# EDGAR Filing Document

**Accession Number:** 0000810573
**File Stem:** 0001410368-25-032258
**Filing Date:** 2025-11
**Character Count:** 162133
**Document Hash:** 457ec54e41569875474dc5655230eb7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032258.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032258

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05002
- **FILM NUMBER:** 251526193

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

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

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

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

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

## Series and Classes Contracts Data

### DWS High Income VIP (Series ID: S000006280)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017251 | Class A      |  |

## Nport-Ex

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

**DWS High Income VIP** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** <br>**Amount ($)(a)**<br>| **Value ($)** |
| **Corporate Bonds 92.0%** | **Corporate Bonds 92.0%** | **Corporate Bonds 92.0%** |  |
| **Communication Services 17.5%** | **Communication Services 17.5%** | **Communication Services 17.5%** |  |
| Altice France SA: |  |  |  |
| &nbsp;&nbsp;&nbsp; REG S, 3.375%, 1/15/2028 | EUR | 200000 | &nbsp;&nbsp; 201937 |
| &nbsp;&nbsp;&nbsp; 144A, 5.5%, 1/15/2028 |  | 200000 | &nbsp;&nbsp; 176000 |
| AMC Networks, Inc., 144A, 10.5%, 7/15/2032  |  | 85000 | &nbsp;&nbsp; 89882 |
| Arches Buyer, Inc., 144A, 6.125%, 12/1/2028  |  | 95000 | &nbsp;&nbsp; 93127 |
| CCO Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.5%, 8/15/2030 |  | 105000 | &nbsp;&nbsp; 99164 |
| &nbsp;&nbsp;&nbsp; 144A, 5.375%, 6/1/2029 |  | 570000 | &nbsp;&nbsp; 566199 |
| &nbsp;&nbsp;&nbsp; 144A, 6.375%, 9/1/2029 |  | 205000 | &nbsp;&nbsp; 207816 |
| Clear Channel Outdoor Holdings, Inc., 144A, 7.75%, 4/15/2028 (b) |  | 120000 | &nbsp;&nbsp; 119782 |
| Cogent Communications Group LLC, 144A, 7.0%, 6/15/2027  |  | 175000 | &nbsp;&nbsp; 174534 |
| CommScope LLC, 144A, 4.75%, 9/1/2029  |  | 60000 | &nbsp;&nbsp; 59615 |
| CommScope Technologies LLC, 144A, 5.0%, 3/15/2027  |  | 120000 | &nbsp;&nbsp; 119057 |
| CSC Holdings LLC, 144A, 4.125%, 12/1/2030  |  | 520000 | &nbsp;&nbsp; 340525 |
| DirecTV Financing LLC, 144A, 8.875%, 2/1/2030  |  | 250000 | &nbsp;&nbsp; 247389 |
| Discovery Communications LLC, 4.125%, 5/15/2029  |  | 225000 | &nbsp;&nbsp; 216562 |
| DISH DBS Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.75%, 12/1/2028 (b) |  | 230000 | &nbsp;&nbsp; 220487 |
| &nbsp;&nbsp;&nbsp; 7.375%, 7/1/2028 |  | 45000 | &nbsp;&nbsp; 41465 |
| DISH Network Corp., 144A, 11.75%, 11/15/2027  |  | 395000 | &nbsp;&nbsp; 418011 |
| EchoStar Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 11/30/2030, PIK |  | 171125 | &nbsp;&nbsp; 176421 |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/30/2029 |  | 170000 | &nbsp;&nbsp; 187029 |
| EW Scripps Co., 144A, 9.875%, 8/15/2030  |  | 30000 | &nbsp;&nbsp; 28159 |
| Gray Media, Inc., 144A, 7.25%, 8/15/2033  |  | 65000 | &nbsp;&nbsp; 64412 |
| Hughes Satellite Systems Corp., 6.625%, 8/1/2026 (b) |  | 30000 | &nbsp;&nbsp; 28529 |
| Level 3 Financing, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.25%, 7/1/2028 |  | 185000 | &nbsp;&nbsp; 172972 |
| &nbsp;&nbsp;&nbsp; 144A, 4.875%, 6/15/2029 |  | 80000 | &nbsp;&nbsp; 75208 |
| &nbsp;&nbsp;&nbsp; 144A, 6.875%, 6/30/2033 |  | 54000 | &nbsp;&nbsp; 55036 |
| Match Group Holdings II LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 3.625%, 10/1/2031 |  | 240000 | &nbsp;&nbsp; 217518 |
| &nbsp;&nbsp;&nbsp; 144A, 4.625%, 6/1/2028 |  | 135000 | &nbsp;&nbsp; 132614 |
| Maya SAS, 144A, 7.0%, 10/15/2028  |  | 200000 | &nbsp;&nbsp; 203206 |
| McGraw-Hill Education, Inc., 144A, 7.375%, 9/1/2031  |  | 185000 | &nbsp;&nbsp; 192206 |
| Scripps Escrow II, Inc., 144A, 3.875%, 1/15/2029 (b) |  | 40000 | &nbsp;&nbsp; 35239 |
| Snap, Inc., 144A, 6.875%, 3/15/2034  |  | 101000 | &nbsp;&nbsp; 102225 |
| TEGNA, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.625%, 3/15/2028 |  | 150000 | &nbsp;&nbsp; 147098 |
| &nbsp;&nbsp;&nbsp; 5.0%, 9/15/2029 |  | 90000 | &nbsp;&nbsp; 89535 |
| Telenet Finance Luxembourg Notes SARL, 144A, 5.5%, 3/1/2028  |  | 200000 | &nbsp;&nbsp; 198396 |
| Univision Communications, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.5%, 5/1/2029 |  | 45000 | &nbsp;&nbsp; 42445 |
| &nbsp;&nbsp;&nbsp; 144A, 8.0%, 8/15/2028 |  | 240000 | &nbsp;&nbsp; 248693 |
| &nbsp;&nbsp;&nbsp; 144A, 9.375%, 8/1/2032 |  | 41000 | &nbsp;&nbsp; 43692 |
| Viasat, Inc., 144A, 6.5%, 7/15/2028  |  | 120000 | &nbsp;&nbsp; 117287 |
| Virgin Media Secured Finance PLC, 144A, 5.5%, 5/15/2029  |  | 345000 | &nbsp;&nbsp; 341100 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| Virgin Media Vendor Financing Notes IV DAC, 144A, 5.0%, 7/15/2028  |  | 200000 | &nbsp;&nbsp; 195910 |
| Vodafone Group PLC, 7.0%, 4/4/2079  |  | 265000 | &nbsp;&nbsp; 279985 |
| VZ Vendor Financing II BV, REG S, 2.875%, 1/15/2029  | EUR | 100000 | &nbsp;&nbsp; 110676 |
| Warnermedia Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; Series WI, 4.054%, 3/15/2029 |  | 90000 | &nbsp;&nbsp; 86850 |
| &nbsp;&nbsp;&nbsp; 5.05%, 3/15/2042 |  | 150000 | &nbsp;&nbsp; 119748 |
| Windstream Services LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 7.5%, 10/15/2033 (c) |  | 154000 | &nbsp;&nbsp; 153958 |
| &nbsp;&nbsp;&nbsp; 144A, 8.25%, 10/1/2031 |  | 148000 | &nbsp;&nbsp; 153310 |
| Ziggo BV, 144A, 4.875%, 1/15/2030  |  | 200000 | &nbsp;&nbsp; 188771 |
|  |  |  | &nbsp;&nbsp; **7579780** |
| **Consumer Discretionary 12.4%** | **Consumer Discretionary 12.4%** | **Consumer Discretionary 12.4%** |  |
| Avis Budget Car Rental LLC, 144A, 8.375%, 6/15/2032  |  | 82000 | &nbsp;&nbsp; 85768 |
| Avis Budget Finance PLC, REG S, 7.0%, 2/28/2029  | EUR | 120000 | &nbsp;&nbsp; 144884 |
| BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc., 144A, 9.5%, 7/1/2032  |  | 123000 | &nbsp;&nbsp; 128735 |
| Boyd Gaming Corp., 144A, 4.75%, 6/15/2031 (b) |  | 289000 | &nbsp;&nbsp; 278598 |
| Camelot Return Merger Sub, Inc., 144A, 8.75%, 8/1/2028  |  | 65000 | &nbsp;&nbsp; 62888 |
| Carnival Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.75%, 8/1/2032 |  | 210000 | &nbsp;&nbsp; 213712 |
| &nbsp;&nbsp;&nbsp; 144A, 5.875%, 6/15/2031 |  | 524000 | &nbsp;&nbsp; 536965 |
| Carvana Co., 144A, 14.0% PIK until 8/15/25; 9.0% cash until 6/1/2031  |  | 64550 | &nbsp;&nbsp; 73085 |
| Crocs, Inc., 144A, 4.25%, 3/15/2029  |  | 110000 | &nbsp;&nbsp; 105416 |
| K Hovnanian Enterprises, Inc., 144A, 8.0%, 4/1/2031  |  | 82000 | &nbsp;&nbsp; 84085 |
| Lindblad Expeditions LLC, 144A, 7.0%, 9/15/2030  |  | 147000 | &nbsp;&nbsp; 149836 |
| Lithia Motors, Inc., 144A, 4.375%, 1/15/2031  |  | 200000 | &nbsp;&nbsp; 189923 |
| Marriott Ownership Resorts, Inc., 4.75%, 1/15/2028  |  | 195000 | &nbsp;&nbsp; 191823 |
| Melco Resorts Finance Ltd., 144A, 5.375%, 12/4/2029  |  | 200000 | &nbsp;&nbsp; 196138 |
| Michaels Companies, Inc., 144A, 5.25%, 5/1/2028  |  | 130000 | &nbsp;&nbsp; 119653 |
| NCL Corp., Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.25%, 9/15/2033 |  | 124000 | &nbsp;&nbsp; 124642 |
| &nbsp;&nbsp;&nbsp; 144A, 6.75%, 2/1/2032 |  | 129000 | &nbsp;&nbsp; 132668 |
| Nissan Motor Acceptance Co. LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 1.85%, 9/16/2026 |  | 135000 | &nbsp;&nbsp; 130129 |
| &nbsp;&nbsp;&nbsp; 144A, 2.75%, 3/9/2028 |  | 140000 | &nbsp;&nbsp; 131357 |
| &nbsp;&nbsp;&nbsp; 144A, 5.55%, 9/13/2029 |  | 110000 | &nbsp;&nbsp; 109484 |
| &nbsp;&nbsp;&nbsp; 144A, 6.125%, 9/30/2030 |  | 50000 | &nbsp;&nbsp; 50017 |
| QXO Building Products, Inc., 144A, 6.75%, 4/30/2032  |  | 113000 | &nbsp;&nbsp; 117000 |
| Rakuten Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; REG S, 4.25%, Perpetual | EUR | 200000 | &nbsp;&nbsp; 229776 |
| &nbsp;&nbsp;&nbsp; 144A, 5.125%, Perpetual (b) |  | 200000 | &nbsp;&nbsp; 198946 |
| Rivers Enterprise Borrower LLC, 144A, 6.625%, 2/1/2033  |  | 161000 | &nbsp;&nbsp; 163147 |
| Specialty Building Products Holdings LLC, 144A, 7.75%, 10/15/2029  |  | 56000 | &nbsp;&nbsp; 56885 |
| Staples, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 10.75%, 9/1/2029 |  | 141000 | &nbsp;&nbsp; 139416 |
| &nbsp;&nbsp;&nbsp; 144A, 12.75%, 1/15/2030 |  | 25000 | &nbsp;&nbsp; 20070 |
| Tenneco, Inc., 144A, 8.0%, 11/17/2028  |  | 80000 | &nbsp;&nbsp; 80146 |
| Travel & Leisure Co., 144A, 6.625%, 7/31/2026  |  | 210000 | &nbsp;&nbsp; 211560 |
| Voyager Parent LLC, 144A, 9.25%, 7/1/2032  |  | 170000 | &nbsp;&nbsp; 179773 |
| Wayfair LLC, 144A, 7.75%, 9/15/2030  |  | 45000 | &nbsp;&nbsp; 47194 |
| Whirlpool Corp., 6.5%, 6/15/2033  |  | 64000 | &nbsp;&nbsp; 63868 |
| Wyndham Hotels & Resorts, Inc., 144A, 4.375%, 8/15/2028  |  | 465000 | &nbsp;&nbsp; 453929 |
| ZF North America Capital, Inc., 144A, 6.875%, 4/14/2028  |  | 150000 | &nbsp;&nbsp; 152075 |
|  |  |  | &nbsp;&nbsp; **5353591** |
| **Consumer Staples 1.2%** | **Consumer Staples 1.2%** | **Consumer Staples 1.2%** |  |
| C&S Group Enterprises LLC, 144A, 5.0%, 12/15/2028  |  | 85000 | &nbsp;&nbsp; 76889 |
| Fiesta Purchaser, Inc., 144A, 9.625%, 9/15/2032 (b) |  | 42000 | &nbsp;&nbsp; 45343 |

---

------

---

| | | |
|:---|:---|:---|
| KeHE Distributors LLC, 144A, 9.0%, 2/15/2029  | 110000 | &nbsp;&nbsp; 115737 |
| Post Holdings, Inc., 144A, 5.5%, 12/15/2029  | 125000 | &nbsp;&nbsp; 124501 |
| Viking Baked Goods Acquisition Corp., 144A, 8.625%, 11/1/2031  | 160000 | &nbsp;&nbsp; 160034 |
|  |  | &nbsp;&nbsp; **522504** |
| **Energy 17.2%** | **Energy 17.2%** |  |
| Aethon United BR LP, 144A, 7.5%, 10/1/2029  | 295000 | &nbsp;&nbsp; 307654 |
| Ascent Resources Utica Holdings LLC: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.625%, 10/15/2032 | 166000 | &nbsp;&nbsp; 169398 |
| &nbsp;&nbsp;&nbsp; 144A, 6.625%, 7/15/2033 | 247000 | &nbsp;&nbsp; 251115 |
| Blue Racer Midstream LLC, 144A, 7.25%, 7/15/2032  | 165000 | &nbsp;&nbsp; 173525 |
| Buckeye Partners LP: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.75%, 2/1/2030 | 171000 | &nbsp;&nbsp; 177609 |
| &nbsp;&nbsp;&nbsp; 144A, 6.875%, 7/1/2029 | 130000 | &nbsp;&nbsp; 134728 |
| Caturus Energy LLC, 144A, 8.5%, 2/15/2030  | 120000 | &nbsp;&nbsp; 124940 |
| Civitas Resources, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 8.625%, 11/1/2030 | 40000 | &nbsp;&nbsp; 41427 |
| &nbsp;&nbsp;&nbsp; 144A, 8.75%, 7/1/2031 | 65000 | &nbsp;&nbsp; 66593 |
| &nbsp;&nbsp;&nbsp; 144A, 9.625%, 6/15/2033 | 146000 | &nbsp;&nbsp; 154206 |
| Comstock Resources, Inc., 144A, 6.75%, 3/1/2029  | 165000 | &nbsp;&nbsp; 164730 |
| Crescent Energy Finance LLC: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 7.375%, 1/15/2033 | 90000 | &nbsp;&nbsp; 87630 |
| &nbsp;&nbsp;&nbsp; 144A, 7.625%, 4/1/2032 | 145000 | &nbsp;&nbsp; 143998 |
| Excelerate Energy LP, 144A, 8.0%, 5/15/2030  | 188000 | &nbsp;&nbsp; 200120 |
| Genesis Energy LP: |  |  |
| &nbsp;&nbsp;&nbsp; 8.0%, 5/15/2033 | 65000 | &nbsp;&nbsp; 67987 |
| &nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 | 210000 | &nbsp;&nbsp; 219012 |
| Global Partners LP: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 7.125%, 7/1/2033 | 81000 | &nbsp;&nbsp; 83024 |
| &nbsp;&nbsp;&nbsp; 144A, 8.25%, 1/15/2032 | 100000 | &nbsp;&nbsp; 105466 |
| Gulfport Energy Operating Corp., 144A, 6.75%, 9/1/2029  | 73000 | &nbsp;&nbsp; 74912 |
| Harvest Midstream I LP, 144A, 7.5%, 9/1/2028  | 110000 | &nbsp;&nbsp; 111184 |
| Howard Midstream Energy Partners LLC, 144A, 7.375%, 7/15/2032  | 185000 | &nbsp;&nbsp; 192035 |
| Kinetik Holdings LP, 144A, 6.625%, 12/15/2028  | 61000 | &nbsp;&nbsp; 62612 |
| Kodiak Gas Services LLC: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.5%, 10/1/2033 | 64000 | &nbsp;&nbsp; 65163 |
| &nbsp;&nbsp;&nbsp; 144A, 7.25%, 2/15/2029 | 235000 | &nbsp;&nbsp; 243851 |
| Kraken Oil & Gas Partners LLC, 144A, 7.625%, 8/15/2029  | 146000 | &nbsp;&nbsp; 144712 |
| Moss Creek Resources Holdings, Inc., 144A, 8.25%, 9/1/2031  | 198000 | &nbsp;&nbsp; 194022 |
| NGL Energy Operating LLC, 144A, 8.125%, 2/15/2029  | 165000 | &nbsp;&nbsp; 169177 |
| NuStar Logistics LP, 6.375%, 10/1/2030  | 370000 | &nbsp;&nbsp; 383170 |
| Seadrill Finance Ltd., 144A, 8.375%, 8/1/2030  | 200000 | &nbsp;&nbsp; 207653 |
| SM Energy Co., 144A, 7.0%, 8/1/2032  | 44000 | &nbsp;&nbsp; 44034 |
| Summit Midstream Holdings LLC, 144A, 8.625%, 10/31/2029  | 102000 | &nbsp;&nbsp; 102502 |
| Sunoco LP: |  |  |
| &nbsp;&nbsp;&nbsp; 4.5%, 5/15/2029 | 85000 | &nbsp;&nbsp; 82921 |
| &nbsp;&nbsp;&nbsp; 4.5%, 4/30/2030 | 230000 | &nbsp;&nbsp; 221455 |
| &nbsp;&nbsp;&nbsp; 144A, 5.875%, 3/15/2034 | 43000 | &nbsp;&nbsp; 42628 |
| &nbsp;&nbsp;&nbsp; 144A, 6.25%, 7/1/2033 | 112000 | &nbsp;&nbsp; 113998 |
| &nbsp;&nbsp;&nbsp; 144A, 7.875%, Perpetual | 87000 | &nbsp;&nbsp; 88367 |
| TransMontaigne Partners LLC, 144A, 8.5%, 6/15/2030  | 66000 | &nbsp;&nbsp; 68773 |
| Transocean Aquila Ltd., 144A, 8.0%, 9/30/2028  | 61462 | &nbsp;&nbsp; 63221 |
| Transocean International Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 7.875%, 10/15/2032 (c) | 152000 | &nbsp;&nbsp; 152000 |
| &nbsp;&nbsp;&nbsp; 144A, 8.0%, 2/1/2027 | 37000 | &nbsp;&nbsp; 36949 |
| &nbsp;&nbsp;&nbsp; 144A, 8.75%, 2/15/2030 | 82500 | &nbsp;&nbsp; 86804 |
| Transocean Titan Financing Ltd., 144A, 8.375%, 2/1/2028  | 16190 | &nbsp;&nbsp; 16589 |

---

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---

| | | | |
|:---|:---|:---|:---|
| USA Compression Partners LP: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.25%, 10/1/2033 |  | 140000 | &nbsp;&nbsp; 140536 |
| &nbsp;&nbsp;&nbsp; 6.875%, 9/1/2027 |  | 195000 | &nbsp;&nbsp; 194956 |
| Venture Global Calcasieu Pass LLC, 144A, 3.875%, 11/1/2033  |  | 80000 | &nbsp;&nbsp; 72082 |
| Venture Global LNG, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 7.0%, 1/15/2030 (b) |  | 127000 | &nbsp;&nbsp; 131415 |
| &nbsp;&nbsp;&nbsp; 144A, 9.0%, Perpetual |  | 42000 | &nbsp;&nbsp; 41625 |
| &nbsp;&nbsp;&nbsp; 144A, 9.5%, 2/1/2029 |  | 105000 | &nbsp;&nbsp; 115713 |
| &nbsp;&nbsp;&nbsp; 144A, 9.875%, 2/1/2032 |  | 210000 | &nbsp;&nbsp; 228632 |
| Venture Global Plaquemines LNG LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.75%, 1/15/2036 |  | 170000 | &nbsp;&nbsp; 180570 |
| &nbsp;&nbsp;&nbsp; 144A, 7.75%, 5/1/2035 |  | 340000 | &nbsp;&nbsp; 383761 |
| Vital Energy, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 7.875%, 4/15/2032 |  | 85000 | &nbsp;&nbsp; 82513 |
| &nbsp;&nbsp;&nbsp; 9.75%, 10/15/2030 |  | 45000 | &nbsp;&nbsp; 46983 |
| WBI Operating LLC, 144A, 6.5%, 10/15/2033 (c) |  | 164000 | &nbsp;&nbsp; 163590 |
|  |  |  | &nbsp;&nbsp; **7424270** |
| **Financials 7.9%** | **Financials 7.9%** | **Financials 7.9%** |  |
| Acrisure LLC, 144A, 6.75%, 7/1/2032  |  | 214000 | &nbsp;&nbsp; 220352 |
| Alliant Holdings Intermediate LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.25%, 10/15/2027 |  | 135000 | &nbsp;&nbsp; 132759 |
| &nbsp;&nbsp;&nbsp; 144A, 6.5%, 10/1/2031 |  | 99000 | &nbsp;&nbsp; 101221 |
| Ardonagh Finco Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp; REG S, 6.875%, 2/15/2031 | EUR | 145000 | &nbsp;&nbsp; 175961 |
| &nbsp;&nbsp;&nbsp; 144A, 6.875%, 2/15/2031 | EUR | 100000 | &nbsp;&nbsp; 121352 |
| Burford Capital Global Finance LLC, 144A, 6.25%, 4/15/2028  |  | 200000 | &nbsp;&nbsp; 200356 |
| CrossCountry Intermediate HoldCo LLC, 144A, 6.5%, 10/1/2030  |  | 164000 | &nbsp;&nbsp; 164603 |
| EZCORP, Inc., 144A, 7.375%, 4/1/2032  |  | 210000 | &nbsp;&nbsp; 223751 |
| FirstCash, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.625%, 9/1/2028 |  | 150000 | &nbsp;&nbsp; 147068 |
| &nbsp;&nbsp;&nbsp; 144A, 6.875%, 3/1/2032 |  | 70000 | &nbsp;&nbsp; 72353 |
| Freedom Mortgage Corp., 144A, 12.0%, 10/1/2028  |  | 80000 | &nbsp;&nbsp; 84800 |
| Freedom Mortgage Holdings LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 8.375%, 4/1/2032 |  | 89000 | &nbsp;&nbsp; 93285 |
| &nbsp;&nbsp;&nbsp; 144A, 9.25%, 2/1/2029 |  | 70000 | &nbsp;&nbsp; 73652 |
| goeasy Ltd., 144A, 9.25%, 12/1/2028  |  | 155000 | &nbsp;&nbsp; 161783 |
| HUB International Ltd., 144A, 5.625%, 12/1/2029  |  | 195000 | &nbsp;&nbsp; 194804 |
| Icahn Enterprises LP, 9.75%, 1/15/2029  |  | 55000 | &nbsp;&nbsp; 55509 |
| Nationstar Mortgage Holdings, Inc., 144A, 5.5%, 8/15/2028  |  | 140000 | &nbsp;&nbsp; 140000 |
| Navient Corp., 5.0%, 3/15/2027  |  | 90000 | &nbsp;&nbsp; 89594 |
| Panther Escrow Issuer LLC, 144A, 7.125%, 6/1/2031  |  | 220000 | &nbsp;&nbsp; 228826 |
| PennyMac Financial Services, Inc., 144A, 7.125%, 11/15/2030  |  | 165000 | &nbsp;&nbsp; 171808 |
| Starwood Property Trust, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; (REIT), 5.25%, 10/15/2028 (c) |  | 120000 | &nbsp;&nbsp; 120035 |
| &nbsp;&nbsp;&nbsp; 144A, (REIT), 6.0%, 4/15/2030 |  | 140000 | &nbsp;&nbsp; 142128 |
| &nbsp;&nbsp;&nbsp; 144A, (REIT), 6.5%, 10/15/2030 |  | 196000 | &nbsp;&nbsp; 202462 |
| UWM Holdings LLC, 144A, 6.25%, 3/15/2031  |  | 109000 | &nbsp;&nbsp; 108481 |
|  |  |  | &nbsp;&nbsp; **3426943** |
| **Health Care 5.2%** | **Health Care 5.2%** | **Health Care 5.2%** |  |
| 1261229 BC Ltd., 144A, 10.0%, 4/15/2032  |  | 200000 | &nbsp;&nbsp; 205010 |
| Bausch Health Americas, Inc., 144A, 8.5%, 1/31/2027  |  | 80000 | &nbsp;&nbsp; 79200 |
| Bausch Health Companies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.0%, 2/15/2029 |  | 50000 | &nbsp;&nbsp; 37500 |
| &nbsp;&nbsp;&nbsp; 144A, 11.0%, 9/30/2028 |  | 140000 | &nbsp;&nbsp; 145603 |

---

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| | | | |
|:---|:---|:---|:---|
| Charles River Laboratories International, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 3.75%, 3/15/2029 |  | 455000 | &nbsp;&nbsp; 430885 |
| &nbsp;&nbsp;&nbsp; 144A, 4.0%, 3/15/2031 |  | 80000 | &nbsp;&nbsp; 74509 |
| Community Health Systems, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.75%, 2/15/2031 |  | 115000 | &nbsp;&nbsp; 99446 |
| &nbsp;&nbsp;&nbsp; 144A, 5.25%, 5/15/2030 |  | 90000 | &nbsp;&nbsp; 81418 |
| &nbsp;&nbsp;&nbsp; 144A, 6.0%, 1/15/2029 |  | 20000 | &nbsp;&nbsp; 19413 |
| &nbsp;&nbsp;&nbsp; 144A, 6.875%, 4/15/2029 |  | 100000 | &nbsp;&nbsp; 79500 |
| Embecta Corp., 144A, 5.0%, 2/15/2030 (b) |  | 85000 | &nbsp;&nbsp; 80492 |
| HLF Financing SARL LLC, 144A, 4.875%, 6/1/2029  |  | 155000 | &nbsp;&nbsp; 136282 |
| LifePoint Health, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 5.375%, 1/15/2029 |  | 45000 | &nbsp;&nbsp; 42863 |
| &nbsp;&nbsp;&nbsp; 144A, 8.375%, 2/15/2032 |  | 171000 | &nbsp;&nbsp; 182236 |
| Molina Healthcare, Inc., 144A, 4.375%, 6/15/2028  |  | 175000 | &nbsp;&nbsp; 170668 |
| Prime Healthcare Services, Inc., 144A, 9.375%, 9/1/2029  |  | 170000 | &nbsp;&nbsp; 176800 |
| Tenet Healthcare Corp., 6.875%, 11/15/2031  |  | 85000 | &nbsp;&nbsp; 92130 |
| Teva Pharmaceutical Finance Co. LLC, 6.15%, 2/1/2036  |  | 105000 | &nbsp;&nbsp; 109943 |
|  |  |  | &nbsp;&nbsp; **2243898** |
| **Industrials 7.8%** | **Industrials 7.8%** | **Industrials 7.8%** |  |
| Albion Financing 1 SARL, 144A, 7.0%, 5/21/2030  |  | 200000 | &nbsp;&nbsp; 206860 |
| American Airlines, Inc., 144A, 5.5%, 4/20/2026  |  | 68750 | &nbsp;&nbsp; 68780 |
| ATS Corp., 144A, 4.125%, 12/15/2028  |  | 220000 | &nbsp;&nbsp; 210781 |
| Enviri Corp., 144A, 5.75%, 7/31/2027  |  | 145000 | &nbsp;&nbsp; 143824 |
| FTAI Aviation Investors LLC, 144A, 7.0%, 5/1/2031  |  | 110000 | &nbsp;&nbsp; 115066 |
| Hillenbrand, Inc., 3.75%, 3/1/2031  |  | 455000 | &nbsp;&nbsp; 428907 |
| JetBlue Airways Corp., 144A, 9.875%, 9/20/2031  |  | 85000 | &nbsp;&nbsp; 86213 |
| Moog, Inc., 144A, 4.25%, 12/15/2027  |  | 486000 | &nbsp;&nbsp; 478569 |
| Roller Bearing Company of America, Inc., 144A, 4.375%, 10/15/2029  |  | 180000 | &nbsp;&nbsp; 174824 |
| Signature Aviation U.S. Holdings, Inc., 144A, 4.0%, 3/1/2028  |  | 155000 | &nbsp;&nbsp; 144344 |
| Spirit AeroSystems, Inc., 144A, 9.375%, 11/30/2029  |  | 90000 | &nbsp;&nbsp; 94790 |
| Stena International SA, 144A, 7.25%, 1/15/2031  |  | 400000 | &nbsp;&nbsp; 407808 |
| Stonepeak Nile Parent LLC, 144A, 7.25%, 3/15/2032  |  | 103000 | &nbsp;&nbsp; 108462 |
| TransDigm, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 6.375%, 3/1/2029 |  | 30000 | &nbsp;&nbsp; 30672 |
| &nbsp;&nbsp;&nbsp; 144A, 6.375%, 5/31/2033 |  | 405000 | &nbsp;&nbsp; 409553 |
| &nbsp;&nbsp;&nbsp; 144A, 6.75%, 1/31/2034 |  | 55000 | &nbsp;&nbsp; 56868 |
| Velocity Vehicle Group LLC, 144A, 8.0%, 6/1/2029  |  | 80000 | &nbsp;&nbsp; 80209 |
| Williams Scotsman, Inc., 144A, 4.625%, 8/15/2028  |  | 140000 | &nbsp;&nbsp; 137647 |
|  |  |  | &nbsp;&nbsp; **3384177** |
| **Information Technology 3.3%** | **Information Technology 3.3%** | **Information Technology 3.3%** |  |
| ams-OSRAM AG, REG S, 10.5%, 3/30/2029  | EUR | 100000 | &nbsp;&nbsp; 125087 |
| Cloud Software Group, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 8.25%, 6/30/2032 |  | 100000 | &nbsp;&nbsp; 106075 |
| &nbsp;&nbsp;&nbsp; 144A, 9.0%, 9/30/2029 |  | 315000 | &nbsp;&nbsp; 326720 |
| CoreWeave, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 9.0%, 2/1/2031 |  | 63000 | &nbsp;&nbsp; 64567 |
| &nbsp;&nbsp;&nbsp; 144A, 9.25%, 6/1/2030 |  | 129000 | &nbsp;&nbsp; 133231 |
| McAfee Corp., 144A, 7.375%, 2/15/2030  |  | 135000 | &nbsp;&nbsp; 125225 |
| NCR Voyix Corp., 144A, 5.0%, 10/1/2028  |  | 95000 | &nbsp;&nbsp; 93581 |
| Neptune Bidco U.S., Inc., 144A, 9.29%, 4/15/2029  |  | 130000 | &nbsp;&nbsp; 127620 |
| Playtika Holding Corp., 144A, 4.25%, 3/15/2029  |  | 155000 | &nbsp;&nbsp; 142301 |
| Rocket Software, Inc., 144A, 6.5%, 2/15/2029  |  | 85000 | &nbsp;&nbsp; 82776 |
| UKG, Inc., 144A, 6.875%, 2/1/2031  |  | 95000 | &nbsp;&nbsp; 98024 |
|  |  |  | &nbsp;&nbsp; **1425207** |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Materials 14.2%** | **Materials 14.2%** | **Materials 14.2%** |  |
| Alcoa Nederland Holding BV, 144A, 7.125%, 3/15/2031  |  | 200000 | &nbsp;&nbsp; 210236 |
| Alumina Pty. Ltd., 144A, 6.375%, 9/15/2032  |  | 239000 | &nbsp;&nbsp; 245007 |
| Ardagh Metal Packaging Finance USA LLC, REG S, 3.0%, 9/1/2029  | EUR | 100000 | &nbsp;&nbsp; 108237 |
| Ashland, Inc., 144A, 3.375%, 9/1/2031  |  | 385000 | &nbsp;&nbsp; 341022 |
| Avient Corp., 144A, 6.25%, 11/1/2031  |  | 242000 | &nbsp;&nbsp; 245757 |
| Axalta Coating Systems LLC, 144A, 3.375%, 2/15/2029  |  | 150000 | &nbsp;&nbsp; 142111 |
| Calderys Financing LLC, 144A, 11.25%, 6/1/2028  |  | 120000 | &nbsp;&nbsp; 127239 |
| Capstone Copper Corp., 144A, 6.75%, 3/31/2033  |  | 255000 | &nbsp;&nbsp; 262657 |
| Celanese U.S. Holdings LLC, 7.2%, 11/15/2033  |  | 135000 | &nbsp;&nbsp; 140346 |
| Champion Iron Canada, Inc., 144A, 7.875%, 7/15/2032  |  | 94000 | &nbsp;&nbsp; 98280 |
| Cleveland-Cliffs, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 4.875%, 3/1/2031 |  | 46000 | &nbsp;&nbsp; 42946 |
| &nbsp;&nbsp;&nbsp; 144A, 6.875%, 11/1/2029 |  | 60000 | &nbsp;&nbsp; 61144 |
| &nbsp;&nbsp;&nbsp; 144A, 7.625%, 1/15/2034 |  | 85000 | &nbsp;&nbsp; 87584 |
| Compass Minerals International, Inc., 144A, 8.0%, 7/1/2030  |  | 60000 | &nbsp;&nbsp; 62711 |
| Consolidated Energy Finance SA, 144A, 5.625%, 10/15/2028 (b) |  | 150000 | &nbsp;&nbsp; 124949 |
| Element Solutions, Inc., 144A, 3.875%, 9/1/2028  |  | 480000 | &nbsp;&nbsp; 465183 |
| First Quantum Minerals Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 7.25%, 2/15/2034 |  | 200000 | &nbsp;&nbsp; 206791 |
| &nbsp;&nbsp;&nbsp; 144A, 8.0%, 3/1/2033 |  | 200000 | &nbsp;&nbsp; 211171 |
| Fortescue Treasury Pty. Ltd., 144A, 4.375%, 4/1/2031  |  | 80000 | &nbsp;&nbsp; 76379 |
| IAMGOLD Corp., 144A, 5.75%, 10/15/2028  |  | 225000 | &nbsp;&nbsp; 224723 |
| Iris Holding, Inc., 144A, 10.0%, 12/15/2028  |  | 60000 | &nbsp;&nbsp; 54187 |
| Kaiser Aluminum Corp., 144A, 4.5%, 6/1/2031  |  | 135000 | &nbsp;&nbsp; 127242 |
| LABL, Inc., 144A, 9.5%, 11/1/2028  |  | 80000 | &nbsp;&nbsp; 67963 |
| Mauser Packaging Solutions Holding Co., 144A, 7.875%, 8/15/2026  |  | 115000 | &nbsp;&nbsp; 114326 |
| Mineral Resources Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, 8.0%, 11/1/2027 |  | 65000 | &nbsp;&nbsp; 66254 |
| &nbsp;&nbsp;&nbsp; 144A, 8.125%, 5/1/2027 |  | 60000 | &nbsp;&nbsp; 59998 |
| &nbsp;&nbsp;&nbsp; 144A, 9.25%, 10/1/2028 |  | 60000 | &nbsp;&nbsp; 62869 |
| New Gold, Inc., 144A, 6.875%, 4/1/2032  |  | 218000 | &nbsp;&nbsp; 228338 |
| Novelis Corp., 144A, 4.75%, 1/30/2030  |  | 245000 | &nbsp;&nbsp; 236344 |
| Olin Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.0%, 2/1/2030 |  | 190000 | &nbsp;&nbsp; 185597 |
| &nbsp;&nbsp;&nbsp; 144A, 6.625%, 4/1/2033 |  | 92000 | &nbsp;&nbsp; 92475 |
| Olympus Water U.S. Holding Corp., 144A, 7.25%, 2/15/2033 (c) |  | 384000 | &nbsp;&nbsp; 384400 |
| SCIH Salt Holdings, Inc., 144A, 4.875%, 5/1/2028  |  | 145000 | &nbsp;&nbsp; 141695 |
| SCIL IV LLC, 144A, 5.375%, 11/1/2026  |  | 400000 | &nbsp;&nbsp; 399677 |
| Taseko Mines Ltd., 144A, 8.25%, 5/1/2030  |  | 95000 | &nbsp;&nbsp; 100619 |
| Toucan FinCo Ltd., 144A, 9.5%, 5/15/2030  |  | 150000 | &nbsp;&nbsp; 146939 |
| Trident TPI Holdings, Inc., 144A, 12.75%, 12/31/2028  |  | 60000 | &nbsp;&nbsp; 63975 |
| Tronox, Inc., 144A, 4.625%, 3/15/2029  |  | 155000 | &nbsp;&nbsp; 101098 |
|  |  |  | &nbsp;&nbsp; **6118469** |
| **Real Estate 3.6%** | **Real Estate 3.6%** | **Real Estate 3.6%** |  |
| Iron Mountain, Inc., 144A, (REIT), 5.25%, 7/15/2030  |  | 245000 | &nbsp;&nbsp; 242297 |
| MPT Operating Partnership LP, 144A, (REIT), 8.5%, 2/15/2032  |  | 135000 | &nbsp;&nbsp; 143446 |
| Park Intermediate Holdings LLC, 144A, (REIT), 4.875%, 5/15/2029  |  | 305000 | &nbsp;&nbsp; 297374 |
| Rithm Capital Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp; 144A, (REIT), 8.0%, 4/1/2029 |  | 35000 | &nbsp;&nbsp; 35824 |
| &nbsp;&nbsp;&nbsp; 144A, (REIT), 8.0%, 7/15/2030 |  | 129000 | &nbsp;&nbsp; 132064 |
| Service Properties Trust, (REIT), Zero Coupon , 9/30/2028  |  | 128000 | &nbsp;&nbsp; 112836 |
| Uniti Group LP, 144A, (REIT), 6.5%, 2/15/2029  |  | 95000 | &nbsp;&nbsp; 89218 |
| XHR LP, 144A, (REIT), 4.875%, 6/1/2029  |  | 530000 | &nbsp;&nbsp; 519094 |
|  |  |  | &nbsp;&nbsp; **1572153** |

---

------

---

| | | |
|:---|:---|:---|
| **Utilities 1.7%** | **Utilities 1.7%** |  |
| Electricite de France SA, 144A, 9.125%, Perpetual  | 200000 | &nbsp;&nbsp; 231744 |
| NRG Energy, Inc., 144A, 3.625%, 2/15/2031  | 70000 | &nbsp;&nbsp; 64717 |
| Pattern Energy Operations LP, 144A, 4.5%, 8/15/2028  | 205000 | &nbsp;&nbsp; 199799 |
| Vistra Corp., 144A, 7.0%, Perpetual  | 240000 | &nbsp;&nbsp; 243665 |
|  |  | &nbsp;&nbsp; **739925** |
| **Total Corporate Bonds** (Cost $39,108,595) | **Total Corporate Bonds** (Cost $39,108,595) | &nbsp;&nbsp; **39790917** |
| **Convertible Bonds 1.0%** | **Convertible Bonds 1.0%** |  |
| **Utilities**  | **Utilities**  |  |
| XPLR Infrastructure LP, 144A, 2.5%, 6/15/2026 (b) (Cost $453,349) | 465000 | &nbsp;&nbsp; **453375** |
| **Loan Participations and Assignments 2.3%** | **Loan Participations and Assignments 2.3%** |  |
| **Senior Loans (d)** | **Senior Loans (d)** |  |
| Altice Financing SA, Term Loan, 3 mo. USD Term SOFR + 5.0%, 9.318%, 10/31/2027 | 153196 | &nbsp;&nbsp; 129259 |
| CP Atlas Buyer, Inc., Term Loan, 1 mo. USD Term SOFR + 5.25%, 9.413%, 7/8/2030 | 45000 | &nbsp;&nbsp; 44213 |
| EW Scripps Co., Term Loan B2, 1 mo. USD Term SOFR + 5.75%, 10.015%, 6/30/2028 | 24860 | &nbsp;&nbsp; 25176 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp., Term Loan B, 1 mo. USD Term SOFR + 3.0%, 7.174%, <br> 2/1/2029<br>| 106315 | &nbsp;&nbsp; 106581 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., Term Loan B1, 1 mo. USD Term SOFR + 2.35%, 6.628%, <br> 4/16/2029<br>| 434289 | &nbsp;&nbsp; 432178 |
| &nbsp;&nbsp;&nbsp; Windsor Holdings III LLC, Term Loan B, 1 mo. USD Term SOFR + 2.75%, 6.916%, <br> 8/1/2030<br>| 246981 | &nbsp;&nbsp; 247496 |
| **Total Loan Participations and Assignments** (Cost $993,039) | **Total Loan Participations and Assignments** (Cost $993,039) | &nbsp;&nbsp; **984903** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value ($)** |
| **Exchange-Traded Funds 4.1%** | **Exchange-Traded Funds 4.1%** |  |
| BondBloxx CCC-Rated USD High Yield Corporate Bond ETF (b) | 5000 | &nbsp;&nbsp; 196250 |
| iShares Broad USD High Yield Corporate Bond ETF  | 10000 | &nbsp;&nbsp; 377800 |
| SPDR Portfolio High Yield Bond ETF (b) | 50000 | &nbsp;&nbsp; 1197000 |
| **Total Exchange-Traded Funds** (Cost $1,750,772) | **Total Exchange-Traded Funds** (Cost $1,750,772) | &nbsp;&nbsp; **1771050** |
| **Common Stocks 0.0%** | **Common Stocks 0.0%** |  |
| **Industrials**  | **Industrials**  |  |
| Quad Graphics, Inc. (Cost $0) | 287 | &nbsp;&nbsp; **1797** |
| **Warrants 0.0%** | **Warrants 0.0%** |  |
| **Materials**  | **Materials**  |  |
| Hercules Trust II, Expiration Date 3/31/2029\* (e) (Cost $244,285) | 1100 | &nbsp;&nbsp; **5055** |
| **Securities Lending Collateral 6.5%** | **Securities Lending Collateral 6.5%** |  |
| &nbsp;&nbsp;&nbsp; DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional <br> Shares", 4.05% (f) (g) (Cost $2,794,229)<br>| 2794229 | &nbsp;&nbsp; **2794229** |
| **Cash Equivalents 1.4%** | **Cash Equivalents 1.4%** |  |
| DWS Central Cash Management Government Fund, 4.18% (f) (Cost $584,426) | 584426 | &nbsp;&nbsp; **584426** |

---

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

---

| | | |
|:---|:---|:---|
|  | **% of Net**<br> **Assets**<br>| **Value ($)** |
| **Total Investment Portfolio** (Cost $45,928,695) | 107.3 | &nbsp;&nbsp; **46385752** |
| **Other Assets and Liabilities, Net**  | (7.3)<br>| &nbsp;&nbsp; **(3153708)**<br>|
| **Net Assets** | 100.0 | &nbsp;&nbsp; **43232044** |

---

------

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at** <br>**12/31/2024**<br>| &nbsp;&nbsp; **Purchases** <br>**Cost ($)**<br>| &nbsp;&nbsp; **Sales** <br>**Proceeds ($)**<br>| &nbsp;&nbsp; **Net Realized** <br>**Gain/** <br>**(Loss) ($)**<br>| &nbsp;&nbsp; **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation) ($)**<br>| **Income ($)** | &nbsp;&nbsp; **Capital Gain** <br>**Distributions ($)**<br>| &nbsp;&nbsp; **Number** <br>**of Shares** <br>**at** <br>**9/30/2025**<br>| &nbsp;&nbsp; **Value ($) at** <br>**9/30/2025**<br>|
| **Securities Lending Collateral 6.5%** | **Securities Lending Collateral 6.5%** | **Securities Lending Collateral 6.5%** | **Securities Lending Collateral 6.5%** | **Securities Lending Collateral 6.5%** | **Securities Lending Collateral 6.5%** | **Securities Lending Collateral 6.5%** | **Securities Lending Collateral 6.5%** | **Securities Lending Collateral 6.5%** |
| DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (f) (g) | DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", <br>4.05% (f) (g) |
| 3309210  | —  | 514,981 (h) | —  | —  | 14620  | —  | 2794229  | 2794229  |
| **Cash Equivalents 1.4%** | **Cash Equivalents 1.4%** | **Cash Equivalents 1.4%** | **Cash Equivalents 1.4%** | **Cash Equivalents 1.4%** | **Cash Equivalents 1.4%** | **Cash Equivalents 1.4%** | **Cash Equivalents 1.4%** | **Cash Equivalents 1.4%** |
| DWS Central Cash Management Government Fund, 4.18% (f) | DWS Central Cash Management Government Fund, 4.18% (f) | DWS Central Cash Management Government Fund, 4.18% (f) | DWS Central Cash Management Government Fund, 4.18% (f) | DWS Central Cash Management Government Fund, 4.18% (f) | DWS Central Cash Management Government Fund, 4.18% (f) | DWS Central Cash Management Government Fund, 4.18% (f) | DWS Central Cash Management Government Fund, 4.18% (f) | DWS Central Cash Management Government Fund, 4.18% (f) |
| 813571  | 17606384  | 17835529  | —  | —  | 29109  | —  | 584426  | 584426  |
| **4122781** | **17606384** | **18350510** | **—** | **—** | **43729** | **—** | **3378655** | **3378655** |

---

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

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

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

*(b)* *All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that* *are also on loan. The value of securities loaned at September 30, 2025 amounted to $2,714,086, which is 6.3% of net assets.* 

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

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

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

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

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

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

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

---

| |
|:---|
| *144A: Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be resold in* <br> *transactions exempt from registration, normally to qualified institutional buyers.*<br>|
| *Perpetual: Callable security with no stated maturity date.*  |
| *PIK: Denotes that all or a portion of the income is paid in-kind in the form of additional principal.* |
| *REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or* <br> *benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the* <br> *Securities Act of 1933.*<br>|
| *REIT: Real Estate Investment Trust* |
| *SOFR: Secured Overnight Financing Rate* |
| *SPDR: Standard & Poor's Depositary Receipt* |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contracts to Deliver** | **Contracts to Deliver** | **In Exchange For** | **In Exchange For** | **Settlement** <br>**Date**<br>| **Unrealized** <br>**Depreciation ($)**<br>| **Counterparty** |
| &nbsp;&nbsp; EUR | 1061119 | USD | 1241906 | 10/31/2025 | **(6326)**<br>| State Street Bank and Trust  |

---

------

***Currency Abbreviation(s)***

------

*EUR* *Euro* <br> *USD* *United States Dollar*

***Fair Value Measurements***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds (a) | $— | &nbsp;&nbsp; $39790917 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39790917 |
| Convertible Bonds  |  | &nbsp;&nbsp; 453375 | &nbsp;&nbsp; — | &nbsp;&nbsp; 453375 |
| Loan Participations and Assignments  |  | &nbsp;&nbsp; 984903 | &nbsp;&nbsp; — | &nbsp;&nbsp; 984903 |
| Exchange-Traded Funds  | 1771050 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1771050 |
| Common Stocks  | 1797 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1797 |
| Warrants  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 5055 | &nbsp;&nbsp; 5055 |
| Short-Term Investments (a) | 3378655 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3378655 |
| **Total** | **$5151502** | &nbsp;&nbsp; **$41229195** | &nbsp;&nbsp; **$5055** | &nbsp;&nbsp; **$46385752** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivatives (b) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $— | &nbsp;&nbsp; $(6326)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6326)<br>|
| **Total** | **$—** | &nbsp;&nbsp; **$(6326)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(6326)**<br>|

---

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

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

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

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

VS2HI-PH3

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** DWS High Income VIP

- **b. EDGAR series identifier (if any):** S000006280

- **c. LEI of Series:** K51EGN1IWH8SDPBCGW36

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $47370920.10

**Total Liabilities:** $4111197.03

**Net Assets:** $43259723.07

**Delayed Delivery Securities:** $1106000.00

**Cash Not Reported:** $25209.51

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -0.06000000 | **1-Year:** -1.35000000 | **5-Year:** -21.07000000 | **10-Year:** -27.62000000 | **30-Year:** 0.00000000

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

- **3-Month:** -165.29000000 | **1-Year:** -3689.11000000 | **5-Year:** -6843.29000000 | **10-Year:** -1305.62000000 | **30-Year:** -30.23000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017251 | 0.36%                | 1.45%                | 0.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $27261.88                | $-149949.29                                |
| Month 2  | $117425.06               | $251967.51                                 |
| Month 3  | $51891.57                | $67784.09                                  |

### Schedule of Portfolio Investments

| Name                                                  | Title                                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHS/COMMUNITY HEALTH SYS                              | CHS/Community Health Systems Inc                                                      | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19412.80     | 0.04%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMS-OSRAM AG                                          | ams-OSRAM AG                                                                          | CUSIP: 000000000<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |    100000 | PA      | $125087.29    | 0.29%             | 2029-03-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| SUNOCO LP                                             | Sunoco LP                                                                             | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     87000 | PA      | $88366.77     | 0.20%             | N/A             | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                               | Nissan Motor Acceptance Co LLC                                                        | CUSIP: 65480CAL9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50017.08     | 0.12%             | 2030-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                                  | Neptune Bidco US Inc                                                                  | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    130000 | PA      | $127619.70    | 0.30%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                               | Starwood Property Trust Inc                                                           | CUSIP: 85571BBF1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |    120000 | PA      | $120034.75    | 0.28%             | 2028-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hercules Trust II                                     | HERCULES TR II                                                                        | CUSIP: 427098116<br>LEI: N/A                  | N/A              | DE               |  | US        |      1100 | NS      | $5055.10      | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| ARDONAGH FINCO LTD                                    | Ardonagh Finco Ltd                                                                    | CUSIP: 000000000<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |    145000 | PA      | $175960.74    | 0.41%             | 2031-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                              | Hilcorp Energy I LP / Hilcorp Finance Co                                              | CUSIP: 431318AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    195000 | PA      | $187796.74    | 0.43%             | 2031-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MOOG INC                                              | Moog Inc                                                                              | CUSIP: 615394AM5<br>LEI: 549300WM2I4U7OBAHG07 | Long             | DBT              | CORP              | US        |    486000 | PA      | $478568.82    | 1.11%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                               | Nissan Motor Acceptance Co LLC                                                        | CUSIP: 65480CAH8<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109483.71    | 0.25%             | 2029-09-13      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                                     | DISH Network Corp                                                                     | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    395000 | PA      | $418011.52    | 0.97%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE                              | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc                 | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $115736.83    | 0.27%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                         | TransDigm Inc                                                                         | CUSIP: 893647CA3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56867.75     | 0.13%             | 2034-01-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                | Venture Global LNG Inc                                                                | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    210000 | PA      | $228631.87    | 0.53%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                              | Blue Racer Midstream LLC / Blue Racer Finance Corp                                    | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $173524.56    | 0.40%             | 2032-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                         | CommScope LLC                                                                         | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59614.80     | 0.14%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING LLC                                | Calderys Financing LLC                                                                | CUSIP: 128786AA8<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |    120000 | PA      | $127239.36    | 0.29%             | 2028-06-01      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                                        | NCR Voyix Corp                                                                        | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     95000 | PA      | $93580.51     | 0.22%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                              | CHS/Community Health Systems Inc                                                      | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    115000 | PA      | $99446.04     | 0.23%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VELOCITY VEHICLE GROUP                                | Velocity Vehicle Group LLC                                                            | CUSIP: 92262TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $80209.28     | 0.19%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                               | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                       | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |     95000 | PA      | $89217.83     | 0.21%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                              | Summit Midstream Holdings LLC                                                         | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    102000 | PA      | $102502.04    | 0.24%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| TENNECO INC                                           | Tenneco Inc                                                                           | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80146.05     | 0.19%             | 2028-11-17      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ALCOA NEDERLAND HOLDING                               | Alcoa Nederland Holding BV                                                            | CUSIP: 013822AH4<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $210236.40    | 0.49%             | 2031-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                                    | Rithm Capital Corp                                                                    | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              |  | US        |     35000 | PA      | $35824.67     | 0.08%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                           | Vistra Corp                                                                           | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    240000 | PA      | $243664.80    | 0.56%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS LLC                              | Lindblad Expeditions LLC                                                              | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |    147000 | PA      | $149835.63    | 0.35%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                 | Icahn Enterprises LP / Icahn Enterprises Finance Corp                                 | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $55508.75     | 0.13%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC                                    | Voyager Parent LLC                                                                    | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |    170000 | PA      | $179773.32    | 0.42%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                                             | TEGNA Inc                                                                             | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147097.69    | 0.34%             | 2028-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                   | Buckeye Partners LP                                                                   | CUSIP: 118230AV3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    130000 | PA      | $134728.36    | 0.31%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS                                | Axalta Coating Systems LLC                                                            | CUSIP: 05453GAC9<br>LEI: 549300G80QONCHILSF69 | Long             | DBT              | CORP              | US        |    150000 | PA      | $142110.65    | 0.33%             | 2029-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                               | Starwood Property Trust Inc                                                           | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |    196000 | PA      | $202461.53    | 0.47%             | 2030-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                | Acrisure LLC / Acrisure Finance Inc                                                   | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    214000 | PA      | $220352.38    | 0.51%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HARVEST MIDSTREAM I LP                                | Harvest Midstream I LP                                                                | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |    110000 | PA      | $111183.71    | 0.26%             | 2028-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SCRIPPS ESCROW II INC                                 | Scripps Escrow II Inc                                                                 | CUSIP: 81105DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $35239.34     | 0.08%             | 2029-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| HOWARD MIDSTREAM ENERGY                               | Howard Midstream Energy Partners LLC                                                  | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $192034.63    | 0.44%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN AQUILA LTD                                 | Transocean Aquila Ltd                                                                 | CUSIP: 893790AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     61462 | PA      | $63220.94     | 0.15%             | 2028-09-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                              | CHS/Community Health Systems Inc                                                      | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    100000 | PA      | $79500.00     | 0.18%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR                              | Marriott Ownership Resorts Inc                                                        | CUSIP: 57164PAF3<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |    195000 | PA      | $191822.65    | 0.44%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC                                      | Vital Energy Inc                                                                      | CUSIP: 516806AJ5<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46982.61     | 0.11%             | 2030-10-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                                 | Panther Escrow Issuer LLC                                                             | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $228825.96    | 0.53%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                      | Altice France SA                                                                      | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $201936.71    | 0.47%             | 2028-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BondBloxx CCC-Rated USD High Yield Corporate Bond ETF | BondBloxx CCC-Rated USD High Yield Corporate Bond ETF                                 | CUSIP: 09789C887<br>LEI: N/A                  | Long             | EC               | RF                | US        |      5000 | NS      | $196250.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| HILLENBRAND INC                                       | Hillenbrand Inc                                                                       | CUSIP: 431571AE8<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |    455000 | PA      | $428906.43    | 0.99%             | 2031-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                 | Level 3 Financing Inc                                                                 | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     54000 | PA      | $55035.72     | 0.13%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                 | Venture Global Plaquemines LNG LLC                                                    | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    340000 | PA      | $383760.82    | 0.89%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CP Atlas Buyer, Inc.                                  | CP Atlas Buyer Inc 2025 Term Loan                                                     | CUSIP: 12658HAL6<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | LON              | CORP              | US        |     45000 | PA      | $44212.50     | 0.10%             | 2030-07-08      | Floating      | 9.41%                 | No            |                  2 | On Loan: No      |
| ROLLER BEARING CO OF AME                              | Roller Bearing Co of America Inc                                                      | CUSIP: 775631AD6<br>LEI: 254900U9XW6S76H2P167 | Long             | DBT              | CORP              | US        |    180000 | PA      | $174824.17    | 0.40%             | 2029-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                  | Cleveland-Cliffs Inc                                                                  | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     85000 | PA      | $87584.43     | 0.20%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER                              | Kraken Oil & Gas Partners LLC                                                         | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |    146000 | PA      | $144712.47    | 0.33%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                        | 1261229 BC Ltd                                                                        | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    200000 | PA      | $205010.41    | 0.47%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                         | EchoStar Corp                                                                         | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    170000 | PA      | $187028.90    | 0.43%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                     | Iron Mountain Inc                                                                     | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    245000 | PA      | $242296.83    | 0.56%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| C&S GROUP ENTERPRISES LL                              | C&S Group Enterprises LLC                                                             | CUSIP: 12467AAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $76889.01     | 0.18%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                              | Service Properties Trust                                                              | CUSIP: 81761LAF9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |    128000 | PA      | $112835.88    | 0.26%             | 2027-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                                  | Michaels Cos Inc/The                                                                  | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    130000 | PA      | $119653.16    | 0.28%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                                  | Fiesta Purchaser Inc                                                                  | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     42000 | PA      | $45342.86     | 0.10%             | 2032-09-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: —       |
| DISH DBS CORP                                         | DISH DBS Corp                                                                         | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $220487.20    | 0.51%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: —       |
| EW SCRIPPS CO                                         | EW Scripps Co/The                                                                     | CUSIP: 811054AH8<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28159.14     | 0.07%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| IRIS HOLDING INC                                      | Iris Holding Inc                                                                      | CUSIP: 462914AA0<br>LEI: 54930013SPZ2NB3I3V40 | Long             | DBT              | CORP              | US        |     60000 | PA      | $54186.55     | 0.13%             | 2028-12-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| VIASAT INC                                            | Viasat Inc                                                                            | CUSIP: 92552VAN0<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    120000 | PA      | $117287.50    | 0.27%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VIKING BAKED GOODS ACQUI                              | Viking Baked Goods Acquisition Corp                                                   | CUSIP: 92676AAA5<br>LEI: 254900DBFD2H1FJK0893 | Long             | DBT              | CORP              | US        |    160000 | PA      | $160034.56    | 0.37%             | 2031-11-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                                | Sunoco LP / Sunoco Finance Corp                                                       | CUSIP: 86765LAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $82921.11     | 0.19%             | 2029-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                | Cloud Software Group Inc                                                              | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106075.34    | 0.25%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MCAFEE CORP                                           | McAfee Corp                                                                           | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |    135000 | PA      | $125224.84    | 0.29%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                                  | Kaiser Aluminum Corp                                                                  | CUSIP: 483007AL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $127241.60    | 0.29%             | 2031-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                                 | QXO Building Products Inc                                                             | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |    113000 | PA      | $116999.77    | 0.27%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP                                  | Capstone Copper Corp                                                                  | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    255000 | PA      | $262657.40    | 0.61%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                               | Crescent Energy Finance LLC                                                           | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    145000 | PA      | $143998.51    | 0.33%             | 2032-04-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET FINANCE PLC                               | Avis Budget Finance Plc                                                               | CUSIP: 000000000<br>LEI: 549300W3BJJPGKCIOI13 | Long             | DBT              | CORP              | JE        |    120000 | PA      | $144884.46    | 0.33%             | 2029-02-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                                | Nationstar Mortgage Holdings Inc                                                      | CUSIP: 63861CAC3<br>LEI: 549300DQF6YN0E43PM71 | Long             | DBT              | CORP              | US        |    140000 | PA      | $140000.00    | 0.32%             | 2028-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                               | FTAI Aviation Investors LLC                                                           | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    110000 | PA      | $115066.38    | 0.27%             | 2031-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                         | CoreWeave Inc                                                                         | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    129000 | PA      | $133230.43    | 0.31%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                      | Altice France SA                                                                      | CUSIP: 02156LAC5<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $176000.00    | 0.41%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                         | Carnival Corp                                                                         | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    210000 | PA      | $213712.38    | 0.49%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                | Mauser Packaging Solutions Holding Co                                                 | CUSIP: 57763RAB3<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    115000 | PA      | $114326.16    | 0.26%             | 2026-08-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                        | Transocean International Ltd                                                          | CUSIP: 893830BL2<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |    100000 | PA      | $99860.97     | 0.23%             | 2027-02-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA VEND FIN IV                              | Virgin Media Vendor Financing Notes IV DAC                                            | CUSIP: 92770QAA5<br>LEI: 635400ZZNJSEA4CAJR23 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $195909.98    | 0.45%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA                              | Compass Minerals International Inc                                                    | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62710.62     | 0.14%             | 2030-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                                 | Mineral Resources Ltd                                                                 | CUSIP: 603051AC7<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     65000 | PA      | $66254.12     | 0.15%             | 2027-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                                           | Staples Inc                                                                           | CUSIP: 855030AS1<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20069.92     | 0.05%             | 2030-01-15      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| BCPE FLAVOR DEBT/ISSUER                               | BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer Inc                            | CUSIP: 072933AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    123000 | PA      | $128734.65    | 0.30%             | 2032-07-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP                               | Gulfport Energy Operating Corp                                                        | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |     73000 | PA      | $74912.13     | 0.17%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                        | Gray Media Inc                                                                        | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64411.93     | 0.15%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CROCS INC                                             | Crocs Inc                                                                             | CUSIP: 227046AA7<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |    110000 | PA      | $105416.30    | 0.24%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                              | Venture Global Calcasieu Pass LLC                                                     | CUSIP: 92328MAC7<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     80000 | PA      | $72081.99     | 0.17%             | 2033-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| WYNDHAM HOTELS & RESORTS                              | Wyndham Hotels & Resorts Inc                                                          | CUSIP: 98311AAB1<br>LEI: 549300FE3MQ4RVXXC673 | Long             | DBT              | CORP              | US        |    465000 | PA      | $453929.14    | 1.05%             | 2028-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                  | Cleveland-Cliffs Inc                                                                  | CUSIP: 185899AL5<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     46000 | PA      | $42945.60     | 0.10%             | 2031-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE                              | Prime Healthcare Services Inc                                                         | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $176800.00    | 0.41%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES                               | K Hovnanian Enterprises Inc                                                           | CUSIP: 48251UAP3<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |     82000 | PA      | $84085.52     | 0.19%             | 2031-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                               | Kodiak Gas Services LLC                                                               | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    235000 | PA      | $243851.28    | 0.56%             | 2029-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS                                | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer      | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              |  | US        |    305000 | PA      | $297373.96    | 0.69%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Olin Corp                                             | Olin Corp                                                                             | CUSIP: 680665AK2<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    190000 | PA      | $185597.09    | 0.43%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                               | Crescent Energy Finance LLC                                                           | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87629.81     | 0.20%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                               | MPT Operating Partnership LP / MPT Finance Corp                                       | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              |  | US        |    135000 | PA      | $143445.87    | 0.33%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                 | Bausch Health Cos Inc                                                                 | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    140000 | PA      | $145602.68    | 0.34%             | 2028-09-30      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                     | Rakuten Group Inc                                                                     | CUSIP: 000000000<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $229775.80    | 0.53%             | N/A             | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW GOLD INC                                          | New Gold Inc                                                                          | CUSIP: 644535AJ5<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |    218000 | PA      | $228338.21    | 0.53%             | 2032-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC                              | Windsor Holdings III LLC 2025 USD Term Loan B                                         | CUSIP: 97360BAH8<br>LEI: 254900IXUJZ9H146T437 | Long             | LON              | CORP              | US        |    246981 | PA      | $247496.27    | 0.57%             | 2030-08-01      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| SIGNATURE AVIATION US                                 | Signature Aviation US Holdings Inc                                                    | CUSIP: 05545MAC6<br>LEI: 213800CSNQ87U1MC8N11 | Long             | DBT              | CORP              | US        |    155000 | PA      | $144343.75    | 0.33%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ENVIRI CORP                                           | Enviri Corp                                                                           | CUSIP: 415864AM9<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | DBT              | CORP              | US        |    145000 | PA      | $143823.92    | 0.33%             | 2027-07-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                 | Melco Resorts Finance Ltd                                                             | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $196137.56    | 0.45%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                              | Univision Communications Inc                                                          | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     45000 | PA      | $42445.22     | 0.10%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                              | Celanese US Holdings LLC                                                              | CUSIP: 15089QAY0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    135000 | PA      | $140346.36    | 0.32%             | 2033-11-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                 | Genesis Energy LP / Genesis Energy Finance Corp                                       | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $67986.68     | 0.16%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                 | Venture Global Plaquemines LNG LLC                                                    | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    170000 | PA      | $180570.09    | 0.42%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                                      | Arches Buyer Inc                                                                      | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |     95000 | PA      | $93127.25     | 0.22%             | 2028-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                 | Civitas Resources Inc                                                                 | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41426.58     | 0.10%             | 2030-11-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FIN CO LLC                                 | Teva Pharmaceutical Finance Co LLC                                                    | CUSIP: 88163VAD1<br>LEI: 5493006PITD7MU7WW480 | Long             | DBT              | CORP              | US        |    105000 | PA      | $109943.40    | 0.25%             | 2036-02-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                 | Freedom Mortgage Holdings LLC                                                         | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     89000 | PA      | $93285.35     | 0.22%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                              | Univision Communications Inc                                                          | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    240000 | PA      | $248692.80    | 0.57%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                                             | TEGNA Inc                                                                             | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89535.40     | 0.21%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                               | Kodiak Gas Services LLC                                                               | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     64000 | PA      | $65163.25     | 0.15%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                 | Civitas Resources Inc                                                                 | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    146000 | PA      | $154206.24    | 0.36%             | 2033-06-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                         | FirstCash Inc                                                                         | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147068.12    | 0.34%             | 2028-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                                        | Whirlpool Corp                                                                        | CUSIP: 963320BE5<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     64000 | PA      | $63868.24     | 0.15%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| E.W. Scripps Company (The)                            | EW Scripps Company (The) 2025 Term Loan B2                                            | CUSIP: 26928BAQ2<br>LEI: 549300U1OW41QPKYW028 | Long             | LON              | CORP              | US        |     24860 | PA      | $25176.02     | 0.06%             | 2028-06-30      | Floating      | 10.02%                | No            |                  2 | On Loan: No      |
| DWS                                                   | DWS Government & Agency Securities Portfolio DWS Government Cash Institutional Shares | CUSIP: 147539670<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2794229 | NS      | $2794229.00   | 6.46%             |  |  |  | No            |                  1 | On Loan: No      |
| USA COM PART/USA COM FIN                              | USA Compression Partners LP / USA Compression Finance Corp                            | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    195000 | PA      | $194956.13    | 0.45%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                      | CSC Holdings LLC                                                                      | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    520000 | PA      | $340524.60    | 0.79%             | 2030-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                         | PURCHASED USD / SOLD EUR                                                              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-6325.93     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                  | Cleveland-Cliffs Inc                                                                  | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61143.96     | 0.14%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                      | AMC Networks Inc                                                                      | CUSIP: 00164VAK9<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |     85000 | PA      | $89881.98     | 0.21%             | 2032-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| CAMELOT RETURN MERGER SU                              | Camelot Return Merger Sub Inc                                                         | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $62887.84     | 0.15%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SPECIALTY BUILDING PRODU                              | Specialty Building Products Holdings LLC / SBP Finance Corp                           | CUSIP: 84749AAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     56000 | PA      | $56884.69     | 0.13%             | 2029-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                          | SM Energy Co                                                                          | CUSIP: 78454LAY6<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     44000 | PA      | $44033.92     | 0.10%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                | Cloud Software Group Inc                                                              | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    315000 | PA      | $326720.02    | 0.76%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                                     | Lithia Motors Inc                                                                     | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    200000 | PA      | $189923.48    | 0.44%             | 2031-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| XPLR INFRASTRUCTURE LP                                | XPLR Infrastructure LP                                                                | CUSIP: 65341BAG1<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | DBT              | CORP              | US        |    465000 | PA      | $453375.00    | 1.05%             | 2026-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: —       |
| FIRSTCASH INC                                         | FirstCash Inc                                                                         | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72352.56     | 0.17%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CROSSCOUNTRY INTER                                    | CrossCountry Intermediate HoldCo LLC                                                  | CUSIP: 22757VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    164000 | PA      | $164603.47    | 0.38%             | 2030-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                            | goeasy Ltd                                                                            | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    155000 | PA      | $161782.80    | 0.37%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp                                 | Tenet Healthcare Corp                                                                 | CUSIP: 88033GAV2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     85000 | PA      | $92130.06     | 0.21%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                                | Sunoco LP / Sunoco Finance Corp                                                       | CUSIP: 86765LAZ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $221454.83    | 0.51%             | 2030-04-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                | Venture Global LNG Inc                                                                | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    105000 | PA      | $115712.63    | 0.27%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| UKG INC                                               | UKG Inc                                                                               | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |     95000 | PA      | $98024.33     | 0.23%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                 | Bausch Health Cos Inc                                                                 | CUSIP: 071734AM9<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $37500.00     | 0.09%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Altice Financing SA                                   | Altice Financing SA 2022 USD Term Loan                                                | CUSIP: 000000000<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | LON              | CORP              | LU        |    153196 | PA      | $129258.98    | 0.30%             | 2027-10-31      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                  | LifePoint Health Inc                                                                  | CUSIP: 53219LAU3<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     45000 | PA      | $42862.50     | 0.10%             | 2029-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                              | Warnermedia Holdings Inc                                                              | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    150000 | PA      | $119748.00    | 0.28%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                              | Olympus Water US Holding Corp                                                         | CUSIP: 681639AE0<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    384000 | PA      | $384399.95    | 0.89%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                               | Global Partners LP / GLP Finance Corp                                                 | CUSIP: 37954FAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $105466.40    | 0.24%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                              | Virgin Media Secured Finance PLC                                                      | CUSIP: 92769XAP0<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |    345000 | PA      | $341099.68    | 0.79%             | 2029-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                              | Electricite de France SA                                                              | CUSIP: 28504KAA5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $231744.60    | 0.54%             | N/A             | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| ALUMINA PTY LTD                                       | Alumina Pty Ltd                                                                       | CUSIP: 02220AAB3<br>LEI: 2138002VD9MW2WT8HR38 | Long             | DBT              | CORP              | AU        |    239000 | PA      | $245007.27    | 0.57%             | 2032-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MOSS CREEK RESOURCES HLD                              | Moss Creek Resources Holdings Inc                                                     | CUSIP: 61965RAC9<br>LEI: 54930037SLMSPWKYIX36 | Long             | DBT              | CORP              | US        |    198000 | PA      | $194021.86    | 0.45%             | 2031-09-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /                              | Albion Financing 1 SARL / Aggreko Holdings Inc                                        | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    200000 | PA      | $206860.00    | 0.48%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                    | Viking Cruises Ltd                                                                    | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     40000 | PA      | $40028.07     | 0.09%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                                    | Rithm Capital Corp                                                                    | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              |  | US        |    129000 | PA      | $132063.75    | 0.31%             | 2030-07-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                                | SCIH Salt Holdings Inc                                                                | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $141695.19    | 0.33%             | 2028-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                              | First Quantum Minerals Ltd                                                            | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $206790.60    | 0.48%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE TECH LLC                                    | CommScope Technologies LLC                                                            | CUSIP: 20338HAB9<br>LEI: M4TWC4QDOKW45N7T6Y12 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119056.97    | 0.28%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IAMGOLD CORP                                          | IAMGOLD Corp                                                                          | CUSIP: 450913AF5<br>LEI: 254900E7II30XAB9LA72 | Long             | DBT              | CORP              | CA        |    225000 | PA      | $224723.16    | 0.52%             | 2028-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING CORP                                 | Playtika Holding Corp                                                                 | CUSIP: 72815LAA5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | DBT              | CORP              | US        |    155000 | PA      | $142300.85    | 0.33%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                 | Molina Healthcare Inc                                                                 | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    175000 | PA      | $170667.63    | 0.39%             | 2028-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CHAMPION IRON CANADA INC                              | Champion Iron Canada Inc                                                              | CUSIP: 15853BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     94000 | PA      | $98280.10     | 0.23%             | 2032-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                | CCO Holdings LLC / CCO Holdings Capital Corp                                          | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $99163.54     | 0.23%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corporation                      | Garda World Security Corporation 2025 Term Loan B                                     | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |    106315 | PA      | $106581.17    | 0.25%             | 2029-02-01      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                | Match Group Holdings II LLC                                                           | CUSIP: 57665RAN6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    135000 | PA      | $132614.40    | 0.31%             | 2028-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MAYA SAS/FRANCE                                       | Maya SAS/Paris France                                                                 | CUSIP: 449691AC8<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $203206.09    | 0.47%             | 2028-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                               | Nissan Motor Acceptance Co LLC                                                        | CUSIP: 654740BT5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    140000 | PA      | $131356.60    | 0.30%             | 2028-03-09      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| TELENET FINANCE LUX NOTE                              | Telenet Finance Luxembourg Notes Sarl                                                 | CUSIP: 000000000<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $198396.05    | 0.46%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                                 | NGL Energy Operating LLC / NGL Energy Finance Corp                                    | CUSIP: 62922LAC2<br>LEI: 5299005YSRP46BE8Z459 | Long             | DBT              | CORP              | US        |    165000 | PA      | $169177.47    | 0.39%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN                               | Consolidated Energy Finance SA                                                        | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    150000 | PA      | $124948.71    | 0.29%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: —       |
| SUNOCO LP                                             | Sunoco LP                                                                             | CUSIP: 86765KAG4<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     43000 | PA      | $42627.70     | 0.10%             | 2034-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                               | Nissan Motor Acceptance Co LLC                                                        | CUSIP: 65480CAC9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    135000 | PA      | $130128.70    | 0.30%             | 2026-09-16      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                          | Navient Corp                                                                          | CUSIP: 63938CAK4<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89594.52     | 0.21%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ZIGGO BV                                              | Ziggo BV                                                                              | CUSIP: 98955DAA8<br>LEI: 213800TQASLF9JXH5J59 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $188771.36    | 0.44%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA                                | Stena International SA                                                                | CUSIP: 85858EAD5<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $407807.60    | 0.94%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                 | PennyMac Financial Services Inc                                                       | CUSIP: 70932MAE7<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    165000 | PA      | $171808.23    | 0.40%             | 2030-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                              | Charles River Laboratories International Inc                                          | CUSIP: 159864AJ6<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |     80000 | PA      | $74508.91     | 0.17%             | 2031-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                              | Ascent Resources Utica Holdings LLC / ARU Finance Corp                                | CUSIP: 04364VAX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    166000 | PA      | $169397.52    | 0.39%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                              | First Quantum Minerals Ltd                                                            | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $211171.38    | 0.49%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                                 | McGraw-Hill Education Inc                                                             | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    185000 | PA      | $192205.57    | 0.44%             | 2031-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                     | Rakuten Group Inc                                                                     | CUSIP: 75102WAA6<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $198946.07    | 0.46%             | N/A             | Fixed         | 5.12%                 | No            |                  2 | On Loan: —       |
| JETBLUE AIRWAYS/LOYALTY                               | JetBlue Airways Corp / JetBlue Loyalty LP                                             | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     85000 | PA      | $86213.12     | 0.20%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                              | Discovery Communications LLC                                                          | CUSIP: 25470DCA5<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |    225000 | PA      | $216562.50    | 0.50%             | 2029-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H                              | SCIL IV LLC / SCIL USA Holdings LLC                                                   | CUSIP: 78397UAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $399677.36    | 0.92%             | 2026-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN TITAN FIN LTD                              | Transocean Titan Financing Ltd                                                        | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     16190 | PA      | $16588.80     | 0.04%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                 | Level 3 Financing Inc                                                                 | CUSIP: 527298CB7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     80000 | PA      | $75208.00     | 0.17%             | 2029-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SEADRILL FINANCE LTD                                  | Seadrill Finance Ltd                                                                  | CUSIP: 81172QAA2<br>LEI: 213800WMN3OHFUDHD642 | Long             | DBT              | CORP              | BM        |    200000 | PA      | $207652.80    | 0.48%             | 2030-08-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                                | Cogent Communications Group LLC / Cogent Finance Inc                                  | CUSIP: 19240WAA7<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |    175000 | PA      | $174534.27    | 0.40%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| EXCELERATE ENERGY LP                                  | Excelerate Energy LP                                                                  | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |    188000 | PA      | $200120.17    | 0.46%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                 | Directv Financing LLC                                                                 | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $114046.65    | 0.26%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                                   | Travel + Leisure Co                                                                   | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    210000 | PA      | $211560.30    | 0.49%             | 2026-07-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                                 | Mineral Resources Ltd                                                                 | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     60000 | PA      | $62868.54     | 0.15%             | 2028-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                     | Post Holdings Inc                                                                     | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124501.03    | 0.29%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VZ VENDOR FINANCING                                   | VZ Vendor Financing II BV                                                             | CUSIP: 000000000<br>LEI: 724500DRKUUR3GFOSK76 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $110676.18    | 0.26%             | 2029-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                              | American Airlines Inc/AAdvantage Loyalty IP Ltd                                       | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     68750 | PA      | $68780.32     | 0.16%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                               | Starwood Property Trust Inc                                                           | CUSIP: 85571BBC8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |    140000 | PA      | $142127.86    | 0.33%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                        | Transocean International Ltd                                                          | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     82500 | PA      | $86804.11     | 0.20%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SPDR Portfolio High Yield Bond ETF                    | SPDR Portfolio High Yield Bond ETF                                                    | CUSIP: 78468R606<br>LEI: N/A                  | Long             | EC               | RF                | US        |     50000 | NS      | $1197000.00   | 2.77%             |  |  |  | No            |                  1 | On Loan: —       |
| ROCKET SOFTWARE INC                                   | Rocket Software Inc                                                                   | CUSIP: 77314EAA6<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |     85000 | PA      | $82776.35     | 0.19%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS                               | TransMontaigne Partners LLC                                                           | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     66000 | PA      | $68773.33     | 0.16%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                | Venture Global LNG Inc                                                                | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     42000 | PA      | $41625.34     | 0.10%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS                              | Hughes Satellite Systems Corp                                                         | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $28528.53     | 0.07%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: —       |
| DWS                                                   | DWS Central Cash Management Government Fund                                           | CUSIP: 25160K306<br>LEI: 5493003GD84DGSXJ7618 | Long             | STIV             | RF                | US        |    582336 | NS      | $582336.18    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| EMBECTA CORP                                          | Embecta Corp                                                                          | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |     85000 | PA      | $80492.37     | 0.19%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| SPIRIT AEROSYSTEMS INC                                | Spirit AeroSystems Inc                                                                | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     90000 | PA      | $94789.71     | 0.22%             | 2029-11-30      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ASHLAND INC                                           | Ashland Inc                                                                           | CUSIP: 04433LAA0<br>LEI: 529900E4L9R04SB8HB11 | Long             | DBT              | CORP              | US        |    385000 | PA      | $341022.22    | 0.79%             | 2031-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                | CCO Holdings LLC / CCO Holdings Capital Corp                                          | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    205000 | PA      | $207815.88    | 0.48%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                         | TransDigm Inc                                                                         | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30672.03     | 0.07%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ELEMENT SOLUTIONS INC                                 | Element Solutions Inc                                                                 | CUSIP: 28618MAA4<br>LEI: 549300FLGN6P5CU20J91 | Long             | DBT              | CORP              | US        |    480000 | PA      | $465183.26    | 1.08%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                | Venture Global LNG Inc                                                                | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    127000 | PA      | $131415.18    | 0.30%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| DISH DBS CORP                                         | DISH DBS Corp                                                                         | CUSIP: 25470XBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $41464.58     | 0.10%             | 2028-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES LLC                               | Windstream Services LLC                                                               | CUSIP: 97382BAB5<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |    154000 | PA      | $153958.42    | 0.36%             | 2033-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                                 | Freedom Mortgage Corp                                                                 | CUSIP: 35640YAK3<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     80000 | PA      | $84800.00     | 0.20%             | 2028-10-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                                | Lumen Technologies Inc 2024 Extended Term Loan B1                                     | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    434289 | PA      | $432178.40    | 1.00%             | 2029-04-16      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                              | Univision Communications Inc                                                          | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     41000 | PA      | $43692.35     | 0.10%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Mineral Resources Ltd                                 | Mineral Resources Ltd                                                                 | CUSIP: 603051AA1<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     60000 | PA      | $59997.96     | 0.14%             | 2027-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                              | Snap Inc                                                                              | CUSIP: 83304AAM8<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    101000 | PA      | $102225.27    | 0.24%             | 2034-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                               | Global Partners LP / GLP Finance Corp                                                 | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     81000 | PA      | $83023.62     | 0.19%             | 2033-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES/ESCR                              | Windstream Services LLC / Windstream Escrow Finance Corp                              | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    148000 | PA      | $153309.71    | 0.35%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                              | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                        | CUSIP: 01883LAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     99000 | PA      | $101220.83    | 0.23%             | 2031-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ATS CORP                                              | ATS Corp                                                                              | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |    220000 | PA      | $210780.99    | 0.49%             | 2028-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AETHON UN/AETHIN UN FIN                               | Aethon United BR LP / Aethon United Finance Corp                                      | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $307654.32    | 0.71%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                 | Directv Financing LLC                                                                 | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $133342.38    | 0.31%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                              | Trident TPI Holdings Inc                                                              | CUSIP: 89616RAC3<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |     60000 | PA      | $63974.94     | 0.15%             | 2028-12-31      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI                              | HLF Financing Sarl LLC / Herbalife International Inc                                  | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $136282.45    | 0.32%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                    | Vodafone Group PLC                                                                    | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    265000 | PA      | $279984.52    | 0.65%             | 2079-04-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                 | Freedom Mortgage Holdings LLC                                                         | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     70000 | PA      | $73652.29     | 0.17%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                  | LifePoint Health Inc                                                                  | CUSIP: 53219LAY5<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    171000 | PA      | $182236.10    | 0.42%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                 | HUB International Ltd                                                                 | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    195000 | PA      | $194803.89    | 0.45%             | 2029-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                           | Wayfair LLC                                                                           | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |     45000 | PA      | $47193.54     | 0.11%             | 2030-09-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                              | Fortescue Treasury Pty Ltd                                                            | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     80000 | PA      | $76379.00     | 0.18%             | 2031-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                              | Ascent Resources Utica Holdings LLC / ARU Finance Corp                                | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    247000 | PA      | $251115.38    | 0.58%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                   | NCL Corp Ltd                                                                          | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    124000 | PA      | $124641.80    | 0.29%             | 2033-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                      | UWM Holdings LLC                                                                      | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    109000 | PA      | $108480.87    | 0.25%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                                   | Kinetik Holdings LP                                                                   | CUSIP: 49461MAB6<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |     61000 | PA      | $62611.74     | 0.14%             | 2028-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                                      | Boyd Gaming Corp                                                                      | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    289000 | PA      | $278597.76    | 0.64%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| COREWEAVE INC                                         | CoreWeave Inc                                                                         | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     63000 | PA      | $64567.38     | 0.15%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                              | Burford Capital Global Finance LLC                                                    | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200355.80    | 0.46%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC                                | Comstock Resources Inc                                                                | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    165000 | PA      | $164730.49    | 0.38%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                         | TransDigm Inc                                                                         | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    405000 | PA      | $409553.39    | 0.95%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                             | SUNOCO LP                                                                             | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    112000 | PA      | $113998.33    | 0.26%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                              | CHS/Community Health Systems Inc                                                      | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     90000 | PA      | $81417.98     | 0.19%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                         | ZF North America Capital Inc                                                          | CUSIP: 98877DAD7<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152075.25    | 0.35%             | 2028-04-14      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                              | Charles River Laboratories International Inc                                          | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |    455000 | PA      | $430884.90    | 1.00%             | 2029-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| XHR LP                                                | XHR LP                                                                                | CUSIP: 98372MAC9<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              |  | US        |    530000 | PA      | $519094.24    | 1.20%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                              | Warnermedia Holdings Inc                                                              | CUSIP: 55903VBY8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     90000 | PA      | $86850.00     | 0.20%             | 2029-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                                            | Carvana Co                                                                            | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |     64550 | PA      | $73085.32     | 0.17%             | 2031-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                 | Level 3 Financing Inc                                                                 | CUSIP: 527298BR3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    185000 | PA      | $172971.61    | 0.40%             | 2028-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                   | NCL Corp Ltd                                                                          | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    129000 | PA      | $132667.68    | 0.31%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                              | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                        | CUSIP: 01883LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $132758.60    | 0.31%             | 2027-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                | Match Group Holdings II LLC                                                           | CUSIP: 57667JAA0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    240000 | PA      | $217517.69    | 0.50%             | 2031-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| LABL INC                                              | LABL Inc                                                                              | CUSIP: 50168QAE5<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |     80000 | PA      | $67963.04     | 0.16%             | 2028-11-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                           | Avient Corp                                                                           | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    242000 | PA      | $245756.67    | 0.57%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                                   | NuStar Logistics LP                                                                   | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    370000 | PA      | $383169.78    | 0.89%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Quad/Graphics Inc                                     | Quad/Graphics Inc                                                                     | CUSIP: 747301109<br>LEI: W2D68G5NJH4X0NW8PT65 | Long             | EC               | CORP              | US        |       287 | NS      | $1796.62      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY INC                                        | NRG Energy Inc                                                                        | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     70000 | PA      | $64716.72     | 0.15%             | 2031-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH AMERICAS                                | Bausch Health Americas Inc                                                            | CUSIP: 91911XAW4<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79200.00     | 0.18%             | 2027-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TRONOX INC                                            | Tronox Inc                                                                            | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |    155000 | PA      | $101098.24    | 0.23%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| OLIN CORP                                             | Olin Corp                                                                             | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |     92000 | PA      | $92474.54     | 0.21%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| STONEPEAK NILE PARENT                                 | Stonepeak Nile Parent LLC                                                             | CUSIP: 861932AA9<br>LEI: 254900TJV3VAFZD0GU41 | Long             | DBT              | CORP              | US        |    103000 | PA      | $108462.30    | 0.25%             | 2032-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TOUCAN FINCO LTD/CAN/US                               | Toucan FinCo Ltd/Toucan FinCo Can Inc/Toucan FinCo US LLC                             | CUSIP: 89157UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    150000 | PA      | $146939.25    | 0.34%             | 2030-05-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                                 | Williams Scotsman Inc                                                                 | CUSIP: 96950GAE2<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    140000 | PA      | $137646.56    | 0.32%             | 2028-08-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                          | Novelis Corp                                                                          | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    245000 | PA      | $236343.68    | 0.55%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    100000 | PA      | $108236.78    | 0.25%             | 2029-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                              | Clear Channel Outdoor Holdings Inc                                                    | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119781.79    | 0.28%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: —       |
| AVIS BUDGET CAR/FINANCE                               | Avis Budget Car Rental LLC / Avis Budget Finance Inc                                  | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     82000 | PA      | $85767.98     | 0.20%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                | CCO Holdings LLC / CCO Holdings Capital Corp                                          | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    570000 | PA      | $566199.01    | 1.31%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                                      | Taseko Mines Ltd                                                                      | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |     95000 | PA      | $100618.68    | 0.23%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                                            | EZCORP Inc                                                                            | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |    210000 | PA      | $223751.43    | 0.52%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                         | Carnival Corp                                                                         | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    524000 | PA      | $536965.33    | 1.24%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LTD                                    | Ardonagh Finco Ltd                                                                    | CUSIP: 000000000<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |    100000 | PA      | $121352.24    | 0.28%             | 2031-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| iShares Broad USD High Yield Corporate Bond ETF       | iShares Broad USD High Yield Corporate Bond ETF                                       | CUSIP: 46435U853<br>LEI: 549300X7H67ZLUE3IZ46 | Long             | EC               | RF                | US        |     10000 | NS      | $377800.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| USA COM PART/USA COM FIN                              | USA Compression Partners LP / USA Compression Finance Corp                            | CUSIP: 91740PAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $140535.53    | 0.32%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                   | Buckeye Partners LP                                                                   | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    171000 | PA      | $177608.98    | 0.41%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                 | Genesis Energy LP / Genesis Energy Finance Corp                                       | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $219012.36    | 0.51%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE                                     | Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp                       | CUSIP: 76883NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    161000 | PA      | $163146.77    | 0.38%             | 2033-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PATTERN ENERGY OP LP/PAT                              | Pattern Energy Operations LP / Pattern Energy Operations Inc                          | CUSIP: 70339PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    205000 | PA      | $199798.82    | 0.46%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CATURUS ENERGY LLC                                    | Caturus Energy LLC                                                                    | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124940.22    | 0.29%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                 | Civitas Resources Inc                                                                 | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66593.22     | 0.15%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                                           | Staples Inc                                                                           | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    141000 | PA      | $139416.50    | 0.32%             | 2029-09-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                         | EchoStar Corp                                                                         | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    171125 | PA      | $176421.32    | 0.41%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Diane Kenneally

**Name of Signer:** Diane Kenneally

**Title:** Treasurer and Chief Financial Officer