIM Trust Series 2021-R4, Class A1B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(1),(2)</sup>* | 05/01/61 | 10243493 | 8570460 |
|  CIM Trust Series 2021-R5, Class A1A | CIM Trust Series 2021-R5, Class A1A | CIM Trust Series 2021-R5, Class A1A | CIM Trust Series 2021-R5, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% *<sup>(1),(2)</sup>* | 08/25/61 | 6502806 | 5842720 |
|  CIM Trust Series 2025-R1, Class A1 | CIM Trust Series 2025-R1, Class A1 | CIM Trust Series 2025-R1, Class A1 | CIM Trust Series 2025-R1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 02/25/99 | 7397523 | 7325822 |
|  Citigroup Mortgage Loan Trust Series 2005-9, Class 1A1 | Citigroup Mortgage Loan Trust Series 2005-9, Class 1A1 | Citigroup Mortgage Loan Trust Series 2005-9, Class 1A1 | Citigroup Mortgage Loan Trust Series 2005-9, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05% (1 mo. USD Term SOFR + 0.374%) *<sup>(4)</sup>* | 11/25/35 | 31273 | 27665 |
|  Citigroup Mortgage Loan Trust, Inc. Series 2006-HE3, Class A2C | Citigroup Mortgage Loan Trust, Inc. Series 2006-HE3, Class A2C | Citigroup Mortgage Loan Trust, Inc. Series 2006-HE3, Class A2C | Citigroup Mortgage Loan Trust, Inc. Series 2006-HE3, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% (1 mo. USD Term SOFR + 0.434%) *<sup>(4)</sup>* | 12/25/36 | 5625203 | 3936743 |
|  Citigroup Mortgage Loan Trust, Inc. Series 2006-HE3, Class A2D | Citigroup Mortgage Loan Trust, Inc. Series 2006-HE3, Class A2D | Citigroup Mortgage Loan Trust, Inc. Series 2006-HE3, Class A2D | Citigroup Mortgage Loan Trust, Inc. Series 2006-HE3, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% (1 mo. USD Term SOFR + 0.574%) *<sup>(4)</sup>* | 12/25/36 | 6011667 | 4206664 |
|  Countrywide Alternative Loan Trust Series 2005-74T1, Class A1 | Countrywide Alternative Loan Trust Series 2005-74T1, Class A1 | Countrywide Alternative Loan Trust Series 2005-74T1, Class A1 | Countrywide Alternative Loan Trust Series 2005-74T1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 01/25/36 | 4733256 | 2625303 |
|  Countrywide Alternative Loan Trust Series 2005-76, Class 1A1 | Countrywide Alternative Loan Trust Series 2005-76, Class 1A1 | Countrywide Alternative Loan Trust Series 2005-76, Class 1A1 | Countrywide Alternative Loan Trust Series 2005-76, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.34% (1 yr. MTA + 1.480%) *<sup>(4)</sup>* | 01/25/36 | 1753625 | 1696809 |
|  Countrywide Alternative Loan Trust Series 2006-HY12, Class A5 | Countrywide Alternative Loan Trust Series 2006-HY12, Class A5 | Countrywide Alternative Loan Trust Series 2006-HY12, Class A5 | Countrywide Alternative Loan Trust Series 2006-HY12, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10% *<sup>(2)</sup>* | 08/25/36 | 1422926 | 1345794 |
|  Credit Suisse First Boston Mortgage Securities Corp. Series 2003-AR26, Class 3A1 | Credit Suisse First Boston Mortgage Securities Corp. Series 2003-AR26, Class 3A1 | Credit Suisse First Boston Mortgage Securities Corp. Series 2003-AR26, Class 3A1 | Credit Suisse First Boston Mortgage Securities Corp. Series 2003-AR26, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.48% *<sup>(2)</sup>* | 11/25/33 | 149028 | 146530 |
|  Credit Suisse First Boston Mortgage Securities Corp. Series 98-1, Class A4 | Credit Suisse First Boston Mortgage Securities Corp. Series 98-1, Class A4 | Credit Suisse First Boston Mortgage Securities Corp. Series 98-1, Class A4 | Credit Suisse First Boston Mortgage Securities Corp. Series 98-1, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.49% | 09/25/28 | 4402 | 4394 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Credit-Based Asset Servicing & Securitization LLC Series 2006-CB2, Class AF3 | Credit-Based Asset Servicing & Securitization LLC Series 2006-CB2, Class AF3 | Credit-Based Asset Servicing & Securitization LLC Series 2006-CB2, Class AF3 | Credit-Based Asset Servicing & Securitization LLC Series 2006-CB2, Class AF3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92% | 12/25/36 | $560947 | $457432 |
|  CSFB Mortgage-Backed Pass-Through Certificates Series 2004-AR5, Class 9A1 | CSFB Mortgage-Backed Pass-Through Certificates Series 2004-AR5, Class 9A1 | CSFB Mortgage-Backed Pass-Through Certificates Series 2004-AR5, Class 9A1 | CSFB Mortgage-Backed Pass-Through Certificates Series 2004-AR5, Class 9A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85% *<sup>(2)</sup>* | 06/25/34 | 22058 | 21192 |
|  CSMC Mortgage-Backed Trust Series 2006-1, Class 1A4 | CSMC Mortgage-Backed Trust Series 2006-1, Class 1A4 | CSMC Mortgage-Backed Trust Series 2006-1, Class 1A4 | CSMC Mortgage-Backed Trust Series 2006-1, Class 1A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 02/25/36 | 2095042 | 1849669 |
|  CSMC Mortgage-Backed Trust Series 2006-8, Class 3A1 | CSMC Mortgage-Backed Trust Series 2006-8, Class 3A1 | CSMC Mortgage-Backed Trust Series 2006-8, Class 3A1 | CSMC Mortgage-Backed Trust Series 2006-8, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/25/49 | 20037 | 3645 |
|  CSMC Trust Series 2022-RPL1, Class PT | CSMC Trust Series 2022-RPL1, Class PT | CSMC Trust Series 2022-RPL1, Class PT | CSMC Trust Series 2022-RPL1, Class PT |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% *<sup>(1),(2)</sup>* | 04/25/61 | 9232254 | 8308303 |
|  CSMCM Trust Series 2018-SP3, Class PT | CSMCM Trust Series 2018-SP3, Class PT | CSMCM Trust Series 2018-SP3, Class PT | CSMCM Trust Series 2018-SP3, Class PT |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% *<sup>(1),(2)</sup>* | 06/25/48 | 9843251 | 8410277 |
|  CSMCM Trust Series 2022-RPL1, Class CERT | CSMCM Trust Series 2022-RPL1, Class CERT | CSMCM Trust Series 2022-RPL1, Class CERT | CSMCM Trust Series 2022-RPL1, Class CERT |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% *<sup>(1)</sup>* | 04/25/61 | 390193 | 321935 |
|  DSLA Mortgage Loan Trust Series 2004-AR4, Class 2A1 | DSLA Mortgage Loan Trust Series 2004-AR4, Class 2A1 | DSLA Mortgage Loan Trust Series 2004-AR4, Class 2A1 | DSLA Mortgage Loan Trust Series 2004-AR4, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51% (1 mo. USD Term SOFR + 0.834%) *<sup>(4)</sup>* | 01/19/45 | 338352 | 257590 |
|  DSLA Mortgage Loan Trust Series 2005-AR6, Class 2A1A | DSLA Mortgage Loan Trust Series 2005-AR6, Class 2A1A | DSLA Mortgage Loan Trust Series 2005-AR6, Class 2A1A | DSLA Mortgage Loan Trust Series 2005-AR6, Class 2A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37% (1 mo. USD Term SOFR + 0.694%) *<sup>(4)</sup>* | 10/19/45 | 2751932 | 2577806 |
|  DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A | DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A | DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A | DSLA Mortgage Loan Trust Series 2006-AR2, Class 2A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99% (1 mo. USD Term SOFR + 0.314%) *<sup>(4)</sup>* | 10/19/36 | 4539468 | 3086703 |
|  DSLA Mortgage Loan Trust Series 2007-AR1, Class 2A1A | DSLA Mortgage Loan Trust Series 2007-AR1, Class 2A1A | DSLA Mortgage Loan Trust Series 2007-AR1, Class 2A1A | DSLA Mortgage Loan Trust Series 2007-AR1, Class 2A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93% (1 mo. USD Term SOFR + 0.254%) *<sup>(4)</sup>* | 03/19/37 | 969589 | 825871 |
|  EFMT Series 2025-INV2, Class B1 | EFMT Series 2025-INV2, Class B1 | EFMT Series 2025-INV2, Class B1 | EFMT Series 2025-INV2, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(1),(2)</sup>* | 05/26/70 | 6876000 | 6950360 |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA6, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA6, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA6, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA6, Class B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.16% (30 day USD SOFR Average + 7.500%) *<sup>(1),(4)</sup>* | 10/25/41 | 6310000 | 6491155 |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA7, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA7, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA7, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA7, Class B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.46% (30 day USD SOFR Average + 7.800%) *<sup>(1),(4)</sup>* | 11/25/41 | 6550000 | 6774096 |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3, Class B2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3, Class B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.91% (30 day USD SOFR Average + 6.250%) *<sup>(1),(4)</sup>* | 09/25/41 | 5410000 | 5510122 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-HRP1, Class B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-HRP1, Class B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-HRP1, Class B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-HRP1, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.03% (30 day USD SOFR Average + 9.364%) *<sup>(1),(4)</sup>* | 11/25/39 | $3717330 | $3888050 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.66% (30 day USD SOFR Average + 6.000%) *<sup>(1),(4)</sup>* | 10/25/41 | 8995000 | 9182827 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.16% (30 day USD SOFR Average + 5.500%) *<sup>(1),(4)</sup>* | 12/25/41 | 6119000 | 6268262 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.66% (30 day USD SOFR Average + 6.000%) *<sup>(1),(4)</sup>* | 12/25/41 | 7125000 | 7313095 |
|  First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C | First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C | First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C | First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11% (1 mo. USD Term SOFR + 0.434%) *<sup>(4)</sup>* | 10/25/36 | 12207488 | 8026273 |
|  First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2D | First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2D | First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2D | First Franklin Mortgage Loan Trust Series 2006-FF18, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD Term SOFR + 0.534%) *<sup>(4)</sup>* | 12/25/37 | 573597 | 533970 |
|  First Franklin Mortgage Loan Trust Series 2006-FF5, Class M1 | First Franklin Mortgage Loan Trust Series 2006-FF5, Class M1 | First Franklin Mortgage Loan Trust Series 2006-FF5, Class M1 | First Franklin Mortgage Loan Trust Series 2006-FF5, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% (1 mo. USD Term SOFR + 0.519%) *<sup>(4)</sup>* | 04/25/36 | 3860000 | 3155025 |
|  First Franklin Mortgage Loan Trust Series 2006-FF9, Class 2A4 | First Franklin Mortgage Loan Trust Series 2006-FF9, Class 2A4 | First Franklin Mortgage Loan Trust Series 2006-FF9, Class 2A4 | First Franklin Mortgage Loan Trust Series 2006-FF9, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.614%) *<sup>(4)</sup>* | 06/25/36 | 10218000 | 9610243 |
|  First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2D | First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2D | First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2D | First Franklin Mortgage Loan Trust Series 2007-FF1, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% (1 mo. USD Term SOFR + 0.554%) *<sup>(4)</sup>* | 01/25/38 | 3430329 | 1885171 |
|  First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2B | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2B | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2B | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99% (1 mo. USD Term SOFR + 0.314%) *<sup>(4)</sup>* | 03/25/37 | 475845 | 225272 |
|  First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A1 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A1 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A1 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% *<sup>(2)</sup>* | 09/25/34 | 61058 | 61372 |
|  First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A3 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A3 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A3 | First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% *<sup>(2)</sup>* | 09/25/34 | 93888 | 94371 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  First Horizon Alternative Mortgage Securities Trust Series 2005-AA10, Class 1A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA10, Class 1A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA10, Class 1A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA10, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06% *<sup>(2)</sup>* | 12/25/35 | $533915 | $441329 |
|  First Horizon Alternative Mortgage Securities Trust Series 2005-AA12, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA12, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA12, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA12, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% *<sup>(2)</sup>* | 02/25/36 | 686774 | 407253 |
|  First Horizon Alternative Mortgage Securities Trust Series 2005-AA3, Class 3A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA3, Class 3A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA3, Class 3A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA3, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.57% *<sup>(2)</sup>* | 05/25/35 | 501984 | 475759 |
|  First Horizon Alternative Mortgage Securities Trust Series 2005-AA7, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA7, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA7, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA7, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% *<sup>(2)</sup>* | 09/25/35 | 779957 | 696060 |
|  First Horizon Alternative Mortgage Securities Trust Series 2005-AA8, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA8, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA8, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA8, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% *<sup>(2)</sup>* | 10/25/35 | 1223721 | 657907 |
|  First Horizon Alternative Mortgage Securities Trust Series 2005-AA9, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA9, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA9, Class 2A1 | First Horizon Alternative Mortgage Securities Trust Series 2005-AA9, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.19% *<sup>(2)</sup>* | 11/25/35 | 653998 | 570820 |
|  First Horizon Mortgage Pass-Through Trust Series 2005-AR4, Class 1A1 | First Horizon Mortgage Pass-Through Trust Series 2005-AR4, Class 1A1 | First Horizon Mortgage Pass-Through Trust Series 2005-AR4, Class 1A1 | First Horizon Mortgage Pass-Through Trust Series 2005-AR4, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79% *<sup>(2)</sup>* | 09/25/35 | 1134827 | 733927 |
|  First Horizon Mortgage Pass-Through Trust Series 2005-AR5, Class 2A1 | First Horizon Mortgage Pass-Through Trust Series 2005-AR5, Class 2A1 | First Horizon Mortgage Pass-Through Trust Series 2005-AR5, Class 2A1 | First Horizon Mortgage Pass-Through Trust Series 2005-AR5, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(2)</sup>* | 11/25/35 | 385820 | 283207 |
|  First Horizon Mortgage Pass-Through Trust Series 2007-AR2, Class 1A2 | First Horizon Mortgage Pass-Through Trust Series 2007-AR2, Class 1A2 | First Horizon Mortgage Pass-Through Trust Series 2007-AR2, Class 1A2 | First Horizon Mortgage Pass-Through Trust Series 2007-AR2, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.56% *<sup>(2)</sup>* | 08/25/37 | 45502 | 9252 |
|  GCAT Trust Series 2025-NQM2, Class B1 | GCAT Trust Series 2025-NQM2, Class B1 | GCAT Trust Series 2025-NQM2, Class B1 | GCAT Trust Series 2025-NQM2, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.18% *<sup>(1),(2)</sup>* | 04/25/70 | 4030000 | 4047900 |
|  GMACM Mortgage Loan Trust Series 2005-AR5, Class 3A1 | GMACM Mortgage Loan Trust Series 2005-AR5, Class 3A1 | GMACM Mortgage Loan Trust Series 2005-AR5, Class 3A1 | GMACM Mortgage Loan Trust Series 2005-AR5, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *<sup>(2)</sup>* | 09/19/35 | 772003 | 619794 |
|  GMACM Mortgage Loan Trust Series 2006-AR1, Class 1A1 | GMACM Mortgage Loan Trust Series 2006-AR1, Class 1A1 | GMACM Mortgage Loan Trust Series 2006-AR1, Class 1A1 | GMACM Mortgage Loan Trust Series 2006-AR1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% *<sup>(2)</sup>* | 04/19/36 | 2172704 | 1808531 |
|  GreenPoint Manufactured Housing Series 2000-1, Class A4 | GreenPoint Manufactured Housing Series 2000-1, Class A4 | GreenPoint Manufactured Housing Series 2000-1, Class A4 | GreenPoint Manufactured Housing Series 2000-1, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.14% *<sup>(2)</sup>* | 03/20/30 | 3202446 | 1666063 |
|  GreenPoint Mortgage Funding Trust Series 2007-AR1, Class 2A1 | GreenPoint Mortgage Funding Trust Series 2007-AR1, Class 2A1 | GreenPoint Mortgage Funding Trust Series 2007-AR1, Class 2A1 | GreenPoint Mortgage Funding Trust Series 2007-AR1, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19% (1 mo. USD Term SOFR + 0.514%) *<sup>(4)</sup>* | 03/25/47 | 6759837 | 6464019 |
|  GSAMP Trust Series 2007-FM2, Class A1 | GSAMP Trust Series 2007-FM2, Class A1 | GSAMP Trust Series 2007-FM2, Class A1 | GSAMP Trust Series 2007-FM2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93% (1 mo. USD Term SOFR + 0.254%) *<sup>(4)</sup>* | 01/25/37 | 15124353 | 9412569 |
|  GSR Mortgage Loan Trust Series 2005-7F, Class 3A3 (I/O) (I/F) | GSR Mortgage Loan Trust Series 2005-7F, Class 3A3 (I/O) (I/F) | GSR Mortgage Loan Trust Series 2005-7F, Class 3A3 (I/O) (I/F) | GSR Mortgage Loan Trust Series 2005-7F, Class 3A3 (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71% (-1 mo. USD Term SOFR + 5.386%) *<sup>(4)</sup>* | 09/25/35 | 7771 | 415 |
|  GSR Mortgage Loan Trust Series 2005-AR4, Class 5A1 | GSR Mortgage Loan Trust Series 2005-AR4, Class 5A1 | GSR Mortgage Loan Trust Series 2005-AR4, Class 5A1 | GSR Mortgage Loan Trust Series 2005-AR4, Class 5A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.36% <sup>(2)</sup> | 07/25/35 | 162001 | 156835 |
|  GSR Mortgage Loan Trust Series 2006-AR2, Class 2A1 | GSR Mortgage Loan Trust Series 2006-AR2, Class 2A1 | GSR Mortgage Loan Trust Series 2006-AR2, Class 2A1 | GSR Mortgage Loan Trust Series 2006-AR2, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06% <sup>(2)</sup> | 04/25/36 | 131993 | 77613 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  HarborView Mortgage Loan Trust Series 2005-10, Class 2A1 | HarborView Mortgage Loan Trust Series 2005-10, Class 2A1 | HarborView Mortgage Loan Trust Series 2005-10, Class 2A1 | HarborView Mortgage Loan Trust Series 2005-10, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41% (1 mo. USD Term SOFR + 0.734%) *<sup>(4)</sup>* | 11/19/35 | $707462 | $447102 |
|  HarborView Mortgage Loan Trust Series 2006-7, Class 1A | HarborView Mortgage Loan Trust Series 2006-7, Class 1A | HarborView Mortgage Loan Trust Series 2006-7, Class 1A | HarborView Mortgage Loan Trust Series 2006-7, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD Term SOFR + 0.534%) *<sup>(4)</sup>* | 09/19/46 | 7108942 | 6392267 |
|  HarborView Mortgage Loan Trust Series 2007-6, Class 1A1 | HarborView Mortgage Loan Trust Series 2007-6, Class 1A1 | HarborView Mortgage Loan Trust Series 2007-6, Class 1A1 | HarborView Mortgage Loan Trust Series 2007-6, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99% (1 mo. USD Term SOFR + 0.314%) <sup>(4)</sup> | 08/19/37 | 7668085 | 6704214 |
|  HSI Asset Securitization Corp. Trust Series 2006-HE1, Class 1A1 | HSI Asset Securitization Corp. Trust Series 2006-HE1, Class 1A1 | HSI Asset Securitization Corp. Trust Series 2006-HE1, Class 1A1 | HSI Asset Securitization Corp. Trust Series 2006-HE1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% (1 mo. USD Term SOFR + 0.394%) <sup>(4)</sup> | 10/25/36 | 10071741 | 2661931 |
|  HSI Asset Securitization Corp. Trust Series 2006-HE2, Class 1A | HSI Asset Securitization Corp. Trust Series 2006-HE2, Class 1A | HSI Asset Securitization Corp. Trust Series 2006-HE2, Class 1A | HSI Asset Securitization Corp. Trust Series 2006-HE2, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05% (1 mo. USD Term SOFR + 0.374%) *<sup>(4)</sup>* | 12/25/36 | 23837061 | 8841683 |
|  HSI Asset Securitization Corp. Trust Series 2006-WMC1, Class A1 | HSI Asset Securitization Corp. Trust Series 2006-WMC1, Class A1 | HSI Asset Securitization Corp. Trust Series 2006-WMC1, Class A1 | HSI Asset Securitization Corp. Trust Series 2006-WMC1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89% (1 mo. USD Term SOFR + 0.214%) *<sup>(4)</sup>* | 07/25/36 | 9316576 | 3933872 |
|  HSI Asset Securitization Corp. Trust Series 2006-WMC1, Class A2 | HSI Asset Securitization Corp. Trust Series 2006-WMC1, Class A2 | HSI Asset Securitization Corp. Trust Series 2006-WMC1, Class A2 | HSI Asset Securitization Corp. Trust Series 2006-WMC1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99% (1 mo. USD Term SOFR + 0.314%) *<sup>(4)</sup>* | 07/25/36 | 10311655 | 4378176 |
|  HSI Asset Securitization Corp. Trust Series 2006-WMC1, Class A4 | HSI Asset Securitization Corp. Trust Series 2006-WMC1, Class A4 | HSI Asset Securitization Corp. Trust Series 2006-WMC1, Class A4 | HSI Asset Securitization Corp. Trust Series 2006-WMC1, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.614%) *<sup>(4)</sup>* | 07/25/36 | 9017059 | 3877140 |
|  Impac CMB Trust Series 2005-2, Class 1A1 | Impac CMB Trust Series 2005-2, Class 1A1 | Impac CMB Trust Series 2005-2, Class 1A1 | Impac CMB Trust Series 2005-2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31% (1 mo. USD Term SOFR + 0.634%) *<sup>(4)</sup>* | 04/25/35 | 986072 | 984661 |
|  IndyMac INDX Mortgage Loan Trust Series 2005-AR14, Class 1A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR14, Class 1A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR14, Class 1A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR14, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% (1 mo. USD Term SOFR + 0.674%) *<sup>(4)</sup>* | 07/25/35 | 6919216 | 4998874 |
|  IndyMac INDX Mortgage Loan Trust Series 2005-AR19, Class A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR19, Class A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR19, Class A1 | IndyMac INDX Mortgage Loan Trust Series 2005-AR19, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61% (2) | 10/25/35 | 1453658 | 1161786 |
|  IndyMac INDX Mortgage Loan Trust Series 2006-AR27, Class 1A3 | IndyMac INDX Mortgage Loan Trust Series 2006-AR27, Class 1A3 | IndyMac INDX Mortgage Loan Trust Series 2006-AR27, Class 1A3 | IndyMac INDX Mortgage Loan Trust Series 2006-AR27, Class 1A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33% (1 mo. USD Term SOFR + 0.654%) *<sup>(4)</sup>* | 10/25/36 | 4479916 | 1800517 |
|  IndyMac INDX Mortgage Loan Trust Series 2006-AR4, Class A2A | IndyMac INDX Mortgage Loan Trust Series 2006-AR4, Class A2A | IndyMac INDX Mortgage Loan Trust Series 2006-AR4, Class A2A | IndyMac INDX Mortgage Loan Trust Series 2006-AR4, Class A2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.614%) *<sup>(4)</sup>* | 05/25/46 | 7787396 | 7754595 |
|  IndyMac INDX Mortgage Loan Trust Series 2006-AR9, Class 3A3 | IndyMac INDX Mortgage Loan Trust Series 2006-AR9, Class 3A3 | IndyMac INDX Mortgage Loan Trust Series 2006-AR9, Class 3A3 | IndyMac INDX Mortgage Loan Trust Series 2006-AR9, Class 3A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42% *<sup>(2)</sup>* | 06/25/36 | 2261995 | 1967346 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  IndyMac INDX Mortgage Loan Trust Series 2007-FLX4, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2007-FLX4, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2007-FLX4, Class 2A1 | IndyMac INDX Mortgage Loan Trust Series 2007-FLX4, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% (1 mo. USD Term SOFR + 0.474%) *<sup>(4)</sup>* | 07/25/37 | $9378687 | $8798312 |
|  JPMorgan Mortgage Acquisition Corp. Series 2006-WMC4, Class A1A | JPMorgan Mortgage Acquisition Corp. Series 2006-WMC4, Class A1A | JPMorgan Mortgage Acquisition Corp. Series 2006-WMC4, Class A1A | JPMorgan Mortgage Acquisition Corp. Series 2006-WMC4, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05% (1 mo. USD Term SOFR + 0.374%) *<sup>(4)</sup>* | 12/25/36 | 6161578 | 3916855 |
|  JPMorgan Mortgage Acquisition Corp. Series 2006-WMC4, Class A4 | JPMorgan Mortgage Acquisition Corp. Series 2006-WMC4, Class A4 | JPMorgan Mortgage Acquisition Corp. Series 2006-WMC4, Class A4 | JPMorgan Mortgage Acquisition Corp. Series 2006-WMC4, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% (1 mo. USD Term SOFR + 0.414%) *<sup>(4)</sup>* | 12/25/36 | 8013278 | 4109251 |
|  JPMorgan Mortgage Trust Series 2006-A3, Class 2A1 | JPMorgan Mortgage Trust Series 2006-A3, Class 2A1 | JPMorgan Mortgage Trust Series 2006-A3, Class 2A1 | JPMorgan Mortgage Trust Series 2006-A3, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79% *<sup>(2)</sup>* | 05/25/36 | 13252 | 11170 |
|  Knock Issuer Trust Series 2025-1, Class A1 | Knock Issuer Trust Series 2025-1, Class A1 | Knock Issuer Trust Series 2025-1, Class A1 | Knock Issuer Trust Series 2025-1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.12% *<sup>(1)</sup>* | 02/25/30 | 2835000 | 2860776 |
|  Lehman XS Trust Series 2006-17, Class 1A3 | Lehman XS Trust Series 2006-17, Class 1A3 | Lehman XS Trust Series 2006-17, Class 1A3 | Lehman XS Trust Series 2006-17, Class 1A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.614%) *<sup>(4)</sup>* | 08/25/46 | 9732642 | 8968063 |
|  Lehman XS Trust Series 2006-GP2, Class 1A5 | Lehman XS Trust Series 2006-GP2, Class 1A5 | Lehman XS Trust Series 2006-GP2, Class 1A5 | Lehman XS Trust Series 2006-GP2, Class 1A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD Term SOFR + 0.534%) *<sup>(4)</sup>* | 06/25/46 | 2520914 | 2474929 |
|  Lehman XS Trust Series 2007-18N, Class 1A1 | Lehman XS Trust Series 2007-18N, Class 1A1 | Lehman XS Trust Series 2007-18N, Class 1A1 | Lehman XS Trust Series 2007-18N, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.49% (1 mo. USD Term SOFR + 1.814%) *<sup>(4)</sup>* | 10/25/37 | 1835757 | 1815181 |
|  Long Beach Mortgage Loan Trust Series 2006-2, Class 1A | Long Beach Mortgage Loan Trust Series 2006-2, Class 1A | Long Beach Mortgage Loan Trust Series 2006-2, Class 1A | Long Beach Mortgage Loan Trust Series 2006-2, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% (1 mo. USD Term SOFR + 0.474%) *<sup>(4)</sup>* | 03/25/46 | 4777658 | 4215352 |
|  Long Beach Mortgage Loan Trust Series 2006-9, Class 2A2 | Long Beach Mortgage Loan Trust Series 2006-9, Class 2A2 | Long Beach Mortgage Loan Trust Series 2006-9, Class 2A2 | Long Beach Mortgage Loan Trust Series 2006-9, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01% (1 mo. USD Term SOFR + 0.334%) *<sup>(4)</sup>* | 10/25/36 | 45876814 | 13944859 |
|  MASTR Adjustable Rate Mortgages Trust Series 2003-7, Class 3A1 | MASTR Adjustable Rate Mortgages Trust Series 2003-7, Class 3A1 | MASTR Adjustable Rate Mortgages Trust Series 2003-7, Class 3A1 | MASTR Adjustable Rate Mortgages Trust Series 2003-7, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.98% *<sup>(2)</sup>* | 11/25/33 | 52270 | 52310 |
|  MASTR Adjustable Rate Mortgages Trust Series 2004-15, Class 8A1 | MASTR Adjustable Rate Mortgages Trust Series 2004-15, Class 8A1 | MASTR Adjustable Rate Mortgages Trust Series 2004-15, Class 8A1 | MASTR Adjustable Rate Mortgages Trust Series 2004-15, Class 8A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.12% *<sup>(2)</sup>* | 10/25/34 | 22377 | 22505 |
|  MASTR Adjustable Rate Mortgages Trust Series 2004-3, Class 3A3 | MASTR Adjustable Rate Mortgages Trust Series 2004-3, Class 3A3 | MASTR Adjustable Rate Mortgages Trust Series 2004-3, Class 3A3 | MASTR Adjustable Rate Mortgages Trust Series 2004-3, Class 3A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% *<sup>(2)</sup>* | 04/25/34 | 17070 | 16776 |
|  MASTR Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1 | MASTR Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1 | MASTR Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1 | MASTR Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66% (1 yr. MTA + 0.800%) *<sup>(4)</sup>* | 12/25/46 | 13299837 | 10345904 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  MASTR Asset-Backed Securities Trust Series 2006-WMC1, Class A3 | MASTR Asset-Backed Securities Trust Series 2006-WMC1, Class A3 | MASTR Asset-Backed Securities Trust Series 2006-WMC1, Class A3 | MASTR Asset-Backed Securities Trust Series 2006-WMC1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15% (1 mo. USD Term SOFR + 0.474%) *<sup>(4)</sup>* | 02/25/36 | $14747977 | $4756192 |
|  MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A4 | MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A4 | MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A4 | MASTR Asset-Backed Securities Trust Series 2007-HE1, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% (1 mo. USD Term SOFR + 0.674%) *<sup>(4)</sup>* | 05/25/37 | 3150000 | 2736893 |
|  MASTR Asset-Backed Securities Trust Series 2007-WMC1, Class A2 | MASTR Asset-Backed Securities Trust Series 2007-WMC1, Class A2 | MASTR Asset-Backed Securities Trust Series 2007-WMC1, Class A2 | MASTR Asset-Backed Securities Trust Series 2007-WMC1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89% (1 mo. USD Term SOFR + 0.214%) *<sup>(4)</sup>* | 01/25/37 | 15290852 | 4212864 |
|  Merrill Lynch Alternative Note Asset Trust Series 2007-OAR2, Class A2 | Merrill Lynch Alternative Note Asset Trust Series 2007-OAR2, Class A2 | Merrill Lynch Alternative Note Asset Trust Series 2007-OAR2, Class A2 | Merrill Lynch Alternative Note Asset Trust Series 2007-OAR2, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD Term SOFR + 0.534%) *<sup>(4)</sup>* | 04/25/37 | 5303099 | 4298278 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2C | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-1, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.614%) *<sup>(4)</sup>* | 04/25/37 | 14925908 | 5464781 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-4, Class 2A4 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-4, Class 2A4 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-4, Class 2A4 | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-4, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29% (1 mo. USD Term SOFR + 0.614%) *<sup>(4)</sup>* | 07/25/37 | 320184 | 327412 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-5, Class 1A | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-5, Class 1A | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-5, Class 1A | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-5, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.49% (1 mo. USD Term SOFR + 1.814%) *<sup>(4)</sup>* | 10/25/37 | 19487094 | 11928540 |
|  Merrill Lynch Mortgage Investors Trust Series 2003-A6, Class 2A | Merrill Lynch Mortgage Investors Trust Series 2003-A6, Class 2A | Merrill Lynch Mortgage Investors Trust Series 2003-A6, Class 2A | Merrill Lynch Mortgage Investors Trust Series 2003-A6, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.73% *<sup>(2)</sup>* | 10/25/33 | 48769 | 48277 |
|  Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1 | Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1 | Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1 | Merrill Lynch Mortgage-Backed Securities Trust Series 2007-2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (1 yr. CMT + 2.400%) *<sup>(4)</sup>* | 08/25/36 | 435782 | 375720 |
|  Morgan Stanley ABS Capital I, Inc. Trust Series 2006-HE4, Class A3 | Morgan Stanley ABS Capital I, Inc. Trust Series 2006-HE4, Class A3 | Morgan Stanley ABS Capital I, Inc. Trust Series 2006-HE4, Class A3 | Morgan Stanley ABS Capital I, Inc. Trust Series 2006-HE4, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% (1 mo. USD Term SOFR + 0.414%) *<sup>(4)</sup>* | 06/25/36 | 7907835 | 3899792 |
|  Morgan Stanley ABS Capital I, Inc. Trust Series 2006-HE4, Class A4 | Morgan Stanley ABS Capital I, Inc. Trust Series 2006-HE4, Class A4 | Morgan Stanley ABS Capital I, Inc. Trust Series 2006-HE4, Class A4 | Morgan Stanley ABS Capital I, Inc. Trust Series 2006-HE4, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.594%) *<sup>(4)</sup>* | 06/25/36 | 8435874 | 4180367 |
|  Morgan Stanley ABS Capital I, Inc. Trust Series 2007-NC3, Class A2C | Morgan Stanley ABS Capital I, Inc. Trust Series 2007-NC3, Class A2C | Morgan Stanley ABS Capital I, Inc. Trust Series 2007-NC3, Class A2C | Morgan Stanley ABS Capital I, Inc. Trust Series 2007-NC3, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98% (1 mo. USD Term SOFR + 0.304%) *<sup>(4)</sup>* | 05/25/37 | 17344056 | 13232138 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Morgan Stanley Capital I, Inc. Trust Series 2006-NC2, Class A2D | Morgan Stanley Capital I, Inc. Trust Series 2006-NC2, Class A2D | Morgan Stanley Capital I, Inc. Trust Series 2006-NC2, Class A2D | Morgan Stanley Capital I, Inc. Trust Series 2006-NC2, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37% (1 mo. USD Term SOFR + 0.694%) *<sup>(4)</sup>* | 02/25/36 | $110703 | $110553 |
|  Morgan Stanley Home Equity Loan Trust Series 2006-3, Class A4 | Morgan Stanley Home Equity Loan Trust Series 2006-3, Class A4 | Morgan Stanley Home Equity Loan Trust Series 2006-3, Class A4 | Morgan Stanley Home Equity Loan Trust Series 2006-3, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31% (1 mo. USD Term SOFR + 0.634%) *<sup>(4)</sup>* | 04/25/36 | 9932982 | 6856000 |
|  Morgan Stanley Mortgage Loan Trust Series 2004-7AR, Class 2A4 | Morgan Stanley Mortgage Loan Trust Series 2004-7AR, Class 2A4 | Morgan Stanley Mortgage Loan Trust Series 2004-7AR, Class 2A4 | Morgan Stanley Mortgage Loan Trust Series 2004-7AR, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87% *<sup>(2)</sup>* | 09/25/34 | 77953 | 76675 |
|  Morgan Stanley Mortgage Loan Trust Series 2006-2, Class 1A | Morgan Stanley Mortgage Loan Trust Series 2006-2, Class 1A | Morgan Stanley Mortgage Loan Trust Series 2006-2, Class 1A | Morgan Stanley Mortgage Loan Trust Series 2006-2, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 02/25/49 | 32202 | 29256 |
|  MortgageIT Trust Series 2005-2, Class 2A | MortgageIT Trust Series 2005-2, Class 2A | MortgageIT Trust Series 2005-2, Class 2A | MortgageIT Trust Series 2005-2, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% (1 mo. USD Term SOFR + 1.764%) *<sup>(4)</sup>* | 05/25/35 | 385154 | 378288 |
|  New York Mortgage Trust Series 2005-3, Class A1 | New York Mortgage Trust Series 2005-3, Class A1 | New York Mortgage Trust Series 2005-3, Class A1 | New York Mortgage Trust Series 2005-3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.594%) *<sup>(4)</sup>* | 02/25/36 | 52261 | 52263 |
|  NLT Trust Series 2021-INV2, Class A3 | NLT Trust Series 2021-INV2, Class A3 | NLT Trust Series 2021-INV2, Class A3 | NLT Trust Series 2021-INV2, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.52% *<sup>(1),(2)</sup>* | 08/25/56 | 5383405 | 4761773 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-AR4, Class 4A1 | Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-AR4, Class 4A1 | Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-AR4, Class 4A1 | Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-AR4, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26% *<sup>(2)</sup>* | 08/25/35 | 664321 | 628612 |
|  Oakwood Mortgage Investors, Inc. Series 2000-A, Class A5 | Oakwood Mortgage Investors, Inc. Series 2000-A, Class A5 | Oakwood Mortgage Investors, Inc. Series 2000-A, Class A5 | Oakwood Mortgage Investors, Inc. Series 2000-A, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.16% *<sup>(2)</sup>* | 09/15/29 | 10211723 | 1054916 |
|  Option One Mortgage Loan Trust Series 2007-4, Class 2A2 | Option One Mortgage Loan Trust Series 2007-4, Class 2A2 | Option One Mortgage Loan Trust Series 2007-4, Class 2A2 | Option One Mortgage Loan Trust Series 2007-4, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97% (1 mo. USD Term SOFR + 0.294%) *<sup>(4)</sup>* | 04/25/37 | 11289304 | 6493691 |
|  Option One Mortgage Loan Trust Series 2007-5, Class 2A2 | Option One Mortgage Loan Trust Series 2007-5, Class 2A2 | Option One Mortgage Loan Trust Series 2007-5, Class 2A2 | Option One Mortgage Loan Trust Series 2007-5, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96% (1 mo. USD Term SOFR + 0.284%) *<sup>(4)</sup>* | 05/25/37 | 16014814 | 8665722 |
|  Ownit Mortgage Loan Trust Series 2006-2, Class A1 | Ownit Mortgage Loan Trust Series 2006-2, Class A1 | Ownit Mortgage Loan Trust Series 2006-2, Class A1 | Ownit Mortgage Loan Trust Series 2006-2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD Term SOFR + 0.534%) *<sup>(4)</sup>* | 01/25/37 | 1516572 | 1490156 |
|  PHH Alternative Mortgage Trust Series 2007-2, Class 1A4 | PHH Alternative Mortgage Trust Series 2007-2, Class 1A4 | PHH Alternative Mortgage Trust Series 2007-2, Class 1A4 | PHH Alternative Mortgage Trust Series 2007-2, Class 1A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% (1 mo. USD Term SOFR + 0.714%) *<sup>(4)</sup>* | 05/25/37 | 4058518 | 3692090 |
|  Polaris PLC Series 2026-1A, Class F | Polaris PLC Series 2026-1A, Class F | Polaris PLC Series 2026-1A, Class F | Polaris PLC Series 2026-1A, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.56% (1 day GBP SONIA + 3.830%) *<sup>(1),(4)</sup>* | 06/27/70 | 954000 | 1253937 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Popular ABS Mortgage Pass-Through Trust Series 2007-A, Class A3 | Popular ABS Mortgage Pass-Through Trust Series 2007-A, Class A3 | Popular ABS Mortgage Pass-Through Trust Series 2007-A, Class A3 | Popular ABS Mortgage Pass-Through Trust Series 2007-A, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10% (1 mo. USD Term SOFR + 0.424%) *<sup>(4)</sup>* | 06/25/47 | $3330030 | $3143518 |
|  PRET LLC Series 2025-NPL9, Class A1 | PRET LLC Series 2025-NPL9, Class A1 | PRET LLC Series 2025-NPL9, Class A1 | PRET LLC Series 2025-NPL9, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39% *<sup>(1)</sup>* | 08/25/55 | 6801101 | 6812130 |
|  Pretium Mortgage Credit Partners LLC Series 2025-NPL4, Class A1 | Pretium Mortgage Credit Partners LLC Series 2025-NPL4, Class A1 | Pretium Mortgage Credit Partners LLC Series 2025-NPL4, Class A1 | Pretium Mortgage Credit Partners LLC Series 2025-NPL4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.37% *<sup>(1)</sup>* | 04/25/55 | 6599881 | 6611025 |
|  Pretium Mortgage Credit Partners LLC Series 2025-NPL6, Class A1 | Pretium Mortgage Credit Partners LLC Series 2025-NPL6, Class A1 | Pretium Mortgage Credit Partners LLC Series 2025-NPL6, Class A1 | Pretium Mortgage Credit Partners LLC Series 2025-NPL6, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.74% *<sup>(1)</sup>* | 06/25/55 | 4495155 | 4505442 |
|  Pretium Mortgage Credit Partners LLC Series 2026-NPL1, Class A1 | Pretium Mortgage Credit Partners LLC Series 2026-NPL1, Class A1 | Pretium Mortgage Credit Partners LLC Series 2026-NPL1, Class A1 | Pretium Mortgage Credit Partners LLC Series 2026-NPL1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18% *<sup>(1)</sup>* | 01/25/56 | 3381668 | 3356811 |
|  Pretium Mortgage Credit Partners LLC Series 2026-NPL4, Class A1 | Pretium Mortgage Credit Partners LLC Series 2026-NPL4, Class A1 | Pretium Mortgage Credit Partners LLC Series 2026-NPL4, Class A1 | Pretium Mortgage Credit Partners LLC Series 2026-NPL4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.51% <sup>(1)</sup> | 04/25/56 | 6325000 | 6329536 |
|  PRPM LLC Series 2024-RPL1, Class M1 | PRPM LLC Series 2024-RPL1, Class M1 | PRPM LLC Series 2024-RPL1, Class M1 | PRPM LLC Series 2024-RPL1, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% <sup>(1),(2)</sup> | 12/25/64 | 6782000 | 6649680 |
|  PRPM Trust Series 2023-NQM3, Class B2 | PRPM Trust Series 2023-NQM3, Class B2 | PRPM Trust Series 2023-NQM3, Class B2 | PRPM Trust Series 2023-NQM3, Class B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.36% <sup>(1),(2)</sup> | 11/25/68 | 2350000 | 2366585 |
|  RAAC Trust Series 2005-SP1, Class 4A1 | RAAC Trust Series 2005-SP1, Class 4A1 | RAAC Trust Series 2005-SP1, Class 4A1 | RAAC Trust Series 2005-SP1, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% | 09/25/34 | 17432 | 9292 |
|  RALI Trust Series 2005-QA13, Class 2A1 | RALI Trust Series 2005-QA13, Class 2A1 | RALI Trust Series 2005-QA13, Class 2A1 | RALI Trust Series 2005-QA13, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.16% <sup>(2)</sup> | 12/25/35 | 1038171 | 917497 |
|  RALI Trust Series 2005-QA7, Class A21 | RALI Trust Series 2005-QA7, Class A21 | RALI Trust Series 2005-QA7, Class A21 | RALI Trust Series 2005-QA7, Class A21 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27% <sup>(2)</sup> | 07/25/35 | 286528 | 271113 |
|  RALI Trust Series 2005-QA8, Class CB21 | RALI Trust Series 2005-QA8, Class CB21 | RALI Trust Series 2005-QA8, Class CB21 | RALI Trust Series 2005-QA8, Class CB21 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% <sup>(2)</sup> | 07/25/35 | 439930 | 219057 |
|  RALI Trust Series 2006-QS13, Class 2A1 | RALI Trust Series 2006-QS13, Class 2A1 | RALI Trust Series 2006-QS13, Class 2A1 | RALI Trust Series 2006-QS13, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 11/25/61 | 1343 | 602 |
|  RALI Trust Series 2006-QS16, Class A6 | RALI Trust Series 2006-QS16, Class A6 | RALI Trust Series 2006-QS16, Class A6 | RALI Trust Series 2006-QS16, Class A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 11/25/36 | 260839 | 208873 |
|  RALI Trust Series 2007-QA3, Class A1 | RALI Trust Series 2007-QA3, Class A1 | RALI Trust Series 2007-QA3, Class A1 | RALI Trust Series 2007-QA3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99% (1 mo. USD Term SOFR + 0.314%) <sup>(4)</sup> | 05/25/37 | 11511049 | 10896481 |
|  RALI Trust Series 2007-QH6, Class A1 | RALI Trust Series 2007-QH6, Class A1 | RALI Trust Series 2007-QH6, Class A1 | RALI Trust Series 2007-QH6, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17% (1 mo. USD Term SOFR + 0.494%) <sup>(4)</sup> | 07/25/37 | 5469868 | 5241858 |
|  RALI Trust Series 2007-QS1, Class 2AV (I/O) | RALI Trust Series 2007-QS1, Class 2AV (I/O) | RALI Trust Series 2007-QS1, Class 2AV (I/O) | RALI Trust Series 2007-QS1, Class 2AV (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.17% <sup>(2)</sup> | 01/25/37 | 1116432 | 7420 |
|  RCKT Mortgage Trust Series 2025-CES8, Class B1A | RCKT Mortgage Trust Series 2025-CES8, Class B1A | RCKT Mortgage Trust Series 2025-CES8, Class B1A | RCKT Mortgage Trust Series 2025-CES8, Class B1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.04% <sup>(1),(2)</sup> | 08/25/55 | 4200000 | 4157630 |
|  Residential Asset Securitization Trust Series 2006-A9CB, Class A9 (PAC) | Residential Asset Securitization Trust Series 2006-A9CB, Class A9 (PAC) | Residential Asset Securitization Trust Series 2006-A9CB, Class A9 (PAC) | Residential Asset Securitization Trust Series 2006-A9CB, Class A9 (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 09/25/36 | 4928706 | 1382626 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  RFMSI Trust Series 2007-SA2, Class 1A | RFMSI Trust Series 2007-SA2, Class 1A | RFMSI Trust Series 2007-SA2, Class 1A | RFMSI Trust Series 2007-SA2, Class 1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% <sup>(2)</sup> | 04/25/37 | $179863 | $91045 |
|  Saxon Asset Securities Trust Series 2007-2, Class A2C | Saxon Asset Securities Trust Series 2007-2, Class A2C | Saxon Asset Securities Trust Series 2007-2, Class A2C | Saxon Asset Securities Trust Series 2007-2, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03% (1 mo. USD Term SOFR + 0.354%) <sup>(4)</sup> | 05/25/47 | 10818892 | 8034899 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF4 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF4 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF4 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80% | 01/25/36 | 3102031 | 2661054 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2006-WM4, Class A1 | Securitized Asset-Backed Receivables LLC Trust Series 2006-WM4, Class A1 | Securitized Asset-Backed Receivables LLC Trust Series 2006-WM4, Class A1 | Securitized Asset-Backed Receivables LLC Trust Series 2006-WM4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17% (1 mo. USD Term SOFR + 0.494%) <sup>(1),(4)</sup> | 11/25/36 | 7712866 | 3468253 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2007-BR2, Class A2 | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR2, Class A2 | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR2, Class A2 | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR2, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% (1 mo. USD Term SOFR + 0.574%) <sup>(4)</sup> | 02/25/37 | 5234244 | 2344147 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2007-BR4, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR4, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR4, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-BR4, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19% (1 mo. USD Term SOFR + 0.514%) <sup>(4)</sup> | 05/25/37 | 8185161 | 5032999 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% (1 mo. USD Term SOFR + 0.414%) <sup>(4)</sup> | 12/25/36 | 4915712 | 2438300 |
|  Soundview Home Loan Trust Series 2007-OPT1, Class 2A3 | Soundview Home Loan Trust Series 2007-OPT1, Class 2A3 | Soundview Home Loan Trust Series 2007-OPT1, Class 2A3 | Soundview Home Loan Trust Series 2007-OPT1, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% (1 mo. USD Term SOFR + 0.324%) <sup>(4)</sup> | 06/25/37 | 15534343 | 10484954 |
|  Soundview Home Loan Trust Series 2007-WMC1, Class 3A3 | Soundview Home Loan Trust Series 2007-WMC1, Class 3A3 | Soundview Home Loan Trust Series 2007-WMC1, Class 3A3 | Soundview Home Loan Trust Series 2007-WMC1, Class 3A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31% (1 mo. USD Term SOFR + 0.634%) <sup>(4)</sup> | 02/25/37 | 908256 | 241126 |
|  Specialty Underwriting & Residential Finance Trust Series 2007-BC2, Class A1 | Specialty Underwriting & Residential Finance Trust Series 2007-BC2, Class A1 | Specialty Underwriting & Residential Finance Trust Series 2007-BC2, Class A1 | Specialty Underwriting & Residential Finance Trust Series 2007-BC2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% (1 mo. USD Term SOFR + 0.574%) <sup>(4)</sup> | 04/25/37 | 16888981 | 12512541 |
|  STARM Mortgage Loan Trust Series 2007-4, Class 3A1 | STARM Mortgage Loan Trust Series 2007-4, Class 3A1 | STARM Mortgage Loan Trust Series 2007-4, Class 3A1 | STARM Mortgage Loan Trust Series 2007-4, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51% <sup>(2)</sup> | 10/25/37 | 544472 | 487073 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 2A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 2A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 2A | Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.62% <sup>(2)</sup> | 09/25/34 | 140579 | 137875 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2004-2, Class 4A2 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-2, Class 4A2 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-2, Class 4A2 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-2, Class 4A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81% <sup>(2)</sup> | 03/25/34 | 383926 | 368791 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2005-12, Class 3A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-12, Class 3A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-12, Class 3A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-12, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% <sup>(2)</sup> | 06/25/35 | 118677 | 99916 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2005-7, Class 1A3 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-7, Class 1A3 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-7, Class 1A3 | Structured Adjustable Rate Mortgage Loan Trust Series 2005-7, Class 1A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42% <sup>(2)</sup> | 04/25/35 | $1301155 | $1180573 |
|  Structured Asset Investment Loan Trust Series 2004-6, Class A3 | Structured Asset Investment Loan Trust Series 2004-6, Class A3 | Structured Asset Investment Loan Trust Series 2004-6, Class A3 | Structured Asset Investment Loan Trust Series 2004-6, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59% (1 mo. USD Term SOFR + 0.914%) <sup>(4)</sup> | 07/25/34 | 4798925 | 4965631 |
|  Structured Asset Mortgage Investments II Trust Series 2006-AR5, Class 1A1 | Structured Asset Mortgage Investments II Trust Series 2006-AR5, Class 1A1 | Structured Asset Mortgage Investments II Trust Series 2006-AR5, Class 1A1 | Structured Asset Mortgage Investments II Trust Series 2006-AR5, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% (1 mo. USD Term SOFR + 0.534%) <sup>(4)</sup> | 05/25/36 | 165221 | 116839 |
|  Structured Asset Mortgage Investments II Trust Series 2006-AR7, Class A1B | Structured Asset Mortgage Investments II Trust Series 2006-AR7, Class A1B | Structured Asset Mortgage Investments II Trust Series 2006-AR7, Class A1B | Structured Asset Mortgage Investments II Trust Series 2006-AR7, Class A1B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91% (1 mo. USD Term SOFR + 0.234%) <sup>(4)</sup> | 08/25/36 | 4907530 | 4379416 |
|  Structured Asset Securities Corp. Mortgage Loan Trust Series 2005-4XS, Class 2A1 | Structured Asset Securities Corp. Mortgage Loan Trust Series 2005-4XS, Class 2A1 | Structured Asset Securities Corp. Mortgage Loan Trust Series 2005-4XS, Class 2A1 | Structured Asset Securities Corp. Mortgage Loan Trust Series 2005-4XS, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.53% (1 mo. USD Term SOFR + 1.864%) <sup>(4)</sup> | 03/25/35 | 550163 | 548090 |
|  Towd Point Mortgage Trust Series 2017-4, Class B1 | Towd Point Mortgage Trust Series 2017-4, Class B1 | Towd Point Mortgage Trust Series 2017-4, Class B1 | Towd Point Mortgage Trust Series 2017-4, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% <sup>(1),(2)</sup> | 06/25/57 | 8650000 | 7544740 |
|  Towd Point Mortgage Trust Series 2019-1, Class B1 | Towd Point Mortgage Trust Series 2019-1, Class B1 | Towd Point Mortgage Trust Series 2019-1, Class B1 | Towd Point Mortgage Trust Series 2019-1, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77% <sup>(1),(2)</sup> | 03/25/58 | 7087000 | 5685209 |
|  VCAT LLC Series 2026-NPL1, Class A1 | VCAT LLC Series 2026-NPL1, Class A1 | VCAT LLC Series 2026-NPL1, Class A1 | VCAT LLC Series 2026-NPL1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% <sup>(1)</sup> | 01/25/56 | 5498762 | 5472128 |
|  VCAT LLC Series 2026-NPL2, Class A1 | VCAT LLC Series 2026-NPL2, Class A1 | VCAT LLC Series 2026-NPL2, Class A1 | VCAT LLC Series 2026-NPL2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06% <sup>(1)</sup> | 02/25/56 | 6549829 | 6525245 |
|  Visio Trust Series 2023-2, Class B1 | Visio Trust Series 2023-2, Class B1 | Visio Trust Series 2023-2, Class B1 | Visio Trust Series 2023-2, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.71% <sup>(1),(2)</sup> | 10/25/58 | 6088000 | 6115521 |
|  WaMu Asset-Backed Certificates Trust Series 2007-HE1, Class 2A2 | WaMu Asset-Backed Certificates Trust Series 2007-HE1, Class 2A2 | WaMu Asset-Backed Certificates Trust Series 2007-HE1, Class 2A2 | WaMu Asset-Backed Certificates Trust Series 2007-HE1, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01% (1 mo. USD Term SOFR + 0.334%) <sup>(4)</sup> | 01/25/37 | 4636630 | 2095184 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR13, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR13, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR13, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR13, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51% (1 mo. USD Term SOFR + 0.834%) <sup>(4)</sup> | 11/25/34 | 62526 | 62222 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR14, Class A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR14, Class A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR14, Class A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2004-AR14, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% <sup>(2)</sup> | 01/25/35 | 223954 | 219229 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR14, Class 2A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR14, Class 2A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR14, Class 2A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR14, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69% <sup>(2)</sup> | 12/25/35 | 7065 | 6620 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR16, Class 1A3 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR16, Class 1A3 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR16, Class 1A3 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR16, Class 1A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43% <sup>(2)</sup> | 12/25/35 | 539763 | 499938 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES —<br>NON-AGENCY (Continued)** |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A2 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A2 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A2 | WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% (1 mo. USD Term SOFR + 0.774%) <sup>(4)</sup> | 01/25/45 | 176004 | 177082 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR3, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR3, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR3, Class A1A | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR3, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86% (1 yr. MTA + 1.000%) <sup>(4)</sup> | 02/25/46 | 2607147 | 2427061 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR4, Class 1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR4, Class 1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR4, Class 1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR4, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02% (1 yr. MTA + 0.940%) <sup>(4)</sup> | 05/25/46 | 1084386 | 993314 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR7, Class 2A | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR7, Class 2A | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR7, Class 2A | WaMu Mortgage Pass-Through Certificates Trust Series 2006-AR7, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% (1 yr. MTA + 0.980%) <sup>(4)</sup> | 07/25/46 | 1989654 | 1921999 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2007-HY3, Class 1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2007-HY3, Class 1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2007-HY3, Class 1A1 | WaMu Mortgage Pass-Through Certificates Trust Series 2007-HY3, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64% <sup>(2)</sup> | 03/25/37 | 1210996 | 1026311 |
|  Washington Mutual Asset-Backed Certificates Trust Series 2007-HE2, Class 2A2 | Washington Mutual Asset-Backed Certificates Trust Series 2007-HE2, Class 2A2 | Washington Mutual Asset-Backed Certificates Trust Series 2007-HE2, Class 2A2 | Washington Mutual Asset-Backed Certificates Trust Series 2007-HE2, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% (1 mo. USD Term SOFR + 0.554%) <sup>(4)</sup> | 02/25/37 | 26851211 | 8433028 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2007-OC1, Class A1 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2007-OC1, Class A1 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2007-OC1, Class A1 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2007-OC1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% (1 mo. USD Term SOFR + 0.594%) <sup>(4)</sup> | 01/25/47 | 3645291 | 3351896 |
|  Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1 | Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1 | Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1 | Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 11/25/37 | 961625 | 825693 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust Series 2007-1, Class A3 | Wells Fargo Home Equity Asset-Backed Securities Trust Series 2007-1, Class A3 | Wells Fargo Home Equity Asset-Backed Securities Trust Series 2007-1, Class A3 | Wells Fargo Home Equity Asset-Backed Securities Trust Series 2007-1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43% (1 mo. USD Term SOFR + 0.754%) <sup>(4)</sup> | 03/25/37 | 4690000 | 4381209 |
|  Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR14, Class 2A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR14, Class 2A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR14, Class 2A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR14, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.49% <sup>(2)</sup> | 10/25/36 | 172202 | 159488 |
|  Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR4, Class 1A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR4, Class 1A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR4, Class 1A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR4, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.79% <sup>(2)</sup> | 04/25/36 | 44346 | 43916 |
| **Total Residential Mortgage-Backed<br>Securities — Non-Agency** | **Total Residential Mortgage-Backed<br>Securities — Non-Agency** | **Total Residential Mortgage-Backed<br>Securities — Non-Agency** |  |
|  (Cost: $898,101,621) | (Cost: $898,101,621) |  | 709026105 |
| **CORPORATE BONDS — 20.5%** | **CORPORATE BONDS — 20.5%** | **CORPORATE BONDS — 20.5%** | **CORPORATE BONDS — 20.5%** |
| **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** |
|  General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% (3 mo. USD Term SOFR + 0.742%) <sup>(4)</sup> | 08/15/36 | 7370000 | 6937086 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** | |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 02/04/28 | $2195000 | 2214865 |
|  Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% <sup>(1)</sup> | 06/30/28 | 6815000 | 6821133 |
|  |  |  | 9035998 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
|  American Airlines Pass-Through Trust Series 2015-2, Class AA | American Airlines Pass-Through Trust Series 2015-2, Class AA | American Airlines Pass-Through Trust Series 2015-2, Class AA | American Airlines Pass-Through Trust Series 2015-2, Class AA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 03/22/29 | 1492340 | 1467239 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 04/20/29 | 1065000 | 1057609 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88% <sup>(1)</sup> | 09/20/31 | 160000 | 151371 |
|  |  |  | 2676219 |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
|  Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% <sup>(1)</sup> | 03/25/32 | 275000 | 279422 |
|  Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% (9 yr. EUR Swap + 4.783%) <sup>(4),(8),(11)</sup> | 09/06/32 | 2100000 | 2679414 |
|  |  |  | 2958836 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Robert Bosch GmbH | Robert Bosch GmbH | Robert Bosch GmbH | Robert Bosch GmbH |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% <sup>(8)</sup> | 06/02/43 | 700000 | 773931 |
| **Banks — 2.2%** | **Banks — 2.2%** | **Banks — 2.2%** | **Banks — 2.2%** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92% (1 day USD SOFR + 1.370%) <sup>(4)</sup> | 10/24/31 | 1905000 | 1688821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% (1 day USD SOFR + 1.220%) <sup>(4)</sup> | 03/11/32 | 130000 | 117931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% (5 yr. CMT + 2.760%) <sup>(4),(11)</sup> | 01/27/27 | 2340000 | 2305532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58% (3 mo. USD Term SOFR + 0.912%) <sup>(4)</sup> | 12/01/26 | 4400000 | 4413904 |
|  Citibank NA | Citibank NA | Citibank NA | Citibank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91% | 05/29/30 | 1565000 | 1590322 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% (1 day USD SOFR + 0.913%) <sup>(4)</sup> | 10/21/27 | 4295000 | 4236244 |
|  HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% (1 day USD SOFR + 2.110%) <sup>(4)</sup> | 06/09/28 | 960000 | 962054 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** | **Banks (Continued)** |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58% (1 day USD SOFR + 0.885%) <sup>(4)</sup> | 04/22/27 | 10250000 | 10233395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76% (3 mo. USD Term SOFR + 1.105%) <sup>(4)</sup> | 11/19/31 | 2842000 | 2494708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07% (1 day USD SOFR + 1.015%) <sup>(4)</sup> | 06/01/29 | 4005000 | 3810837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% (1 day USD SOFR + 1.180%) <sup>(4)</sup> | 11/08/32 | 2625000 | 2337562 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79% (1 day USD SOFR + 1.034%) *<sup>(4)</sup>* | 02/13/32 | 75000 | 65050 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% (1 day USD SOFR + 0.780%) *<sup>(4)</sup>* | 11/17/28 | 2160000 | 2152958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47% (1 day USD SOFR + 1.020%) *<sup>(4)</sup>* | 11/19/31 | 5550000 | 5468748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% (1 day USD SOFR + 1.080%) *<sup>(4)</sup>* | 07/18/31 | 5230000 | 5216820 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% (5 yr. CMT + 2.595%) *<sup>(4),(11)</sup>* | 09/15/26 | 1980000 | 1950716 |
|  Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67% (1 day USD SOFR + 0.989%) *<sup>(4)</sup>* | 06/14/27 | 1630000 | 1619878 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08% (1 day USD SOFR + 1.296%) *<sup>(4)</sup>* | 05/15/31 | 2617000 | 2654816 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57% (3 mo. USD Term SOFR + 1.262%) *<sup>(4)</sup>* | 02/11/31 | 2505000 | 2319229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% (1 day USD SOFR + 1.780%) *<sup>(4)</sup>* | 01/23/35 | 70000 | 71306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.57% (1 day USD SOFR + 1.740%) *<sup>(4)</sup>* | 07/25/29 | 3864000 | 3952447 |
|  |  |  | 59663278 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
|  Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% *<sup>(1)</sup>* | 10/14/31 | 4450000 | 3813205 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **Beverages (Continued)** | **Beverages (Continued)** | **Beverages (Continued)** | **Beverages (Continued)** |
|  Maple Parent Holdings Corp. | Maple Parent Holdings Corp. | Maple Parent Holdings Corp. | Maple Parent Holdings Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73% *<sup>(1)</sup>* | 03/26/35 | 1555000 | 1791169 |
|  |  |  | 5604374 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  JH North America Holdings, Inc. | JH North America Holdings, Inc. | JH North America Holdings, Inc. | JH North America Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(1)</sup>* | 01/31/31 | 130000 | 129748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% *<sup>(1)</sup>* | 07/31/32 | 1400000 | 1398866 |
|  |  |  | 1528614 |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
|  FIS Fabbrica Italiana Sintetici SpA | FIS Fabbrica Italiana Sintetici SpA | FIS Fabbrica Italiana Sintetici SpA | FIS Fabbrica Italiana Sintetici SpA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(1)</sup>* | 02/05/31 | 1200000 | 1339308 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% *<sup>(1)</sup>* | 11/01/30 | 7835000 | 6976597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itelyum Regeneration SpA (Italy) | &nbsp;&nbsp;&nbsp;&nbsp; Itelyum Regeneration SpA (Italy) | &nbsp;&nbsp;&nbsp;&nbsp; Itelyum Regeneration SpA (Italy) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(8)</sup>* | 04/15/30 | 1080000 | 1232156 |
|  |  |  | 9548061 |
| **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |
|  AA Bond Co. Ltd. (United Kingdom) | AA Bond Co. Ltd. (United Kingdom) | AA Bond Co. Ltd. (United Kingdom) | AA Bond Co. Ltd. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(8)</sup>* | 07/31/50 | 985000 | 1260614 |
|  BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(8)</sup>* | 11/30/28 | 705000 | 765585 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/15/28 | 4170000 | 4132220 |
|  RAC Bond Co. PLC (United Kingdom) | RAC Bond Co. PLC (United Kingdom) | RAC Bond Co. PLC (United Kingdom) | RAC Bond Co. PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(8)</sup>* | 05/06/46 | 500000 | 697862 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(1)</sup>* | 11/15/31 | 800000 | 776264 |
|  Rentokil Terminix Funding LLC | Rentokil Terminix Funding LLC | Rentokil Terminix Funding LLC | Rentokil Terminix Funding LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 04/28/30 | 2600000 | 2611570 |
|  Rollins, Inc. | Rollins, Inc. | Rollins, Inc. | Rollins, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 02/24/35 | 2370000 | 2366777 |
|  VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% *<sup>(1)</sup>* | 08/15/30 | 2539000 | 2584473 |
|  |  |  | 15195365 |
| **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 04/01/28 | 4110000 | 4139510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/30 | 760000 | 769811 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(1)</sup>* | 10/01/30 | 4230000 | 3867447 |
|  |  |  | 8776768 |
| **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/29/28 | 10100000 | 9727815 |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55% (5 yr. CMT + 2.854%) *<sup>(4),(11)</sup>* | 09/15/26 | 2350000 | 2323586 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** | **Diversified Financial Services (Continued)** |
|  Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53% *<sup>(1)</sup>* | 11/18/27 | $| 2317000 | 2240585 |
|  Lseg U.S. Fin Corp. (United Kingdom) | Lseg U.S. Fin Corp. (United Kingdom) | Lseg U.S. Fin Corp. (United Kingdom) | Lseg U.S. Fin Corp. (United Kingdom) | Lseg U.S. Fin Corp. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(1)</sup>* | 03/23/36 |  | 1350000 | 1337621 |
|  |  |  |  | 15629607 |
| **Electric — 2.3%** | **Electric — 2.3%** | **Electric — 2.3%** | **Electric — 2.3%** | **Electric — 2.3%** |
|  Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. | Alliant Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% (5 yr. CMT + 2.077%) *<sup>(4)</sup>* | 04/01/56 |  | 5470000 | 5318864 |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% *<sup>(1)</sup>* | 03/01/32 |  | 8130000 | 7520656 |
|  Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 01/15/34 |  | 294000 | 290334 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% (5 yr. CMT + 2.128%) *<sup>(4)</sup>* | 03/15/56 |  | 8235000 | 8133874 |
|  Amprion GmbH (Germany) | Amprion GmbH (Germany) | Amprion GmbH (Germany) | Amprion GmbH (Germany) | Amprion GmbH (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58% *<sup>(8)</sup>* | 01/15/46 | EUR | 1100000 | 1242198 |
|  Ausgrid Finance Pty. Ltd. (Australia) | Ausgrid Finance Pty. Ltd. (Australia) | Ausgrid Finance Pty. Ltd. (Australia) | Ausgrid Finance Pty. Ltd. (Australia) | Ausgrid Finance Pty. Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% *<sup>(8)</sup>* | 12/10/35 | AUD | 1240000 | 830779 |
|  CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% (5 yr. CMT + 2.223%) *<sup>(4)</sup>* | 04/01/56 |  | 2000000 | 1978800 |
|  Comision Federal de Electricidad (Mexico) | Comision Federal de Electricidad (Mexico) | Comision Federal de Electricidad (Mexico) | Comision Federal de Electricidad (Mexico) | Comision Federal de Electricidad (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% *<sup>(8)</sup>* | 02/09/31 |  | 650000 | 581782 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (5 yr. CMT + 2.262%) *<sup>(4)</sup>* | 02/15/56 |  | 7030000 | 6985219 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(8)</sup>* | 06/17/44 | EUR | 3400000 | 3880263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64% *<sup>(8)</sup>* | 08/28/35 | AUD | 830000 | 543750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% (5 yr. U.K. Government Bond + 3.775%) *<sup>(4),(8),(11)</sup>* | 06/17/35 | GBP | 300000 | 398565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13% (5 yr. CMT + 5.411%) *<sup>(1),(4),(11)</sup>* | 12/31/99 |  | 760000 | 879913 |
|  Elia Group SA (Belgium) | Elia Group SA (Belgium) | Elia Group SA (Belgium) | Elia Group SA (Belgium) | Elia Group SA (Belgium) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(8)</sup>* | 06/11/31 | EUR | 600000 | 690870 |
|  Enel SpA (Italy) | Enel SpA (Italy) | Enel SpA (Italy) | Enel SpA (Italy) | Enel SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% (5 yr. EURIBOR ICE Swap + 1.821%) *<sup>(4),(8),(11)</sup>* | 10/14/34 | EUR | 1390000 | 1517444 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% (5 yr. CMT + 2.179%) *<sup>(4)</sup>* | 06/15/56 |  | 4200000 | 4146282 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87% *<sup>(1)</sup>* | 09/15/28 | $| 3153000 | 3034952 |
|  MVM Energetika Zrt (Hungary) | MVM Energetika Zrt (Hungary) | MVM Energetika Zrt (Hungary) | MVM Energetika Zrt (Hungary) | MVM Energetika Zrt (Hungary) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(8)</sup>* | 03/13/31 |  | 853000 | 880612 |
|  Southern Co. | Southern Co. | Southern Co. | Southern Co. | Southern Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% (5 yr. CMT + 2.915%) *<sup>(4)</sup>* | 09/15/51 |  | 1000000 | 991600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (5 yr. CMT + 1.993%) *<sup>(4)</sup>* | 04/01/58 |  | 4000000 | 4022360 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10% | 09/15/28 |  | 2190000 | 2178634 |
|  Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 01/15/31 |  | 3615000 | 3676636 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(1)</sup>* | 04/15/32 |  | 540000 | 559181 |
|  |  |  |  | 60283568 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
|  Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% *<sup>(1)</sup>* | 09/15/33 |  | 1900000 | 1782713 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
|  Amphenol Corp. | Amphenol Corp. | Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/36 |  | 2755000 | 2665132 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(8)</sup>* | 01/16/38 | EUR | 885000 | 988260 |
|  Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90% *<sup>(8)</sup>* | 04/19/34 | AUD | 790000 | 534746 |
|  |  |  |  | 1523006 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
|  Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/42 |  | 59000 | 39458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 03/15/52 |  | 782000 | 474830 |
|  FDJ UNITED (France) | FDJ UNITED (France) | FDJ UNITED (France) | FDJ UNITED (France) | FDJ UNITED (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% *<sup>(8)</sup>* | 11/21/33 | EUR | 2300000 | 2549304 |
|  Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 04/29/29 | EUR | 500000 | 582673 |
|  Great Canadian Gaming Corp./Raptor LLC (Canada) | Great Canadian Gaming Corp./Raptor LLC (Canada) | Great Canadian Gaming Corp./Raptor LLC (Canada) | Great Canadian Gaming Corp./Raptor LLC (Canada) | Great Canadian Gaming Corp./Raptor LLC (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% *<sup>(1)</sup>* | 11/15/29 |  | 710000 | 692953 |
|  Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% *<sup>(1)</sup>* | 08/01/30 |  | 1535000 | 1473048 |
|  Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC | Rivers Enterprise Borrower LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 10/15/30 |  | 1370000 | 1369069 |
|  Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(1)</sup>* | 07/01/32 |  | 1091000 | 1138022 |
|  |  |  |  | 8319357 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(1)</sup>* | 08/01/28 | $625000 | $608600 |
|  Luna 1.5 Sarl | Luna 1.5 Sarl | Luna 1.5 Sarl | Luna 1.5 Sarl |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% *<sup>(8)</sup>* | 07/01/32 | 1000000 | 1224938 |
|  Luna 2 5 Sarl (Luxemburg) | Luna 2 5 Sarl (Luxemburg) | Luna 2 5 Sarl (Luxemburg) | Luna 2 5 Sarl (Luxemburg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 07/01/32 | 1335000 | 1519006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(8)</sup>* | 07/01/32 | 800000 | 910266 |
|  Seche Environnement SACA | Seche Environnement SACA | Seche Environnement SACA | Seche Environnement SACA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.87% (5 yr. EURIBOR ICE Swap + 3.707%) *<sup>(4),(8),(11)</sup>* | 01/09/31 | 1100000 | 1237597 |
|  Seche Environnement SACA (France) | Seche Environnement SACA (France) | Seche Environnement SACA (France) | Seche Environnement SACA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(8)</sup>* | 03/25/30 | 470000 | 536346 |
|  |  |  | 6036753 |
| **Financial — 0.1%** | **Financial — 0.1%** | **Financial — 0.1%** | **Financial — 0.1%** |
|  Nomura Corporate Funding Americas LLC | Nomura Corporate Funding Americas LLC | Nomura Corporate Funding Americas LLC | Nomura Corporate Funding Americas LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% *<sup>(6)</sup>* | 10/27/26 | 3651371 | 3644799 |
| **Food — 0.6%** | **Food — 0.6%** | **Food — 0.6%** | **Food — 0.6%** |
|  JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/15/32 | 2940000 | 2612660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 12/01/31 | 781000 | 732211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 03/15/34 | 2419000 | 2658191 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/32 | 382000 | 347032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 04/15/31 | 1035000 | 991509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 07/01/33 | 3200000 | 3345024 |
|  Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% *<sup>(1)</sup>* | 09/13/31 | 4690000 | 4125699 |
|  |  |  | 14812326 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
|  National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% *<sup>(8)</sup>* | 04/05/30 | 2075000 | 2444249 |
|  Nortegas Energia Grupo SL (Spain) | Nortegas Energia Grupo SL (Spain) | Nortegas Energia Grupo SL (Spain) | Nortegas Energia Grupo SL (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% *<sup>(8)</sup>* | 01/21/33 | 900000 | 1005476 |
|  Northwest Natural Holding Co. | Northwest Natural Holding Co. | Northwest Natural Holding Co. | Northwest Natural Holding Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% (5 yr. CMT + 2.701%) *<sup>(4)</sup>* | 09/15/55 | 869000 | 878385 |
|  Redexis SA | Redexis SA | Redexis SA | Redexis SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(8)</sup>* | 05/30/31 | 1100000 | 1273656 |
|  |  |  | 5601766 |
| **Health Care-Products — 0.5%** | **Health Care-Products — 0.5%** | **Health Care-Products — 0.5%** | **Health Care-Products — 0.5%** |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(1)</sup>* | 04/01/29 | 9625000 | 9319599 |
|  Molnlycke Holding AB (Sweden) | Molnlycke Holding AB (Sweden) | Molnlycke Holding AB (Sweden) | Molnlycke Holding AB (Sweden) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% *<sup>(8)</sup>* | 06/11/34 | 970000 | 1124384 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **Health Care-Products (Continued)** | **Health Care-Products (Continued)** | **Health Care-Products (Continued)** | **Health Care-Products (Continued)** |
|  Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% *<sup>(8)</sup>* | 09/14/32 | 200000 | 236077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(8)</sup>* | 09/14/35 | 2000000 | 2385468 |
|  |  |  | 13065528 |
| **Health Care-Services — 0.9%** | **Health Care-Services — 0.9%** | **Health Care-Services — 0.9%** | **Health Care-Services — 0.9%** |
|  Cigna Group | Cigna Group | Cigna Group | Cigna Group |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 01/15/36 | 7000000 | 7019740 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 03/15/31 | 6145000 | 5546354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 01/15/36 | 500000 | 490090 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 05/01/35 | 1195000 | 1182918 |
|  Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 09/01/29 | 1135000 | 1095377 |
|  Mehilainen Yhtiot OYJ (Finland) | Mehilainen Yhtiot OYJ (Finland) | Mehilainen Yhtiot OYJ (Finland) | Mehilainen Yhtiot OYJ (Finland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% *<sup>(1)</sup>* | 06/30/32 | 660000 | 758011 |
|  ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% *<sup>(1),(5),(7)</sup>* | 10/01/29 | 5514600 | 82719 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 01/15/33 | 735000 | 713134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 02/15/31 | 919000 | 906759 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% *<sup>(1)</sup>* | 10/01/30 | 1717000 | 1787294 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 07/15/54 | 2780000 | 2649535 |
|  Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 09/01/26 | 1500000 | 1482495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 01/15/32 | 590000 | 514026 |
|  |  |  | 24228452 |
| **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** |
|  Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(1)</sup>* | 03/15/31 | 2132000 | 1850043 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 04/01/36 | 825000 | 762300 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
|  Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(1)</sup>* | 11/06/30 | 1300000 | 1303354 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 10/01/31 | 531000 | 524288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% *<sup>(1)</sup>* | 01/15/31 | 319000 | 321903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% *<sup>(1)</sup>* | 10/01/32 | 213000 | 209473 |
|  Ardonagh Finco Ltd. | Ardonagh Finco Ltd. | Ardonagh Finco Ltd. | Ardonagh Finco Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% *<sup>(1)</sup>* | 02/15/31 | 785000 | 793549 |
|  Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital | Farmers Exchange Capital |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% *<sup>(1)</sup>* | 07/15/48 | 150000 | 152272 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** | **Insurance (Continued)** |
|  Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% (3 mo. USD Term SOFR + 4.006%) *<sup>(1),(4)</sup>* | 11/01/53 | $| 2500000 | 2437950 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (3 mo. USD LIBOR + 3.231%) *<sup>(1),(4)</sup>* | 11/01/57 |  | 3800000 | 3188200 |
|  |  |  |  | 8930989 |
| **Internet — 1.3%** | **Internet — 1.3%** | **Internet — 1.3%** | **Internet — 1.3%** | **Internet — 1.3%** |
|  Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/06/38 | EUR | 1770000 | 1935568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/06/44 | EUR | 1700000 | 1865621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 02/15/36 |  | 1885000 | 1877158 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85% | 03/16/64 | EUR | 3250000 | 3723380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 03/13/56 |  | 4675000 | 4665697 |
|  Booking Holdings, Inc. | Booking Holdings, Inc. | Booking Holdings, Inc. | Booking Holdings, Inc. | Booking Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/21/45 | EUR | 470000 | 479117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/01/44 | EUR | 505000 | 521993 |
|  Cerved Group SpA (Italy) | Cerved Group SpA (Italy) | Cerved Group SpA (Italy) | Cerved Group SpA (Italy) | Cerved Group SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40% (3 mo. EUR EURIBOR + 5.250%) *<sup>(4),(8)</sup>* | 02/15/29 | EUR | 755000 | 764373 |
|  Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% *<sup>(1)</sup>* | 11/15/30 |  | 1405000 | 1270359 |
|  ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% *<sup>(1)</sup>* | 05/01/29 |  | 2202000 | 2048785 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 11/15/35 |  | 12600000 | 12365892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 11/15/55 |  | 1300000 | 1219348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(1)</sup>* | 03/01/33 |  | 1000000 | 947620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(1)</sup>* | 03/15/34 |  | 1500000 | 1411590 |
|  |  |  |  | 35096501 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 06/15/30 |  | 1493000 | 1403435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% | 01/15/29 |  | 2575000 | 2536169 |
|  |  |  |  | 3939604 |
| **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** |
|  CSN Inova Ventures (Brazil) | CSN Inova Ventures (Brazil) | CSN Inova Ventures (Brazil) | CSN Inova Ventures (Brazil) | CSN Inova Ventures (Brazil) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(8)</sup>* | 01/28/28 |  | 200000 | 146984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(1)</sup>* | 01/28/28 |  | 2867000 | 2107016 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **Iron & Steel (Continued)** | **Iron & Steel (Continued)** | **Iron & Steel (Continued)** | **Iron & Steel (Continued)** |
|  CSN Resources SA (Brazil) | CSN Resources SA (Brazil) | CSN Resources SA (Brazil) | CSN Resources SA (Brazil) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(1)</sup>* | 04/08/32 | 4937000 | 3040155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% *<sup>(8)</sup>* | 12/05/30 | 400000 | 281572 |
|  |  |  | 5575727 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% *<sup>(1)</sup>* | 11/15/29 | 156000 | 133647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% *<sup>(1)</sup>* | 03/15/30 | 199000 | 166388 |
|  |  |  | 300035 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/30/28 | 3700000 | 3739072 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 06/15/28 | 5460000 | 5535075 |
|  |  |  | 9274147 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
|  Eaton Capital ULC | Eaton Capital ULC | Eaton Capital ULC | Eaton Capital ULC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55% | 03/10/34 | 1325000 | 1498528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/10/38 | 535000 | 610688 |
|  |  |  | 2109216 |
| **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
|  Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% *<sup>(1)</sup>* | 10/15/29 | 2242299 | 394062 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
|  Belo Corp. | Belo Corp. | Belo Corp. | Belo Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% | 09/15/27 | 520000 | 535683 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 02/01/33 | 653000 | 656252 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/42 | 1500000 | 1027830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 03/01/50 | 570000 | 423732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% | 06/01/34 | 2347000 | 2438228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65% | 02/01/34 | 800000 | 835200 |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% *<sup>(1)</sup>* | 12/01/30 | 500000 | 177935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(1)</sup>* | 01/15/30 | 376000 | 142387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 02/01/29 | 3183000 | 2034478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% *<sup>(1)</sup>* | 01/31/29 | 2794000 | 2024924 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 07/01/26 | 805000 | 803615 |
|  DISH Network Corp. | DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% *<sup>(1)</sup>* | 11/15/27 | 1654000 | 1705043 |
|  Midcontinent Communications | Midcontinent Communications | Midcontinent Communications | Midcontinent Communications |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% *<sup>(1)</sup>* | 08/15/32 | 925000 | 865550 |
|  Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% *<sup>(1)</sup>* | 02/15/33 | 1250000 | 1275000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Media (Continued)** | **Media (Continued)** | **Media (Continued)** | **Media (Continued)** | **Media (Continued)** |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% *<sup>(1)</sup>* | 04/15/32 | $| 1350000 | 1342859 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/15/42 |  | 775000 | 582901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/41 |  | 820000 | 706209 |
|  Virgin Media O2 Vendor Financing Notes VI DAC | Virgin Media O2 Vendor Financing Notes VI DAC | Virgin Media O2 Vendor Financing Notes VI DAC | Virgin Media O2 Vendor Financing Notes VI DAC | Virgin Media O2 Vendor Financing Notes VI DAC |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% *<sup>(1)</sup>* | 03/15/33 |  | 1617000 | 1410978 |
|  VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(1)</sup>* | 01/15/32 |  | 1630000 | 1402354 |
|  |  |  |  | 20391158 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
|  Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% *<sup>(8)</sup>* | 02/02/33 |  | 2195000 | 2173555 |
| **Miscellaneous Manufacturers — 0.2%** | **Miscellaneous Manufacturers — 0.2%** | **Miscellaneous Manufacturers — 0.2%** | **Miscellaneous Manufacturers — 0.2%** | **Miscellaneous Manufacturers — 0.2%** |
|  Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) | Dyno Nobel Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 11/08/32 | AUD | 2010000 | 1322629 |
|  Smiths Group PLC (United Kingdom) | Smiths Group PLC (United Kingdom) | Smiths Group PLC (United Kingdom) | Smiths Group PLC (United Kingdom) | Smiths Group PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% *<sup>(8)</sup>* | 11/13/33 | EUR | 2375000 | 2640206 |
|  |  |  |  | 3962835 |
| **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** |
|  Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% | 01/19/36 |  | 2437000 | 2475456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% | 01/13/33 |  | 718000 | 756198 |
|  KazMunayGas National Co. JSC (Kazakhstan) | KazMunayGas National Co. JSC (Kazakhstan) | KazMunayGas National Co. JSC (Kazakhstan) | KazMunayGas National Co. JSC (Kazakhstan) | KazMunayGas National Co. JSC (Kazakhstan) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% *<sup>(8)</sup>* | 04/14/33 |  | 1186000 | 1060604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% *<sup>(8)</sup>* | 04/24/30 |  | 1979000 | 1997721 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 09/21/47 |  | 658000 | 524505 |
|  Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% (5 yr. CMT + 4.230%)<sup>(1),(4),(11)</sup> | 09/18/30 |  | 3790000 | 3867392 |
|  |  |  |  | 10681876 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% | 03/11/46 | EUR | 1105000 | 1261849 |
| **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 03/17/28 |  | 2080000 | 2093749 |
|  Amcor Group Finance PLC | Amcor Group Finance PLC | Amcor Group Finance PLC | Amcor Group Finance PLC | Amcor Group Finance PLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 05/23/29 |  | 2525000 | 2588201 |
|  Amcor U.K. Finance PLC (Australia) | Amcor U.K. Finance PLC (Australia) | Amcor U.K. Finance PLC (Australia) | Amcor U.K. Finance PLC (Australia) | Amcor U.K. Finance PLC (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 02/20/33 | EUR | 1475000 | 1642527 |
|  Ardagh Group SA | Ardagh Group SA | Ardagh Group SA | Ardagh Group SA | Ardagh Group SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(1)</sup>* | 12/01/30 |  | 250000 | 261500 |
|  Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 | Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 | Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 | Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 | Ardagh Group SA (5.50% Cash or 6.50% PIK) due 5/30/26 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.00% *<sup>(1)</sup>* | 12/01/30 |  | 867000 | 729390 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **Packaging & Containers (Continued)** | **Packaging & Containers (Continued)** | **Packaging & Containers (Continued)** | **Packaging & Containers (Continued)** |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 01/15/27 | 105000 | 102837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% <sup>(1)</sup> | 07/15/26 | 556000 | 556161 |
|  |  |  | 7974365 |
| **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% *<sup>(1)</sup>* | 04/15/32 | 2510000 | 2558820 |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 03/15/36 | 2735000 | 2679781 |
|  Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(1)</sup>* | 12/15/28 | 3059000 | 3031163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% *<sup>(1)</sup>* | 07/15/44 | 1493000 | 1176245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% <sup>(1)</sup> | 06/25/38 | 2775000 | 2478852 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% | 03/25/38 | 525000 | 483971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (5 yr. CMT + 2.516%)*<sup>(4)</sup>* | 12/10/54 | 2300000 | 2323069 |
|  Dolcetto Holdco SpA | Dolcetto Holdco SpA | Dolcetto Holdco SpA | Dolcetto Holdco SpA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% *<sup>(8)</sup>* | 07/14/32 | 655000 | 752155 |
|  Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% *<sup>(8)</sup>* | 05/01/30 | 300000 | 358017 |
|  |  |  | 15842073 |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% (3 mo. USD Term SOFR + 4.417%)*<sup>(4),(11)</sup>* | 02/15/28 | 2751000 | 2743490 |
|  Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) | Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) | Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) | Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16% *<sup>(1)</sup>* | 03/31/34 | 890825 | 790313 |
|  ITT Holdings LLC | ITT Holdings LLC | ITT Holdings LLC | ITT Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 08/01/29 | 1075000 | 1048641 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% *<sup>(1)</sup>* | 02/15/32 | 1240000 | 1282061 |
|  QazaqGaz NC JSC (Kazakhstan) | QazaqGaz NC JSC (Kazakhstan) | QazaqGaz NC JSC (Kazakhstan) | QazaqGaz NC JSC (Kazakhstan) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(8)</sup>* | 09/26/27 | 650000 | 645398 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (5 yr. CMT + 5.440%)*<sup>(1),(4),(11)</sup>* | 09/30/29 | 2580000 | 2570686 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% *<sup>(1)</sup>* | 01/15/36 | 2511000 | 2659877 |
|  |  |  | 11740466 |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
|  Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% *<sup>(8)</sup>* | 05/04/28 | 1120000 | 1218108 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **Real Estate (Continued)** | **Real Estate (Continued)** | **Real Estate (Continued)** | **Real Estate (Continued)** |
|  CBRE Open-Ended Funds SCA SICAV-SIF (Luxemburg) | CBRE Open-Ended Funds SCA SICAV-SIF (Luxemburg) | CBRE Open-Ended Funds SCA SICAV-SIF (Luxemburg) | CBRE Open-Ended Funds SCA SICAV-SIF (Luxemburg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(8)</sup>* | 03/27/34 | 1155000 | 1358977 |
|  China SCE Group Holdings Ltd. | China SCE Group Holdings Ltd. | China SCE Group Holdings Ltd. | China SCE Group Holdings Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% *<sup>(5),(8)</sup>* | 05/02/25 | 1070000 | 34700 |
|  DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH | DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH | DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH | DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% *<sup>(8)</sup>* | 08/21/30 | 1100000 | 1262768 |
|  Finco Opal Sarl (Luxemburg) | Finco Opal Sarl (Luxemburg) | Finco Opal Sarl (Luxemburg) | Finco Opal Sarl (Luxemburg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.76% (3 mo. EUR EURIBOR + 7.750%)*<sup>(1),(4),(8)</sup>* | 03/02/30 | 1300000 | 1482267 |
|  LEG Immobilien SE (Germany) | LEG Immobilien SE (Germany) | LEG Immobilien SE (Germany) | LEG Immobilien SE (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88% *<sup>(8)</sup>* | 03/30/33 | 400000 | 364874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% *<sup>(8)</sup>* | 01/17/34 | 100000 | 92880 |
|  Times China Holdings Ltd. (China) | Times China Holdings Ltd. (China) | Times China Holdings Ltd. (China) | Times China Holdings Ltd. (China) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% *<sup>(1)</sup>* | 03/30/29 | 89840 | 2892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% *<sup>(1)</sup>* | 09/30/32 | 335135 | 9756 |
|  Vonovia SE (Germany) | Vonovia SE (Germany) | Vonovia SE (Germany) | Vonovia SE (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72% *<sup>(8)</sup>* | 09/03/35 | 2010000 | 1301457 |
|  Zhenro Properties Group Ltd. (China) | Zhenro Properties Group Ltd. (China) | Zhenro Properties Group Ltd. (China) | Zhenro Properties Group Ltd. (China) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% *<sup>(5),(8)</sup>* | 01/07/26 | 1810000 | 7493 |
|  |  |  | 7136172 |
| **REIT — 1.9%** | **REIT — 1.9%** | **REIT — 1.9%** | **REIT — 1.9%** |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/01/31 | 2935000 | 2648133 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 04/15/31 | 30000 | 27249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 01/15/30 | 5440000 | 5112294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 12/15/32 | 4925000 | 4842457 |
|  Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 05/15/32 | 4070000 | 4019328 |
|  Digital Dutch Finco BV | Digital Dutch Finco BV | Digital Dutch Finco BV | Digital Dutch Finco BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% *<sup>(8)</sup>* | 01/15/32 | 1770000 | 1708624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(8)</sup>* | 03/15/35 | 1035000 | 1136657 |
|  Equinix Asia Financing Corp. Pte. Ltd. (REIT) | Equinix Asia Financing Corp. Pte. Ltd. (REIT) | Equinix Asia Financing Corp. Pte. Ltd. (REIT) | Equinix Asia Financing Corp. Pte. Ltd. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 03/15/31 | 2300000 | 2254069 |
|  Equinix Europe 2 Financing Corp. LLC (REIT) | Equinix Europe 2 Financing Corp. LLC (REIT) | Equinix Europe 2 Financing Corp. LLC (REIT) | Equinix Europe 2 Financing Corp. LLC (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 11/22/34 | 4195000 | 4580059 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 06/01/28 | 6241000 | 6344164 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/26 | 2257000 | 2249462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 01/15/28 | 625000 | 612488 |
|  Host Hotels & Resorts LP (REIT) | Host Hotels & Resorts LP (REIT) | Host Hotels & Resorts LP (REIT) | Host Hotels & Resorts LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 06/15/32 | 1175000 | 1205503 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 4202000 | 3981605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 02/15/28 | 805000 | 764670 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 09/15/30 | $| 2000000 | 1825500 |
|  Phillips Edison Grocery Center Operating Partnership I LP (REIT) | Phillips Edison Grocery Center Operating Partnership I LP (REIT) | Phillips Edison Grocery Center Operating Partnership I LP (REIT) | Phillips Edison Grocery Center Operating Partnership I LP (REIT) | Phillips Edison Grocery Center Operating Partnership I LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 03/15/33 |  | 2730000 | 2663470 |
|  Realty Income Corp. (REIT) | Realty Income Corp. (REIT) | Realty Income Corp. (REIT) | Realty Income Corp. (REIT) | Realty Income Corp. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 07/06/30 | EUR | 710000 | 852044 |
|  VICI Properties LP/VICI Notes Co., Inc. | VICI Properties LP/VICI Notes Co., Inc. | VICI Properties LP/VICI Notes Co., Inc. | VICI Properties LP/VICI Notes Co., Inc. | VICI Properties LP/VICI Notes Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(1)</sup>* | 02/15/29 |  | 865000 | 841135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% *<sup>(1)</sup>* | 08/15/30 |  | 113000 | 108340 |
|  WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 05/10/35 | EUR | 1210000 | 1305911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 07/23/32 | EUR | 950000 | 1098060 |
|  |  |  |  | 50181222 |
| **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** |
|  BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(1)</sup>* | 07/01/32 |  | 2075000 | 1873642 |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(1)</sup>* | 01/15/31 |  | 2519000 | 2629735 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% *<sup>(1)</sup>* | 03/15/33 |  | 1015000 | 989696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00% *<sup>(1)</sup>* | 03/15/34 |  | 270000 | 252277 |
|  Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 09/15/29 |  | 1565000 | 1494215 |
|  Punch Finance PLC | Punch Finance PLC | Punch Finance PLC | Punch Finance PLC | Punch Finance PLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% *<sup>(8)</sup>* | 12/30/30 | GBP | 955000 | 1257091 |
|  Staples, Inc. | Staples, Inc. | Staples, Inc. | Staples, Inc. | Staples, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% *<sup>(1)</sup>* | 09/01/29 |  | 600000 | 557592 |
|  Stonegate Pub Co. Financing PLC (United Kingdom) | Stonegate Pub Co. Financing PLC (United Kingdom) | Stonegate Pub Co. Financing PLC (United Kingdom) | Stonegate Pub Co. Financing PLC (United Kingdom) | Stonegate Pub Co. Financing PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.62% (3 mo. EUR EURIBOR + 6.625%)*<sup>(4),(8)</sup>* | 07/31/29 | EUR | 700000 | 790772 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 12/15/35 |  | 1250000 | 1217913 |
|  |  |  |  | 11062933 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 01/25/31 |  | 825000 | 843521 |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/12/31 |  | 2300000 | 1992927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 08/12/51 |  | 826000 | 500515 |
|  |  |  |  | 3336963 |
| **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% *<sup>(1)</sup>* | 06/30/32 |  | 2491000 | 2369016 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% | 02/15/31 |  | 1385000 | 1356968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 08/11/35 |  | 2310000 | 2246937 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 03/15/34 | $| 2360000 | 2348696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 08/21/33 |  | 820000 | 829061 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. | Open Text Corp. | Open Text Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(1)</sup>* | 12/01/29 |  | 1120000 | 1003632 |
|  Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% *<sup>(1)</sup>* | 12/01/27 |  | 5545000 | 5699927 |
|  Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% | 04/15/32 |  | 1290000 | 1297224 |
|  Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 03/15/29 |  | 1440000 | 1442923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 03/15/36 |  | 2670000 | 2662604 |
|  TeamSystem SpA (Italy) | TeamSystem SpA (Italy) | TeamSystem SpA (Italy) | TeamSystem SpA (Italy) | TeamSystem SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% *<sup>(8)</sup>* | 07/01/31 | EUR | 915000 | 975246 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. | UKG, Inc. | UKG, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% *<sup>(1)</sup>* | 02/01/31 |  | 1365000 | 1339201 |
|  |  |  |  | 23571435 |
| **Telecommunications — 0.6%** | **Telecommunications — 0.6%** | **Telecommunications — 0.6%** | **Telecommunications — 0.6%** | **Telecommunications — 0.6%** |
|  Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63% *<sup>(1)</sup>* | 07/15/27 |  | 3168000 | 2343940 |
|  Altice France SA | Altice France SA | Altice France SA | Altice France SA | Altice France SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% *<sup>(1)</sup>* | 04/15/32 |  | 781261 | 739354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% *<sup>(1)</sup>* | 11/01/29 |  | 582684 | 590102 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% | 11/30/29 |  | 891000 | 963207 |
|  Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38% <sup>(8)</sup> | 10/07/30 | EUR | 4505000 | 4793419 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 02/15/36 |  | 6470000 | 6370491 |
|  Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% *<sup>(1)</sup>* | 07/15/31 |  | 431000 | 371225 |
|  Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 | Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 | Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 | Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 | Zayo Group Holdings, Inc. (5.75% Cash or 0.50% PIK) due 3/29/27 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25% *<sup>(1)</sup>* | 03/09/30 |  | 939230 | 933904 |
|  |  |  |  | 17105642 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) | Aurizon Network Pty. Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% *<sup>(8)</sup>* | 09/02/30 | AUD | 3160000 | 1906107 |
|  Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) | Pacific National Finance Pty. Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 09/24/29 | AUD | 3080000 | 1922570 |
|  |  |  |  | 3828677 |
| **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** |
|  DWR Cymru Financing U.K. PLC | DWR Cymru Financing U.K. PLC | DWR Cymru Financing U.K. PLC | DWR Cymru Financing U.K. PLC | DWR Cymru Financing U.K. PLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% *<sup>(8)</sup>* | 03/31/34 | GBP | 2150000 | 2113417 |
|  Severn Trent Utilities Finance PLC | Severn Trent Utilities Finance PLC | Severn Trent Utilities Finance PLC | Severn Trent Utilities Finance PLC | Severn Trent Utilities Finance PLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% *<sup>(8)</sup>* | 08/04/37 | EUR | 1915000 | 2124206 |
|  United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% *<sup>(8)</sup>* | 05/23/34 | EUR | 1270000 | 1434906 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Water (Continued)** | **Water (Continued)** | **Water (Continued)** | **Water (Continued)** | **Water (Continued)** |
|  Yorkshire Water Finance PLC (United Kingdom) | Yorkshire Water Finance PLC (United Kingdom) | Yorkshire Water Finance PLC (United Kingdom) | Yorkshire Water Finance PLC (United Kingdom) | Yorkshire Water Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% *<sup>(8)</sup>* | 04/18/41 | GBP | 200000 | 163598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% *<sup>(8)</sup>* | 11/18/34 | GBP | 2395000 | 3187246 |
|  |  |  |  | 9023373 |
| **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |
|  (Cost: $563,618,558) | (Cost: $563,618,558) |  |  | 547798755 |
| **FOREIGN GOVERNMENT BONDS — 3.9%** | **FOREIGN GOVERNMENT BONDS — 3.9%** | **FOREIGN GOVERNMENT BONDS — 3.9%** | **FOREIGN GOVERNMENT BONDS — 3.9%** | **FOREIGN GOVERNMENT BONDS — 3.9%** |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% *<sup>(1)</sup>* | 04/30/54 |  | 3219000 | 3078845 |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/20/33 |  | 830000 | 831726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 03/15/34 |  | 910000 | 909500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% | 03/15/35 |  | 5435000 | 5557179 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 11/07/36 |  | 340000 | 348102 |
|  Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(8)</sup>* | 08/15/36 |  | 6910000 | 7054557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60% *<sup>(8)</sup>* | 06/13/36 |  | 900000 | 945027 |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13% *<sup>(1)</sup>* | 09/22/31 |  | 1146000 | 972060 |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% *<sup>(1)</sup>* | 10/09/35 |  | 7863000 | 7541403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% *<sup>(8)</sup>* | 10/09/35 |  | 2137000 | 2049597 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 05/19/33 |  | 1833000 | 1737794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 09/22/35 |  | 5598000 | 5414386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 02/09/35 |  | 3151000 | 3223095 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(8)</sup>* | 02/24/38 | AUD | 10555000 | 6914870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 02/22/39 | AUD | 1500000 | 973527 |
|  Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% *<sup>(1)</sup>* | 01/25/31 |  | 1189000 | 1242018 |
|  Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.82% *<sup>(1)</sup>* | 03/14/49 |  | 678000 | 597949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% *<sup>(1)</sup>* | 04/23/48 |  | 610000 | 561737 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% *<sup>(8)</sup>* | 08/13/38 | AUD | 5080000 | 3305537 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 10/12/28 |  | 827000 | 809286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85% | 09/30/29 |  | 883000 | 865737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 06/22/30 |  | 675000 | 679617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 04/20/32 |  | 864000 | 860734 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% *<sup>(8)</sup>* | 03/24/35 |  | 4856000 | 4587463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% *<sup>(8)</sup>* | 05/16/36 |  | 7022000 | 6970950 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% <sup>(1)</sup> | 01/12/36 |  | 809000 | 786316 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **FOREIGN GOVERNMENT BONDS (Continued)** | **FOREIGN GOVERNMENT BONDS (Continued)** | **FOREIGN GOVERNMENT BONDS (Continued)** | **FOREIGN GOVERNMENT BONDS (Continued)** | **FOREIGN GOVERNMENT BONDS (Continued)** |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/20/37 | AUD | 3630000 | 1684839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/15/39 | AUD | 2380000 | 1562137 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 36.00% | 08/12/26 | TRY | 578630000 | 12798546 |
|  U.K. Gilts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% *<sup>(8)</sup>* | 03/07/28 | GBP | 13475000 | 17775159 |
| **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** |
|  (Cost: $104,846,202) | (Cost: $104,846,202) |  |  | 102639693 |
| **U.S. TREASURY SECURITIES — 0.2%** | **U.S. TREASURY SECURITIES — 0.2%** | **U.S. TREASURY SECURITIES — 0.2%** | **U.S. TREASURY SECURITIES — 0.2%** | **U.S. TREASURY SECURITIES — 0.2%** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/28 |  | 551000 | 551872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/31/31 |  | 778000 | 775569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 02/15/36 |  | 5030000 | 4951799 |
| **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** | **Total U.S. Treasury Securities** |
|  (Cost: $6,250,380) | (Cost: $6,250,380) |  |  | 6279240 |
| **BANK LOANS — 4.3%** | **BANK LOANS — 4.3%** | **BANK LOANS — 4.3%** | **BANK LOANS — 4.3%** | **BANK LOANS — 4.3%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
|  Advantage Sales & Marketing, Inc. 2026 First Out Term Loan | Advantage Sales & Marketing, Inc. 2026 First Out Term Loan | Advantage Sales & Marketing, Inc. 2026 First Out Term Loan | Advantage Sales & Marketing, Inc. 2026 First Out Term Loan | Advantage Sales & Marketing, Inc. 2026 First Out Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.78% (1 mo. USD Term SOFR + 6.000%) *<sup>(4)</sup>* | 04/19/30 |  | 908001 | 689513 |
|  Research Now Group, Inc. 2024 First Lien First Out Term Loan | Research Now Group, Inc. 2024 First Lien First Out Term Loan | Research Now Group, Inc. 2024 First Lien First Out Term Loan | Research Now Group, Inc. 2024 First Lien First Out Term Loan | Research Now Group, Inc. 2024 First Lien First Out Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.91% (3 mo. USD Term SOFR + 5.000%) *<sup>(4)</sup>* | 07/15/28 |  | 682931 | 673544 |
|  |  |  |  | 1363057 |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
|  HDI Aerospace Intermediate Holding III Corp. Term Loan B | HDI Aerospace Intermediate Holding III Corp. Term Loan B | HDI Aerospace Intermediate Holding III Corp. Term Loan B | HDI Aerospace Intermediate Holding III Corp. Term Loan B | HDI Aerospace Intermediate Holding III Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40% (3 mo. USD Term SOFR + 3.750%) *<sup>(4)</sup>* | 02/11/32 |  | 851400 | 855129 |
|  TransDigm, Inc. 2023 Term Loan J | TransDigm, Inc. 2023 Term Loan J | TransDigm, Inc. 2023 Term Loan J | TransDigm, Inc. 2023 Term Loan J | TransDigm, Inc. 2023 Term Loan J |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17% (1 mo. USD Term SOFR + 2.500%) *<sup>(4)</sup>* | 02/28/31 |  | 887281 | 888399 |
|  TransDigm, Inc. 2025 Term Loan K | TransDigm, Inc. 2025 Term Loan K | TransDigm, Inc. 2025 Term Loan K | TransDigm, Inc. 2025 Term Loan K | TransDigm, Inc. 2025 Term Loan K |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (1 mo. USD Term SOFR + 2.250%) *<sup>(4)</sup>* | 03/22/30 |  | 176330 | 176531 |
|  TransDigm, Inc. 2025 Term Loan M | TransDigm, Inc. 2025 Term Loan M | TransDigm, Inc. 2025 Term Loan M | TransDigm, Inc. 2025 Term Loan M | TransDigm, Inc. 2025 Term Loan M |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17% (1 mo. USD Term SOFR + 2.500%) *<sup>(4)</sup>* | 08/19/32 |  | 1239868 | 1241238 |
|  |  |  |  | 3161297 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
|  SkyMiles IP Ltd. 2025 Repriced Term Loan B | SkyMiles IP Ltd. 2025 Repriced Term Loan B | SkyMiles IP Ltd. 2025 Repriced Term Loan B | SkyMiles IP Ltd. 2025 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17% (3 mo. USD Term SOFR + 1.500%) *<sup>(4)</sup>* | 10/20/28 | $1322938 | $1331345 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
|  ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (1 mo. USD Term SOFR + 2.250%) *<sup>(4)</sup>* | 12/21/28 | 784888 | 784178 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
|  Celsius Holdings, Inc. 2025 Term Loan B | Celsius Holdings, Inc. 2025 Term Loan B | Celsius Holdings, Inc. 2025 Term Loan B | Celsius Holdings, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% (3 mo. USD Term SOFR + 2.500%) *<sup>(4)</sup>* | 04/01/32 | 504485 | 506377 |
|  Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.20% (3 mo. USD Term SOFR + 5.500%) *<sup>(4)</sup>* | 01/24/29 | 3494262 | 3484740 |
|  Naked Juice LLC 2025 FLSO Term Loan | Naked Juice LLC 2025 FLSO Term Loan | Naked Juice LLC 2025 FLSO Term Loan | Naked Juice LLC 2025 FLSO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% (3 mo. USD Term SOFR + 3.250%) *<sup>(4)</sup>* | 01/24/29 | 43138 | 23151 |
|  Naked Juice LLC 2025 FLTO Term Loan | Naked Juice LLC 2025 FLTO Term Loan | Naked Juice LLC 2025 FLTO Term Loan | Naked Juice LLC 2025 FLTO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.80% (3 mo. USD Term SOFR + 6.000%) *<sup>(4)</sup>* | 01/24/30 | 396304 | 87629 |
|  Primo Brands Corp. 2026 Term Loan B | Primo Brands Corp. 2026 Term Loan B | Primo Brands Corp. 2026 Term Loan B | Primo Brands Corp. 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(12)</sup> | 03/19/31 | 433796 | 435015 |
|  |  |  | 4536912 |
| **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
|  Amspec Parent LLC 2025 Term Loan | Amspec Parent LLC 2025 Term Loan | Amspec Parent LLC 2025 Term Loan | Amspec Parent LLC 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% (3 mo. USD Term SOFR + 3.500%) *<sup>(4)</sup>* | 12/22/31 | 1046705 | 1046485 |
|  ASP Dream Acquisition Co. LLC Term Loan B | ASP Dream Acquisition Co. LLC Term Loan B | ASP Dream Acquisition Co. LLC Term Loan B | ASP Dream Acquisition Co. LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.02% (1 mo. USD Term SOFR + 4.250%) *<sup>(4)</sup>* | 12/15/28 | 995104 | 922959 |
|  CCRR Parent, Inc. Term Loan B | CCRR Parent, Inc. Term Loan B | CCRR Parent, Inc. Term Loan B | CCRR Parent, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.18% (3 mo. USD Term SOFR + 4.250%) *<sup>(4)</sup>* | 03/06/28 | 351659 | 100858 |
|  CCRR Parent, Inc. US Acquisition Facility | CCRR Parent, Inc. US Acquisition Facility | CCRR Parent, Inc. US Acquisition Facility | CCRR Parent, Inc. US Acquisition Facility |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.02% (3 mo. USD Term SOFR + 4.250%) *<sup>(4)</sup>* | 03/06/28 | 727929 | 183802 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **Commercial Services (Continued)** | **Commercial Services (Continued)** | **Commercial Services (Continued)** | **Commercial Services (Continued)** |
|  Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan | Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan | Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan | Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% (3 mo. USD Term SOFR + 3.500%) *<sup>(4)</sup>* | 07/06/29 | 96836 | 97260 |
|  Fugue Finance BV 2026 USD Term Loan B | Fugue Finance BV 2026 USD Term Loan B | Fugue Finance BV 2026 USD Term Loan B | Fugue Finance BV 2026 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (3 mo. USD Term SOFR + 2.250%) *<sup>(4)</sup>* | 01/09/32 | 550811 | 545132 |
|  Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.42% (1 mo. USD Term SOFR + 5.750%) *<sup>(4)</sup>* | 12/30/29 | 627569 | 626000 |
|  KUEHG Corp. 2025 Term Loan | KUEHG Corp. 2025 Term Loan | KUEHG Corp. 2025 Term Loan | KUEHG Corp. 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45% (3 mo. USD Term SOFR + 2.750%) *<sup>(4)</sup>* | 06/12/30 | 405116 | 364604 |
|  Priority Holdings LLC 2025 Term Loan B | Priority Holdings LLC 2025 Term Loan B | Priority Holdings LLC 2025 Term Loan B | Priority Holdings LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.42% (1 mo. USD Term SOFR + 3.750%) *<sup>(4)</sup>* | 08/02/32 | 1142845 | 1117491 |
|  Secretariat Advisors LLC 2025 Delayed Draw Term Loan | Secretariat Advisors LLC 2025 Delayed Draw Term Loan | Secretariat Advisors LLC 2025 Delayed Draw Term Loan | Secretariat Advisors LLC 2025 Delayed Draw Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(12)</sup>* | 02/28/32 | 58712 | 57831 |
|  Secretariat Advisors LLC 2025 Term Loan B | Secretariat Advisors LLC 2025 Term Loan B | Secretariat Advisors LLC 2025 Term Loan B | Secretariat Advisors LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(12)</sup> | 02/28/32 | 482436 | 475199 |
|  TTF Holdings LLC 2024 Term Loan | TTF Holdings LLC 2024 Term Loan | TTF Holdings LLC 2024 Term Loan | TTF Holdings LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% (6 mo. USD Term SOFR + 3.750%) *<sup>(4)</sup>* | 07/18/31 | 1459990 | 1094992 |
|  Valvoline, Inc. Term Loan B | Valvoline, Inc. Term Loan B | Valvoline, Inc. Term Loan B | Valvoline, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67% (1 mo. USD Term SOFR + 2.000%) *<sup>(4)</sup>* | 12/01/32 | 989712 | 994537 |
|  |  |  | 7627150 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
|  McAfee LLC 2024 USD 1st Lien Term Loan B | McAfee LLC 2024 USD 1st Lien Term Loan B | McAfee LLC 2024 USD 1st Lien Term Loan B | McAfee LLC 2024 USD 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.67% (1 mo. USD Term SOFR + 3.000%) *<sup>(4)</sup>* | 03/01/29 | 713301 | 639296 |
|  Peraton Corp. Term Loan B | Peraton Corp. Term Loan B | Peraton Corp. Term Loan B | Peraton Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.52% (3 mo. USD Term SOFR + 3.750%) *<sup>(4)</sup>* | 02/01/28 | 851536 | 728774 |
|  Surf Holdings LLC 2025 Incremental Term Loan | Surf Holdings LLC 2025 Incremental Term Loan | Surf Holdings LLC 2025 Incremental Term Loan | Surf Holdings LLC 2025 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.28% (1 mo. USD Term SOFR + 3.500%) *<sup>(4)</sup>* | 03/05/27 | 1243408 | 1187262 |
|  |  |  | 2555332 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
|  Opal Bidco SAS USD Term Loan B4 | Opal Bidco SAS USD Term Loan B4 | Opal Bidco SAS USD Term Loan B4 | Opal Bidco SAS USD Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% (3 mo. USD Term SOFR + 3.000%) *<sup>(4)</sup>* | 04/28/32 | $614787 | $615171 |
| **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** | **Distribution & Wholesale — 0.1%** |
|  BCPE Empire Holdings, Inc. 2025 Term Loan B | BCPE Empire Holdings, Inc. 2025 Term Loan B | BCPE Empire Holdings, Inc. 2025 Term Loan B | BCPE Empire Holdings, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.92% (1 mo. USD Term SOFR + 3.250%) *<sup>(4)</sup>* | 12/11/30 | 89612 | 88417 |
|  BCPE Empire Holdings, Inc. 2026 10th Amendment Term Loan | BCPE Empire Holdings, Inc. 2026 10th Amendment Term Loan | BCPE Empire Holdings, Inc. 2026 10th Amendment Term Loan | BCPE Empire Holdings, Inc. 2026 10th Amendment Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.17% (1 mo. USD Term SOFR + 3.500%) *<sup>(4)</sup>* | 12/29/32 | 2314550 | 2282736 |
|  |  |  | 2371153 |
| **Diversified Financial Services —0.2%** | **Diversified Financial Services —0.2%** | **Diversified Financial Services —0.2%** | **Diversified Financial Services —0.2%** |
|  Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% (1 mo. USD Term SOFR + 1.750%) *<sup>(4)</sup>* | 06/24/30 | 1989393 | 1995610 |
|  Blackhawk Network Holdings, Inc. 2026 Term Loan B | Blackhawk Network Holdings, Inc. 2026 Term Loan B | Blackhawk Network Holdings, Inc. 2026 Term Loan B | Blackhawk Network Holdings, Inc. 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.17% (1 mo. USD Term SOFR + 3.500%) *<sup>(4)</sup>* | 03/12/29 | 859276 | 849502 |
|  Guggenheim Partners LLC 2024 Term Loan B | Guggenheim Partners LLC 2024 Term Loan B | Guggenheim Partners LLC 2024 Term Loan B | Guggenheim Partners LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% (3 mo. USD Term SOFR + 2.500%) *<sup>(4)</sup>* | 11/26/31 | 613866 | 615094 |
|  Jane Street Group LLC 2024 Term Loan B1 | Jane Street Group LLC 2024 Term Loan B1 | Jane Street Group LLC 2024 Term Loan B1 | Jane Street Group LLC 2024 Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67% (3 mo. USD Term SOFR + 2.000%) *<sup>(4)</sup>* | 12/15/31 | 824845 | 810785 |
|  |  |  | 4270991 |
| **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** |
|  Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 mo. USD Term SOFR + 1.750%) *<sup>(4)</sup>* | 09/30/31 | 1545080 | 1543064 |
|  Cornerstone Generation LLC Term Loan B | Cornerstone Generation LLC Term Loan B | Cornerstone Generation LLC Term Loan B | Cornerstone Generation LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (3 mo. USD Term SOFR + 2.250%) *<sup>(4)</sup>* | 08/11/32 | 316399 | 317077 |
|  Potomac Energy Center LLC 2026 Term Loan B | Potomac Energy Center LLC 2026 Term Loan B | Potomac Energy Center LLC 2026 Term Loan B | Potomac Energy Center LLC 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (3 mo. USD Term SOFR + 2.750%) *<sup>(4)</sup>* | 08/05/32 | 379706 | 380656 |
|  South Field LLC 2025 1st Lien Term Loan B | South Field LLC 2025 1st Lien Term Loan B | South Field LLC 2025 1st Lien Term Loan B | South Field LLC 2025 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% (3 mo. USD Term SOFR + 3.000%) *<sup>(4)</sup>* | 08/29/31 | 401755 | 403766 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** | **Electric (Continued)** |
|  South Field LLC 2025 1st Lien Term Loan C | South Field LLC 2025 1st Lien Term Loan C | South Field LLC 2025 1st Lien Term Loan C | South Field LLC 2025 1st Lien Term Loan C | South Field LLC 2025 1st Lien Term Loan C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% (3 mo. USD Term SOFR + 3.000%) *<sup>(4)</sup>* | 08/29/31 | $| 25124 | 25250 |
|  Vistra Operations Co. LLC 1st Lien Term Loan B3 | Vistra Operations Co. LLC 1st Lien Term Loan B3 | Vistra Operations Co. LLC 1st Lien Term Loan B3 | Vistra Operations Co. LLC 1st Lien Term Loan B3 | Vistra Operations Co. LLC 1st Lien Term Loan B3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 mo. USD Term SOFR + 1.750%) *<sup>(4)</sup>* | 12/20/30 |  | 637736 | 639397 |
|  |  |  |  | 3309210 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
|  Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.21% (3 mo. USD Term SOFR + 4.250%) *<sup>(4)</sup>* | 12/29/28 |  | 2012095 | 1795815 |
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
|  LSF12 Crown U.S. Commercial Bidco LLC 2026 Term Loan B | LSF12 Crown U.S. Commercial Bidco LLC 2026 Term Loan B | LSF12 Crown U.S. Commercial Bidco LLC 2026 Term Loan B | LSF12 Crown U.S. Commercial Bidco LLC 2026 Term Loan B | LSF12 Crown U.S. Commercial Bidco LLC 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.67% (1 mo. USD Term SOFR + 3.000%) *<sup>(4)</sup>* | 12/02/31 |  | 510483 | 511632 |
|  TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.92% (3 mo. USD Term SOFR + 4.250%) *<sup>(4)</sup>* | 10/24/31 |  | 281438 | 281965 |
|  |  |  |  | 793597 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Astrion Group LLC 2024 Term Loan | Astrion Group LLC 2024 Term Loan | Astrion Group LLC 2024 Term Loan | Astrion Group LLC 2024 Term Loan | Astrion Group LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.70% (3 mo. USD Term SOFR + 5.000%) *<sup>(4)</sup>* | 08/29/31 |  | 1488693 | 1181032 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
|  Betclic Everest Group SAS 2026 Term Loan B | Betclic Everest Group SAS 2026 Term Loan B | Betclic Everest Group SAS 2026 Term Loan B | Betclic Everest Group SAS 2026 Term Loan B | Betclic Everest Group SAS 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 12/10/31 | EUR | 730259 | 830361 |
|  City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.17% (1 mo. USD Term SOFR + 3.500%) *<sup>(4)</sup>* | 07/22/30 |  | 825022 | 824251 |
|  DK Crown Holdings, Inc. 2025 Term Loan B | DK Crown Holdings, Inc. 2025 Term Loan B | DK Crown Holdings, Inc. 2025 Term Loan B | DK Crown Holdings, Inc. 2025 Term Loan B | DK Crown Holdings, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 mo. USD Term SOFR + 1.750%) *<sup>(4)</sup>* | 03/04/32 |  | 153750 | 153775 |
|  EOC Borrower LLC Term Loan A | EOC Borrower LLC Term Loan A | EOC Borrower LLC Term Loan A | EOC Borrower LLC Term Loan A | EOC Borrower LLC Term Loan A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.42% (1 mo. USD Term SOFR + 3.750%) *<sup>(4)</sup>* | 03/24/28 |  | 371178 | 371642 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **Entertainment (Continued)** | **Entertainment (Continued)** | **Entertainment (Continued)** | **Entertainment (Continued)** |
|  Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% (3 mo. USD Term SOFR + 1.750%) <sup>(4)</sup> | 11/30/30 | 408344 | 404873 |
|  Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.44% (3 mo. USD Term SOFR + 4.750%) *<sup>(4)</sup>* | 11/01/29 | 926645 | 914677 |
|  Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.40% (3 mo. USD Term SOFR + 4.750%) *<sup>(4)</sup>* | 08/16/31 | 649876 | 643377 |
|  TKO Worldwide Holdings LLC 2025 Term Loan | TKO Worldwide Holdings LLC 2025 Term Loan | TKO Worldwide Holdings LLC 2025 Term Loan | TKO Worldwide Holdings LLC 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.66% (3 mo. USD Term SOFR + 2.000%) *<sup>(4)</sup>* | 11/21/31 | 953782 | 954378 |
|  Voyager Parent LLC Repriced Term Loan B | Voyager Parent LLC Repriced Term Loan B | Voyager Parent LLC Repriced Term Loan B | Voyager Parent LLC Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95% (3 mo. USD Term SOFR + 4.250%) *<sup>(4)</sup>* | 07/01/32 | 1382831 | 1375198 |
|  |  |  | 6472532 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  Action Environmental Group, Inc. 2023 Term Loan B | Action Environmental Group, Inc. 2023 Term Loan B | Action Environmental Group, Inc. 2023 Term Loan B | Action Environmental Group, Inc. 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.69% (3 mo. USD Term SOFR + 3.000%) *<sup>(4)</sup>* | 10/24/30 | 506620 | 505777 |
|  Heritage Environmental Services, Inc. 2026 Term Loan B | Heritage Environmental Services, Inc. 2026 Term Loan B | Heritage Environmental Services, Inc. 2026 Term Loan B | Heritage Environmental Services, Inc. 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 03/18/33 | 555583 | 556972 |
|  |  |  | 1062749 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
|  BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.78% (1 mo. USD Term SOFR + 4.000%) *<sup>(4)</sup>* | 06/09/28 | 868936 | 867524 |
|  C&S Wholesale Grocers, Inc. Term Loan B | C&S Wholesale Grocers, Inc. Term Loan B | C&S Wholesale Grocers, Inc. Term Loan B | C&S Wholesale Grocers, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.70% (3 mo. USD Term SOFR + 5.000%) *<sup>(4)</sup>* | 09/20/30 | 1293729 | 1267311 |
|  United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (1 mo. USD Term SOFR + 4.750%) *<sup>(4)</sup>* | 05/01/31 | 755250 | 760537 |
|  |  |  | 2895372 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **Health Care-Products — 0.1%** | **Health Care-Products — 0.1%** | **Health Care-Products — 0.1%** | **Health Care-Products — 0.1%** |
|  Antylia Scientific Term Loan | Antylia Scientific Term Loan | Antylia Scientific Term Loan | Antylia Scientific Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.66% (3 mo. USD Term SOFR + 4.000%) *<sup>(4)</sup>* | 05/27/32 | $721460 | $716951 |
|  Hologic, Inc. 2026 Term Loan B | Hologic, Inc. 2026 Term Loan B | Hologic, Inc. 2026 Term Loan B | Hologic, Inc. 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 01/14/33 | 767711 | 759508 |
|  QuidelOrtho Corp. Term Loan | QuidelOrtho Corp. Term Loan | QuidelOrtho Corp. Term Loan | QuidelOrtho Corp. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (1 mo. USD Term SOFR + 4.000%) *<sup>(4)</sup>* | 08/20/32 | 1120309 | 1120309 |
|  QuidelOrtho Corp. Term Loan A | QuidelOrtho Corp. Term Loan A | QuidelOrtho Corp. Term Loan A | QuidelOrtho Corp. Term Loan A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (1 mo. USD Term SOFR + 2.250%) *<sup>(4)</sup>* | 08/14/30 | 899362 | 864512 |
|  |  |  | 3461280 |
| **Health Care-Services — 0.3%** | **Health Care-Services — 0.3%** | **Health Care-Services — 0.3%** | **Health Care-Services — 0.3%** |
|  ADMI Corp. 2021 Term Loan B2 | ADMI Corp. 2021 Term Loan B2 | ADMI Corp. 2021 Term Loan B2 | ADMI Corp. 2021 Term Loan B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.16% (1 mo. USD Term SOFR + 3.375%) *<sup>(4)</sup>* | 12/23/27 | 486665 | 457552 |
|  ADMI Corp. 2023 Term Loan B5 | ADMI Corp. 2023 Term Loan B5 | ADMI Corp. 2023 Term Loan B5 | ADMI Corp. 2023 Term Loan B5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.42% (1 mo. USD Term SOFR + 5.750%) *<sup>(4)</sup>* | 12/23/27 | 279773 | 268233 |
|  Heartland Dental LLC 2025 Term Loan | Heartland Dental LLC 2025 Term Loan | Heartland Dental LLC 2025 Term Loan | Heartland Dental LLC 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.42% (1 mo. USD Term SOFR + 3.750%) *<sup>(4)</sup>* | 08/25/32 | 1235289 | 1234375 |
|  IQVIA, Inc. 2025 Incremental Term Loan B5 | IQVIA, Inc. 2025 Incremental Term Loan B5 | IQVIA, Inc. 2025 Incremental Term Loan B5 | IQVIA, Inc. 2025 Incremental Term Loan B5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% (3 mo. USD Term SOFR + 1.750%) *<sup>(4)</sup>* | 01/02/31 | 491421 | 493448 |
|  ModivCare Buyer LLC Super Senior Term Loan | ModivCare Buyer LLC Super Senior Term Loan | ModivCare Buyer LLC Super Senior Term Loan | ModivCare Buyer LLC Super Senior Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95% (3 mo. USD Term SOFR + 4.250%) *<sup>(4)</sup>* | 12/29/30 | 1082288 | 1085897 |
|  ModivCare Buyer LLC Takeback Term Loan | ModivCare Buyer LLC Takeback Term Loan | ModivCare Buyer LLC Takeback Term Loan | ModivCare Buyer LLC Takeback Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95% (3 mo. USD Term SOFR + 4.250%) *<sup>(4)</sup>* | 12/30/32 | 1463568 | 1375754 |
|  NAPA Management Services Corp. Term Loan B | NAPA Management Services Corp. Term Loan B | NAPA Management Services Corp. Term Loan B | NAPA Management Services Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.02% (1 mo. USD Term SOFR + 5.250%) *<sup>(4)</sup>* | 02/23/29 | 1217581 | 768221 |
|  Pediatric Associates Holding Co. LLC 2021 Term Loan B | Pediatric Associates Holding Co. LLC 2021 Term Loan B | Pediatric Associates Holding Co. LLC 2021 Term Loan B | Pediatric Associates Holding Co. LLC 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.18% (3 mo. USD Term SOFR + 3.250%) *<sup>(4)</sup>* | 12/29/28 | 1856720 | 1781421 |
|  Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.70% (3 mo. USD Term SOFR + 4.000%) *<sup>(4)</sup>* | 09/27/30 | 312544 | 309447 |
|  |  |  | 7774348 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **Holding Companies — Diversified — 0.0%** | **Holding Companies — Diversified — 0.0%** | **Holding Companies — Diversified — 0.0%** | **Holding Companies — Diversified — 0.0%** |
|  GC Ferry Acquisition I, Inc. Term Loan | GC Ferry Acquisition I, Inc. Term Loan | GC Ferry Acquisition I, Inc. Term Loan | GC Ferry Acquisition I, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% (3 mo. USD Term SOFR + 3.500%) *<sup>(4)</sup>* | 08/16/32 | $701533 | $692764 |
| **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
|  Lavender Dutch BorrowerCo BV Term Loan | Lavender Dutch BorrowerCo BV Term Loan | Lavender Dutch BorrowerCo BV Term Loan | Lavender Dutch BorrowerCo BV Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.93% (3 mo. USD Term SOFR + 3.250%) *<sup>(4)</sup>* | 12/30/32 | 1034523 | 1021591 |
| **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
|  Asurion LLC 2021 Second Lien Term Loan B4 | Asurion LLC 2021 Second Lien Term Loan B4 | Asurion LLC 2021 Second Lien Term Loan B4 | Asurion LLC 2021 Second Lien Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.03% (1 mo. USD Term SOFR + 5.250%) *<sup>(4)</sup>* | 01/20/29 | 258970 | 257698 |
| **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
|  Arches Buyer, Inc. 2021 Term Loan B | Arches Buyer, Inc. 2021 Term Loan B | Arches Buyer, Inc. 2021 Term Loan B | Arches Buyer, Inc. 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.02% (1 mo. USD Term SOFR + 3.250%) *<sup>(4)</sup>* | 12/06/27 | 275491 | 274889 |
|  Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.17% (3 mo. USD Term SOFR + 4.500%) *<sup>(4)</sup>* | 08/15/29 | 966989 | 624917 |
|  Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.64% (3 mo. USD Term SOFR + 5.000%) *<sup>(4)</sup>* | 12/12/29 | 1745418 | 1718696 |
|  Delivery Hero SE 2026 Term Loan B | Delivery Hero SE 2026 Term Loan B | Delivery Hero SE 2026 Term Loan B | Delivery Hero SE 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% (3 mo. USD Term SOFR + 4.000%) *<sup>(4)</sup>* | 06/30/32 | 733343 | 710430 |
|  Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.67% (1 mo. USD Term SOFR + 3.000%) *<sup>(4)</sup>* | 02/06/31 | 920107 | 913206 |
|  MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.92% (1 mo. USD Term SOFR + 4.250%) *<sup>(4)</sup>* | 05/03/28 | 706714 | 609540 |
|  MH Sub I LLC 2024 Term Loan B4 | MH Sub I LLC 2024 Term Loan B4 | MH Sub I LLC 2024 Term Loan B4 | MH Sub I LLC 2024 Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.92% (1 mo. USD Term SOFR + 4.250%) *<sup>(4)</sup>* | 12/31/31 | 1055018 | 708181 |
|  Plano HoldCo, Inc. Term Loan B | Plano HoldCo, Inc. Term Loan B | Plano HoldCo, Inc. Term Loan B | Plano HoldCo, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% (3 mo. USD Term SOFR + 3.500%) *<sup>(4)</sup>* | 10/02/31 | 267300 | 216513 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
| **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** | **Internet (Continued)** |
|  PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (1 mo. USD Term SOFR + 4.750%) *<sup>(4)</sup>* | 03/15/30 | $| 856451 | 845480 |
|  Red Ventures LLC 2024 Term Loan B | Red Ventures LLC 2024 Term Loan B | Red Ventures LLC 2024 Term Loan B | Red Ventures LLC 2024 Term Loan B | Red Ventures LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (1 mo. USD Term SOFR + 2.750%) *<sup>(4)</sup>* | 03/04/30 |  | 859062 | 762740 |
|  TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42% (1 mo. USD Term SOFR + 2.750%) *<sup>(4)</sup>* | 07/08/31 |  | 624257 | 594083 |
|  |  |  |  | 7978675 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.77% (1 mo. USD Term SOFR + 6.000%) *<sup>(4)</sup>* | 11/15/29 |  | 318813 | 252959 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
|  Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 | Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 | Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 | Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 | Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% (1 mo. USD Term SOFR + 1.750%) *<sup>(4)</sup>* | 11/08/30 |  | 1457180 | 1461660 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
|  SGB-SMIT MidCo GmbH Term Loan B | SGB-SMIT MidCo GmbH Term Loan B | SGB-SMIT MidCo GmbH Term Loan B | SGB-SMIT MidCo GmbH Term Loan B | SGB-SMIT MidCo GmbH Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 03/10/33 | EUR | 1016296 | 1175854 |
|  WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67% (1 mo. USD Term SOFR + 2.000%) *<sup>(4)</sup>* | 01/27/31 |  | 618823 | 618436 |
|  |  |  |  | 1794290 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
|  Oregon Tool, Inc. 2025 1st Lien Term Loan | Oregon Tool, Inc. 2025 1st Lien Term Loan | Oregon Tool, Inc. 2025 1st Lien Term Loan | Oregon Tool, Inc. 2025 1st Lien Term Loan | Oregon Tool, Inc. 2025 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (3 mo. USD Term SOFR + 5.350%) *<sup>(4)</sup>* | 10/15/29 |  | 118407 | 120479 |
|  Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.91% (3 mo. USD Term SOFR + 4.000%) *<sup>(4)</sup>* | 10/15/29 |  | 2691775 | 1912278 |
|  |  |  |  | 2032757 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
|  Charter Communications Operating LLC 2024 Term Loan B5 | Charter Communications Operating LLC 2024 Term Loan B5 | Charter Communications Operating LLC 2024 Term Loan B5 | Charter Communications Operating LLC 2024 Term Loan B5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.91% (3 mo. USD Term SOFR + 2.250%) *<sup>(4)</sup>* | 12/15/31 | $3472027 | $3475725 |
|  Virgin Media Bristol LLC 2023 Term Loan Y | Virgin Media Bristol LLC 2023 Term Loan Y | Virgin Media Bristol LLC 2023 Term Loan Y | Virgin Media Bristol LLC 2023 Term Loan Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 03/31/31 | 1618131 | 1481440 |
|  Ziggo Financing Partnership 2025 Term Loan B | Ziggo Financing Partnership 2025 Term Loan B | Ziggo Financing Partnership 2025 Term Loan B | Ziggo Financing Partnership 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.03% (6 mo. USD Term SOFR + 3.250%) *<sup>(4)</sup>* | 01/15/33 | 884699 | 863687 |
|  |  |  | 5820852 |
| **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
|  American Rock Salt Co. LLC 2024 First Out Term Loan | American Rock Salt Co. LLC 2024 First Out Term Loan | American Rock Salt Co. LLC 2024 First Out Term Loan | American Rock Salt Co. LLC 2024 First Out Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.78% (1 mo. USD Term SOFR + 7.000%) *<sup>(4)</sup>* | 06/09/28 | 580465 | 583913 |
| **Miscellaneous Manufacturers — 0.0%** | **Miscellaneous Manufacturers — 0.0%** | **Miscellaneous Manufacturers — 0.0%** | **Miscellaneous Manufacturers — 0.0%** |
|  Cleanova U.S. Holdings LLC 2025 Term Loan B | Cleanova U.S. Holdings LLC 2025 Term Loan B | Cleanova U.S. Holdings LLC 2025 Term Loan B | Cleanova U.S. Holdings LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (3 mo. USD Term SOFR + 4.750%) *<sup>(4)</sup>* | 06/14/32 | 470193 | 471368 |
| **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
|  Xerox Holdings Corp. 2023 Non-CoOp Term Loan | Xerox Holdings Corp. 2023 Non-CoOp Term Loan | Xerox Holdings Corp. 2023 Non-CoOp Term Loan | Xerox Holdings Corp. 2023 Non-CoOp Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.73% (6 mo. USD Term SOFR + 4.000%) *<sup>(4)</sup>* | 11/19/29 | 3067746 | 2185769 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
|  Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (3 mo. USD Term SOFR + 4.750%) *<sup>(4)</sup>* | 10/18/31 | 533664 | 360223 |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
|  Paradigm Parent LLC 1st Lien Term Loan | Paradigm Parent LLC 1st Lien Term Loan | Paradigm Parent LLC 1st Lien Term Loan | Paradigm Parent LLC 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20% (3 mo. USD Term SOFR + 4.500%) *<sup>(4)</sup>* | 04/16/32 | 746250 | 619388 |
| **REIT — 0.3%** | **REIT — 0.3%** | **REIT — 0.3%** | **REIT — 0.3%** |
|  Healthpeak Properties, Inc. 2024 Term Loan A3 | Healthpeak Properties, Inc. 2024 Term Loan A3 | Healthpeak Properties, Inc. 2024 Term Loan A3 | Healthpeak Properties, Inc. 2024 Term Loan A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48% (3 mo. USD Term SOFR + 0.850%) *<sup>(4)</sup>* | 03/01/29 | 1664689 | 1639718 |
|  Healthpeak Properties, Inc. Term Loan A1 | Healthpeak Properties, Inc. Term Loan A1 | Healthpeak Properties, Inc. Term Loan A1 | Healthpeak Properties, Inc. Term Loan A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51% (1 mo. USD Term SOFR + 0.840%) *<sup>(4)</sup>* | 08/20/27 | 824832 | 816584 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** | **REIT (Continued)** |
|  Healthpeak Properties, Inc. Term Loan A2 | Healthpeak Properties, Inc. Term Loan A2 | Healthpeak Properties, Inc. Term Loan A2 | Healthpeak Properties, Inc. Term Loan A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51% (1 mo. USD Term SOFR + 0.840%) *<sup>(4)</sup>* | 02/22/27 | 824832 | 816584 |
|  Invitation Homes Operating Partnership LP 2024 Term Loan | Invitation Homes Operating Partnership LP 2024 Term Loan | Invitation Homes Operating Partnership LP 2024 Term Loan | Invitation Homes Operating Partnership LP 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.53% (1 mo. USD Term SOFR + 0.850%) *<sup>(4)</sup>* | 09/09/28 | 3604245 | 3577213 |
|  Iron Mountain, Inc. 2022 Term Loan A | Iron Mountain, Inc. 2022 Term Loan A | Iron Mountain, Inc. 2022 Term Loan A | Iron Mountain, Inc. 2022 Term Loan A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 mo. USD Term SOFR + 1.750%) *<sup>(4)</sup>* | 03/18/30 | 1443750 | 1429312 |
|  |  |  | 8279411 |
| **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
|  1011778 BC Unlimited Liability Co. 2024 Term Loan B6 | 1011778 BC Unlimited Liability Co. 2024 Term Loan B6 | 1011778 BC Unlimited Liability Co. 2024 Term Loan B6 | 1011778 BC Unlimited Liability Co. 2024 Term Loan B6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 mo. USD Term SOFR + 1.750%) *<sup>(4)</sup>* | 09/20/30 | 868466 | 867602 |
|  BW Gas & Convenience Holdings LLC 2021 Term Loan B | BW Gas & Convenience Holdings LLC 2021 Term Loan B | BW Gas & Convenience Holdings LLC 2021 Term Loan B | BW Gas & Convenience Holdings LLC 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.28% (1 mo. USD Term SOFR + 3.500%) *<sup>(4)</sup>* | 03/31/28 | 842036 | 842386 |
|  Dave & Buster's, Inc. 2024 1st Lien Term Loan B | Dave & Buster's, Inc. 2024 1st Lien Term Loan B | Dave & Buster's, Inc. 2024 1st Lien Term Loan B | Dave & Buster's, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.94% (3 mo. USD Term SOFR + 3.250%) *<sup>(4)</sup>* | 11/01/31 | 854421 | 717867 |
|  KFC Holding Co. 2021 Term Loan B | KFC Holding Co. 2021 Term Loan B | KFC Holding Co. 2021 Term Loan B | KFC Holding Co. 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.54% (1 mo. USD Term SOFR + 1.750%) *<sup>(4)</sup>* | 03/15/28 | 448740 | 450984 |
|  Michaels Cos., Inc. 2026 Term Loan B | Michaels Cos., Inc. 2026 Term Loan B | Michaels Cos., Inc. 2026 Term Loan B | Michaels Cos., Inc. 2026 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.67% (3 mo. USD Term SOFR + 5.000%) *<sup>(4)</sup>* | 03/15/33 | 1500000 | 1458840 |
|  Peer Holding III BV 2025 USD Term Loan B | Peer Holding III BV 2025 USD Term Loan B | Peer Holding III BV 2025 USD Term Loan B | Peer Holding III BV 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% (3 mo. USD Term SOFR + 2.250%) *<sup>(4)</sup>* | 09/29/32 | 400000 | 397062 |
|  Peer Holding III BV 2025 USD Term Loan B5B | Peer Holding III BV 2025 USD Term Loan B5B | Peer Holding III BV 2025 USD Term Loan B5B | Peer Holding III BV 2025 USD Term Loan B5B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% (3 mo. USD Term SOFR + 2.500%) *<sup>(4)</sup>* | 07/01/31 | 1721833 | 1720490 |
|  Raising Cane's Restaurants LLC 2025 Term Loan B | Raising Cane's Restaurants LLC 2025 Term Loan B | Raising Cane's Restaurants LLC 2025 Term Loan B | Raising Cane's Restaurants LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67% (1 mo. USD Term SOFR + 2.000%) *<sup>(4)</sup>* | 11/03/32 | 877744 | 873632 |
|  |  |  | 7328863 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
|  Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.67% (3 mo. USD Term SOFR + 3.000%) *<sup>(4)</sup>* | 07/30/31 | $997481 | $927553 |
|  Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.42% (3 mo. USD Term SOFR + 3.750%) *<sup>(4)</sup>* | 12/29/28 | 307035 | 123351 |
|  Cloud Software Group, Inc. 2025 Term Loan B (2031) | Cloud Software Group, Inc. 2025 Term Loan B (2031) | Cloud Software Group, Inc. 2025 Term Loan B (2031) | Cloud Software Group, Inc. 2025 Term Loan B (2031) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% (3 mo. USD Term SOFR + 3.250%) *<sup>(4)</sup>* | 03/21/31 | 654308 | 601309 |
|  Cloudera, Inc. 2021 Term Loan | Cloudera, Inc. 2021 Term Loan | Cloudera, Inc. 2021 Term Loan | Cloudera, Inc. 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.52% (1 mo. USD Term SOFR + 3.750%) *<sup>(4)</sup>* | 10/08/28 | 1401691 | 1255390 |
|  Darktrace PLC 1st Lien Term Loan | Darktrace PLC 1st Lien Term Loan | Darktrace PLC 1st Lien Term Loan | Darktrace PLC 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% (3 mo. USD Term SOFR + 3.250%) *<sup>(4)</sup>* | 10/09/31 | 1888894 | 1813584 |
|  DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (1 mo. USD Term SOFR + 4.000%) *<sup>(4)</sup>* | 04/26/29 | 1276299 | 1105065 |
|  EagleView Technology Corp. 2025 Term Loan | EagleView Technology Corp. 2025 Term Loan | EagleView Technology Corp. 2025 Term Loan | EagleView Technology Corp. 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.20% (3 mo. USD Term SOFR + 5.500%) *<sup>(4)</sup>* | 08/14/28 | 1265428 | 1155102 |
|  Electronic Arts, Inc. USD Term Loan B | Electronic Arts, Inc. USD Term Loan B | Electronic Arts, Inc. USD Term Loan B | Electronic Arts, Inc. USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% *<sup>(12)</sup>* | 03/24/33 | 290100 | 288649 |
|  Planview Parent, Inc. 2024 1st Lien Term Loan | Planview Parent, Inc. 2024 1st Lien Term Loan | Planview Parent, Inc. 2024 1st Lien Term Loan | Planview Parent, Inc. 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% (3 mo. USD Term SOFR + 3.500%) *<sup>(4)</sup>* | 12/17/27 | 950530 | 715872 |
|  Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% (3 mo. USD Term SOFR + 3.250%) *<sup>(4)</sup>* | 10/26/30 | 1617881 | 1233270 |
|  Quartz Acquireco LLC 2025 Term Loan B | Quartz Acquireco LLC 2025 Term Loan B | Quartz Acquireco LLC 2025 Term Loan B | Quartz Acquireco LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% (3 mo. USD Term SOFR + 2.250%) *<sup>(4)</sup>* | 06/28/30 | 1074552 | 899938 |
|  Renaissance Holding Corp. 2024 1st Lien Term Loan | Renaissance Holding Corp. 2024 1st Lien Term Loan | Renaissance Holding Corp. 2024 1st Lien Term Loan | Renaissance Holding Corp. 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (3 mo. USD Term SOFR + 4.000%) *<sup>(4)</sup>* | 04/05/30 | 2458492 | 1767815 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **Software (Continued)** | **Software (Continued)** | **Software (Continued)** | **Software (Continued)** |
|  SolarWinds Holdings, Inc. 2025 Term Loan | SolarWinds Holdings, Inc. 2025 Term Loan | SolarWinds Holdings, Inc. 2025 Term Loan | SolarWinds Holdings, Inc. 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (3 mo. USD Term SOFR + 4.000%) *<sup>(4)</sup>* | 04/16/32 | 767333 | 654151 |
|  SonarSource Financing LLC Term Loan | SonarSource Financing LLC Term Loan | SonarSource Financing LLC Term Loan | SonarSource Financing LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.17% (3 mo. USD Term SOFR + 4.500%) <sup>(4)</sup> | 12/19/30 | 830305 | 763880 |
|  |  |  | 13304929 |
| **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
|  Altice Financing SA 2022 USD Term Loan | Altice Financing SA 2022 USD Term Loan | Altice Financing SA 2022 USD Term Loan | Altice Financing SA 2022 USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.67% (3 mo. USD Term SOFR + 5.000%) <sup>(4)</sup> | 10/31/27 | 372732 | 271513 |
|  GOGO Intermediate Holdings LLC Term Loan B | GOGO Intermediate Holdings LLC Term Loan B | GOGO Intermediate Holdings LLC Term Loan B | GOGO Intermediate Holdings LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.53% (1 mo. USD Term SOFR + 3.750%) <sup>(4)</sup> | 04/30/28 | 671955 | 589980 |
|  Zayo Group Holdings, Inc. 2025 USD Term Loan | Zayo Group Holdings, Inc. 2025 USD Term Loan | Zayo Group Holdings, Inc. 2025 USD Term Loan | Zayo Group Holdings, Inc. 2025 USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.78% (1 mo. USD Term SOFR + 3.000%) <sup>(4)</sup> | 03/11/30 | 586297 | 576737 |
|  |  |  | 1438230 |
| **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** | **Total Bank Loans** |
|  (Cost: $119,346,443) | (Cost: $119,346,443) | (Cost: $119,346,443) | 113247861 |
| **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** | **Total Fixed Income Securities** |
|  (Cost: $3,044,912,067) | (Cost: $3,044,912,067) | (Cost: $3,044,912,067) | 2762544532 |
| **CONVERTIBLE SECURITIES — 0.2%** | **CONVERTIBLE SECURITIES — 0.2%** | **CONVERTIBLE SECURITIES — 0.2%** | **CONVERTIBLE SECURITIES — 0.2%** |
| **CONVERTIBLE CORPORATE BONDS — 0.2%** | **CONVERTIBLE CORPORATE BONDS — 0.2%** | **CONVERTIBLE CORPORATE BONDS — 0.2%** | **CONVERTIBLE CORPORATE BONDS — 0.2%** |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
|  Davide Campari-Milano NV (Italy) | Davide Campari-Milano NV (Italy) | Davide Campari-Milano NV (Italy) | Davide Campari-Milano NV (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% <sup>(8)</sup> | 01/17/29 | 1700000 | 1907969 |
| **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
|  Worldline SA (France) | Worldline SA (France) | Worldline SA (France) | Worldline SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(3),(8)</sup> | 07/30/26 | 483346 | 565298 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Cellnex Telecom SA | Cellnex Telecom SA | Cellnex Telecom SA | Cellnex Telecom SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <sup>(8)</sup> | 11/20/31 | 1800000 | 1847483 |
| **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Delivery Hero SE | Delivery Hero SE | Delivery Hero SE | Delivery Hero SE |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% <sup>(8)</sup> | 01/15/28 | 1200000 | 1291123 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
|  Times China Holdings Ltd. | Times China Holdings Ltd. | Times China Holdings Ltd. | Times China Holdings Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(3)</sup> | 03/30/27 | 91814 | 576 |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal<br>Amount** | **Value** |
| **Real Estate (Continued)** | **Real Estate (Continued)** | **Real Estate (Continued)** | **Real Estate (Continued)** |
|  Times China Holdings Ltd. | Times China Holdings Ltd. | Times China Holdings Ltd. | Times China Holdings Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(3)</sup> | 03/30/27 | 401185 | 3141 |
|  |  |  | 3717 |
| **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** | **Total Convertible Corporate Bonds** |
|  (Cost: $5,940,826) | (Cost: $5,940,826) | (Cost: $5,940,826) | 5615590 |
| **Total Convertible Securities** | **Total Convertible Securities** | **Total Convertible Securities** | **Total Convertible Securities** |
|  (Cost: $5,940,826) | (Cost: $5,940,826) | (Cost: $5,940,826) | 5615590 |
| **Issues** |  | **Shares** | **Value** |
| **COMMON STOCK — 0.3%** | **COMMON STOCK — 0.3%** | **COMMON STOCK — 0.3%** | **COMMON STOCK — 0.3%** |
| **Health Care-Services — 0.1%** | **Health Care-Services — 0.1%** | **Health Care-Services — 0.1%** | **Health Care-Services — 0.1%** |
|  ModivCare, Inc. <sup>(13)</sup> |  | 263210 | 1710865 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
|  Ardagh Holdings SA <sup>(13)</sup> |  | 158987 | 1172529 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
|  China Aoyuan Group Ltd. <sup>(13)</sup> |  | 408851 | 3077 |
|  Times China Holdings Ltd. <sup>(13)</sup> |  | 226791 | 2144 |
|  |  |  | 5221 |
| **REIT — 0.2%** | **REIT — 0.2%** | **REIT — 0.2%** | **REIT — 0.2%** |
|  AGNC Investment Corp. | AGNC Investment Corp. | 582000 | 5837460 |
|  |  |  | 5837460 |
| **Total Common Stock** | **Total Common Stock** | **Total Common Stock** | **Total Common Stock** |
|  (Cost: $12,758,143) | (Cost: $12,758,143) | (Cost: $12,758,143) | 8726075 |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
| **INVESTMENT COMPANIES — 1.7%** | **INVESTMENT COMPANIES — 1.7%** | **INVESTMENT COMPANIES — 1.7%** |
|  TCW Private Asset Income Fund — I Class <sup>(14)</sup> | 4557392 | $45437198 |
| **Total Investment Companies** | **Total Investment Companies** | **Total Investment Companies** |
|  (Cost: $45,584,285) | (Cost: $45,584,285) | 45437198 |
| **MONEY MARKET INVESTMENTS — 8.3%** | **MONEY MARKET INVESTMENTS — 8.3%** | **MONEY MARKET INVESTMENTS — 8.3%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 3.60% <sup>(15)</sup> | 24046135 | 24046135 |
|  TCW Central Cash Fund, 3.69% <sup>(14),(15)</sup> | 197304435 | 197304435 |
| **Total Money Market Investments** | **Total Money Market Investments** | **Total Money Market Investments** |
|  (Cost: $221,350,570) | (Cost: $221,350,570) | 221350570 |
| **Total Investments (114.1%)** | **Total Investments (114.1%)** | **Total Investments (114.1%)** |
|  (Cost: $3,330,545,891) | (Cost: $3,330,545,891) | 3043673965 |
|  **Net unrealized appreciation/depreciation on Unfunded Commitments** *<sup>(16)</sup>* **(0.0%)** | **Net unrealized appreciation/depreciation on Unfunded Commitments** *<sup>(16)</sup>* **(0.0%)** | (596) |
|  **Liabilities In Excess Of Other Assets (-14.1%)** | **Liabilities In Excess Of Other Assets (-14.1%)** | (375839651) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | $2667833718 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
| **Number of<br>Contracts** | **Type** | **Expiration**<br> **Date** | **Notional**<br> **Contract**<br> **Value** | **Value** | **Net Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  **Long Futures** |  |  |  |  |  |
| 2879 | 5-Year U.S. Treasury Note Futures | 06/30/26 | $315487722 | $311449322 | $(4038400) |
|  **Short Futures** | **Short Futures** |  |  |  |  |
| 185 | 10-Year Australian Bond Futures | 06/15/26 | $(13668905) | $(13653106) | $15799 |
| 2592 | 10-Year U.S. Treasury Note Futures | 06/18/26 | (299630902) | (294232500) | 5398402 |
| 349 | 2-Year U.S. Treasury Note Futures | 06/30/26 | (72819827) | (72398414) | 421413 |
| 361 | 3-Year Australian Bond Futures | 06/15/26 | (25683840) | (25628563) | 55277 |
| 53 | 30-Year Euro-Buxl Futures | 06/08/26 | (6811615) | (6733202) | 78413 |
| 337 | Euro Schatz Futures | 06/08/26 | (41392778) | (41061810) | 330968 |
| 127 | Euro-Bobl Futures | 06/08/26 | (16994230) | (16890800) | 103430 |
| 247 | Euro-Bund Futures | 06/08/26 | (36498345) | (35685161) | 813184 |
| 57 | Long Gilt Futures | 06/26/26 | (6914385) | (6598811) | 315574 |
| 709 | U.S. Ultra Long Bond Futures | 06/18/26 | (84996023) | (82642813) | 2353210 |
|  |  |  | $(605410850) | $(595525180) | $9885670 |

---

*See accompanying Notes to Financial Statements.* 

------

March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts | Forward Currency Exchange Contracts |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts<br>at Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **BUY** *<sup>(17)</sup>* |  |  |  |  |  |  |
|  JP Morgan Chase Bank | AUD | 35850850 | 04/01/26 | $24677676 | $24554250 | $(123426) |
|  Bank of America | AUD | 2305570 | 04/01/26 | 1637564 | 1579085 | (58479) |
|  Goldman Sachs & Co. | EUR | 73928475 | 04/01/26 | 85176904 | 85180377 | 3473 |
|  Citibank N.A. | EUR | 2356680 | 04/01/26 | 2714773 | 2715367 | 594 |
|  Citibank N.A. | EUR | 54863 | 06/26/26 | 63501 | 63456 | (45) |
|  Citibank N.A. | GBP | 30000098 | 04/01/26 | 39945131 | 39561108 | (384023) |
|  Citibank N.A. | GBP | 8701 | 06/26/26 | 11564 | 11471 | (93) |
|  |  |  |  | $154227113 | $153665114 | $(561999) |
| **SELL** *<sup>(18)</sup>* |  |  |  |  |  |  |
|  Citibank N.A. | AUD | 5275141 | 04/01/26 | $3541848 | $3612944 | $(71096) |
|  Barclays Capital | AUD | 2009220 | 04/01/26 | 1350153 | 1376115 | (25962) |
|  Bank of America | AUD | 3309091 | 04/01/26 | 2219986 | 2266397 | (46411) |
|  JP Morgan Chase Bank | AUD | 27562968 | 04/01/26 | 18497932 | 18877879 | (379947) |
|  JP Morgan Chase Bank | AUD | 34965038 | 06/26/26 | 24029558 | 23917192 | 112366 |
|  Citibank N.A. | EUR | 8918187 | 04/01/26 | 10436263 | 10275533 | 160730 |
|  JP Morgan Chase Bank | EUR | 54979163 | 04/01/26 | 64488390 | 63346985 | 1141405 |
|  Goldman Sachs & Co. | EUR | 7796715 | 04/01/26 | 9100208 | 8983374 | 116834 |
|  Barclays Capital | EUR | 1853147 | 04/01/26 | 2177960 | 2135196 | 42764 |
|  Bank of New York | EUR | 2737943 | 04/01/26 | 3207938 | 3154657 | 53281 |
|  Bank of New York | EUR | 2281551 | 06/26/26 | 2639928 | 2638920 | 1008 |
|  Goldman Sachs & Co. | EUR | 74890497 | 06/26/26 | 86629641 | 86620950 | 8691 |
|  Citibank N.A. | EUR | 54863 | 06/26/26 | 63538 | 63456 | 82 |
|  Bank of America | EUR | 786247 | 06/26/26 | 916273 | 909401 | 6872 |
|  JP Morgan Chase Bank | GBP | 16825888 | 04/01/26 | 22496063 | 22188286 | 307777 |
|  Bank of America | GBP | 131135 | 04/01/26 | 175537 | 172928 | 2609 |
|  Bank of New York | GBP | 9501969 | 04/01/26 | 12853608 | 12530240 | 323368 |
|  Citibank N.A. | GBP | 3541107 | 04/01/26 | 4783850 | 4669654 | 114196 |
|  Citibank N.A. | GBP | 30008799 | 06/26/26 | 39943534 | 39560609 | 382925 |
|  |  |  |  | $309552208 | $307300716 | $2251492 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements | Centrally Cleared - Interest Rate Swap Agreements |
| **Notional<br>Amount** |  | **Expiration<br>Date** | **Payment<br>Made by<br>Fund<br>Frequency** | **Payment Made<br>by Fund** | **Payment<br>Received<br>by Fund<br>Frequency** | **Payment<br>Received<br>by Fund** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Premium<br>Paid** | **Value** |
|  GBP | 143542000 | 03/20/28 | Annual | 12 - Month SONIA | Annual | 3.93% | $(167438) | $(786255) | $(953693) |

---

*See accompanying Notes to Financial Statements.* 

------

Schedule of Investments (Continued)

#### Notes to the Schedule of Investments:
*ABS* *Asset-Backed Securities.* 

*ACES* *Alternative Credit Enhancement Securities.* 

*AUD* *Australian Dollar.* 

*CLO* *Collateralized Loan Obligation.* 

*EUR* *Euro Currency.* 

*GBP* *British Pound Sterling.* 

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

*I/O* *Interest Only Security.* 

*PAC* *Planned Amortization Class.* 

*PIK* *Payment In Kind.* 

*REMIC* *Real Estate Mortgage Investment Conduits.* 

*SOFR* *Secured Overnight Financing Rate.* 

*SONIA* *Sterling Overnight Index Average.* 

*STACR* *Structured Agency Credit Risk.* 

*STRIPS* *Separate Trading of Registered Interest and Principal Securities.* 

*TBA* *To Be Announced.* 

*(1)* *Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At March 31, 2026, the value of these securities amounted to $975,407,117 or 36.6% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Trust's Board of Trustees.* 

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

*(3)* *Security is not accruing interest.* 

*(4)* *Floating or variable rate security. The interest shown reflects the rate in effect at March 31, 2026.* 

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

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

*(7)* *Restricted security (Note 11).* 

*(8)* *Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At March 31, 2026, the value of these securities amounted to $131,461,274 or 4.9% of net assets.* 

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

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

*(11)* *Perpetual maturity.* 

*(12)* *This position represents an unsettled bank loan at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.* 

*(13)* *Non-income producing security.* 

*(14)* *Affiliated issuer.* 

*(15)* *Rate disclosed is the 7-day net yield as of March 31, 2026.* 

*(16)* *Unfunded or partially unfunded loan commitments. The Fund may enter into certain credit agreements for which all or a portion may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion.* 

*(17)* *Fund buys foreign currency, sells USD.* 

*(18)* *Fund sells foreign currency, buys USD.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Unconstrained Bond Fund
March 31, 2026

The summary of the TCW Metwest Unconstrained Bond Fund transactions in the affiliated funds for the year ended March 31, 2026 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of<br>Affiliated Fund** | **Value at<br>March 31,<br>2025** | **Purchases at<br>Cost** | **Proceeds<br>from<br>Sales** | **Number of<br>Shares Held<br>March 31,<br>2026** | **Value at<br>March 31,<br>2026** | **Dividends<br>and<br>Interest<br>Income<br>Received** | **Distributions<br>Received<br>from Net<br>Realized<br>Gain** | **Net<br>Realized<br>Gain (Loss)<br>on<br>Investments** | **Net change in<br>Unrealized<br>Gain (Loss)<br>on<br>Investments** |
| **TCW Central Cash Fund** | $274063488 | $2145440947 | $2222200000 | 197304435 | $197304435 | $3852121 | $— | $– $|  |
| **TCW Private Asset Income Fund — I Class** | 7104479 | 38479806 |  | 4557392 | 45437198 | 2980766 | 9190 | – | (147087) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $242741633 | $6832887 | $9190 | $– $| (147087) |

---

*See accompanying Notes to Financial Statements.* 

------

Fair Valuation Summary March 31, 2026

The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets**<br>**(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs**<br>**(Level 2)** | **Significant<br>Unobservable<br>Inputs**<br>**(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Non-Agency | $— | $709026105 | $— | $709026105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Agency |  | 653784038 |  | 653784038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 544153956 | 3644799 | 547798755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Non-Agency |  | 334367499 |  | 334367499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 246879823 | 28811883 | 275691706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 113247861 |  | 113247861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds |  | 102639693 |  | 102639693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Agency |  | 19709635 |  | 19709635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 6279240 |  | 6279240 |
|  Total Fixed Income Securities |  | 2730087850 | 32456682 | 2762544532 |
|  Convertible Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Corporate Bonds |  | 5615590 |  | 5615590 |
|  Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 221350570 |  |  | 221350570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies |  | 45437198 |  | 45437198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | 3077 | 8722998 |  | 8726075 |
|  Total Equity Securities | 221353647 | 54160196 |  | 275513843 |
|  Net Unrealized Appreciation (Depreciation) on Unfunded Commitments |  | (596) |  | (596) |
|  Total Investments | $221353647 | $2789863040 | $32456682 | $3043673369 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 2778975 |  | 2778975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 9885670 |  |  | 9885670 |
|  Total | $231239317 | $2792642015 | $32456682 | $3056338014 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | $(4038400) | $— | $— | $(4038400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | (1089482) |  | (1089482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk |  | (953693) |  | (953693) |
|  Total | $(4038400) | $(2043175) | $— | $(6081575) |

---

*See accompanying Notes to Financial Statements.* 

------

## TCW Metropolitan West Funds
Statements of Assets and Liabilities March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW<br>MetWest<br>High Yield<br>Bond**<br>**Fund** | **TCW<br>MetWest<br>Investment<br>Grade<br>Credit Fund** | **TCW<br>MetWest Low<br>Duration<br>Bond Fund** | **TCW<br>MetWest<br>Strategic<br>Income Fund** |
|  **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at Value *<sup>(1)</sup>* | $371590386 | $27431700 | $991590385 | $54957096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in Affiliated Issuers, at Value *<sup>(2)</sup>* | 6118795 | 893446 | 38711802 | 9470522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Value *<sup>(3)</sup>* | 345192 | 24125 | 509469 | 13360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 142580 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Securities Sold | 3956717 | 193061 | 25076634 | 586015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Sale of When-Issued Securities |  | 1137555 | 19810946 | 3625449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | 72103 | 40929 | 25746750 | 4870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends Receivable | 6360999 | 233369 | 4976299 | 409778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable from Investment Advisor | 54678 | 9597 | 267714 | 16605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation on Forward Currency Exchange Contracts | 242070 | 11512 | 550765 | 40842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Collateral Held for Brokers | 510000 | 170000 | 4538001 | 270000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Appreciation on Unfunded Loan Commitments | 1395 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Daily Variation Margin on Open Centrally Cleared Swap Contracts |  |  | 123946 | 11789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | 835 | 3137 | 31593 | 5107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 389395750 | 30148431 | 1111934304 | 69411433 |
|  **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions Payable | 530729 |  | 323040 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Securities Purchased | 3896502 | 720449 | 60011522 | 670446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Purchase of When-Issued Securities |  | 3443031 | 129225751 | 11888241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed | 382355 | 75145 | 2120150 | 109394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disbursements in Excess of Available Cash |  | 30000 | 770111 | 73154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Directors' Fees and Expenses | 3894 | 267 | 8305 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Accrued Directors' Fees and Expenses | 1490 | 113 | 3298 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Management Fees | 163859 | 7640 | 230852 | 30675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Distribution Fees | 16844 | 1613 | 12328 | 5996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for Daily Variation Margin on Open Financial Futures Contracts | 54213 | 7049 | 51736 | 12949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open OTC Swap Agreements, at Value |  |  | 90087 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation on Forward Currency Exchange Contracts | 3211 | 7977 | 107604 | 23140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees Payable | 54585 | 14807 | 182970 | 22174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Fee Payable | 35305 | 27874 | 40435 | 28181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees Payable | 23398 | 15928 | 25999 | 22861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting Fees Payable | 12641 | 816 | 26036 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees Payable | 42623 | 77904 | 107099 | 110564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Payable on Borrowings | 5295 | 354 | 12031 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Fees Payable | 3283 | 207 | 6996 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Depreciation on Unfunded Loan Commitments |  |  | 110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | 36259 | 16434 | 25228 | 14419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 5266486 | 4447608 | 193381688 | 13017353 |
|  **NET ASSETS** | $384129264 | $25700823 | $918552616 | $56394080 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $527251535 | $28317303 | $1116644607 | $68108864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated Earnings (Loss) | (143122271) | (2616480) | (198091991) | (11714784) |
|  **NET ASSETS** | $384129264 | $25700823 | $918552616 | $56394080 |
|  **NET ASSETS ATTRIBUTABLE TO:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class Shares | $— | $— | $11549 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | $305288293 | $18092964 | $842585107 | $28115925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-3 Shares | $10131 | $— | $100402 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M Shares | $78830840 | $7607859 | $75855558 | $28278155 |
|  **CAPITAL SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class Shares |  |  | 1062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | 33536131 | 2277102 | 100046618 | 4570223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-3 Shares | 1040 |  | 10070 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M Shares | 8656757 | 957480 | 9006203 | 4596604 |
|  **NET ASSET VALUE PER SHARE:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class Shares | $— | $— | $10.87 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | $9.10 | $7.95 | $8.42 | $6.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-3 Shares | $9.74 | $— | $9.97 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M Shares | $9.11 | $7.95 | $8.42 | $6.15 |

---

*(1)* *The identified cost for the TCW MetWest High Yield Bond Fund, the TCW MetWest Investment Grade Credit Fund, the TCW MetWest Low Duration Bond Fund and the TCW MetWest Strategic Income Fund at March 31, 2026 was $381,779,256, $27,587,701, $994,121,205 and $59,095,831, respectively.* 

*(2)* *The identified cost for investments in affiliated issuers of the TCW MetWest High Yield Bond Fund, the TCW MetWest Investment Grade Credit Fund, the TCW MetWest Low Duration Bond Fund and the TCW MetWest Strategic Income Fund was $6,118,795, $893,446, $38,711,802 and $9,473,523, respectively.* 

*(3)* *The identified cost for the TCW MetWest High Yield Bond Fund, the TCW MetWest Investment Grade Credit Fund, the TCW MetWest Low Duration Bond Fund and the TCW MetWest Strategic Income Fund at March 31, 2026 was $345,192, $24,605, $513,067 and $13,758, respectively.* 

*See accompanying Notes to Financial Statements.* 

------

Statements of Assets and Liabilities March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW<br>MetWest<br>Sustainable<br>Securitized<br>Fund** | **TCW<br>MetWest<br>Total Return<br>Bond Fund** *<sup>(1)</sup>* | **TCW<br>MetWest<br>Ultra Short<br>Bond**<br>**Fund** | **TCW<br>MetWest<br>Unconstrained<br>Bond**<br>**Fund** |
|  **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at Value *<sup>(2)</sup>* | $26547479 | $29969628012 | $42369805 | $2800932332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in Affiliated Issuers, at Value *<sup>(3)</sup>* | 1224353 | 4271922358 | 4734414 | 242741633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Value *<sup>(4)</sup>* | 9247 | 33871405 | 27550 | 1941300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Securities Sold | 63605 | 1141107247 | 1269223 | 7813013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Sale of When-Issued Securities | 1233882 | 796807630 | 718296 | 229146157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | 5153 | 32275470 | 236118 | 1337115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends Receivable | 97119 | 159990731 | 191670 | 18343627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable from Investment Advisor | 14195 | 4241710 | 15310 | 482234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Appreciation on Forward Currency Exchange Contracts | 22758 | 24564221 | 7363 | 2778975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Daily Variation Margin on Open Financial Futures Contracts | 43231 | 1918895 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Collateral Held for Brokers | 135000 | 225639951 | 247000 | 20482001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Daily Variation Margin on Open Centrally Cleared Swap Contracts |  | 4078337 | 5329 | 573007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | 56 | 170852 | 66 | 5799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 29396078 | 36666216819 | 49822144 | 3326577193 |
|  **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions Payable |  | 6759926 | 34 | 2864892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Securities Purchased | 283042 | 1863048536 | 2640288 | 9301056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Purchase of When-Issued Securities | 4944558 | 4970028935 | 5439373 | 636296724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed | 85993 | 68140363 | 22251 | 4297134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disbursements in Excess of Available Cash | 33168 | 316908 | 41426 | 1672412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Directors' Fees and Expenses | 207 | 302261 | 409 | 48457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Accrued Directors' Fees and Expenses | 83 | 121828 | 173 | 10414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Management Fees | 8135 | 8916133 | 8318 | 1473745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Distribution Fees | 1053 | 431463 | 964 | 25962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for Daily Variation Margin on Open Financial Futures Contracts |  |  | 8396 | 813672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation on Forward Currency Exchange Contracts | 10151 | 13686459 | 3401 | 1089482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees Payable | 16373 | 3401427 | 18051 | 345133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Fee Payable | 27686 | 1234647 | 28016 | 103125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees Payable | 13155 | 95485 | 22861 | 31573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting Fees Payable | 613 | 966467 | 1336 | 80796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees Payable | 47885 | 1242630 | 54473 | 206547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Payable on Borrowings | 214 | 443920 | 592 | 34797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Fees Payable | 136 | 260098 | 346 | 20684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Depreciation on Unfunded Loan Commitments |  | 14502 |  | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | 20197 | 908023 | 18089 | 26274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 5492649 | 6940320011 | 8308797 | 658743475 |
|  **NET ASSETS** | $23903429 | $29725896808 | $41513347 | $2667833718 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $25196423 | $43288524894 | $53925014 | $3213304127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated Earnings (Loss) | (1292994) | (13562628086) | (12411667) | (545470409) |
|  **NET ASSETS** | $23903429 | $29725896808 | $41513347 | $2667833718 |
|  **NET ASSETS ATTRIBUTABLE TO:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class Shares | $— | $265474991 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | $18914512 | $18807017744 | $34477378 | $2184609829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 Shares | $— | $23025430 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-3 Shares | $— | $3909653 | $— | $10272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M Shares | $4988917 | $2084130306 | $7035969 | $122042080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class Shares | $— | $8542338684 | $— | $361171537 |
|  **CAPITAL SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class Shares |  | 29133794 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | 2159882 | 2066337979 | 8245097 | 210405864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 Shares |  | 2529657 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-3 Shares |  | 391442 |  | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M Shares | 569975 | 228899956 | 1687388 | 11743677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class Shares |  | 1000799482 |  | 34803445 |
|  **NET ASSET VALUE PER SHARE:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class Shares | $— | $9.11 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | $8.76 | $9.10 | $4.18 | $10.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 Shares | $— | $9.10 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-3 Shares | $— | $9.99 | $— | $9.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M Shares | $8.75 | $9.10 | $4.17 | $10.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class Shares | $— | $8.54 | $— | $10.38 |

---

*(1)* *Consolidated Statement of Assets and Liabilities (See Note 2).* 

*(2)* *The identified cost for the TCW MetWest Sustainable Securitized Fund, the TCW MetWest Total Return Bond Fund, the TCW MetWest Ultra Short Bond Fund and the TCW MetWest Unconstrained Bond Fund at March 31, 2026 was $26,670,873, $31,360,385,848, $42,450,164 and $3,087,657,171, respectively.* 

*(3)* *The identified cost for investments in affiliated issuers of the TCW MetWest Sustainable Securitized Fund, the TCW MetWest Total Return Bond Fund, the TCW MetWest Ultra Short Bond Fund and the TCW MetWest Unconstrained Bond Fund was $1,224,353, $4,272,592,799, $4,734,414 and $242,888,720, respectively.* 

*(4)* *The identified cost for the TCW MetWest Sustainable Securitized Fund, the TCW MetWest Total Return Bond Fund, the TCW MetWest Ultra Short Bond Fund and the TCW MetWest Unconstrained Bond Fund at March 31, 2026 was $9,335, $34,389,151, $28,053 and $1,964,385, respectively.* 

*See accompanying Notes to Financial Statements.* 

------

Statements of Operations Year Ended March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW<br>MetWest High<br>Yield Bond<br>Fund** | **TCW<br>MetWest<br>Investment<br>Grade<br>Credit Fund** | **TCW<br>MetWest Low<br>Duration Bond<br>Fund** | **TCW<br>MetWest<br>Strategic<br>Income**<br>**Fund** |
|  **INVESTMENT INCOME** |  |  |  |  |
|  **Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $98574 | $3454 | $198630 | $14082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Investment in Affiliated Issuers | 537187 | 44124 | 3385577 | 259025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 30439363 | 991633 | 37054782 | 3024589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 31075124 | 1039211 | 40638989 | 3297696 |
|  **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees | 2114912 | 92672 | 2686499 | 373179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Services Fees | 12641 | 816 | 26036 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 55555 | 41976 | 69125 | 42790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees | 263754 | 39432 | 863003 | 76475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 43305 | 74239 | 87192 | 95615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Fees | 32767 | 15585 | 45967 | 23792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' Fees and Expenses | 15240 | 1013 | 31699 | 2328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 109108 | 42556 | 83670 | 47004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution (12b-1) and service fees — class specific (Note 8) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class |  |  | 22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M | 218095 | 19231 | 161668 | 92929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Reporting Expense |  |  | 22 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 62972 | 14995 | 76827 | 17102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 2928349 | 342515 | 4131730 | 773104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less Expenses Borne by Investment Advisor: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class Shares |  |  | (11769) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | (56790) | (135459) | (254151) | (68855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-3 Shares | (4920) |  | (4988) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M Shares | (110709) | (61172) | (15604) | (149477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 2755930 | 145884 | 3845218 | 554772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 28319194 | 893327 | 36793771 | 2742924 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (445508) | 36407 | 6020260 | (1262725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gain Received as Distribution from Affiliated Issuers |  |  |  | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency | 47349 | 3904 | 19319 | 4413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | (1150018) | (79496) | (919001) | (157855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 490329 | (9371) | (2966420) | 138349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | (13468) | (360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (4201959) | 486347 | 1086906 | 1726226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency | (8415) | (336) | (12843) | (1198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 833160 | 38106 | 788611 | 85969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (62585) | 7159 | (1564649) | 57943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliated Issuers |  |  |  | (3001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | (78489) | (3614) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions | (4497647) | 482720 | 2360226 | 584348 |
|  **INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $23821547 | $1376047 | $39153997 | $3327272 |

---

*See accompanying Notes to Financial Statements.* 

------

Statements of Operations Year Ended March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW<br>MetWest<br>Sustainable<br>Securitized<br>Fund** | **TCW<br>MetWest Total<br>Return Bond<br>Fund** *<sup>(1)</sup>* | **TCW<br>MetWest<br>Ultra Short<br>Bond**<br>**Fund** | **TCW<br>MetWest<br>Unconstrained<br>Bond**<br>**Fund** |
|  **INVESTMENT INCOME** |  |  |  |  |
|  **Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $3445 | $1639144 | $— | $1166416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Investment in Affiliated Issuers | 47940 | 152015351 | 230457 | 6832887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1003896 | 1298964172 | 1641682 | 128126980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1055281 | 1452618667 | 1872139 | 136126283 |
|  **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees | 82700 | 111733193 | 105735 | 17304909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Services Fees | 613 | 966467 | 1336 | 80796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 41678 | 1699678 | 42378 | 161890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees | 34187 | 17595375 | 51466 | 1547645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 48260 | 1304663 | 44325 | 193706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Fees | 12446 | 836440 | 23373 | 94603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' Fees and Expenses | 781 | 1132116 | 1600 | 100906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 52749 | 447034 | 48309 | 162210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution (12b-1) and service fees — class specific (Note 8) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class |  | 682734 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M | 9958 | 4983237 | 14435 | 323382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Reporting Expense |  | 650223 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 7402 | 3956949 | 12869 | 175686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 290774 | 145988109 | 345826 | 20145733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less Expenses Borne by Investment Advisor: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | (131250) | (3797752) | (131680) | (425463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 Shares |  | (8851) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-3 Shares |  | (5017) |  | (6106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M Shares | (49852) | (260982) | (55910) | (25463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class |  | (131291) |  | (7626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 109672 | 141784216 | 158236 | 19681075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 945609 | 1310834451 | 1713903 | 116445208 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 207786 | (75542503) | 184128 | 5186914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized Gain Received as Distribution from Affiliated Issuers |  | 42760 |  | 9190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency | 3898 | 4468413 | 1694 | 58081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | (14582) | (105263176) | (16611) | (8338841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 130374 | 144575854 | (130271) | 3297652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  | 82074 | (567) | (19855) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (8992) | 259668436 | 84924 | 27076665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency | (122) | (886344) | (1012) | (10661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 19453 | 54957697 | 9549 | 4992210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (169601) | (133037449) | 79424 | 4761227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliated Issuers |  | (670441) |  | (147087) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  | (2330604) | (3119) | (167438) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions | 168214 | 146064717 | 208139 | 36698057 |
|  **INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1113823 | $1456899168 | $1922042 | $153143265 |

---

*(1)* *Consolidated Statement of Operations (See Note 2).* 

*See accompanying Notes to Financial Statements.* 

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW<br>MetWest High Yield Bond<br>Fund** | **TCW<br>MetWest High Yield Bond<br>Fund** | **TCW<br>MetWest Investment Grade Credit<br>Fund** | **TCW<br>MetWest Investment Grade Credit<br>Fund** |
|  | **Year Ended<br>March 31,**<br>**2026** | **Year Ended<br>March 31,<br>2025** | **Year Ended<br>March 31,<br>2026** | **Year Ended<br>March 31,<br>2025** |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $28319194 | $29626125 | $893327 | $1165083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Loss on Investments, Futures Contracts and Foreign Currency Transactions | (1057848) | (33047343) | (48556) | (190464) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation on Investments, Futures Contracts and Foreign Currency Transactions | (3439799) | 31041016 | 531276 | 681995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Operations | 23821547 | 27619798 | 1376047 | 1656614 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | (28012530) | (29524859) | (1050722) | (1161753) |
|  **NET CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | (16466025) | (29953852) | (2394741) | (675327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-3 Shares | 10399 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M Shares | (13337457) | (17737827) | (102689) | 1434573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | (29793083) | (47691679) | (2497430) | 759246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (33984066) | (49596740) | (2172105) | 1254107 |
|  **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 418113330 | 467710070 | 27872928 | 26618821 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $384129264 | $418113330 | $25700823 | $27872928 |

---

*See accompanying Notes to Financial Statements.* 

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW<br>MetWest Low Duration Bond<br>Fund** | **TCW<br>MetWest Low Duration Bond<br>Fund** | **TCW<br>MetWest Strategic Income<br>Fund** | **TCW<br>MetWest Strategic Income<br>Fund** |
|  | **Year Ended<br>March 31,**<br>**2026** | **Year Ended<br>March 31,**<br>**2025** | **Year Ended<br>March 31,**<br>**2026** | **Year Ended<br>March 31,**<br>**2025** |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $36793771 | $47797184 | $2742924 | $4991480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions | 2140690 | (5105000) | (1277977) | (1045872) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts | 219536 | 19980916 | 1862325 | 905508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Operations | 39153997 | 62673100 | 3327272 | 4851116 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | (36164616) | (47634530) | (3389575) | (4982490) |
|  **NET CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class Shares | 419 | 459 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | 12552680 | (297460045) | 7139014 | (1824718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-3 Shares | 101171 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M Shares | (34214906) | (44930861) | (15704562) | (8263968) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in Net Assets Resulting from Net Capital Shares Transactions | (21560636) | (342390447) | (8565548) | (10088686) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in Net Assets | (18571255) | (327351877) | (8627851) | (10220060) |
|  **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 937123871 | 1264475748 | 65021931 | 75241991 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $918552616 | $937123871 | $56394080 | $65021931 |

---

*See accompanying Notes to Financial Statements.* 

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW<br>MetWest Sustainable Securitized<br>Fund** | **TCW<br>MetWest Sustainable Securitized<br>Fund** | **TCW<br>MetWest Total Return Bond<br>Fund** | **TCW<br>MetWest Total Return Bond<br>Fund** |
|  | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2026<sup>1</sup>** | **Year Ended<br>March 31, 2025** |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $945609 | $772254 | $1310834451 | $1849526494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions | 327476 | 55208 | (31636578) | (637914628) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts | (159262) | 351555 | 177701295 | 851714750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Operations | 1113823 | 1179017 | 1456899168 | 2063326616 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | (956191) | (771176) | (1337270168) | (1853449599) |
|  **NET CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class Shares |  |  | (174415062) | (759771441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | 5011011 | 5679198 | (3093247231) | (9399449442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 Shares |  |  | (15384337) | (29819467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-3 Shares |  |  | 3936570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M Shares | 1834993 | 3053550 | (577974923) | (1189767135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class Shares |  |  | (1490092065) | (5853278637) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | 6846004 | 8732748 | (5347177048) | (17232086122) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 7003636 | 9140589 | (5227548048) | (17022209105) |
|  **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 16899793 | 7759204 | 34953444856 | 51975653961 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $23903429 | $16899793 | $29725896808 | $34953444856 |

---

*1* *Consolidated Statement of Changes in Net Assets (See Note 2).* 

*See accompanying Notes to Financial Statements.* 

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW<br>MetWest Ultra Short Bond<br>Fund** | **TCW<br>MetWest Ultra Short Bond<br>Fund** | **TCW<br>MetWest Unconstrained Bond<br>Fund** | **TCW<br>MetWest Unconstrained Bond<br>Fund** |
|  | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $1713903 | $2075616 | $116445208 | $171005871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions | 38373 | 136897 | 193141 | (17478830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts | 169766 | 528441 | 36504916 | 36308913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Operations | 1922042 | 2740954 | 153143265 | 189835954 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | (1705712) | (2065757) | (151627972) | (169905997) |
|  **NET CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | (901914) | (3064843) | 51745271 | 82887558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-3 Shares |  |  | 10306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class M Shares | (4227541) | (1884481) | (13293925) | (7470384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class Shares |  |  | (117164359) | 74999354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | (5129455) | (4949324) | (78702707) | 150416528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | (4913125) | (4274127) | (77187414) | 170346485 |
|  **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 46426472 | 50700599 | 2745021132 | 2574674647 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $41513347 | $46426472 | $2667833718 | $2745021132 |

---

*See accompanying Notes to Financial Statements.* 

------

Notes to Financial Statements March 31, 2026

1. SUMMARY OF ORGANIZATION

The TCW Metropolitan West Funds (the "Trust") is an open-end management investment company organized as a Delaware statutory trust on December 9, 1996 and registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Metropolitan West Asset Management, LLC (the "Adviser"), a federally registered investment adviser, provides the Funds (as defined below) with investment management services. The Trust currently consists of eight separate portfolios (each a "Fund" and collectively, the "Funds"): TCW MetWest High Yield Bond Fund (the "High Yield Bond Fund"), TCW MetWest Investment Grade Credit Fund (the "Investment Grade Credit Fund"), TCW MetWest Low Duration Bond Fund (the "Low Duration Bond Fund"), TCW MetWest Strategic Income Fund (the "Strategic Income Fund"), TCW MetWest Sustainable Securitized Fund (the "Sustainable Securitized Fund"), TCW MetWest Total Return Bond Fund (the "Total Return Bond Fund"), TCW MetWest Ultra Short Bond Fund (the "Ultra Short Bond Fund") and TCW MetWest Unconstrained Bond Fund (the "Unconstrained Bond Fund"). The High Yield Bond Fund commenced investment operations on September 30, 2002 with Class M shares; Class I was added on March 31, 2003; and Class I-3 was added on August 25, 2025. The Investment Grade Credit Fund commenced investment operations on June 29, 2018 with Class M and Class I shares. The Low Duration Bond Fund commenced investment operations on March 31, 1997 with Class M shares; Class I was added on March 31, 2000; Administrative Class was added on September 22, 2009; and Class I-3 was added on August 25, 2025. The Strategic Income Fund commenced investment operations on June 30, 2003 with Class M shares; Class I was added on March 31, 2004. The Sustainable Securitized Fund commenced investment operations on October 1, 2021 with Class M and Class I shares. The Total Return Bond Fund commenced investment operations on March 31, 1997 with Class M shares; Class I was added on March 31, 2000; Class I-2 was added on March 6, 2020; Administrative Class was added on December 18, 2009; Plan Class was added on July 31, 2011; and Class I-3 was added on August 25 2025. The Ultra Short Bond Fund commenced investment operations on June 30, 2003 with Class M shares; Class I was added on July 31, 2004. The Unconstrained Bond Fund commenced investment operations on September 30, 2011 with Class M and Class I shares; Plan Class was added on March 6, 2020; and Class I-3 was added on August 25, 2025. Each Fund is an investment company following the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") No. 946, Financial Services – Investment Companies.

The High Yield Bond Fund seeks to maximize long-term total return consistent with preservation of capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in high yield bonds (commonly known as "junk bonds"). The remainder of the Fund's net assets may be invested in investment grade securities rated by one of the nationally recognized statistical rating organizations or, if unrated, determined by the Adviser to be of comparable quality. The Fund's portfolio duration is two to eight years. The Fund's dollar-weighted average maturity is expected to range from two to fifteen years.

The Investment Grade Credit Fund seeks to maximize long-term total return. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities and instruments it regards as bonds in the U.S and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments. There is no limit on the weighted average maturity of the Fund's portfolio, and the Fund's average portfolio duration is expected, but not required, to vary from two to eight years.

------

Notes to Financial Statements (Continued)

1. SUMMARY OF ORGANIZATION (Continued)

The Low Duration Bond Fund seeks to maximize current income, consistent with preservation of capital. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities it regards as bonds. The Fund's portfolio duration is up to three years. The Fund's dollar-weighted average maturity is expected to range from one to five years.

The Strategic Income Fund seeks to maximize long-term total return without tracking any particular markets or indices. The Fund pursues its objective by utilizing a flexible investment approach that allocates investments across a range of global investment opportunities related to credit, currencies and interest rates. Satisfying the Fund's objective would require it to achieve positive total returns over a full market cycle, *i.e.,* a period of time generally understood to be contained between two consecutive periods of heightened default activity within the global fixed income markets. Total return includes income and capital gains, but the Fund's strategy is also intended to produce high income.

The Sustainable Securitized Fund seeks to maximize current income and achieve above average long-term total return by investing at least 80% of its net assets in debt securities issued by securitized vehicles and similar instruments that the Adviser believes satisfy its proprietary screening criteria that identify securities with one or more positive environmental, social or sustainable factors. The Fund's portfolio duration is two to eight years and the Fund's dollar-weighted average maturity ranges from two to fifteen years. On March 16, 2026, the Board of Trustees of the TCW Metropolitan West Funds approved the reorganization of the TCW MetWest Sustainable Securitized Fund into the TCW Securitized Income ETF, a new series of the TCW ETF Trust.

The Total Return Bond Fund seeks to maximize long-term total return. The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets in investment grade fixed income securities or unrated securities determined by the Adviser to be of comparable quality. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities it regards as bonds. The Fund's portfolio duration is two to eight years. The Fund's dollar-weighted average maturity is expected to range from two to fifteen years.

The Ultra Short Bond Fund seeks to maximize current income, consistent with preservation of capital. The Fund pursues its objective by investing, under normal circumstances, at least 90% of its net assets in investment grade fixed income securities or unrated securities determined by the Adviser to be of comparable quality. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities it regards as bonds. The Fund's portfolio duration normally will remain within one year of its benchmark index. The Fund's dollar-weighted average maturity normally exceeds one year.

The Unconstrained Bond Fund seeks to provide investors with positive long-term returns irrespective of general securities market conditions. The Fund intends to pursue its objective by utilizing a flexible investment approach that allocates investments across a range of global investment opportunities related to credit, currencies and interest rates. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities and instruments it regards as bonds in the U.S. and abroad, including emerging markets, and may purchase securities of varying maturities issued by domestic and foreign corporations and governments. There is no limit on the weighted average maturity of the Fund's portfolio, and the average portfolio duration of the fixed-income portion of the Fund's portfolio is expected to vary from negative three (-3) years to positive eight (8) years.

------

March 31, 2026

1. SUMMARY OF ORGANIZATION (Continued)

A more complete description of the objectives and strategies of each of the Funds can be found in the Prospectuses and the Statement of Additional Information, which can be obtained at www.tcw.com or by calling (800) 386-3829.

2. SIGNIFICANT ACCOUNTING POLICIES

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

**Principles of Accounting:** The Funds use the accrual method of accounting for financial reporting purposes.

**Principles of Consolidation:** Effective May 30, 2025, the TCW MetWest Cayman Total Return Bond Fund, Ltd. (the "Subsidiary"), a Cayman Islands exempted company, was incorporated as a wholly owned subsidiary acting as an investment vehicle for the Total Return Bond Fund (the "Parent") in order to effect certain investments for the Parent consistent with the Parent's investment objectives and policies as specified in its prospectus and statement of additional information. The accompanying financial statements are consolidated and include the accounts of the Subsidiary. The Parent's investment in the Subsidiary will normally not exceed 25% of the value of the Parent's total assets tested at the time of making an investment. The net assets of the Subsidiary at March 31, 2026 were $471,713,354 or 1.59% of the Parent's consolidated net assets. Intercompany balances and transactions have been eliminated in consolidation.

**Net Asset Value:** The Net Asset Value ("NAV") of each class of a Fund is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of the class of the Fund on each business day as of 4 p.m. ET.

**Security Valuation:** Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board" or the "Board of Trustees", and each member thereof, a "Trustee") has designated the Adviser as the "valuation designee" with respect to the fair valuation of the Funds' portfolio securities, subject to oversight by and periodic reporting to the Board. Fixed income securities for which market quotations are readily available were valued during the period at prices as provided by independent pricing vendors or broker quotes. The Funds received pricing information from independent pricing vendors selected and overseen by the valuation designee. Securities with a demand feature exercisable within one to seven days are valued at par. The Funds also use a benchmark pricing system to the extent vendors' prices for their securities are either inaccurate (such as when the reported prices are different from recent known market transactions) or are not available from another pricing source. For a security priced using this system, the Adviser initially selects a proxy composed of a relevant security (e.g., U.S. Treasury Note) or benchmark and a multiplier, divisor or margin that the Adviser believes would together best reflect changes in the market value of the security. The value of the security changes daily based on changes to the market price of the assigned benchmark. The benchmark pricing system is continuously reviewed by the Adviser and implemented according to the pricing policy reviewed by the Board. S&P 500 Index futures contracts are valued at the first sale

------

Notes to Financial Statements (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

price after 4 p.m. ET on the Chicago Mercantile Exchange. All other futures contracts are valued at the official settlement price of the exchange on which those securities are traded. Equity securities, including depository receipts, are valued at the last reported sale price or the market's closing price on the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the average of the bid and ask prices. In cases where equity securities are traded on more than one exchange, the securities are valued on the exchange or market determined by the Adviser to be the broadest and most representative market, which may be either a securities exchange or the over-the-counter market. Equity options are valued at the average of the bid and ask prices. Securities and other assets that could not be valued as described above were valued at their fair value as determined by the Adviser in accordance with procedures approved by and under the general oversight of the Board.

Investments in registered open-ended investment companies, including those classified as money market funds, are valued based upon the reported NAV of such investments.

**Shares Not Listed; No Market for Shares.** TCW Private Asset Income Fund ("TPAY") has been organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) because investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike most closed-end funds, which typically list their shares on a securities exchange, TPAY does not currently intend to list the Shares for trading on any securities exchange, and TPAY does not expect any secondary market to develop for the Shares in the foreseeable future. Therefore, an investment in TPAY, unlike an investment in a typical closed-end fund, is not a liquid investment. Shareholders of TPAY are not able to have their shares redeemed or otherwise sell their shares daily. TPAY is an "interval fund," a type of fund which, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV per Share.

The Funds' investment in the TPAY is valued in accordance with ASC Topic 820, Fair Value Measurement. TPAY is an interval fund that publishes a daily net asset value ("NAV") per share and permits transactions at the published NAV on the applicable measurement date, subject to the terms of its quarterly repurchase offers. The published NAV of TPAY is considered a readily determinable fair value, as it is calculated and disseminated on a daily basis and represents the price at which current transactions may occur on the measurement date. Because TPAY can be transacted at its published NAV, that NAV represents an exit price in an orderly transaction between market participants at the measurement date. Accordingly, the Funds value their investment in TPAY at the published NAV as of the measurement date. For fair value hierarchy classification, the investment in TPAY is classified within Level 2 of the fair value hierarchy, as the valuation is based on observable inputs, specifically the published NAV, but does not represent a quoted price in an active market for an identical investment that is freely tradable on a daily basis.

Fair value methods used by the Adviser included, but were not limited to, obtaining market quotations from secondary pricing services, broker-dealers, or widely used quotation systems. General factors considered in determining the fair value of securities include fundamental analytical data, the nature and duration of any restrictions on disposition of the securities, and an evaluation of the forces that influence the market in which the investments are purchased and sold. These securities are either

------

March 31, 2026

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

categorized as Level 2 or 3 depending on the relevant inputs used. In the event that the security or asset could not be valued pursuant to one of the valuation methods used by the Adviser, the value of the security or asset was determined in good faith by the Adviser, as the valuation designee. When a Fund uses these fair valuation methods that use significant unobservable inputs to determine NAV, securities will be priced by a method that the Adviser believes accurately reflects fair value and are categorized as Level 3 of the fair value hierarchy. These methods may require subjective determinations about the value of a security. While the Funds' policy is intended to result in a calculation of its NAV that fairly reflects security values as of the time of pricing, the Funds cannot guarantee that values determined by the Adviser would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold.

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

**Foreign Taxes:** The Funds may be subject to withholding taxes on income and capital gains imposed by certain countries in which they invest. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability.

**Securities and Derivatives Transactions and Investment Income:** Securities transactions are accounted for no later than the first NAV calculation on the first business day following the trade date. However, for financial reporting purposes, portfolio securities transactions are reported on the trade date. Cost is determined and gains and losses are based on the first-in, first-out method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date. Interest income is accrued daily. Discounts, including original issue discount, and premiums on securities are amortized using the effective interest method.

**Distributions to Shareholders:** Distributions to shareholders are recorded on the ex-dividend date. The Funds expect to pay dividends monthly to shareholders. Distributions of net capital gains, if any, will be made at least annually. The Board may determine to declare and make distributions more or less frequently.

**Federal Income Taxation:** It is each Fund's policy to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income, including any net realized gain on investments, to its shareholders. Therefore, no federal income tax provision is required.

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. Distributions determined in accordance with tax

------

Notes to Financial Statements (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.

Management has analyzed the Funds' tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax is required in the Funds' financial statements. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

As of and during the year ended March 31, 2026, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended March 31, 2026, the Funds did not incur any interest or penalties.

**Cash and Cash Equivalents:** The Trust has defined cash and cash equivalents as cash which can be in interest-bearing accounts. The Funds also maintain cash in bank account deposits that, at times, may exceed federally insured limits. The Funds have not experienced any losses in any such accounts.

**Use of Estimates:** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Fair Value Measurements:** Various inputs are used in determining the fair value of investments, which are as follows:

---

| | |
|:---|:---|
| \* Level 1 — | unadjusted quoted prices in active markets for identical securities |
| \* Level 2 — | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| \* Level 3 — | significant unobservable inputs that are not corroborated by observable market data |

---

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

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

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

------

March 31, 2026

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

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

*Bank loans.* The fair value of bank loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable market inputs obtained from independent sources. Bank loans are generally categorized as Level 2 of the fair value hierarchy, unless key inputs are unobservable; they would then be categorized as Level 3.

*Corporate bonds.* The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Corporate bonds are generally categorized as Level 2 of the fair value hierarchy; in instances where prices, spreads, or any of the other aforementioned key inputs are unobservable, they are categorized as Level 3 of the hierarchy.

*Credit default swaps.* Credit default swaps are fair valued using pricing models that take into account, among other factors, information received from market makers and broker-dealers, default probabilities from index-specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

*Equity securities.* Securities such as common stocks and warrants are generally valued based on quoted prices from the applicable exchange. To the extent these securities are actively traded, valuation adjustments are not applied and they are categorized as Level 1 of the fair value hierarchy. Restricted securities issued by publicly held companies are valued at a discount to similar publicly traded securities and may be categorized as Level 2 of the fair value hierarchy to the extent that the discount is considered to be insignificant to the fair value measurement in its entirety; otherwise they may be categorized as Level 3. Restricted securities held in non-public entities are categorized as Level 3 of the fair value hierarchy because they trade infrequently, and therefore the inputs are unobservable.

*Foreign currency contracts.* The fair value of foreign currency contracts is derived from indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker-dealer quotations or by pricing service providers. Depending on the product and the terms of the transaction, the value of financial derivatives can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as indices and exchange rates. Foreign currency contracts are categorized as Level 2 of the fair value hierarchy.

------

Notes to Financial Statements (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

*Futures contracts.* Futures contracts and options on futures contracts are traded on commodity exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to futures contracts, they are categorized as Level 1. To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

*Interest rate swaps.* Interest rate swaps are fair valued using pricing models that are based on real-time intraday snapshots of relevant interest rate curves that are built using the most actively traded securities for a given maturity. The pricing models also incorporate cash and money market rates. In addition, market data pertaining to interest rate swaps are monitored regularly to ensure that interest rates are properly depicting the current market rate. To the extent that these inputs are observable and timely, the fair values of interest rate swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

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

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

*Options and Swaptions contracts.* Exchange-listed options contracts are traded on securities exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied, they are categorized as Level 1. If valuation adjustments are applied and such adjustments are observable and timely, the fair values of exchange-listed options contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3. Options and swaptions contracts traded over-the-counter ("OTC") are fair valued based on pricing models and incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair values of OTC options and swaptions contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

*Restricted securities.* Restricted securities that are deemed to be both Rule 144A securities and illiquid, as well as restricted securities held in non-public entities, are categorized as Level 3 of the fair value hierarchy because they trade infrequently, and therefore the inputs are unobservable. Any other restricted securities are valued at a discount to similar publicly traded securities and may be categorized as Level 2 of the fair value hierarchy to the extent that the discount is considered to be insignificant to the fair value measurement in its entirety; otherwise they may be categorized as Level 3.

*Short-term investments.* Short-term investments (commercial paper and repurchase agreements) are valued using market price quotations, and are reflected as Level 2 of the fair value hierarchy.

------

March 31, 2026

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

*U.S. and Foreign government and agency securities.* U.S. and Foreign government and agency securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. Some government securities are actively traded and transparent in the marketplace. As such, they can be categorized as Level 1. Other government and agencies securities are quoted based on similar securities and yields, and therefore would be categorized as Level 2.

Certain securities held by the Funds are categorized as Level 3 investments. Their prices may be derived by utilizing unobservable prior transaction values or information from third party valuation services. The value of Level 3 investments could be significantly affected by changes in these unobservable inputs. As of March 31, 2026, Level 3 securities consist of certain asset-backed and mortgage-backed securities, bank loans, warrants, preferred stocks, common stocks and corporate bonds.

The summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Funds' investments is listed after the Schedule of Investments for each Fund.

For the year ended March 31, 2026, a reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following tables are a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Yield Bond Fund** | **Bank Loans** | **Common Stock** | **Warrant** | **Total** |
|  Balance as of March 31, 2025 | $0 | $451116 | $80 | $451196 |
|  Accrued Discounts (Premiums) |  |  |  |  |
|  Realized Gain (Loss) |  | 58602 | 63 | 58665 |
|  Change in Unrealized Appreciation (Depreciation) | 0 | 44905 | (16) | 44889 |
|  Purchases |  |  |  |  |
|  Sales |  | (554623) | (123) | (554746) |
|  Transfers into Level 3\* |  |  |  |  |
|  Transfers out of Level 3\* |  |  |  |  |
|  Balance as of March 31, 2026 | $0 | $— | $4 | $4 |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2026 | $— | $— | $4 | $4 |

---

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

------

Notes to Financial Statements (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Investment Grade Credit Fund** | **Asset-Backed<br>Securities** | **Commercial Mortgage-<br>Backed Securities —<br>Non-Agency** | **Total** |
|  Balance as of March 31, 2025 | $28209 | $1 | $28210 |
|  Accrued Discounts (Premiums) |  | (620) | (620) |
|  Realized Gain (Loss) |  | (18918) | (18918) |
|  Change in Unrealized Appreciation (Depreciation) | 802 | 19538 | 20340 |
|  Purchases |  |  |  |
|  Sales | (2508) |  | (2508) |
|  Transfers into Level 3\* |  |  |  |
|  Transfers out of Level 3\* |  | (1) | (1) |
|  Balance as of March 31, 2026 | $26503 | $— | $26503 |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2026 | $802 | $— | $802 |

---

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

*\*\** *Transfers into and transfers out of Level 3 represent the values as of the end of the reporting period.* 

---

| | | |
|:---|:---|:---|
| **Low Duration Bond Fund** | **Asset-Backed<br>Securities** | **Total** |
|  Balance as of March 31, 2025 | $4795600 | $4795600 |
|  Accrued Discounts (Premiums) |  |  |
|  Realized Gain (Loss) |  |  |
|  Change in Unrealized Appreciation (Depreciation) | 136381 | 136381 |
|  Purchases |  |  |
|  Sales | (426447) | (426447) |
|  Transfers into Level 3\* |  |  |
|  Transfers out of Level 3\* |  |  |
|  Balance as of March 31, 2026 | $4505534 | $4505534 |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2026 | $136381 | $136381 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Strategic Income Fund** | **Asset-Backed<br>Securities** | **Common Stock** | **Residential<br>Mortgage-Backed<br>Securities —<br>Non-Agency** | **Rights** | **Total** |
|  Balance as of March 31, 2025 | $94380 | $38008 | $230992 | $12889 | $376269 |
|  Accrued Discounts (Premiums) |  |  | 43932 |  | 43932 |
|  Realized Gain (Loss) |  | 3504 | (4336) |  | (832) |
|  Change in Unrealized Appreciation (Depreciation) | (2821) | 5217 | (78401) |  | (76005) |
|  Purchases |  |  |  |  |  |
|  Sales | (4704) | (46729) | (175) | (12889) | (64497) |
|  Transfers in to Level 3 \* |  |  |  |  |  |
|  Transfers out of Level 3 \* | (37162) |  | (192012) |  | (229174) |
|  Balance as of March 31, 2026 | $49693 | $— | $— | $— | $49693 |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2026 | $1504 | $— | $— | $— | $1504 |

---

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

*\*\** *Transfers into and transfers out of Level 3 represent the values as of the end of the reporting period.* 

------

March 31, 2026

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Bond Fund** | **Asset-Backed<br>Securities** | **Commercial<br>Mortgage-Backed<br>Securities —<br>Non-Agency** | **Common Stock** | **Corporates** | **Residential<br>Mortgage-Backed<br>Securities—<br>Non-Agency** | **Rights** | **Total** |
|  Balance as of March 31, 2025 | $67302488 | $215756296 | $37537840 | $2829949 | $5426713 | $9338794 | $338192080 |
|  Accrued Discounts (Premiums) |  |  |  | (20741) | (1158947) |  | (1179688) |
|  Realized Gain (Loss) | 3182724 |  | 2477246 | (1883) | (1244372) | (320) | 4413395 |
|  Change in Unrealized Appreciation (Depreciation) | (1534057) | 1376327 | 6135697 | (3690) | 2384002 | (9338474) | (980195) |
|  Purchases |  |  |  |  | 903.00 |  | 903 |
|  Sales | (34365854) | (133986847) | (46150783) | (20094) | (93778) |  | (214617356) |
|  Transfers into Level 3 \* |  |  |  |  |  |  |  |
|  Transfers out of Level 3 \* | (1596533) | (83145776) |  | (2783541) | (5314521) |  | (92840371) |
|  Balance as of March 31, 2026 | $32988768 | $— | $— | $— | $— | $— | $32988768 |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2026 | $645602 | $— | $— | $— | $(19) | $— | $645583 |

---

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

*\*\** *Transfers into and out of Level 3 represent the values as of the end of the reporting period.* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Unconstrained<br>Bond Fund** | **Asset-Backed<br>Securities** | **Commercial<br>Mortgage-Backed<br>Securities —<br>Non-Agency** | **Common Stock** | **Corporates** | **Residential<br>Mortgage-Backed<br>Securities —<br>Agency** | **Residential<br>Mortgage-Backed<br>Securities —<br>Non-Agency** | **Rights** | **Total** |
|  Balance as of March 31, 2025 | $28546982 | $2317003 | $2905022 | $103518 | $2633260 | $6398 | $494705 | $37006888 |
|  Accrued Discounts (Premiums) |  |  |  | 31941 | (131704) | (2102) |  | (101865) |
|  Realized Gain (Loss) | 351045 |  | 189914 | (270288) |  | (1100) | (17) | 269554 |
|  Change in Unrealized Appreciation (Depreciation) | 128676 | 29805 | 468922 | 931904 | (41555) | 4639 | (494688) | 1027703 |
|  Purchases | 17191918 |  |  | 3675862 |  |  |  | 20867780 |
|  Sales | (11869795) | (2346808) | (3560781) | (785945) | (317488) |  |  | (18880817) |
|  Transfers into Level 3 \* | 1 |  |  |  |  |  |  | 1 |
|  Transfers out of Level 3 \* | (5536944) |  | (3077) | (42193) | (2142513) | (7835) |  | (7732562) |
|  Balance as of March 31, 2026 | $28811883 | $— | $— | $3644799 | $— | $— | $— | $32456682 |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2026 | $206513 | $— | $— | $(6572) | $— | $— | $— | $199941 |

---

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

*\*\** *Transfers into and out of Level 3 represent the values as of the end of the reporting period.* 

------

Notes to Financial Statements (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Significant unobservable valuations inputs for Level 3 investments as of March 31, 2026 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at<br>3/31/2026** | **Valuation Techniques** | **Unobservable<br>Input** | **Price or Price<br>Range** | **Average<br>Weighted**<br>**Price** | **Input to**<br>**Valuation**<br>**If Input**<br>**Increases** |
|  **High Yield Bond Fund** | **High Yield Bond Fund** |  |  |  |  |  |
|  Bank Loans | $0 | Fair Value | Broker Pricing | $0.000 | $0.000 | Increase |
|  Warrants | $4 | Fair Value | Broker Pricing | $0.000 | $0.000 | Increase |
|  | **Fair Value at<br>3/31/2026** | **Valuation Techniques** | **Unobservable<br>Input** | **Price or Price<br>Range** | **Average<br>Weighted**<br>**Price** | **Input to**<br>**Valuation**<br>**If Input**<br>**Increases** |
|  **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |  |  |  |  |
|  Asset-Backed Securities | $26503 | Broker Quote | Offered Quote | $94.492 | $94.492 | Increase |
|  | **Fair Value at<br>3/31/2026** | **Valuation Techniques** | **Unobservable<br>Input** | **Price or Price<br>Range** | **Average<br>Weighted**<br>**Price** | **Input to**<br>**Valuation**<br>**If Input**<br>**Increases** |
|  **Low Duration Bond Fund** | **Low Duration Bond Fund** |  |  |  |  |  |
|  Asset-Backed Securities | $4505534 | Broker Quote | Offered Quote | $94.492 | $94.492 | Increase |
|  | **Fair Value at<br>3/31/2026** | **Valuation Techniques** | **Unobservable<br>Input** | **Price or Price<br>Range** | **Average<br>Weighted**<br>**Price** | **Input to**<br>**Valuation**<br>**If Input**<br>**Increases** |
|  **Strategic Income Fund** | **Strategic Income Fund** |  |  |  |  |  |
|  Asset-Backed Securities | $49693 | Broker Quote | Offered Quote | $94.492 | $94.492 | Increase |
|  | **Fair Value at<br>3/31/2026** | **Valuation Techniques** | **Unobservable<br>Input** | **Price or Price<br>Range** | **Average<br>Weighted**<br>**Price** | **Input to**<br>**Valuation**<br>**If Input**<br>**Increases** |
|  **Total Return Bond Fund** | **Total Return Bond Fund** |  |  |  |  |  |
|  Asset-Backed Securities | $32988768 | Broker Quote | Offered Quote | $94.492 - $100.000 | $97.246 | Increase |
|  Residential Mortgage-Backed Securities — Non-Agency | $0 | Fair Value | Zero Market Value | $0.000 | $0.000 | Increase |
|  | **Fair Value at<br>3/31/2026** | **Valuation Techniques** | **Unobservable<br>Input** | **Price or Price<br>Range** | **Average<br>Weighted**<br>**Price** | **Input to**<br>**Valuation**<br>**If Input**<br>**Increases** |
|  **Unconstrained Bond Fund** | **Unconstrained Bond Fund** |  |  |  |  |  |
|  Asset-Backed Securities | $22211882 | Broker Quote | Offered Quote | $94.492 - $100.000 | $98.898 | Increase |
|  Asset-Backed Securities | $1 | Fair Value | Zero Market Value | $0.000 | $0.000 | Increase |
|  Asset-Backed Securities | $6600000 | Broker Quote | Offered Quote | $100.000 | $100.000 | Increase |
|  Corporate Bonds | $3644799 | Broker Quote | Offered Quote | $100.000 | $100.000 | Increase |

---

------

March 31, 2026

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

#### Derivative Instruments Categorized by Risk Exposure:
For the period ended March 31, 2026, the following Funds had derivatives and transactions in derivatives, grouped in the following risk categories:

#### High Yield Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **Foreign<br>Currency**<br>**Risk** | **Interest**<br>**Rate**<br>**Risk** | **Total** |
|  **Statement of Assets and Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts <sup>(1)</sup> | $— | $493748 | $493748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts <sup>(4)</sup> | 242070 |  | 242070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $242070 | $493748 | $735818 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts <sup>(4)</sup> | $(3211) | $— | $(3211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $(3211) | $— | $(3211) |
|  **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $(1150018) | $— | $(1150018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 490329 | 490329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $(1150018) | $490329 | $(659689) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $833160 | $— | $833160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | (62585) | (62585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Appreciation (Depreciation) | $833160 | $(62585) | $770575 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units <sup>(3)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 12722214 |  | 12722214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 298 | 298 |
| **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |
|  | **Foreign<br>Currency**<br>**Risk** | **Interest**<br>**Rate**<br>**Risk** | **Total** |
|  **Statement of Assets and Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts <sup>(1)</sup> | $— | $73515 | $73515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts <sup>(4)</sup> | 11512 |  | 11512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $11512 | $73515 | $85027 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts <sup>(4)</sup> | $(7977) | $— | $(7977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts <sup>(1)</sup> |  | (65902) | (65902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $(7977) | $(65902) | $(73879) |
|  **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $(79496) | $— | $(79496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | (9371) | (9371) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased |  | (15424) | (15424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $(79496) | $(24795) | $(104291) |

---

------

## TCW Metropolitan West Funds
Notes to Financial Statements (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Foreign<br>Currency**<br>**Risk** | **Interest**<br>**Rate**<br>**Risk** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $38106 | $— | $38106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 7159 | 7159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased <sup>(2)</sup> |  | 6562 | 6562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Appreciation (Depreciation) | $38106 | $13721 | $51827 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units <sup>(3)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 940931 |  | 940931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased |  | 4651364 | 4651364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 92 | 92 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Low Duration Bond Fund** | **Low Duration Bond Fund** | **Low Duration Bond Fund** | **Low Duration Bond Fund** | **Low Duration Bond Fund** |
|  | **Credit Risk** | **Foreign<br>Currency**<br>**Risk** | **Interest**<br>**Rate**<br>**Risk** | **Total** |
|  **Statement of Assets and Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts <sup>(1)</sup> | $— | $— | $2143032 | $2143032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts <sup>(4)</sup> |  | 550765 |  | 550765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $550765 | $2143032 | $2693797 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts <sup>(4)</sup> | $— | $(107604) | $— | $(107604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | (90087) |  | (205824) | (295911) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts <sup>(1)</sup> |  |  | (4065534) | (4065534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $(90087) | $(107604) | $(4271358) | $(4469049) |
|  **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $(919001) | $— | $(919001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  | (2966420) | (2966420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased |  |  | (530648) | (530648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | (13468) | (13468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $— | $(919001) | $(3510536) | $(4429537) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $788611 | $— | $788611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  | (1564649) | (1564649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased <sup>(2)</sup> |  |  | 223718 | 223718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | (5747) |  | (72742) | (78489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Appreciation (Depreciation) | $(5747) | $788611 | $(1413673) | $(630809) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units <sup>(3)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | 18649075 |  | 18649075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased |  |  | 159356364 | 159356364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  | 4841 | 4841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp;187917 |  | 3404332 | 3592249 |

---

------

March 31, 2026

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic Income Fund** | | | | |
|  | <br>**Credit Risk** | <br>**Foreign<br>Currency**<br>**Risk** | <br>**Interest**<br>**Rate**<br>**Risk** | <br>**Total** |
|  **Statement of Assets and Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts <sup>(1)</sup> | $— | $— | $145371 | $145371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts <sup>(4)</sup> |  | 40842 |  | 40842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $40842 | $145371 | $186213 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts <sup>(4)</sup> | $— | $(23140) | $— | $(23140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | (19622) | (19622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts <sup>(1)</sup> |  |  | (53169) | (53169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $(23140) | $(72791) | $(95931) |
|  **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(157855) | $— | $(157855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  | 138349 | 138349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | (360) | (360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $— | $(157855) | $137989 | $(19866) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $85969 | $— | $85969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  | 57943 | 57943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | (3614) | (3614) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Appreciation (Depreciation) | $— | $85969 | $54329 | $140298 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units <sup>(3)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | 2192596 |  | 2192596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  | 79 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | 324510 | 324510 |
| **Sustainable Securitized Fund** |  |  |  |  |
|  | **Credit Risk** | **Foreign<br>Currency**<br> **Risk** | **Interest**<br> **Rate**<br> **Risk** | **Total** |
|  **Statement of Assets and Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts <sup>(1)</sup> | $— | $— | $9926 | $9926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts <sup>(4)</sup> |  | 22758 |  | 22758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $22758 | $9926 | $32684 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts <sup>(4)</sup> | $— | $(10151) | $— | $(10151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts <sup>(1)</sup> |  |  | (96026) | (96026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $(10151) | $(96026) | $(106177) |
|  **Statement of Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $(14582) | $— | $(14582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  | 130374 | 130374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $— | $(14582) | $130374 | $115792 |

---

------

Notes to Financial Statements (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Credit Risk** | **Foreign<br>Currency**<br>**Risk** | **Interest**<br>**Rate**<br>**Risk** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $19453 |  | $19453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  | (169601) | (169601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Appreciation (Depreciation) | $— | $19453 | $(169601) | $(150148) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units <sup>(3)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | 694322 |  | 694322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  | 50 | 50 |
| **Total Return Bond Fund** |  |  |  |  |
|  | **Credit Risk** | **Foreign<br>Currency**<br> **Risk** | **Interest**<br> **Rate**<br> **Risk** | **Total** |
|  **Statement of Assets and Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts <sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $15198793 | $15198793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts <sup>(4)</sup> |  | 24564221 |  | 24564221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $24564221 | $15198793 | $39763014 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts <sup>(4)</sup> | $— | $(13686459) | $— | $(13686459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | (6773308) | (6773308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts <sup>(1)</sup> |  |  | (76997843) | (76997843) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $(13686459) | $(83771151) | $(97457610) |
|  **Statement of Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $(105263176) | $— | $(105263176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  | 144575854 | 144575854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased |  |  | (18146447) | (18146447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | 82074 | 82074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $— | $(105263176) | $126511481 | $21248305 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $54957697 | $— | $54957697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  | (133037449) | (133037449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased <sup>(2)</sup> |  |  | 8717767 | 8717767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | (2330604) | (2330604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Appreciation (Depreciation) | $— | $54957697 | $(126650286) | $(71692589) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units <sup>(3)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | 1571718572 |  | 1571718572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased |  |  | 5780407273 | 5780407273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  | 66725 | 66725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | 112030318 | 112030318 |

---

------

March 31, 2026

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ultra Short Bond Fund** | | | | |
|  | <br>**Credit Risk** | <br>**Foreign<br>Currency**<br>**Risk** | <br>**Interest**<br>**Rate**<br>**Risk** | <br>**Total** |
|  **Statement of Assets and Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts <sup>(1)</sup> | $— | $— | $78333 | $78333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts <sup>(4)</sup> |  | 7363 |  | 7363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $7363 | $78333 | $85696 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts <sup>(4)</sup> | $— | $(3401) | $— | $(3401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | (8850) | (8850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts <sup>(1)</sup> |  |  | (52301) | (52301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $(3401) | $(61151) | $(64552) |
|  **Statement of Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $(16611) | $— | $(16611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  | (130271) | (130271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased |  |  | (26664) | (26664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | (567) | (567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $— | $(16611) | $(157502) | $(174113) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $9549 | $— | $9549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  | 79424 | 79424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased <sup>(2)</sup> |  |  | 11258 | 11258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | (3119) | (3119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Appreciation (Depreciation) | $— | $9549 | $87563 | $97112 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units <sup>(3)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | 210778 |  | 210778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaptions Purchased |  |  | 7916818 | 7916818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  | 123 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | 146376 | 146376 |
| **Unconstrained Bond Fund** |  |  |  |  |
|  | **Credit Risk** | **Foreign<br>Currency**<br> **Risk** | **Interest**<br> **Rate**<br> **Risk** | **Total** |
|  **Statement of Assets and Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts <sup>(1)</sup> | $— | $— | $9885670 | $9885670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts <sup>(4)</sup> |  | 2778975 |  | 2778975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $2778975 | $9885670 | $12664645 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liability Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts <sup>(4)</sup> | $— | $(1089482) | $— | $(1089482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | (953693) | (953693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts <sup>(1)</sup> |  |  | (4038400) | (4038400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Value | $— | $(1089482) | $(4992093) | $(6081575) |

---

------

Notes to Financial Statements (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Credit Risk** | **Foreign<br>Currency**<br>**Risk** | **Interest**<br>**Rate**<br>**Risk** | **Total** |
|  **Statement of Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $(8338841) | $— | $(8338841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  | 3297652 | 3297652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | (19855) | (19855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | $— | $(8338841) | $3277797 | $(5061044) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Change in Appreciation (Depreciation)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | $— | $4992210 | $— | $4992210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  | 4761227 | 4761227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | (167438) | (167438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Appreciation (Depreciation) | $— | $4992210 | $4593789 | $9585999 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Contracts, Notional Amounts or Shares/Units <sup>(3)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  | 155195923 |  | 155195923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  | 6357 | 6357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  |  | 15774061 | 15774061 |

---

*(1)* *Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedules of Investments. Only variation margin on March 31, 2026 is reported within the Statement of Assets and Liabilities.* 

*(2)* *Represents change in unrealized appreciation (depreciation) for purchased swaptions during the year.* 

*(3)* *Amount disclosed represents average number of contracts or notional amounts, which are representative of the volume traded for the year ended March 31, 2026.* 

*(4)* *Unrealized appreciation (depreciation) on open forward foreign currency contracts as reported in the Statements of Assets and Liabilities for the year ended March 31, 2026.* 

#### Counterparty Credit Risk:
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

A Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC options purchased, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written generally obligate the Funds to perform, and not the counterparty.

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

------

## TCW Metropolitan West Funds
March 31, 2026

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

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

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

Cash collateral that has been pledged to cover obligations of a Fund, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Portfolio Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold typically of $250,000 or $500,000 before a transfer is required, which is determined at the close of business of the Fund, and additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the Funds and counterparties are not permitted to sell, repledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Each Fund attempts to mitigate counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

The Funds have implemented the disclosure requirements pursuant to FASB Accounting Standards update No. 2011-11, Disclosures about Offsetting Assets and Liabilities that requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared

------

## TCW Metropolitan West Funds
Notes to Financial Statements (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

under International Financial Reporting Standards. Under this guidance the Funds disclose in the Statements of Assets and Liabilities both gross and net information about instruments and transactions eligible for offset such as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, the Funds disclose collateral received and posted in connection with master netting agreements or similar arrangements.

The following tables present each Fund's OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreement and net of the related collateral received or pledged by each Fund as of March 31, 2026:

High Yield Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Assets**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Received***<sup>(1)</sup>* | **Derivatives Assets/<br>(Liabilities) Available<br>for Offset** | **Net Amount<br>of Assets***<sup>(2)</sup>* |
|  Bank of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $179693 | $— | $— | $179693 |
|  Bank of New York |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 17652 |  | (407) | 17245 |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 33287 |  | (290) | 32997 |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 4520 |  | (2514) | 2006 |
|  JP Morgan Chase Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 6918 |  |  | 6918 |
|  Total | $242070 | $— | $(3211) | $238859 |
| **Counterparty** | **Gross Liabilities**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Pledged***<sup>(1)</sup>* | **Derivatives (Assets)/**<br>**Liabilities Available<br>for Offset** | **Net Amount<br>of Liabilities***<sup>(3)</sup>* |
|  Bank of New York |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $407 | $— | $(407) | $— |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 290 |  | (290) |  |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 2514 |  | (2514) |  |
|  Total | $3211 | $— | $(3211) | $— |

---

*<sup>(1)</sup>* *Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.* 

*<sup>(2)</sup>* *Represents the net amount receivable from the counterparty in the event of default.* 

*<sup>(3)</sup>* *Represents the net amount payable to the counterparty in the event of default.* 

------

March 31, 2026

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investment Grade Credit Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Assets**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Received***<sup>(1)</sup>* | **Derivatives Assets/<br>(Liabilities) Available**<br>**for Offset** | **Net Amount<br>of Assets***<sup>(2)</sup>* |
|  Bank of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $10102 | $— | $(5905) | $4197 |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 20 |  | (20) |  |
|  JP Morgan Chase Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 1390 |  | (1390) |  |
|  Total | $11512 | $— | $(7315) | $4197 |
| **Counterparty** | **Gross Liabilities**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Pledged***<sup>(1)</sup>* | **Derivatives (Assets)/<br>Liabilities Available<br>for Offset** | **Net Amount<br>of Liabilities***<sup>(3)</sup>* |
|  Bank of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $5905 | $— | $(5905) | $— |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 249 |  |  | 249 |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 276 |  | (20) | 256 |
|  JP Morgan Chase Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 1547 |  | (1390) | 157 |
|  Total | $7977 | $— | $(7315) | $662 |

---

*<sup>(1)</sup>* *Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.* 

*<sup>(2)</sup>* *Represents the net amount receivable from the counterparty in the event of default.* 

*<sup>(3)</sup>* *Represents the net amount payable to the counterparty in the event of default.* 

------

Notes to Financial Statements (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Low Duration Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Assets**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Received***<sup>(1)</sup>* | **Derivatives Assets/<br>(Liabilities) Available<br>for Offset** | **Net Amount<br>of Assets***<sup>(2)</sup>* |
|  Bank of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $136219 | $— | $— | $136219 |
|  Bank of New York |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 117286 |  |  | 117286 |
|  Barclays Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 30038 |  |  | 30038 |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 107726 |  | (105258) | 2468 |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 20663 |  | (2346) | 18317 |
|  JP Morgan Chase Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 138833 |  |  | 138833 |
|  Total | $550765 | $— | $(107604) | $443161 |
| **Counterparty** | **Gross Liabilities**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Pledged***<sup>(1)</sup>* | **Derivatives (Assets)/<br>Liabilities Available<br>for Offset** | **Net Amount<br>of Liabilities***<sup>(3)</sup>* |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $105258 | $— | $(105258) | $— |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 2346 |  | (2346) |  |
|  Goldman Sachs International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swaps | 90087 |  |  | 90087 |
|  Total | $197691 | $— | $(107604) | $90087 |

---

*<sup>(1)</sup>* *Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.* 

*<sup>(2)</sup>* *Represents the net amount receivable from the counterparty in the event of default.* 

*<sup>(3)</sup>* *Represents the net amount payable to the counterparty in the event of default.* 

------

March 31, 2026

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Strategic Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Assets**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Received***<sup>(1)</sup>* | **Derivatives Assets/<br>(Liabilities) Available<br>for Offset** | **Net Amount<br>of Assets***<sup>(2)</sup>* |
|  Bank of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $13828 | $— | $(502) | $13326 |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 10058 |  | (8683) | 1375 |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 22 |  | (22) |  |
|  JP Morgan Chase Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 16934 |  | (10629) | 6305 |
|  Total | $40842 | $— | $(19836) | $21006 |
| **Counterparty** | **Gross Liabilities**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Pledged***<sup>(1)</sup>* | **Derivatives (Assets)/<br>Liabilities Available<br>for Offset** | **Net Amount<br>of Liabilities***<sup>(3)</sup>* |
|  Bank of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $502 | $— | $(502) | $— |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 8683 |  | (8683) |  |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 3326 |  | (22) | 3304 |
|  JP Morgan Chase Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 10629 |  | (10629) |  |
|  Total | $23140 | $— | $(19836) | $3304 |

---

*<sup>(1)</sup>* *Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.* 

*<sup>(2)</sup>* *Represents the net amount receivable from the counterparty in the event of default.* 

*<sup>(3)</sup>* *Represents the net amount payable to the counterparty in the event of default.* 

------

Notes to Financial Statements (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Sustainable Securitized Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Assets**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Received***<sup>(1)</sup>* | **Derivatives Assets/<br>(Liabilities) Available<br>for Offset** | **Net Amount<br>of Assets***<sup>(2)</sup>* |
|  Bank of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $2503 | $— | $— | $2503 |
|  Bank of New York |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 13604 |  | (3511) | 10093 |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 6636 |  | (6636) |  |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 15 |  |  | 15 |
|  Total | $22758 | $— | $(10147) | $12611 |
| **Counterparty** | **Gross Liabilities**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Pledged***<sup>(1)</sup>* | **Derivatives (Assets)/<br>Liabilities Available<br>for Offset** | **Net Amount<br>of Liabilities***<sup>(3)</sup>* |
|  Bank of New York |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $3511 | $— | $(3511) | $— |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 6640 |  | (6636) | 4 |
|  Total | $10151 | $— | $(10147) | $4 |

---

*<sup>(1)</sup>* *Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.* 

*<sup>(2)</sup>* *Represents the net amount receivable from the counterparty in the event of default.* 

*<sup>(3)</sup>* *Represents the net amount payable to the counterparty in the event of default.* 

------

March 31, 2026

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Total Return Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Assets**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Received***<sup>(1)</sup>* | **Derivatives Assets/<br>(Liabilities) Available<br>for Offset** | **Net Amount<br>of Assets***<sup>(2)</sup>* |
|  Bank of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $224018 | $— | $(224018) | $— |
|  Bank of New York |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 69122 |  | (31779) | 37343 |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 11528911 | (393526) | (8267901) | 2867484 |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 1326058 | (450000) | (618694) | 257364 |
|  JP Morgan Chase Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 11395039 |  | (998706) | 10396333 |
|  Morgan Stanley Bank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 21073 | (21073) |  |  |
|  Total | $24564221 | $(864599) | $(10141098) | $13558524 |
| **Counterparty** | **Gross Liabilities**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Pledged***<sup>(1)</sup>* | **Derivatives (Assets)/<br>Liabilities Available<br>for Offset** | **Net Amount<br>of Liabilities***<sup>(3)</sup>* |
|  Bank of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $3769379 | $(3545361) | $(224018) | $— |
|  Bank of New York |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 31779 |  | (31779) |  |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 8267901 |  | (8267901) |  |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 618694 |  | (618694) |  |
|  JP Morgan Chase Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 998706 |  | (998706) |  |
|  Total | $13686459 | $(3545361) | $(10141098) | $— |

---

*<sup>(1)</sup>* *Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.* 

*<sup>(2)</sup>* *Represents the net amount receivable from the counterparty in the event of default.* 

*<sup>(3)</sup>* *Represents the net amount payable to the counterparty in the event of default.* 

------

Notes to Financial Statements (Continued)

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Ultra Short Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Assets**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Received***<sup>(1)</sup>* | **Derivatives Assets/<br>(Liabilities) Available<br>for Offset** | **Net Amount<br>of Assets***<sup>(2)</sup>* |
|  Bank of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $1209 | $— | $(167) | $1042 |
|  Barclays Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 113 |  |  | 113 |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 2504 |  | (2504) |  |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 2 |  | (2) |  |
|  JP Morgan Chase Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 3535 |  |  | 3535 |
|  Total | $7363 | $— | $(2673) | $4690 |
| **Counterparty** | **Gross Liabilities**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Pledged***<sup>(1)</sup>* | **Derivatives (Assets)/<br>Liabilities Available<br>for Offset** | **Net Amount<br>of Liabilities***<sup>(3)</sup>* |
|  Bank of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $167 | $— | $(167) | $— |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 2539 |  | (2504) | 35 |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 695 |  | (2) | 693 |
|  Total | $3401 | $— | $(2673) | $728 |

---

*<sup>(1)</sup>* *Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.* 

*<sup>(2)</sup>* *Represents the net amount receivable from the counterparty in the event of default.* 

*<sup>(3)</sup>* *Represents the net amount payable to the counterparty in the event of default.* 

------

March 31, 2026

2. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Unconstrained Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Assets**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Received***<sup>(1)</sup>* | **Derivatives Assets/<br>(Liabilities) Available<br>for Offset** | **Net Amount<br>of Assets***<sup>(2)</sup>* |
|  Bank of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $9481 | $— | $(9481) | $— |
|  Bank of New York |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 377657 | (330000) |  | 47657 |
|  Barclays Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 42764 |  | (25962) | 16802 |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 658527 |  | (455257) | 203270 |
|  Goldman Sachs & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 128998 |  |  | 128998 |
|  JP Morgan Chase Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 1561548 |  | (503373) | 1058175 |
|  Total | $2778975 | $(330000) | $(994073) | $1454902 |
| **Counterparty** | **Gross Liabilities**<br>**Subject to Master**<br>**Agreements** | **Collateral**<br>**Pledged***<sup>(1)</sup>* | **Derivatives (Assets)/<br>Liabilities Available<br>for Offset** | **Net Amount<br>of Liabilities***<sup>(3)</sup>* |
|  Bank of America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | $104890 | $— | $(9481) | $95409 |
|  Barclays Capital |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 25962 |  | (25962) |  |
|  Citibank N.A. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 455257 |  | (455257) |  |
|  JP Morgan Chase Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | 503373 |  | (503373) |  |
|  Total | $1089482 | $— | $(994073) | $95409 |

---

*<sup>(1)</sup>* *Excess of collateral received for individual counterparty may not be shown for financial reporting purposes.* 

*<sup>(2)</sup>* *Represents the net amount receivable from the counterparty in the event of default.* 

*<sup>(3)</sup>* *Represents the net amount payable to the counterparty in the event of default.* 

3. PORTFOLIO INVESTMENTS

The Funds may enter into mortgage dollar roll transactions with financial institutions to take advantage of opportunities in the MBS market. A mortgage dollar roll transaction involves a simultaneous sale of securities by a Fund with an agreement to repurchase substantially similar securities at an agreed upon price and date, but generally will be collateralized at time of delivery by different pools of mortgages with different prepayment histories than those securities sold. These transactions are accounted for as financing transactions as opposed to sales and purchases. The differential between the sale price and the repurchase price is recorded as deferred income and recognized between the settlement dates of the sale and repurchase. During the period between the sale and repurchase, a Fund will not be entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions involve risk that the market value of the security sold by a Fund may decline below the repurchase price of the security and the counterparties may potentially be unable to complete the transaction. There were no such transactions by the Funds for the year ended March 31, 2026. The Fund did, however, enter into TBA transactions, including TBA dollar rolls. TBA securities are forward commitments to purchase or sell mortgage-backed securities

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Notes to Financial Statements (Continued)

3. PORTFOLIO INVESTMENTS (Continued)

for a fixed price, with the specific securities to be delivered determined at a later date. In TBA dollar roll transactions, the Fund sells a TBA security for current settlement and simultaneously enters into a commitment to purchase a substantially similar TBA security for a future settlement date. Unlike mortgage dollar rolls involving specified MBS, TBA dollar rolls do not involve the sale and repurchase of the same security, but rather the rolling of forward commitments with similar characteristics (such as issuer, coupon, and maturity). Accordingly, these transactions are not considered financing transactions involving identified securities and are accounted for as purchase and sale transactions. Any gain or loss generated from TBA dollar roll transactions is recognized as part of the Fund's investment operations and is reflected in the Statement of Operations.

The Funds may invest in mortgage pass-through securities which represent interests in pools of mortgages in which payments of both principal and interest on the securities are generally made monthly, in effect "passing through" monthly payments made by borrowers on the residential or commercial mortgage loans which underlie the securities (net of any fees paid to the issuer or guarantor of the securities). Mortgage pass-through securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates.

The Funds may invest in securities issued by the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corp. ("FHLMC"). These are fixed-income securities that derive their value from or represent interests in a pool of mortgages or mortgage securities. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of a mortgage-backed security and could result in losses to the Funds. The risk of such defaults is generally higher in the case of mortgage pools that include sub-prime mortgages. Sub-prime mortgages refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their mortgages.

Additionally, securities issued by FNMA and FHLMC are not backed by or entitled to the full faith and credit of the United States and are supported by the right to the issuer to borrow from the Treasury.

On September 7, 2008, the Federal Housing Finance Agency was appointed as conservator of FNMA and FHLMC. In addition, the U.S. Department of the Treasury has agreed to provide capital as needed to ensure FNMA and FHLMC continue to provide liquidity to the housing and mortgage markets.

The Funds may also invest in Collateralized Mortgage Obligations ("CMOs"). CMOs are debt obligations collateralized by residential or commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass-through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by the Government National Mortgage Association ("GNMA"), FHLMC, or FNMA. The issuer of a series of CMOs may elect to be treated for tax purposes as a Real Estate Mortgage Investment Conduit. CMOs are structured into multiple classes, each bearing a different stated maturity. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal only after shorter classes have been retired. An investor may be partially protected against a sooner than desired return of principal because of the sequential payments.

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3. PORTFOLIO INVESTMENTS (Continued)

The Funds may enter into to be announced ("TBA") commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Funds' other assets. Unsettled TBA commitments are valued at the current market value of the underlying securities, according to the procedures described in Note 2 under "Security Valuation".

The Funds may invest in Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other Collateralized Debt Obligations ("CDOs"), which are debt instruments backed solely by a pool of other debt securities. The risks of an investment in a CBO, CLO or other CDO depend largely on the type of the collateral securities and the class of the CBO, CLO or other CDO in which a Fund invests. Some CBOs, CLOs and other CDOs have credit ratings, but are typically issued in various classes with various priorities. Normally, CBOs, CLOs and other CDOs are privately offered and sold (that is, not registered under the securities laws) and may be characterized by the Funds as illiquid securities, but an active dealer market may exist for CBOs, CLOs and other CDOs that qualify for Rule 144A transactions. In addition to the normal interest rate, default and other risks of fixed income securities, CBOs, CLOs and other CDOs carry additional risks, including the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, the Funds may invest in CBOs, CLOs and other CDOs that are subordinate to other classes, there may be volatility in value, and the complex structure of the security may not be fully understood at the time of investment and produce disputes with the issuer or unexpected investment results.

The Funds may invest in stripped mortgage-backed securities issued by the U.S. government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). During the year ended March 31, 2026, certain interest-only securities were held as part of the overall mortgage portfolio holdings. The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may not fully recoup its initial investment in IOs. Such securities will be considered liquid only if so determined in accordance with guidelines approved by the Board. The Funds also may invest in stripped mortgage-backed securities that are privately issued. These securities will be considered illiquid for purposes of each Fund's limit on illiquid securities.

The Funds may purchase participations in commercial loans, or may purchase assignments of such loans. Such indebtedness may be secured or unsecured. Loan participations typically represent direct participation in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. The Funds may participate in such syndications, or can buy part of a loan, becoming a part lender. When purchasing loan participations, a Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. The participation interests in which a Fund intends to

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Notes to Financial Statements (Continued)

3. PORTFOLIO INVESTMENTS (Continued)

invest may not be rated by any nationally recognized rating service. Participations and assignments also involve special types of risk, including interest rate risk, liquidity risk, and the risk of being a lender. If a Fund purchases a participation, it may only be able to enforce its rights through the lender, and may assume the credit risk of the lender in addition to the borrower.

The Funds may also sell a debt or equity security short, that is, without owning it, and borrow the same security from a broker or other institution to complete the sale. The Adviser may use short sales when it believes a security is overvalued or as a partial hedge against a position in a related security of the same issuer held by a Fund. The High Yield Bond Fund, Investment Grade Credit Fund, Strategic Income Fund and Sustainable Securitized Fund may not make short sales of securities or maintain a short position if more than 33 1/3% of the Fund's total assets (taken at current value) are held as collateral for such sales at any one time. The Low Duration Bond Fund, Total Return Bond Fund, Ultra Short Bond Fund and Unconstrained Bond Fund will not make total short sales exceeding 25% of the Fund's total assets. If the value of the security sold short increases, a Fund would lose money because it would need to replace the borrowed security by purchasing it at a higher price. The potential loss is unlimited. (If the short sale was intended as a hedge against another investment, the loss on the short sale may be fully or partially offset by gains in that other investment). At March 31, 2026, the Funds did not hold any short debt or equity.

A lender may request that the borrowed securities be returned on short notice; if that occurs at a time when other short sellers of the subject security are receiving similar requests, a "short squeeze" can occur. This means that the Funds might be compelled, at the most disadvantageous time, to replace borrowed securities previously sold short, with purchases on the open market at prices significantly greater than those at which the securities were sold short. Short selling also may produce higher than normal portfolio turnover and result in increased transaction costs to the Funds. The Funds also may make short sales "against-the-box", in which the Funds sell short securities they own. The Funds will incur transaction costs, including interest expenses, in connection with opening, maintaining and closing short sales against-the-box, which result in a "constructive sale", requiring the Fund to recognize any taxable gain from the transaction.

The Funds may invest in payment-in-kind securities ("PIKs"). PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statements of Assets and Liabilities.

For the year ended March 31, 2026, the High Yield Bond Fund, the Low Duration Bond Fund, the Strategic Income Fund and the Total Return Bond Fund received in-kind payments with respect to PIK securities of $916,862, $96,831, $7,700 and $5,222,631, respectively.

The Funds may invest in repurchase agreements. In a repurchase agreement, the Funds purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed repurchase amount. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book entry system or

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March 31, 2026

3. PORTFOLIO INVESTMENTS (Continued)

held in a segregated account by the Funds' custodian or designated sub-custodians under tri-party repurchase agreements. In the event the counterparty defaults and the fair value of the collateral declines, the Funds could experience losses, delays and costs in liquidating the collateral.

Master Repurchase Agreements ("MRAs") permit each Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from each Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MRA counterparty's bankruptcy or insolvency. Pursuant to the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price to be received by each Fund upon the maturity of the repurchase transaction. Upon a bankruptcy or insolvency of the MRA counterparty, each Fund recognizes a liability with respect to such excess collateral to reflect each Fund's obligation under bankruptcy law to return the excess to the counterparty. As of March 31, 2026, the Funds did not hold any repurchase agreements.

The Funds may enter into reverse repurchase agreements, whereby a Fund sells securities concurrently with entering into an agreement to repurchase those securities at a later date at a fixed price. During the reverse repurchase agreement period, the Fund continues to receive principal and interest payments on those securities. Reverse repurchase agreements are speculative techniques involving leverage and are considered secured borrowings by the Fund for purposes of the percentage limitations applicable to borrowings in accordance with ASC 860, Transfers and Servicing. Securities sold under reverse repurchase agreements are recorded as a liability. Interest payments made are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A reverse repurchase agreement involves the risk that the market value of the security sold by a Fund may decline below the repurchase price of the security. A Fund will segregate assets determined to be liquid by the manager or otherwise cover its obligations under reverse repurchase agreements.

Reverse repurchase transactions and treasury roll transactions are entered into by a Fund under MRAs. With reverse repurchase transactions and treasury roll transactions, typically the Funds and the counterparties are not permitted to sell, re-pledge, or use the collateral associated with the transaction. Pursuant to the terms of the MRA, a Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by a Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed. As of March 31, 2026, the Funds did not hold any reverse repurchase agreements.

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a Fund's use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a Fund's obligation to repurchase the securities.

Each Fund may enter into when-issued, delayed-delivery, or forward commitment transactions in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund's existing portfolio. In when-issued, delayed-delivery, or forward commitment

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Notes to Financial Statements (Continued)

3. PORTFOLIO INVESTMENTS (Continued)

transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although a Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund's counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, or forward commitment basis, there may be a loss, and that Fund may have missed an opportunity to make an alternative investment. Prior to settlement of these transactions, the value of the subject securities will fluctuate, reflecting interest rate changes. In addition, because a Fund is not required to pay for when-issued, delayed-delivery, or forward commitment securities until the delivery date, they may result in a form of leverage to the extent a Fund does not maintain liquid assets equal to the face amount of the contract. The Funds segregate assets (cash and/or securities) to cover the amounts outstanding related to these transactions.

#### Derivatives:
The Funds may engage in various portfolio investment strategies both to increase the return of the Funds and to economically hedge, or protect, their exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security or if the counterparty does not perform under the contract. The Funds are subject to credit risk, equity price risk and interest rate risk in the normal course of pursuing their investment objectives by investing in various derivative financial instruments, as described below:

Over the reporting period, the Funds engaged in interest rate futures contracts, foreign currency exchange contracts, swap agreements and swaptions as a means of managing interest rate risk and yield curve positioning consistent with the Adviser's current market perspectives. Additionally, credit default swaps were held for the purposes of (1) hedging valuation risks specific to identified market segments, industries and credits and (2) efficiently gaining income-bearing exposures to selected market segments, industries and credits. The market value of these instruments, realized and changes in unrealized gains and losses, and the types of contracts are included in the Schedule of Portfolio Investments and the Notes to Financial Statements.

**Options —** The Funds may purchase and write call and put options on securities, securities indices and on foreign currencies. A Fund may purchase put options on securities to seek to protect holdings in an underlying or related security against a substantial decline in market value. A Fund may purchase call options on securities to seek to protect against substantial increases in prices of securities the Fund intends to purchase pending its ability to invest in such securities in an orderly manner. The Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. A Fund may write a call or put option only if the option is covered by the Fund holding a position in the underlying securities or by other means which would permit immediate satisfaction of the Fund's obligation as writer of the option. When the Fund writes a call or put, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written.

These liabilities are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the

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## TCW Metropolitan West Funds
March 31, 2026

3. PORTFOLIO INVESTMENTS (Continued)

underlying futures, swap, security or currency transaction to determine the realized gain (loss). The purchase and writing of options involves certain risks. During the option period, the covered call writer has, in return for the premium on the option, given up the opportunity to profit from a price increase in the underlying securities above the sum of the premium and exercise price, but as long as its obligation as a writer continues, has retained the risk of loss should the price of the underlying securities decline. The writer of an option has no control over the time when it may be required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying securities at the exercise price. If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price of the underlying security, in the case of a put, remains equal to or greater than the exercise price or, in the case of a call, remains less than or equal to the exercise price, the Fund will lose its entire investment in the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position. Furthermore, if trading restrictions or suspensions are imposed on the options markets, a Fund may be unable to close out a position.

The Funds may execute transactions in both listed and over-the-counter options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade. Transactions in certain over-the-counter options may expose the Funds to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the over-the-counter option transaction, a Fund's maximum amount of loss is the premium paid (as purchaser) or the unrealized loss of the contract (as writer). As of March 31, 2026, the Funds did not hold any options.

**Futures —** The Funds purchased or sold exchange-traded futures contracts, which are contracts that obligate the Funds to make or take delivery of a financial instrument or the cash value of a security index at a specified future date at a specified price. The Funds may use futures contracts to manage exposure to the stock and bond markets or changes in interest rates and currency values, or for gaining exposure to markets. Risks of entering into futures contracts include the possibility that there may be an illiquid market at the time the Adviser to the Fund may be attempting to sell some or all of the Fund holdings or that a change in the value of the contract may not correlate with changes in the value of the underlying securities. Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin). Subsequent payments (variation margin) are made or received by the Fund, generally on a daily basis. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed or expires.

Futures transactions involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade.

**Foreign Currency —** The Funds may hold foreign currency as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies (foreign currency exchange rate risk).

**Foreign Currency Exchange Contracts —** The Funds entered into foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies (foreign currency exchange rate risk). A foreign currency

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Notes to Financial Statements (Continued)

3. PORTFOLIO INVESTMENTS (Continued)

exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Foreign currency exchange contracts, when used by a Fund, help to manage the overall exposure to the currencies in which some of the investments held by a Fund are denominated. The contract is marked-to-market daily and the change in market value is recorded by a Fund as an unrealized gain or loss. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of foreign currency exchange contracts involves the risk that the value of a foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies and the risk that a counterparty to the contract does not perform its obligations under the agreement.

**Swaps —** The Funds invested in swap agreements. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than a year. In a standard swap transaction, two parties agree to exchange the returns earned on specific assets, such as the return on, or increase in value of, a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a basket of securities representing a particular index. A swap contract may not be assigned without the consent of the counterparty (and in certain circumstances may not be assignable), and may result in losses in the event of a default or bankruptcy of the counterparty.

The Funds entered into credit default swap agreements to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. The buyer in a credit default contract is obligated to pay the seller a periodic stream of payments over the term of the contract provided no event of default has occurred. In the event of default, the seller must pay the buyer the par value (full notional value) of the reference obligation in exchange for the reference obligation. The Funds may be either the buyer or seller in such transactions. If a Fund is a buyer and no event of default occurs, the Fund loses its investment and recovers nothing. However, if an event of default occurs, the buyer receives full notional value for a reference obligation that may have little or no value. As a seller of a credit default swap, the Fund receives a fixed rate of income throughout the term of the contract, provided there is no default event. If an event of default occurs, the seller may pay the notional value of the reference obligation. The value of the reference obligation received by the seller, coupled with the periodic payments previously received may be less than the full notional value it pays to the buyer, resulting in a loss of value to the Fund. Credit default swaps involve greater risks than if the Fund had invested in the reference obligation directly. In addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk.

The aggregate fair value of credit default swaps in a net liability position is reflected as unrealized depreciation. The collateral posted for swap contracts, net of assets received as collateral, is also disclosed in the Notes to Schedules of Portfolio Investments. The maximum potential amount of future payments (undiscounted) that a portfolio as a seller of protection could be required to make under a credit default swap agreement is an amount equal to the notional amount of the agreement. These potential amounts are partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of

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March 31, 2026

3. PORTFOLIO INVESTMENTS (Continued)

buy protection credit default swap agreements entered into by a portfolio for the same referenced entity or entities. As of March 31, 2026, the Low Duration Bond Fund held credit default swaps.

The Funds entered into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time. The Funds' maximum risk of loss due to counterparty default is the discounted NAV of the cash flows paid to/received from the counterparty over the interest rate swap's remaining life. The Funds enter into interest rate swaps to manage duration, the yield curve, or interest rate risk by economically hedging the value of the fixed-rate bonds which may decrease when interest rates rise (interest rate risk).

The Funds may write (sell) and purchase put and call swaptions. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a new swap agreement, or to shorten, extend, cancel or modify an existing swap agreement, on a future date on specified terms. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. At March 31, 2026, the Funds did not hold swaptions.

The Funds may enter into total return swap agreements. Total return swap is the generic name for any non-traditional swap where one party agrees to pay the other the "total return" of a defined underlying asset. The total return swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined portfolios of loans and mortgages. The total return swap is a mechanism for the user to accept the economic benefits of asset ownership without utilizing the balance sheet. The other leg of the swap is spread to reflect the non-balance sheet nature of the product. Total return swaps can be designed with any underlying asset agreed between two parties.

As a result, unrealized gains are reported as an asset and unrealized losses are reported as a liability in the Statements of Assets and Liabilities. The change in the value of the swaps, including periodic amounts of interest paid or received on swaps, is reported as unrealized gains or losses in both the Statements of Assets and Liabilities and the Statements of Operations. A realized gain or loss is recorded upon payment or termination of swap agreements. Swap agreements are stated at fair value. Notional principal amounts are used upon payment or receipt of a periodic payment or termination of swap agreements to express the extent of involvement in these transactions, but the amounts subject to credit risk are much smaller. At March 31, 2026, outstanding swap agreements, if any, are shown in the Funds' Schedules of Portfolio Investments. Swap transactions present risk of loss in excess of the related amounts in the Statements of Assets and Liabilities.

4. RISK CONSIDERATIONS

**Foreign Investing Risk:** The Funds may be exposed to the risk that the Funds' share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates in countries where the Funds invest.

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Notes to Financial Statements (Continued)

4. RISK CONSIDERATIONS (Continued)

**Market Risk:** Because the values of the Funds' investments will fluctuate with market conditions, so will the value of your investment in the Funds. You could lose money on your investment in the Funds or the Funds could underperform other investments.

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

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

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

**Derivatives Risk:** Use of derivatives, which at times is an important part of the Funds' investment strategy, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Investments in derivatives could cause the Funds to lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Funds will engage in these transactions to reduce exposure to other risks when that would be beneficial.

**Credit Risk:** The values of any of the Funds' investments may also decline in response to events affecting the issuer or its credit rating. The lower-rated debt securities in which the Fund may invest are considered speculative and are subject to greater volatility and risk of loss than investment-grade securities, particularly in deteriorating economic conditions. The value of some mortgage-related securities in which the Funds invest also may fall because of unanticipated levels of principal prepayments that can occur when interest rates decline.

Certain of the Funds invest a material portion of their assets in securities of issuers that hold mortgage- and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these

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March 31, 2026

4. RISK CONSIDERATIONS (Continued)

securities are sensitive to changes in economic conditions, including delinquencies and/or defaults. Continuing shifts in the market's perception of credit quality on securities backed by commercial and residential mortgage loans and other financial assets may result in increased volatility of market price and periods of illiquidity that can negatively impact the valuation of certain issuers held by the Funds.

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

The mortgage industry lacks a single bright-line as to what separates a subprime loan from an Alt-A loan. Often it is a combination of loan characteristics involving both borrower criteria as well as collateral criteria that determine which category a loan is placed in. However, in order to be both conservative and objective as possible, the Adviser applied the following criteria to the Funds' residential mortgage and asset-backed holdings in coming up with its categorizations:

Sub Prime - Any asset-backed bond whose collateral was residential mortgages which were considered to be subprime, provided that the loans did not belong to the classification of manufactured housing loans.

Alt-A - Any mortgage-backed security whose average borrower FICO score was less than 730 and/or was listed as an Alt-A pool by Bloomberg were considered to be Alt-A bonds.

**Counterparty Risk:** The Funds may be exposed to counterparty risk, or the risk that an entity with which the Funds have unsettled or open transactions may default. Financial assets, which potentially expose the Funds to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Funds' exposure to credit and counterparty risks with respect to these financial assets is approximated by their fair value recorded in the Funds' Statements of Assets and Liabilities.

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

------

Notes to Financial Statements (Continued)

4. RISK CONSIDERATIONS (Continued)

**Bank Loan Risk:** There is a risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. The Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities. Bank loans are not registered and otherwise may not be treated as securities under the federal securities laws, meaning investors in loans have less protection against improper practices than investors in securities that are registered under or are otherwise subject to the protections of the securities laws.

5. FEDERAL TAX INFORMATION

#### Capital Loss Carryforwards:
At March 31, 2026, the following Funds had available for federal income tax purposes unused capital losses as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Amount<br>Utilized in<br>Current<br>Year** | **Short-term<br>Non-Expiring<br>Amounts** | **Long-term<br>Non-Expiring<br>Amounts** |
|  High Yield Bond Fund | $2529734 | $28193290 | $107323925 |
|  Investment Grade Credit Fund | 22152 | 665577 | 1817705 |
|  Low Duration Bond Fund | 621094 | 119876222 | 77199957 |
|  Strategic Income Fund | 1376 |  | 7689436 |
|  Sustainable Securitized Fund | 121523 | 142662 | 1037384 |
|  Total Return Bond Fund |  | 7396804962 | 4752364266 |
|  Ultra Short Bond Fund | 99015 | 6874322 | 5569268 |
|  Unconstrained Bond Fund | 9669536 | 61700300 | 194340251 |

---

#### Tax Basis of Distributable Income:
As of March 31, 2026, the components of accumulated earnings (accumulated losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield<br>Bond Fund** | **Investment Grade<br>Credit Fund** | **Low Duration<br>Bond Fund** | **Strategic<br>Income Fund** |
|  Undistributed ordinary income (inclusive of short-term gains) | $3462971 | $42540 | $2035840 | $128746 |
|  Undistributed long-term gains |  |  |  |  |
|  Other temporary differences | (530729) |  | (323040) | (1053) |
|  Accumulated capital loss carryforwards and post-October losses | (135517215) | (2483282) | (197076179) | (7689436) |
|  Net unrealized appreciation (depreciation) | (10537298) | (175738) | (2728612) | (4153041) |
|  Total accumulated earnings (losses) | $(143122271) | $(2616480) | $(198091991) | $(11714784) |

---

------

## TCW Metropolitan West Funds
March 31, 2026

5. FEDERAL TAX INFORMATION (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sustainable<br>Securitized Fund** | **Total Return<br>Bond Fund** | **Ultra Short<br>Bond Fund** | **Unconstrained<br>Bond Fund** |
|  Undistributed ordinary income (inclusive of short-term gains) | $11619 | $10998766 | $119701 | $1509678 |
|  Undistributed long-term gains |  |  |  |  |
|  Other temporary differences |  | (6759926) | (34) | (2864892) |
|  Accumulated capital loss carryforwards and post-October losses | (1180046) | (12149169228) | (12443590) | (256040551) |
|  Net unrealized appreciation (depreciation) | (124567) | (1417697698) | (87744) | (288074644) |
|  Total accumulated earnings (losses) | $(1292994) | $(13562628086) | $(12411667) | $(545470409) |

---

Tax Basis of Distributions to Shareholders:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield Bond Fund** | **High Yield Bond Fund** | **Investment Grade Credit Fund** | **Investment Grade Credit Fund** |
|  | **March 31, 2026** | **March 31, 2025** | **March 31, 2026** | **March 31, 2025** |
|  **Distributions from:** |  |  |  |  |
|  Ordinary income (inclusive of short-term capital gains) | $28012530 | $29582339 | $1050722 | $1162094 |
|  Return of Capital |  |  |  |  |
|  Total taxable distributions | $28012530 | $29582339 | $1050722 | $1162094 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Low Duration Bond Fund** | **Low Duration Bond Fund** | **Strategic Income Fund** | **Strategic Income Fund** |
|  | **March 31, 2026** | **March 31, 2025** | **March 31, 2026** | **March 31, 2025** |
|  **Distributions from:** |  |  |  |  |
|  Ordinary income (inclusive of short-term capital gains) | $36164616 | $47668798 | $3389575 | $4983092 |
|  Return of Capital |  |  |  |  |
|  Total taxable distributions | $36164616 | $47668798 | $3389575 | $4983092 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sustainable Securitized Fund** | **Sustainable Securitized Fund** | **Total Return Bond Fund** | **Total Return Bond Fund** |
|  | **March 31, 2026** | **March 31, 2025** | **March 31, 2026** | **March 31, 2025** |
|  **Distributions from:** |  |  |  |  |
|  Ordinary income (inclusive of short-term capital gains) | $956191 | $771176 | $1337270168 | $1859073730 |
|  Return of Capital |  |  |  |  |
|  Total taxable distributions | $956191 | $771176 | $1337270168 | $1859073730 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ultra Short Bond Fund** | **Ultra Short Bond Fund** | **Unconstrained Bond Fund** | **Unconstrained Bond Fund** |
|  | **March 31, 2026** | **March 31, 2025** | **March 31, 2026** | **March 31, 2025** |
|  **Distributions from:** |  |  |  |  |
|  Ordinary income (inclusive of short-term capital gains) | $1705712 | $2066376 | $151627972 | $169371054 |
|  Return of Capital |  |  |  |  |
|  Total taxable distributions | $1705712 | $2066376 | $151627972 | $169371054 |

---

------

Notes to Financial Statements (Continued)

5. FEDERAL TAX INFORMATION (Continued)

#### Tax Cost
As of March 31, 2026, gross unrealized appreciation (depreciation) based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **High Yield<br>Bond Fund** | **Investment Grade<br>Credit Fund** | **Low Duration<br>Bond Fund** | **Strategic<br>Income Fund** |
|  Tax Cost | $388245711 | $28501267 | $1032930759 | $68577386 |
|  Gross unrealized appreciation | $5452771 | $398569 | $6471456 | $1201716 |
|  Gross unrealized (depreciation) | (15989301) | (574690) | (9100028) | (5351484) |
|  Net unrealized appreciation (depreciation) | $(10536530) | $(176121) | $(2628572) | $(4149768) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sustainable<br>Securitized Fund** | **Total Return<br>Bond Fund** | **Ultra Short<br>Bond Fund** | **Unconstrained<br>Bond Fund** |
|  Tax Cost | $27896279 | $35659617035 | $47187822 | $3331638146 |
|  Gross unrealized appreciation | $275363 | $159618175 | $272278 | $31254819 |
|  Gross unrealized (depreciation) | (399810) | (1577684840) | (355881) | (319219000) |
|  Net unrealized appreciation (depreciation) | $(124447) | $(1418066665) | $(83603) | $(287964181) |

---

6. SECURITIES TRANSACTIONS

Investment transactions for the year ended March 31, 2026, excluding short-term investments, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases at<br>Cost** | **Sales or<br>Maturity<br>Proceeds** | **U.S. Government<br>Purchases at<br>Cost** | **U.S. Government<br>Sales or Maturity<br>Proceeds** |
|  High Yield Bond Fund | $399428094 | $439844898 | $— | $949097 |
|  Investment Grade Credit Fund | 7038161 | 7016012 | 79919866 | 84467759 |
|  Low Duration Bond Fund | 326321681 | 383204878 | 4619717420 | 4713417362 |
|  Strategic Income Fund | 21471912 | 30326233 | 161737531 | 162817326 |
|  Sustainable Securitized Fund | 8266855 | 3868416 | 81439994 | 76704509 |
|  Total Return Bond Fund | 6752948662 | 9294120467 | 123859299194 | 129574397967 |
|  Ultra Short Bond Fund | 10600884 | 13283268 | 243678014 | 252884061 |
|  Unconstrained Bond Fund | 1255821279 | 1195360307 | 6022546221 | 6045509553 |

---

There were no purchases or sales of securities from affiliated investment accounts for the year ended March 31, 2026. These trades are in accordance with the provisions set forth in Section 17(a)-7 of the 1940 Act.

7. INVESTMENT ADVISORY SERVICES AND OTHER TRANSACTIONS

As compensation for advisory services, the Adviser charges the High Yield Bond Fund, the Investment Grade Credit Fund, the Low Duration Bond Fund, the Strategic Income Fund, the Sustainable Securitized Fund, the Total Return Bond Fund, the Ultra Short Bond Fund and the Unconstrained Bond Fund a fee, computed daily and payable monthly, at an annual rate of 0.50%, 0.35%, 0.30%, 0.65%, 0.40%, 0.35%, 0.25% and 0.65%, respectively, of each Fund's average daily net assets.

The Adviser has agreed in an operating expenses agreement with the Trust to limit each Fund's expenses (excluding interest, taxes, brokerage commissions, short sales dividend expense, acquired

------

## TCW Metropolitan West Funds
March 31, 2026

7. INVESTMENT ADVISORY SERVICES AND OTHER TRANSACTIONS (Continued)

fund fees and expenses, and any expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation) as described in the table below. The operating expenses agreement has a one-year term, renewable at the end of each fiscal year. Each Fund has agreed to reimburse the Adviser, for a period of up to three years, for any such payments to the extent that the Fund's operating expenses are otherwise below its expense cap at both the time of the waiver and the recoupment. The Adviser's obligation will not be recorded as a liability on the books of the applicable Fund to the extent that the total operating expenses of the Fund are at or above the expense cap. However, if the total operating expenses of a Fund fall below the expense cap, the reimbursement to the Adviser (up to the cap) will be accrued by the Fund as a liability if the Adviser seeks to recoup those amounts and the independent trustees have approved that reimbursement. The Adviser may not request or receive reimbursement from a Fund for prior reductions or reimbursements before the payment of a Fund's operating expenses for the year.

Investment advisory fees and related contractual expense limitations for the year ended March 31, 2026, were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Advisory Fee Rate** | **Investment Advisory Fee Rate** | **Investment Advisory Fee Rate** | **Investment Advisory Fee Rate** | **Investment Advisory Fee Rate** | **Investment Advisory Fee Rate** | **Contractual Expense Limitation***<sup>1</sup>* | **Contractual Expense Limitation***<sup>1</sup>* | **Contractual Expense Limitation***<sup>1</sup>* | **Contractual Expense Limitation***<sup>1</sup>* | **Contractual Expense Limitation***<sup>1</sup>* | **Contractual Expense Limitation***<sup>1</sup>* |
| **Fund** | **Class<br>M** | **Class<br>I** | **Class<br>I-2** | **Administrative<br>Class** | **Class<br>I-3** | **Plan<br>Class** | **Class<br>M** | **Class<br>I** | **Class<br>I-2** | **Administrative<br>Class** | **Class<br>I-3** | **Plan<br>Class** |
|  High Yield Bond Fund | 0.50% | 0.50% | N/A | N/A | 0.50% | N/A | 0.85% | 0.60% | N/A | N/A | 0.76% | N/A |
|  Investment Grade Credit Fund | 0.35% | 0.35% | N/A | N/A | N/A | N/A | 0.70% | 0.49% | N/A | N/A | N/A | N/A |
|  Low Duration Bond Fund | 0.30% | 0.30% | N/A | 0.30% | 0.30% | N/A | 0.63% | 0.44% | N/A | 0.83% | 0.54% | N/A |
|  Strategic Income Fund | 0.65% | 0.65% | N/A | N/A | N/A | N/A | 1.04% | 0.80% | N/A | N/A | N/A | N/A |
|  Sustainable Securitized Fund | 0.40% | 0.40% | N/A | N/A | N/A | N/A | 0.70% | 0.49% | N/A | N/A | N/A | N/A |
|  Total Return Bond Fund | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.70% | 0.49% | 0.54% | 0.90% | 0.59% | 0.39% |
|  Ultra Short Bond Fund | 0.25% | 0.25% | N/A | N/A | N/A | N/A | 0.50% | 0.34% | N/A | N/A | N/A | N/A |
|  Unconstrained Bond Fund | 0.65% | 0.65% | N/A | N/A | 0.65% | 0.65% | 1.04% | 0.80% | N/A | N/A | 0.90% | 0.70% |

---

*<sup>1</sup>* *The Adviser has agreed not to reduce or discontinue this contractual expense limitation until July 31, 2026, unless approved by the Board.* 

------

Notes to Financial Statements (Continued)

7. INVESTMENT ADVISORY SERVICES AND OTHER TRANSACTIONS (Continued)

At March 31, 2026, the balance of recoupable expenses with expiration dates for the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **2027** | **2028** | **2029** | **Total** |
|  High Yield Bond Fund | $123257 | $197419 | $208359 | $529035 |
|  Investment Grade Credit Fund | 239989 | 303361 | 172061 | 715411 |
|  Low Duration Fund |  |  | 280548 | 280548 |
|  Strategic Income Fund | 312702 | 319425 | 192560 | 824687 |
|  Sustainable Securitized Fund | 238549 | 240348 | 161293 | 640190 |
|  Total Return Bond Fund |  |  | 4206810 | 4206810 |
|  Ultra Short Bond Fund | 259120 | 265578 | 165327 | 690025 |
|  Unconstrained Bond Fund |  |  | 464611 | 464611 |
|  Total | $1173617 | $1326131 | $5851569 | $8351317 |

---

**Administrator, Custodian and Accounting Agent:** State Street Bank and Trust Company ("State Street" or the "Bank"), located at One Congress Street, Suite 1, Boston, MA 02114-2016, is the Funds' administrator, fund accountant and custodian. State Street is primarily in the business of providing administrative, fund accounting and transfer and dividend agent services to retail and institutional mutual funds and exchange traded funds. Prior to May 16, 2025, The Bank of New York Mellon served as the Funds' administrator, fund accountant, transfer and dividend agent and custodian.

**Trustees' Fees:** Certain officers and Trustees of the Funds are also officers and directors of the Adviser. Such officers and Trustees serve without direct compensation from the Funds. Each of the Independent Trustees receives an annual retainer of $137,500 and $6,500 for each meeting of the Board attended in person and $1,000 for each meeting attended telephonically. The chairman of the Board receives an annual retainer of $51,000 and the vice chairman of the Board receives an additional annual retainer of $34,000. The respective chairman of the Audit Committee and the Nominating and Governance Committee each receives an additional annual retainer of $8,500. The Trust has a nonqualified deferred compensation plan (the "Deferred Compensation Plan") for certain eligible Trustees. The Deferred Compensation Plan allows Trustees to defer some or all of their annual trustees' fees otherwise payable by the Trust for a minimum of three years. The fees deferred are posted to a bookkeeping account maintained by the Trust. The various series of the Trust will use the returns on those Funds selected by the Trustee to determine the income, gains and losses to allocate to the account. At the time for commencing distributions from a Trustee's deferral account, which is no later than when the Trustee ceases to be a member of the Board, deferred fees will be paid out in a single sum in cash or a maximum of 10 annual installments. The expenses related to the annual retainer, meeting fees, and/or any fluctuation in the selected Funds under the Deferred Compensation Plan are recorded in Trustees' fees and expenses in the Statements of Operations.

8. SHARE MARKETING (12b-1) PLAN AND SHAREHOLDER SERVICING PLAN

The Trust has a Share Marketing Plan (or the "12b-1 Plan") pursuant to Rule 12b-1 of the 1940 Act with respect to Class M shares of the High Yield Bond Fund, the Investment Grade Credit Fund, the Low Duration Bond Fund, the Strategic Income Fund, the Sustainable Securitized Fund, the Total Return Bond Fund, the Ultra Short Bond Fund, the Unconstrained Bond Fund, and the Administrative Class shares of the Low Duration Bond Fund and Total Return Bond Fund. Under the 12b-1 Plan, the Trust pays TCW Funds Distributors, Inc., as the Trust's distribution coordinator, an annual fee up to 0.25% of the particular Fund's average daily net assets attributable to Class M shares and

------

March 31, 2026

8. SHARE MARKETING (12b-1) PLAN AND SHAREHOLDER SERVICING PLAN (Continued)

Administrative Class shares to reimburse expenses in connection with the promotion and distribution of shares of the respective Fund. The Adviser has undertaken to limit the Rule 12b-1 expenses to 0.16% for the Ultra Short Bond Fund, 0.19% for the Low Duration Bond Fund, and 0.21% for the Total Return Bond Fund, for the year ended March 31, 2026.

The Board of Trustees has adopted a Shareholder Servicing Plan that allows each Fund to pay to broker-dealers and other financial intermediaries a fee for shareholder services provided to Fund shareholders who invest in the Administrative Class shares of a Fund through the intermediary. The fee is payable under the Shareholder Servicing Plan at an annual rate not to exceed 0.25% of the particular Fund's average daily net assets attributable to the Administrative Share class, but the Adviser has undertaken to limit these expenses for the current fiscal year to 0.20% of the Fund's average daily net assets invested through the intermediary.

9. COMMITMENTS AND CONTINGENCIES

The following funds had unfunded commitments and unrealized gain (loss) by investment as of March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **High Yield Bond Fund** | | | |
| **Unfunded Commitments** |<br>**Maturity** |<br>**Amount** |<br>**Unrealized Gain (Loss)** |
|  American Rock Salt Company LLC, 2024 First Out Delayed Draw Term | 06/09/28 | $234814 | $1395 |
|  |  | 234814 | 1395 |
| **Low Duration Bond Fund** |  |  |  |
| **Unfunded Commitments** | **Maturity** | **Amount** | **Unrealized Gain (Loss)** |
|  GC Ferry Acquisition I, Inc., Delayed Draw Term Loan | 08/16/32 | $8760 | $(110) |
|  |  | 8760 | (110) |
| **Total Return Bond Fund** |  |  |  |
| **Unfunded Commitments** | **Maturity** | **Amount** | **Unrealized Gain (Loss)** |
|  GC Ferry Acquisition I Inc., Delayed Draw Term Loan | 08/16/32 | $788130 | $(9852) |
|  QuidelOrtho Corp., Delayed Draw Term Loan A | 08/21/30 | 120000 | (4650) |
|  |  | 908130 | (14502) |
| **Unconstrained Bond Fund** |  |  |  |
| **Unfunded Commitments** | **Maturity** | **Amount** | **Unrealized Gain (Loss)** |
|  American Rock Salt Company LLC, 2024 First Out Delayed Draw Term | 06/09/28 | $152354 | $905 |
|  GC Ferry Acquisition I Inc., Delayed Draw Term Loan | 08/16/32 | 120074 | (1501) |
|  |  | 272428 | (596) |

---

In the normal course of business, the Trust enters into contracts which provide a variety of representations and warranties, and that provide general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Trust under these arrangements is unknown as it would involve future claims that may be made against the Trust; however, based on the Trust's experience, the risk of loss is remote and no such claims are expected to occur. As such, the Trust has not accrued any liability in connection with such indemnifications.

------

Notes to Financial Statements (Continued)

10. CAPITAL SHARE TRANSACTIONS

Each Fund is authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.01 per share. Transactions in shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| High Yield Bond Fund | **Period/Year Ended<br>March 31, 2026** | **Period/Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2025** |
| **Class I Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 17342601 | $159504792 | 13270854 | $123501808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 1772270 | 16442018 | 1930144 | 17938923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (20777042) | (192412835) | (18394900) | (171394583) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (1662171) | $(16466025) | (3193902) | $(29953852) |
| **Class I-3 Shares\*** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 1000 | $10000 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 40 | 399 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 1040 | $10399 |  | $— |
| **Class M Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 5322113 | $49613785 | 9892114 | $92148198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 575497 | 5340782 | 692304 | 6435519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (7339414) | (68292024) | (12482973) | (116321544) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (1441804) | $(13337457) | (1898555) | $(17737827) |

---

*\** *For the period August 26, 2025 (Commencement of Operations) through March 31, 2026.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investment Grade Credit Fund | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2025** |
| **Class I Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 591502 | $4699389 | 426426 | $3306085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 94776 | 756450 | 109813 | 852524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (989508) | (7850580) | (627478) | (4833936) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (303230) | $(2394741) | (91239) | $(675327) |
| **Class M Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 191691 | $1526379 | 459510 | $3547784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 36821 | 293933 | 39127 | 303981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (241577) | (1923001) | (312263) | (2417192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (13065) | $(102689) | 186374 | $1434573 |
| Low Duration Bond Fund | **Period/Year Ended<br>March 31, 2026** | **Period/Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2025** |
| **Administrative Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 38 | $419 | 43 | $459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 38 | $419 | 43 | $459 |
| **Class I Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 27496932 | $232366355 | 19935861 | $166017192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 3304671 | 27915413 | 4364999 | 36335018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (29344690) | (247729088) | (60088718) | (499812255) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | 1456913 | $12552680 | (35787858) | $(297460045) |
| **Class I-3 Shares\*** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 10011 | $100584 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 59 | 587 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 10070 | $101171 |  | $— |

---

------

March 31, 2026

10. CAPITAL SHARE TRANSACTIONS (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class M Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707463 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5969626 | 1780184 | $&nbsp;&nbsp;&nbsp;&nbsp;14818651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 382707 | 3231685 | 675175 | 5620131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (5165384) | (43416217) | (7834637) | (65369643) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | (4075214) | $(34214906) | (5379278) | $(44930861) |

---

*\** *For the period August 26, 2025 (Commencement of Operations) through March 31, 2026.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic Income Fund | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2025** |
| **Class I Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 2196058 | $13594680 | 1188313 | $7312215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 201098 | 1243391 | 271291 | 1671433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (1248010) | (7699057) | (1752969) | (10808366) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 1149146 | $7139014 | (293365) | $(1824718) |
| **Class M Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 618721 | $3817284 | 954127 | $5886353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 344629 | 2130655 | 532117 | 3276977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (3490191) | (21652501) | (2830093) | (17427298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (2526841) | $(15704562) | (1343849) | $(8263968) |
| Sustainable Securitized Fund | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2025** |
| **Class I Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 932564 | $8117401 | 660960 | $5674472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 89029 | 779482 | 81725 | 704328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (446708) | (3885872) | (81800) | (699602) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 574885 | $5011011 | 660885 | $5679198 |
| **Class M Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 476894 | $4145440 | 529937 | $4570671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 20171 | 176650 | 7709 | 66678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (286192) | (2487097) | (183799) | (1583999) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 210873 | $1834993 | 353847 | $3053350 |
| Total Return Bond Fund | **Period/Year Ended<br>March 31, 2026** | **Period/Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2025** |
| **Administrative Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 7994817 | $73052026 | 15709647 | $141866987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 1308374 | 11976824 | 3229782 | 29084538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (28577462) | (259443912) | (102475546) | (930722966) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (19274271) | $(174415062) | (83536117) | $(759771441) |
| **Class I Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 368924748 | $3372335537 | 521208590 | $4692893533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 82931103 | 758619733 | 113307757 | 1020358424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (790470114) | (7224202501) | (1676208981) | (15112701399) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (338614263) | $(3093247231) | (1041692634) | $(9399449442) |
| **Class I-2 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 811312 | $7420347 | 1416009 | $12677496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 157772 | 1443500 | 256682 | 2311621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (2641706) | (24248184) | (4976328) | (44808584) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (1672622) | $(15384337) | (3303637) | $(29819467) |

---

------

Notes to Financial Statements (Continued)

10. CAPITAL SHARE TRANSACTIONS (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class I-3 Shares\*** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 392020 | $3942389 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 776 | 7751 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (1354) | (13570) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 391442 | $3936570 |  | $— |
| **Class M Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 43336781 | $395156865 | 67411786 | $607584741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 9991542 | 91388372 | 14649070 | 131963625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (116477041) | (1064520160) | (214061391) | (1929315501) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (63148718) | $(577974923) | (132000535) | $(1189767135) |
| **Plan Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 183405663 | $1569785497 | 275082988 | $2328171925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 40135938 | 344228447 | 59139296 | 499271217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (398290182) | (3404106009) | (1027025744) | (8680721779) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | (174748581) | $(1490092065) | (692803460) | $(5853278637) |

---

*\** *For the period August 26, 2025 (Commencement of Operations) through March 31, 2026.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Ultra Short Bond Fund | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2025** |
| **Class I Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 2099581 | $8783616 | 1969773 | $8138806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 322749 | 1349891 | 378394 | 1561523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (2648015) | (11035421) | (3097476) | (12765172) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (225685) | $(901914) | (749309) | $(3064843) |
| **Class M Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 353032 | $1470016 | 384868 | $1587676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 84904 | 353972 | 120336 | 495652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (1450029) | (6051529) | (963436) | (3967809) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (1012093) | $(4227541) | (458232) | $(1884481) |
| Unconstrained Bond Fund | **Period/Year Ended<br>March 31, 2026** | **Period/Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2025** |
| **Class I Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 51283342 | $535398185 | 52713287 | $543810167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 8162581 | 85123749 | 9215976 | 95066265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (54602045) | (568776663) | (53916265) | (555988874) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 4843878 | $51745271 | 8012998 | $82887558 |
| **Class I-3 Shares***\** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 1000 | $10000 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 30 | 306 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase | 1030 | $10306 |  | $— |
| **Class M Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 1162126 | $12119414 | 1981364 | $20465012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 656075 | 6847310 | 807916 | 8338060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (3092085) | (32260649) | (3517217) | (36273456) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (1273884) | $(13293925) | (727937) | $(7470384) |

---

------

March 31, 2026

10. CAPITAL SHARE TRANSACTIONS (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Plan Class Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | 303151 | $3162105 | 7591820 | $77785250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued upon Reinvestment of Dividends | 2410178 | 25119676 | 2732239 | 28182270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Redeemed | (13875562) | (145446140) | (2979047) | (30968166) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Decrease | (11162233) | $(117164359) | 7345012 | $74999354 |

---

*\** *For the period August 26, 2025 (Commencement of Operations) through March 31, 2026.* 

11. RESTRICTED SECURITIES

The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered before being sold to the public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the "Securities Act"). However, the Trust considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Restricted securities held by the Funds at March 31, 2026 are listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Yield Bond Fund** | | | | |
| **Issuer Description** | <br>**Acquisition<br>Date** |<br>**Acquisition<br>Cost** |<br>**Aggregate<br>Value** |<br>**Percentage<br>of Net Assets** |
|  ModivCare, Inc., 1.00%, 10/01/29 | 02/23/23 | $3085182 | $54416 | 0.01% |
|  |  | $3085182 | $54416 | 0.01% |
| **Investment Grade Credit Fund** |  |  |  |  |
| **Issuer Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Aggregate<br>Value** | **Percentage<br>of Net Assets** |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C2, Class XB (I/O), 1.30%, 11/15/43 | 07/03/18 | $16221 | $4 | 0.00% |
|  |  | $16221 | $4 | 0.00% |
| **Low Duration Bond Fund** |  |  |  |  |
| **Issuer Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Aggregate<br>Value** | **Percentage<br>of Net Assets** |
|  ModivCare, Inc., 1.00%, 10/01/29 | 08/06/24 | $635783 | $13640 | 0.00% |
|  |  | $635783 | $13640 | 0.00% |
| **Strategic Income Fund** |  |  |  |  |
| **Issuer Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Aggregate<br>Value** | **Percentage<br>of Net Assets** |
|  ModivCare, Inc., 1.00%, 10/01/29 | 08/10/21 | 136789 | 2426 | 0.00% |
|  |  | $136789 | $2426 | 0.00% |

---

------

Notes to Financial Statements (Continued)

11. RESTRICTED SECURITIES (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Return Bond Fund** | | | | |
| **Issuer Description** |<br>**Acquisition<br>Date** |<br>**Acquisition<br>Cost** |<br>**Aggregate<br>Value** |<br>**Percentage<br>of Net Assets** |
|  BAMLL Commercial Mortgage Securities Trust Series 2018-PARK, Class A, 4.09%, 08/10/38 | 08/23/18 | $125147817 | $120294479 | 0.40% |
|  SHOW Trust Series 2022-BIZ, Class A, 6.65% (1 mo. USD Term SOFR + 2.984%), 01/15/27 | 02/24/22 | 68000000 | 36707223 | 0.12% |
|  ModivCare, Inc., 1.00%, 10/01/29 | 04/28/23 | 36470414 | 664871 | 0.00% |
|  |  | $229618231 | $157666573 | 0.53% |
| **Unconstrained Bond Fund** |  |  |  |  |
| **Issuer Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Aggregate<br>Value** | **Percentage<br>of Net Assets** |
|  CoreVest American Finance Trust Series 2019-3, Class XA (I/O), 1.99%, 10/15/52 | 11/08/19 | $279430 | $4 | 0.00% |
|  Invesco U.S. CLO Ltd. Series 2024-4A, Class Y, 0.05%, 01/15/38 | 11/25/24 | 0 | 1 | 0.00% |
|  ModivCare, Inc., 1.00%, 10/01/29 | 04/25/23 | 4536476 | 82719 | 0.00% |
|  New Mountain CLO 8 Ltd. Series CLO-8A, Class M, 0.00%, 10/20/38 | 09/16/25 | 65 | 0 | 0.00% |
|  |  | $4815971 | $82724 | 0.00% |

---

12. AFFILIATE OWNERSHIP

As of March 31, 2026, affiliates of the Funds and Advisor owned 10.94% and 24.77% of the net assets of the Investment Grade Credit Fund and Sustainable Securitized Fund, respectively.

13. COMMITTED LINE OF CREDIT

The Funds, together with the TCW Funds, Inc. and TCW ETF Trust, have entered into a $250,000,000 committed revolving line of credit agreement with State Street for temporary borrowing purposes, with an expiration date of December 17, 2026. The interest rate on borrowing is the higher of the Federal Funds Effective Rate plus 0.10%, plus 1.25% or the Overnight Bank Funding Rate plus 0.10%, plus 1.25%. There were no borrowings from the line of credit as of or during the year ended March 31, 2026. The Funds pay the Bank a commitment fee equal to 0.25% per annum on any unused portion of the committed line amount. The commitment fees incurred by the Funds are presented in Transfer Agent fees on the Statements of Operations. The commitment fees are allocated to each applicable Fund in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable Fund.

14. INDEMNIFICATIONS

Under the Funds' organizational documents, its officers and trustees are indemnified against certain liability arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown, as this would involve further claims that may be made against the Funds. However, based on experience, the Funds expect the risk of loss to be remote.

------

March 31, 2026

15. SEGMENT REPORTING

The Funds adopted FASB Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. The Funds represent a single operating segment as the operating results of the Funds are monitored as a whole and their long-term asset allocation is determined in accordance with the terms of the applicable prospectus, based on defined investment objectives that is executed by the Funds' portfolio management team. A senior executive team comprised of the Funds' Principal Executive Officer and Principal Financial Officer, serves as the Funds' chief operating decision maker ("CODM"), who act in accordance with Board reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess the Funds' profits and losses and to make resource allocation decisions. Segment assets are reflected in the Statements of Assets and Liabilities as Net Assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

16. RECENT ACCOUNTING PRONOUNCEMENTS

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosure requirements, including, but not limited to, those with respect to each Fund's income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. There was no impact to the Funds' financial statements and no additional disclosures were required for the year ended March 31, 2026.

17. SUBSEQUENT EVENTS

Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material events that would require recognition or disclosure in the Funds' financial statements.

------

## TCW MetWest High Yield Bond Fund
Financial Highlights — Class I Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $9.23 | $9.28 | $9.12 | $10.05 | $10.57 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(1)</sup> | 0.63 | 0.62 | 0.62 | 0.52 | 0.41 |
|  Net Realized and Unrealized Gain (Loss) on Investments | (0.14) | (0.05) | 0.16 | (0.92) | (0.52) |
|  Total from Investment Operations | 0.49 | 0.57 | 0.78 | (0.40) | (0.11) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.62) | (0.62) | (0.62) | (0.53) | (0.41) |
|  Total Distributions | (0.62) | (0.62) | (0.62) | (0.53) | (0.41) |
|  Net Asset Value per Share, End of year | $9.10 | $9.23 | $9.28 | $9.12 | $10.05 |
|  Total Return | 5.37% | 6.32% | 8.91% | (3.87%) | (1.15%) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $305288 | $324877 | $356322 | $361021 | $552768 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.62% | 0.64% | 0.62% | 0.61% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
|  Ratio of Net Investment Income to Average Net Assets | 6.75% | 6.71% | 6.81% | 5.67% | 3.88% |
|  Portfolio Turnover Rate <sup>(2)(3)</sup> | 100% | 76% | 82% | 116% | 117% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*(3)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Class I-3 Shares

---

| | |
|:---|:---|
|  | **Period Ended<br>March 31,<br>2026** |
|  Net Asset Value per Share, Beginning of period | $10.00 <sup>(1)</sup> |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(2)</sup> | 0.40 |
|  Net Realized and Unrealized Loss on Investments | (0.27) |
|  Total from Investment Operations | 0.13 |
|  **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.39) |
|  Total Distributions | (0.39) |
|  Net Asset Value per Share, End of period | $9.74 |
|  Total Return | 1.33% <sup>(3)</sup> |
|  **Ratios/Supplemental data:** | **Ratios/Supplemental data:** |
|  Net Assets, End of period (in thousands) | $10 |
|  Ratio of Expenses to Average Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 82.39% <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.76% <sup>(4)</sup> |
|  Ratio of Net Investment Income to Average Net Assets | 6.77% <sup>(4)</sup> |
|  Portfolio Turnover Rate <sup>(5)(6)</sup> | 100% <sup>(3)</sup> |

---

*(1)* *For the period August 26, 2025 (Commencement of Operations) through March 31, 2026.* 

*(2)* *Computed using average shares outstanding throughout the period.* 

*(3)* *Not annualized.* 

*(4)* *Annualized.* 

*(5)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*(6)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Class M Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $9.23 | $9.28 | $9.12 | $10.06 | $10.57 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(1)</sup> | 0.60 | 0.60 | 0.60 | 0.50 | 0.38 |
|  Net Realized and Unrealized Gain (Loss) on Investments | (0.12) | (0.05) | 0.16 | (0.93) | (0.51) |
|  Total from Investment Operations | 0.48 | 0.55 | 0.76 | (0.43) | (0.13) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.60) | (0.60) | (0.60) | (0.51) | (0.38) |
|  Total Distributions | (0.60) | (0.60) | (0.60) | (0.51) | (0.38) |
|  Net Asset Value per Share, End of year | $9.11 | $9.23 | $9.28 | $9.12 | $10.06 |
|  Total Return | 5.23% | 6.06% | 8.64% | (4.20%) | (1.30%) |
|  **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** |
|  Net Assets, End of year (in thousands) | $78831 | $93236 | $111388 | $134178 | $169941 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.98% | 0.92% | 0.91% | 0.91% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
|  Ratio of Net Investment Income to Average Net Assets | 6.49% | 6.44% | 6.55% | 5.45% | 3.61% |
|  Portfolio Turnover Rate <sup>(2)(3)</sup> | 100% | 76% | 82% | 116% | 117% |

---

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

*(2)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*(3)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Investment Grade Credit Fund
Financial Highlights — Class I Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $7.85 | $7.70 | $7.82 | $8.70 | $9.67 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(1)</sup> | 0.27 | 0.34 | 0.42 | 0.67 | 0.45 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.15 | 0.15 | (0.10) | (0.86) | (0.93) |
|  Total from Investment Operations | 0.42 | 0.49 | 0.32 | (0.19) | (0.48) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.32) | (0.34) | (0.44) | (0.67) | (0.48) |
|  Distributions from Net Realized Gain |  |  |  |  | (0.01) |
|  Distributions from Return of Capital |  |  |  | (0.02) |  |
|  Total Distributions | (0.32) | (0.34) | (0.44) | (0.69) | (0.49) |
|  Net Asset Value per Share, End of year | $7.95 | $7.85 | $7.70 | $7.82 | $8.70 |
|  Total Return | 5.43% | 6.50% | 4.23% | (2.03%) | (5.22%) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $18093 | $20254 | $20578 | $7299 | $8640 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.21% | 1.61% | 2.30% | 3.62% | 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
|  Ratio of Net Investment Income to Average Net Assets | 3.43% | 4.38% | 5.53% | 8.38% | 4.79% |
|  Portfolio Turnover Rate <sup>(2)(3)</sup> | 305% | 440% | 491% | 231% | 345% |

---

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

*(2)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*(3)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Class M Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $7.85 | $7.70 | $7.82 | $8.70 | $9.67 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(1)</sup> | 0.26 | 0.32 | 0.41 | 0.63 | 0.45 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.14 | 0.15 | (0.11) | (0.84) | (0.95) |
|  Total from Investment Operations | 0.40 | 0.47 | 0.30 | (0.21) | (0.50) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.30) | (0.32) | (0.42) | (0.65) | (0.46) |
|  Distributions from Net Realized Gain |  |  |  |  | (0.01) |
|  Distributions from Return of Capital |  |  |  | (0.02) |  |
|  Total Distributions | (0.30) | (0.32) | (0.42) | (0.67) | (0.47) |
|  Net Asset Value per Share, End of year | $7.95 | $7.85 | $7.70 | $7.82 | $8.70 |
|  Total Return | 5.21% | 6.28% | 4.01% | (2.24%) | (5.42%) |
|  **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** |
|  Net Assets, End of year (in thousands) | $7608 | $7618 | $6041 | $3026 | $2259 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.50% | 1.86% | 2.56% | 3.90% | 2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
|  Ratio of Net Investment Income to Average Net Assets | 3.23% | 4.17% | 5.33% | 7.93% | 4.75% |
|  Portfolio Turnover Rate <sup>(2)(3)</sup> | 305% | 440% | 491% | 231% | 345% |

---

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

*(2)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*(3)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Low Duration Bond Fund
Financial Highlights — Administrative Class Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $10.83 | $10.68 | $10.73 | $11.08 | $11.48 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(1)</sup> | 0.40 | 0.46 | 0.44 | 0.22 | 0.09 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.04 | 0.15 | (0.06) | (0.28) | (0.40) |
|  Total from Investment Operations | 0.44 | 0.61 | 0.38 | (0.06) | (0.31) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.40) | (0.46) | (0.43) | (0.29) | (0.09) |
|  Total Distributions | (0.40) | (0.46) | (0.43) | (0.29) | (0.09) |
|  Net Asset Value per Share, End of year | $10.87 | $10.83 | $10.68 | $10.73 | $11.08 |
|  Total Return | 4.13% | 5.81% | 3.77% | (0.48%) | (2.74%) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;776 <sup>(2)</sup> | $1709 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 104.47% | 0.71% | 0.70% | 0.72% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.81% | 0.71% | 0.70% | 0.72% | 0.72% |
|  Ratio of Net Investment Income to Average Net Assets | 3.69% | 4.28% | 4.18% | 2.05% | 0.80% |
|  Portfolio Turnover Rate <sup>(3)(4)</sup> | 489% | 454% | 461% | 450% | 347% |

---

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

*(2)* *Represents the whole number without rounding to the 000s.* 

*(3)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*(4)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Class I Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $8.39 | $8.27 | $8.30 | $8.58 | $8.88 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(1)</sup> | 0.35 | 0.38 | 0.35 | 0.24 | 0.09 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.02 | 0.12 | (0.03) | (0.28) | (0.30) |
|  Total from Investment Operations | 0.37 | 0.50 | 0.32 | (0.04) | (0.21) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.34) | (0.38) | (0.35) | (0.24) | (0.09) |
|  Total Distributions | (0.34) | (0.38) | (0.35) | (0.24) | (0.09) |
|  Net Asset Value per Share, End of year | $8.42 | $8.39 | $8.27 | $8.30 | $8.58 |
|  Total Return | 4.51% | 6.17% | 4.03% | (0.37%) | (2.34%) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $842585 | $827339 | $1111745 | $1479311 | $2018926 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.44% | 0.43% | 0.42% | 0.42% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.41% | 0.43% | 0.42% | 0.42% | 0.41% |
|  Ratio of Net Investment Income to Average Net Assets | 4.13% | 4.57% | 4.31% | 2.85% | 1.07% |
|  Portfolio Turnover Rate <sup>(2)(3)</sup> | 489% | 454% | 461% | 450% | 347% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*(3)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Class I-3 Shares

---

| | |
|:---|:---|
|  | **Period Ended<br>March 31,<br>2026** |
|  Net Asset Value per Share, Beginning of period | $10.00 <sup>(1)</sup> |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(2)</sup> | 0.22 |
|  Net Realized and Unrealized Gain on Investments | (0.01) |
|  Total from Investment Operations | 0.21 |
|  **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.24) |
|  Total Distributions | (0.24) |
|  Net Asset Value per Share, End of period | $9.97 |
|  Total Return | 2.09% <sup>(3)</sup> |
|  **Ratios/Supplemental data:** | **Ratios/Supplemental data:** |
|  Net Assets, End of period (in thousands) | $100 |
|  Ratio of Expenses to Average Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 31.24% <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.54% <sup>(4)</sup> |
|  Ratio of Net Investment Income to Average Net Assets | 3.87% <sup>(4)</sup> |
|  Portfolio Turnover Rate <sup>(5)(6)</sup> | 489% <sup>(3)</sup> |

---

*(1)* *For the period August 26, 2025 (Commencement of Operations) through March 31, 2026.* 

*(2)* *Computed using average shares outstanding throughout the period.* 

*(3)* *Not annualized.* 

*(4)* *Annualized.* 

*(5)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*(6)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Class M Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $8.39 | $8.27 | $8.30 | $8.57 | $8.88 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(1)</sup> | 0.33 | 0.36 | 0.34 | 0.22 | 0.08 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.02 | 0.12 | (0.03) | (0.26) | (0.31) |
|  Total from Investment Operations | 0.35 | 0.48 | 0.31 | (0.04) | (0.23) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.32) | (0.36) | (0.34) | (0.23) | (0.08) |
|  Total Distributions | (0.32) | (0.36) | (0.34) | (0.23) | (0.08) |
|  Net Asset Value per Share, End of year | $8.42 | $8.39 | $8.27 | $8.30 | $8.57 |
|  Total Return | 4.28% | 5.96% | 3.82% | (0.46%) | (2.65%) |
|  **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** |
|  Net Assets, End of year (in thousands) | $75856 | $109774 | $152721 | $298833 | $474682 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.65% | 0.63% | 0.62% | 0.63% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.63% | 0.63% | 0.62% | 0.63% | 0.62% |
|  Ratio of Net Investment Income to Average Net Assets | 3.92% | 4.38% | 4.08% | 2.66% | 0.87% |
|  Portfolio Turnover Rate <sup>(2)(3)</sup> | 489% | 454% | 461% | 450% | 347% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*(3)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Strategic Income Fund
Financial Highlights — Class I Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $6.17 | $6.18 | $6.24 | $6.89 | $7.83 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(1)</sup> | 0.30 | 0.46 | 0.46 | 0.57 | 0.76 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.05 | (0.01) | (0.05) | (0.59) | (0.95) |
|  Total from Investment Operations | 0.35 | 0.45 | 0.41 | (0.02) | (0.19) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.37) | (0.46) | (0.47) | (0.63) | (0.75) |
|  Total Distributions | (0.37) | (0.46) | (0.47) | (0.63) | (0.75) |
|  Net Asset Value per Share, End of year | $6.15 | $6.17 | $6.18 | $6.24 | $6.89 |
|  Total Return | 5.92% | 7.53% | 7.10% | N/A | (2.76%) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $28116 | $21091 | $22938 | $15540 | $9310 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.13% | 1.26% | 1.22% | 1.65% | 2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
|  Ratio of Net Investment Income to Average Net Assets | 4.85% | 7.44% | 7.46% | 9.08% | 10.06% |
|  Portfolio Turnover Rate <sup>(2)(3)</sup> | 302% | 237% | 260% | 177% | 77% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*(3)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Class M Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $6.17 | $6.18 | $6.24 | $6.89 | $7.83 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(1)</sup> | 0.29 | 0.45 | 0.45 | 0.51 | 0.73 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.04 | (0.02) | (0.05) | (0.54) | (0.94) |
|  Total from Investment Operations | 0.33 | 0.43 | 0.40 | (0.03) | (0.21) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.35) | (0.44) | (0.46) | (0.62) | (0.73) |
|  Total Distributions | (0.35) | (0.44) | (0.46) | (0.62) | (0.73) |
|  Net Asset Value per Share, End of year | $6.15 | $6.17 | $6.18 | $6.24 | $6.89 |
|  Total Return | 5.52% | 7.27% | 6.67% | (0.23%) | (2.99%) |
|  **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** |
|  Net Assets, End of year (in thousands) | $28278 | $43931 | $52304 | $50681 | $16813 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.44% | 1.51% | 1.49% | 1.86% | 3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
|  Ratio of Net Investment Income to Average Net Assets | 4.63% | 7.22% | 7.26% | 8.24% | 9.71% |
|  Portfolio Turnover Rate <sup>(2)(3)</sup> | 302% | 237% | 260% | 177% | 77% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*(3)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Sustainable Securitized Fund
Financial Highlights — Class I Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** *<sup>(1)</sup>* |
|  Net Asset Value per Share, Beginning of year | $8.69 | $8.35 | $8.45 | $9.37 | $10.00 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(2)</sup> | 0.40 | 0.56 | 0.47 | 0.23 | 0.05 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.08 | 0.35 | (0.09) | (0.89) | (0.63) |
|  Total from Investment Operations | 0.48 | 0.91 | 0.38 | (0.66) | (0.58) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.41) | (0.57) | (0.43) | (0.26) | (0.05) |
|  Distributions from Return of Capital |  |  | (0.05) |  |  |
|  Total Distributions | (0.41) | (0.57) | (0.48) | (0.26) | (0.05) |
|  Net Asset Value per Share, End of year | $8.76 | $8.69 | $8.35 | $8.45 | $9.37 |
|  Total Return | 5.63% | 11.21% | 4.67% | (7.04%) | (5.87%) <sup>(3)</sup> |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $18915 | $13780 | $7715 | $8361 | $10655 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.28% | 2.53% | 3.82% | 2.93% | 1.80% <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% <sup>(4)</sup> |
|  Ratio of Net Investment Income to Average Net Assets | 4.62% | 6.56% | 5.67% | 2.61% | 0.94% <sup>(4)</sup> |
|  Portfolio Turnover Rate <sup>(5)(6)</sup> | 353% | 333% | 312% | 312% | 276% <sup>(3)</sup> |

---

*(1)* *The Sustainable Securitized Fund Class I Shares commenced operations on October 1, 2021.* 

*(2)* *Computed using average shares outstanding throughout the period.* 

*(3)* *Not annualized.* 

*(4)* *Annualized.* 

*(5)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*(6)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Class M Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** *<sup>(1)</sup>* |
|  Net Asset Value per Share, Beginning of year | $8.69 | $8.34 | $8.45 | $9.36 | $10.00 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(2)</sup> | 0.38 | 0.49 | 0.42 | 0.21 | 0.05 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.07 | 0.41 | (0.07) | (0.88) | (0.61) |
|  Total from Investment Operations | 0.45 | 0.90 | 0.35 | (0.67) | (0.56) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.39) | (0.55) | (0.41) | (0.24) | (0.08) |
|  Distributions from Return of Capital |  |  | (0.05) |  |  |
|  Total Distributions | (0.39) | (0.55) | (0.46) | (0.24) | (0.08) |
|  Net Asset Value per Share, End of year | $8.75 | $8.69 | $8.34 | $8.45 | $9.36 |
|  Total Return | 5.29% | 11.11% | 4.33% | (7.15%) | (5.60%)*<sup>(3)</sup>* |
|  **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** |
|  Net Assets, End of year (in thousands) | $4989 | $3120 | $44 | $50 | $16 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.95% | 2.53% | 4.15% | 3.35% | 2.15% <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.70% | 0.70% | 0.70% | 0.70% | 0.79% <sup>(4)</sup> |
|  Ratio of Net Investment Income to Average Net Assets | 4.39% | 5.74% | 5.13% | 2.43% | 0.97% <sup>(4)</sup> |
|  Portfolio Turnover Rate <sup>(5)(6)</sup> | 353% | 333% | 312% | 312% | 276% <sup>(3)</sup> |

---

*(1)* *The Sustainable Securitized Fund Class M Shares commenced operations on October 1, 2021.* 

*(2)* *Computed using average shares outstanding throughout the period.* 

*(3)* *Not annualized.* 

*(4)* *Annualized.* 

*(5)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*(6)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Total Return Bond Fund
Financial Highlights — Administrative Class Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $9.08 | $9.03 | $9.29 | $10.19 | $10.83 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(1)</sup> | 0.34 | 0.37 | 0.36 | 0.27 | 0.12 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.04 | 0.05 | (0.26) | (0.90) | (0.65) |
|  Total from Investment Operations | 0.38 | 0.42 | 0.10 | (0.63) | (0.53) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.35) | (0.37) | (0.36) | (0.27) | (0.11) |
|  Distributions from Net Realized Gain | 0.00 |  |  |  | (0.00) <sup>(2)</sup> |
|  Total Distributions | (0.35) | (0.37) | (0.36) | (0.27) | (0.11) |
|  Net Asset Value per Share, End of year | $9.11 | $9.08 | $9.03 | $9.29 | $10.19 |
|  Total Return | 4.22% | 4.71% | 1.12% | (6.10%) | (4.89%) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $265475 | $439772 | $1191464 | $1549862 | $1963315 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.80% | 0.78% | 0.78% | 0.78% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.80% | 0.78% | 0.78% | 0.78% | 0.77% |
|  Ratio of Net Investment Income to Average Net Assets | 3.72% | 4.04% | 4.01% | 2.83% | 1.06% |
|  Portfolio Turnover Rate <sup>(3)(4)</sup> | 405% | 418% | 450% | 426% | 467% |

---

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

*(2)* *Amount is greater than $(0.005) per share.* 

*(3)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*(4)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Class I Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $9.07 | $9.02 | $9.28 | $10.18 | $10.82 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(1)</sup> | 0.37 | 0.40 | 0.39 | 0.30 | 0.15 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.04 | 0.05 | (0.26) | (0.90) | (0.64) |
|  Total from Investment Operations | 0.41 | 0.45 | 0.13 | (0.60) | (0.49) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.38) | (0.40) | (0.39) | (0.30) | (0.15) |
|  Distributions from Net Realized Gain |  |  |  |  | (0.00) <sup>(2)</sup> |
|  Total Distributions | (0.38) | (0.40) | (0.39) | (0.30) | (0.15) |
|  Net Asset Value per Share, End of year | $9.10 | $9.07 | $9.02 | $9.28 | $10.18 |
|  Total Return | 4.60% | 5.06% | 1.45% | (5.80%) | (4.58%) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $18807018 | $21821702 | $31087119 | $38399347 | $46961971 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.45% | 0.44% | 0.45% | 0.45% | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.43% | 0.44% | 0.45% | 0.45% | 0.44% |
|  Ratio of Net Investment Income to Average Net Assets | 4.09% | 4.40% | 4.35% | 3.19% | 1.38% |
|  Portfolio Turnover Rate *<sup>(3)(4)</sup>* | 405% | 418% | 450% | 426% | 467% |

---

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

*(2)* *Amount is greater than $(0.005) per share.* 

*(3)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*(4)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Class I-2 Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $9.07 | $9.02 | $9.28 | $10.18 | $10.82 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(1)</sup> | 0.36 | 0.39 | 0.38 | 0.29 | 0.14 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.04 | 0.05 | (0.26) | (0.89) | (0.64) |
|  Total from Investment Operations | 0.40 | 0.44 | 0.12 | (0.60) | (0.50) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.37) | (0.39) | (0.38) | (0.30) | (0.14) |
|  Distributions from Net Realized Gain |  |  |  |  | (0.00) <sup>(2)</sup> |
|  Total Distributions | (0.37) | (0.39) | (0.38) | (0.30) | (0.14) |
|  Net Asset Value per Share, End of year | $9.10 | $9.07 | $9.02 | $9.28 | $10.18 |
|  Total Return | 4.50% | 4.99% | 1.39% | (5.87%) | (4.65%) |
|  **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** |
|  Net Assets, End of year (in thousands) | $23025 | $38130 | $67699 | $102076 | $170455 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.56% | 0.51% | 0.51% | 0.52% | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.53% | 0.51% | 0.51% | 0.52% | 0.52% |
|  Ratio of Net Investment Income to Average Net Assets | 3.99% | 4.32% | 4.28% | 3.06% | 1.33% |
|  Portfolio Turnover Rate *<sup>(3)(4)</sup>* | 405% | 418% | 450% | 426% | 467% |

---

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

*(2)* *Amount is greater than $(0.005) per share.* 

*(3)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*(4)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Class I-3 Shares

---

| | |
|:---|:---|
|  | **Period Ended<br>March 31,<br>2026** |
|  Net Asset Value per Share, Beginning of period | $10.00 <sup>(1)</sup> |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(2)</sup> | 0.23 |
|  Net Realized and Unrealized Gain on Investments | 0.02 |
|  Total from Investment Operations | 0.25 |
|  **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.26) |
|  Total Distributions | (0.26) |
|  Net Asset Value per Share, End of period | $9.99 |
|  Total Return | 2.48% <sup>(3)</sup> |
|  **Ratios/Supplemental data:** | **Ratios/Supplemental data:** |
|  Net Assets, End of period (in thousands) | $3910 |
|  Ratio of Expenses to Average Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 2.91% <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.59% <sup>(4)</sup> |
|  Ratio of Net Investment Income to Average Net Assets | 4.52% <sup>(4)</sup> |
|  Portfolio Turnover Rate <sup>(5)(6)</sup> | 405% <sup>(3)</sup> |

---

*(1)* *For the period August 26, 2025 (Commencement of Operations) through March 31, 2026.* 

*(2)* *Computed using average shares outstanding throughout the period.* 

*(3)* *Not annualized.* 

*(4)* *Annualized.* 

*(5)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*(6)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Class M Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $9.08 | $9.02 | $9.28 | $10.19 | $10.82 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(1)</sup> | 0.35 | 0.38 | 0.37 | 0.28 | 0.13 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.03 | 0.06 | (0.26) | (0.91) | (0.63) |
|  Total from Investment Operations | 0.38 | 0.44 | 0.11 | (0.63) | (0.50) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.36) | (0.38) | (0.37) | (0.28) | (0.13) |
|  Distributions from Net Realized Gain |  |  |  |  | (0.00) <sup>(2)</sup> |
|  Total Distributions | (0.36) | (0.38) | (0.37) | (0.28) | (0.13) |
|  Net Asset Value per Share, End of year | $9.10 | $9.08 | $9.02 | $9.28 | $10.19 |
|  Total Return | 4.35% | 4.96% | 1.24% | (6.10%) | (4.69%) |
|  **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** |
|  Net Assets, End of year (in thousands) | $2084130 | $2650908 | $3826231 | $6442440 | $6213223 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.69% | 0.65% | 0.66% | 0.67% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.68% | 0.65% | 0.66% | 0.67% | 0.65% |
|  Ratio of Net Investment Income to Average Net Assets | 3.84% | 4.18% | 4.11% | 3.04% | 1.17% |
|  Portfolio Turnover Rate <sup>(3)(4)</sup> | 405% | 418% | 450% | 426% | 467% |

---

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

*(2)* *Amount is greater than $(0.005) per share.* 

*(3)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*(4)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Plan Class Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $8.51 | $8.46 | $8.70 | $9.55 | $10.15 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(1)</sup> | 0.35 | 0.38 | 0.37 | 0.29 | 0.15 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.04 | 0.05 | (0.24) | (0.85) | (0.60) |
|  Total from Investment Operations | 0.39 | 0.43 | 0.13 | (0.56) | (0.45) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.36) | (0.38) | (0.37) | (0.29) | (0.15) |
|  Distributions from Net Realized Gain |  |  |  |  | (0.00) <sup>(2)</sup> |
|  Total Distributions | (0.36) | (0.38) | (0.37) | (0.29) | (0.15) |
|  Net Asset Value per Share, End of year | $8.54 | $8.51 | $8.46 | $8.70 | $9.55 |
|  Total Return | 4.68% | 5.18% | 1.58% | (5.79%) | (4.50%) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $8542339 | $10002933 | $15803141 | $17622821 | $22197865 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.38% | 0.37% | 0.37% | 0.37% | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.38% | 0.37% | 0.37% | 0.37% | 0.36% |
|  Ratio of Net Investment Income to Average Net Assets | 4.14% | 4.47% | 4.43% | 3.26% | 1.47% |
|  Portfolio Turnover Rate <sup>(3)(4)</sup> | 405% | 418% | 450% | 426% | 467% |

---

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

*(2)* *Amount is greater than $(0.005) per share.* 

*(3)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*(4)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Ultra Short Bond Fund
Financial Highlights — Class I Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $4.16 | $4.10 | $4.11 | $4.18 | $4.26 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(1)</sup> | 0.17 | 0.18 | 0.18 | 0.10 | 0.03 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.02 | 0.06 | (0.01) | (0.06) | (0.08) |
|  Total from Investment Operations | 0.19 | 0.24 | 0.17 | 0.04 | (0.05) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.17) | (0.18) | (0.18) | (0.11) | (0.03) |
|  Total Distributions | (0.17) | (0.18) | (0.18) | (0.11) | (0.03) |
|  Net Asset Value per Share, End of year | $4.18 | $4.16 | $4.10 | $4.11 | $4.18 |
|  Total Return | 4.63% | 5.98% | 4.31% | 0.90% | (1.21%) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net Assets, End of year (in thousands) | $34477 | $35222 | $37783 | $101852 | $158258 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.74% | 0.90% | 0.66% | 0.60% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.34% | 0.34% | 0.34% | 0.34% | 0.34% |
|  Ratio of Net Investment Income to Average Net Assets | 4.08% | 4.39% | 4.37% | 2.40% | 0.66% |
|  Portfolio Turnover Rate <sup>(2)(3)</sup> | 552% | 553% | 544% | 479% | 336% |

---

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

*(2)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*(3)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Class M Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $4.15 | $4.09 | $4.10 | $4.18 | $4.25 |
|  **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |
|  Net Investment Income <sup>(1)</sup> | 0.16 | 0.17 | 0.17 | 0.09 | 0.02 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.02 | 0.06 | (0.00) <sup>(2)</sup> | (0.07) | (0.07) |
|  Total from Investment Operations | 0.18 | 0.23 | 0.17 | 0.02 | (0.05) |
|  **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
|  Distributions from Net Investment Income | (0.16) | (0.17) | (0.18) | (0.10) | (0.02) |
|  Total Distributions | (0.16) | (0.17) | (0.18) | (0.10) | (0.02) |
|  Net Asset Value per Share, End of year | $4.17 | $4.15 | $4.09 | $4.10 | $4.18 |
|  Total Return | 4.47% | 5.82% | 4.14% | 0.49% | (1.14%) |
|  **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** | **Ratios/Supplemental data:** |
|  Net Assets, End of year (in thousands) | $7036 | $11205 | $12917 | $19995 | $39477 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.12% | 1.06% | 0.84% | 0.75% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
|  Ratio of Net Investment Income to Average Net Assets | 3.95% | 4.23% | 4.25% | 2.24% | 0.49% |
|  Portfolio Turnover Rate <sup>(3)(4)</sup> | 552% | 553% | 544% | 479% | 336% |

---

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

*(2)* *Amount is greater than $(0.005) per share.* 

*(3)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*(4)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW MetWest Unconstrained Bond Fund
Financial Highlights — Class I Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $10.38 | $10.30 | $10.40 | $11.16 | $11.95 |
|  **Income (Loss) from Investment Operations:** |  |  |  |  |  |
|  Net Investment Income <sup>(1)</sup> | 0.45 | 0.67 | 0.68 | 0.53 | 0.33 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.14 | 0.08 | (0.10) | (0.73) | (0.66) |
|  Total from Investment Operations | 0.59 | 0.75 | 0.58 | (0.20) | (0.33) |
|  **Less Distributions:** |  |  |  |  |  |
|  Distributions from Net Investment Income | (0.59) | (0.67) | (0.67) | (0.56) | (0.33) |
|  Distributions from Net Realized Gain |  |  |  |  | (0.13) |
|  Distributions from Return of Capital |  |  | (0.01) |  |  |
|  Total Distributions | (0.59) | (0.67) | (0.68) | (0.56) | (0.46) |
|  Net Asset Value per Share, End of year | $10.38 | $10.38 | $10.30 | $10.40 | $11.16 |
|  Total Return | 5.87% | 7.53% | 5.87% | (1.65%) | (2.88%) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of year (in thousands) | $2184610 | $2133046 | $2035211 | $2353053 | $3648832 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.74% | 0.75% | 0.75% | 0.76% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.72% | 0.75% | 0.75% | 0.76% | 0.74% |
|  Ratio of Net Investment Income to Average Net Assets | 4.32% | 6.53% | 6.65% | 5.04% | 2.79% |
|  Portfolio Turnover Rate <sup>(2)(3)</sup> | 254% | 188% | 257% | 223% | 182% |

---

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

*(2)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*(3)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Class I-3 Shares

---

| | |
|:---|:---|
|  | **Period Ended<br>March 31,<br>2026** |
|  Net Asset Value per Share, Beginning of period | $10.00 <sup>(1)</sup> |
|  **Income (Loss) from Investment Operations:** |  |
|  Net Investment Income <sup>(2)</sup> | 0.19 |
|  Net Realized and Unrealized Gain on Investments | 0.08 |
|  Total from Investment Operations | 0.27 |
|  **Less Distributions:** |  |
|  Distributions from Net Investment Income | (0.30) |
|  Total Distributions | (0.30) |
|  Net Asset Value per Share, End of period | $9.97 |
|  Total Return | 2.74% <sup>(3)</sup> |
|  **Ratios/Supplemental data:** |  |
|  Net Assets, End of period (in thousands) | $10 |
|  Ratio of Expenses to Average Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 101.29% <sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.90% <sup>(4)</sup> |
|  Ratio of Net Investment Income to Average Net Assets | 3.22% <sup>(4)</sup> |
|  Portfolio Turnover Rate <sup>(5)(6)</sup> | 254% <sup>(3)</sup> |

---

*(1)* *For the period August 26, 2025 (Commencement of Operations) through March 31, 2026.* 

*(2)* *Computed using average shares outstanding throughout the period.* 

*(3)* *Not annualized.* 

*(4)* *Annualized.* 

*(5)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*(6)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Class M Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $10.39 | $10.31 | $10.41 | $11.17 | $11.96 |
|  **Income (Loss) from Investment Operations:** |  |  |  |  |  |
|  Net Investment Income <sup>(1)</sup> | 0.42 | 0.65 | 0.65 | 0.51 | 0.30 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.13 | 0.07 | (0.09) | (0.74) | (0.66) |
|  Total from Investment Operations | 0.55 | 0.72 | 0.56 | (0.23) | (0.36) |
|  **Less Distributions:** |  |  |  |  |  |
|  Distributions from Net Investment Income | (0.55) | (0.64) | (0.65) | (0.53) | (0.30) |
|  Distributions from Net Realized Gain |  |  |  |  | (0.13) |
|  Distributions from Return of Capital |  |  | (0.01) |  |  |
|  Total Distributions | (0.55) | (0.64) | (0.66) | (0.53) | (0.43) |
|  Net Asset Value per Share, End of year | $10.39 | $10.39 | $10.31 | $10.41 | $11.17 |
|  Total Return | 5.54% | 7.23% | 5.57% | (1.93%) | (3.15%) |
|  **Ratios/Supplemental data:** |  |  |  |  |  |
|  Net Assets, End of year (in thousands) | $122042 | $135199 | $141736 | $160181 | $214792 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 1.05% | 1.03% <sup>(2)</sup> | 1.04% <sup>(3)</sup> | 1.04% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 1.03% | 1.03% | 1.04% | 1.04% | 1.02% |
|  Ratio of Net Investment Income to Average Net Assets | 4.01% | 6.27% | 6.37% | 4.81% | 2.50% |
|  Portfolio Turnover Rate <sup>(4)(5)</sup> | 254% | 188% | 257% | 223% | 182% |

---

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

*(2)* *Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 1.03%.* 

*(3)* *Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 1.04%.* 

*(4)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*(5)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*See accompanying Notes to Financial Statements.* 

------

Financial Highlights — Plan Class Shares

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
|  Net Asset Value per Share, Beginning of year | $10.37 | $10.30 | $10.40 | $11.15 | $11.94 |
|  **Income (Loss) from Investment Operations:** |  |  |  |  |  |
|  Net Investment Income <sup>(1)</sup> | 0.46 | 0.68 | 0.69 | 0.56 | 0.34 |
|  Net Realized and Unrealized Gain (Loss) on Investments | 0.14 | 0.07 | (0.10) | (0.74) | (0.66) |
|  Total from Investment Operations | 0.60 | 0.75 | 0.59 | (0.18) | (0.32) |
|  **Less Distributions:** |  |  |  |  |  |
|  Distributions from Net Investment Income | (0.59) | (0.68) | (0.68) | (0.57) | (0.34) |
|  Distributions from Net Realized Gain |  |  |  |  | (0.13) |
|  Distributions from Return of Capital |  |  | (0.01) |  |  |
|  Total Distributions | (0.59) | (0.68) | (0.69) | (0.57) | (0.47) |
|  Net Asset Value per Share, End of year | $10.38 | $10.37 | $10.30 | $10.40 | $11.15 |
|  Total Return | 5.92% | 7.49% | 5.93% | (1.50%) | (2.83%) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net Assets, End of year (in thousands) | $361172 | $476776 | $397728 | $352297 | $120524 |
|  Ratio of Expenses to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.68% | 0.69% | 0.70% <sup>(2)</sup> | 0.70% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.68% | 0.69% | 0.70% | 0.70% | 0.69% |
|  Ratio of Net Investment Income to Average Net Assets | 4.37% | 6.60% | 6.73% | 5.41% | 2.87% |
|  Portfolio Turnover Rate <sup>(3)(4)</sup> | 254% | 188% | 257% | 223% | 182% |

---

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

*(2)* *Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.69%.* 

*(3)* *The portfolio turnover rate includes mortgage dollar roll transactions and taxable corporate actions.* 

*(4)* *The portfolio turnover rate excludes investments in TCW Central Cash Fund which is used as a short-term investment vehicle for cash management.* 

*See accompanying Notes to Financial Statements.* 

------

## TCW Metropolitan West Funds

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Trustees of TCW Metropolitan West Funds

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of TCW Metropolitan West Funds comprising of the TCW MetWest Sustainable Securitized Fund, TCW MetWest High Yield Bond Fund, TCW MetWest Investment Grade Credit Fund, TCW MetWest Low Duration Bond Fund, TCW MetWest Strategic Income Fund, TCW MetWest Ultra Short Bond Fund, and TCW MetWest Unconstrained Bond Fund and the consolidated statement of assets and liabilities of TCW MetWest Total Return Bond Fund (the "Funds"), including the schedules of investments of TCW MetWest Sustainable Securitized Fund, TCW MetWest High Yield Bond Fund, TCW MetWest Investment Grade Credit Fund, TCW MetWest Low Duration Bond Fund, TCW MetWest Strategic Income Fund, TCW MetWest Ultra Short Bond Fund, and TCW MetWest Unconstrained Bond Fund and the consolidated schedule of investments of TCW MetWest Total Return Bond Fund, as of March 31, 2026, the related statements of operations for TCW MetWest Sustainable Securitized Fund, TCW MetWest High Yield Bond Fund, TCW MetWest Investment Grade Credit Fund, TCW MetWest Low Duration Bond Fund, TCW MetWest Strategic Income Fund, TCW MetWest Ultra Short Bond Fund, and TCW MetWest Unconstrained Bond Fund and the consolidated statement of operations for TCW MetWest Total Return Bond Fund for the year then ended, the statements of changes in net assets for TCW MetWest Sustainable Securitized Fund, TCW MetWest High Yield Bond Fund, TCW MetWest Investment Grade Credit Fund, TCW MetWest Low Duration Bond Fund, TCW MetWest Strategic Income Fund, TCW MetWest Ultra Short Bond Fund, and TCW MetWest Unconstrained Bond Fund and the consolidated statement of changes in net assets for TCW MetWest Total Return Bond Fund for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended for the Funds, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds listed above constituting TCW Metropolitan West Funds as of March 31, 2026, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal

------

## TCW Metropolitan West Funds
control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Los Angeles, California

May 29, 2026

We have served as the auditor of one or more TCW/Metropolitan West Funds investment companies since 1990.

------

Supplemental Information

Proxy Voting Guidelines

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

*Disclosure of Proxy Voting Guidelines* 

The proxy voting guidelines of the Adviser are available:

1. By calling 800-FUND-TCW (800-386-3829) to obtain a hard copy; or

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

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

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

The Adviser, on behalf of the Trust, prepares and files Form N-PX with the SEC not later than August 31 of each year, which includes the Trust's proxy voting record for the most recent twelve-month period ended June 30 of that year. The Trust's proxy voting record for the most recent twelve-month period ended June 30 is available:

1. By calling 800-FUND-TCW (800-386-3829) to obtain a hard copy; or

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

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

The Trust also discloses its proxy voting record on its website as soon as is reasonably practicable after its report on Form N-PX is filed with the SEC at https://www.tcw.com/Resources/Proxy-Voting.

Availability of Quarterly Portfolio Schedule

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

------

![LOGO](g143715g01a68.jpg)

### TCW MetWest Funds
515 South Flower Street

Los Angeles, CA 90071

800 386 3829

tcw.com

---

| | | |
|:---|:---|:---|
| Board of Trustees<br> Patrick C. Haden<br> Martin Luther King III<br> Richard M. Villa<br> Peter McMillan<br> Victoria B. Rogers<br> Robert G. Rooney<br> Michael Swell<br> Andrew Tarica<br> David Vick<br>Adviser<br> Metropolitan West Asset Management, LLC<br> 515 South Flower Street<br> Los Angeles, CA 90071<br>Custodian<br> State Street Bank & Trust Company<br> One Congress Street, Suite 1<br> Boston, MA 02114-2016<br>Transfer Agent<br> U.S. Bank Global Fund Services<br> P.O. Box 219252<br> Kansas City, MO 64121 | Officers<br> Richard M. Villa<br> President, Principal Executive Officer, Treasurer, Principal Financial Officer, and Principal Accounting Officer<br>Drew Bowden<br> Executive Vice President<br>Eric Chan<br> Assistant Treasurer<br>Peter Davidson<br> Vice President and Secretary<br>Lisa Eisen<br> Tax Officer<br>Alenoush Terzian<br> Chief Compliance Officer and<br> Anti-Money Laundering Officer | Independent Registered Public Accounting Firm<br> Deloitte & Touche LLP<br> 555 West 5th Street, Suite 2700<br> Los Angeles, CA 90013<br>Distributor<br> TCW Funds Distributors LLC<br> 515 South Flower Street<br> Los Angeles, CA 90071<br>**For Additional Information**<br> **Call 800 FUND TCW (800 386 3829)**<br> **or visit tcw.com** |

---

A description of the Funds' proxy voting policies, procedures, and how the Funds voted proxies relating to their portfolios' securities during the most recent 12-month period ending June 30 are available (i) without charge, upon request, by calling 800 386 3829; or (ii) on the Securities and Exchange Commission's website at www.sec.gov.

In addition to its annual and semi-annual reports, the Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. Such filings occur no later than 60 days after the end of the Funds' first and third quarters and are available on the SEC's website at www.sec.gov.

To reduce expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at 800 386 3829 (or contact your financial institution). We will begin sending you individual copies thirty days after receiving your request.

This report is submitted for general information to the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective Prospectus, which includes details regarding the Funds' objectives, policies, expenses and other information.

------

(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

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

Not applicable.

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

Not applicable.

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

Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

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

Not applicable.

------

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees since the registrant last provided disclosure in response to this Item.

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

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

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

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

Not applicable.

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

Not applicable.

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

(a)(1) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is filed herewith.](d143715dex99codeeth.htm)

------

(a)(2) Not applicable.

---

| | |
|:---|:---|
| (a)(3) | [The certification required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act") is filed herewith.](d143715dex99cert.htm)  |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [The certification required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act is filed herewith.](d143715dex99906cert.htm)

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

------

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

---

| | |
|:---|:---|
| (Registrant) | TCW Metropolitan West Funds |
| By (Signature and Title) |  |
|  | <u>/s/ Richard M. Villa</u> |
|  | Richard M. Villa |
|  | President, Principal Executive Officer, Treasurer,<br> and Principal Financial and Accounting Officer |
| Date | June 5, 2026 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) |  |
|  | <u>/s/ Richard M. Villa</u> |
|  | Richard M. Villa |
|  | President, Principal Executive Officer, Treasurer,<br> and Principal Financial and Accounting Officer |
| Date | June 5, 2026 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**Sarbanes-Oxley Act Code of Ethics** 

This SOX Code for the Funds has been adopted regarding the **Covered Officers** for the purpose of deterring wrongdoing and promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files
with, or submits to, the **SEC** and in other public communications made by the Funds,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prompt internal reporting of violations of this **SOX Code** to an appropriate person or persons identified
in this **SOX Code**, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to this **SOX Code**.

This **SOX Code** shall be the sole code of ethics adopted by the **Funds** for the purposes of section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the **Funds**, **TIMCO**, **MetWest, TABF** or **TFD** govern or purport to govern the behavior or activities of the **Covered Officers** who are subject to this **SOX Code**, they are superseded by this **SOX Code** to the extent that they overlap or conflict with the provisions of this **SOX Code**. The **Funds'**, **TIMCO's**, **MetWest's, TABF's** and **TFD's** codes of ethics under Rule 17j-1 under the **40 Act** and **TIMCO's**, **MetWest's** and **TABF's** more detailed policies and procedures set forth in the Code of Ethics are separate requirements that apply to the **Covered Officers** and others and are not part of this **SOX Code**.

Each **Covered Officer** of a **Fund** must, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon being named a **Covered Officer** affirm in writing to the Board that he or she has received, read and
understands this **SOX Code**,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• avoid situations when a **Covered Officer's** private interest interferes with the interests of, or
service to, a Fund,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions
or financial reporting by a Fund, including where the **Covered Officer** would benefit personally to the detriment of the Fund,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the **Covered Officer** rather than the benefit of the Fund,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made
or contemplated for a Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually any directorships or other affiliations with other public companies,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain approval from (i) their supervisor and (ii) any of the **Fund Chief Compliance Officer**, or **General Counsel** upon the receipt of any entertainment from any company with which a Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate with regard
to time and place, and not so frequent that questions of impropriety arise. Where the CEO of TCW Group is

------

considered a Covered Person under these policies, and therefore has no direct supervisor, the foregoing approval shall require two of the persons named under (ii) above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually affirm to the relevant Board that he or she has complied with the requirements of this **SOX Code**,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any **Covered Officer** or employee of the **Funds** or their **Affiliated Persons** for reports of potential violations that are made in good faith, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the **General Counsel** promptly if he knows of any violation of this Code. Failure to do so is
itself a violation of this **SOX Code**. The **General Counsel** will promptly notify the **Chief Compliance Officer** of the **Fund** of any reported violations of this **SOX Code**.

Further, each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should refrain from accepting gifts of more than a de minimis value from providers of goods and services to a
Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should be familiar with the disclosure requirements generally applicable to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether
within or outside the Fund, including to a Fund's board and auditors, or to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his or her area of responsibility, consult with other officers and
employees of the **Funds** and **TIMCO**, **MetWest**, or **TABF** applicable, with the goal of promoting full, fair, accurate, timely, and understandable disclosure in the reports and documents that the **Funds** file with, or submit
to, the **SEC** and in other public communications made by the **Funds**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is responsible for promoting compliance with the standards and restrictions imposed by applicable laws, rules,
and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The foregoing requirements shall not prevent the participation of the **Covered Officers** in activities
inherent in the contractual relationship between each **Fund** and **TIMCO**, **MetWest**, or **TABF**, as applicable, such as contract negotiation, and, if addressed in conformity with the provisions of the **40 Act** and the **Advisers Act**, will be deemed to have been handled ethically.

The following conflicts of interest situations involving a **Covered Officer** must be approved by (i) the Chief Operating Officer of the Firm and (ii) one of the **General Counsel** or **Chief Compliance Officer** of the **Fund**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as an executor, trustee, guardian, conservator, general partner or other fiduciary, or any appointment
as a consultant in connection with fiduciary or active money management matters exclusive of appointments involving personal estates or service on the board of a charitable, civic, or nonprofit company where the **Covered Officer** does not act
as an investment advisor for the entity's assets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any service providers of a Fund,
as applicable, other than its investment adviser, principal underwriter, or any **Affiliated Person** thereof, with the exception that nothing herein shall prevent a **Covered Officer** from acquiring publicly traded securities of a service
provider in a market transaction, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges, or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than

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an interest arising from the **Covered Officer's** employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any approvals or waivers sought by a **Covered Officer** that is not covered above will be submitted for
consideration by the **Audit Committee** of the relevant Fund. In addition, the **Funds** will follow these procedures in investigating and enforcing this **SOX Code**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The **General Counsel** will take all appropriate action to investigate any reported violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the **General Counsel** believes that no violation has occurred, the **General Counsel** is not required to take any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the **General Counsel** believes is a violation will be reported to the **Audit Committee a** nd to the **Chief Compliance Officer**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the **Audit Committee** concurs that a violation has occurred, it will inform the board, which will
consider appropriate action, which may include (i) review of, and appropriate modifications to, applicable policies and procedures, (ii) notification to appropriate personnel of **TIMCO**, **MetWest, TABF** or their board, as
applicable, or (iii) a recommendation to dismiss the **Covered Officer**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The **Audit Committee** will be responsible for granting waivers, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any changes to, or waivers of, this **SOX Code** will, to the extent required, be disclosed as provided by **SEC** rules.

Material amendments to this **SOX Code** must be in written form and specifically approved or ratified by a majority vote of a Fund's board, including a majority of independent directors.

Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this **SOX Code** shall be communicated publicly in accordance with Item 2 of Form N-CSR under the **1940 Act.**

All reports and records prepared or maintained pursuant to this **SOX Code** will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this **SOX Code**, such matters shall not be disclosed to anyone other than the appropriate board, their counsel, counsel to the relevant **Funds**, and such persons at **TCW** who should know in the reasonable course of their duties.

This **SOX Code** is intended solely for the internal use by the funds and does not constitute an admission, by or on behalf of any **Fund**, with regard to any fact, circumstance, or legal conclusion.

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**CERTIFICATION** 

Pursuant to Rule 30a-2(a) under the 1940 Act and

Section 302 of the Sarbanes-Oxley Act of 2002

I, Richard M. Villa, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of TCW Metropolitan West
Funds;

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

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

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| Date: June 5, 2026 |  |
|  | <u>/s/ Richard M. Villa</u> |
|  | Richard M. Villa |
|  | President, Principal Executive Officer, Treasurer,<br>and Principal Financial and Accounting Officer |

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## Exhibit 99.906

**Exhibit 19(b)** 

**CERTIFICATION** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The annual reports on Form N-CSR of TCW Metropolitan West Funds, for
the period ended March 31, 2026 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of TCW Metropolitan West Funds.

---

| | |
|:---|:---|
| Date: June 5, 2026 |  |
|  | <u>/s/ Richard M. Villa</u> |
|  | Richard M. Villa |
|  | President, Principal Executive Officer, Treasurer,<br> and Principal Financial and Accounting Officer |

---

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