# EDGAR Filing Document

**Accession Number:** 0001831313
**File Stem:** 0001193125-25-155186
**Filing Date:** 2025-7
**Character Count:** 1135298
**Document Hash:** 3a73f2e16e2748a6833e8fa6404a3abe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-155186.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0001193125-25-155186

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**EFFECTIVENESS DATE**: 20250703

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TCW ETF Trust
- **CENTRAL INDEX KEY:** 0001831313

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23617
- **FILM NUMBER:** 251103688

**BUSINESS ADDRESS:**
- **STREET 1:** 850 NEW BURTON ROAD, SUITE 201
- **CITY:** DOVER
- **STATE:** DE
- **ZIP:** 19904
- **BUSINESS PHONE:** (212) 756-2000

**MAIL ADDRESS:**
- **STREET 1:** 850 NEW BURTON ROAD, SUITE 201
- **CITY:** DOVER
- **STATE:** DE
- **ZIP:** 19904

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Engine No. 1 ETF Trust
- **DATE OF NAME CHANGE:** 20210211

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Deer Lane ETF Trust
- **DATE OF NAME CHANGE:** 20201104

## Series and Classes Contracts Data

### TCW AAA CLO ETF (Series ID: S000085544)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000250837 | TCW AAA CLO ETF |  |

### TCW Flexible Income ETF (Series ID: S000085545)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000250838 | TCW Flexible Income ETF |  |

### TCW High Yield Bond ETF (Series ID: S000085546)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000250839 | TCW High Yield Bond ETF |  |

### TCW Multisector Credit Income ETF (Series ID: S000085548)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000250841 | TCW Multisector Credit Income ETF |  |

### TCW Senior Loan ETF (Series ID: S000085549)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000250842 | TCW Senior Loan ETF |  |

### TCW Corporate Bond ETF (Series ID: S000088743)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000255118 | TCW Corporate Bond ETF |  |

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-23617

## TCW ETF Trust

#### On behalf of the following series:

## TCW AAA CLO ETF (Ticker: ACLO)

## TCW Corporate Bond ETF (Ticker: IGCB)

## TCW Flexible Income ETF (Ticker: FLXR)

## TCW High Yield Bond ETF (Ticker: HYBX)

## TCW Multisector Credit Income ETF (Ticker: MUSE)

## TCW Senior Loan ETF (Ticker: SLNZ)

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

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

#### (Address of principal executive offices)

#### Peter Davidson, Esq.

#### Vice President and Secretary

#### 515 South Flower Street

#### Los Angeles, CA 90071

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

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

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

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

------

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

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

#### TCW AAA CLO ETF
![Image](g949859ifc96c73dad22f9f0f354.jpg)

#### Ticker: ACLO \| Listing Exchange: New York Stock Exchange LLC

#### Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about the TCW AAA CLO ETF for the period of November 15, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the reporting period.**

# What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Cost paid as a percentage of a $10,000 investment** |
| TCW AAA CLO ETF | $9<sup>Footnote Reference+</sup> | 0.20%<sup>Footnote Reference\*</sup> |

---

---

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

---

#### Key Fund Statistics
* Total Net Assets$266,552,233

* # of Portfolio Holdings175

* Portfolio Turnover Rate43%

# What did the Fund invest in?

# Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Asset-Backed Securities | 97.3% |
| Short-Term Investments | 1.8% |
| Other Assets in Excess of Liabilities | 0.9% |

---

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

---

| | |
|:---|:---|
| Octagon Investment Partners 51 Ltd., Class AR, 5.26%, due 07/20/34 (3 mo. USD Term SOFR + 0.990%) | 2.1% |
| Madison Park Funding XLIX Ltd., Class AR, 5.32%, due 10/19/34 (3 mo. USD Term SOFR + 1.050%) | 2.1% |
| Rockford Tower CLO Ltd., Class A1, 5.47%, due 03/31/38 (3 mo. USD Term SOFR + 1.210%) | 2.1% |
| Cedar Funding XII CLO Ltd., Class ARR, 5.46%, due 01/25/38 (3 mo. USD Term SOFR + 1.200%) | 2.0% |
| Oak Hill Credit Partners X-R Ltd., Class AR2, 5.40%, due 04/20/38 (3 mo. USD Term SOFR + 1.130%) | 2.0% |
| Bain Capital Credit CLO Ltd., Class AR, 5.21%, due 04/18/34 (3 mo. USD Term SOFR + 0.940%) | 2.0% |
| RR 26 Ltd., Class A1R, 5.38%, due 04/15/38 (3 mo. USD Term SOFR + 1.120%) | 2.0% |
| Allegro CLO XV Ltd., Class A1R, 5.49%, due 04/20/38 (3 mo. USD Term SOFR + 1.180%) | 2.0% |
| Golub Capital Partners CLO 53B Ltd., Class AR, 5.29%, due 07/20/34 (3 mo. USD Term SOFR + 0.980%) | 2.0% |
| Octagon Investment Partners XXI Ltd., Class A2R4, 5.45%, due 02/14/31 (3 mo. USD Term SOFR + 1.150%) | 2.0% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at www.tcw.com/Literature/Fund-Literature or upon request by contacting us at 800-FUND-TCW (800-386-3829).

The TCW AAA CLO underwent a strategy change during the period. Please see the Fund's prospectus for further information on the Fund's investment objectives and strategies.

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

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

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

![Image](g949859ifc96c73dad22f9f0f354.jpg)

#### TCW AAA CLO ETF

#### Semi-Annual Shareholder Report — April 30, 2025

#### Ticker: ACLO
TSR ACLO-0425

#### TCW Corporate Bond ETF
![Image](g949859ifc96c73dad22f9f0f354.jpg)

#### Ticker: IGCB \| Listing Exchange: New York Stock Exchange LLC

#### Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about the TCW Corporate Bond ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the reporting period.**

# What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Cost paid as a percentage of a $10,000 investment** |
| TCW Corporate Bond ETF | $24 | 0.47%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized. |

---

#### Key Fund Statistics
* Total Net Assets$25,732,532

* # of Portfolio Holdings341

* Portfolio Turnover Rate402%

# What did the Fund invest in?

# Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 85.2% |
| U.S. Treasury Securities | 7.1% |
| Short-Term Investments | 7.1% |
| Municipal Bonds | 0.5% |
| Asset-Backed Securities | 0.1% |
| Commercial Mortgage-Backed Securities - Agency | 0.1% |
| Residential Mortgage-Backed Securities - Agency | 0.0% |
| Convertible Corporate Bonds | 0.0% |
| Other Security Types<sup>Footnote Reference\*</sup> | 0.0% |
| Liabilities in Excess of Other Assets | (0.1%) |

---

---

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

---

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

---

| | |
|:---|:---|
| U.S. Treasury Bonds, 4.63%, due 02/15/55 | 7.1% |
| Bank of America Corp., 2.69%, due 04/22/32 (1 day USD SOFR + 1.320%) | 2.2% |
| JPMorgan Chase & Co., 2.55%, due 11/08/32 (1 day USD SOFR + 1.180%) | 1.9% |
| Wells Fargo & Co., 3.35%, due 03/02/33 (1 day USD SOFR + 1.500%) | 1.7% |
| Goldman Sachs Group, Inc., 1.99%, due 01/27/32 (1 day USD SOFR + 1.090%) | 1.6% |
| T-Mobile USA, Inc., 2.55%, due 02/15/31 | 1.5% |
| UnitedHealth Group, Inc., 5.15%, due 07/15/34 | 1.5% |
| Florida Power & Light Co., 5.30%, due 06/15/34 | 1.3% |
| Verizon Communications, Inc., 4.50%, due 08/10/33 | 1.1% |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 5.15%, due 09/20/29 | 1.1% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at www.tcw.com/Literature/Fund-Literature or upon request by contacting us at 800-FUND-TCW (800-386-3829).

On November 18, 2024, the TCW MetWest Corporate Bond Fund was reorganized into the TCW Corporate Bond ETF, a new series of the TCW ETF Trust, as previously announced.

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

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

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

![Image](g949859ifc96c73dad22f9f0f354.jpg)

#### TCW Corporate Bond ETF

#### Semi-Annual Shareholder Report — April 30, 2025

#### Ticker: IGCB
TSR IGCB-0425

#### TCW Flexible Income ETF
![Image](g949859ifc96c73dad22f9f0f354.jpg)

#### Ticker: FLXR \| Listing Exchange: New York Stock Exchange LLC

#### Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about the TCW Flexible Income ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Cost paid as a percentage of a $10,000 investment** |
| TCW Flexible Income ETF | $20 | 0.40%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized. |

---

#### Key Fund Statistics
* Total Net Assets$975,629,710

* # of Portfolio Holdings1,280

* Portfolio Turnover Rate171%

# What did the Fund invest in?

# Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Residential Mortgage-Backed Securities - Agency | 22.5% |
| Corporate Bonds | 21.6% |
| Asset-Backed Securities | 19.7% |
| Residential Mortgage-Backed Securities - Non-Agency | 12.5% |
| Commercial Mortgage-Backed Securities - Non-Agency | 11.9% |
| Bank Loans | 8.4% |
| U.S. Treasury Securities | 5.8% |
| Short-Term Investments | 1.8% |
| Other Security Types<sup>Footnote Reference\*</sup> | 1.6% |
| Liabilities in Excess of Other Assets | (5.8%) |

---

---

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

---

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

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.75%, due 04/30/27 | 3.4% |
| U.S. Treasury Notes, 3.88%, due 04/30/30 | 2.1% |
| Uniform Mortgage-Backed Security, TBA, 4.00%, due 06/01/52 | 1.6% |
| Uniform Mortgage-Backed Security, TBA, 4.50%, due 05/01/55 | 1.4% |
| Uniform Mortgage-Backed Security, TBA, 5.00%, due 05/01/54 | 1.3% |
| Government National Mortgage Association, TBA, 5.50%, due 05/20/54 | 1.1% |
| Federal Home Loan Mortgage Corp. REMICS, Class FA, 5.55%, due 02/25/55 (30 day USD SOFR Average + 1.200%) | 1.0% |
| Federal National Mortgage Association, 4.50%, due 10/01/54 | 1.0% |
| Government National Mortgage Association, TBA, 4.00%, due 05/20/55 | 0.9% |
| Uniform Mortgage-Backed Security, TBA, 3.50%, due 03/01/52 | 0.9% |

---

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

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

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

![Image](g949859ifc96c73dad22f9f0f354.jpg)

#### TCW Flexible Income ETF

#### Semi-Annual Shareholder Report — April 30, 2025

#### Ticker: FLXR
TSR FLXR-0425

#### TCW High Yield Bond ETF
![Image](g949859ifc96c73dad22f9f0f354.jpg)

#### Ticker: HYBX \| Listing Exchange: New York Stock Exchange LLC

#### Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about the TCW High Yield Bond ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the reporting period.**

# What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Cost paid as a percentage of a $10,000 investment** |
| TCW High Yield Bond ETF | $25 | 0.50%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized. |

---

#### Key Fund Statistics
* Total Net Assets$40,400,066

* # of Portfolio Holdings334

* Portfolio Turnover Rate71%

# What did the Fund invest in?

# Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 83.5% |
| Bank Loans | 13.7% |
| Short-Term Investments | 1.5% |
| Convertible Corporate Bonds | 0.2% |
| Warrants | -% |
| Other Assets in Excess of Liabilities | 1.1% |

---

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

---

| | |
|:---|:---|
| CSC Holdings LLC, 6.50%, due 02/01/29 | 1.5% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, due 01/15/34 | 1.0% |
| EchoStar Corp., 10.75%, due 11/30/29 | 0.9% |
| 1261229 BC Ltd., 10.00%, due 04/15/32 | 0.8% |
| Tenet Healthcare Corp., 6.75%, due 05/15/31 | 0.8% |
| Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, due 10/01/31 | 0.7% |
| Archrock Partners LP/Archrock Partners Finance Corp., 6.63%, due 09/01/32 | 0.7% |
| Ferrellgas LP/Ferrellgas Finance Corp., 5.88%, due 04/01/29 | 0.7% |
| 1011778 BC ULC/New Red Finance, Inc., 4.00%, due 10/15/30 | 0.7% |
| TransDigm, Inc., 6.38%, due 03/01/29 | 0.7% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at www.tcw.com/Literature/Fund-Literature or upon request by contacting us at 800-FUND-TCW (800-386-3829).

On November 18, 2024, the TCW High Yield Bond Fund was reorganized into the TCW High Yield Bond ETF, a new series of the TCW ETF Trust, as previously announced.

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

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

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

![Image](g949859ifc96c73dad22f9f0f354.jpg)

#### TCW High Yield Bond ETF

#### Semi-Annual Shareholder Report — April 30, 2025

#### Ticker: HYBX
TSR HYBX-0425

#### TCW Multisector Credit Income ETF
![Image](g949859ifc96c73dad22f9f0f354.jpg)

#### Ticker: MUSE \| Listing Exchange: New York Stock Exchange LLC

#### Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about the TCW Multisector Credit Income ETF for the period of November 15, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829).

# What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Cost paid as a percentage of a $10,000 investment** |
| TCW Multisector Credit Income ETF | $26<sup>Footnote Reference+</sup> | 0.56%<sup>Footnote Reference\*</sup> |

---

---

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

---

#### Key Fund Statistics
* Total Net Assets$49,455,830

* # of Portfolio Holdings305

* Portfolio Turnover Rate23%

# What did the Fund invest in?

# Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 49.5% |
| Bank Loans | 35.4% |
| Foreign Government Bonds | 10.9% |
| Asset-Backed Securities | 4.0% |
| Short-Term Investments | 1.8% |
| Convertible Corporate Bonds | 0.2% |
| Liabilities in Excess of Other Assets | (1.8%) |

---

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

---

| | |
|:---|:---|
| Magnite, Inc., 7.32%, due 02/06/31 | 0.7% |
| AES Andes SA, 6.25%, due 03/14/32 | 0.7% |
| Tidal Waste & Recycling Holdings LLC, 7.80%, due 10/24/31 | 0.7% |
| TCP Sunbelt Acquisition Co., 8.57%, due 10/24/31 | 0.7% |
| Kestrel Acquisition LLC, 7.80%, due 11/06/31 | 0.7% |
| Energean Israel Finance Ltd., 5.38%, due 03/30/28 | 0.7% |
| Delivery Hero SE, 9.31%, due 12/12/29 | 0.7% |
| Avolon TLB Borrower 1 U.S. LLC, 6.07%, due 06/24/30 | 0.7% |
| Open Text Corp., 6.07%, due 01/31/30 | 0.7% |
| Virgin Media Bristol LLC, 6.94%, due 01/31/28 | 0.7% |

---

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

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

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

![Image](g949859ifc96c73dad22f9f0f354.jpg)

#### TCW Multisector Credit Income ETF

#### Semi-Annual Shareholder Report — April 30, 2025

#### Ticker: MUSE
TSR MUSE-0425

#### TCW Senior Loan ETF
![Image](g949859ifc96c73dad22f9f0f354.jpg)

#### Ticker: SLNZ \| Listing Exchange: New York Stock Exchange LLC

#### Semi-Annual Shareholder Report — April 30, 2025
This semi-annual shareholder report contains important information about the TCW Senior Loan ETF for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.tcw.com/Literature/Fund-Literature. You can also request this information by contacting us at 800-FUND-TCW (800-386-3829). **This report contains material fund changes that occurred during the reporting period.**

# What were the Fund costs for the last six months?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Cost paid as a percentage of a $10,000 investment** |
| TCW Senior Loan ETF | $35 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized. |

---

#### Key Fund Statistics
* Total Net Assets$328,598,497

* # of Portfolio Holdings362

* Portfolio Turnover Rate125%

# What did the Fund invest in?

# Asset Allocation (as a % of Net Assets)

---

| | |
|:---|:---|
| Bank Loans | 89.7% |
| Short-Term Investments | 14.5% |
| Corporate Bonds | 2.9% |
| Asset-Backed Securities | 0.7% |
| U.S. Treasury Securities | 0.4% |
| Common Stock | 0.1% |
| Preferred Stock | 0.1% |
| Warrants | 0.0% |
| Liabilities in Excess of Other Assets | (8.4%) |

---

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

---

| | |
|:---|:---|
| Charter Communications Operating LLC, 6.55%, due 12/15/31 | 0.6% |
| Delivery Hero SE, 9.31%, due 12/12/29 | 0.6% |
| EagleView Technology Corp., 8.07%, due 08/14/25 | 0.6% |
| Heartland Dental LLC, 8.82%, due 04/28/28 | 0.6% |
| Peer Holding III BV, 6.80%, due 10/28/30 | 0.5% |
| United Natural Foods, Inc., 9.07%, due 05/01/31 | 0.5% |
| AmWINS Group, Inc., 6.57%, due 01/30/32 | 0.5% |
| Flutter Financing BV, 6.05%, due 11/30/30 | 0.5% |
| TransDigm, Inc., 7.05%, due 08/24/28 | 0.5% |
| DTI Holdco, Inc., 8.32%, due 04/26/29 | 0.5% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after October 31, 2025 at www.tcw.com/Literature/Fund-Literature or upon request by contacting us at 800-FUND-TCW (800-386-3829).

On November 18, 2024, the TCW MetWest Floating Rate Income Fund was reorganized into the TCW Senior Loan ETF, a new series of the TCW ETF Trust, as previously announced.

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

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

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

![Image](g949859ifc96c73dad22f9f0f354.jpg)

#### TCW Senior Loan ETF

#### Semi-Annual Shareholder Report — April 30, 2025

#### Ticker: SLNZ
TSR SLNZ-0425

------

(b) Not applicable.

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

Not required for this filing.

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

Not required for this filing.

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

Not required for this filing.

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

Not required for this filing.

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

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

(b) Not applicable.

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

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

------

![LOGO](g949859g07a01.jpg)

------

![LOGO](g949859g07c01.jpg)

### TCW ETF TRUST

#### **Table of Contents**

---

| | |
|:---|:---|
|  [Schedules of Investments (Unaudited)](#toc949859_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW AAA CLO ETF](#toc949859_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Corporate Bond ETF](#toc949859_3) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Flexible Income ETF](#toc949859_4) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW High Yield Bond ETF](#toc949859_5) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Multisector Credit Income ETF](#toc949859_6) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; [TCW Senior Loan ETF](#toc949859_7) | 105 |
|  [Statements of Assets and Liabilities (Unaudited)](#toc949859_8) | 129 |
|  [Statements of Operations (Unaudited)](#toc949859_9) | 131 |
|  [Statements of Changes in Net Assets (Unaudited)](#toc949859_10) | 133 |
|  [Notes to Financial Statements (Unaudited)](#toc949859_11) | 136 |
|  [Financial Highlights (Unaudited)](#toc949859_12) | 167 |
|  [Proxy Voting Guidelines and Availability of Quarterly Portfolio Schedule](#toc949859_13) | 173 |

---

------

![LOGO](g949859g07c01.jpg)

#### TCW AAA CLO ETF

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  **FIXED INCOME SECURITIES —97.3% of Net Assets** | **FIXED INCOME SECURITIES —97.3% of Net Assets** | **FIXED INCOME SECURITIES —97.3% of Net Assets** | **FIXED INCOME SECURITIES —97.3% of Net Assets** | **FIXED INCOME SECURITIES —97.3% of Net Assets** |
|  **ASSET-BACKED SECURITIES**—**97.3%** | **ASSET-BACKED SECURITIES**—**97.3%** | **ASSET-BACKED SECURITIES**—**97.3%** | **ASSET-BACKED SECURITIES**—**97.3%** | **ASSET-BACKED SECURITIES**—**97.3%** |
|  Adagio X Eur CLO DAC Series X-X, Class B1R | Adagio X Eur CLO DAC Series X-X, Class B1R | Adagio X Eur CLO DAC Series X-X, Class B1R | Adagio X Eur CLO DAC Series X-X, Class B1R | Adagio X Eur CLO DAC Series X-X, Class B1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% (3 mo. EUR EURIBOR + 2.500%)<sup>(1),(2)</sup> | 10/20/37 | EUR | 1175000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335114 |
|  AGL CLO 13 Ltd. Series 2021-13A, Class A1 | AGL CLO 13 Ltd. Series 2021-13A, Class A1 | AGL CLO 13 Ltd. Series 2021-13A, Class A1 | AGL CLO 13 Ltd. Series 2021-13A, Class A1 | AGL CLO 13 Ltd. Series 2021-13A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.69% (3 mo. USD Term SOFR + 1.422%)<sup>(1),(3)</sup> | 10/20/34 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | 1000852 |
|  AGL CLO 16 Ltd. Series 2021-16A, Class AR | AGL CLO 16 Ltd. Series 2021-16A, Class AR | AGL CLO 16 Ltd. Series 2021-16A, Class AR | AGL CLO 16 Ltd. Series 2021-16A, Class AR | AGL CLO 16 Ltd. Series 2021-16A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22% (3 mo. USD Term SOFR + 0.950%)<sup>(1),(3)</sup> | 01/20/35 |  | 5000000 | 4950640 |
|  AIMCO CLO Series 2017-AA, Class AR2 | AIMCO CLO Series 2017-AA, Class AR2 | AIMCO CLO Series 2017-AA, Class AR2 | AIMCO CLO Series 2017-AA, Class AR2 | AIMCO CLO Series 2017-AA, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41% (3 mo. USD Term SOFR + 1.140%)<sup>(1),(3)</sup> | 01/20/38 |  | 3500000 | 3473666 |
|  AIMCO CLO 11 Ltd. Series 2020-11A, Class A2R2 | AIMCO CLO 11 Ltd. Series 2020-11A, Class A2R2 | AIMCO CLO 11 Ltd. Series 2020-11A, Class A2R2 | AIMCO CLO 11 Ltd. Series 2020-11A, Class A2R2 | AIMCO CLO 11 Ltd. Series 2020-11A, Class A2R2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(3)</sup> | 07/17/37 |  | 850000 | 845792 |
|  AIMCO CLO 22 Ltd. Series 2024-22A, Class A | AIMCO CLO 22 Ltd. Series 2024-22A, Class A | AIMCO CLO 22 Ltd. Series 2024-22A, Class A | AIMCO CLO 22 Ltd. Series 2024-22A, Class A | AIMCO CLO 22 Ltd. Series 2024-22A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(3)</sup> | 04/19/37 |  | 250000 | 250088 |
|  Alinea CLO Ltd. Series 2018-1A, Class BR | Alinea CLO Ltd. Series 2018-1A, Class BR | Alinea CLO Ltd. Series 2018-1A, Class BR | Alinea CLO Ltd. Series 2018-1A, Class BR | Alinea CLO Ltd. Series 2018-1A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(3)</sup> | 07/20/31 |  | 2000000 | 1986976 |
|  Allegro CLO XV Ltd. Series 2022-1A, Class A1R | Allegro CLO XV Ltd. Series 2022-1A, Class A1R | Allegro CLO XV Ltd. Series 2022-1A, Class A1R | Allegro CLO XV Ltd. Series 2022-1A, Class A1R | Allegro CLO XV Ltd. Series 2022-1A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.49% (3 mo. USD Term SOFR + 1.180%)<sup>(1),(3)</sup> | 04/20/38 |  | 5500000 | 5453107 |
|  AMMC CLO 23 Ltd. Series 2020-23A, Class A1R2 | AMMC CLO 23 Ltd. Series 2020-23A, Class A1R2 | AMMC CLO 23 Ltd. Series 2020-23A, Class A1R2 | AMMC CLO 23 Ltd. Series 2020-23A, Class A1R2 | AMMC CLO 23 Ltd. Series 2020-23A, Class A1R2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% (3 mo. USD Term SOFR + 1.420%)<sup>(1),(3)</sup> | 04/17/35 |  | 600000 | 600285 |
|  AMMC CLO 24 Ltd. Series 2021-24A, Class AR | AMMC CLO 24 Ltd. Series 2021-24A, Class AR | AMMC CLO 24 Ltd. Series 2021-24A, Class AR | AMMC CLO 24 Ltd. Series 2021-24A, Class AR | AMMC CLO 24 Ltd. Series 2021-24A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47% (3 mo. USD Term SOFR + 1.200%)<sup>(1),(3)</sup> | 01/20/35 |  | 1405000 | 1396980 |
|  AMMC CLO 27 Ltd. Series 2022-27A, Class A2R | AMMC CLO 27 Ltd. Series 2022-27A, Class A2R | AMMC CLO 27 Ltd. Series 2022-27A, Class A2R | AMMC CLO 27 Ltd. Series 2022-27A, Class A2R | AMMC CLO 27 Ltd. Series 2022-27A, Class A2R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.62% (3 mo. USD Term SOFR + 1.350%)<sup>(1),(3)</sup> | 01/20/37 |  | 5500000 | 5403128 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  AMMC CLO 30 Ltd. Series 2024-30A, Class A1 | AMMC CLO 30 Ltd. Series 2024-30A, Class A1 | AMMC CLO 30 Ltd. Series 2024-30A, Class A1 | AMMC CLO 30 Ltd. Series 2024-30A, Class A1 | AMMC CLO 30 Ltd. Series 2024-30A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.94% (3 mo. USD Term SOFR + 1.680%)<sup>(1),(3)</sup> | 01/15/37 |  | $825000 | $826502 |
|  Apidos CLO XIIX Ltd. Series 2024-49A, Class A2 | Apidos CLO XIIX Ltd. Series 2024-49A, Class A2 | Apidos CLO XIIX Ltd. Series 2024-49A, Class A2 | Apidos CLO XIIX Ltd. Series 2024-49A, Class A2 | Apidos CLO XIIX Ltd. Series 2024-49A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(3)</sup> | 10/24/37 |  | 400000 | 397705 |
|  Apidos CLO XLVII Ltd. Series 2024-47A, Class A1 | Apidos CLO XLVII Ltd. Series 2024-47A, Class A1 | Apidos CLO XLVII Ltd. Series 2024-47A, Class A1 | Apidos CLO XLVII Ltd. Series 2024-47A, Class A1 | Apidos CLO XLVII Ltd. Series 2024-47A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(3)</sup> | 04/26/37 |  | 500000 | 500179 |
|  Apidos CLO XX Ltd. Series 2015-20A, Class A1RA | Apidos CLO XX Ltd. Series 2015-20A, Class A1RA | Apidos CLO XX Ltd. Series 2015-20A, Class A1RA | Apidos CLO XX Ltd. Series 2015-20A, Class A1RA | Apidos CLO XX Ltd. Series 2015-20A, Class A1RA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.62% (3 mo. USD Term SOFR + 1.362%)<sup>(1),(3)</sup> | 07/16/31 |  | 2882667 | 2884316 |
|  Apidos CLO XXV Ltd. Series 2016-25A, Class A1R3 | Apidos CLO XXV Ltd. Series 2016-25A, Class A1R3 | Apidos CLO XXV Ltd. Series 2016-25A, Class A1R3 | Apidos CLO XXV Ltd. Series 2016-25A, Class A1R3 | Apidos CLO XXV Ltd. Series 2016-25A, Class A1R3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41% (3 mo. USD Term SOFR + 1.140%)<sup>(1),(3)</sup> | 01/20/37 |  | 1000000 | 992997 |
|  Apidos CLO XXXI Ltd. Series 2019-31A, Class A1R | Apidos CLO XXXI Ltd. Series 2019-31A, Class A1R | Apidos CLO XXXI Ltd. Series 2019-31A, Class A1R | Apidos CLO XXXI Ltd. Series 2019-31A, Class A1R | Apidos CLO XXXI Ltd. Series 2019-31A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.62% (3 mo. USD Term SOFR + 1.362%)<sup>(1),(3)</sup> | 04/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081729 |
|  Apidos CLO XXXII Ltd. Series 2019-32A, Class A1R | Apidos CLO XXXII Ltd. Series 2019-32A, Class A1R | Apidos CLO XXXII Ltd. Series 2019-32A, Class A1R | Apidos CLO XXXII Ltd. Series 2019-32A, Class A1R | Apidos CLO XXXII Ltd. Series 2019-32A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.37% (3 mo. USD Term SOFR + 1.100%)<sup>(1),(3)</sup> | 01/20/33 |  | 1243941 | 1245070 |
|  Apidos Loan Fund Ltd. Series 2024-1A, Class A1 | Apidos Loan Fund Ltd. Series 2024-1A, Class A1 | Apidos Loan Fund Ltd. Series 2024-1A, Class A1 | Apidos Loan Fund Ltd. Series 2024-1A, Class A1 | Apidos Loan Fund Ltd. Series 2024-1A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% (3 mo. USD Term SOFR + 1.270%)<sup>(1),(3)</sup> | 04/25/35 |  | 3000000 | 2997738 |
|  Aqueduct European CLO 10 DAC Series 2024-10A, Class B | Aqueduct European CLO 10 DAC Series 2024-10A, Class B | Aqueduct European CLO 10 DAC Series 2024-10A, Class B | Aqueduct European CLO 10 DAC Series 2024-10A, Class B | Aqueduct European CLO 10 DAC Series 2024-10A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (3 mo. EUR EURIBOR + 2.000%)<sup>(1),(3)</sup> | 01/18/39 | EUR | 1000000 | 1132747 |
|  ARES LI CLO Ltd. Series 2019-51A, Class A1R2 | ARES LI CLO Ltd. Series 2019-51A, Class A1R2 | ARES LI CLO Ltd. Series 2019-51A, Class A1R2 | ARES LI CLO Ltd. Series 2019-51A, Class A1R2 | ARES LI CLO Ltd. Series 2019-51A, Class A1R2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.62% (3 mo. USD Term SOFR + 1.360%)<sup>(1),(3)</sup> | 10/15/37 |  | $660000 | 657567 |
|  ARES Loan Funding IV Ltd. Series 2023-ALF4A, Class A1 | ARES Loan Funding IV Ltd. Series 2023-ALF4A, Class A1 | ARES Loan Funding IV Ltd. Series 2023-ALF4A, Class A1 | ARES Loan Funding IV Ltd. Series 2023-ALF4A, Class A1 | ARES Loan Funding IV Ltd. Series 2023-ALF4A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.01% (3 mo. USD Term SOFR + 1.750%)<sup>(1),(3)</sup> | 10/15/36 |  | 180000 | 180343 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  ARES XLIV CLO Ltd. Series 2017-44A, Class A1R | ARES XLIV CLO Ltd. Series 2017-44A, Class A1R | ARES XLIV CLO Ltd. Series 2017-44A, Class A1R | ARES XLIV CLO Ltd. Series 2017-44A, Class A1R | ARES XLIV CLO Ltd. Series 2017-44A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% (3 mo. USD Term SOFR + 1.342%)<sup>(1),(3)</sup> | 04/15/34 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608548 |
|  ARES XLVII CLO Ltd. Series 2018-47A, Class B | ARES XLVII CLO Ltd. Series 2018-47A, Class B | ARES XLVII CLO Ltd. Series 2018-47A, Class B | ARES XLVII CLO Ltd. Series 2018-47A, Class B | ARES XLVII CLO Ltd. Series 2018-47A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.97% (3 mo. USD Term SOFR + 1.712%)<sup>(1),(3)</sup> | 04/15/30 |  | 825000 | 825000 |
|  ARES XXVII CLO Ltd. Series 2013-2A, Class AR3 | ARES XXVII CLO Ltd. Series 2013-2A, Class AR3 | ARES XXVII CLO Ltd. Series 2013-2A, Class AR3 | ARES XXVII CLO Ltd. Series 2013-2A, Class AR3 | ARES XXVII CLO Ltd. Series 2013-2A, Class AR3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(3)</sup> | 10/28/34 |  | 1000000 | 993303 |
|  ARES XXXIV CLO Ltd. Series 2015-2A, Class AR3 | ARES XXXIV CLO Ltd. Series 2015-2A, Class AR3 | ARES XXXIV CLO Ltd. Series 2015-2A, Class AR3 | ARES XXXIV CLO Ltd. Series 2015-2A, Class AR3 | ARES XXXIV CLO Ltd. Series 2015-2A, Class AR3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% (3 mo. USD Term SOFR + 1.320%)<sup>(1),(3)</sup> | 04/17/33 |  | 1100000 | 1100445 |
|  Aurium CLO VIII DAC Series 8X, Class B1 | Aurium CLO VIII DAC Series 8X, Class B1 | Aurium CLO VIII DAC Series 8X, Class B1 | Aurium CLO VIII DAC Series 8X, Class B1 | Aurium CLO VIII DAC Series 8X, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89% (3 mo. EUR EURIBOR + 1.500%)<sup>(1),(2)</sup> | 06/23/34 | EUR | 850000 | 947132 |
|  Bain Capital Credit CLO Ltd. Series 2020-3A, Class A1RR | Bain Capital Credit CLO Ltd. Series 2020-3A, Class A1RR | Bain Capital Credit CLO Ltd. Series 2020-3A, Class A1RR | Bain Capital Credit CLO Ltd. Series 2020-3A, Class A1RR | Bain Capital Credit CLO Ltd. Series 2020-3A, Class A1RR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.49% (3 mo. USD Term SOFR + 1.210%)<sup>(1),(3)</sup> | 10/23/34 |  | 190000 | 189244 |
|  Bain Capital Credit CLO Ltd. Series 2021-1A, Class AR | Bain Capital Credit CLO Ltd. Series 2021-1A, Class AR | Bain Capital Credit CLO Ltd. Series 2021-1A, Class AR | Bain Capital Credit CLO Ltd. Series 2021-1A, Class AR | Bain Capital Credit CLO Ltd. Series 2021-1A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21% (3 mo. USD Term SOFR + 0.940%)<sup>(1),(3)</sup> | 04/18/34 |  | 5500000 | 5458915 |
|  Bain Capital Credit CLO Ltd. Series 2021-3A, Class AR | Bain Capital Credit CLO Ltd. Series 2021-3A, Class AR | Bain Capital Credit CLO Ltd. Series 2021-3A, Class AR | Bain Capital Credit CLO Ltd. Series 2021-3A, Class AR | Bain Capital Credit CLO Ltd. Series 2021-3A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.34% (3 mo. USD Term SOFR + 1.060%)<sup>(1),(3)</sup> | 07/24/34 |  | 1000000 | 996356 |
|  Bain Capital Credit CLO Ltd. Series 2021-6A, Class A1R | Bain Capital Credit CLO Ltd. Series 2021-6A, Class A1R | Bain Capital Credit CLO Ltd. Series 2021-6A, Class A1R | Bain Capital Credit CLO Ltd. Series 2021-6A, Class A1R | Bain Capital Credit CLO Ltd. Series 2021-6A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.36% (3 mo. USD Term SOFR + 1.090%)<sup>(1),(3)</sup> | 10/21/34 |  | 1000000 | 992131 |
|  Bain Capital Credit CLO Ltd. Series 2022-2A, Class A1 | Bain Capital Credit CLO Ltd. Series 2022-2A, Class A1 | Bain Capital Credit CLO Ltd. Series 2022-2A, Class A1 | Bain Capital Credit CLO Ltd. Series 2022-2A, Class A1 | Bain Capital Credit CLO Ltd. Series 2022-2A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% (3 mo. USD Term SOFR + 1.320%)<sup>(1),(3)</sup> | 04/22/35 |  | 1000000 | 997346 |
|  Ballyrock CLO Ltd. Series 2020-2A, Class A1R | Ballyrock CLO Ltd. Series 2020-2A, Class A1R | Ballyrock CLO Ltd. Series 2020-2A, Class A1R | Ballyrock CLO Ltd. Series 2020-2A, Class A1R | Ballyrock CLO Ltd. Series 2020-2A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.54% (3 mo. USD Term SOFR + 1.272%)<sup>(1),(3)</sup> | 10/20/31 |  | $1415324 | 1415726 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Barings CLO Ltd. Series 2019-3A, Class A1RR | Barings CLO Ltd. Series 2019-3A, Class A1RR | Barings CLO Ltd. Series 2019-3A, Class A1RR | Barings CLO Ltd. Series 2019-3A, Class A1RR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41% (3 mo. USD Term SOFR + 1.140%)<sup>(1),(3)</sup> | 01/20/36 | $1000000 | $993000 |
|  Barings CLO Ltd. Series 2023-4A, Class A | Barings CLO Ltd. Series 2023-4A, Class A | Barings CLO Ltd. Series 2023-4A, Class A | Barings CLO Ltd. Series 2023-4A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02% (3 mo. USD Term SOFR + 1.750%)<sup>(1),(3)</sup> | 01/20/37 | 250000 | 250629 |
|  Barings CLO Ltd. Series 2024-1A, Class A | Barings CLO Ltd. Series 2024-1A, Class A | Barings CLO Ltd. Series 2024-1A, Class A | Barings CLO Ltd. Series 2024-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90% (3 mo. USD Term SOFR + 1.630%)<sup>(1),(3)</sup> | 01/20/37 | 250000 | 250500 |
|  Beechwood Park CLO Ltd. Series 2019-1A, Class A1R | Beechwood Park CLO Ltd. Series 2019-1A, Class A1R | Beechwood Park CLO Ltd. Series 2019-1A, Class A1R | Beechwood Park CLO Ltd. Series 2019-1A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58% (3 mo. USD Term SOFR + 1.300%)<sup>(1),(3)</sup> | 01/17/35 | 500000 | 499999 |
|  BlueMountain CLO XXII Ltd. Series 2018-22A, Class A1 | BlueMountain CLO XXII Ltd. Series 2018-22A, Class A1 | BlueMountain CLO XXII Ltd. Series 2018-22A, Class A1 | BlueMountain CLO XXII Ltd. Series 2018-22A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% (3 mo. USD Term SOFR + 1.342%)<sup>(1),(3)</sup> | 07/15/31 | 647057 | 646792 |
|  Buttermilk Park CLO Ltd. Series 2018-1A, Class A2R | Buttermilk Park CLO Ltd. Series 2018-1A, Class A2R | Buttermilk Park CLO Ltd. Series 2018-1A, Class A2R | Buttermilk Park CLO Ltd. Series 2018-1A, Class A2R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% (3 mo. USD Term SOFR + 1.370%)<sup>(1),(3)</sup> | 10/15/31 | 275000 | 273807 |
|  Captree Park CLO Ltd. Series 2024-1A, Class B1 | Captree Park CLO Ltd. Series 2024-1A, Class B1 | Captree Park CLO Ltd. Series 2024-1A, Class B1 | Captree Park CLO Ltd. Series 2024-1A, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17% (3 mo. USD Term SOFR + 1.900%)<sup>(1),(3)</sup> | 07/20/37 | 250000 | 250282 |
|  Cayuga Park CLO Ltd. Series 2020-1A, Class AR | Cayuga Park CLO Ltd. Series 2020-1A, Class AR | Cayuga Park CLO Ltd. Series 2020-1A, Class AR | Cayuga Park CLO Ltd. Series 2020-1A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.66% (3 mo. USD Term SOFR + 1.382%)<sup>(1),(3)</sup> | 07/17/34 | 170000 | 170045 |
|  Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR | Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR | Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR | Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.69% (3 mo. USD Term SOFR + 1.420%)<sup>(1),(3)</sup> | 07/20/37 | 500000 | 500375 |
|  Cedar Funding VII CLO Ltd. Series 2018-7A, Class AR | Cedar Funding VII CLO Ltd. Series 2018-7A, Class AR | Cedar Funding VII CLO Ltd. Series 2018-7A, Class AR | Cedar Funding VII CLO Ltd. Series 2018-7A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% (3 mo. USD Term SOFR + 1.080%)<sup>(1),(3)</sup> | 01/20/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127123 |
|  Cedar Funding XI CLO Ltd. Series 2019-11A, Class A2R2 | Cedar Funding XI CLO Ltd. Series 2019-11A, Class A2R2 | Cedar Funding XI CLO Ltd. Series 2019-11A, Class A2R2 | Cedar Funding XI CLO Ltd. Series 2019-11A, Class A2R2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61% (3 mo. USD Term SOFR + 1.300%)<sup>(1),(3)</sup> | 05/29/32 | 800000 | 796102 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  Cedar Funding XII CLO Ltd. Series 2020-12A, Class ARR | Cedar Funding XII CLO Ltd. Series 2020-12A, Class ARR | Cedar Funding XII CLO Ltd. Series 2020-12A, Class ARR | Cedar Funding XII CLO Ltd. Series 2020-12A, Class ARR | Cedar Funding XII CLO Ltd. Series 2020-12A, Class ARR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46% (3 mo. USD Term SOFR + 1.200%)<sup>(1),(3)</sup> | 01/25/38 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5463738 |
|  Cedar Funding XIV CLO Ltd. Series 2021-14A, Class AR | Cedar Funding XIV CLO Ltd. Series 2021-14A, Class AR | Cedar Funding XIV CLO Ltd. Series 2021-14A, Class AR | Cedar Funding XIV CLO Ltd. Series 2021-14A, Class AR | Cedar Funding XIV CLO Ltd. Series 2021-14A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64% (3 mo. USD Term SOFR + 1.380%)<sup>(1),(3)</sup> | 10/15/37 |  | 850000 | 848636 |
|  CIFC Funding Ltd. Series 2014-4RA, Class A1B2 | CIFC Funding Ltd. Series 2014-4RA, Class A1B2 | CIFC Funding Ltd. Series 2014-4RA, Class A1B2 | CIFC Funding Ltd. Series 2014-4RA, Class A1B2 | CIFC Funding Ltd. Series 2014-4RA, Class A1B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.48% (3 mo. USD Term SOFR + 1.200%)<sup>(1),(3)</sup> | 01/17/35 |  | 4000000 | 3978000 |
|  CIFC Funding Ltd. Series 2015-1A, Class ARR | CIFC Funding Ltd. Series 2015-1A, Class ARR | CIFC Funding Ltd. Series 2015-1A, Class ARR | CIFC Funding Ltd. Series 2015-1A, Class ARR | CIFC Funding Ltd. Series 2015-1A, Class ARR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64% (3 mo. USD Term SOFR + 1.372%)<sup>(1),(3)</sup> | 01/22/31 |  | 391240 | 391589 |
|  CIFC Funding Ltd. Series 2016-1A, Class BR3 | CIFC Funding Ltd. Series 2016-1A, Class BR3 | CIFC Funding Ltd. Series 2016-1A, Class BR3 | CIFC Funding Ltd. Series 2016-1A, Class BR3 | CIFC Funding Ltd. Series 2016-1A, Class BR3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72% (3 mo. USD Term SOFR + 1.450%)<sup>(1),(3)</sup> | 10/21/31 |  | 800000 | 794787 |
|  CIFC Funding Ltd. Series 2021-1A, Class A1R | CIFC Funding Ltd. Series 2021-1A, Class A1R | CIFC Funding Ltd. Series 2021-1A, Class A1R | CIFC Funding Ltd. Series 2021-1A, Class A1R | CIFC Funding Ltd. Series 2021-1A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% (3 mo. USD Term SOFR + 1.420%)<sup>(1),(3)</sup> | 07/25/37 |  | 830000 | 828313 |
|  CIFC Funding Ltd. Series 2024-1A, Class A | CIFC Funding Ltd. Series 2024-1A, Class A | CIFC Funding Ltd. Series 2024-1A, Class A | CIFC Funding Ltd. Series 2024-1A, Class A | CIFC Funding Ltd. Series 2024-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(3)</sup> | 04/18/37 |  | 250000 | 250087 |
|  Clover CLO LLC Series 2021-3A, Class AR | Clover CLO LLC Series 2021-3A, Class AR | Clover CLO LLC Series 2021-3A, Class AR | Clover CLO LLC Series 2021-3A, Class AR | Clover CLO LLC Series 2021-3A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% (3 mo. USD Term SOFR + 1.070%)<sup>(1),(3)</sup> | 01/25/35 |  | 1000000 | 992317 |
|  Contego CLO VI DAC Series 6X, Class B2R | Contego CLO VI DAC Series 6X, Class B2R | Contego CLO VI DAC Series 6X, Class B2R | Contego CLO VI DAC Series 6X, Class B2R | Contego CLO VI DAC Series 6X, Class B2R |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% (3 mo. EUR EURIBOR + 1.600%)<sup>(1),(2)</sup> | 04/15/34 | EUR | 1200000 | 1340364 |
|  Danby Park CLO Ltd. Series 2022-1A, Class AR | Danby Park CLO Ltd. Series 2022-1A, Class AR | Danby Park CLO Ltd. Series 2022-1A, Class AR | Danby Park CLO Ltd. Series 2022-1A, Class AR | Danby Park CLO Ltd. Series 2022-1A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% (3 mo. USD Term SOFR + 1.360%)<sup>(1),(3)</sup> | 10/21/37 |  | $400000 | 399564 |
|  Dryden 108 CLO Ltd. Series 2022-108A, Class A2R | Dryden 108 CLO Ltd. Series 2022-108A, Class A2R | Dryden 108 CLO Ltd. Series 2022-108A, Class A2R | Dryden 108 CLO Ltd. Series 2022-108A, Class A2R | Dryden 108 CLO Ltd. Series 2022-108A, Class A2R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78% (3 mo. USD Term SOFR + 1.510%)<sup>(1),(3)</sup> | 07/18/37 |  | 600000 | 596626 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 | Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 | Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 | Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(3)</sup> | 08/15/31 | $3802600 | $3801284 |
|  Dryden 43 Senior Loan Fund Series 2016-43A, Class AR3 | Dryden 43 Senior Loan Fund Series 2016-43A, Class AR3 | Dryden 43 Senior Loan Fund Series 2016-43A, Class AR3 | Dryden 43 Senior Loan Fund Series 2016-43A, Class AR3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.34% (3 mo. USD Term SOFR + 1.070%)<sup>(1),(3)</sup> | 04/20/34 | 1000000 | 993814 |
|  Dryden 45 Senior Loan Fund Series 2016-45A, Class A1RR | Dryden 45 Senior Loan Fund Series 2016-45A, Class A1RR | Dryden 45 Senior Loan Fund Series 2016-45A, Class A1RR | Dryden 45 Senior Loan Fund Series 2016-45A, Class A1RR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.34% (3 mo. USD Term SOFR + 1.080%)<sup>(1),(3)</sup> | 10/15/30 | 144112 | 144011 |
|  Dryden 55 CLO Ltd. Series 2018-55A, Class A1 | Dryden 55 CLO Ltd. Series 2018-55A, Class A1 | Dryden 55 CLO Ltd. Series 2018-55A, Class A1 | Dryden 55 CLO Ltd. Series 2018-55A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.54% (3 mo. USD Term SOFR + 1.282%)<sup>(1),(3)</sup> | 04/15/31 | 2149681 | 2150712 |
|  Dryden 68 CLO Ltd. Series 2019-68A, Class ARR | Dryden 68 CLO Ltd. Series 2019-68A, Class ARR | Dryden 68 CLO Ltd. Series 2019-68A, Class ARR | Dryden 68 CLO Ltd. Series 2019-68A, Class ARR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.36% (3 mo. USD Term SOFR + 1.100%)<sup>(1),(3)</sup> | 07/15/35 | 5163000 | 5122796 |
|  Dryden 72 CLO Ltd. Series 2019-72A, Class ARR | Dryden 72 CLO Ltd. Series 2019-72A, Class ARR | Dryden 72 CLO Ltd. Series 2019-72A, Class ARR | Dryden 72 CLO Ltd. Series 2019-72A, Class ARR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (3 mo. USD Term SOFR + 1.100%)<sup>(1),(3)</sup> | 05/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439214 |
|  Dryden 80 CLO Ltd. Series 2019-80A, Class AR | Dryden 80 CLO Ltd. Series 2019-80A, Class AR | Dryden 80 CLO Ltd. Series 2019-80A, Class AR | Dryden 80 CLO Ltd. Series 2019-80A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.53% (3 mo. USD Term SOFR + 1.250%)<sup>(1),(3)</sup> | 01/17/33 | 2892375 | 2891854 |
|  Dryden 93 CLO Ltd. Series 2021-93A, Class A1R | Dryden 93 CLO Ltd. Series 2021-93A, Class A1R | Dryden 93 CLO Ltd. Series 2021-93A, Class A1R | Dryden 93 CLO Ltd. Series 2021-93A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% (3 mo. USD Term SOFR + 1.330%)<sup>(1),(3)</sup> | 01/15/38 | 620000 | 618627 |
|  Dryden 94 CLO Ltd. Series 2022-94A, Class AR | Dryden 94 CLO Ltd. Series 2022-94A, Class AR | Dryden 94 CLO Ltd. Series 2022-94A, Class AR | Dryden 94 CLO Ltd. Series 2022-94A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.62% (3 mo. USD Term SOFR + 1.360%)<sup>(1),(3)</sup> | 10/15/37 | 400000 | 399358 |
|  Dryden 95 CLO Ltd. Series 2021-95A, Class BR | Dryden 95 CLO Ltd. Series 2021-95A, Class BR | Dryden 95 CLO Ltd. Series 2021-95A, Class BR | Dryden 95 CLO Ltd. Series 2021-95A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (3 mo. USD Term SOFR + 1.600%)<sup>(1),(3)</sup> | 08/20/34 | 4000000 | 3976280 |
|  Eaton Vance CLO Ltd. Series 2013-1A, Class A13R | Eaton Vance CLO Ltd. Series 2013-1A, Class A13R | Eaton Vance CLO Ltd. Series 2013-1A, Class A13R | Eaton Vance CLO Ltd. Series 2013-1A, Class A13R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% (3 mo. USD Term SOFR + 1.512%)<sup>(1),(3)</sup> | 01/15/34 | 3130000 | 3128435 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Elmwood CLO 15 Ltd. Series 2022-2A, Class A1 | Elmwood CLO 15 Ltd. Series 2022-2A, Class A1 | Elmwood CLO 15 Ltd. Series 2022-2A, Class A1 | Elmwood CLO 15 Ltd. Series 2022-2A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61% (3 mo. USD Term SOFR + 1.340%)<sup>(1),(3)</sup> | 04/22/35 | $2238844 | $2239404 |
|  Elmwood CLO 36 Ltd. Series 2024-12RA, Class AR | Elmwood CLO 36 Ltd. Series 2024-12RA, Class AR | Elmwood CLO 36 Ltd. Series 2024-12RA, Class AR | Elmwood CLO 36 Ltd. Series 2024-12RA, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61% (3 mo. USD Term SOFR + 1.340%)<sup>(1),(3)</sup> | 10/20/37 | 850000 | 849996 |
|  Elmwood CLO III Ltd. Series 2019-3A, Class A2RR | Elmwood CLO III Ltd. Series 2019-3A, Class A2RR | Elmwood CLO III Ltd. Series 2019-3A, Class A2RR | Elmwood CLO III Ltd. Series 2019-3A, Class A2RR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.87% (3 mo. USD Term SOFR + 1.600%)<sup>(1),(3)</sup> | 07/18/37 | 850000 | 848821 |
|  Elmwood CLO IX Ltd. Series 2021-2A, Class AR | Elmwood CLO IX Ltd. Series 2021-2A, Class AR | Elmwood CLO IX Ltd. Series 2021-2A, Class AR | Elmwood CLO IX Ltd. Series 2021-2A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46% (3 mo. USD Term SOFR + 1.140%)<sup>(1),(3)</sup> | 04/20/38 | 2500000 | 2491042 |
|  Elmwood CLO X Ltd. Series 2021-3A, Class A1R | Elmwood CLO X Ltd. Series 2021-3A, Class A1R | Elmwood CLO X Ltd. Series 2021-3A, Class A1R | Elmwood CLO X Ltd. Series 2021-3A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.54% (3 mo. USD Term SOFR + 1.270%)<sup>(1),(3)</sup> | 04/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999991 |
|  Flatiron CLO 20 Ltd. Series 2020-1A, Class AR | Flatiron CLO 20 Ltd. Series 2020-1A, Class AR | Flatiron CLO 20 Ltd. Series 2020-1A, Class AR | Flatiron CLO 20 Ltd. Series 2020-1A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% (3 mo. USD Term SOFR + 1.380%)<sup>(1),(3)</sup> | 05/20/36 | 482000 | 482224 |
|  Flatiron CLO 25 Ltd. Series 2024-2A, Class A | Flatiron CLO 25 Ltd. Series 2024-2A, Class A | Flatiron CLO 25 Ltd. Series 2024-2A, Class A | Flatiron CLO 25 Ltd. Series 2024-2A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% (3 mo. USD Term SOFR + 1.350%)<sup>(1),(3)</sup> | 10/17/37 | 850000 | 846427 |
|  Galaxy XXII CLO Ltd. Series 2016-22A, Class ARRR | Galaxy XXII CLO Ltd. Series 2016-22A, Class ARRR | Galaxy XXII CLO Ltd. Series 2016-22A, Class ARRR | Galaxy XXII CLO Ltd. Series 2016-22A, Class ARRR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% (3 mo. USD Term SOFR + 1.240%)<sup>(1),(3)</sup> | 04/16/34 | 1900000 | 1892299 |
|  GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR | GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR | GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR | GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% (3 mo. USD Term SOFR + 1.080%)<sup>(1),(3)</sup> | 10/20/34 | 250000 | 248629 |
|  GoldenTree Loan Management U.S. CLO 12 Ltd. Series 2022-12A, Class B1R | GoldenTree Loan Management U.S. CLO 12 Ltd. Series 2022-12A, Class B1R | GoldenTree Loan Management U.S. CLO 12 Ltd. Series 2022-12A, Class B1R | GoldenTree Loan Management U.S. CLO 12 Ltd. Series 2022-12A, Class B1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% (3 mo. USD Term SOFR + 1.650%)<sup>(1),(3)</sup> | 07/20/37 | 250000 | 248495 |
|  GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class A | GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class A | GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class A | GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(3)</sup> | 04/20/37 | 500000 | 500638 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  GoldenTree Loan Management U.S. CLO 7 Ltd. Series 2020-7A, Class ARR | GoldenTree Loan Management U.S. CLO 7 Ltd. Series 2020-7A, Class ARR | GoldenTree Loan Management U.S. CLO 7 Ltd. Series 2020-7A, Class ARR | GoldenTree Loan Management U.S. CLO 7 Ltd. Series 2020-7A, Class ARR | GoldenTree Loan Management U.S. CLO 7 Ltd. Series 2020-7A, Class ARR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.37% (3 mo. USD Term SOFR + 1.100%)<sup>(1),(3)</sup> | 04/20/34 |  | $2850000 | $2839652 |
|  GoldenTree Loan Management U.S. CLO 8 Ltd. Series 2020-8A, Class ARR | GoldenTree Loan Management U.S. CLO 8 Ltd. Series 2020-8A, Class ARR | GoldenTree Loan Management U.S. CLO 8 Ltd. Series 2020-8A, Class ARR | GoldenTree Loan Management U.S. CLO 8 Ltd. Series 2020-8A, Class ARR | GoldenTree Loan Management U.S. CLO 8 Ltd. Series 2020-8A, Class ARR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(3)</sup> | 10/20/34 |  | 1130000 | 1124499 |
|  GoldenTree Loan Management U.S. CLO 9 Ltd. Series 2021-9A, Class AR | GoldenTree Loan Management U.S. CLO 9 Ltd. Series 2021-9A, Class AR | GoldenTree Loan Management U.S. CLO 9 Ltd. Series 2021-9A, Class AR | GoldenTree Loan Management U.S. CLO 9 Ltd. Series 2021-9A, Class AR | GoldenTree Loan Management U.S. CLO 9 Ltd. Series 2021-9A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(3)</sup> | 04/20/37 |  | 550000 | 550782 |
|  Golub Capital Partners CLO 53B Ltd. Series 2021-53A, Class AR | Golub Capital Partners CLO 53B Ltd. Series 2021-53A, Class AR | Golub Capital Partners CLO 53B Ltd. Series 2021-53A, Class AR | Golub Capital Partners CLO 53B Ltd. Series 2021-53A, Class AR | Golub Capital Partners CLO 53B Ltd. Series 2021-53A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29% (3 mo. USD Term SOFR + 0.980%)<sup>(1),(3)</sup> | 07/20/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5451875 |
|  Golub Capital Partners CLO 60B Ltd. Series 2022-60A, Class AR | Golub Capital Partners CLO 60B Ltd. Series 2022-60A, Class AR | Golub Capital Partners CLO 60B Ltd. Series 2022-60A, Class AR | Golub Capital Partners CLO 60B Ltd. Series 2022-60A, Class AR | Golub Capital Partners CLO 60B Ltd. Series 2022-60A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% (3 mo. USD Term SOFR + 1.310%)<sup>(1),(3)</sup> | 10/25/34 |  | 500000 | 498830 |
|  Golub Capital Partners CLO 66B Ltd. Series 2023-66A, Class A | Golub Capital Partners CLO 66B Ltd. Series 2023-66A, Class A | Golub Capital Partners CLO 66B Ltd. Series 2023-66A, Class A | Golub Capital Partners CLO 66B Ltd. Series 2023-66A, Class A | Golub Capital Partners CLO 66B Ltd. Series 2023-66A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.23% (3 mo. USD Term SOFR + 1.950%)<sup>(1),(3)</sup> | 04/25/36 |  | 400000 | 400338 |
|  Golub Capital Partners CLO 76 B Ltd. Series 2024-76A, Class B | Golub Capital Partners CLO 76 B Ltd. Series 2024-76A, Class B | Golub Capital Partners CLO 76 B Ltd. Series 2024-76A, Class B | Golub Capital Partners CLO 76 B Ltd. Series 2024-76A, Class B | Golub Capital Partners CLO 76 B Ltd. Series 2024-76A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% (3 mo. USD Term SOFR + 1.670%)<sup>(1),(3)</sup> | 10/25/37 |  | 750000 | 740509 |
|  Harbor Park CLO 18-1 Ltd. Series 2018-1A, Class B1R | Harbor Park CLO 18-1 Ltd. Series 2018-1A, Class B1R | Harbor Park CLO 18-1 Ltd. Series 2018-1A, Class B1R | Harbor Park CLO 18-1 Ltd. Series 2018-1A, Class B1R | Harbor Park CLO 18-1 Ltd. Series 2018-1A, Class B1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.97% (3 mo. USD Term SOFR + 1.700%)<sup>(1),(3)</sup> | 01/20/31 |  | 840000 | 840000 |
|  Hartwick Park CLO Ltd. Series 2023-1A, Class AR | Hartwick Park CLO Ltd. Series 2023-1A, Class AR | Hartwick Park CLO Ltd. Series 2023-1A, Class AR | Hartwick Park CLO Ltd. Series 2023-1A, Class AR | Hartwick Park CLO Ltd. Series 2023-1A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% (3 mo. USD Term SOFR + 1.160%)<sup>(1),(3)</sup> | 01/20/37 |  | 1000000 | 993779 |
|  Henley CLO I DAC Series 1X, Class B1R | Henley CLO I DAC Series 1X, Class B1R | Henley CLO I DAC Series 1X, Class B1R | Henley CLO I DAC Series 1X, Class B1R | Henley CLO I DAC Series 1X, Class B1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81% (3 mo. EUR EURIBOR + 1.650%)<sup>(1),(2)</sup> | 07/25/34 | EUR | 850000 | 953632 |
|  HPS Loan Management Ltd. Series 15A-19, Class A1R | HPS Loan Management Ltd. Series 15A-19, Class A1R | HPS Loan Management Ltd. Series 15A-19, Class A1R | HPS Loan Management Ltd. Series 15A-19, Class A1R | HPS Loan Management Ltd. Series 15A-19, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% (3 mo. USD Term SOFR + 1.320%)<sup>(1),(3)</sup> | 01/22/35 |  | $530000 | 528678 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Invesco CLO Ltd. Series 2021-2A, Class A | Invesco CLO Ltd. Series 2021-2A, Class A | Invesco CLO Ltd. Series 2021-2A, Class A | Invesco CLO Ltd. Series 2021-2A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64% (3 mo. USD Term SOFR + 1.382%)<sup>(1),(3)</sup> | 07/15/34 | $595000 | $595446 |
|  Invesco U.S. CLO Ltd. Series 2023-1A, Class BR | Invesco U.S. CLO Ltd. Series 2023-1A, Class BR | Invesco U.S. CLO Ltd. Series 2023-1A, Class BR | Invesco U.S. CLO Ltd. Series 2023-1A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (3 mo. USD Term SOFR + 2.050%)<sup>(1),(3)</sup> | 04/22/37 | 250000 | 250431 |
|  Invesco U.S. CLO Ltd. Series 2024-4A, Class A1 | Invesco U.S. CLO Ltd. Series 2024-4A, Class A1 | Invesco U.S. CLO Ltd. Series 2024-4A, Class A1 | Invesco U.S. CLO Ltd. Series 2024-4A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% (3 mo. USD Term SOFR + 1.330%)<sup>(1),(3)</sup> | 01/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | 998800 |
|  Kings Park CLO Ltd. Series 2021-1A, Class A | Kings Park CLO Ltd. Series 2021-1A, Class A | Kings Park CLO Ltd. Series 2021-1A, Class A | Kings Park CLO Ltd. Series 2021-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.66% (3 mo. USD Term SOFR + 1.392%)<sup>(1),(3)</sup> | 01/21/35 | 300000 | 300070 |
|  LCM 29 Ltd. Series 29A, Class AR | LCM 29 Ltd. Series 29A, Class AR | LCM 29 Ltd. Series 29A, Class AR | LCM 29 Ltd. Series 29A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% (3 mo. USD Term SOFR + 1.332%)<sup>(1),(3)</sup> | 04/15/31 | 1657275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656553 |
|  LCM 34 Ltd. Series 34A, Class A1 | LCM 34 Ltd. Series 34A, Class A1 | LCM 34 Ltd. Series 34A, Class A1 | LCM 34 Ltd. Series 34A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% (3 mo. USD Term SOFR + 1.432%)<sup>(1),(3)</sup> | 10/20/34 | 1400000 | 1397809 |
|  LCM 35 Ltd. Series 35A, Class BR | LCM 35 Ltd. Series 35A, Class BR | LCM 35 Ltd. Series 35A, Class BR | LCM 35 Ltd. Series 35A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.91% (3 mo. USD Term SOFR + 1.650%)<sup>(1),(3)</sup> | 10/15/34 | 1000000 | 991700 |
|  LCM 37 Ltd. Series 37A, Class A1R | LCM 37 Ltd. Series 37A, Class A1R | LCM 37 Ltd. Series 37A, Class A1R | LCM 37 Ltd. Series 37A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% (3 mo. USD Term SOFR + 1.060%)<sup>(1),(3)</sup> | 04/15/34 | 1000000 | 997588 |
|  LCM 40 Ltd. Series 40A, Class A1R | LCM 40 Ltd. Series 40A, Class A1R | LCM 40 Ltd. Series 40A, Class A1R | LCM 40 Ltd. Series 40A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% (3 mo. USD Term SOFR + 1.370%)<sup>(1),(3)</sup> | 01/15/38 | 1000000 | 1000000 |
|  Madison Park Funding LIX Ltd. Series 2021-59A, Class A1R | Madison Park Funding LIX Ltd. Series 2021-59A, Class A1R | Madison Park Funding LIX Ltd. Series 2021-59A, Class A1R | Madison Park Funding LIX Ltd. Series 2021-59A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(3)</sup> | 04/18/37 | 395000 | 395500 |
|  Madison Park Funding LXVII Ltd. Series 2024-67A, Class A1 | Madison Park Funding LXVII Ltd. Series 2024-67A, Class A1 | Madison Park Funding LXVII Ltd. Series 2024-67A, Class A1 | Madison Park Funding LXVII Ltd. Series 2024-67A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.79% (3 mo. USD Term SOFR + 1.510%)<sup>(1),(3)</sup> | 04/25/37 | 850000 | 851407 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Madison Park Funding XLIX Ltd. Series 2021-49A, Class AR | Madison Park Funding XLIX Ltd. Series 2021-49A, Class AR | Madison Park Funding XLIX Ltd. Series 2021-49A, Class AR | Madison Park Funding XLIX Ltd. Series 2021-49A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% (3 mo. USD Term SOFR + 1.050%)<sup>(1),(3)</sup> | 10/19/34 | $5500000 | $5468518 |
|  Madison Park Funding XLV Ltd. Series 2020-45A, Class ARR | Madison Park Funding XLV Ltd. Series 2020-45A, Class ARR | Madison Park Funding XLV Ltd. Series 2020-45A, Class ARR | Madison Park Funding XLV Ltd. Series 2020-45A, Class ARR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.34% (3 mo. USD Term SOFR + 1.080%)<sup>(1),(3)</sup> | 07/15/34 | 1000000 | 993477 |
|  Madison Park Funding XLVI Ltd. Series 2020-46A, Class ARR | Madison Park Funding XLVI Ltd. Series 2020-46A, Class ARR | Madison Park Funding XLVI Ltd. Series 2020-46A, Class ARR | Madison Park Funding XLVI Ltd. Series 2020-46A, Class ARR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.26% (3 mo. USD Term SOFR + 1.000%)<sup>(1),(3)</sup> | 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4967440 |
|  Madison Park Funding XXIII Ltd. Series 2017-23A, Class AR | Madison Park Funding XXIII Ltd. Series 2017-23A, Class AR | Madison Park Funding XXIII Ltd. Series 2017-23A, Class AR | Madison Park Funding XXIII Ltd. Series 2017-23A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.51% (3 mo. USD Term SOFR + 1.232%)<sup>(1),(3)</sup> | 07/27/31 | 2741765 | 2741079 |
|  Madison Park Funding XXVII Ltd. Series 2018-27A, Class A2R | Madison Park Funding XXVII Ltd. Series 2018-27A, Class A2R | Madison Park Funding XXVII Ltd. Series 2018-27A, Class A2R | Madison Park Funding XXVII Ltd. Series 2018-27A, Class A2R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(3)</sup> | 04/20/38 | 2250000 | 2234556 |
|  Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2 | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2 | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2 | Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.79% (3 mo. USD Term SOFR + 1.530%)<sup>(1),(3)</sup> | 04/15/37 | 850000 | 851191 |
|  Madison Park Funding XXXVIII Ltd. Series 2021-38A, Class A | Madison Park Funding XXXVIII Ltd. Series 2021-38A, Class A | Madison Park Funding XXXVIII Ltd. Series 2021-38A, Class A | Madison Park Funding XXXVIII Ltd. Series 2021-38A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.66% (3 mo. USD Term SOFR + 1.382%)<sup>(1),(3)</sup> | 07/17/34 | 1000000 | 1000260 |
|  Magnetite XIX Ltd. Series 2017-19A, Class B1RR | Magnetite XIX Ltd. Series 2017-19A, Class B1RR | Magnetite XIX Ltd. Series 2017-19A, Class B1RR | Magnetite XIX Ltd. Series 2017-19A, Class B1RR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.73% (3 mo. USD Term SOFR + 1.450%)<sup>(1),(3)</sup> | 04/17/34 | 500000 | 494585 |
|  Magnetite XXV Ltd. Series 2020-25A, Class A | Magnetite XXV Ltd. Series 2020-25A, Class A | Magnetite XXV Ltd. Series 2020-25A, Class A | Magnetite XXV Ltd. Series 2020-25A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.74% (3 mo. USD Term SOFR + 1.462%)<sup>(1),(3)</sup> | 01/25/32 | 590778 | 591609 |
|  Magnetite XXVII Ltd. Series 2020-27A, Class AR | Magnetite XXVII Ltd. Series 2020-27A, Class AR | Magnetite XXVII Ltd. Series 2020-27A, Class AR | Magnetite XXVII Ltd. Series 2020-27A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67% (3 mo. USD Term SOFR + 1.402%)<sup>(1),(3)</sup> | 10/20/34 | 278000 | 278172 |
|  Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class AR3 | Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class AR3 | Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class AR3 | Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class AR3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67% (3 mo. USD Term SOFR + 1.400%)<sup>(1),(3)</sup> | 07/22/38 | 400000 | 400468 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Neuberger Berman Loan Advisers CLO 36 Ltd. Series 2020-36A, Class BR2 | Neuberger Berman Loan Advisers CLO 36 Ltd. Series 2020-36A, Class BR2 | Neuberger Berman Loan Advisers CLO 36 Ltd. Series 2020-36A, Class BR2 | Neuberger Berman Loan Advisers CLO 36 Ltd. Series 2020-36A, Class BR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (3 mo. USD Term SOFR + 1.800%)<sup>(1),(3)</sup> | 04/20/33 | $2000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997318 |
|  Neuberger Berman Loan Advisers CLO 52 Ltd. Series 2022-52A, Class AR | Neuberger Berman Loan Advisers CLO 52 Ltd. Series 2022-52A, Class AR | Neuberger Berman Loan Advisers CLO 52 Ltd. Series 2022-52A, Class AR | Neuberger Berman Loan Advisers CLO 52 Ltd. Series 2022-52A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% (3 mo. USD Term SOFR + 1.350%)<sup>(1),(3)</sup> | 10/24/38 | 850000 | 850487 |
|  Neuberger Berman Loan Advisers CLO Ltd. Series 2022-49A, Class AR | Neuberger Berman Loan Advisers CLO Ltd. Series 2022-49A, Class AR | Neuberger Berman Loan Advisers CLO Ltd. Series 2022-49A, Class AR | Neuberger Berman Loan Advisers CLO Ltd. Series 2022-49A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(3)</sup> | 07/25/35 | 250000 | 249492 |
|  Oak Hill Credit Partners X-R Ltd. Series 2014-10RA, Class AR2 | Oak Hill Credit Partners X-R Ltd. Series 2014-10RA, Class AR2 | Oak Hill Credit Partners X-R Ltd. Series 2014-10RA, Class AR2 | Oak Hill Credit Partners X-R Ltd. Series 2014-10RA, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% (3 mo. USD Term SOFR + 1.130%)<sup>(1),(3)</sup> | 04/20/38 | 5500000 | 5461137 |
|  OCP Aegis CLO Ltd. Series 2023-29A, Class BR | OCP Aegis CLO Ltd. Series 2023-29A, Class BR | OCP Aegis CLO Ltd. Series 2023-29A, Class BR | OCP Aegis CLO Ltd. Series 2023-29A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82% (3 mo. USD Term SOFR + 1.550%)<sup>(1),(3)</sup> | 01/20/36 | 500000 | 497997 |
|  OCP CLO Ltd. Series 2016-11A, Class B1R2 | OCP CLO Ltd. Series 2016-11A, Class B1R2 | OCP CLO Ltd. Series 2016-11A, Class B1R2 | OCP CLO Ltd. Series 2016-11A, Class B1R2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.23% (3 mo. USD Term SOFR + 1.950%)<sup>(1),(3)</sup> | 04/26/36 | 825000 | 824162 |
|  OCP CLO Ltd. Series 2021-22A, Class AR | OCP CLO Ltd. Series 2021-22A, Class AR | OCP CLO Ltd. Series 2021-22A, Class AR | OCP CLO Ltd. Series 2021-22A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.62% (3 mo. USD Term SOFR + 1.350%)<sup>(1),(3)</sup> | 10/20/37 | 850000 | 848717 |
|  OCP CLO Ltd. Series 2021-23A, Class AR | OCP CLO Ltd. Series 2021-23A, Class AR | OCP CLO Ltd. Series 2021-23A, Class AR | OCP CLO Ltd. Series 2021-23A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.44% (3 mo. USD Term SOFR + 1.160%)<sup>(1),(3)</sup> | 01/17/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | 991791 |
|  Octagon 66 Ltd. Series 2022-1A, Class A1R | Octagon 66 Ltd. Series 2022-1A, Class A1R | Octagon 66 Ltd. Series 2022-1A, Class A1R | Octagon 66 Ltd. Series 2022-1A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (3 mo. USD Term SOFR + 1.750%)<sup>(1),(3)</sup> | 11/16/36 | 300000 | 300633 |
|  Octagon Investment Partners 18-R Ltd. Series 2018-18A, Class A1A | Octagon Investment Partners 18-R Ltd. Series 2018-18A, Class A1A | Octagon Investment Partners 18-R Ltd. Series 2018-18A, Class A1A | Octagon Investment Partners 18-R Ltd. Series 2018-18A, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.48% (3 mo. USD Term SOFR + 1.222%)<sup>(1),(3)</sup> | 04/16/31 | 880089 | 880279 |
|  Octagon Investment Partners 29 Ltd. Series 2016-1A, Class A1R2 | Octagon Investment Partners 29 Ltd. Series 2016-1A, Class A1R2 | Octagon Investment Partners 29 Ltd. Series 2016-1A, Class A1R2 | Octagon Investment Partners 29 Ltd. Series 2016-1A, Class A1R2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.69% (3 mo. USD Term SOFR + 1.420%)<sup>(1),(3)</sup> | 07/18/37 | 850000 | 850660 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Octagon Investment Partners 40 Ltd. Series 2019-1A, Class A2RR | Octagon Investment Partners 40 Ltd. Series 2019-1A, Class A2RR | Octagon Investment Partners 40 Ltd. Series 2019-1A, Class A2RR | Octagon Investment Partners 40 Ltd. Series 2019-1A, Class A2RR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.57% (3 mo. USD Term SOFR + 1.300%)<sup>(1),(3),(4)</sup> | 01/20/35 | $2000000 | $1978578 |
|  Octagon Investment Partners 41 Ltd. Series 2019-2A, Class A2R2 | Octagon Investment Partners 41 Ltd. Series 2019-2A, Class A2R2 | Octagon Investment Partners 41 Ltd. Series 2019-2A, Class A2R2 | Octagon Investment Partners 41 Ltd. Series 2019-2A, Class A2R2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86% (3 mo. USD Term SOFR + 1.600%)<sup>(1),(3)</sup> | 10/15/33 | 2000000 | 1997640 |
|  Octagon Investment Partners 45 Ltd. Series 2019-1A, Class BR | Octagon Investment Partners 45 Ltd. Series 2019-1A, Class BR | Octagon Investment Partners 45 Ltd. Series 2019-1A, Class BR | Octagon Investment Partners 45 Ltd. Series 2019-1A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.11% (3 mo. USD Term SOFR + 1.850%)<sup>(1),(3)</sup> | 04/15/35 | 770000 | 762276 |
|  Octagon Investment Partners 51 Ltd. Series 2021-1A, Class AR | Octagon Investment Partners 51 Ltd. Series 2021-1A, Class AR | Octagon Investment Partners 51 Ltd. Series 2021-1A, Class AR | Octagon Investment Partners 51 Ltd. Series 2021-1A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.26% (3 mo. USD Term SOFR + 0.990%)<sup>(1),(3)</sup> | 07/20/34 | 5500000 | 5469750 |
|  Octagon Investment Partners XV Ltd. Series 2013-1A, Class A2R | Octagon Investment Partners XV Ltd. Series 2013-1A, Class A2R | Octagon Investment Partners XV Ltd. Series 2013-1A, Class A2R | Octagon Investment Partners XV Ltd. Series 2013-1A, Class A2R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% (3 mo. USD Term SOFR + 1.612%)<sup>(1),(3)</sup> | 07/19/30 | 400000 | 399614 |
|  Octagon Investment Partners XXI Ltd. Series 2014-1A, Class A2R4 | Octagon Investment Partners XXI Ltd. Series 2014-1A, Class A2R4 | Octagon Investment Partners XXI Ltd. Series 2014-1A, Class A2R4 | Octagon Investment Partners XXI Ltd. Series 2014-1A, Class A2R4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(3)</sup> | 02/14/31 | 5500000 | 5449779 |
|  OHA Credit Funding 1 Ltd. Series 2018-1A, Class B1R | OHA Credit Funding 1 Ltd. Series 2018-1A, Class B1R | OHA Credit Funding 1 Ltd. Series 2018-1A, Class B1R | OHA Credit Funding 1 Ltd. Series 2018-1A, Class B1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.27% (3 mo. USD Term SOFR + 2.000%)<sup>(1),(3)</sup> | 04/20/37 | 250000 | 250671 |
|  OHA Credit Funding 4 Ltd. Series 2019-4A, Class AR2 | OHA Credit Funding 4 Ltd. Series 2019-4A, Class AR2 | OHA Credit Funding 4 Ltd. Series 2019-4A, Class AR2 | OHA Credit Funding 4 Ltd. Series 2019-4A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.56% (3 mo. USD Term SOFR + 1.290%)<sup>(1),(3)</sup> | 01/22/38 | 1000000 | 997279 |
|  OHA Credit Funding 5 Ltd. Series 2020-5A, Class AR | OHA Credit Funding 5 Ltd. Series 2020-5A, Class AR | OHA Credit Funding 5 Ltd. Series 2020-5A, Class AR | OHA Credit Funding 5 Ltd. Series 2020-5A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.62% (3 mo. USD Term SOFR + 1.350%)<sup>(1),(3)</sup> | 10/18/37 | 400000 | 400191 |
|  Palmer Square CLO Ltd. Series 2019-1A, Class A1R | Palmer Square CLO Ltd. Series 2019-1A, Class A1R | Palmer Square CLO Ltd. Series 2019-1A, Class A1R | Palmer Square CLO Ltd. Series 2019-1A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.73% (3 mo. USD Term SOFR + 1.412%)<sup>(1),(3)</sup> | 11/14/34 | 3500000 | 3501204 |
|  Palmer Square CLO Ltd. Series 2022-1A, Class A | Palmer Square CLO Ltd. Series 2022-1A, Class A | Palmer Square CLO Ltd. Series 2022-1A, Class A | Palmer Square CLO Ltd. Series 2022-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% (3 mo. USD Term SOFR + 1.320%)<sup>(1),(3)</sup> | 04/20/35 | 1180000 | 1180649 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  Palmer Square CLO Ltd. Series 2024-2A, Class A1 | Palmer Square CLO Ltd. Series 2024-2A, Class A1 | Palmer Square CLO Ltd. Series 2024-2A, Class A1 | Palmer Square CLO Ltd. Series 2024-2A, Class A1 | Palmer Square CLO Ltd. Series 2024-2A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67% (3 mo. USD Term SOFR + 1.400%)<sup>(1),(3)</sup> | 07/20/37 |  | $500000 | $499745 |
|  Palmer Square CLO Ltd. Series 2024-4A, Class A2 | Palmer Square CLO Ltd. Series 2024-4A, Class A2 | Palmer Square CLO Ltd. Series 2024-4A, Class A2 | Palmer Square CLO Ltd. Series 2024-4A, Class A2 | Palmer Square CLO Ltd. Series 2024-4A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(3)</sup> | 01/15/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | 995631 |
|  Palmer Square European CLO DAC Series 2021-1X, Class B | Palmer Square European CLO DAC Series 2021-1X, Class B | Palmer Square European CLO DAC Series 2021-1X, Class B | Palmer Square European CLO DAC Series 2021-1X, Class B | Palmer Square European CLO DAC Series 2021-1X, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% (3 mo. EUR EURIBOR + 1.350%)<sup>(1),(2)</sup> | 04/15/34 | EUR | 900000 | 984224 |
|  Palmer Square Loan Funding Ltd. Series 2023-2A, Class A2R | Palmer Square Loan Funding Ltd. Series 2023-2A, Class A2R | Palmer Square Loan Funding Ltd. Series 2023-2A, Class A2R | Palmer Square Loan Funding Ltd. Series 2023-2A, Class A2R | Palmer Square Loan Funding Ltd. Series 2023-2A, Class A2R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(3)</sup> | 01/25/32 |  | 4000000 | 4002068 |
|  Point Au Roche Park CLO Ltd. Series 2021-1A, Class A | Point Au Roche Park CLO Ltd. Series 2021-1A, Class A | Point Au Roche Park CLO Ltd. Series 2021-1A, Class A | Point Au Roche Park CLO Ltd. Series 2021-1A, Class A | Point Au Roche Park CLO Ltd. Series 2021-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61% (3 mo. USD Term SOFR + 1.342%)<sup>(1),(3)</sup> | 07/20/34 |  | 1100000 | 1099448 |
|  Providus CLO III DAC Series 3X, Class B1R | Providus CLO III DAC Series 3X, Class B1R | Providus CLO III DAC Series 3X, Class B1R | Providus CLO III DAC Series 3X, Class B1R | Providus CLO III DAC Series 3X, Class B1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89% (3 mo. EUR EURIBOR + 1.650%)<sup>(1),(2)</sup> | 07/18/34 |  | 400000 | 447232 |
|  RAD CLO 21 Ltd. Series 2023-21A, Class A1R | RAD CLO 21 Ltd. Series 2023-21A, Class A1R | RAD CLO 21 Ltd. Series 2023-21A, Class A1R | RAD CLO 21 Ltd. Series 2023-21A, Class A1R | RAD CLO 21 Ltd. Series 2023-21A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% (3 mo. USD Term SOFR + 1.070%)<sup>(1),(3),(4)</sup> | 01/25/37 |  | $5500000 | 5445396 |
|  RAD CLO 22 Ltd. Series 2023-22A, Class A1 | RAD CLO 22 Ltd. Series 2023-22A, Class A1 | RAD CLO 22 Ltd. Series 2023-22A, Class A1 | RAD CLO 22 Ltd. Series 2023-22A, Class A1 | RAD CLO 22 Ltd. Series 2023-22A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10% (3 mo. USD Term SOFR + 1.830%)<sup>(1),(3)</sup> | 01/20/37 |  | 400000 | 401057 |
|  RAD CLO 26 Ltd. Series 2024-26A, Class A | RAD CLO 26 Ltd. Series 2024-26A, Class A | RAD CLO 26 Ltd. Series 2024-26A, Class A | RAD CLO 26 Ltd. Series 2024-26A, Class A | RAD CLO 26 Ltd. Series 2024-26A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64% (3 mo. USD Term SOFR + 1.370%)<sup>(1),(3)</sup> | 10/20/37 |  | 400000 | 398318 |
|  Recette CLO Ltd. Series 2015-1A, Class ARR | Recette CLO Ltd. Series 2015-1A, Class ARR | Recette CLO Ltd. Series 2015-1A, Class ARR | Recette CLO Ltd. Series 2015-1A, Class ARR | Recette CLO Ltd. Series 2015-1A, Class ARR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61% (3 mo. USD Term SOFR + 1.342%)<sup>(1),(3)</sup> | 04/20/34 |  | 250000 | 249625 |
|  Regatta XIV Funding Ltd. Series 2018-3A, Class BR | Regatta XIV Funding Ltd. Series 2018-3A, Class BR | Regatta XIV Funding Ltd. Series 2018-3A, Class BR | Regatta XIV Funding Ltd. Series 2018-3A, Class BR | Regatta XIV Funding Ltd. Series 2018-3A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(3)</sup> | 10/25/31 |  | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188923 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  Regatta XVI Funding Ltd. Series 2019-2A, Class A1R | Regatta XVI Funding Ltd. Series 2019-2A, Class A1R | Regatta XVI Funding Ltd. Series 2019-2A, Class A1R | Regatta XVI Funding Ltd. Series 2019-2A, Class A1R | Regatta XVI Funding Ltd. Series 2019-2A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46% (3 mo. USD Term SOFR + 1.200%)<sup>(1),(3)</sup> | 01/15/33 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849795 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850671 |
|  Regatta XXVII Funding Ltd. Series 2024-1A, Class A1 | Regatta XXVII Funding Ltd. Series 2024-1A, Class A1 | Regatta XXVII Funding Ltd. Series 2024-1A, Class A1 | Regatta XXVII Funding Ltd. Series 2024-1A, Class A1 | Regatta XXVII Funding Ltd. Series 2024-1A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81% (3 mo. USD Term SOFR + 1.530%)<sup>(1),(3)</sup> | 04/26/37 |  | 250000 | 250427 |
|  Rockford Tower CLO Ltd. Series 2018-1A, Class A | Rockford Tower CLO Ltd. Series 2018-1A, Class A | Rockford Tower CLO Ltd. Series 2018-1A, Class A | Rockford Tower CLO Ltd. Series 2018-1A, Class A | Rockford Tower CLO Ltd. Series 2018-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% (3 mo. USD Term SOFR + 1.362%)<sup>(1),(3)</sup> | 05/20/31 |  | 3860588 | 3861753 |
|  Rockford Tower CLO Ltd. Series 2019-2A, Class AR2 | Rockford Tower CLO Ltd. Series 2019-2A, Class AR2 | Rockford Tower CLO Ltd. Series 2019-2A, Class AR2 | Rockford Tower CLO Ltd. Series 2019-2A, Class AR2 | Rockford Tower CLO Ltd. Series 2019-2A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% (3 mo. USD Term SOFR + 1.130%)<sup>(1),(3)</sup> | 08/20/32 |  | 1079416 | 1077625 |
|  Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR | Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR | Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR | Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR | Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.36% (3 mo. USD Term SOFR + 1.090%)<sup>(1),(3)</sup> | 01/20/36 |  | 1600000 | 1588517 |
|  Rockford Tower CLO Ltd. Series 2025-1A, Class A1 | Rockford Tower CLO Ltd. Series 2025-1A, Class A1 | Rockford Tower CLO Ltd. Series 2025-1A, Class A1 | Rockford Tower CLO Ltd. Series 2025-1A, Class A1 | Rockford Tower CLO Ltd. Series 2025-1A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47% (3 mo. USD Term SOFR + 1.210%)<sup>(1),(3)</sup> | 03/31/38 |  | 5500000 | 5465350 |
|  Rockford Tower Europe CLO DAC Series 2019-1A, Class B1R | Rockford Tower Europe CLO DAC Series 2019-1A, Class B1R | Rockford Tower Europe CLO DAC Series 2019-1A, Class B1R | Rockford Tower Europe CLO DAC Series 2019-1A, Class B1R | Rockford Tower Europe CLO DAC Series 2019-1A, Class B1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34% (3 mo. EUR EURIBOR + 2.100%)<sup>(1),(3)</sup> | 01/20/38 | EUR | 750000 | 850227 |
|  RR 26 Ltd. Series 2023-26A, Class A1R | RR 26 Ltd. Series 2023-26A, Class A1R | RR 26 Ltd. Series 2023-26A, Class A1R | RR 26 Ltd. Series 2023-26A, Class A1R | RR 26 Ltd. Series 2023-26A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% (3 mo. USD Term SOFR + 1.120%)<sup>(1),(3)</sup> | 04/15/38 |  | $5500000 | 5453360 |
|  RR 27 Ltd. Series 2023-27A, Class A1B | RR 27 Ltd. Series 2023-27A, Class A1B | RR 27 Ltd. Series 2023-27A, Class A1B | RR 27 Ltd. Series 2023-27A, Class A1B | RR 27 Ltd. Series 2023-27A, Class A1B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.21% (3 mo. USD Term SOFR + 1.950%)<sup>(1),(3)</sup> | 10/15/35 |  | 500000 | 500671 |
|  RR 8 Ltd. Series 2020-8A, Class A2R | RR 8 Ltd. Series 2020-8A, Class A2R | RR 8 Ltd. Series 2020-8A, Class A2R | RR 8 Ltd. Series 2020-8A, Class A2R | RR 8 Ltd. Series 2020-8A, Class A2R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.96% (3 mo. USD Term SOFR + 1.700%)<sup>(1),(3)</sup> | 07/15/37 |  | 500000 | 499478 |
|  Sixth Street CLO VIII Ltd. Series 2017-8A, Class A1R2 | Sixth Street CLO VIII Ltd. Series 2017-8A, Class A1R2 | Sixth Street CLO VIII Ltd. Series 2017-8A, Class A1R2 | Sixth Street CLO VIII Ltd. Series 2017-8A, Class A1R2 | Sixth Street CLO VIII Ltd. Series 2017-8A, Class A1R2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(3)</sup> | 10/20/34 |  | 1000000 | 994696 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Sixth Street CLO XVII Ltd. Series 2021-17A, Class A1R | Sixth Street CLO XVII Ltd. Series 2021-17A, Class A1R | Sixth Street CLO XVII Ltd. Series 2021-17A, Class A1R | Sixth Street CLO XVII Ltd. Series 2021-17A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(3)</sup> | 04/17/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479000 |
|  Sixth Street CLO XXI Ltd. Series 2022-21A, Class AR | Sixth Street CLO XXI Ltd. Series 2022-21A, Class AR | Sixth Street CLO XXI Ltd. Series 2022-21A, Class AR | Sixth Street CLO XXI Ltd. Series 2022-21A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64% (3 mo. USD Term SOFR + 1.370%)<sup>(1),(3)</sup> | 10/21/37 | 2000000 | 1995760 |
|  Southwick Park CLO LLC Series 2019-4A, Class A1R | Southwick Park CLO LLC Series 2019-4A, Class A1R | Southwick Park CLO LLC Series 2019-4A, Class A1R | Southwick Park CLO LLC Series 2019-4A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% (3 mo. USD Term SOFR + 1.322%)<sup>(1),(3)</sup> | 07/20/32 | 967571 | 968108 |
|  Symphony CLO 35 Ltd. Series 2022-35A, Class AR | Symphony CLO 35 Ltd. Series 2022-35A, Class AR | Symphony CLO 35 Ltd. Series 2022-35A, Class AR | Symphony CLO 35 Ltd. Series 2022-35A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (3 mo. USD Term SOFR + 1.700%)<sup>(1),(3)</sup> | 10/24/36 | 400000 | 400480 |
|  Symphony CLO 43 Ltd. Series 2024-43A, Class A1 | Symphony CLO 43 Ltd. Series 2024-43A, Class A1 | Symphony CLO 43 Ltd. Series 2024-43A, Class A1 | Symphony CLO 43 Ltd. Series 2024-43A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78% (3 mo. USD Term SOFR + 1.520%)<sup>(1),(3)</sup> | 04/15/37 | 850000 | 850689 |
|  Symphony CLO XVIII Ltd. Series 2016-18A, Class A1R3 | Symphony CLO XVIII Ltd. Series 2016-18A, Class A1R3 | Symphony CLO XVIII Ltd. Series 2016-18A, Class A1R3 | Symphony CLO XVIII Ltd. Series 2016-18A, Class A1R3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% (3 mo. USD Term SOFR + 1.100%)<sup>(1),(3)</sup> | 07/23/33 | 2947574 | 2941488 |
|  Symphony CLO XXII Ltd. Series 2020-22A, Class A1AR | Symphony CLO XXII Ltd. Series 2020-22A, Class A1AR | Symphony CLO XXII Ltd. Series 2020-22A, Class A1AR | Symphony CLO XXII Ltd. Series 2020-22A, Class A1AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% (3 mo. USD Term SOFR + 1.180%)<sup>(1),(3)</sup> | 04/18/33 | 800000 | 799081 |
|  Symphony CLO XXV Ltd. Series 2021-25A, Class A | Symphony CLO XXV Ltd. Series 2021-25A, Class A | Symphony CLO XXV Ltd. Series 2021-25A, Class A | Symphony CLO XXV Ltd. Series 2021-25A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.51% (3 mo. USD Term SOFR + 1.242%)<sup>(1),(3)</sup> | 04/19/34 | 2000000 | 1991972 |
|  Symphony CLO XXVIII Ltd. Series 2021-28A, Class A | Symphony CLO XXVIII Ltd. Series 2021-28A, Class A | Symphony CLO XXVIII Ltd. Series 2021-28A, Class A | Symphony CLO XXVIII Ltd. Series 2021-28A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% (3 mo. USD Term SOFR + 1.402%)<sup>(1),(3)</sup> | 10/23/34 | 1000000 | 999442 |
|  TCI-Symphony CLO Ltd. Series 2016-1A, Class AR2 | TCI-Symphony CLO Ltd. Series 2016-1A, Class AR2 | TCI-Symphony CLO Ltd. Series 2016-1A, Class AR2 | TCI-Symphony CLO Ltd. Series 2016-1A, Class AR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52% (3 mo. USD Term SOFR + 1.282%)<sup>(1),(3)</sup> | 10/13/32 | 2366823 | 2367462 |
|  Trestles CLO V Ltd. Series 2021-5A, Class A1R | Trestles CLO V Ltd. Series 2021-5A, Class A1R | Trestles CLO V Ltd. Series 2021-5A, Class A1R | Trestles CLO V Ltd. Series 2021-5A, Class A1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52% (3 mo. USD Term SOFR + 1.250%)<sup>(1),(3)</sup> | 10/20/34 | 2500000 | 2482212 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Voya CLO Ltd. Series 2013-3A, Class A2RR | Voya CLO Ltd. Series 2013-3A, Class A2RR | Voya CLO Ltd. Series 2013-3A, Class A2RR | Voya CLO Ltd. Series 2013-3A, Class A2RR |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.23% (3 mo. USD Term SOFR + 1.961%)<sup>(1),(3)</sup> | 10/18/31 | 327073 | $327322 |
|  Voya CLO Ltd. Series 2015-3A, Class A1R3 | Voya CLO Ltd. Series 2015-3A, Class A1R3 | Voya CLO Ltd. Series 2015-3A, Class A1R3 | Voya CLO Ltd. Series 2015-3A, Class A1R3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(3)</sup> | 10/20/31 | 1180938 | 1180560 |
|  Voya CLO Ltd. Series 2017-3A, Class AAR2 | Voya CLO Ltd. Series 2017-3A, Class AAR2 | Voya CLO Ltd. Series 2017-3A, Class AAR2 | Voya CLO Ltd. Series 2017-3A, Class AAR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.87% (3 mo. USD Term SOFR + 1.600%)<sup>(1),(3)</sup> | 04/20/34 | 2000000 | 1993800 |
|  Voya CLO Ltd. Series 2019-1A, Class A2RR | Voya CLO Ltd. Series 2019-1A, Class A2RR | Voya CLO Ltd. Series 2019-1A, Class A2RR | Voya CLO Ltd. Series 2019-1A, Class A2RR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86% (3 mo. USD Term SOFR + 1.600%)<sup>(1),(3)</sup> | 10/15/37 | 850000 | 846644 |
|  **Total Asset-backed Securities**<br> (Cost: $260,050,061) | **Total Asset-backed Securities**<br> (Cost: $260,050,061) | **Total Asset-backed Securities**<br> (Cost: $260,050,061) | 259322692 |
|  **Total Fixed Income Securities**<br> **(Cost: $260,050,061)** | **Total Fixed Income Securities**<br> **(Cost: $260,050,061)** | **Total Fixed Income Securities**<br> **(Cost: $260,050,061)** | **259322692** |
|  |  | **Shares** |  |
|  **MONEY MARKET INVESTMENTS—1.8%** | **MONEY MARKET INVESTMENTS—1.8%** | **MONEY MARKET INVESTMENTS—1.8%** | **MONEY MARKET INVESTMENTS—1.8%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29%<sup>(5)</sup> | State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29%<sup>(5)</sup> | 2156685 | 2156685 |
|  TCW Central Cash Fund 4.34% <sup>(5),(6)</sup> | TCW Central Cash Fund 4.34% <sup>(5),(6)</sup> | 2692127 | 2692127 |
|  **Total Money Market Investments**<br> (Cost: $4,848,812) | **Total Money Market Investments**<br> (Cost: $4,848,812) | **Total Money Market Investments**<br> (Cost: $4,848,812) | 4848812 |
|  **Total Investments (99.1%)** (Cost: $264,898,873) | **Total Investments (99.1%)** (Cost: $264,898,873) | **Total Investments (99.1%)** (Cost: $264,898,873) | 264171504 |
|  **Excess Of Other Assets Over Liabilities (0.9%)** | **Excess Of Other Assets Over Liabilities (0.9%)** | **Excess Of Other Assets Over Liabilities (0.9%)** | 2380729 |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $266552233 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **FORWARD CURRENCY EXCHANGE CONTRACTS**  | **FORWARD CURRENCY EXCHANGE CONTRACTS**  | **FORWARD CURRENCY EXCHANGE CONTRACTS**  | **FORWARD CURRENCY EXCHANGE CONTRACTS**  | **FORWARD CURRENCY EXCHANGE CONTRACTS**  | **FORWARD CURRENCY EXCHANGE CONTRACTS**  | **FORWARD CURRENCY EXCHANGE CONTRACTS**  |
| **Counterparty** | **Contracts to <br> Deliver** | **Units of <br> Currency** | **Settlement<br>Date** | **In Exchange for <br>USD** | **Contracts at Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **SELL <sup>(7)</sup>** | | | | | |  |
|  Goldman Sachs & Co. | EUR | 6200000 | 07/11/25 | $6812779 | $7052950 | $(240171) |
|  Bank Of New York | EUR | 877000 | 07/11/25 | 973110 | 997651 | (24541) |
|  |  |  |  | $**7785889** | $**8050601** | $**(264712)** |

---

---

| | |
|:---|:---|
|  **Notes to the Schedule of Investments:** | **Notes to the Schedule of Investments:** |
|  SOFR | Secured Overnight Financing Rate. |
|  EUR | Euro Currency. |
| (1) | Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2025. |
| (2) | Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At April 30, 2025, the value of these securities amounted to $6,007,698 or 2.3% of net assets. |
| (3) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2025, the value of these securities amounted to $253,314,994 or 95.0% of net assets. These securities are determined to be liquid by the Fund's investment adviser, unless otherwise noted, under procedures established by and under the general supervision of the Trust's Board of Trustees. |
| (4) | This security is a residual or equity position that does not have a stated interest rate. This residual or equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debtholders and fund expenses. |
| (5) | Rate disclosed is the 7-day net yield as of April 30, 2025. |
| (6) | Affiliated issuer. |
| (7) | Fund sells foreign currency, buys USD. |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

The summary of the TCW AAA CLO ETF transactions in the affiliated funds for the period ended April 30, 2025 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of<br>Affiliated Fund** | **Value at<br>October 31,<br>2024** | **Purchases at<br>Cost** | **Proceeds from**<br> **Sales** | **Number of<br>Shares Held<br>April 30, 2025** | **Value at**<br> **April 30,<br>2025** | **Dividends and<br>Interest Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net Realized<br>Gain (Loss) on<br>Investments** | **Net change in<br>Unrealized Gain<br>(Loss) on<br>Investments** |
|  TCW Central Cash Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166492127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163800000 | 2692127 | $2692127 | $376347 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376347 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

TCW AAA CLO ETF

Fair Valuation Summary (Unaudited) April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices in<br>Active Markets for<br>Identical Assets**<br> **(Level 1)** | **Other Significant<br>Observable Inputs**<br> **(Level 2)** | **Significant<br>Unobservable Inputs**<br> **(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $259322692 | $— | $259322692 |
|  Money Market Investments | 4848812 |  |  | 4848812 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4848812 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259322692 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264171504 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk | $— | $(264712) | $— | $(264712) |
|  Total | $— | $(264712) | $— | $(264712) |

---

*See accompanying Notes to Financial Statements.* 

------

![LOGO](g949859g07c01.jpg)

#### TCW Corporate Bond ETF

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES —93.0% of Net Assets** | **FIXED INCOME SECURITIES —93.0% of Net Assets** | **FIXED INCOME SECURITIES —93.0% of Net Assets** | **FIXED INCOME SECURITIES —93.0% of Net Assets** |
|  **ASSET-BACKED SECURITIES —0.1% (Cost: $34,144)** | **ASSET-BACKED SECURITIES —0.1% (Cost: $34,144)** | **ASSET-BACKED SECURITIES —0.1% (Cost: $34,144)** | **ASSET-BACKED SECURITIES —0.1% (Cost: $34,144)** |
|  Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23% <sup>(1)</sup> | 07/03/38 | $34144 | $31848 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY**—**0.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY**—**0.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY**—**0.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY**—**0.1%** |
|  Government National Mortgage Association Series 2009-111, Class IO (I/O) | Government National Mortgage Association Series 2009-111, Class IO (I/O) | Government National Mortgage Association Series 2009-111, Class IO (I/O) | Government National Mortgage Association Series 2009-111, Class IO (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.19% <sup>(2)</sup> | 09/16/51 | 481501 | 18347 |
|  Government National Mortgage Association Series 2012-144, Class IO (I/O) | Government National Mortgage Association Series 2012-144, Class IO (I/O) | Government National Mortgage Association Series 2012-144, Class IO (I/O) | Government National Mortgage Association Series 2012-144, Class IO (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.33% <sup>(2)</sup> | 01/16/53 | 129275 | 1492 |
|  **Total Commercial Mortgage-backed Securities — Agency** | **Total Commercial Mortgage-backed Securities — Agency** | **Total Commercial Mortgage-backed Securities — Agency** | **Total Commercial Mortgage-backed Securities — Agency** |
|  (Cost: $19,702) | (Cost: $19,702) | (Cost: $19,702) | 19839 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY**—**0.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY**—**0.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY**—**0.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY**—**0.0%** |
|  COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O) | COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O) | COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O) | COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.68% <sup>(1),(2)</sup> | 09/10/47 | 41793 | 1 |
|  GS Mortgage Securities Trust Series 2010-C1, Class X (I/O) | GS Mortgage Securities Trust Series 2010-C1, Class X (I/O) | GS Mortgage Securities Trust Series 2010-C1, Class X (I/O) | GS Mortgage Securities Trust Series 2010-C1, Class X (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.54% <sup>(2),(3)</sup> | 08/10/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200548 | 137 |
|  **Total Commercial Mortgage-backed Securities — Non-agency** | **Total Commercial Mortgage-backed Securities — Non-agency** | **Total Commercial Mortgage-backed Securities — Non-agency** | **Total Commercial Mortgage-backed Securities — Non-agency** |
|  (Cost: $55,193) | (Cost: $55,193) | (Cost: $55,193) | 138 |
|  **CORPORATE BONDS**—**85.2%** | **CORPORATE BONDS**—**85.2%** | **CORPORATE BONDS**—**85.2%** | **CORPORATE BONDS**—**85.2%** |
|  **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
|  BAE Systems Holdings, Inc. (United Kingdom) | BAE Systems Holdings, Inc. (United Kingdom) | BAE Systems Holdings, Inc. (United Kingdom) | BAE Systems Holdings, Inc. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85% <sup>(3)</sup> | 12/15/25 | 20000 | 19897 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81% | 05/01/50 | 5000 | 4694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93% | 05/01/60 | 12000 | 11119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.53% | 05/01/34 | 133000 | 143200 |
|  Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/15/34 | 185000 | 183324 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 05/01/40 | 5000 | 4813 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367047 |
|  **Agriculture — 1.0%** | **Agriculture — 1.0%** | **Agriculture — 1.0%** | **Agriculture — 1.0%** |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 02/04/51 | 5000 | 3377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 02/04/28 | 45000 | 45539 |
|  BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% | 08/15/37 | 210000 | 184552 |
|  Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(3)</sup> | 07/21/25 | 35000 | 34920 |
|  |  |  | 268388 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Airlines — 0.7%** | **Airlines — 0.7%** | **Airlines — 0.7%** | **Airlines — 0.7%** |
|  Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/10/29 | $18273 | $17135 |
|  JetBlue Pass-Through Trust Series 2019-1, Class AA | JetBlue Pass-Through Trust Series 2019-1, Class AA | JetBlue Pass-Through Trust Series 2019-1, Class AA | JetBlue Pass-Through Trust Series 2019-1, Class AA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 11/15/33 | 11525 | 9901 |
|  JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/15/34 | 22148 | 20438 |
|  United Airlines Pass-Through Trust Series 2016-2, Class AA | United Airlines Pass-Through Trust Series 2016-2, Class AA | United Airlines Pass-Through Trust Series 2016-2, Class AA | United Airlines Pass-Through Trust Series 2016-2, Class AA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88% | 04/07/30 | 6236 | 5823 |
|  United Airlines Pass-Through Trust Series 2023-1, Class A | United Airlines Pass-Through Trust Series 2023-1, Class A | United Airlines Pass-Through Trust Series 2023-1, Class A | United Airlines Pass-Through Trust Series 2023-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% | 07/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113798 |
|  |  |  | 167095 |
|  **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
|  Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% <sup>(3)</sup> | 03/25/32 | 17000 | 17008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% <sup>(3)</sup> | 03/27/35 | 40000 | 39831 |
|  |  |  | 56839 |
|  **Banks — 16.3%** | **Banks — 16.3%** | **Banks — 16.3%** | **Banks — 16.3%** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.66% (1 day USD SOFR + 0.910%)<sup>(4)</sup> | 03/11/27 | 8000 | 7805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92% (1 day USD SOFR + 1.370%)<sup>(4)</sup> | 10/24/31 | 30000 | 25886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09% (1 day USD SOFR + 1.060%)<sup>(4)</sup> | 06/14/29 | 125000 | 116465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69% (1 day USD SOFR + 1.320%)<sup>(4)</sup> | 04/22/32 | 630000 | 557386 |
|  Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83% (1 Day USD SOFR Index + 2.074%)<sup>(4)</sup> | 10/25/33 | 235000 | 248073 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46% (1 day USD SOFR + 0.770%)<sup>(4)</sup> | 06/09/27 | 15000 | 14490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% (SOFR + 1.177%)<sup>(4)</sup> | 11/03/32 | 270000 | 232632 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57% (1 day USD SOFR + 2.107%)<sup>(4)</sup> | 06/03/31 | $50000 | $44775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98% (1 day USD SOFR + 1.422%)<sup>(4)</sup> | 11/05/30 | 1000 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33% (1 day USD SOFR + 1.465%)<sup>(4)</sup> | 03/27/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163942 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99% (1 day USD SOFR + 1.090%)<sup>(4)</sup> | 01/27/32 | 485000 | 413598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60% | 02/07/30 | 80000 | 73090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (1 day USD SOFR + 1.420%)<sup>(4)</sup> | 10/23/35 | 40000 | 38759 |
|  HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80% (1 day USD SOFR + 1.187%)<sup>(4)</sup> | 05/24/32 | 70000 | 61678 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04% (3 mo. USD Term SOFR + 0.695%)<sup>(4)</sup> | 02/04/27 | 5000 | 4872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05% (1 day USD SOFR + 0.800%)<sup>(4)</sup> | 11/19/26 | 40000 | 39222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58% (1 day USD SOFR + 0.885%)<sup>(4)</sup> | 04/22/27 | 5000 | 4862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% (1 day USD SOFR + 1.065%)<sup>(4)</sup> | 02/04/32 | 20000 | 17176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07% (1 day USD SOFR + 1.015%)<sup>(4)</sup> | 06/01/29 | 115000 | 107310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% (1 day USD SOFR + 1.180%)<sup>(4)</sup> | 11/08/32 | 550000 | 479902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% (3 mo. USD Term SOFR + 1.482%)<sup>(4)</sup> | 01/23/49 | 48000 | 37213 |
|  Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63% (1 yr. CMT + 0.850%)<sup>(4)</sup> | 05/11/27 | 10000 | 9695 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59% (1 day USD SOFR + 0.879%)<sup>(4)</sup> | 05/04/27 | $25000 | $24278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93% (1 day USD SOFR + 1.020%)<sup>(4)</sup> | 04/28/32 | 240000 | 202286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24% (1 day USD SOFR + 1.178%)<sup>(4)</sup> | 07/21/32 | 335000 | 285557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77% (3 mo. USD Term SOFR + 1.402%)<sup>(4)</sup> | 01/24/29 | 20000 | 19645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% (1 day USD SOFR + 1.418%)<sup>(4)</sup> | 01/18/36 | 45000 | 45697 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22% (1 day USD SOFR + 1.072%)<sup>(4)</sup> | 01/29/31 | 75000 | 76751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% (1 day USD SOFR + 2.284%)<sup>(4)</sup> | 10/20/34 | 150000 | 165000 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% (1 day USD SOFR + 1.600%)<sup>(4)</sup> | 02/01/34 | 160000 | 155504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 day USD SOFR + 1.411%)<sup>(4)</sup> | 02/12/36 | 10000 | 10035 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39% (1 day USD SOFR + 2.100%)<sup>(4)</sup> | 06/02/28 | 30000 | 28765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% (1 day USD SOFR + 1.500%)<sup>(4)</sup> | 03/02/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | 440441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24% (1 day USD SOFR + 1.110%)<sup>(4)</sup> | 01/24/31 | 20000 | 20418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% (1 day USD SOFR + 1.780%)<sup>(4)</sup> | 01/23/35 | 10000 | 10074 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4184210 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Beverages — 2.9%** | **Beverages — 2.9%** | **Beverages — 2.9%** | **Beverages — 2.9%** |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 02/01/46 | $205000 | $186866 |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% <sup>(3)</sup> | 05/15/28 | 50000 | 50024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% <sup>(3)</sup> | 05/15/48 | 25000 | 21177 |
|  Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% <sup>(3)</sup> | 10/14/31 | 70000 | 56860 |
|  Coca-Cola Co. | Coca-Cola Co. | Coca-Cola Co. | Coca-Cola Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 08/14/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | 169901 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 08/01/31 | 45000 | 38474 |
|  Diageo Investment Corp. (United Kingdom) | Diageo Investment Corp. (United Kingdom) | Diageo Investment Corp. (United Kingdom) | Diageo Investment Corp. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 04/15/35 | 200000 | 205984 |
|  JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% <sup>(3)</sup> | 09/24/31 | 25000 | 21143 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750429 |
|  **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 05/01/45 | 5000 | 4174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 03/01/53 | 10000 | 8567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 03/02/53 | 145000 | 139174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 03/02/63 | 10000 | 9537 |
|  Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60% | 10/01/40 | 80000 | 56681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% | 06/15/35 | 90000 | 90375 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 03/23/31 | 20000 | 17215 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75% | 09/02/27 | 95000 | 89153 |
|  |  |  | 414876 |
|  **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23% <sup>(3)</sup> | 10/01/25 | 35000 | 34389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 09/26/48 | 40000 | 33344 |
|  Solvay Finance America LLC (Belgium) | Solvay Finance America LLC (Belgium) | Solvay Finance America LLC (Belgium) | Solvay Finance America LLC (Belgium) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% <sup>(3)</sup> | 06/04/34 | 10000 | 10159 |
|  |  |  | 77892 |
|  **Commercial Services — 0.5%** | **Commercial Services — 0.5%** | **Commercial Services — 0.5%** | **Commercial Services — 0.5%** |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% | 06/01/28 | 30000 | 29764 |
|  RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 03/18/29 | 10000 | 9890 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | | **Principal<br>Amount** | **Value** |
|  Rollins, Inc. | Rollins, Inc. | Rollins, Inc. | Rollins, Inc. | Rollins, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% <sup>(3)</sup> | 02/24/35 |  | $90000 | 89919 |
|  |  |  |  | 129573 |
|  **Computers — 2.0%** | **Computers — 2.0%** | **Computers — 2.0%** | **Computers — 2.0%** | **Computers — 2.0%** |
|  Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 02/08/51 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194944 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 04/15/35 |  | 55000 | 54770 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/30 |  | 105000 | 105681 |
|  International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/10/35 |  | 155000 | 155357 |
|  |  |  |  | 510752 |
|  **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** |
|  Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 03/22/33 |  | 70000 | 70905 |
|  **Diversified Financial Services — 2.7%** | **Diversified Financial Services — 2.7%** | **Diversified Financial Services — 2.7%** | **Diversified Financial Services — 2.7%** | **Diversified Financial Services — 2.7%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/29/28 |  | 15000 | 14166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | 01/30/32 |  | 128000 | 113157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 01/23/28 |  | 4000 | 3916 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 12/01/27 |  | 34000 | 33205 |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.49% (1 day USD SOFR + 1.940%)<sup>(4)</sup> | 10/30/31 |  | 90000 | 97630 |
|  Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53% <sup>(3)</sup> | 11/18/27 |  | 3000 | 2816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(3)</sup> | 02/21/28 |  | 10000 | 9378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% <sup>(3)</sup> | 05/01/26 |  | 10000 | 9925 |
|  Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 07/18/35 | EUR | 100000 | 116181 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27% (1 day USD SOFR + 1.790%)<sup>(4)</sup> | 03/01/30 |  | $10000 | 9424 |
|  Discover Financial Services | Discover Financial Services | Discover Financial Services | Discover Financial Services | Discover Financial Services |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% | 11/29/32 |  | 10000 | 10729 |
|  LSEGA Financing PLC (United Kingdom) | LSEGA Financing PLC (United Kingdom) | LSEGA Financing PLC (United Kingdom) | LSEGA Financing PLC (United Kingdom) | LSEGA Financing PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% <sup>(3)</sup> | 04/06/28 |  | 20000 | 18738 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | | **Principal<br>Amount** | **Value** |
|  Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% | 01/15/35 |  | $140000 | 136842 |
|  Raymond James Financial, Inc. | Raymond James Financial, Inc. | Raymond James Financial, Inc. | Raymond James Financial, Inc. | Raymond James Financial, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 04/01/51 |  | 10000 | 7118 |
|  Visa, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13% <sup>(5)</sup> | 05/15/33 | EUR | 100000 | 112519 |
|  |  |  |  | 695744 |
|  **Electric — 7.3%** | **Electric — 7.3%** | **Electric — 7.3%** | **Electric — 7.3%** | **Electric — 7.3%** |
|  AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 08/15/51 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65% | 04/01/50 |  | 5000 | 3638 |
|  Alabama Power Co. | Alabama Power Co. | Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% | 04/02/35 |  | 190000 | 190885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/15/41 |  | 9000 | 8815 |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40% <sup>(3)</sup> | 03/15/26 |  | 60000 | 57944 |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% | 06/01/45 |  | 10000 | 8017 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% | 05/15/50 |  | 15000 | 10064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 12/15/32 |  | 110000 | 117109 |
|  Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | 06/15/50 |  | 48000 | 29910 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% | 05/01/33 |  | 15000 | 14106 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 03/01/34 |  | 130000 | 130641 |
|  Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45% | 01/15/38 |  | 5000 | 5497 |
|  Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 06/15/47 |  | 35000 | 26713 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 06/01/45 |  | 70000 | 53435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/15/46 |  | 10000 | 7768 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/35 |  | 230000 | 229234 |
|  Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 03/15/53 |  | 10000 | 9774 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% <sup>(3)</sup> | 07/15/44 |  | 95000 | 90921 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 06/15/34 |  | 320000 | 328570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 06/15/54 |  | 15000 | 14917 |
|  Indianapolis Power & Light Co. | Indianapolis Power & Light Co. | Indianapolis Power & Light Co. | Indianapolis Power & Light Co. | Indianapolis Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% <sup>(3)</sup> | 04/01/54 |  | 5000 | 4870 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  International Transmission Co. | International Transmission Co. | International Transmission Co. | International Transmission Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 08/15/43 | 105000 | 89387 |
|  Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 06/01/30 | 30000 | 26821 |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% | 09/15/54 | 5000 | 5070 |
|  Narragansett Electric Co. | Narragansett Electric Co. | Narragansett Electric Co. | Narragansett Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% <sup>(3)</sup> | 04/09/30 | 10000 | 9508 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60% | 06/01/52 | 50000 | 41580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% <sup>(3)</sup> | 04/01/35 | 85000 | 86175 |
|  PacifiCorp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 01/15/49 | 40000 | 30314 |
|  Public Service Co. of New Mexico | Public Service Co. of New Mexico | Public Service Co. of New Mexico | Public Service Co. of New Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85% | 08/01/25 | 20000 | 19917 |
|  Southern Co. | Southern Co. | Southern Co. | Southern Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% (5 yr. CMT + 2.069%)<sup>(4)</sup> | 03/15/55 | 25000 | 25503 |
|  Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 05/01/51 | 10000 | 6533 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% | 12/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102000 | 56247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80% | 09/15/47 | 10000 | 7416 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 09/15/41 | 35000 | 30520 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890960 |
|  **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
|  Sydney Airport Finance Co. Pty. Ltd. (Australia) | Sydney Airport Finance Co. Pty. Ltd. (Australia) | Sydney Airport Finance Co. Pty. Ltd. (Australia) | Sydney Airport Finance Co. Pty. Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% <sup>(3)</sup> | 04/28/26 | 5000 | 4958 |
|  **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
|  WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/42 | 147000 | 110741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 03/15/52 | 40000 | 27493 |
|  |  |  | 138234 |
|  **Environmental Control — 1.5%** | **Environmental Control — 1.5%** | **Environmental Control — 1.5%** | **Environmental Control — 1.5%** |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(3)</sup> | 01/15/31 | 10000 | 10421 |
|  Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 03/15/35 | 180000 | 182101 |
|  Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 03/15/35 | 195000 | 194391 |
|  |  |  | 386913 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Food — 1.5%** | **Food — 1.5%** | **Food — 1.5%** | **Food — 1.5%** |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 02/02/52 | $102000 | $78604 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 10/01/39 | 10000 | 8993 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% <sup>(3)</sup> | 03/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | 202548 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/01/32 | 80000 | 71134 |
|  Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% <sup>(3)</sup> | 09/13/31 | 25000 | 21229 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382508 |
|  **Gas — 1.0%** | **Gas — 1.0%** | **Gas — 1.0%** | **Gas — 1.0%** |
|  Boston Gas Co. | Boston Gas Co. | Boston Gas Co. | Boston Gas Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76% <sup>(3)</sup> | 03/16/32 | 80000 | 72984 |
|  KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82% <sup>(3)</sup> | 04/01/41 | 15000 | 14423 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 06/30/33 | 140000 | 141247 |
|  Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 06/01/43 | 10000 | 8309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 03/15/41 | 15000 | 15044 |
|  |  |  | 252007 |
|  **Health Care-Products — 3.6%** | **Health Care-Products — 3.6%** | **Health Care-Products — 3.6%** | **Health Care-Products — 3.6%** |
|  Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60% <sup>(3)</sup> | 05/27/30 | 115000 | 103533 |
|  Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 04/01/30 | 110000 | 106118 |
|  GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86% | 03/15/30 | 175000 | 183507 |
|  Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 03/30/33 | 150000 | 147102 |
|  Revvity, Inc. | Revvity, Inc. | Revvity, Inc. | Revvity, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 03/15/31 | 25000 | 21654 |
|  Smith & Nephew PLC (United Kingdom) | Smith & Nephew PLC (United Kingdom) | Smith & Nephew PLC (United Kingdom) | Smith & Nephew PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.03% | 10/14/30 | 30000 | 26051 |
|  STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. | STERIS Irish FinCo UnLtd Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 03/15/31 | 15000 | 13326 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 02/10/28 | 150000 | 151768 |
|  Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% | 08/10/33 | 170000 | 172040 |
|  |  |  | 925099 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Health Care-Services — 5.5%** | **Health Care-Services — 5.5%** | **Health Care-Services — 5.5%** | **Health Care-Services — 5.5%** |
|  Barnabas Health, Inc. | Barnabas Health, Inc. | Barnabas Health, Inc. | Barnabas Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/01/28 | $5000 | $4831 |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108014 |
|  Children's Hospital Medical Center | Children's Hospital Medical Center | Children's Hospital Medical Center | Children's Hospital Medical Center |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82% | 11/15/50 | 20000 | 12539 |
|  Cigna Group | Cigna Group | Cigna Group | Cigna Group |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 03/15/33 | 85000 | 87058 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78% | 10/01/30 | 15000 | 13565 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/15/35 | 205000 | 205357 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 06/15/49 | 90000 | 78201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 03/01/35 | 100000 | 101013 |
|  Health Care Service Corp. A Mutual Legal Reserve Co. | Health Care Service Corp. A Mutual Legal Reserve Co. | Health Care Service Corp. A Mutual Legal Reserve Co. | Health Care Service Corp. A Mutual Legal Reserve Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% <sup>(3)</sup> | 06/15/34 | 20000 | 20188 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/15/31 | 160000 | 162251 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 02/01/29 | 10000 | 10408 |
|  Mass General Brigham, Inc. | Mass General Brigham, Inc. | Mass General Brigham, Inc. | Mass General Brigham, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34% | 07/01/60 | 10000 | 6516 |
|  Roche Holdings, Inc. | Roche Holdings, Inc. | Roche Holdings, Inc. | Roche Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59% <sup>(3)</sup> | 09/09/34 | 75000 | 73418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% <sup>(3)</sup> | 11/13/33 | 15000 | 15789 |
|  Sharp HealthCare | Sharp HealthCare | Sharp HealthCare | Sharp HealthCare |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68% | 08/01/50 | 50000 | 30566 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 08/15/49 | 10000 | 7221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 04/15/47 | 15000 | 12010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 07/15/34 | 395000 | 396406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 07/15/54 | 10000 | 9629 |
|  Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 09/01/26 | 40000 | 38364 |
|  West Virginia United Health System Obligated Group | West Virginia United Health System Obligated Group | West Virginia United Health System Obligated Group | West Virginia United Health System Obligated Group |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13% | 06/01/50 | 35000 | 22356 |
|  |  |  | 1415700 |
|  **Insurance — 2.7%** | **Insurance — 2.7%** | **Insurance — 2.7%** | **Insurance — 2.7%** |
|  Allstate Corp. | Allstate Corp. | Allstate Corp. | Allstate Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85% | 08/10/49 | 20000 | 14687 |
|  Aon Corp./Aon Global Holdings PLC | Aon Corp./Aon Global Holdings PLC | Aon Corp./Aon Global Holdings PLC | Aon Corp./Aon Global Holdings PLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 02/28/52 | 115000 | 83890 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 03/09/52 | $| 15000 | 9217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 02/15/34 |  | 10000 | 10869 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.61% <sup>(3)</sup> | 06/29/26 |  | 15000 | 14501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99% <sup>(3)</sup> | 08/19/28 |  | 10000 | 9178 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (3 mo. USD LIBOR + 3.231%)<sup>(3),(4)</sup> | 11/01/57 |  | 35000 | 28671 |
|  Guardian Life Insurance Co. of America | Guardian Life Insurance Co. of America | Guardian Life Insurance Co. of America | Guardian Life Insurance Co. of America | Guardian Life Insurance Co. of America |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% <sup>(3)</sup> | 01/22/70 |  | 45000 | 30477 |
|  Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% <sup>(3)</sup> | 03/21/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220984 |
|  MMI Capital Trust I | MMI Capital Trust I | MMI Capital Trust I | MMI Capital Trust I | MMI Capital Trust I |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% | 12/15/27 |  | 25000 | 26479 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% <sup>(3)</sup> | 01/28/33 |  | 225000 | 219022 |
|  New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(3)</sup> | 05/15/50 |  | 15000 | 10872 |
|  Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% | 05/15/33 |  | 20000 | 20206 |
|  |  |  |  | 699053 |
|  **Internet — 2.4%** | **Internet — 2.4%** | **Internet — 2.4%** | **Internet — 2.4%** | **Internet — 2.4%** |
|  Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/06/33 |  | 100000 | 112847 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% | 05/12/51 | $— | 35000 | 23623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 04/13/52 |  | 200000 | 157764 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 08/15/34 |  | 95000 | 94698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 08/15/54 |  | 20000 | 19301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 05/15/53 |  | 90000 | 89051 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 09/15/34 |  | 130000 | 126204 |
|  |  |  |  | 623488 |
|  **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** | **Lodging — 0.5%** |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% | 08/01/34 |  | 10000 | 9830 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/30/28 |  | 50000 | 50261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 06/30/34 |  | 10000 | 9713 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 06/14/30 | 50000 | 50197 |
|  |  |  | 120001 |
|  **Media — 2.0%** | **Media — 2.0%** | **Media — 2.0%** | **Media — 2.0%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% | 02/01/32 | 5000 | 4066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 06/01/52 | 270000 | 171804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 05/01/47 | 37000 | 30088 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/01/49 | 90000 | 67751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 08/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122443 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60% <sup>(3)</sup> | 06/15/31 | 85000 | 74140 |
|  Fox Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 10/13/33 | 15000 | 15965 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/41 | 18000 | 15417 |
|  |  |  | 501674 |
|  **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28% | 12/01/28 | 25000 | 23579 |
|  **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
|  Aker BP ASA (Norway) | Aker BP ASA (Norway) | Aker BP ASA (Norway) | Aker BP ASA (Norway) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% <sup>(3)</sup> | 07/15/31 | 30000 | 26311 |
|  **Packaging & Containers — 1.2%** | **Packaging & Containers — 1.2%** | **Packaging & Containers — 1.2%** | **Packaging & Containers — 1.2%** |
|  Amcor Finance USA, Inc. | Amcor Finance USA, Inc. | Amcor Finance USA, Inc. | Amcor Finance USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 05/26/33 | 80000 | 82200 |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 06/19/30 | 5000 | 4499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(3)</sup> | 03/17/35 | 65000 | 64822 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57% | 01/15/26 | 13000 | 12676 |
|  CCL Industries, Inc. (Canada) | CCL Industries, Inc. (Canada) | CCL Industries, Inc. (Canada) | CCL Industries, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% <sup>(3)</sup> | 06/01/30 | 25000 | 22784 |
|  Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57% <sup>(3)</sup> | 10/15/26 | 20000 | 19039 |
|  Smurfit Kappa Treasury ULC (Ireland) | Smurfit Kappa Treasury ULC (Ireland) | Smurfit Kappa Treasury ULC (Ireland) | Smurfit Kappa Treasury ULC (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.44% <sup>(3)</sup> | 04/03/34 | 85000 | 85204 |
|  Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13% | 05/01/30 | 25000 | 22988 |
|  |  |  | 314212 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Pharmaceuticals — 5.3%** | **Pharmaceuticals — 5.3%** | **Pharmaceuticals — 5.3%** | **Pharmaceuticals — 5.3%** |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 11/06/42 | $50000 | $43611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 03/15/35 | 175000 | 177476 |
|  Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% <sup>(3)</sup> | 12/15/28 | 10000 | 9813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% <sup>(3)</sup> | 06/25/48 | 77000 | 60699 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/22/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177270 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/25/48 | 113000 | 96191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 06/01/33 | 178000 | 176855 |
|  Elanco Animal Health, Inc. | Elanco Animal Health, Inc. | Elanco Animal Health, Inc. | Elanco Animal Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65% | 08/28/28 | 5000 | 5080 |
|  Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 02/12/30 | 255000 | 261602 |
|  Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% | 01/15/38 | 75000 | 64236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 03/01/35 | 130000 | 132782 |
|  Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/17/53 | 120000 | 109312 |
|  Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 05/19/33 | 45000 | 44437 |
|  Zoetis, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 11/16/32 | 10000 | 10476 |
|  |  |  | 1369840 |
|  **Pipelines — 2.4%** | **Pipelines — 2.4%** | **Pipelines — 2.4%** | **Pipelines — 2.4%** |
|  Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.04% <sup>(3)</sup> | 11/15/33 | 135000 | 139617 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/15/50 | 195000 | 156396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 12/15/45 | 7000 | 6660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20% | 04/01/55 | 10000 | 9383 |
|  Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% | 01/15/38 | 5000 | 5438 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% | 08/01/31 | 5000 | 5674 |
|  NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(3)</sup> | 07/15/31 | 20000 | 17692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% <sup>(3)</sup> | 08/15/27 | 10000 | 10000 |
|  Pipeline Funding Co. LLC | Pipeline Funding Co. LLC | Pipeline Funding Co. LLC | Pipeline Funding Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(3)</sup> | 01/15/30 | 23907 | 24994 |
|  Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/15/26 | 13000 | 13006 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% | 03/15/28 | 103000 | 102301 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% <sup>(3)</sup> | 03/15/47 | 15000 | 12400 |
|  TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 03/01/34 | 110000 | 103310 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/15/51 | 15000 | 9926 |
|  |  |  | 616797 |
|  **REIT — 3.7%** | **REIT — 3.7%** | **REIT — 3.7%** | **REIT — 3.7%** |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/01/31 | 30000 | 26182 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 07/15/31 | 55000 | 47453 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 04/15/31 | 211000 | 187701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 07/15/33 | 70000 | 71648 |
|  Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41% | 09/12/34 | 70000 | 68030 |
|  Boston Properties LP | Boston Properties LP | Boston Properties LP | Boston Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 04/01/32 | 10000 | 8234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% | 06/21/29 | 5000 | 4692 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | 07/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97298 |
|  CubeSmart LP | CubeSmart LP | CubeSmart LP | CubeSmart LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 02/15/29 | 15000 | 14823 |
|  Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 07/01/29 | 15000 | 14443 |
|  DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 11/01/31 | 10000 | 8627 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 05/15/31 | 45000 | 39474 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 03/15/32 | 5000 | 4276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/01/34 | 15000 | 15091 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20% | 10/15/30 | 25000 | 21860 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 01/15/32 | 2000 | 1726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/15/30 | 25000 | 23598 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 01/15/28 | 30000 | 29094 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/15/30 | 30000 | 27353 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 10000 | 8692 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 08/15/33 | 5000 | 5000 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 10/01/31 | 15000 | 12563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 09/15/30 | 10000 | 8811 |
|  NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 10/15/33 | 35000 | 35479 |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 04/01/32 | 30000 | 23366 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 04/15/35 | 60000 | 59451 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 05/15/32 | 75000 | 73598 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 03/09/33 | 10000 | 8823 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947386 |
|  **Retail — 1.9%** | **Retail — 1.9%** | **Retail — 1.9%** | **Retail — 1.9%** |
|  AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 06/15/30 | 35000 | 35782 |
|  Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 06/25/34 | 260000 | 261695 |
|  Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 07/01/53 | 10000 | 9591 |
|  McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% | 04/01/50 | 70000 | 55223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 03/03/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | 128900 |
|  |  |  | 491191 |
|  **Semiconductors — 1.3%** | **Semiconductors — 1.3%** | **Semiconductors — 1.3%** | **Semiconductors — 1.3%** |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60% <sup>(3)</sup> | 02/15/33 | 275000 | 231737 |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/12/31 | 5000 | 4184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 08/12/51 | 91000 | 52183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 11/15/49 | 40000 | 24442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 02/10/53 | 13000 | 11647 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 04/15/32 | 25000 | 21212 |
|  |  |  | 345405 |
|  **Software — 2.7%** | **Software — 2.7%** | **Software — 2.7%** | **Software — 2.7%** |
|  AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 12/01/34 | 65000 | 64954 |
|  Atlassian Corp. | Atlassian Corp. | Atlassian Corp. | Atlassian Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/15/34 | 20000 | 20136 |
|  Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 09/10/34 | 20000 | 19598 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46% <sup>(3)</sup> | 02/16/34 | 45000 | 45252 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 06/01/30 | 25000 | 22597 |
|  Microsoft Corp. | Microsoft Corp. | Microsoft Corp. | Microsoft Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92% | 03/17/52 | 150000 | 99883 |
|  Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% <sup>(3)</sup> | 12/01/27 | 17000 | 17487 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 04/01/50 | 45000 | 30685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 03/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199819 |
|  Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 04/15/35 | 125000 | 127022 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 04/01/35 | 30000 | 30113 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 04/14/32 | 15000 | 14057 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691603 |
|  **Telecommunications — 6.0%** | **Telecommunications — 6.0%** | **Telecommunications — 6.0%** | **Telecommunications — 6.0%** |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55% | 09/15/55 | 85000 | 56804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80% | 12/01/57 | 128000 | 88401 |
|  Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 02/26/34 | 230000 | 233024 |
|  Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% | 03/15/32 | 25000 | 30031 |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% <sup>(3)</sup> | 09/20/29 | 285000 | 287217 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 02/15/31 | 448000 | 397542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 07/15/33 | 5000 | 4969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 05/15/32 | 60000 | 60717 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/10/33 | 300000 | 289152 |
|  Vodafone Group PLC (United Kingdom) | Vodafone Group PLC (United Kingdom) | Vodafone Group PLC (United Kingdom) | Vodafone Group PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 09/17/50 | 121000 | 91791 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539648 |
|  **Transportation — 1.9%** | **Transportation — 1.9%** | **Transportation — 1.9%** | **Transportation — 1.9%** |
|  Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05% | 06/15/48 | 15000 | 11948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/15/55 | 120000 | 117683 |
|  CSX Corp. | CSX Corp. | CSX Corp. | CSX Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 03/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | 115777 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97% | 09/16/62 | 25000 | 14370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% | 02/20/35 | 225000 | 226728 |
|  |  |  | 486506 |
|  **Water — 0.2%** | **Water — 0.2%** | **Water — 0.2%** | **Water — 0.2%** |
|  Essential Utilities, Inc. | Essential Utilities, Inc. | Essential Utilities, Inc. | Essential Utilities, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 05/01/52 | 50000 | 44740 |
|  **Total Corporate Bonds**<br> (Cost: $22,053,839) | **Total Corporate Bonds**<br> (Cost: $22,053,839) | **Total Corporate Bonds**<br> (Cost: $22,053,839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21931563 |
|  **MUNICIPAL BONDS**—**0.5%** | **MUNICIPAL BONDS**—**0.5%** | **MUNICIPAL BONDS**—**0.5%** | **MUNICIPAL BONDS**—**0.5%** |
|  **Municipal Bonds — 0.5%** | **Municipal Bonds — 0.5%** | **Municipal Bonds — 0.5%** | **Municipal Bonds — 0.5%** |
|  City of Los Angeles Department of Airports, Revenue Bond | City of Los Angeles Department of Airports, Revenue Bond | City of Los Angeles Department of Airports, Revenue Bond | City of Los Angeles Department of Airports, Revenue Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89% | 05/15/38 | 15000 | 13561 |
|  County of Miami-Dade Aviation Revenue, Revenue Bond | County of Miami-Dade Aviation Revenue, Revenue Bond | County of Miami-Dade Aviation Revenue, Revenue Bond | County of Miami-Dade Aviation Revenue, Revenue Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 10/01/31 | 15000 | 14152 |
|  Empire State Development Corp., Revenue Bond | Empire State Development Corp., Revenue Bond | Empire State Development Corp., Revenue Bond | Empire State Development Corp., Revenue Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54% | 03/15/34 | 5000 | 4245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54% | 03/15/34 | 5000 | 4212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59% | 03/15/35 | 20000 | 16545 |
|  Maryland Economic Development Corp., Revenue Bond | Maryland Economic Development Corp., Revenue Bond | Maryland Economic Development Corp., Revenue Bond | Maryland Economic Development Corp., Revenue Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% | 05/31/56 | 10000 | 9505 |
|  Massachusetts School Building Authority, Revenue Bond | Massachusetts School Building Authority, Revenue Bond | Massachusetts School Building Authority, Revenue Bond | Massachusetts School Building Authority, Revenue Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97% | 10/15/32 | 10000 | 8999 |
| New York City Transitional Finance Authority Future Tax Secured Revenue | New York City Transitional Finance Authority Future Tax Secured Revenue | New York City Transitional Finance Authority Future Tax Secured Revenue | New York City Transitional Finance Authority Future Tax Secured Revenue |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.97% | 02/01/33 | 20000 | 16593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73% | 08/01/29 | 5000 | 4901 |
|  San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bond | San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bond | San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bond | San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 05/01/34 | 35000 | 30518 |
|  |  |  | 123231 |
|  **Total Municipal Bonds**<br> (Cost: $139,194) | **Total Municipal Bonds**<br> (Cost: $139,194) | **Total Municipal Bonds**<br> (Cost: $139,194) | 123231 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY**—**0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY**—**0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY**—**0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY**—**0.0%** |
|  Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) | Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) | Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) | Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53% (-30 day USD SOFR Average + 5.886%)<sup>(4)</sup> | 11/25/41 | 17198 | 1365 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  Federal National Mortgage Association REMICS Series 2012-128, Class UA | Federal National Mortgage Association REMICS Series 2012-128, Class UA | Federal National Mortgage Association REMICS Series 2012-128, Class UA | Federal National Mortgage Association REMICS Series 2012-128, Class UA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 06/25/42 | 6926 | $5967 |
|  **Total Residential Mortgage-backed Securities — Agency** | **Total Residential Mortgage-backed Securities — Agency** | **Total Residential Mortgage-backed Securities — Agency** | **Total Residential Mortgage-backed Securities — Agency** |
|  (Cost: $15,648) | (Cost: $15,648) | (Cost: $15,648) | 7332 |
|  **U.S. TREASURY SECURITY —7.1% (Cost: $1,773,995)** | **U.S. TREASURY SECURITY —7.1% (Cost: $1,773,995)** | **U.S. TREASURY SECURITY —7.1% (Cost: $1,773,995)** | **U.S. TREASURY SECURITY —7.1% (Cost: $1,773,995)** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 02/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822031 |
|  **Total Fixed Income Securities**<br> (Cost: $24,091,715) | **Total Fixed Income Securities**<br> (Cost: $24,091,715) |  | 23935982 |
|  **CONVERTIBLE SECURITIES (—%)** | **CONVERTIBLE SECURITIES (—%)** | **CONVERTIBLE SECURITIES (—%)** | **CONVERTIBLE SECURITIES (—%)** |
|  CONVERTIBLE CORPORATE BONDS—0.0% | CONVERTIBLE CORPORATE BONDS—0.0% | CONVERTIBLE CORPORATE BONDS—0.0% | CONVERTIBLE CORPORATE BONDS—0.0% |
|  **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
|  Worldline SA (France) | Worldline SA (France) | Worldline SA (France) | Worldline SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6),(7)</sup> | 07/30/26 | 5000 | 5495 |
|  **Total Convertible Corporate Bonds**<br> (Cost: $5,239) | **Total Convertible Corporate Bonds**<br> (Cost: $5,239) | **Total Convertible Corporate Bonds**<br> (Cost: $5,239) | 5495 |
|  |  | **Shares** |  |
|  **MONEY MARKET INVESTMENTS**—**7.1%** | **MONEY MARKET INVESTMENTS**—**7.1%** | **MONEY MARKET INVESTMENTS**—**7.1%** | **MONEY MARKET INVESTMENTS**—**7.1%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29%<sup>(8)</sup> | State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29%<sup>(8)</sup> | 254072 | 254072 |
|  TCW Central Cash Fund 4.34% <sup>(8),(9)</sup> | TCW Central Cash Fund 4.34% <sup>(8),(9)</sup> | 1565016 | 1565016 |
|  **Total Money Market Investments**<br> (Cost: $1,819,088) | **Total Money Market Investments**<br> (Cost: $1,819,088) | **Total Money Market Investments**<br> (Cost: $1,819,088) | 1819088 |
|  **Total Investments (100.1%)** (Cost: $25,916,042) | **Total Investments (100.1%)** (Cost: $25,916,042) | **Total Investments (100.1%)** (Cost: $25,916,042) | 25760565 |
|  **Liabilities In Excess Of Other Assets (-0.1%)** | **Liabilities In Excess Of Other Assets (-0.1%)** | **Liabilities In Excess Of Other Assets (-0.1%)** | (28033) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25732532 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional** | **Market Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** | **Long Futures** | **Long Futures** | **Long Futures** | **Long Futures** | **Long Futures** |
| &nbsp;&nbsp;&nbsp;&nbsp; 44 | 2-Year U.S. Treasury Note Futures | 06/30/25 | $9130851 | $9158531 | $27680 |
|  |  |  | $**9130851** | $**9158531** | $**27680** |
|  **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** |
| &nbsp;&nbsp;&nbsp;&nbsp; 22 | 10-Year U.S. Treasury Note Futures | 06/18/25 | $(2513232) | $(2524156) | $(10924) |
| &nbsp;&nbsp;&nbsp;&nbsp; 17 | 5-Year U.S. Treasury Note Futures | 06/30/25 | (1835396) | (1856320) | (20924) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2 | Euro-Bobl Future | 06/6/25 | (271202) | (271046) | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2 | Euro-Bund Future | 06/6/25 | (296022) | (298574) | (2552) |
|  |  |  | $**(4915852)** | $**(4950096)** | $**(34244)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** |
| **Counterparty** | **Contracts to<br>Deliver** | **Units of<br>Currency** | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts at Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **BUY <sup>(10)</sup>** |  |  |  |  |  |  |
|  Goldman Sachs & Co. | EUR | 99993 | 05/15/25 | $113502 | $113345 | $(157) |
|  **SELL <sup>(11)</sup>** |  |  |  |  |  |  |
|  Goldman Sachs & Co. | EUR | 199993 | 07/11/25 | 223622 | 227506 | (3884) |
|  Citibank N.A. | EUR | 4700 | 07/11/25 | 5103 | 5347 | (244) |
|  |  |  |  | $**228725** | $**232853** | $**(4128)** |

---

---

| | |
|:---|:---|
|  **Notes to the Schedule of Investments:** | **Notes to the Schedule of Investments:** |
| EETC | Enhanced Equipment Trust Certificate. |
| I/O | Interest Only Security. |
| REIT | Real Estate Investment Trust. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| EUR | Euro Currency. |
| (1) | For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs. |
| (2) | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
| (3) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2025, the value of these securities amounted to $2,908,143 or 11.3% of net assets. These securities are determined to be liquid by the Fund's investment adviser, unless otherwise noted, under procedures established by and under the general supervision of the Trust's Board of Trustees. |
| (4) | Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2025. |
| (5) | This security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (6) | Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At April 30, 2025, the value of these securities amounted to $5,495 or 0% of net assets. |
| (7) | Security is not accruing interest. |
| (8) | Rate disclosed is the 7-day net yield as of April 30, 2025. |
| (9) | Affiliated issuer. |
| (10) | Fund buys foreign currency, sells USD. |
| (11) | Fund sells foreign currency, buys USD. |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

The summary of the TCW Corporate Bond ETF transactions in the affiliated funds for the period ended April 30, 2025 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of**<br> **Affiliated Fund** | **Value at<br>October 31,<br>2024** | **Purchases at<br>Cost** | **Proceeds<br>from Sales** | **Number of<br>Shares Held<br>April 30, 2025** | **Value at<br>April 30,<br>2025** | **Dividends and<br>Interest Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net Realized<br>Gain (Loss) on<br>Investments** | **Net change in<br>Unrealized Gain<br>(Loss) on<br>Investments** |
|  TCW Central Cash Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18628325 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17063309 | 1565016 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565016 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $1565016 | $8327 | $— | $— | $— |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

TCW Corporate Bond ETF

Fair Valuation Summary (Unaudited) April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices in<br>Active Markets for<br>Identical Assets**<br> **(Level 1)** | **Other Significant<br>Observable Inputs**<br> **(Level 2)** | **Significant<br>Unobservable Inputs**<br> **(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $21931563 | $— | $21931563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | 1822031 |  |  | 1822031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 123231 |  | 123231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  | 31848 | 31848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Agency |  | 19839 |  | 19839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Agency |  | 7332 |  | 7332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Non-Agency |  | 137 | 1 | 138 |
|  Total Fixed Income Securities | 1822031 | 22082102 | 31849 | 23935982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 1819088 |  |  | 1819088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Corporate Bonds |  | 5495 |  | 5495 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3641119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22087597 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31849 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25760565 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 27836 |  |  | 27836 |
|  Total | $3668955 | $22087597 | $31849 | $25788401 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | $(34400) | $— | $— | $(34400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | (4285) |  | (4285) |
|  Total | $(34400) | $(4285) | $— | $(38685) |

---

*See accompanying Notes to Financial Statements.* 

------

![LOGO](g949859g07c01.jpg)

#### TCW Flexible Income ETF

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  **FIXED INCOME SECURITIES—103.3% of Net Assets** | **FIXED INCOME SECURITIES—103.3% of Net Assets** | **FIXED INCOME SECURITIES—103.3% of Net Assets** | **FIXED INCOME SECURITIES—103.3% of Net Assets** |
|  **CORPORATE BONDS—21.6%** | **CORPORATE BONDS—21.6%** | **CORPORATE BONDS—21.6%** | **CORPORATE BONDS—21.6%** |
|  **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
|  Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 11/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192591 |
|  **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
|  BAE Systems Holdings, Inc. (United Kingdom) | BAE Systems Holdings, Inc. (United Kingdom) | BAE Systems Holdings, Inc. (United Kingdom) | BAE Systems Holdings, Inc. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85% <sup>(1)</sup> | 12/15/25 | 250000 | 248705 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81% | 05/01/50 | 305000 | 286346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.53% | 05/01/34 | 1250000 | 1345862 |
|  General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.94% (3 mo. USD Term SOFR + 0.642%)<sup>(2)</sup> | 05/05/26 | 57000 | 57009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06% (3 mo. USD Term SOFR + 0.742%)<sup>(2)</sup> | 08/15/36 | 52000 | 48323 |
|  Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/15/34 | 55000 | 54502 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(1)</sup> | 01/15/33 | 1665000 | 1663318 |
|  |  |  | 3704065 |
|  **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 02/04/28 | 490000 | 495870 |
|  BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56% | 08/15/27 | 44000 | 43198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 03/16/52 | 244000 | 220095 |
|  BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67% | 03/25/26 | 83000 | 80819 |
|  Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) | Imperial Brands Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(1)</sup> | 07/21/25 | 160000 | 159634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% <sup>(1)</sup> | 07/27/27 | 195000 | 201365 |
|  Japan Tobacco, Inc. | Japan Tobacco, Inc. | Japan Tobacco, Inc. | Japan Tobacco, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85% <sup>(1)</sup> | 05/15/28 | 1190000 | 1206696 |
|  |  |  | 2407677 |
|  **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 04/20/29 | 58000 | 56298 |
|  Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA | Delta Air Lines Pass-Through Trust Series 2020-1, Class AA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 12/10/29 | 18273 | 17136 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  JetBlue Pass-Through Trust Series 2019-1, Class AA | JetBlue Pass-Through Trust Series 2019-1, Class AA | JetBlue Pass-Through Trust Series 2019-1, Class AA | JetBlue Pass-Through Trust Series 2019-1, Class AA | JetBlue Pass-Through Trust Series 2019-1, Class AA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 11/15/33 |  | 23050 | 19801 |
|  JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A | JetBlue Pass-Through Trust Series 2020-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/15/34 |  | 55369 | 51095 |
|  |  |  |  | 144330 |
|  **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
|  Crocs, Inc. | Crocs, Inc. | Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(1)</sup> | 08/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857382 |
|  **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
|  Volkswagen Financial Services AG (Germany) | Volkswagen Financial Services AG (Germany) | Volkswagen Financial Services AG (Germany) | Volkswagen Financial Services AG (Germany) | Volkswagen Financial Services AG (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(3)</sup> | 11/19/31 | EUR | 1100000 | 1244877 |
|  Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% <sup>(1)</sup> | 03/25/32 | EUR | 70000 | 70033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80% <sup>(1)</sup> | 03/27/35 | EUR | 200000 | 199156 |
|  Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% (9 yr. EUR Swap + 4.783%)<sup>(3),(4),(2)</sup> | 09/06/32 | EUR | 300000 | 379268 |
|  |  |  |  | 1893334 |
|  **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
|  Forvia SE (France) | Forvia SE (France) | Forvia SE (France) | Forvia SE (France) | Forvia SE (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% <sup>(1)</sup> | 06/15/30 |  | 385000 | 383787 |
|  ZF North America Capital, Inc. (Germany) | ZF North America Capital, Inc. (Germany) | ZF North America Capital, Inc. (Germany) | ZF North America Capital, Inc. (Germany) | ZF North America Capital, Inc. (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 04/23/32 |  | 760000 | 667972 |
|  |  |  |  | 1051759 |
|  **Banks — 3.7%** | **Banks — 3.7%** | **Banks — 3.7%** | **Banks — 3.7%** | **Banks — 3.7%** |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32% (1 day USD SOFR + 1.150%)<sup>(2)</sup> | 06/19/26 |  | 165000 | 164229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92% (1 day USD SOFR + 1.370%)<sup>(2)</sup> | 10/24/31 |  | 1085000 | 936192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% (1 day USD SOFR + 1.050%)<sup>(2)</sup> | 02/04/28 |  | 2625000 | 2540134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59% (1 day USD SOFR + 2.150%)<sup>(2)</sup> | 04/29/31 |  | 270000 | 243910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% (1 day USD SOFR + 1.220%)<sup>(2)</sup> | 03/11/32 |  | 225000 | 199645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69% (1 day USD SOFR + 1.320%)<sup>(2)</sup> | 04/22/32 |  | 885000 | 782995 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97% (1 day USD SOFR + 1.330%)<sup>(2)</sup> | 02/04/33 | $1395000 | $1227391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42% (3 mo. USD Term SOFR + 1.302%)<sup>(2)</sup> | 12/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% (5 yr. CMT + 2.760%)<sup>(2),(4)</sup> | 01/27/27 | 100000 | 96120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47% (1 day USD SOFR + 1.650%)<sup>(2)</sup> | 01/23/35 | 235000 | 238368 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% (1 day USD SOFR + 1.177%)<sup>(2)</sup> | 11/03/32 | 510000 | 439416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57% (1 day USD SOFR + 2.107%)<sup>(2)</sup> | 06/03/31 | 1000000 | 895500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98% (1 day USD SOFR + 1.422%)<sup>(2)</sup> | 11/05/30 | 145000 | 134559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52% (3 mo. USD Term SOFR + 1.413%)<sup>(2)</sup> | 10/27/28 | 435000 | 424386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33% (1 day USD SOFR + 1.465%)<sup>(2)</sup> | 03/27/36 | 1360000 | 1351282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% (1 day USD SOFR + 1.447%)<sup>(2)</sup> | 06/11/35 | 115000 | 115268 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09% (1 day USD SOFR + 0.789%)<sup>(2)</sup> | 12/09/26 | 2910000 | 2848366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54% (1 day USD SOFR + 0.818%)<sup>(2)</sup> | 09/10/27 | 5000 | 4802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% (1 day USD SOFR + 0.913%)<sup>(2)</sup> | 10/21/27 | 325000 | 313157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% (1 day USD SOFR + 1.248%)<sup>(2)</sup> | 07/21/32 | 45000 | 38737 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% (1 day USD SOFR + 1.246%)<sup>(2)</sup> | 10/21/32 | $535000 | $464460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81% (3 mo. USD Term SOFR + 1.420%)<sup>(2)</sup> | 04/23/29 | 2075000 | 2035865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (1 day USD SOFR + 1.420%)<sup>(2)</sup> | 10/23/35 | 920000 | 891452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.54% (1 day USD SOFR + 1.380%)<sup>(2)</sup> | 01/28/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171811 |
|  HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10% (1 day USD SOFR + 1.929%)<sup>(2)</sup> | 06/04/26 | 1060000 | 1057180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36% (1 day USD SOFR + 1.947%)<sup>(2)</sup> | 08/18/31 | 60000 | 52718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% (1 day USD SOFR + 2.110%)<sup>(2)</sup> | 06/09/28 | 45000 | 45109 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04% (3 mo. USD Term SOFR + 0.695%)<sup>(2)</sup> | 02/04/27 | 375000 | 365366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05% (1 day USD SOFR + 0.800%)<sup>(2)</sup> | 11/19/26 | 420000 | 411827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58% (1 day USD SOFR + 0.885%)<sup>(2)</sup> | 04/22/27 | 700000 | 680624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07% (1 day USD SOFR + 1.015%)<sup>(2)</sup> | 06/01/29 | 120000 | 111976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% (1 day USD SOFR + 1.180%)<sup>(2)</sup> | 11/08/32 | 270000 | 235589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58% (3 mo. USD Term SOFR + 1.250%) <sup>(2)</sup> | 04/22/32 | 760000 | 673839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65% (5 yr. CMT + 2.850%)<sup>(2),(4)</sup> | 06/01/26 | 115000 | 111875 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01% (3 mo. USD Term SOFR + 1.382%)<sup>(2)</sup> | 04/23/29 | $255000 | $252679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32% (1 day USD SOFR + 1.560%)<sup>(2)</sup> | 04/26/28 | 3500000 | 3496675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% (1 day USD SOFR + 1.340%)<sup>(2)</sup> | 10/22/35 | 625000 | 610812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% (1 day USD SOFR + 1.490%)<sup>(2)</sup> | 04/22/35 | 560000 | 580642 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99% (1 day USD SOFR + 0.720%)<sup>(2)</sup> | 12/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79% (1 day USD SOFR + 1.034%)<sup>(2)</sup> | 02/13/32 | 120000 | 101195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24% (1 day USD SOFR + 1.178%)<sup>(2)</sup> | 07/21/32 | 425000 | 362274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51% (1 day USD SOFR + 1.200%)<sup>(2)</sup> | 10/20/32 | 635000 | 548380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% (1 day USD SOFR + 1.290%)<sup>(2)</sup> | 01/21/33 | 1065000 | 934889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% (1 day USD SOFR + 1.418%)<sup>(2)</sup> | 01/18/36 | 650000 | 660062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83% (1 day USD SOFR + 1.580%)<sup>(2)</sup> | 04/19/35 | 120000 | 124073 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% (5 yr. CMT + 2.595%)<sup>(2),(4)</sup> | 09/15/26 | 105000 | 98566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58% (1 day USD SOFR + 1.841%)<sup>(2)</sup> | 06/12/29 | 1370000 | 1412744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% (1 day USD SOFR + 2.284%)<sup>(2)</sup> | 10/20/34 | 205000 | 225500 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) | Santander U.K. Group Holdings PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67% (1 day USD SOFR + 0.989%)<sup>(2)</sup> | 06/14/27 |  | $| 290000 | $| 279980 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% (1 day USD SOFR + 1.600%)<sup>(2)</sup> | 02/01/34 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% (1 day USD SOFR + 1.860%)<sup>(2)</sup> | 01/23/35 |  |  | 150000 |  | 152981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% (1 day USD SOFR + 2.090%)<sup>(2)</sup> | 10/21/33 |  |  | 50000 |  | 51816 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39% (1 day USD SOFR + 2.100%)<sup>(2)</sup> | 06/02/28 |  |  | 560000 |  | 536939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57% (3 mo. USD Term SOFR + 1.262%)<sup>(2)</sup> | 02/11/31 |  |  | 2385000 |  | 2158997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% (1 day USD SOFR + 1.500%)<sup>(2)</sup> | 03/02/33 |  |  | 345000 |  | 310107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21% (1 day USD SOFR + 1.380%)<sup>(2)</sup> | 12/03/35 |  |  | 390000 |  | 385258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24% (1 day USD SOFR + 1.110%)<sup>(2)</sup> | 01/24/31 |  |  | 770000 |  | 786085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% (1 day USD SOFR + 1.780%)<sup>(2)</sup> | 01/23/35 |  |  | 225000 |  | 226654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.57% (1 day USD SOFR + 1.740%)<sup>(2)</sup> | 07/25/29 |  |  | 410000 |  | 422132 |
|  |  |  |  |  |  | 35977597 |
|  **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
|  Anheuser-Busch InBev SA (Belgium) | Anheuser-Busch InBev SA (Belgium) | Anheuser-Busch InBev SA (Belgium) | Anheuser-Busch InBev SA (Belgium) | Anheuser-Busch InBev SA (Belgium) | Anheuser-Busch InBev SA (Belgium) | Anheuser-Busch InBev SA (Belgium) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% <sup>(3)</sup> | 03/22/44 | EUR |  | 970000 |  | 1076031 |
|  Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) | Becle SAB de CV (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% <sup>(1)</sup> | 10/14/31 |  |  | 1790000 |  | 1453999 |
|  JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% <sup>(1)</sup> | 09/24/31 |  |  | 750000 |  | 634275 |
|  |  |  |  |  |  | 3164305 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15% | 02/21/40 |  | $100000 | $75671 |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 03/01/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766723 |
|  **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
|  Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems Dutch Holding B BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% <sup>(1)</sup> | 02/15/31 |  | 50000 | 51830 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.83% <sup>(1)</sup> | 10/15/27 |  | 405000 | 378582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% <sup>(1)</sup> | 11/01/30 |  | 505000 | 439486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27% <sup>(1)</sup> | 11/15/40 |  | 55000 | 39579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47% <sup>(1)</sup> | 12/01/50 |  | 45000 | 29060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 06/01/47 |  | 115000 | 87226 |
|  Itelyum Regeneration SpA (Italy) | Itelyum Regeneration SpA (Italy) | Itelyum Regeneration SpA (Italy) | Itelyum Regeneration SpA (Italy) | Itelyum Regeneration SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 04/15/30 | EUR | 250000 | 281935 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% <sup>(1)</sup> | 05/01/28 |  | $218000 | 209341 |
|  SK Invictus Intermediate II SARL (Luxembourg) | SK Invictus Intermediate II SARL (Luxembourg) | SK Invictus Intermediate II SARL (Luxembourg) | SK Invictus Intermediate II SARL (Luxembourg) | SK Invictus Intermediate II SARL (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 10/30/29 |  | 431000 | 404886 |
|  Tronox, Inc. | Tronox, Inc. | Tronox, Inc. | Tronox, Inc. | Tronox, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% <sup>(1)</sup> | 03/15/29 |  | 63000 | 51254 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% <sup>(1)</sup> | 08/15/29 |  | 63000 | 55901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 03/01/31 |  | 882000 | 887248 |
|  |  |  |  | 2916328 |
|  **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** |
|  AA Bond Co. Ltd. (United Kingdom) | AA Bond Co. Ltd. (United Kingdom) | AA Bond Co. Ltd. (United Kingdom) | AA Bond Co. Ltd. (United Kingdom) | AA Bond Co. Ltd. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.45% <sup>(3)</sup> | 07/31/50 | GBP | 210000 | 297753 |
|  Adtalem Global Education, Inc. | Adtalem Global Education, Inc. | Adtalem Global Education, Inc. | Adtalem Global Education, Inc. | Adtalem Global Education, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(1)</sup> | 03/01/28 |  | $1142000 | 1127759 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% <sup>(1)</sup> | 07/15/27 |  | 825000 | 828457 |
|  Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 05/15/32 |  | 51000 | 52241 |
|  Deluxe Corp. | Deluxe Corp. | Deluxe Corp. | Deluxe Corp. | Deluxe Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% <sup>(1)</sup> | 09/15/29 |  | 52000 | 52092 |
|  Grand Canyon University | Grand Canyon University | Grand Canyon University | Grand Canyon University | Grand Canyon University |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 10/01/28 |  | 1000000 | 943000 |
|  OT Midco Ltd. | OT Midco Ltd. | OT Midco Ltd. | OT Midco Ltd. | OT Midco Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% <sup>(1)</sup> | 02/15/30 |  | 700000 | 572404 |
|  RAC Bond Co. PLC (United Kingdom) | RAC Bond Co. PLC (United Kingdom) | RAC Bond Co. PLC (United Kingdom) | RAC Bond Co. PLC (United Kingdom) | RAC Bond Co. PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(3)</sup> | 05/06/46 | GBP | 100000 | 144607 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 11/15/31 |  | $425000 | 416088 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  Rollins, Inc. | Rollins, Inc. | Rollins, Inc. | Rollins, Inc. | Rollins, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% <sup>(1)</sup> | 02/24/35 |  | $1090000 | 1089019 |
|  Upbound Group, Inc. | Upbound Group, Inc. | Upbound Group, Inc. | Upbound Group, Inc. | Upbound Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 02/15/29 |  | 950000 | 897978 |
|  Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% <sup>(1)</sup> | 06/15/31 |  | 400000 | 350588 |
|  Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% <sup>(1)</sup> | 11/30/30 |  | 49000 | 51342 |
|  VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 08/15/30 |  | 560000 | 586281 |
|  WEX, Inc. | WEX, Inc. | WEX, Inc. | WEX, Inc. | WEX, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 03/15/33 |  | 350000 | 340704 |
|  ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 01/15/30 |  | 59000 | 49460 |
|  |  |  |  | 7799773 |
|  **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
|  Amentum Holdings, Inc. | Amentum Holdings, Inc. | Amentum Holdings, Inc. | Amentum Holdings, Inc. | Amentum Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% <sup>(1)</sup> | 08/01/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265779 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 04/01/28 |  | 1135000 | 1144500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/30 |  | 840000 | 845451 |
|  McAfee Corp. | McAfee Corp. | McAfee Corp. | McAfee Corp. | McAfee Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 02/15/30 |  | 763000 | 659774 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 10/01/28 |  | 675000 | 654892 |
|  |  |  |  | 3570396 |
|  **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
|  Edgewell Personal Care Co. | Edgewell Personal Care Co. | Edgewell Personal Care Co. | Edgewell Personal Care Co. | Edgewell Personal Care Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(1)</sup> | 04/01/29 |  | 860000 | 805631 |
|  **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% | 10/29/26 |  | 123000 | 119009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 01/23/28 |  | 5000 | 4896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% | 10/01/25 |  | 110000 | 109856 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88% | 01/15/26 |  | 380000 | 374657 |
|  Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53% <sup>(1)</sup> | 11/18/27 |  | 1083000 | 1016460 |
|  Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 07/18/35 | EUR | 730000 | 848119 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% (5 yr. CMT + 3.256%)<sup>(2),(4)</sup> | 06/01/27 |  | $200000 | 195380 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  EZCORP, Inc. | EZCORP, Inc. | EZCORP, Inc. | EZCORP, Inc. | EZCORP, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 04/01/32 |  | $1135000 | 1192204 |
|  GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% <sup>(1)</sup> | 02/15/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% <sup>(1)</sup> | 06/15/28 |  | 892000 | 935574 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% <sup>(1)</sup> | 11/01/32 |  | 450000 | 442818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 05/01/33 |  | 90000 | 90502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% <sup>(1)</sup> | 04/30/31 |  | 330000 | 340590 |
|  Visa, Inc. | Visa, Inc. | Visa, Inc. | Visa, Inc. | Visa, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13% <sup>(5)</sup> | 05/15/33 | EUR | 645000 | 725749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(5)</sup> | 05/15/44 | EUR | 150000 | 167251 |
|  |  |  |  | 6681101 |
|  **Electric — 0.7%** | **Electric — 0.7%** | **Electric — 0.7%** | **Electric — 0.7%** | **Electric — 0.7%** |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40% <sup>(1)</sup> | 03/15/26 |  | $245000 | 236606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% <sup>(1)</sup> | 03/01/32 |  | 655000 | 595637 |
|  Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 10/15/32 |  | 259000 | 264680 |
|  Amprion GmbH (Germany) | Amprion GmbH (Germany) | Amprion GmbH (Germany) | Amprion GmbH (Germany) | Amprion GmbH (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(3)</sup> | 05/21/44 | EUR | 100000 | 111300 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 12/15/32 |  | 135000 | 143725 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/30/42 |  | 250000 | 202843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% | 01/15/53 |  | 195000 | 184300 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/35 |  | 695000 | 692686 |
|  E.ON SE (Germany) | E.ON SE (Germany) | E.ON SE (Germany) | E.ON SE (Germany) | E.ON SE (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(3)</sup> | 04/16/33 | EUR | 525000 | 600587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(3)</sup> | 09/05/38 | EUR | 300000 | 338764 |
|  Elia Group SA (Belgium) | Elia Group SA (Belgium) | Elia Group SA (Belgium) | Elia Group SA (Belgium) | Elia Group SA (Belgium) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(3)</sup> | 06/11/31 | EUR | 100000 | 115716 |
|  Eurogrid GmbH (Germany) | Eurogrid GmbH (Germany) | Eurogrid GmbH (Germany) | Eurogrid GmbH (Germany) | Eurogrid GmbH (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.11% <sup>(3)</sup> | 05/15/32 | EUR | 200000 | 195890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28% <sup>(3)</sup> | 09/05/31 | EUR | 200000 | 226137 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87% <sup>(1)</sup> | 09/15/28 |  | $418000 | 396398 |
|  MVM Energetika Zrt (Hungary) | MVM Energetika Zrt (Hungary) | MVM Energetika Zrt (Hungary) | MVM Energetika Zrt (Hungary) | MVM Energetika Zrt (Hungary) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(3)</sup> | 03/13/31 |  | 400000 | 409212 |
|  National Grid Electricity Transmission PLC (United Kingdom) | National Grid Electricity Transmission PLC (United Kingdom) | National Grid Electricity Transmission PLC (United Kingdom) | National Grid Electricity Transmission PLC (United Kingdom) | National Grid Electricity Transmission PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% <sup>(3)</sup> | 07/07/32 | EUR | 325000 | 311091 |
|  Pike Corp. | Pike Corp. | Pike Corp. | Pike Corp. | Pike Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63% <sup>(1)</sup> | 01/31/31 |  | 775000 | 813913 |
|  Public Service Co. of New Mexico | Public Service Co. of New Mexico | Public Service Co. of New Mexico | Public Service Co. of New Mexico | Public Service Co. of New Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85% | 08/01/25 |  | 40000 | 39834 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  Scottish Hydro Electric Transmission PLC (United Kingdom) | Scottish Hydro Electric Transmission PLC (United Kingdom) | Scottish Hydro Electric Transmission PLC (United Kingdom) | Scottish Hydro Electric Transmission PLC (United Kingdom) | Scottish Hydro Electric Transmission PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% <sup>(3)</sup> | 09/04/32 | EUR | 250000 | 284261 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 04/01/33 |  | $600000 | 598116 |
|  TenneT Holding BV (Netherlands) | TenneT Holding BV (Netherlands) | TenneT Holding BV (Netherlands) | TenneT Holding BV (Netherlands) | TenneT Holding BV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(3)</sup> | 05/17/42 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121643 |
|  Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/15/53 |  | $305000 | 287209 |
|  |  |  |  | 7170548 |
|  **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
|  Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% <sup>(1)</sup> | 03/31/29 |  | 925000 | 864283 |
|  **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
|  Artera Services LLC | Artera Services LLC | Artera Services LLC | Artera Services LLC | Artera Services LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 02/15/31 |  | 240000 | 228022 |
|  Cellnex Finance Co. SA (Spain) | Cellnex Finance Co. SA (Spain) | Cellnex Finance Co. SA (Spain) | Cellnex Finance Co. SA (Spain) | Cellnex Finance Co. SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% <sup>(3)</sup> | 09/15/32 | EUR | 400000 | 407636 |
|  Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13% <sup>(3)</sup> | 10/08/32 | EUR | 565000 | 575018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(3)</sup> | 01/16/38 | EUR | 250000 | 282589 |
|  |  |  |  | 1493265 |
|  **Entertainment — 0.9%** | **Entertainment — 0.9%** | **Entertainment — 0.9%** | **Entertainment — 0.9%** | **Entertainment — 0.9%** |
|  Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% <sup>(1)</sup> | 05/01/29 |  | $350000 | 358691 |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 02/15/32 |  | 820000 | 825330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% <sup>(1)</sup> | 07/01/27 |  | 786000 | 789238 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 04/01/30 |  | 798000 | 781314 |
|  Everi Holdings, Inc. | Everi Holdings, Inc. | Everi Holdings, Inc. | Everi Holdings, Inc. | Everi Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 07/15/29 |  | 350000 | 351813 |
|  Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) | Flutter Treasury DAC (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 04/29/29 |  | 100000 | 117428 |
|  Great Canadian Gaming Corp. | Great Canadian Gaming Corp. | Great Canadian Gaming Corp. | Great Canadian Gaming Corp. | Great Canadian Gaming Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% <sup>(1)</sup> | 11/15/29 |  | 745000 | 740463 |
|  La Francaise des Jeux SACA (France) | La Francaise des Jeux SACA (France) | La Francaise des Jeux SACA (France) | La Francaise des Jeux SACA (France) | La Francaise des Jeux SACA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% <sup>(3)</sup> | 11/21/33 | EUR | 500000 | 556139 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% <sup>(1)</sup> | 03/15/26 |  | $355000 | 353775 |
|  Lottomatica Group SpA (Italy) | Lottomatica Group SpA (Italy) | Lottomatica Group SpA (Italy) | Lottomatica Group SpA (Italy) | Lottomatica Group SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% <sup>(1),(5)</sup> | 01/31/31 | EUR | 430000 | 491369 |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(1)</sup> | 02/01/33 |  | 803000 | 794239 |
|  WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% | 03/15/32 |  | 1520000 | 1302138 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/42 |  | $260000 | $| 195868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 03/15/52 |  | 1400000 |  | 962262 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 03/15/33 |  | 55000 |  | 53325 |
|  |  |  |  |  | 8673392 |
|  **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 01/15/31 |  | 576000 |  | 600261 |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 02/01/33 |  | 1080000 |  | 1105931 |
|  |  |  |  |  | 1706192 |
|  **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
|  ELO SACA (France) | ELO SACA (France) | ELO SACA (France) | ELO SACA (France) | ELO SACA (France) | ELO SACA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(3)</sup> | 03/22/29 |  | 300000 |  | 315766 |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 12/01/31 |  | 385000 |  | 354158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 03/15/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186764 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% <sup>(1)</sup> | 03/01/30 |  | 1620000 |  | 1640639 |
|  Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 03/06/35 | EUR | 235000 |  | 237218 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 04/15/31 |  | $1430000 |  | 1355583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 07/01/33 |  | 950000 |  | 991059 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% <sup>(1)</sup> | 04/15/30 |  | 675000 |  | 637841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(1)</sup> | 12/15/29 |  | 53000 |  | 52073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 10/15/34 |  | 950000 |  | 944490 |
|  Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% <sup>(1)</sup> | 04/01/29 |  | 5000 |  | 5016 |
|  |  |  |  |  | 6720607 |
|  **Gas — 0.4%** | **Gas — 0.4%** | **Gas — 0.4%** | **Gas — 0.4%** | **Gas — 0.4%** | **Gas — 0.4%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 08/20/26 |  | 500000 |  | 494470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38% <sup>(1)</sup> | 06/01/28 |  | 687000 |  | 683180 |
|  CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 03/01/33 |  | 765000 |  | 783490 |
|  KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.99% <sup>(1)</sup> | 03/06/33 |  | 385000 |  | 393682 |
|  National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(3)</sup> | 04/05/30 | EUR | 200000 |  | 237670 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(1)</sup> | 05/01/33 |  | $119000 |  | 122228 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% <sup>(1)</sup> | 05/01/35 |  | $820000 | $| 842591 |
|  |  |  |  |  | 3557311 |
|  **Health Care-Products — 0.5%** | **Health Care-Products — 0.5%** | **Health Care-Products — 0.5%** | **Health Care-Products — 0.5%** | **Health Care-Products — 0.5%** | **Health Care-Products — 0.5%** |
|  American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 03/08/31 | EUR | 700000 |  | 788602 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% <sup>(1)</sup> | 10/01/28 |  | $320000 |  | 334400 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% <sup>(1)</sup> | 10/01/29 |  | 897000 |  | 853020 |
|  Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38% | 10/15/40 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 |  | 91600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 10/15/34 | EUR | 185000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209215 |
|  Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) | Sartorius Finance BV (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% <sup>(3)</sup> | 09/14/32 | EUR | 100000 |  | 118488 |
|  Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 06/01/31 |  | $356000 |  | 366424 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | 02/10/28 |  | 1465000 |  | 1482272 |
|  Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50% | 03/01/28 | EUR | 735000 |  | 787399 |
|  |  |  |  |  | 5031420 |
|  **Health Care-Services — 1.2%** | **Health Care-Services — 1.2%** | **Health Care-Services — 1.2%** | **Health Care-Services — 1.2%** | **Health Care-Services — 1.2%** | **Health Care-Services — 1.2%** |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/15/30 |  | $1323000 |  | 1161806 |
|  Cerba Healthcare SACA (France) | Cerba Healthcare SACA (France) | Cerba Healthcare SACA (France) | Cerba Healthcare SACA (France) | Cerba Healthcare SACA (France) | Cerba Healthcare SACA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(3)</sup> | 05/31/28 | EUR | 385000 |  | 326116 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/15/35 |  | $185000 |  | 185322 |
|  Fortrea Holdings, Inc. | Fortrea Holdings, Inc. | Fortrea Holdings, Inc. | Fortrea Holdings, Inc. | Fortrea Holdings, Inc. | Fortrea Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(1)</sup> | 07/01/30 |  | 1350000 |  | 1174473 |
|  HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% <sup>(1)</sup> | 10/01/31 |  | 299000 |  | 287503 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 09/01/26 |  | 1260000 |  | 1267774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 09/01/28 |  | 275000 |  | 281787 |
|  Heartland Dental LLC/Heartland Dental Finance Corp. | Heartland Dental LLC/Heartland Dental Finance Corp. | Heartland Dental LLC/Heartland Dental Finance Corp. | Heartland Dental LLC/Heartland Dental Finance Corp. | Heartland Dental LLC/Heartland Dental Finance Corp. | Heartland Dental LLC/Heartland Dental Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% <sup>(1)</sup> | 04/30/28 |  | 49000 |  | 51697 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 05/01/35 |  | 570000 |  | 565822 |
|  Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 09/01/29 |  | 669000 |  | 641431 |
|  Lonza Finance International NV (Switzerland) | Lonza Finance International NV (Switzerland) | Lonza Finance International NV (Switzerland) | Lonza Finance International NV (Switzerland) | Lonza Finance International NV (Switzerland) | Lonza Finance International NV (Switzerland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(3)</sup> | 09/04/34 | EUR | 229000 |  | 257594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(3)</sup> | 04/24/36 | EUR | 210000 |  | 241993 |
|  ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1),(6)</sup> | 10/01/29 |  | $744450 |  | 230779 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% <sup>(1)</sup> | 06/15/28 | 54000 | 51969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 01/15/33 | 2330000 | 2316300 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38% <sup>(1)</sup> | 09/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310043 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% <sup>(1)</sup> | 10/01/30 | 810000 | 820012 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 11/01/27 | 1950000 | 1935297 |
|  |  |  | 12107718 |
|  **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** |
|  Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 10/15/30 | 575000 | 527591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(1)</sup> | 04/30/31 | 58000 | 52280 |
|  Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 03/15/31 | 1695000 | 1399714 |
|  |  |  | 1979585 |
|  **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
|  Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(1)</sup> | 02/15/29 | 175000 | 163840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(1)</sup> | 08/01/29 | 405000 | 387111 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 01/15/31 | 52000 | 52798 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99% <sup>(1)</sup> | 08/19/28 | 15000 | 13767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72% <sup>(1)</sup> | 01/07/29 | 95000 | 88046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21% <sup>(1)</sup> | 03/08/27 | 130000 | 126035 |
|  Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% (3 mo. USD Term SOFR + 4.006%)<sup>(1),(2)</sup> | 11/01/53 | 550000 | 530096 |
|  Farmers Exchange Capital III | Farmers Exchange Capital III | Farmers Exchange Capital III | Farmers Exchange Capital III |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% (3 mo. USD LIBOR + 3.454%)<sup>(1),(2)</sup> | 10/15/54 | 85000 | 77200 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (3 mo. USD LIBOR + 3.231%)<sup>(1),(2)</sup> | 11/01/57 | 135000 | 110587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% (10 yr. CMT + 3.864%) <sup>(1),(2)</sup> | 10/15/64 | 265000 | 269449 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% <sup>(1)</sup> | 06/15/30 | 417000 | 432779 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95% <sup>(1)</sup> | 04/09/30 |  | $15000 | 13944 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% <sup>(1)</sup> | 06/01/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385425 |
|  |  |  |  | 2651077 |
|  **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
|  Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 05/06/45 | EUR | 405000 | 432653 |
|  Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 04/01/33 |  | $250000 | 249602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 09/30/27 |  | 328000 | 333769 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 03/01/33 |  | 1258000 | 1256868 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% | 01/15/30 |  | 700000 | 693490 |
|  |  |  |  | 2966382 |
|  **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 06/15/30 |  | 730000 | 688149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% | 01/15/29 |  | 285000 | 281517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% <sup>(1)</sup> | 11/15/29 |  | 368000 | 360839 |
|  |  |  |  | 1330505 |
|  **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
|  MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 06/01/29 |  | 74000 | 55464 |
|  Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% <sup>(1)</sup> | 11/15/29 |  | 447000 | 428413 |
|  |  |  |  | 483877 |
|  **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
|  Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% <sup>(1)</sup> | 06/15/31 |  | 700000 | 653408 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/30/28 |  | 905000 | 909733 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 06/15/28 |  | 1825000 | 1827354 |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 04/15/32 |  | 527000 | 519933 |
|  |  |  |  | 3910428 |
|  **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
|  Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% <sup>(1)</sup> | 10/15/29 |  | 549538 | 285742 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
|  AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25% <sup>(1)</sup> | 01/15/29 | $385000 | $398660 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(1)</sup> | 01/15/34 | 775000 | 653604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% <sup>(1)</sup> | 03/01/30 | 850000 | 803947 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80% | 04/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 04/01/51 | 530000 | 328531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 06/01/52 | 360000 | 229072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 03/01/50 | 250000 | 186525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 05/01/47 | 141000 | 114658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65% | 02/01/34 | 246000 | 254819 |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% <sup>(1)</sup> | 12/01/30 | 300000 | 139119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 02/01/29 | 77000 | 63017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% <sup>(1)</sup> | 01/31/29 | 934000 | 883134 |
|  Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% <sup>(1)</sup> | 02/15/33 | 668000 | 662396 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 09/01/31 | 791000 | 678995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 08/01/27 | 1820000 | 1800726 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 09/01/41 | 510000 | 436805 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 07/31/31 | 55000 | 52044 |
|  VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 01/15/32 | 1475000 | 1287867 |
|  Ziggo Bond Co. BV (Netherlands) | Ziggo Bond Co. BV (Netherlands) | Ziggo Bond Co. BV (Netherlands) | Ziggo Bond Co. BV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% <sup>(1)</sup> | 02/28/30 | 53000 | 46955 |
|  |  |  | 9142433 |
|  **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
|  Corp. Nacional del Cobre de Chile (Chile) | Corp. Nacional del Cobre de Chile (Chile) | Corp. Nacional del Cobre de Chile (Chile) | Corp. Nacional del Cobre de Chile (Chile) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% <sup>(3)</sup> | 02/02/33 | 200000 | 192964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% <sup>(3)</sup> | 01/08/34 | 200000 | 202722 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. | Novelis Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(1)</sup> | 11/15/26 | 275000 | 267083 |
|  |  |  | 662769 |
|  **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
|  Xerox Corp. | Xerox Corp. | Xerox Corp. | Xerox Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25% <sup>(1)</sup> | 10/15/30 | 826000 | 841892 |
|  **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** |
|  Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% | 01/13/33 | 250000 | 250365 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(1)</sup> | 04/14/33 | 400000 | 332908 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 04/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157158 |
|  Parkland Corp. (Canada) | Parkland Corp. (Canada) | Parkland Corp. (Canada) | Parkland Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(1)</sup> | 08/15/32 | 389000 | 387288 |
|  Pertamina Persero PT (Indonesia) | Pertamina Persero PT (Indonesia) | Pertamina Persero PT (Indonesia) | Pertamina Persero PT (Indonesia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% <sup>(1)</sup> | 08/27/30 | 600000 | 548814 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 02/12/48 | 5000 | 3223 |
|  Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 07/01/33 | 300000 | 299871 |
|  Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% <sup>(1)</sup> | 02/01/28 | 356476 | 353510 |
|  Transocean, Inc. | Transocean, Inc. | Transocean, Inc. | Transocean, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% <sup>(1)</sup> | 02/15/30 | 252000 | 246454 |
|  |  |  | 2579591 |
|  **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** |
|  Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 04/01/28 | 103000 | 102783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(1)</sup> | 09/01/32 | 856000 | 851823 |
|  USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 09/01/27 | 1420000 | 1411068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% <sup>(1)</sup> | 03/15/29 | 650000 | 656734 |
|  |  |  | 3022408 |
|  **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** |
|  Amcor Finance USA, Inc. | Amcor Finance USA, Inc. | Amcor Finance USA, Inc. | Amcor Finance USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 05/15/28 | 245000 | 244424 |
|  Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. | Amcor Flexibles North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% <sup>(1)</sup> | 03/17/28 | 2225000 | 2242555 |
|  Amcor Group Finance PLC | Amcor Group Finance PLC | Amcor Group Finance PLC | Amcor Group Finance PLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% | 05/23/29 | 670000 | 683561 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(1)</sup> | 08/15/26 | 382000 | 337772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% <sup>(1)</sup> | 08/15/27 | 510000 | 235156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% <sup>(1)</sup> | 08/15/27 | 305000 | 141090 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 01/15/27 | 40000 | 37961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/15/28 | 255000 | 260569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 01/15/34 | 150000 | 151467 |
|  Clearwater Paper Corp. | Clearwater Paper Corp. | Clearwater Paper Corp. | Clearwater Paper Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% <sup>(1)</sup> | 08/15/28 | 822000 | 766819 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(1)</sup> | 04/15/29 | 425000 | 429195 |
|  Graham Packaging Co., Inc. | Graham Packaging Co., Inc. | Graham Packaging Co., Inc. | Graham Packaging Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% <sup>(1)</sup> | 08/15/28 | 53000 | 51844 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 07/15/32 |  | $325000 | 327236 |
|  Trivium Packaging Finance BV (Netherlands) | Trivium Packaging Finance BV (Netherlands) | Trivium Packaging Finance BV (Netherlands) | Trivium Packaging Finance BV (Netherlands) | Trivium Packaging Finance BV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(1)</sup> | 08/15/26 |  | 245000 | 242802 |
|  |  |  |  | 6152451 |
|  **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% <sup>(1)</sup> | 04/15/32 |  | 1372000 | 1346206 |
|  180 Medical, Inc. (United Kingdom) | 180 Medical, Inc. (United Kingdom) | 180 Medical, Inc. (United Kingdom) | 180 Medical, Inc. (United Kingdom) | 180 Medical, Inc. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 10/15/29 |  | 269000 | 251792 |
|  Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(1)</sup> | 12/15/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% <sup>(1)</sup> | 12/15/28 |  | 510000 | 500443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% <sup>(1)</sup> | 07/15/44 |  | 245000 | 184056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% <sup>(1)</sup> | 06/25/48 |  | 80000 | 63064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 11/21/33 |  | 500000 | 522835 |
|  Bayer U.S. Finance LLC (Germany) | Bayer U.S. Finance LLC (Germany) | Bayer U.S. Finance LLC (Germany) | Bayer U.S. Finance LLC (Germany) | Bayer U.S. Finance LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 11/21/53 |  | 345000 | 349837 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% | 03/25/38 |  | 75000 | 67727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/25/48 |  | 330000 | 280913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 06/01/34 |  | 1165000 | 1184001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 06/01/53 |  | 212000 | 199115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (5 yr. CMT + 2.516%)<sup>(2)</sup> | 12/10/54 |  | 1290000 | 1284853 |
|  Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% <sup>(1)</sup> | 10/15/28 | EUR | 410000 | 381964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(3)</sup> | 05/01/30 | EUR | 827000 | 986062 |
|  Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 02/26/33 |  | $550000 | 625479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 02/26/45 |  | 265000 | 291469 |
|  MSD Netherlands Capital BV | MSD Netherlands Capital BV | MSD Netherlands Capital BV | MSD Netherlands Capital BV | MSD Netherlands Capital BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 05/30/37 | EUR | 160000 | 179581 |
|  |  |  |  | 8953227 |
|  **Pipelines — 0.7%** | **Pipelines — 0.7%** | **Pipelines — 0.7%** | **Pipelines — 0.7%** | **Pipelines — 0.7%** |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% (3 mo. USD LIBOR + 4.155%)<sup>(2),(4)</sup> | 02/15/28 |  | 733000 | 707037 |
|  Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 01/15/29 |  | 430000 | 427953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(1)</sup> | 01/15/32 |  | 425000 | 433067 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% <sup>(1)</sup> | 02/15/32 |  | 942000 | 858953 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC | NGPL PipeCo LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% <sup>(1)</sup> | 08/15/27 |  | $40000 | 40002 |
|  Pipeline Funding Co. LLC | Pipeline Funding Co. LLC | Pipeline Funding Co. LLC | Pipeline Funding Co. LLC | Pipeline Funding Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(1)</sup> | 01/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145800 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 04/15/40 |  | 216000 | 204003 |
|  Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% <sup>(1)</sup> | 03/15/47 |  | 65000 | 53733 |
|  TMS Issuer SARL | TMS Issuer SARL | TMS Issuer SARL | TMS Issuer SARL | TMS Issuer SARL |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78% <sup>(3)</sup> | 08/23/32 |  | 400000 | 413660 |
|  TransMontaigne Partners LLC | TransMontaigne Partners LLC | TransMontaigne Partners LLC | TransMontaigne Partners LLC | TransMontaigne Partners LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 06/15/30 |  | 650000 | 654712 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 11/01/33 |  | 750000 | 633023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(1)</sup> | 08/15/31 |  | 580000 | 522070 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 01/15/30 |  | 150000 | 141470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (5 yr. CMT + 5.440%)<sup>(1),(4),(2)</sup> | 09/30/29 |  | 1150000 | 988321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88% <sup>(1)</sup> | 02/01/32 |  | 779000 | 793092 |
|  |  |  |  | 7016896 |
|  **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
|  Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) | Blackstone Property Partners Europe Holdings SARL (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <sup>(3)</sup> | 05/04/28 | EUR | 195000 | 208146 |
|  Vonovia SE (Germany) | Vonovia SE (Germany) | Vonovia SE (Germany) | Vonovia SE (Germany) | Vonovia SE (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <sup>(3)</sup> | 09/01/32 | EUR | 100000 | 92649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% <sup>(3)</sup> | 06/14/41 | EUR | 600000 | 448140 |
|  |  |  |  | 748935 |
|  **REIT — 1.1%** | **REIT — 1.1%** | **REIT — 1.1%** | **REIT — 1.1%** | **REIT — 1.1%** |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/01/31 |  | $500000 | 436360 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 07/15/51 |  | 675000 | 430981 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10% | 06/15/30 |  | 1050000 | 926047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 03/15/30 |  | 500000 | 505410 |
|  Americold Realty Operating Partnership LP (REIT) | Americold Realty Operating Partnership LP (REIT) | Americold Realty Operating Partnership LP (REIT) | Americold Realty Operating Partnership LP (REIT) | Americold Realty Operating Partnership LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 05/15/32 |  | 1120000 | 1123528 |
|  Boston Properties LP (REIT) | Boston Properties LP (REIT) | Boston Properties LP (REIT) | Boston Properties LP (REIT) | Boston Properties LP (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 10/01/26 |  | 10000 | 9701 |
|  Crown Castle, Inc. (REIT) | Crown Castle, Inc. (REIT) | Crown Castle, Inc. (REIT) | Crown Castle, Inc. (REIT) | Crown Castle, Inc. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10% | 04/01/31 |  | 1250000 | 1062712 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  Digital Dutch Finco BV | Digital Dutch Finco BV | Digital Dutch Finco BV | Digital Dutch Finco BV | Digital Dutch Finco BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% <sup>(3)</sup> | 02/01/31 | EUR | 220000 | 220863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(3)</sup> | 03/15/35 | EUR | 500000 | 555255 |
|  Digital Intrepid Holding BV | Digital Intrepid Holding BV | Digital Intrepid Holding BV | Digital Intrepid Holding BV | Digital Intrepid Holding BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63% <sup>(3)</sup> | 07/15/31 | EUR | 100000 | 95396 |
|  Equinix Europe 2 Financing Corp. LLC (REIT) | Equinix Europe 2 Financing Corp. LLC (REIT) | Equinix Europe 2 Financing Corp. LLC (REIT) | Equinix Europe 2 Financing Corp. LLC (REIT) | Equinix Europe 2 Financing Corp. LLC (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 11/22/34 | EUR | 490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542069 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40% | 10/15/31 |  | $71000 | 60688 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/15/31 |  | 73000 | 67811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/15/26 |  | 1040000 | 1037525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 06/01/28 |  | 10000 | 10156 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% | 02/15/30 |  | 35000 | 32144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 01/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | 145472 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 01/15/30 |  | 525000 | 348080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 |  | 511000 | 444166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 02/15/28 |  | 638000 | 533451 |
|  Iron Mountain, Inc. (REIT) | Iron Mountain, Inc. (REIT) | Iron Mountain, Inc. (REIT) | Iron Mountain, Inc. (REIT) | Iron Mountain, Inc. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 01/15/33 |  | 335000 | 334682 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 09/15/30 |  | 160000 | 140973 |
|  Prologis Euro Finance LLC | Prologis Euro Finance LLC | Prologis Euro Finance LLC | Prologis Euro Finance LLC | Prologis Euro Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/05/34 |  | 290000 | 335488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 05/23/33 |  | 150000 | 183743 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 07/06/34 | EUR | 885000 | 1102248 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 05/15/52 |  | $50000 | 44847 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 02/15/29 |  | 30000 | 28798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 02/01/27 |  | 65000 | 65821 |
|  WP Carey, Inc. (REIT) | WP Carey, Inc. (REIT) | WP Carey, Inc. (REIT) | WP Carey, Inc. (REIT) | WP Carey, Inc. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 07/23/32 | EUR | 200000 | 233449 |
|  |  |  |  | 11057864 |
|  **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** |
|  1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(1)</sup> | 10/15/30 |  | $130000 | 118486 |
|  Bloomin' Brands, Inc./OSI Restaurant Partners LLC | Bloomin' Brands, Inc./OSI Restaurant Partners LLC | Bloomin' Brands, Inc./OSI Restaurant Partners LLC | Bloomin' Brands, Inc./OSI Restaurant Partners LLC | Bloomin' Brands, Inc./OSI Restaurant Partners LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% <sup>(1)</sup> | 04/15/29 |  | 818000 | 707693 |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% <sup>(1)</sup> | 04/01/26 |  | 810000 | 788332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% <sup>(1)</sup> | 04/01/29 |  | 826000 | 717464 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 01/15/30 |  | 60000 | 52493 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 03/01/32 |  | $320000 | 327597 |
|  LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(1)</sup> | 08/01/31 |  | 50000 | 52398 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 06/01/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302110 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% <sup>(1)</sup> | 05/01/28 |  | 704000 | 370044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% <sup>(1)</sup> | 05/01/29 |  | 210000 | 73849 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(1)</sup> | 02/15/31 |  | 58000 | 52364 |
|  Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 09/15/29 |  | 695000 | 646051 |
|  Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38% <sup>(1)</sup> | 05/01/29 |  | 320000 | 340051 |
|  Saks Global Enterprises LLC | Saks Global Enterprises LLC | Saks Global Enterprises LLC | Saks Global Enterprises LLC | Saks Global Enterprises LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00% <sup>(1)</sup> | 12/15/29 |  | 700000 | 424949 |
|  Staples, Inc. | Staples, Inc. | Staples, Inc. | Staples, Inc. | Staples, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% <sup>(1)</sup> | 09/01/29 |  | 175000 | 152281 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 06/01/31 |  | 435000 | 398395 |
|  |  |  |  | 5524557 |
|  **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(1)</sup> | 01/25/31 |  | 185000 | 187616 |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/12/31 |  | 560000 | 468563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 02/10/53 |  | 130000 | 116471 |
|  |  |  |  | 772650 |
|  **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(1)</sup> | 06/30/32 |  | 625000 | 652787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% <sup>(1)</sup> | 09/30/29 |  | 440000 | 443978 |
|  Fiserv Funding ULC | Fiserv Funding ULC | Fiserv Funding ULC | Fiserv Funding ULC | Fiserv Funding ULC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 06/15/36 | EUR | 925000 | 1041998 |
|  Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% <sup>(1)</sup> | 05/01/29 |  | $678000 | 658514 |
|  Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% <sup>(1)</sup> | 12/01/27 |  | 760000 | 781751 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/03/28 |  | 880000 | 891713 |
|  Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% | 04/15/30 |  | 2380000 | 2418151 |
|  RingCentral, Inc. | RingCentral, Inc. | RingCentral, Inc. | RingCentral, Inc. | RingCentral, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 08/15/30 |  | 336000 | 353852 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(1)</sup> | 09/30/27 |  | $52000 | 51813 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 02/01/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259491 |
|  |  |  |  | 7554048 |
|  **Telecommunications — 1.2%** | **Telecommunications — 1.2%** | **Telecommunications — 1.2%** | **Telecommunications — 1.2%** | **Telecommunications — 1.2%** |
|  Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 08/15/29 |  | 395000 | 290850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63% <sup>(1)</sup> | 07/15/27 |  | 809000 | 699834 |
|  CommScope LLC | CommScope LLC | CommScope LLC | CommScope LLC | CommScope LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% <sup>(1)</sup> | 12/15/31 |  | 556000 | 569177 |
|  Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 10/01/28 |  | 1363000 | 1343114 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% | 11/30/29 |  | 1965000 | 2078950 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% <sup>(1)</sup> | 10/15/27 |  | 155000 | 154946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63% <sup>(1)</sup> | 03/15/31 |  | 1351000 | 1433668 |
|  Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38% <sup>(3)</sup> | 10/07/30 | EUR | 725000 | 777754 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% <sup>(1)</sup> | 09/20/29 |  | $403800 | 406942 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 02/15/31 |  | 996000 | 883820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 05/15/32 |  | 1075000 | 1087846 |
|  Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% <sup>(1)</sup> | 04/15/32 |  | 747000 | 754096 |
|  Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(1)</sup> | 10/01/31 |  | 674000 | 691524 |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(1)</sup> | 03/01/27 |  | 850000 | 782578 |
|  |  |  |  | 11955099 |
|  **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
|  Holding d'Infrastructures des Metiers de l'Environnement (France) | Holding d'Infrastructures des Metiers de l'Environnement (France) | Holding d'Infrastructures des Metiers de l'Environnement (France) | Holding d'Infrastructures des Metiers de l'Environnement (France) | Holding d'Infrastructures des Metiers de l'Environnement (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% <sup>(3)</sup> | 10/24/29 |  | 200000 | 231371 |
|  Severn Trent Utilities Finance PLC (United Kingdom) | Severn Trent Utilities Finance PLC (United Kingdom) | Severn Trent Utilities Finance PLC (United Kingdom) | Severn Trent Utilities Finance PLC (United Kingdom) | Severn Trent Utilities Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(3)</sup> | 08/04/35 | EUR | 445000 | 503327 |
|  Suez SACA (France) | Suez SACA (France) | Suez SACA (France) | Suez SACA (France) | Suez SACA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88% <sup>(3)</sup> | 05/24/34 | EUR | 200000 | 211778 |
|  United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) | United Utilities Water Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(3)</sup> | 05/23/34 | EUR | 420000 | 476820 |
|  |  |  |  | 1423296 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |
| (Cost: $210,406,066) | (Cost: $210,406,066) | (Cost: $210,406,066) | (Cost: $210,406,066) | 210349111 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  **MUNICIPAL BONDS—0.1%** | **MUNICIPAL BONDS—0.1%** | **MUNICIPAL BONDS—0.1%** | **MUNICIPAL BONDS—0.1%** |
|  City of Los Angeles Department of Airports, Revenue Bond | City of Los Angeles Department of Airports, Revenue Bond | City of Los Angeles Department of Airports, Revenue Bond | City of Los Angeles Department of Airports, Revenue Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89% | 05/15/38 | $100000 | $90406 |
|  City of New York, General Obligation Unlimited | City of New York, General Obligation Unlimited | City of New York, General Obligation Unlimited | City of New York, General Obligation Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62% | 04/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148252 |
|  County of Miami-Dade Aviation Revenue, Revenue Bond | County of Miami-Dade Aviation Revenue, Revenue Bond | County of Miami-Dade Aviation Revenue, Revenue Bond | County of Miami-Dade Aviation Revenue, Revenue Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61% | 10/01/32 | 100000 | 87253 |
|  Empire State Development Corp., Revenue Bond | Empire State Development Corp., Revenue Bond | Empire State Development Corp., Revenue Bond | Empire State Development Corp., Revenue Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/15/33 | 100000 | 82792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54% | 03/15/34 | 135000 | 113720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54% | 03/15/34 | 40000 | 33958 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue | New York City Transitional Finance Authority Future Tax Secured Revenue | New York City Transitional Finance Authority Future Tax Secured Revenue | New York City Transitional Finance Authority Future Tax Secured Revenue |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85% | 08/01/32 | 75000 | 62264 |
|  State of Ohio, Revenue Bond | State of Ohio, Revenue Bond | State of Ohio, Revenue Bond | State of Ohio, Revenue Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89% | 01/01/32 | 100000 | 90335 |
|  **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** |
| (Cost: $821,355) | (Cost: $821,355) | (Cost: $821,355) | 708980 |
|  **FOREIGN GOVERNMENT BONDS—0.7%** | **FOREIGN GOVERNMENT BONDS—0.7%** | **FOREIGN GOVERNMENT BONDS—0.7%** | **FOREIGN GOVERNMENT BONDS—0.7%** |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/20/33 | 600000 | 593304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 03/15/34 | 400000 | 392520 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% | 04/20/33 | 400000 | 406640 |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% <sup>(3)</sup> | 04/03/34 | 400000 | 409248 |
|  Finance Department Government of Sharjah | Finance Department Government of Sharjah | Finance Department Government of Sharjah | Finance Department Government of Sharjah |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 11/23/32 | 200000 | 208498 |
|  Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% <sup>(3)</sup> | 10/07/33 | 200000 | 166306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% <sup>(3)</sup> | 08/10/29 | 300000 | 296535 |
|  Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 09/10/34 | 200000 | 194392 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 02/19/30 | 440000 | 444352 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.66% | 05/24/31 | 400000 | 340560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 05/19/33 | 475000 | 437470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 02/09/35 | 300000 | 298500 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 09/29/32 | 400000 | 294012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40% | 02/14/35 | 400000 | 378996 |
|  Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% <sup>(3)</sup> | 04/28/31 | 400000 | 394564 |
|  Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80% <sup>(3)</sup> | 06/23/30 | 200000 | 182592 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 06/22/30 |  | $450000 | 436549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 04/20/32 |  | 400000 | 376900 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% <sup>(3)</sup> | 03/27/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(1)</sup> | 02/17/28 |  | 200000 | 204910 |
|  Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.44% | 02/14/37 |  | 200000 | 204042 |
|  **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** | **Total Foreign Government Bonds** |
| (Cost: $6,891,191) | (Cost: $6,891,191) | (Cost: $6,891,191) | (Cost: $6,891,191) | 6910022 |
|  **ASSET-BACKED SECURITIES—19.7%** | **ASSET-BACKED SECURITIES—19.7%** | **ASSET-BACKED SECURITIES—19.7%** | **ASSET-BACKED SECURITIES—19.7%** | **ASSET-BACKED SECURITIES—19.7%** |
|  522 Funding CLO Ltd. Series 2020-6A, Class CR2 | 522 Funding CLO Ltd. Series 2020-6A, Class CR2 | 522 Funding CLO Ltd. Series 2020-6A, Class CR2 | 522 Funding CLO Ltd. Series 2020-6A, Class CR2 | 522 Funding CLO Ltd. Series 2020-6A, Class CR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.23% (3 mo. USD Term SOFR + 1.950%)<sup>(1),(2)</sup> | 10/23/34 |  | 1100000 | 1081785 |
|  Adagio IV CLO Ltd. Series IV-X, Class B1RR | Adagio IV CLO Ltd. Series IV-X, Class B1RR | Adagio IV CLO Ltd. Series IV-X, Class B1RR | Adagio IV CLO Ltd. Series IV-X, Class B1RR | Adagio IV CLO Ltd. Series IV-X, Class B1RR |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93% (3 mo. EUR EURIBOR + 1.650%)<sup>(2),(3)</sup> | 04/15/34 | EUR | 975000 | 1090447 |
|  AGL CLO 13 Ltd. Series 2021-13A, Class B | AGL CLO 13 Ltd. Series 2021-13A, Class B | AGL CLO 13 Ltd. Series 2021-13A, Class B | AGL CLO 13 Ltd. Series 2021-13A, Class B | AGL CLO 13 Ltd. Series 2021-13A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.18% (3 mo. USD Term SOFR + 1.912%)<sup>(1),(2)</sup> | 10/20/34 |  | $600000 | 599844 |
|  AIMCO CLO Series 2017-AA, Class SUB | AIMCO CLO Series 2017-AA, Class SUB | AIMCO CLO Series 2017-AA, Class SUB | AIMCO CLO Series 2017-AA, Class SUB | AIMCO CLO Series 2017-AA, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(7)</sup> | 01/20/38 |  | 4250000 | 2290410 |
|  AIMCO CLO 14 Ltd. Series 2021-14A, Class SUB | AIMCO CLO 14 Ltd. Series 2021-14A, Class SUB | AIMCO CLO 14 Ltd. Series 2021-14A, Class SUB | AIMCO CLO 14 Ltd. Series 2021-14A, Class SUB | AIMCO CLO 14 Ltd. Series 2021-14A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(7)</sup> | 04/20/34 |  | 700000 | 462814 |
|  Alinea CLO Ltd. Series 2018-1A, Class DR | Alinea CLO Ltd. Series 2018-1A, Class DR | Alinea CLO Ltd. Series 2018-1A, Class DR | Alinea CLO Ltd. Series 2018-1A, Class DR | Alinea CLO Ltd. Series 2018-1A, Class DR |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.52% (3 mo. USD Term SOFR + 2.250%)<sup>(1),(2)</sup> | 07/20/31 |  | 750000 | 743333 |
|  Allegro CLO XVI Ltd. Series 2024-1A, Class C | Allegro CLO XVI Ltd. Series 2024-1A, Class C | Allegro CLO XVI Ltd. Series 2024-1A, Class C | Allegro CLO XVI Ltd. Series 2024-1A, Class C | Allegro CLO XVI Ltd. Series 2024-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.98% (3 mo. USD Term SOFR + 2.700%)<sup>(1),(2)</sup> | 04/25/37 |  | 1000000 | 1005303 |
|  ALLO Issuer LLC Series 2023-1A, Class C | ALLO Issuer LLC Series 2023-1A, Class C | ALLO Issuer LLC Series 2023-1A, Class C | ALLO Issuer LLC Series 2023-1A, Class C | ALLO Issuer LLC Series 2023-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.18% <sup>(1)</sup> | 06/20/53 |  | 469000 | 505303 |
|  ALLO Issuer LLC Series 2024-1A, Class C | ALLO Issuer LLC Series 2024-1A, Class C | ALLO Issuer LLC Series 2024-1A, Class C | ALLO Issuer LLC Series 2024-1A, Class C | ALLO Issuer LLC Series 2024-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.19% <sup>(1)</sup> | 07/20/54 |  | 2734000 | 2959495 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  ALLO Issuer LLC Series 2025-1A, Class C | ALLO Issuer LLC Series 2025-1A, Class C | ALLO Issuer LLC Series 2025-1A, Class C | ALLO Issuer LLC Series 2025-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.10% <sup>(1)</sup> | 04/20/55 | $1750000 | $1735207 |
|  AMMC CLO 24 Ltd. Series 2021-24A, Class BR | AMMC CLO 24 Ltd. Series 2021-24A, Class BR | AMMC CLO 24 Ltd. Series 2021-24A, Class BR | AMMC CLO 24 Ltd. Series 2021-24A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.87% (3 mo. USD Term SOFR + 1.600%)<sup>(1),(2)</sup> | 01/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695820 |
|  AMMC CLO 24 Ltd. Series 2021-24A, Class ER | AMMC CLO 24 Ltd. Series 2021-24A, Class ER | AMMC CLO 24 Ltd. Series 2021-24A, Class ER | AMMC CLO 24 Ltd. Series 2021-24A, Class ER |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.77% (3 mo. USD Term SOFR + 6.500%)<sup>(1),(2)</sup> | 01/20/35 | 1000000 | 986168 |
|  AMMC CLO 27 Ltd. Series 2022-27A, Class CR | AMMC CLO 27 Ltd. Series 2022-27A, Class CR | AMMC CLO 27 Ltd. Series 2022-27A, Class CR | AMMC CLO 27 Ltd. Series 2022-27A, Class CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (3 mo. USD Term SOFR + 1.800%)<sup>(1),(2)</sup> | 01/20/37 | 3000000 | 2940204 |
|  AMMC CLO 31 Ltd. Series 2025-31A, Class E | AMMC CLO 31 Ltd. Series 2025-31A, Class E | AMMC CLO 31 Ltd. Series 2025-31A, Class E | AMMC CLO 31 Ltd. Series 2025-31A, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.74% (3 mo. USD Term SOFR + 5.450%)<sup>(1),(2)</sup> | 02/20/38 | 1000000 | 986126 |
|  AMSR Trust Series 2020-SFR2, Class H | AMSR Trust Series 2020-SFR2, Class H | AMSR Trust Series 2020-SFR2, Class H | AMSR Trust Series 2020-SFR2, Class H |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% <sup>(1)</sup> | 07/17/37 | 2400000 | 2384774 |
|  AMSR Trust Series 2020-SFR3, Class H | AMSR Trust Series 2020-SFR3, Class H | AMSR Trust Series 2020-SFR3, Class H | AMSR Trust Series 2020-SFR3, Class H |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 09/17/37 | 1775000 | 1761424 |
|  AMSR Trust Series 2021-SFR1, Class G | AMSR Trust Series 2021-SFR1, Class G | AMSR Trust Series 2021-SFR1, Class G | AMSR Trust Series 2021-SFR1, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61% <sup>(1)</sup> | 06/17/38 | 2500000 | 2301113 |
|  AMSR Trust Series 2021-SFR2, Class F1 | AMSR Trust Series 2021-SFR2, Class F1 | AMSR Trust Series 2021-SFR2, Class F1 | AMSR Trust Series 2021-SFR2, Class F1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28% <sup>(1)</sup> | 08/17/38 | 1225000 | 1165640 |
|  AMSR Trust Series 2021-SFR3, Class G | AMSR Trust Series 2021-SFR3, Class G | AMSR Trust Series 2021-SFR3, Class G | AMSR Trust Series 2021-SFR3, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80% <sup>(1)</sup> | 10/17/38 | 2160000 | 2051471 |
|  AMSR Trust Series 2022-SFR1, Class F | AMSR Trust Series 2022-SFR1, Class F | AMSR Trust Series 2022-SFR1, Class F | AMSR Trust Series 2022-SFR1, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02% <sup>(1)</sup> | 03/17/39 | 3150000 | 3123987 |
|  Angel Oak Mortgage Trust Series 2025-HB1, Class M3 | Angel Oak Mortgage Trust Series 2025-HB1, Class M3 | Angel Oak Mortgage Trust Series 2025-HB1, Class M3 | Angel Oak Mortgage Trust Series 2025-HB1, Class M3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40% (30 day USD SOFR Average + 3.050%)<sup>(1),(2)</sup> | 02/25/55 | 1832000 | 1833145 |
|  Applebee's Funding LLC/IHOP Funding LLC Series 2019-1A, Class A2II | Applebee's Funding LLC/IHOP Funding LLC Series 2019-1A, Class A2II | Applebee's Funding LLC/IHOP Funding LLC Series 2019-1A, Class A2II | Applebee's Funding LLC/IHOP Funding LLC Series 2019-1A, Class A2II |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% <sup>(1)</sup> | 06/05/49 | 2074050 | 2037824 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  Aqueduct European CLO 9 DAC Series 2025-9A, Class B | Aqueduct European CLO 9 DAC Series 2025-9A, Class B | Aqueduct European CLO 9 DAC Series 2025-9A, Class B | Aqueduct European CLO 9 DAC Series 2025-9A, Class B | Aqueduct European CLO 9 DAC Series 2025-9A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06% (3 mo. EUR EURIBOR + 1.750%)<sup>(1),(2)</sup> | 04/15/38 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982658 |
|  Arbour CLO VI DAC Series 6A, Class BR | Arbour CLO VI DAC Series 6A, Class BR | Arbour CLO VI DAC Series 6A, Class BR | Arbour CLO VI DAC Series 6A, Class BR | Arbour CLO VI DAC Series 6A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46% (3 mo. EUR EURIBOR + 1.900%)<sup>(1),(2)</sup> | 11/15/37 | EUR | 1500000 | 1694858 |
|  Arbour CLO VII DAC Series 7A, Class BR | Arbour CLO VII DAC Series 7A, Class BR | Arbour CLO VII DAC Series 7A, Class BR | Arbour CLO VII DAC Series 7A, Class BR | Arbour CLO VII DAC Series 7A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% (3 mo. EUR EURIBOR + 2.050%)<sup>(1),(2)</sup> | 12/15/38 |  | $1350000 | 1529501 |
|  Aurium CLO XIII DAC Series 13A, Class B | Aurium CLO XIII DAC Series 13A, Class B | Aurium CLO XIII DAC Series 13A, Class B | Aurium CLO XIII DAC Series 13A, Class B | Aurium CLO XIII DAC Series 13A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% (3 mo. EUR EURIBOR + 1.700%)<sup>(1),(2)</sup> | 04/15/38 | EUR | 1775000 | 1985473 |
|  Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-1A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71% <sup>(1)</sup> | 08/20/27 |  | $1540000 | 1488913 |
|  Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2021-2A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08% <sup>(1)</sup> | 02/20/28 |  | 1647000 | 1578774 |
|  Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class D | Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% <sup>(1)</sup> | 02/20/28 |  | 1500000 | 1507261 |
|  Bain Capital Credit CLO Ltd. Series 2021-3A, Class CR | Bain Capital Credit CLO Ltd. Series 2021-3A, Class CR | Bain Capital Credit CLO Ltd. Series 2021-3A, Class CR | Bain Capital Credit CLO Ltd. Series 2021-3A, Class CR | Bain Capital Credit CLO Ltd. Series 2021-3A, Class CR |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.18% (3 mo. USD Term SOFR + 1.900%)<sup>(1),(2)</sup> | 07/24/34 |  | 1200000 | 1179281 |
|  Bardot CLO Ltd. Series 2019-2A, Class DRR | Bardot CLO Ltd. Series 2019-2A, Class DRR | Bardot CLO Ltd. Series 2019-2A, Class DRR | Bardot CLO Ltd. Series 2019-2A, Class DRR | Bardot CLO Ltd. Series 2019-2A, Class DRR |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.77% (3 mo. USD Term SOFR + 2.500%)<sup>(1),(2)</sup> | 10/22/32 |  | 1200000 | 1185293 |
|  Bayard Park CLO Ltd. Series 2025-1A, Class SUB | Bayard Park CLO Ltd. Series 2025-1A, Class SUB | Bayard Park CLO Ltd. Series 2025-1A, Class SUB | Bayard Park CLO Ltd. Series 2025-1A, Class SUB | Bayard Park CLO Ltd. Series 2025-1A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(7)</sup> | 07/24/38 |  | 2150000 | 1766655 |
|  BCRED CLO LLC Series 2023-1A, Class A | BCRED CLO LLC Series 2023-1A, Class A | BCRED CLO LLC Series 2023-1A, Class A | BCRED CLO LLC Series 2023-1A, Class A | BCRED CLO LLC Series 2023-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (3 mo. USD Term SOFR + 2.300%)<sup>(1),(2)</sup> | 01/20/36 |  | 1200000 | 1203968 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Blue Stream Issuer LLC Series 2024-1A, Class C | Blue Stream Issuer LLC Series 2024-1A, Class C | Blue Stream Issuer LLC Series 2024-1A, Class C | Blue Stream Issuer LLC Series 2024-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.71% <sup>(1)</sup> | 11/20/54 | $2430000 | $2507067 |
|  BMO SBA COOF Trust Series 2019-1, Class A (I/O) | BMO SBA COOF Trust Series 2019-1, Class A (I/O) | BMO SBA COOF Trust Series 2019-1, Class A (I/O) | BMO SBA COOF Trust Series 2019-1, Class A (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38% <sup>(1),(8)</sup> | 10/25/45 | 1799493 | 72500 |
|  Capital Street Master Trust Series 2024-1, Class A | Capital Street Master Trust Series 2024-1, Class A | Capital Street Master Trust Series 2024-1, Class A | Capital Street Master Trust Series 2024-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% (30 day USD SOFR Average + 1.350%)<sup>(1),(2)</sup> | 10/16/28 | 1100000 | 1100254 |
|  Carvana Auto Receivables Trust Series 2020-P1, Class R | Carvana Auto Receivables Trust Series 2020-P1, Class R | Carvana Auto Receivables Trust Series 2020-P1, Class R | Carvana Auto Receivables Trust Series 2020-P1, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(9)</sup> | 09/08/27 | 1300 | 100030 |
|  Carvana Auto Receivables Trust Series 2021-N3, Class R | Carvana Auto Receivables Trust Series 2021-N3, Class R | Carvana Auto Receivables Trust Series 2021-N3, Class R | Carvana Auto Receivables Trust Series 2021-N3, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(9)</sup> | 06/12/28 | 1500 | 95699 |
|  Carvana Auto Receivables Trust Series 2022-P2, Class R | Carvana Auto Receivables Trust Series 2022-P2, Class R | Carvana Auto Receivables Trust Series 2022-P2, Class R | Carvana Auto Receivables Trust Series 2022-P2, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(9)</sup> | 05/10/29 | 3050 | 372742 |
|  Carvana Auto Receivables Trust Series 2023-N3, Class R | Carvana Auto Receivables Trust Series 2023-N3, Class R | Carvana Auto Receivables Trust Series 2023-N3, Class R | Carvana Auto Receivables Trust Series 2023-N3, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(9)</sup> | 09/10/30 | 2200 | 499107 |
|  Carvana Auto Receivables Trust Series 2023-N3, Class XS (I/O) | Carvana Auto Receivables Trust Series 2023-N3, Class XS (I/O) | Carvana Auto Receivables Trust Series 2023-N3, Class XS (I/O) | Carvana Auto Receivables Trust Series 2023-N3, Class XS (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(7)</sup> | 09/10/30 | 18241529 | 256439 |
|  Carvana Auto Receivables Trust Series 2023-P1, Class R | Carvana Auto Receivables Trust Series 2023-P1, Class R | Carvana Auto Receivables Trust Series 2023-P1, Class R | Carvana Auto Receivables Trust Series 2023-P1, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(9)</sup> | 03/11/30 | 3100 | 300754 |
|  Carvana Auto Receivables Trust Series 2023-P2, Class R | Carvana Auto Receivables Trust Series 2023-P2, Class R | Carvana Auto Receivables Trust Series 2023-P2, Class R | Carvana Auto Receivables Trust Series 2023-P2, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(9)</sup> | 06/10/30 | 2000 | 285288 |
|  Carvana Auto Receivables Trust Series 2023-P3, Class R | Carvana Auto Receivables Trust Series 2023-P3, Class R | Carvana Auto Receivables Trust Series 2023-P3, Class R | Carvana Auto Receivables Trust Series 2023-P3, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(9)</sup> | 08/12/30 | 2000 | 269533 |
|  CIFC Funding Ltd. Series 2017-4A, Class A2R | CIFC Funding Ltd. Series 2017-4A, Class A2R | CIFC Funding Ltd. Series 2017-4A, Class A2R | CIFC Funding Ltd. Series 2017-4A, Class A2R |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.09% (3 mo. USD Term SOFR + 1.812%)<sup>(1),(2)</sup> | 10/24/30 | 575000 | 575362 |
|  CIFC Funding Ltd. Series 2018-1A, Class SUB | CIFC Funding Ltd. Series 2018-1A, Class SUB | CIFC Funding Ltd. Series 2018-1A, Class SUB | CIFC Funding Ltd. Series 2018-1A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(7)</sup> | 01/18/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217087 |
|  CIFC Funding Ltd. Series 2022-2A, Class B | CIFC Funding Ltd. Series 2022-2A, Class B | CIFC Funding Ltd. Series 2022-2A, Class B | CIFC Funding Ltd. Series 2022-2A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(7)</sup> | 04/19/35 | 475000 | 330125 |
|  CLI Funding VIII LLC Series 2022-1A, Class B | CLI Funding VIII LLC Series 2022-1A, Class B | CLI Funding VIII LLC Series 2022-1A, Class B | CLI Funding VIII LLC Series 2022-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12% <sup>(1)</sup> | 01/18/47 | 241384 | 216979 |
|  Cloud Capital Holdco LP Series 2024-1A, Class A2 | Cloud Capital Holdco LP Series 2024-1A, Class A2 | Cloud Capital Holdco LP Series 2024-1A, Class A2 | Cloud Capital Holdco LP Series 2024-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78% <sup>(1)</sup> | 11/22/49 | 1860000 | 1868379 |
|  CoreVest American Finance Ltd. Series 2019-3, Class XA (I/O) | CoreVest American Finance Ltd. Series 2019-3, Class XA (I/O) | CoreVest American Finance Ltd. Series 2019-3, Class XA (I/O) | CoreVest American Finance Ltd. Series 2019-3, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16% <sup>(1),(8)</sup> | 10/15/52 | 97115 | 527 |
|  CoreVest American Finance Trust Series 2021-1, Class XB (I/O) | CoreVest American Finance Trust Series 2021-1, Class XB (I/O) | CoreVest American Finance Trust Series 2021-1, Class XB (I/O) | CoreVest American Finance Trust Series 2021-1, Class XB (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.61% <sup>(1),(8)</sup> | 04/15/53 | 4459000 | 213699 |
|  CVC Cordatus Loan Fund XXI DAC Series 21X, Class B1 | CVC Cordatus Loan Fund XXI DAC Series 21X, Class B1 | CVC Cordatus Loan Fund XXI DAC Series 21X, Class B1 | CVC Cordatus Loan Fund XXI DAC Series 21X, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09% (3 mo. EUR EURIBOR + 1.700%)<sup>(2),(3)</sup> | 09/22/34 | 1200000 | 1351888 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  CyrusOne Data Centers Issuer I LLC Series 2024-1A, Class A2 | CyrusOne Data Centers Issuer I LLC Series 2024-1A, Class A2 | CyrusOne Data Centers Issuer I LLC Series 2024-1A, Class A2 | CyrusOne Data Centers Issuer I LLC Series 2024-1A, Class A2 | CyrusOne Data Centers Issuer I LLC Series 2024-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% <sup>(1)</sup> | 03/22/49 |  | $1700000 | $1648763 |
|  Dryden 45 Senior Loan Fund Series 2016-45A, Class CRR | Dryden 45 Senior Loan Fund Series 2016-45A, Class CRR | Dryden 45 Senior Loan Fund Series 2016-45A, Class CRR | Dryden 45 Senior Loan Fund Series 2016-45A, Class CRR | Dryden 45 Senior Loan Fund Series 2016-45A, Class CRR |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.21% (3 mo. USD Term SOFR + 1.950%)<sup>(1),(2)</sup> | 10/15/30 |  | 1300000 | 1299201 |
|  Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR | Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR | Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR | Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR | Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (3 mo. USD Term SOFR + 1.162%)<sup>(1),(2)</sup> | 04/15/29 |  | 19332 | 19332 |
|  Elmwood CLO III Ltd. Series 2019-3A, Class SUB | Elmwood CLO III Ltd. Series 2019-3A, Class SUB | Elmwood CLO III Ltd. Series 2019-3A, Class SUB | Elmwood CLO III Ltd. Series 2019-3A, Class SUB | Elmwood CLO III Ltd. Series 2019-3A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(7)</sup> | 07/18/37 |  | 3500000 | 1897056 |
|  FHF Issuer Trust Series 2025-1A, Class D | FHF Issuer Trust Series 2025-1A, Class D | FHF Issuer Trust Series 2025-1A, Class D | FHF Issuer Trust Series 2025-1A, Class D | FHF Issuer Trust Series 2025-1A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% <sup>(1)</sup> | 06/15/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884180 |
|  Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R | Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R | Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R | Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R | Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31% (3 mo. EUR EURIBOR + 1.750%)<sup>(1),(2)</sup> | 02/15/38 | EUR | 2140000 | 2379693 |
|  FirstKey Homes Trust Series 2020-SFR1, Class F2 | FirstKey Homes Trust Series 2020-SFR1, Class F2 | FirstKey Homes Trust Series 2020-SFR1, Class F2 | FirstKey Homes Trust Series 2020-SFR1, Class F2 | FirstKey Homes Trust Series 2020-SFR1, Class F2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% <sup>(1)</sup> | 08/17/37 |  | $1688000 | 1674159 |
|  FirstKey Homes Trust Series 2021-SFR1, Class F1 | FirstKey Homes Trust Series 2021-SFR1, Class F1 | FirstKey Homes Trust Series 2021-SFR1, Class F1 | FirstKey Homes Trust Series 2021-SFR1, Class F1 | FirstKey Homes Trust Series 2021-SFR1, Class F1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24% <sup>(1)</sup> | 08/17/38 |  | 4000000 | 3864922 |
|  FirstKey Homes Trust Series 2021-SFR3, Class E1 | FirstKey Homes Trust Series 2021-SFR3, Class E1 | FirstKey Homes Trust Series 2021-SFR3, Class E1 | FirstKey Homes Trust Series 2021-SFR3, Class E1 | FirstKey Homes Trust Series 2021-SFR3, Class E1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99% <sup>(1)</sup> | 12/17/38 |  | 944000 | 904535 |
|  FirstKey Homes Trust Series 2022-SFR1, Class D | FirstKey Homes Trust Series 2022-SFR1, Class D | FirstKey Homes Trust Series 2022-SFR1, Class D | FirstKey Homes Trust Series 2022-SFR1, Class D | FirstKey Homes Trust Series 2022-SFR1, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% <sup>(1)</sup> | 05/19/39 |  | 1600000 | 1604021 |
|  Flatiron RR CLO 22 LLC Series 2021-2A, Class DR | Flatiron RR CLO 22 LLC Series 2021-2A, Class DR | Flatiron RR CLO 22 LLC Series 2021-2A, Class DR | Flatiron RR CLO 22 LLC Series 2021-2A, Class DR | Flatiron RR CLO 22 LLC Series 2021-2A, Class DR |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.66% (3 mo. USD Term SOFR + 2.400%)<sup>(1),(2)</sup> | 10/15/34 |  | 1150000 | 1126575 |
|  Flexential Issuer Series 2021-1A, Class A2 | Flexential Issuer Series 2021-1A, Class A2 | Flexential Issuer Series 2021-1A, Class A2 | Flexential Issuer Series 2021-1A, Class A2 | Flexential Issuer Series 2021-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(1)</sup> | 11/27/51 |  | 2250000 | 2147415 |
|  Flexential Issuer Series 2021-1A, Class B | Flexential Issuer Series 2021-1A, Class B | Flexential Issuer Series 2021-1A, Class B | Flexential Issuer Series 2021-1A, Class B | Flexential Issuer Series 2021-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72% <sup>(1)</sup> | 11/27/51 |  | 3000000 | 2847549 |
|  FRTKL Group, Inc. Series 2021-SFR1, Class F | FRTKL Group, Inc. Series 2021-SFR1, Class F | FRTKL Group, Inc. Series 2021-SFR1, Class F | FRTKL Group, Inc. Series 2021-SFR1, Class F | FRTKL Group, Inc. Series 2021-SFR1, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17% <sup>(1)</sup> | 09/17/38 |  | 1779000 | 1681226 |
|  GLS Auto Receivables Issuer Trust Series 2023-2A, Class D | GLS Auto Receivables Issuer Trust Series 2023-2A, Class D | GLS Auto Receivables Issuer Trust Series 2023-2A, Class D | GLS Auto Receivables Issuer Trust Series 2023-2A, Class D | GLS Auto Receivables Issuer Trust Series 2023-2A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.31% <sup>(1)</sup> | 03/15/29 |  | 1110000 | 1133037 |
|  GoldenTree Loan Management U.S. CLO 17 Ltd. Series 2023-17A, Class D | GoldenTree Loan Management U.S. CLO 17 Ltd. Series 2023-17A, Class D | GoldenTree Loan Management U.S. CLO 17 Ltd. Series 2023-17A, Class D | GoldenTree Loan Management U.S. CLO 17 Ltd. Series 2023-17A, Class D | GoldenTree Loan Management U.S. CLO 17 Ltd. Series 2023-17A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.27% (3 mo. USD Term SOFR + 5.000%)<sup>(1),(2)</sup> | 07/20/36 |  | 850000 | 853786 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA, Class A2R | Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA, Class A2R | Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA, Class A2R | Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA, Class A2R |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.03% (3 mo. USD Term SOFR + 2.750%)<sup>(1),(2)</sup> | 01/20/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805400 |
|  Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1 | Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1 | Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1 | Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(1),(2)</sup> | 11/09/36 | 1200000 | 1208034 |
|  Hertz Vehicle Financing III LP Series 2021-2A, Class C | Hertz Vehicle Financing III LP Series 2021-2A, Class C | Hertz Vehicle Financing III LP Series 2021-2A, Class C | Hertz Vehicle Financing III LP Series 2021-2A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% <sup>(1)</sup> | 12/27/27 | 950000 | 903136 |
|  HOA Funding LLC Series 2021-1A, Class A2 | HOA Funding LLC Series 2021-1A, Class A2 | HOA Funding LLC Series 2021-1A, Class A2 | HOA Funding LLC Series 2021-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% <sup>(1)</sup> | 08/20/51 | 814278 | 244296 |
|  Hotwire Funding LLC Series 2024-1A, Class C | Hotwire Funding LLC Series 2024-1A, Class C | Hotwire Funding LLC Series 2024-1A, Class C | Hotwire Funding LLC Series 2024-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.19% <sup>(1)</sup> | 06/20/54 | 1500000 | 1538317 |
|  HPS Loan Management Ltd. Series 2023-18A, Class D | HPS Loan Management Ltd. Series 2023-18A, Class D | HPS Loan Management Ltd. Series 2023-18A, Class D | HPS Loan Management Ltd. Series 2023-18A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.02% (3 mo. USD Term SOFR + 5.750%)<sup>(1),(2)</sup> | 07/20/36 | 850000 | 853771 |
|  HPS Loan Management Ltd. Series 2024-19A, Class C2 | HPS Loan Management Ltd. Series 2024-19A, Class C2 | HPS Loan Management Ltd. Series 2024-19A, Class C2 | HPS Loan Management Ltd. Series 2024-19A, Class C2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.16% (3 mo. USD Term SOFR + 2.900%)<sup>(1),(2)</sup> | 04/15/37 | 1000000 | 1007034 |
|  Huntington Bank Auto Credit-Linked Notes Series 2025-1, Class D | Huntington Bank Auto Credit-Linked Notes Series 2025-1, Class D | Huntington Bank Auto Credit-Linked Notes Series 2025-1, Class D | Huntington Bank Auto Credit-Linked Notes Series 2025-1, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.85% (30 day USD SOFR Average + 3.500%)<sup>(1),(2)</sup> | 03/21/33 | 1203111 | 1191113 |
|  Invesco CLO Ltd. Series 2021-2A, Class SUB | Invesco CLO Ltd. Series 2021-2A, Class SUB | Invesco CLO Ltd. Series 2021-2A, Class SUB | Invesco CLO Ltd. Series 2021-2A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(7)</sup> | 07/15/34 | 5000000 | 1437255 |
|  Invesco CLO Ltd. Series 2021-2A, Class Y | Invesco CLO Ltd. Series 2021-2A, Class Y | Invesco CLO Ltd. Series 2021-2A, Class Y | Invesco CLO Ltd. Series 2021-2A, Class Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(7),(10)</sup> | 07/15/34 | 500000 | 5 |
|  Invesco U.S. CLO Ltd. Series 2024-4A, Class SUB | Invesco U.S. CLO Ltd. Series 2024-4A, Class SUB | Invesco U.S. CLO Ltd. Series 2024-4A, Class SUB | Invesco U.S. CLO Ltd. Series 2024-4A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(7)</sup> | 01/15/38 | 1400000 | 1028860 |
|  Invesco U.S. CLO Ltd. Series 2024-4A, Class Y | Invesco U.S. CLO Ltd. Series 2024-4A, Class Y | Invesco U.S. CLO Ltd. Series 2024-4A, Class Y | Invesco U.S. CLO Ltd. Series 2024-4A, Class Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(7),(10)</sup> | 01/15/38 | 1400000 | 48710 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  JG Wentworth XLII LLC Series 2018-2A, Class B | JG Wentworth XLII LLC Series 2018-2A, Class B | JG Wentworth XLII LLC Series 2018-2A, Class B | JG Wentworth XLII LLC Series 2018-2A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% <sup>(1)</sup> | 10/15/77 | $146736 | $132795 |
|  JG Wentworth XXXIX LLC Series 2017-2A, Class B | JG Wentworth XXXIX LLC Series 2017-2A, Class B | JG Wentworth XXXIX LLC Series 2017-2A, Class B | JG Wentworth XXXIX LLC Series 2017-2A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% <sup>(1)</sup> | 09/17/74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249535 |
|  JGWPT XXX LLC Series 2013-3A, Class A | JGWPT XXX LLC Series 2013-3A, Class A | JGWPT XXX LLC Series 2013-3A, Class A | JGWPT XXX LLC Series 2013-3A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08% <sup>(1)</sup> | 01/17/73 | 32423 | 30740 |
|  JGWPT XXXII LLC Series 2014-2A, Class A | JGWPT XXXII LLC Series 2014-2A, Class A | JGWPT XXXII LLC Series 2014-2A, Class A | JGWPT XXXII LLC Series 2014-2A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61% <sup>(1)</sup> | 01/17/73 | 32420 | 29495 |
|  LCM 35 Ltd. Series 35A, Class BR | LCM 35 Ltd. Series 35A, Class BR | LCM 35 Ltd. Series 35A, Class BR | LCM 35 Ltd. Series 35A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.91% (3 mo. USD Term SOFR + 1.650%)<sup>(1),(2)</sup> | 10/15/34 | 1700000 | 1685890 |
|  Lunar Structured Aircraft Portfolio Notes Series 2021-1, Class A | Lunar Structured Aircraft Portfolio Notes Series 2021-1, Class A | Lunar Structured Aircraft Portfolio Notes Series 2021-1, Class A | Lunar Structured Aircraft Portfolio Notes Series 2021-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64% <sup>(1)</sup> | 10/15/46 | 922374 | 858802 |
|  Madison Park Funding XLVI Ltd. Series 2020-46A, Class DRR | Madison Park Funding XLVI Ltd. Series 2020-46A, Class DRR | Madison Park Funding XLVI Ltd. Series 2020-46A, Class DRR | Madison Park Funding XLVI Ltd. Series 2020-46A, Class DRR |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.01% (3 mo. USD Term SOFR + 2.750%)<sup>(1),(2)</sup> | 10/15/34 | 1500000 | 1462761 |
|  Madison Park Funding XLVIII Ltd. Series 2021-48A, Class A | Madison Park Funding XLVIII Ltd. Series 2021-48A, Class A | Madison Park Funding XLVIII Ltd. Series 2021-48A, Class A | Madison Park Funding XLVIII Ltd. Series 2021-48A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% (3 mo. USD LIBOR + 1.150%)<sup>(1),(2)</sup> | 04/19/33 | 907971 | 908739 |
|  Magnetite XLII Ltd. Series 2024-42A, Class SUB | Magnetite XLII Ltd. Series 2024-42A, Class SUB | Magnetite XLII Ltd. Series 2024-42A, Class SUB | Magnetite XLII Ltd. Series 2024-42A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(7)</sup> | 01/25/38 | 1000000 | 896747 |
|  MetroNet Infrastructure Issuer LLC Series 2024-1A, Class B | MetroNet Infrastructure Issuer LLC Series 2024-1A, Class B | MetroNet Infrastructure Issuer LLC Series 2024-1A, Class B | MetroNet Infrastructure Issuer LLC Series 2024-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.59% <sup>(1)</sup> | 04/20/54 | 2015000 | 2086757 |
|  MetroNet Infrastructure Issuer LLC Series 2024-1A, Class C | MetroNet Infrastructure Issuer LLC Series 2024-1A, Class C | MetroNet Infrastructure Issuer LLC Series 2024-1A, Class C | MetroNet Infrastructure Issuer LLC Series 2024-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.86% <sup>(1)</sup> | 04/20/54 | 1500000 | 1588502 |
|  Navient Student Loan Trust Series 2018-4A, Class B | Navient Student Loan Trust Series 2018-4A, Class B | Navient Student Loan Trust Series 2018-4A, Class B | Navient Student Loan Trust Series 2018-4A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% (30 day USD SOFR Average + 1.414%)<sup>(1),(2)</sup> | 06/27/67 | 850000 | 797515 |
|  NCFA LLC – Loan Participation 1 | NCFA LLC – Loan Participation 1 | NCFA LLC – Loan Participation 1 | NCFA LLC – Loan Participation 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(10)</sup> | 06/12/28 | 1321825 | 1321825 |
|  NCFA LLC – Loan Participation 2 | NCFA LLC – Loan Participation 2 | NCFA LLC – Loan Participation 2 | NCFA LLC – Loan Participation 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(10)</sup> | 12/19/27 | 1476091 | 1476091 |
|  Nelnet Student Loan Trust Series 2007-1, Class B2 | Nelnet Student Loan Trust Series 2007-1, Class B2 | Nelnet Student Loan Trust Series 2007-1, Class B2 | Nelnet Student Loan Trust Series 2007-1, Class B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.96% <sup>(8)</sup> | 08/25/37 | 810000 | 720670 |
|  Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class ER3 | Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class ER3 | Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class ER3 | Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class ER3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.02% (3 mo. USD Term SOFR + 6.750%)<sup>(1),(2)</sup> | 07/22/38 | 1800000 | 1797982 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  Neuberger Berman Loan Advisers CLO 40 Ltd. Series 2021-40A, Class SUB | Neuberger Berman Loan Advisers CLO 40 Ltd. Series 2021-40A, Class SUB | Neuberger Berman Loan Advisers CLO 40 Ltd. Series 2021-40A, Class SUB | Neuberger Berman Loan Advisers CLO 40 Ltd. Series 2021-40A, Class SUB | Neuberger Berman Loan Advisers CLO 40 Ltd. Series 2021-40A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(7)</sup> | 04/16/33 |  | $275000 | $102029 |
|  Newday Funding Master Issuer PLC Series 2024-2X, Class E | Newday Funding Master Issuer PLC Series 2024-2X, Class E | Newday Funding Master Issuer PLC Series 2024-2X, Class E | Newday Funding Master Issuer PLC Series 2024-2X, Class E | Newday Funding Master Issuer PLC Series 2024-2X, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.37% (1 day GBP SONIA + 3.900%)<sup>(2),(3)</sup> | 07/15/32 | GBP | 1600000 | 2124066 |
|  OCP Aegis CLO Ltd. Series 2023-29A, Class D2R | OCP Aegis CLO Ltd. Series 2023-29A, Class D2R | OCP Aegis CLO Ltd. Series 2023-29A, Class D2R | OCP Aegis CLO Ltd. Series 2023-29A, Class D2R | OCP Aegis CLO Ltd. Series 2023-29A, Class D2R |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.12% (3 mo. USD Term SOFR + 3.850%)<sup>(1),(2)</sup> | 01/20/36 |  | $1100000 | 1079044 |
|  OCP CLO Ltd. Series 2021-23A, Class SUB | OCP CLO Ltd. Series 2021-23A, Class SUB | OCP CLO Ltd. Series 2021-23A, Class SUB | OCP CLO Ltd. Series 2021-23A, Class SUB | OCP CLO Ltd. Series 2021-23A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(7)</sup> | 01/17/37 |  | 4395000 | 2220793 |
|  OCP CLO Ltd. Series 2023-28A, Class D | OCP CLO Ltd. Series 2023-28A, Class D | OCP CLO Ltd. Series 2023-28A, Class D | OCP CLO Ltd. Series 2023-28A, Class D | OCP CLO Ltd. Series 2023-28A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.61% (3 mo. USD Term SOFR + 5.350%)<sup>(1),(2)</sup> | 07/16/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903911 |
|  Octagon Investment Partners 44 Ltd. Series 2019-1A, Class BR | Octagon Investment Partners 44 Ltd. Series 2019-1A, Class BR | Octagon Investment Partners 44 Ltd. Series 2019-1A, Class BR | Octagon Investment Partners 44 Ltd. Series 2019-1A, Class BR | Octagon Investment Partners 44 Ltd. Series 2019-1A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22% (3 mo. USD Term SOFR + 1.962%)<sup>(1),(2)</sup> | 10/15/34 |  | 700000 | 694538 |
|  Palmer Square CLO Ltd. Series 2015-1A, Class BR5 | Palmer Square CLO Ltd. Series 2015-1A, Class BR5 | Palmer Square CLO Ltd. Series 2015-1A, Class BR5 | Palmer Square CLO Ltd. Series 2015-1A, Class BR5 | Palmer Square CLO Ltd. Series 2015-1A, Class BR5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.23% (3 mo. USD Term SOFR + 1.900%)<sup>(1),(2)</sup> | 05/21/34 |  | 1300000 | 1287863 |
|  Palmer Square CLO Ltd. Series 2021-1A, Class SUB | Palmer Square CLO Ltd. Series 2021-1A, Class SUB | Palmer Square CLO Ltd. Series 2021-1A, Class SUB | Palmer Square CLO Ltd. Series 2021-1A, Class SUB | Palmer Square CLO Ltd. Series 2021-1A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(7)</sup> | 04/20/38 |  | 2212000 | 1102653 |
|  Palmer Square European Loan Funding DAC Series 2024-3A, Class B | Palmer Square European Loan Funding DAC Series 2024-3A, Class B | Palmer Square European Loan Funding DAC Series 2024-3A, Class B | Palmer Square European Loan Funding DAC Series 2024-3A, Class B | Palmer Square European Loan Funding DAC Series 2024-3A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54% (3 mo. EUR EURIBOR + 1.850%)<sup>(1),(2)</sup> | 05/15/34 | EUR | 1400000 | 1574413 |
|  PHEAA Student Loan Trust Series 2014-3A, Class A | PHEAA Student Loan Trust Series 2014-3A, Class A | PHEAA Student Loan Trust Series 2014-3A, Class A | PHEAA Student Loan Trust Series 2014-3A, Class A | PHEAA Student Loan Trust Series 2014-3A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06% (30 day USD SOFR Average + 0.704%)<sup>(1),(2)</sup> | 08/25/40 |  | $14867 | 14625 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  PRET LLC Series 2021-RN3, Class A1 | PRET LLC Series 2021-RN3, Class A1 | PRET LLC Series 2021-RN3, Class A1 | PRET LLC Series 2021-RN3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% <sup>(1)</sup> | 09/25/51 | $1322456 | $1318309 |
|  PRET LLC Series 2024-NPL3, Class A1 | PRET LLC Series 2024-NPL3, Class A1 | PRET LLC Series 2024-NPL3, Class A1 | PRET LLC Series 2024-NPL3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.52% <sup>(1)</sup> | 04/27/54 | 1230710 | 1235702 |
|  PRET LLC Series 2024-RN2, Class A1 | PRET LLC Series 2024-RN2, Class A1 | PRET LLC Series 2024-RN2, Class A1 | PRET LLC Series 2024-RN2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.12% <sup>(1)</sup> | 04/25/54 | 1904943 | 1917540 |
|  PRET LLC Series 2025-NPL4, Class A1 | PRET LLC Series 2025-NPL4, Class A1 | PRET LLC Series 2025-NPL4, Class A1 | PRET LLC Series 2025-NPL4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.37% <sup>(1),(8)</sup> | 04/25/55 | 4500000 | 4500022 |
|  PRET Trust Series 2025-NPL1, Class A1 | PRET Trust Series 2025-NPL1, Class A1 | PRET Trust Series 2025-NPL1, Class A1 | PRET Trust Series 2025-NPL1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.06% <sup>(1)</sup> | 02/25/55 | 1905196 | 1908038 |
|  Progress Residential Trust Series 2021-SFR10, Class F | Progress Residential Trust Series 2021-SFR10, Class F | Progress Residential Trust Series 2021-SFR10, Class F | Progress Residential Trust Series 2021-SFR10, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61% <sup>(1)</sup> | 12/17/40 | 1173925 | 1115191 |
|  Progress Residential Trust Series 2021-SFR11, Class F | Progress Residential Trust Series 2021-SFR11, Class F | Progress Residential Trust Series 2021-SFR11, Class F | Progress Residential Trust Series 2021-SFR11, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42% <sup>(1)</sup> | 01/17/39 | 1250000 | 1203516 |
|  Progress Residential Trust Series 2021-SFR3, Class G | Progress Residential Trust Series 2021-SFR3, Class G | Progress Residential Trust Series 2021-SFR3, Class G | Progress Residential Trust Series 2021-SFR3, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(1)</sup> | 05/17/26 | 1211000 | 1185851 |
|  Progress Residential Trust Series 2021-SFR4, Class F | Progress Residential Trust Series 2021-SFR4, Class F | Progress Residential Trust Series 2021-SFR4, Class F | Progress Residential Trust Series 2021-SFR4, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41% <sup>(1)</sup> | 05/17/38 | 1530000 | 1496633 |
|  Progress Residential Trust Series 2021-SFR6, Class G | Progress Residential Trust Series 2021-SFR6, Class G | Progress Residential Trust Series 2021-SFR6, Class G | Progress Residential Trust Series 2021-SFR6, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(1)</sup> | 07/17/38 | 1250000 | 1218841 |
|  Progress Residential Trust Series 2021-SFR8, Class G | Progress Residential Trust Series 2021-SFR8, Class G | Progress Residential Trust Series 2021-SFR8, Class G | Progress Residential Trust Series 2021-SFR8, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01% <sup>(1)</sup> | 10/17/38 | 1488000 | 1453384 |
|  Progress Residential Trust Series 2021-SFR9, Class E1 | Progress Residential Trust Series 2021-SFR9, Class E1 | Progress Residential Trust Series 2021-SFR9, Class E1 | Progress Residential Trust Series 2021-SFR9, Class E1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81% <sup>(1)</sup> | 11/17/40 | 1531000 | 1424407 |
|  Progress Residential Trust Series 2022-SFR1, Class G | Progress Residential Trust Series 2022-SFR1, Class G | Progress Residential Trust Series 2022-SFR1, Class G | Progress Residential Trust Series 2022-SFR1, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52% <sup>(1)</sup> | 02/17/41 | 3000000 | 2804074 |
|  Progress Residential Trust Series 2022-SFR3, Class E2 | Progress Residential Trust Series 2022-SFR3, Class E2 | Progress Residential Trust Series 2022-SFR3, Class E2 | Progress Residential Trust Series 2022-SFR3, Class E2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% <sup>(1)</sup> | 04/17/39 | 1646000 | 1636440 |
|  Progress Residential Trust Series 2024-SFR5, Class E2 | Progress Residential Trust Series 2024-SFR5, Class E2 | Progress Residential Trust Series 2024-SFR5, Class E2 | Progress Residential Trust Series 2024-SFR5, Class E2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% <sup>(1),(8)</sup> | 08/09/29 | 2050000 | 1863777 |
|  Rockford Tower CLO Ltd. Series 2017-3A, Class A | Rockford Tower CLO Ltd. Series 2017-3A, Class A | Rockford Tower CLO Ltd. Series 2017-3A, Class A | Rockford Tower CLO Ltd. Series 2017-3A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72% (3 mo. USD Term SOFR + 1.452%)<sup>(1),(2)</sup> | 10/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213231 |
|  Rockford Tower CLO Ltd. Series 2019-2A, Class BR2 | Rockford Tower CLO Ltd. Series 2019-2A, Class BR2 | Rockford Tower CLO Ltd. Series 2019-2A, Class BR2 | Rockford Tower CLO Ltd. Series 2019-2A, Class BR2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.97% (3 mo. USD Term SOFR + 1.650%)<sup>(1),(2)</sup> | 08/20/32 | 2000000 | 1994050 |
|  Rockford Tower CLO Ltd. Series 2021-3A, Class D2R | Rockford Tower CLO Ltd. Series 2021-3A, Class D2R | Rockford Tower CLO Ltd. Series 2021-3A, Class D2R | Rockford Tower CLO Ltd. Series 2021-3A, Class D2R |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.51% (3 mo. USD Term SOFR + 4.250%)<sup>(1),(2)</sup> | 01/15/38 | 2850000 | 2806406 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Rockford Tower CLO Ltd. Series 2023-1A, Class D | Rockford Tower CLO Ltd. Series 2023-1A, Class D | Rockford Tower CLO Ltd. Series 2023-1A, Class D | Rockford Tower CLO Ltd. Series 2023-1A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.59% (3 mo. USD Term SOFR + 5.320%)<sup>(1),(2)</sup> | 01/20/36 | $850000 | $854934 |
|  Rockford Tower CLO Ltd. Series 2025-1A, Class E | Rockford Tower CLO Ltd. Series 2025-1A, Class E | Rockford Tower CLO Ltd. Series 2025-1A, Class E | Rockford Tower CLO Ltd. Series 2025-1A, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.86% (3 mo. USD Term SOFR + 5.600%)<sup>(1),(2)</sup> | 03/31/38 | 1100000 | 1023220 |
|  Sabey Data Center Issuer LLC Series 2021-1, Class A2 | Sabey Data Center Issuer LLC Series 2021-1, Class A2 | Sabey Data Center Issuer LLC Series 2021-1, Class A2 | Sabey Data Center Issuer LLC Series 2021-1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88% <sup>(1)</sup> | 06/20/46 | 1325000 | 1265870 |
|  Sabey Data Center Issuer LLC Series 2023-1, Class A2 | Sabey Data Center Issuer LLC Series 2023-1, Class A2 | Sabey Data Center Issuer LLC Series 2023-1, Class A2 | Sabey Data Center Issuer LLC Series 2023-1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 04/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175891 |
|  Santander Consumer Auto Receivables Trust Series 2020-BA, Class R | Santander Consumer Auto Receivables Trust Series 2020-BA, Class R | Santander Consumer Auto Receivables Trust Series 2020-BA, Class R | Santander Consumer Auto Receivables Trust Series 2020-BA, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(9)</sup> | 08/15/28 | 2000 | 582938 |
|  Santander Consumer Auto Receivables Trust Series 2021-CA, Class R | Santander Consumer Auto Receivables Trust Series 2021-CA, Class R | Santander Consumer Auto Receivables Trust Series 2021-CA, Class R | Santander Consumer Auto Receivables Trust Series 2021-CA, Class R |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(9)</sup> | 06/15/28 | 5150 | 523952 |
|  Sierra Timeshare Receivables Funding LLC Series 2024-2A, Class C | Sierra Timeshare Receivables Funding LLC Series 2024-2A, Class C | Sierra Timeshare Receivables Funding LLC Series 2024-2A, Class C | Sierra Timeshare Receivables Funding LLC Series 2024-2A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83% <sup>(1)</sup> | 06/20/41 | 628198 | 634833 |
|  Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A | Skyline Aviation, Inc. Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23% <sup>(10)</sup> | 07/03/38 | 417320 | 389249 |
|  Slam Ltd. Series 2024-1A, Class A | Slam Ltd. Series 2024-1A, Class A | Slam Ltd. Series 2024-1A, Class A | Slam Ltd. Series 2024-1A, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.34% <sup>(1)</sup> | 09/15/49 | 2089582 | 2086573 |
|  SLM Student Loan Trust Series 2004-1, Class B | SLM Student Loan Trust Series 2004-1, Class B | SLM Student Loan Trust Series 2004-1, Class B | SLM Student Loan Trust Series 2004-1, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.12% (90 day USD SOFR Average +<br>0.762%)<sup>(2)</sup> | 07/25/39 | 104262 | 99591 |
|  SLM Student Loan Trust Series 2008-5, Class A4 | SLM Student Loan Trust Series 2008-5, Class A4 | SLM Student Loan Trust Series 2008-5, Class A4 | SLM Student Loan Trust Series 2008-5, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (90 day USD SOFR Average +<br>1.962%)<sup>(2)</sup> | 07/25/23 | 28935 | 29072 |
|  SLM Student Loan Trust Series 2008-7, Class A4 | SLM Student Loan Trust Series 2008-7, Class A4 | SLM Student Loan Trust Series 2008-7, Class A4 | SLM Student Loan Trust Series 2008-7, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52% (90 day USD SOFR Average +<br>1.162%)<sup>(2)</sup> | 07/25/23 | 6924 | 6802 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B | SLM Student Loan Trust Series 2008-7, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.47% (90 day USD SOFR Average + 2.112%)<sup>(2)</sup> | 07/26/83 |  | $10000 | $10122 |
|  Stratus CLO Ltd. Series 2021-3A, Class SUB | Stratus CLO Ltd. Series 2021-3A, Class SUB | Stratus CLO Ltd. Series 2021-3A, Class SUB | Stratus CLO Ltd. Series 2021-3A, Class SUB | Stratus CLO Ltd. Series 2021-3A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(7)</sup> | 12/29/29 |  | 975000 | 146 |
|  Switch ABS Issuer LLC Series 2024-1A, Class B | Switch ABS Issuer LLC Series 2024-1A, Class B | Switch ABS Issuer LLC Series 2024-1A, Class B | Switch ABS Issuer LLC Series 2024-1A, Class B | Switch ABS Issuer LLC Series 2024-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 03/25/54 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401980 |
|  Switch ABS Issuer LLC Series 2024-2A, Class C | Switch ABS Issuer LLC Series 2024-2A, Class C | Switch ABS Issuer LLC Series 2024-2A, Class C | Switch ABS Issuer LLC Series 2024-2A, Class C | Switch ABS Issuer LLC Series 2024-2A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.03% <sup>(1)</sup> | 06/25/54 |  | 2350000 | 2451719 |
|  Taco Bell Funding LLC Series 2016-1A, Class A23 | Taco Bell Funding LLC Series 2016-1A, Class A23 | Taco Bell Funding LLC Series 2016-1A, Class A23 | Taco Bell Funding LLC Series 2016-1A, Class A23 | Taco Bell Funding LLC Series 2016-1A, Class A23 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97% <sup>(1)</sup> | 05/25/46 |  | 721875 | 722123 |
|  Taco Bell Funding LLC Series 2021-1A, Class A2I | Taco Bell Funding LLC Series 2021-1A, Class A2I | Taco Bell Funding LLC Series 2021-1A, Class A2I | Taco Bell Funding LLC Series 2021-1A, Class A2I | Taco Bell Funding LLC Series 2021-1A, Class A2I |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% <sup>(1)</sup> | 08/25/51 |  | 953025 | 904415 |
|  Textainer Marine Containers VII Ltd. Series 2021-1A, Class B | Textainer Marine Containers VII Ltd. Series 2021-1A, Class B | Textainer Marine Containers VII Ltd. Series 2021-1A, Class B | Textainer Marine Containers VII Ltd. Series 2021-1A, Class B | Textainer Marine Containers VII Ltd. Series 2021-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% <sup>(1)</sup> | 02/20/46 |  | 511541 | 467840 |
|  Tricon Residential Trust Series 2021-SFR1, Class F | Tricon Residential Trust Series 2021-SFR1, Class F | Tricon Residential Trust Series 2021-SFR1, Class F | Tricon Residential Trust Series 2021-SFR1, Class F | Tricon Residential Trust Series 2021-SFR1, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69% <sup>(1)</sup> | 07/17/38 |  | 6690000 | 6507341 |
|  Tricon Residential Trust Series 2022-SFR1, Class E2 | Tricon Residential Trust Series 2022-SFR1, Class E2 | Tricon Residential Trust Series 2022-SFR1, Class E2 | Tricon Residential Trust Series 2022-SFR1, Class E2 | Tricon Residential Trust Series 2022-SFR1, Class E2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.74% <sup>(1)</sup> | 04/17/39 |  | 1600000 | 1597839 |
|  Tricon Residential Trust Series 2024-SFR4, Class D | Tricon Residential Trust Series 2024-SFR4, Class D | Tricon Residential Trust Series 2024-SFR4, Class D | Tricon Residential Trust Series 2024-SFR4, Class D | Tricon Residential Trust Series 2024-SFR4, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% <sup>(1)</sup> | 11/17/41 |  | 1480000 | 1446506 |
|  Vantage Data Centers Jersey Borrower SPV Ltd. Series 2024-1A, Class A2 | Vantage Data Centers Jersey Borrower SPV Ltd. Series 2024-1A, Class A2 | Vantage Data Centers Jersey Borrower SPV Ltd. Series 2024-1A, Class A2 | Vantage Data Centers Jersey Borrower SPV Ltd. Series 2024-1A, Class A2 | Vantage Data Centers Jersey Borrower SPV Ltd. Series 2024-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17% <sup>(1)</sup> | 05/28/39 | GBP | 1550000 | 2107852 |
|  Vault DI Issuer LLC Series 2021-1A, Class A2 | Vault DI Issuer LLC Series 2021-1A, Class A2 | Vault DI Issuer LLC Series 2021-1A, Class A2 | Vault DI Issuer LLC Series 2021-1A, Class A2 | Vault DI Issuer LLC Series 2021-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80% <sup>(1)</sup> | 07/15/46 |  | $1700000 | 1635870 |
|  VB-S1 Issuer LLC Series 2022-1A, Class F | VB-S1 Issuer LLC Series 2022-1A, Class F | VB-S1 Issuer LLC Series 2022-1A, Class F | VB-S1 Issuer LLC Series 2022-1A, Class F | VB-S1 Issuer LLC Series 2022-1A, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27% <sup>(1)</sup> | 02/15/52 |  | 2075000 | 1957907 |
|  Vista Point Securitization Trust Series 2024-CES2, Class A3 | Vista Point Securitization Trust Series 2024-CES2, Class A3 | Vista Point Securitization Trust Series 2024-CES2, Class A3 | Vista Point Securitization Trust Series 2024-CES2, Class A3 | Vista Point Securitization Trust Series 2024-CES2, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.91% <sup>(1)</sup> | 10/25/54 |  | 700000 | 702955 |
|  Vista Point Securitization Trust Series 2024-CES2, Class B1 | Vista Point Securitization Trust Series 2024-CES2, Class B1 | Vista Point Securitization Trust Series 2024-CES2, Class B1 | Vista Point Securitization Trust Series 2024-CES2, Class B1 | Vista Point Securitization Trust Series 2024-CES2, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(1),(8)</sup> | 10/25/54 |  | 1000000 | 1006969 |
|  Wendy's Funding LLC Series 2019-1A, Class A2I | Wendy's Funding LLC Series 2019-1A, Class A2I | Wendy's Funding LLC Series 2019-1A, Class A2I | Wendy's Funding LLC Series 2019-1A, Class A2I | Wendy's Funding LLC Series 2019-1A, Class A2I |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78% <sup>(1)</sup> | 06/15/49 |  | 1748183 | 1723420 |
|  Whetstone Park CLO Ltd. Series 2021-1A, Class SUB | Whetstone Park CLO Ltd. Series 2021-1A, Class SUB | Whetstone Park CLO Ltd. Series 2021-1A, Class SUB | Whetstone Park CLO Ltd. Series 2021-1A, Class SUB | Whetstone Park CLO Ltd. Series 2021-1A, Class SUB |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(7)</sup> | 01/20/35 |  | 2180000 | 987978 |
|  Wingstop Funding LLC Series 2020-1A, Class A2 | Wingstop Funding LLC Series 2020-1A, Class A2 | Wingstop Funding LLC Series 2020-1A, Class A2 | Wingstop Funding LLC Series 2020-1A, Class A2 | Wingstop Funding LLC Series 2020-1A, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84% <sup>(1)</sup> | 12/05/50 |  | 1477500 | 1402713 |
|  Ziply Fiber Issuer LLC Series 2024-1A, Class B | Ziply Fiber Issuer LLC Series 2024-1A, Class B | Ziply Fiber Issuer LLC Series 2024-1A, Class B | Ziply Fiber Issuer LLC Series 2024-1A, Class B | Ziply Fiber Issuer LLC Series 2024-1A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.81% <sup>(1)</sup> | 04/20/54 |  | 825000 | 858987 |
|  **Total Asset-backed Securities** | **Total Asset-backed Securities** | **Total Asset-backed Securities** | **Total Asset-backed Securities** | **Total Asset-backed Securities** |
| (Cost: $193,451,538) | (Cost: $193,451,538) | (Cost: $193,451,538) | (Cost: $193,451,538) | 191720912 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY—0.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY—0.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY—0.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY—0.1%** |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K037, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K037, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K037, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K037, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11% <sup>(8)</sup> | 01/25/42 | $14744 | $2 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X1 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.67% <sup>(8)</sup> | 07/25/25 | 8987464 | 4396 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60% <sup>(8)</sup> | 10/25/43 | 2925000 | 7718 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K050, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K050, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K050, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K050, Class X1 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.42% <sup>(8)</sup> | 08/25/25 | 19063637 | 11330 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K056, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K056, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K056, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K056, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19% <sup>(8)</sup> | 06/25/44 | 6243936 | 138148 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K062, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K062, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K062, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K062, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15% <sup>(8)</sup> | 01/25/45 | 2999971 | 93979 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K106, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K106, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K106, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K106, Class X1 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.44% <sup>(8)</sup> | 01/25/30 | 9182923 | 484051 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K732, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K732, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K732, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K732, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31% <sup>(8)</sup> | 05/25/46 | 4850000 | 14108 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.23% <sup>(8)</sup> | 05/25/47 | 3160000 | 67890 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K736, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K736, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K736, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K736, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07% <sup>(8)</sup> | 09/25/47 | 2495000 | 56900 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34% <sup>(8)</sup> | 06/25/27 | 598645 | 9568 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KLU1, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KLU1, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KLU1, Class X3 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KLU1, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17% <sup>(8)</sup> | 01/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16018 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT1 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT1 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.66% <sup>(8)</sup> | 05/25/25 | 1550111 | 6 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O) | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.81% <sup>(8)</sup> | 05/25/27 | 3538826 | 99298 |
|  Federal National Mortgage Association, Pool #462209 | Federal National Mortgage Association, Pool #462209 | Federal National Mortgage Association, Pool #462209 | Federal National Mortgage Association, Pool #462209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.37% (1 yr. CMT + 2.176%)<sup>(2)</sup> | 04/01/36 | 42010 | 41786 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) | Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% <sup>(8)</sup> | 07/25/39 | 223494 | 4149 |
|  Federal National Mortgage Association-Aces Series 2016-M2, Class X3 (I/O) | Federal National Mortgage Association-Aces Series 2016-M2, Class X3 (I/O) | Federal National Mortgage Association-Aces Series 2016-M2, Class X3 (I/O) | Federal National Mortgage Association-Aces Series 2016-M2, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.04% <sup>(8)</sup> | 04/25/36 | 59937 | 3 |
|  Federal National Mortgage Association-Aces Series 2016-M4, Class X2 (I/O) | Federal National Mortgage Association-Aces Series 2016-M4, Class X2 (I/O) | Federal National Mortgage Association-Aces Series 2016-M4, Class X2 (I/O) | Federal National Mortgage Association-Aces Series 2016-M4, Class X2 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72% <sup>(8)</sup> | 01/25/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15719 |
|  Government National Mortgage Association Series 2009-111, Class IO (I/O) | Government National Mortgage Association Series 2009-111, Class IO (I/O) | Government National Mortgage Association Series 2009-111, Class IO (I/O) | Government National Mortgage Association Series 2009-111, Class IO (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.19% <sup>(8)</sup> | 09/16/51 | 856002 | 32617 |
|  Government National Mortgage Association Series 2011-119, Class IO (I/O) | Government National Mortgage Association Series 2011-119, Class IO (I/O) | Government National Mortgage Association Series 2011-119, Class IO (I/O) | Government National Mortgage Association Series 2011-119, Class IO (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.14% <sup>(8)</sup> | 08/16/51 | 1060527 | 1210 |
|  Government National Mortgage Association Series 2012-123, Class IO (I/O) | Government National Mortgage Association Series 2012-123, Class IO (I/O) | Government National Mortgage Association Series 2012-123, Class IO (I/O) | Government National Mortgage Association Series 2012-123, Class IO (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.61% <sup>(8)</sup> | 12/16/51 | 1386287 | 22995 |
|  Government National Mortgage Association Series 2012-135, Class IO (I/O) | Government National Mortgage Association Series 2012-135, Class IO (I/O) | Government National Mortgage Association Series 2012-135, Class IO (I/O) | Government National Mortgage Association Series 2012-135, Class IO (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.34% <sup>(8)</sup> | 01/16/53 | 245827 | 2826 |
|  Government National Mortgage Association Series 2013-33, Class IO (I/O) | Government National Mortgage Association Series 2013-33, Class IO (I/O) | Government National Mortgage Association Series 2013-33, Class IO (I/O) | Government National Mortgage Association Series 2013-33, Class IO (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.18% <sup>(8)</sup> | 04/16/54 | 299493 | 657 |
|  Government National Mortgage Association Series 2014-126, Class IO (I/O) | Government National Mortgage Association Series 2014-126, Class IO (I/O) | Government National Mortgage Association Series 2014-126, Class IO (I/O) | Government National Mortgage Association Series 2014-126, Class IO (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.71% <sup>(8)</sup> | 02/16/55 | 4443628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135423 |
|  **Total Commercial Mortgage-Backed Securities — Agency** (Cost: $2,775,831) | **Total Commercial Mortgage-Backed Securities — Agency** (Cost: $2,775,831) | **Total Commercial Mortgage-Backed Securities — Agency** (Cost: $2,775,831) | 1260797 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY—11.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY—11.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY—11.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY—11.9%** |
|  1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 | 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% <sup>(1)</sup> | 08/10/35 | 2715000 | 2676257 |
|  1211 Avenue of the Americas Trust Series 2015-1211, Class C | 1211 Avenue of the Americas Trust Series 2015-1211, Class C | 1211 Avenue of the Americas Trust Series 2015-1211, Class C | 1211 Avenue of the Americas Trust Series 2015-1211, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% <sup>(1),(8)</sup> | 08/10/35 | 1080000 | 1022258 |
|  245 Park Avenue Trust Series 2017-245P, Class E | 245 Park Avenue Trust Series 2017-245P, Class E | 245 Park Avenue Trust Series 2017-245P, Class E | 245 Park Avenue Trust Series 2017-245P, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78% <sup>(1),(8)</sup> | 06/05/37 | 4800000 | 4435357 |
|  280 Park Avenue Mortgage Trust Series 2017-280P, Class C | 280 Park Avenue Mortgage Trust Series 2017-280P, Class C | 280 Park Avenue Mortgage Trust Series 2017-280P, Class C | 280 Park Avenue Mortgage Trust Series 2017-280P, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% (1 mo. USD Term SOFR + 1.550%)<sup>(1),(2)</sup> | 09/15/34 | 1700000 | 1617708 |
|  280 Park Avenue Mortgage Trust Series 2017-280P, Class E | 280 Park Avenue Mortgage Trust Series 2017-280P, Class E | 280 Park Avenue Mortgage Trust Series 2017-280P, Class E | 280 Park Avenue Mortgage Trust Series 2017-280P, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.72% (1 mo. USD Term SOFR + 2.419%)<sup>(1),(2)</sup> | 09/15/34 | 2000000 | 1884453 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  AOA Mortgage Trust Series 2021-1177, Class B | AOA Mortgage Trust Series 2021-1177, Class B | AOA Mortgage Trust Series 2021-1177, Class B | AOA Mortgage Trust Series 2021-1177, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61% (1 mo. USD Term SOFR + 1.289%)<sup>(1),(2)</sup> | 10/15/38 | $1600000 | $1498054 |
|  Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class XA (I/O) | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class XA (I/O) | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class XA (I/O) | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85% <sup>(8)</sup> | 09/15/48 | 5057495 | 1591 |
|  Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class XE (I/O) | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class XE (I/O) | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class XE (I/O) | Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class XE (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% <sup>(1),(8)</sup> | 09/15/48 | 500000 | 1994 |
|  Bank Series 2020-BN25, Class C | Bank Series 2020-BN25, Class C | Bank Series 2020-BN25, Class C | Bank Series 2020-BN25, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46% <sup>(8)</sup> | 01/15/63 | 1815000 | 1552753 |
|  BBCMS Trust Series 2015-SRCH, Class D | BBCMS Trust Series 2015-SRCH, Class D | BBCMS Trust Series 2015-SRCH, Class D | BBCMS Trust Series 2015-SRCH, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.12% <sup>(1),(8)</sup> | 08/10/35 | 3100000 | 2886841 |
|  Benchmark Mortgage Trust Series 2020-B18, Class AGNF | Benchmark Mortgage Trust Series 2020-B18, Class AGNF | Benchmark Mortgage Trust Series 2020-B18, Class AGNF | Benchmark Mortgage Trust Series 2020-B18, Class AGNF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14% <sup>(1)</sup> | 07/15/53 | 529000 | 514527 |
|  Benchmark Mortgage Trust Series 2024-V10, Class C | Benchmark Mortgage Trust Series 2024-V10, Class C | Benchmark Mortgage Trust Series 2024-V10, Class C | Benchmark Mortgage Trust Series 2024-V10, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% <sup>(8)</sup> | 09/15/57 | 1338000 | 1304006 |
|  Benchmark Mortgage Trust Series 2024-V8, Class C | Benchmark Mortgage Trust Series 2024-V8, Class C | Benchmark Mortgage Trust Series 2024-V8, Class C | Benchmark Mortgage Trust Series 2024-V8, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.18% <sup>(8)</sup> | 07/15/57 | 2000000 | 2059099 |
|  BFLD Commercial Mortgage Trust Series 2024-UNIV, Class D | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class D | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class D | BFLD Commercial Mortgage Trust Series 2024-UNIV, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.01% (1 mo. USD Term SOFR + 2.691%)<sup>(1),(2)</sup> | 11/15/41 | 1850000 | 1846531 |
|  BGME Trust Series 2021-VR, Class C | BGME Trust Series 2021-VR, Class C | BGME Trust Series 2021-VR, Class C | BGME Trust Series 2021-VR, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09% <sup>(1),(8)</sup> | 01/10/43 | 1600000 | 1196874 |
|  Blackstone Industrial Portfolio | Blackstone Industrial Portfolio | Blackstone Industrial Portfolio | Blackstone Industrial Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.23% <sup>(10)</sup> | 04/09/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185199 |
|  BX Commercial Mortgage Trust Series 2020-VIV2, Class C | BX Commercial Mortgage Trust Series 2020-VIV2, Class C | BX Commercial Mortgage Trust Series 2020-VIV2, Class C | BX Commercial Mortgage Trust Series 2020-VIV2, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66% <sup>(1),(8)</sup> | 03/09/44 | 1100000 | 993115 |
|  BX Commercial Mortgage Trust Series 2020-VIVA, Class E | BX Commercial Mortgage Trust Series 2020-VIVA, Class E | BX Commercial Mortgage Trust Series 2020-VIVA, Class E | BX Commercial Mortgage Trust Series 2020-VIVA, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67% <sup>(1),(8)</sup> | 03/11/44 | 1200000 | 1058954 |
|  BX Commercial Mortgage Trust Series 2021-VINO, Class D | BX Commercial Mortgage Trust Series 2021-VINO, Class D | BX Commercial Mortgage Trust Series 2021-VINO, Class D | BX Commercial Mortgage Trust Series 2021-VINO, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.79% (1 mo. USD Term SOFR + 1.467%)<sup>(1),(2)</sup> | 05/15/38 | 840000 | 833415 |
|  BX Commercial Mortgage Trust Series 2024-BRBK, Class D | BX Commercial Mortgage Trust Series 2024-BRBK, Class D | BX Commercial Mortgage Trust Series 2024-BRBK, Class D | BX Commercial Mortgage Trust Series 2024-BRBK, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.29% (1 mo. USD Term SOFR + 5.971%)<sup>(1),(2)</sup> | 10/15/41 | 1147000 | 1130389 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  BX Commercial Mortgage Trust Series 2025-SPOT, Class E | BX Commercial Mortgage Trust Series 2025-SPOT, Class E | BX Commercial Mortgage Trust Series 2025-SPOT, Class E | BX Commercial Mortgage Trust Series 2025-SPOT, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.01% (1 mo. USD Term SOFR + 3.690%)<sup>(1),(2)</sup> | 04/15/40 | $1800000 | $1788800 |
|  BX Trust Series 2021-ARIA, Class F | BX Trust Series 2021-ARIA, Class F | BX Trust Series 2021-ARIA, Class F | BX Trust Series 2021-ARIA, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.03% (1 mo. USD Term SOFR + 2.708%)<sup>(1),(2)</sup> | 10/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | 1576015 |
|  BX Trust Series 2021-ARIA, Class G | BX Trust Series 2021-ARIA, Class G | BX Trust Series 2021-ARIA, Class G | BX Trust Series 2021-ARIA, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.58% (1 mo. USD Term SOFR + 3.257%)<sup>(1),(2)</sup> | 10/15/36 | 1500000 | 1473269 |
|  BX Trust Series 2021-VIEW, Class E | BX Trust Series 2021-VIEW, Class E | BX Trust Series 2021-VIEW, Class E | BX Trust Series 2021-VIEW, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.04% (1 mo. USD Term SOFR + 3.714%)<sup>(1),(2)</sup> | 06/15/36 | 1850000 | 1817078 |
|  BX Trust Series 2022-FOX2, Class E | BX Trust Series 2022-FOX2, Class E | BX Trust Series 2022-FOX2, Class E | BX Trust Series 2022-FOX2, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.28% (1 mo. USD Term SOFR + 2.959%)<sup>(1),(2)</sup> | 04/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876872 |
|  BX Trust Series 2022-LBA6, Class D | BX Trust Series 2022-LBA6, Class D | BX Trust Series 2022-LBA6, Class D | BX Trust Series 2022-LBA6, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%)<sup>(1),(2)</sup> | 01/15/39 | 1240000 | 1232446 |
|  BX Trust Series 2024-BIO, Class B | BX Trust Series 2024-BIO, Class B | BX Trust Series 2024-BIO, Class B | BX Trust Series 2024-BIO, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.26% (1 mo. USD Term SOFR + 1.941%)<sup>(1),(2)</sup> | 02/15/41 | 2000000 | 1983729 |
|  BX Trust Series 2024-BIO, Class C | BX Trust Series 2024-BIO, Class C | BX Trust Series 2024-BIO, Class C | BX Trust Series 2024-BIO, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.96% (1 mo. USD Term SOFR + 2.640%)<sup>(1),(2)</sup> | 02/15/41 | 927000 | 913122 |
|  BX Trust Series 2024-BIO, Class D | BX Trust Series 2024-BIO, Class D | BX Trust Series 2024-BIO, Class D | BX Trust Series 2024-BIO, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.96% (1 mo. USD Term SOFR + 3.639%)<sup>(1),(2)</sup> | 02/15/41 | 530000 | 515764 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  BX Trust Series 2025-ROIC, Class E | BX Trust Series 2025-ROIC, Class E | BX Trust Series 2025-ROIC, Class E | BX Trust Series 2025-ROIC, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.26% (1 mo. USD Term SOFR + 2.941%)<sup>(1),(2)</sup> | 03/15/30 | $1634000 | $1574662 |
|  BX Trust Series 2025-VLT6, Class E | BX Trust Series 2025-VLT6, Class E | BX Trust Series 2025-VLT6, Class E | BX Trust Series 2025-VLT6, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.51% (1 mo. USD Term SOFR + 3.191%)<sup>(1),(2)</sup> | 03/15/42 | 1400000 | 1355409 |
|  BXHPP Trust Series 2021-FILM, Class E | BXHPP Trust Series 2021-FILM, Class E | BXHPP Trust Series 2021-FILM, Class E | BXHPP Trust Series 2021-FILM, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.44% (1 mo. USD Term SOFR + 2.114%)<sup>(1),(2)</sup> | 08/15/36 | 1200000 | 1050904 |
|  BXP Trust Series 2017-GM, Class D | BXP Trust Series 2017-GM, Class D | BXP Trust Series 2017-GM, Class D | BXP Trust Series 2017-GM, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54% <sup>(1),(8)</sup> | 06/13/39 | 1000000 | 943082 |
|  BXP Trust Series 2017-GM, Class E | BXP Trust Series 2017-GM, Class E | BXP Trust Series 2017-GM, Class E | BXP Trust Series 2017-GM, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54% <sup>(1),(8)</sup> | 06/13/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695119 |
|  BXSC Commercial Mortgage Trust Series 2022-WSS, Class B | BXSC Commercial Mortgage Trust Series 2022-WSS, Class B | BXSC Commercial Mortgage Trust Series 2022-WSS, Class B | BXSC Commercial Mortgage Trust Series 2022-WSS, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.41% (1 mo. USD Term SOFR + 2.092%)<sup>(1),(2)</sup> | 03/15/35 | 1809000 | 1808447 |
|  CAMB Commercial Mortgage Trust Series 2019-LIFE, Class B | CAMB Commercial Mortgage Trust Series 2019-LIFE, Class B | CAMB Commercial Mortgage Trust Series 2019-LIFE, Class B | CAMB Commercial Mortgage Trust Series 2019-LIFE, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.87% (1 mo. USD Term SOFR + 1.547%)<sup>(1),(2)</sup> | 12/15/37 | 1050000 | 1047828 |
|  CAMB Commercial Mortgage Trust Series 2019-LIFE, Class E | CAMB Commercial Mortgage Trust Series 2019-LIFE, Class E | CAMB Commercial Mortgage Trust Series 2019-LIFE, Class E | CAMB Commercial Mortgage Trust Series 2019-LIFE, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.77% (1 mo. USD Term SOFR + 2.447%)<sup>(1),(2)</sup> | 12/15/37 | 1040000 | 1033965 |
|  CD Mortgage Trust Series 2016-CD1, Class XA (I/O) | CD Mortgage Trust Series 2016-CD1, Class XA (I/O) | CD Mortgage Trust Series 2016-CD1, Class XA (I/O) | CD Mortgage Trust Series 2016-CD1, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47% <sup>(8)</sup> | 08/10/49 | 8589298 | 66603 |
|  Century Plaza Towers Series 2019-CPT, Class F | Century Plaza Towers Series 2019-CPT, Class F | Century Plaza Towers Series 2019-CPT, Class F | Century Plaza Towers Series 2019-CPT, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% <sup>(1),(8)</sup> | 11/13/39 | 450000 | 335599 |
|  CGMS Commercial Mortgage Trust Series 2017-B1, Class XF (I/O) | CGMS Commercial Mortgage Trust Series 2017-B1, Class XF (I/O) | CGMS Commercial Mortgage Trust Series 2017-B1, Class XF (I/O) | CGMS Commercial Mortgage Trust Series 2017-B1, Class XF (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95% <sup>(1),(8)</sup> | 08/15/50 | 11628000 | 186386 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  CHI Commercial Mortgage Trust Series 2025-SFT, Class D | CHI Commercial Mortgage Trust Series 2025-SFT, Class D | CHI Commercial Mortgage Trust Series 2025-SFT, Class D | CHI Commercial Mortgage Trust Series 2025-SFT, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% <sup>(1),(8)</sup> | 04/15/42 | $1920000 | $1954343 |
|  Citigroup Commercial Mortgage Trust Series 2016-GC36, Class XA (I/O) | Citigroup Commercial Mortgage Trust Series 2016-GC36, Class XA (I/O) | Citigroup Commercial Mortgage Trust Series 2016-GC36, Class XA (I/O) | Citigroup Commercial Mortgage Trust Series 2016-GC36, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.36% <sup>(8)</sup> | 02/10/49 | 5142159 | 21441 |
|  Citigroup Commercial Mortgage Trust Series 2020-555, Class A | Citigroup Commercial Mortgage Trust Series 2020-555, Class A | Citigroup Commercial Mortgage Trust Series 2020-555, Class A | Citigroup Commercial Mortgage Trust Series 2020-555, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% <sup>(1)</sup> | 12/10/41 | 1450000 | 1292237 |
|  COMM Mortgage Trust Series 2012-CR4, Class XA (I/O) | COMM Mortgage Trust Series 2012-CR4, Class XA (I/O) | COMM Mortgage Trust Series 2012-CR4, Class XA (I/O) | COMM Mortgage Trust Series 2012-CR4, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.29% <sup>(8)</sup> | 10/15/45 | 160043 | 2475 |
|  COMM Mortgage Trust Series 2012-LC4, Class XB (I/O) | COMM Mortgage Trust Series 2012-LC4, Class XB (I/O) | COMM Mortgage Trust Series 2012-LC4, Class XB (I/O) | COMM Mortgage Trust Series 2012-LC4, Class XB (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.43% <sup>(1),(8),(10)</sup> | 12/10/44 | 981981 | 13 |
|  COMM Mortgage Trust Series 2014-CR19, Class XC (I/O) | COMM Mortgage Trust Series 2014-CR19, Class XC (I/O) | COMM Mortgage Trust Series 2014-CR19, Class XC (I/O) | COMM Mortgage Trust Series 2014-CR19, Class XC (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77% <sup>(1),(8),(10)</sup> | 08/10/47 | 1200000 | 4446 |
|  COMM Mortgage Trust Series 2014-UBS3, Class XA (I/O) | COMM Mortgage Trust Series 2014-UBS3, Class XA (I/O) | COMM Mortgage Trust Series 2014-UBS3, Class XA (I/O) | COMM Mortgage Trust Series 2014-UBS3, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77% <sup>(8),(10)</sup> | 06/10/47 | 144657 | 3 |
|  COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O) | COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O) | COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O) | COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.68% <sup>(10),(8)</sup> | 09/10/47 | 2152598 | 30 |
|  COMM Mortgage Trust Series 2015-CR22, Class XA (I/O) | COMM Mortgage Trust Series 2015-CR22, Class XA (I/O) | COMM Mortgage Trust Series 2015-CR22, Class XA (I/O) | COMM Mortgage Trust Series 2015-CR22, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55% <sup>(8)</sup> | 03/10/48 | 1777780 | 144 |
|  COMM Mortgage Trust Series 2015-CR25, Class XA (I/O) | COMM Mortgage Trust Series 2015-CR25, Class XA (I/O) | COMM Mortgage Trust Series 2015-CR25, Class XA (I/O) | COMM Mortgage Trust Series 2015-CR25, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.92% <sup>(8),(10)</sup> | 08/10/48 | 5742887 | 107 |
|  COMM Mortgage Trust Series 2015-LC21, Class XE (I/O) | COMM Mortgage Trust Series 2015-LC21, Class XE (I/O) | COMM Mortgage Trust Series 2015-LC21, Class XE (I/O) | COMM Mortgage Trust Series 2015-LC21, Class XE (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20% <sup>(1),(8)</sup> | 07/10/48 | 10015000 | 9621 |
|  COMM Mortgage Trust Series 2016-787S, Class D | COMM Mortgage Trust Series 2016-787S, Class D | COMM Mortgage Trust Series 2016-787S, Class D | COMM Mortgage Trust Series 2016-787S, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96% <sup>(1),(8)</sup> | 02/10/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915199 |
|  COMM Mortgage Trust Series 2016-CR28, Class XA (I/O) | COMM Mortgage Trust Series 2016-CR28, Class XA (I/O) | COMM Mortgage Trust Series 2016-CR28, Class XA (I/O) | COMM Mortgage Trust Series 2016-CR28, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.73% <sup>(8)</sup> | 02/10/49 | 11375736 | 13775 |
|  Commercial Mortgage Lease-Backed Certificates Series 2001-CMLB, Class X (I/O) | Commercial Mortgage Lease-Backed Certificates Series 2001-CMLB, Class X (I/O) | Commercial Mortgage Lease-Backed Certificates Series 2001-CMLB, Class X (I/O) | Commercial Mortgage Lease-Backed Certificates Series 2001-CMLB, Class X (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.81% <sup>(1),(8)</sup> | 06/20/31 | 8388 | 28 |
|  CONE Trust Series 2024-DFW1, Class B | CONE Trust Series 2024-DFW1, Class B | CONE Trust Series 2024-DFW1, Class B | CONE Trust Series 2024-DFW1, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.61% (1 mo. USD Term SOFR + 2.291%)<sup>(1),(2)</sup> | 08/15/41 | 1267000 | 1263509 |
|  CSAIL Commercial Mortgage Trust Series 2015-C2, Class XA (I/O) | CSAIL Commercial Mortgage Trust Series 2015-C2, Class XA (I/O) | CSAIL Commercial Mortgage Trust Series 2015-C2, Class XA (I/O) | CSAIL Commercial Mortgage Trust Series 2015-C2, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70% <sup>(8),(10)</sup> | 06/15/57 | 4600905 | 279 |
|  CSAIL Commercial Mortgage Trust Series 2019-C16, Class XA (I/O) | CSAIL Commercial Mortgage Trust Series 2019-C16, Class XA (I/O) | CSAIL Commercial Mortgage Trust Series 2019-C16, Class XA (I/O) | CSAIL Commercial Mortgage Trust Series 2019-C16, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.69% <sup>(8)</sup> | 06/15/52 | 548527 | 28075 |
|  DBGS Mortgage Trust Series 2021-W52, Class C | DBGS Mortgage Trust Series 2021-W52, Class C | DBGS Mortgage Trust Series 2021-W52, Class C | DBGS Mortgage Trust Series 2021-W52, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.74% (1 mo. USD Term SOFR + 2.414%)<sup>(1),(2)</sup> | 10/15/36 | 1350000 | 1297635 |
|  DBJPM Mortgage Trust Series 2016-C1, Class XA (I/O) | DBJPM Mortgage Trust Series 2016-C1, Class XA (I/O) | DBJPM Mortgage Trust Series 2016-C1, Class XA (I/O) | DBJPM Mortgage Trust Series 2016-C1, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51% <sup>(8)</sup> | 05/10/49 | 8457591 | 41464 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  DBSG Mortgage Trust Series 2024-ALTA, Class D | DBSG Mortgage Trust Series 2024-ALTA, Class D | DBSG Mortgage Trust Series 2024-ALTA, Class D | DBSG Mortgage Trust Series 2024-ALTA, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% <sup>(1),(8)</sup> | 06/10/37 | $500000 | $502156 |
|  Del Amo Fashion Center Trust Series 2017-AMO, Class D | Del Amo Fashion Center Trust Series 2017-AMO, Class D | Del Amo Fashion Center Trust Series 2017-AMO, Class D | Del Amo Fashion Center Trust Series 2017-AMO, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76% <sup>(1),(8)</sup> | 06/05/35 | 1515000 | 1402207 |
|  DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A | DOLP Trust Series 2021-NYC, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96% <sup>(1)</sup> | 05/10/41 | 1458000 | 1295870 |
|  DOLP Trust Series 2021-NYC, Class E | DOLP Trust Series 2021-NYC, Class E | DOLP Trust Series 2021-NYC, Class E | DOLP Trust Series 2021-NYC, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% <sup>(1),(8)</sup> | 05/10/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480441 |
|  DOLP Trust Series 2021-NYC, Class G | DOLP Trust Series 2021-NYC, Class G | DOLP Trust Series 2021-NYC, Class G | DOLP Trust Series 2021-NYC, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% <sup>(1),(8)</sup> | 05/10/41 | 2250000 | 1523460 |
|  Eleven Madison Trust Mortgage Trust Series 2015-11MD, Class A | Eleven Madison Trust Mortgage Trust Series 2015-11MD, Class A | Eleven Madison Trust Mortgage Trust Series 2015-11MD, Class A | Eleven Madison Trust Mortgage Trust Series 2015-11MD, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67% <sup>(1),(8)</sup> | 09/10/35 | 1114500 | 1102381 |
|  Extended Stay America Trust Series 2021-ESH, Class F | Extended Stay America Trust Series 2021-ESH, Class F | Extended Stay America Trust Series 2021-ESH, Class F | Extended Stay America Trust Series 2021-ESH, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.14% (1 mo. USD Term SOFR + 3.814%)<sup>(1),(2)</sup> | 07/15/38 | 1504091 | 1488451 |
|  Fontainebleau Miami Beach Mortgage Trust Series 2024-FBLU, Class E | Fontainebleau Miami Beach Mortgage Trust Series 2024-FBLU, Class E | Fontainebleau Miami Beach Mortgage Trust Series 2024-FBLU, Class E | Fontainebleau Miami Beach Mortgage Trust Series 2024-FBLU, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.47% (1 mo. USD Term SOFR + 3.150%)<sup>(1),(2)</sup> | 12/15/39 | 1250000 | 1243057 |
|  FS Commercial Mortgage Trust Series 2023-4SZN, Class E | FS Commercial Mortgage Trust Series 2023-4SZN, Class E | FS Commercial Mortgage Trust Series 2023-4SZN, Class E | FS Commercial Mortgage Trust Series 2023-4SZN, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.76%<sup>(1),(8)</sup> | 11/10/39 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024761 |
|  GS Mortgage Securities Corp. Trust Series 2024-UPTN, Class E | GS Mortgage Securities Corp. Trust Series 2024-UPTN, Class E | GS Mortgage Securities Corp. Trust Series 2024-UPTN, Class E | GS Mortgage Securities Corp. Trust Series 2024-UPTN, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.02% (1 mo. USD Term SOFR + 5.700%)<sup>(1),(2)</sup> | 10/15/29 | 1450000 | 1466652 |
|  GS Mortgage Securities Trust Series 2010-C1, Class X (I/O) | GS Mortgage Securities Trust Series 2010-C1, Class X (I/O) | GS Mortgage Securities Trust Series 2010-C1, Class X (I/O) | GS Mortgage Securities Trust Series 2010-C1, Class X (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.54% <sup>(1),(8)</sup> | 08/10/43 | 5051785 | 577 |
|  GS Mortgage Securities Trust Series 2011-GC5, Class XA (I/O) | GS Mortgage Securities Trust Series 2011-GC5, Class XA (I/O) | GS Mortgage Securities Trust Series 2011-GC5, Class XA (I/O) | GS Mortgage Securities Trust Series 2011-GC5, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.09% <sup>(1),(8)</sup> | 08/10/44 | 413931 | 270 |
|  GS Mortgage Securities Trust Series 2015-GC32, Class XA (I/O) | GS Mortgage Securities Trust Series 2015-GC32, Class XA (I/O) | GS Mortgage Securities Trust Series 2015-GC32, Class XA (I/O) | GS Mortgage Securities Trust Series 2015-GC32, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% <sup>(8),(10)</sup> | 07/10/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14565872 | 224 |
|  GS Mortgage Securities Trust Series 2015-GC34, Class XA (I/O) | GS Mortgage Securities Trust Series 2015-GC34, Class XA (I/O) | GS Mortgage Securities Trust Series 2015-GC34, Class XA (I/O) | GS Mortgage Securities Trust Series 2015-GC34, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34% <sup>(8)</sup> | 10/10/48 | 4919613 | 4182 |
|  GS Mortgage Securities Trust Series 2015-GS1, Class XA (I/O) | GS Mortgage Securities Trust Series 2015-GS1, Class XA (I/O) | GS Mortgage Securities Trust Series 2015-GS1, Class XA (I/O) | GS Mortgage Securities Trust Series 2015-GS1, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90% <sup>(8)</sup> | 11/10/48 | 7731600 | 21617 |
|  GS Mortgage Securities Trust Series 2016-GS2, Class XA (I/O) | GS Mortgage Securities Trust Series 2016-GS2, Class XA (I/O) | GS Mortgage Securities Trust Series 2016-GS2, Class XA (I/O) | GS Mortgage Securities Trust Series 2016-GS2, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88% <sup>(8)</sup> | 05/10/49 | 243613 | 1967 |
|  GS Mortgage Securities Trust Series 2016-GS4, Class XA (I/O) | GS Mortgage Securities Trust Series 2016-GS4, Class XA (I/O) | GS Mortgage Securities Trust Series 2016-GS4, Class XA (I/O) | GS Mortgage Securities Trust Series 2016-GS4, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.68% <sup>(8)</sup> | 11/10/49 | 14261618 | 82081 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  GSCG Trust Series 2019-600C, Class G | GSCG Trust Series 2019-600C, Class G | GSCG Trust Series 2019-600C, Class G | GSCG Trust Series 2019-600C, Class G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12% <sup>(1),(8)</sup> | 09/06/34 | $285000 | $3022 |
|  GWT Trust Series 2024-WLF2, Class B | GWT Trust Series 2024-WLF2, Class B | GWT Trust Series 2024-WLF2, Class B | GWT Trust Series 2024-WLF2, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.46% (1 mo. USD Term SOFR + 2.141%)<sup>(1),(2)</sup> | 05/15/41 | 522000 | 521879 |
|  Hilton USA Trust Series 2016-HHV, Class F | Hilton USA Trust Series 2016-HHV, Class F | Hilton USA Trust Series 2016-HHV, Class F | Hilton USA Trust Series 2016-HHV, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33% <sup>(1),(8)</sup> | 11/05/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835000 | 1749140 |
|  Hudson Yards Mortgage Trust Series 2019-30HY, Class D | Hudson Yards Mortgage Trust Series 2019-30HY, Class D | Hudson Yards Mortgage Trust Series 2019-30HY, Class D | Hudson Yards Mortgage Trust Series 2019-30HY, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56% <sup>(1),(8)</sup> | 07/10/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724120 |
|  Hudson Yards Mortgage Trust Series 2025-SPRL, Class E | Hudson Yards Mortgage Trust Series 2025-SPRL, Class E | Hudson Yards Mortgage Trust Series 2025-SPRL, Class E | Hudson Yards Mortgage Trust Series 2025-SPRL, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% <sup>(1),(8)</sup> | 01/13/40 | 1000000 | 1023281 |
|  Hudson Yards Mortgage Trust Series 2025-SPRL, Class F | Hudson Yards Mortgage Trust Series 2025-SPRL, Class F | Hudson Yards Mortgage Trust Series 2025-SPRL, Class F | Hudson Yards Mortgage Trust Series 2025-SPRL, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.65% <sup>(1),(8)</sup> | 01/13/40 | 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571593 |
|  IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D | IRV Trust Series 2025-200P, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.37% <sup>(1),(8)</sup> | 03/14/47 | 1370000 | 1348783 |
|  JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.52% <sup>(8),(10)</sup> | 07/15/48 | 17700974 | 244 |
|  JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XNR (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XNR (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XNR (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XNR (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25% <sup>(1),(8)</sup> | 07/15/48 | 4714625 | 1891 |
|  JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class XA (I/O) | JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.96% <sup>(8)</sup> | 08/15/48 | 4181049 | 82 |
|  JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class XA (I/O) | JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class XA (I/O) | JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class XA (I/O) | JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.91% <sup>(8)</sup> | 03/15/50 | 3717864 | 43957 |
|  JPMCC Commercial Mortgage Securities Trust Series 2019-COR4, Class A3 | JPMCC Commercial Mortgage Securities Trust Series 2019-COR4, Class A3 | JPMCC Commercial Mortgage Securities Trust Series 2019-COR4, Class A3 | JPMCC Commercial Mortgage Securities Trust Series 2019-COR4, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76% | 03/10/52 | 500000 | 483640 |
|  JPMDB Commercial Mortgage Securities Trust Series 2016-C2, Class XA (I/O) | JPMDB Commercial Mortgage Securities Trust Series 2016-C2, Class XA (I/O) | JPMDB Commercial Mortgage Securities Trust Series 2016-C2, Class XA (I/O) | JPMDB Commercial Mortgage Securities Trust Series 2016-C2, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.62% <sup>(8)</sup> | 06/15/49 | 234551 | 1929 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class XB (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class XB (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class XB (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class XB (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.59% <sup>(1),(8),(10)</sup> | 06/15/45 | 49808189 | 201643 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-LOOP, Class XB (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-LOOP, Class XB (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-LOOP, Class XB (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-LOOP, Class XB (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38% <sup>(1),(8)</sup> | 12/05/38 | 2010000 | 7252 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XAFX (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XAFX (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XAFX (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XAFX (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.03% <sup>(1),(8)</sup> | 01/16/37 | 450000 | 12489 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XBFX (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XBFX (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XBFX (I/O) | JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XBFX (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.68% <sup>(1),(8)</sup> | 01/16/37 | 1450000 | 12874 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  Last Mile Logistics Pan Euro Finance DAC Series 1A, Class F | Last Mile Logistics Pan Euro Finance DAC Series 1A, Class F | Last Mile Logistics Pan Euro Finance DAC Series 1A, Class F | Last Mile Logistics Pan Euro Finance DAC Series 1A, Class F | Last Mile Logistics Pan Euro Finance DAC Series 1A, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.21% (3 mo. EUR EURIBOR + 3.650%)<sup>(1),(2)</sup> | 08/17/33 | EUR | $490928 | $541130 |
|  Last Mile Securities PE DAC Series 2021-1A, Class F | Last Mile Securities PE DAC Series 2021-1A, Class F | Last Mile Securities PE DAC Series 2021-1A, Class F | Last Mile Securities PE DAC Series 2021-1A, Class F | Last Mile Securities PE DAC Series 2021-1A, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.56% (3 mo. EUR EURIBOR + 5.000%)<sup>(1),(2)</sup> | 08/17/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838110 |
|  Last Mile Securities PE DAC Series 2021-1X, Class E | Last Mile Securities PE DAC Series 2021-1X, Class E | Last Mile Securities PE DAC Series 2021-1X, Class E | Last Mile Securities PE DAC Series 2021-1X, Class E | Last Mile Securities PE DAC Series 2021-1X, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.06% (3 mo. EUR EURIBOR + 3.500%)<sup>(2),(3)</sup> | 08/17/31 | EUR | 1199753 | 1337504 |
|  MHC Trust Series 2021-MHC2, Class E | MHC Trust Series 2021-MHC2, Class E | MHC Trust Series 2021-MHC2, Class E | MHC Trust Series 2021-MHC2, Class E | MHC Trust Series 2021-MHC2, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.39% (1 mo. USD Term SOFR + 2.064%)<sup>(1),(2)</sup> | 05/15/38 |  | 808000 | 802488 |
|  Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XC (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XC (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XC (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XC (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XC (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.20% <sup>(1),(8),(10)</sup> | 08/15/45 |  | 22375483 | 54 |
|  Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12, Class XC (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12, Class XC (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12, Class XC (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12, Class XC (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12, Class XC (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15% <sup>(1),(8)</sup> | 10/15/46 |  | 15985117 | 244375 |
|  Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C21, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C21, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C21, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C21, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C21, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.32% <sup>(8),(10)</sup> | 03/15/48 |  | 67694 |  |
|  Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88% <sup>(8),(10)</sup> | 04/15/48 |  | 239776 | 4 |
|  Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class XA (I/O) | Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77% <sup>(8),(10)</sup> | 05/15/48 |  | 4962506 | 1033 |
|  Morgan Stanley Capital I Trust Series 2011-C2, Class XB (I/O) | Morgan Stanley Capital I Trust Series 2011-C2, Class XB (I/O) | Morgan Stanley Capital I Trust Series 2011-C2, Class XB (I/O) | Morgan Stanley Capital I Trust Series 2011-C2, Class XB (I/O) | Morgan Stanley Capital I Trust Series 2011-C2, Class XB (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.53% <sup>(1),(8),(10)</sup> | 06/15/44 |  | 10412143 | 38310 |
|  Natixis Commercial Mortgage Securities Trust Series 2018-ALXA, Class E | Natixis Commercial Mortgage Securities Trust Series 2018-ALXA, Class E | Natixis Commercial Mortgage Securities Trust Series 2018-ALXA, Class E | Natixis Commercial Mortgage Securities Trust Series 2018-ALXA, Class E | Natixis Commercial Mortgage Securities Trust Series 2018-ALXA, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46% <sup>(1),(8)</sup> | 01/15/43 |  | 100000 | 82779 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  NRTH Mortgage Trust Series 2024-PARK, Class A | NRTH Mortgage Trust Series 2024-PARK, Class A | NRTH Mortgage Trust Series 2024-PARK, Class A | NRTH Mortgage Trust Series 2024-PARK, Class A | NRTH Mortgage Trust Series 2024-PARK, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.96% (1 mo. USD Term SOFR + 1.641%)<sup>(1),(2)</sup> | 03/15/39 |  | $701000 | $697082 |
|  NXPT Commercial Mortgage Trust Series 2024-STOR, Class E | NXPT Commercial Mortgage Trust Series 2024-STOR, Class E | NXPT Commercial Mortgage Trust Series 2024-STOR, Class E | NXPT Commercial Mortgage Trust Series 2024-STOR, Class E | NXPT Commercial Mortgage Trust Series 2024-STOR, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.93% <sup>(1),(8)</sup> | 11/05/41 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830044 |
|  NYC Commercial Mortgage Trust Series 2021-909, Class D | NYC Commercial Mortgage Trust Series 2021-909, Class D | NYC Commercial Mortgage Trust Series 2021-909, Class D | NYC Commercial Mortgage Trust Series 2021-909, Class D | NYC Commercial Mortgage Trust Series 2021-909, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31% <sup>(1),(8)</sup> | 04/10/43 |  | 1400000 | 1053166 |
|  NYC Commercial Mortgage Trust Series 2025-3BP, Class D | NYC Commercial Mortgage Trust Series 2025-3BP, Class D | NYC Commercial Mortgage Trust Series 2025-3BP, Class D | NYC Commercial Mortgage Trust Series 2025-3BP, Class D | NYC Commercial Mortgage Trust Series 2025-3BP, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.76% (1 mo. USD Term SOFR + 2.441%)<sup>(1),(2)</sup> | 02/15/42 |  | 2050000 | 1986731 |
|  NYC Trust Series 2024-3ELV, Class C | NYC Trust Series 2024-3ELV, Class C | NYC Trust Series 2024-3ELV, Class C | NYC Trust Series 2024-3ELV, Class C | NYC Trust Series 2024-3ELV, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.16% (1 mo. USD Term SOFR + 2.840%)<sup>(1),(2)</sup> | 08/15/29 |  | 2050000 | 2025166 |
|  NYO Commercial Mortgage Trust Series 2021-1290, Class B | NYO Commercial Mortgage Trust Series 2021-1290, Class B | NYO Commercial Mortgage Trust Series 2021-1290, Class B | NYO Commercial Mortgage Trust Series 2021-1290, Class B | NYO Commercial Mortgage Trust Series 2021-1290, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.98% (1 mo. USD Term SOFR + 1.659%)<sup>(1),(2)</sup> | 12/15/38 |  | 1780000 | 1741278 |
|  NYO Commercial Mortgage Trust Series 2021-1290, Class C | NYO Commercial Mortgage Trust Series 2021-1290, Class C | NYO Commercial Mortgage Trust Series 2021-1290, Class C | NYO Commercial Mortgage Trust Series 2021-1290, Class C | NYO Commercial Mortgage Trust Series 2021-1290, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.43% (1 mo. USD Term SOFR + 2.109%)<sup>(1),(2)</sup> | 11/15/38 |  | 820000 | 791112 |
|  NYO Commercial Mortgage Trust Series 2021-1290, Class D | NYO Commercial Mortgage Trust Series 2021-1290, Class D | NYO Commercial Mortgage Trust Series 2021-1290, Class D | NYO Commercial Mortgage Trust Series 2021-1290, Class D | NYO Commercial Mortgage Trust Series 2021-1290, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.98% (1 mo. USD Term SOFR + 2.659%)<sup>(1),(2)</sup> | 11/15/38 |  | 965000 | 918631 |
|  RIDE Series 2025-SHRE, Class E | RIDE Series 2025-SHRE, Class E | RIDE Series 2025-SHRE, Class E | RIDE Series 2025-SHRE, Class E | RIDE Series 2025-SHRE, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% <sup>(1),(8)</sup> | 02/14/47 |  | 2500000 | 2494507 |
|  ROCK Trust Series 2024-CNTR, Class E | ROCK Trust Series 2024-CNTR, Class E | ROCK Trust Series 2024-CNTR, Class E | ROCK Trust Series 2024-CNTR, Class E | ROCK Trust Series 2024-CNTR, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.82% <sup>(1)</sup> | 11/13/41 |  | 1370000 | 1437266 |
|  Sequoia Logistics DAC Series 2025-1A, Class E | Sequoia Logistics DAC Series 2025-1A, Class E | Sequoia Logistics DAC Series 2025-1A, Class E | Sequoia Logistics DAC Series 2025-1A, Class E | Sequoia Logistics DAC Series 2025-1A, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.34% (3 mo. EUR EURIBOR + 3.800%)<sup>(1),(2)</sup> | 02/17/37 | EUR | 1350000 | 1409997 |
|  SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66% <sup>(1),(8)</sup> | 01/05/43 |  | $400000 | 343613 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14% <sup>(1),(8)</sup> | 01/05/43 | $460000 | $407236 |
|  SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class C | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class C | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class C | SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.53% <sup>(1),(8)</sup> | 01/05/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773522 |
|  SFO Commercial Mortgage Trust Series 2021-555, Class A | SFO Commercial Mortgage Trust Series 2021-555, Class A | SFO Commercial Mortgage Trust Series 2021-555, Class A | SFO Commercial Mortgage Trust Series 2021-555, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% (1 mo. USD Term SOFR + 1.264%)<sup>(1),(2)</sup> | 05/15/38 | 1040000 | 1026492 |
|  SFO Commercial Mortgage Trust Series 2021-555, Class D | SFO Commercial Mortgage Trust Series 2021-555, Class D | SFO Commercial Mortgage Trust Series 2021-555, Class D | SFO Commercial Mortgage Trust Series 2021-555, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.84% (1 mo. USD Term SOFR + 2.514%)<sup>(1),(2)</sup> | 05/15/38 | 500000 | 478885 |
|  SMRT Commercial Mortgage Trust Series 2022-MINI, Class D | SMRT Commercial Mortgage Trust Series 2022-MINI, Class D | SMRT Commercial Mortgage Trust Series 2022-MINI, Class D | SMRT Commercial Mortgage Trust Series 2022-MINI, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.27% (1 mo. USD Term SOFR + 1.950%)<sup>(1),(2)</sup> | 01/15/39 | 1400000 | 1366853 |
|  SMRT Commercial Mortgage Trust Series 2022-MINI, Class F | SMRT Commercial Mortgage Trust Series 2022-MINI, Class F | SMRT Commercial Mortgage Trust Series 2022-MINI, Class F | SMRT Commercial Mortgage Trust Series 2022-MINI, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (1 mo. USD Term SOFR + 3.350%)<sup>(1),(2)</sup> | 01/15/39 | 1000000 | 944881 |
|  SREIT Trust Series 2021-MFP2, Class C | SREIT Trust Series 2021-MFP2, Class C | SREIT Trust Series 2021-MFP2, Class C | SREIT Trust Series 2021-MFP2, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81% (1 mo. USD Term SOFR + 1.485%)<sup>(1),(2)</sup> | 11/15/36 | 1060000 | 1052818 |
|  STWD Trust Series 2021-FLWR, Class F | STWD Trust Series 2021-FLWR, Class F | STWD Trust Series 2021-FLWR, Class F | STWD Trust Series 2021-FLWR, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.11% (1 mo. USD Term SOFR + 2.787%)<sup>(1),(2)</sup> | 07/15/36 | 440000 | 436846 |
|  SWCH Commercial Mortgage Trust Series 2025-DATA, Class E | SWCH Commercial Mortgage Trust Series 2025-DATA, Class E | SWCH Commercial Mortgage Trust Series 2025-DATA, Class E | SWCH Commercial Mortgage Trust Series 2025-DATA, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.66% (1 mo. USD Term SOFR + 3.340%)<sup>(1),(2)</sup> | 03/15/42 | 2150000 | 2072592 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  Taurus U.K. DAC Series 2021-UK1A, Class D | Taurus U.K. DAC Series 2021-UK1A, Class D | Taurus U.K. DAC Series 2021-UK1A, Class D | Taurus U.K. DAC Series 2021-UK1A, Class D | Taurus U.K. DAC Series 2021-UK1A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.08% (1 day GBP SONIA + 2.600%)<sup>(1),(2)</sup> | 05/17/31 | GBP | 1464245 | $1925514 |
|  TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D | TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.41% (1 mo. USD Term SOFR + 3.091%)<sup>(1),(2)</sup> | 04/15/42 |  | $1325000 | 1319776 |
|  U.K. Logistics DAC Series 2024-2A, Class D | U.K. Logistics DAC Series 2024-2A, Class D | U.K. Logistics DAC Series 2024-2A, Class D | U.K. Logistics DAC Series 2024-2A, Class D | U.K. Logistics DAC Series 2024-2A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.71% (1 day GBP SONIA + 3.100%)<sup>(1),(2)</sup> | 02/17/35 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | 1046816 |
|  U.K. Logistics DAC Series 2025-1A, Class E | U.K. Logistics DAC Series 2025-1A, Class E | U.K. Logistics DAC Series 2025-1A, Class E | U.K. Logistics DAC Series 2025-1A, Class E | U.K. Logistics DAC Series 2025-1A, Class E |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.96% (1 day GBP SONIA + 5.500%)<sup>(1),(2)</sup> | 05/17/35 | GBP | 1300000 | 1781908 |
|  UBS Commercial Mortgage Trust Series 2017-C4, Class XA (I/O) | UBS Commercial Mortgage Trust Series 2017-C4, Class XA (I/O) | UBS Commercial Mortgage Trust Series 2017-C4, Class XA (I/O) | UBS Commercial Mortgage Trust Series 2017-C4, Class XA (I/O) | UBS Commercial Mortgage Trust Series 2017-C4, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.24% <sup>(8)</sup> | 10/15/50 |  | $7915835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162394 |
|  VNDO Trust Series 2016-350P, Class D | VNDO Trust Series 2016-350P, Class D | VNDO Trust Series 2016-350P, Class D | VNDO Trust Series 2016-350P, Class D | VNDO Trust Series 2016-350P, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03% <sup>(1),(8)</sup> | 01/10/35 |  | 1060000 | 1026861 |
|  WB Commercial Mortgage Trust Series 2024-HQ, Class B | WB Commercial Mortgage Trust Series 2024-HQ, Class B | WB Commercial Mortgage Trust Series 2024-HQ, Class B | WB Commercial Mortgage Trust Series 2024-HQ, Class B | WB Commercial Mortgage Trust Series 2024-HQ, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(1),(8)</sup> | 03/15/40 |  | 1049000 | 1054190 |
|  Wells Fargo Commercial Mortgage Trust Series 2015-C31, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-C31, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-C31, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-C31, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-C31, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09% <sup>(8)</sup> | 11/15/48 |  | 13334924 | 13390 |
|  Wells Fargo Commercial Mortgage Trust Series 2015-LC20, Class XF (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-LC20, Class XF (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-LC20, Class XF (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-LC20, Class XF (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-LC20, Class XF (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07% <sup>(1),(8)</sup> | 04/15/50 |  | 415000 | 11522 |
|  Wells Fargo Commercial Mortgage Trust Series 2015-NXS3, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-NXS3, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-NXS3, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-NXS3, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2015-NXS3, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.01% <sup>(8)</sup> | 09/15/57 |  | 8258217 | 9310 |
|  Wells Fargo Commercial Mortgage Trust Series 2016-C34, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2016-C34, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2016-C34, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2016-C34, Class XA (I/O) | Wells Fargo Commercial Mortgage Trust Series 2016-C34, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20% <sup>(8)</sup> | 06/15/49 |  | 5498631 | 56514 |
|  Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS | Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS | Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS | Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS | Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67% <sup>(8)</sup> | 09/15/61 |  | 1100000 | 1084279 |
|  Wells Fargo Commercial Mortgage Trust Series 2019-JWDR, Class F | Wells Fargo Commercial Mortgage Trust Series 2019-JWDR, Class F | Wells Fargo Commercial Mortgage Trust Series 2019-JWDR, Class F | Wells Fargo Commercial Mortgage Trust Series 2019-JWDR, Class F | Wells Fargo Commercial Mortgage Trust Series 2019-JWDR, Class F |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.71% <sup>(1),(8)</sup> | 09/15/31 |  | 728000 | 706601 |
|  Wells Fargo Commercial Mortgage Trust Series 2024-5C1, Class C | Wells Fargo Commercial Mortgage Trust Series 2024-5C1, Class C | Wells Fargo Commercial Mortgage Trust Series 2024-5C1, Class C | Wells Fargo Commercial Mortgage Trust Series 2024-5C1, Class C | Wells Fargo Commercial Mortgage Trust Series 2024-5C1, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.03% <sup>(8)</sup> | 07/15/57 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864446 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  WFRBS Commercial Mortgage Trust Series 2012-C10, Class XB (I/O) | WFRBS Commercial Mortgage Trust Series 2012-C10, Class XB (I/O) | WFRBS Commercial Mortgage Trust Series 2012-C10, Class XB (I/O) | WFRBS Commercial Mortgage Trust Series 2012-C10, Class XB (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.42% <sup>(1),(8),(10)</sup> | 12/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39718009 | 357 |
|  WFRBS Commercial Mortgage Trust Series 2014-C22, Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2014-C22, Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2014-C22, Class XA (I/O) | WFRBS Commercial Mortgage Trust Series 2014-C22, Class XA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.39% <sup>(8),(10)</sup> | 09/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209623 | 42 |
|  **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** | **Total Commercial Mortgage-Backed Securities — Non-Agency** |  |
|  (Cost: $123,599,825) | (Cost: $123,599,825) | (Cost: $123,599,825) | 116405896 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY—22.5%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY—22.5%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY—22.5%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY—22.5%** |
|  Federal Home Loan Mortgage Corp., Pool #QE4038 | Federal Home Loan Mortgage Corp., Pool #QE4038 | Federal Home Loan Mortgage Corp., Pool #QE4038 | Federal Home Loan Mortgage Corp., Pool #QE4038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/01/52 | 1185400 | 1029000 |
|  Federal Home Loan Mortgage Corp., Pool #RA5286 | Federal Home Loan Mortgage Corp., Pool #RA5286 | Federal Home Loan Mortgage Corp., Pool #RA5286 | Federal Home Loan Mortgage Corp., Pool #RA5286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 05/01/51 | 643466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535783 |
|  Federal Home Loan Mortgage Corp., Pool #RA6427 | Federal Home Loan Mortgage Corp., Pool #RA6427 | Federal Home Loan Mortgage Corp., Pool #RA6427 | Federal Home Loan Mortgage Corp., Pool #RA6427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 12/01/51 | 509862 | 442432 |
|  Federal Home Loan Mortgage Corp., Pool #SD3246 | Federal Home Loan Mortgage Corp., Pool #SD3246 | Federal Home Loan Mortgage Corp., Pool #SD3246 | Federal Home Loan Mortgage Corp., Pool #SD3246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 08/01/52 | 1696653 | 1584730 |
|  Federal Home Loan Mortgage Corp., Pool #SD5324 | Federal Home Loan Mortgage Corp., Pool #SD5324 | Federal Home Loan Mortgage Corp., Pool #SD5324 | Federal Home Loan Mortgage Corp., Pool #SD5324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 02/01/53 | 363542 | 339504 |
|  Federal Home Loan Mortgage Corp., Pool #SD8199 | Federal Home Loan Mortgage Corp., Pool #SD8199 | Federal Home Loan Mortgage Corp., Pool #SD8199 | Federal Home Loan Mortgage Corp., Pool #SD8199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/52 | 3251082 | 2581564 |
|  Federal Home Loan Mortgage Corp., Pool #SD8213 | Federal Home Loan Mortgage Corp., Pool #SD8213 | Federal Home Loan Mortgage Corp., Pool #SD8213 | Federal Home Loan Mortgage Corp., Pool #SD8213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/01/52 | 1641977 | 1425527 |
|  Federal Home Loan Mortgage Corp., Pool #SD8220 | Federal Home Loan Mortgage Corp., Pool #SD8220 | Federal Home Loan Mortgage Corp., Pool #SD8220 | Federal Home Loan Mortgage Corp., Pool #SD8220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/01/52 | 2092782 | 1816662 |
|  Federal Home Loan Mortgage Corp., Pool #SD8225 | Federal Home Loan Mortgage Corp., Pool #SD8225 | Federal Home Loan Mortgage Corp., Pool #SD8225 | Federal Home Loan Mortgage Corp., Pool #SD8225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 07/01/52 | 956901 | 830648 |
|  Federal Home Loan Mortgage Corp., Pool #SD8238 | Federal Home Loan Mortgage Corp., Pool #SD8238 | Federal Home Loan Mortgage Corp., Pool #SD8238 | Federal Home Loan Mortgage Corp., Pool #SD8238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/52 | 3405699 | 3267001 |
|  Federal Home Loan Mortgage Corp., Pool #SD8244 | Federal Home Loan Mortgage Corp., Pool #SD8244 | Federal Home Loan Mortgage Corp., Pool #SD8244 | Federal Home Loan Mortgage Corp., Pool #SD8244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/01/52 | 2952100 | 2756443 |
|  Federal Home Loan Mortgage Corp., Pool #SD8245 | Federal Home Loan Mortgage Corp., Pool #SD8245 | Federal Home Loan Mortgage Corp., Pool #SD8245 | Federal Home Loan Mortgage Corp., Pool #SD8245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 09/01/52 | 2537751 | 2434008 |
|  Federal Home Loan Mortgage Corp., Pool #SD8257 | Federal Home Loan Mortgage Corp., Pool #SD8257 | Federal Home Loan Mortgage Corp., Pool #SD8257 | Federal Home Loan Mortgage Corp., Pool #SD8257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/52 | 504771 | 484058 |
|  Federal Home Loan Mortgage Corp., Pool #SD8265 | Federal Home Loan Mortgage Corp., Pool #SD8265 | Federal Home Loan Mortgage Corp., Pool #SD8265 | Federal Home Loan Mortgage Corp., Pool #SD8265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/01/52 | 659444 | 615534 |
|  Federal Home Loan Mortgage Corp., Pool #SD8266 | Federal Home Loan Mortgage Corp., Pool #SD8266 | Federal Home Loan Mortgage Corp., Pool #SD8266 | Federal Home Loan Mortgage Corp., Pool #SD8266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/01/52 | 2845354 | 2728156 |
|  Federal Home Loan Mortgage Corp., Pool #SD8275 | Federal Home Loan Mortgage Corp., Pool #SD8275 | Federal Home Loan Mortgage Corp., Pool #SD8275 | Federal Home Loan Mortgage Corp., Pool #SD8275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 12/01/52 | 2943987 | 2822726 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5460, Class AF | Federal Home Loan Mortgage Corp. REMICS Series 5460, Class AF | Federal Home Loan Mortgage Corp. REMICS Series 5460, Class AF | Federal Home Loan Mortgage Corp. REMICS Series 5460, Class AF |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% (30 day USD SOFR Average + 1.050%)<sup>(2)</sup> | 10/25/54 | 4745971 | 4700915 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Federal Home Loan Mortgage Corp. REMICS Series 5500, Class SJ | Federal Home Loan Mortgage Corp. REMICS Series 5500, Class SJ | Federal Home Loan Mortgage Corp. REMICS Series 5500, Class SJ | Federal Home Loan Mortgage Corp. REMICS Series 5500, Class SJ |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40% (-30 day USD SOFR Average + 5.750%)<sup>(2)</sup> | 02/25/55 | $6674605 | $669541 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5503, Class FA | Federal Home Loan Mortgage Corp. REMICS Series 5503, Class FA | Federal Home Loan Mortgage Corp. REMICS Series 5503, Class FA | Federal Home Loan Mortgage Corp. REMICS Series 5503, Class FA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% (30 day USD SOFR Average + 1.200%)<sup>(2)</sup> | 02/25/55 | 9777145 | 9743154 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5504, Class FC | Federal Home Loan Mortgage Corp. REMICS Series 5504, Class FC | Federal Home Loan Mortgage Corp. REMICS Series 5504, Class FC | Federal Home Loan Mortgage Corp. REMICS Series 5504, Class FC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% (30 day USD SOFR Average + 1.150%)<sup>(2)</sup> | 02/25/55 | 5871761 | 5838934 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5509, Class FB | Federal Home Loan Mortgage Corp. REMICS Series 5509, Class FB | Federal Home Loan Mortgage Corp. REMICS Series 5509, Class FB | Federal Home Loan Mortgage Corp. REMICS Series 5509, Class FB |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% (30 day USD SOFR Average + 1.150%)<sup>(2)</sup> | 02/25/55 | 6889580 | 6848871 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5534, Class FV | Federal Home Loan Mortgage Corp. REMICS Series 5534, Class FV | Federal Home Loan Mortgage Corp. REMICS Series 5534, Class FV | Federal Home Loan Mortgage Corp. REMICS Series 5534, Class FV |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.44% (30 day USD SOFR Average + 1.100%)<sup>(2)</sup> | 05/25/55 | 5000000 | 4964649 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 240, Class IO (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 240, Class IO (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 240, Class IO (I/O) | Federal Home Loan Mortgage Corp. STRIPS Series 240, Class IO (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 07/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169171 | 32078 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) <sup>(10)</sup> | Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) <sup>(10)</sup> | Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) <sup>(10)</sup> | Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) <sup>(10)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/15/52 | 6381564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846709 |
|  Federal National Mortgage Association, Pool #BV3023 | Federal National Mortgage Association, Pool #BV3023 | Federal National Mortgage Association, Pool #BV3023 | Federal National Mortgage Association, Pool #BV3023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 02/01/52 | 721577 | 572978 |
|  Federal National Mortgage Association, Pool #BV8463 | Federal National Mortgage Association, Pool #BV8463 | Federal National Mortgage Association, Pool #BV8463 | Federal National Mortgage Association, Pool #BV8463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 04/01/52 | 1750407 | 1457934 |
|  Federal National Mortgage Association, Pool #BV8515 | Federal National Mortgage Association, Pool #BV8515 | Federal National Mortgage Association, Pool #BV8515 | Federal National Mortgage Association, Pool #BV8515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 05/01/52 | 2230782 | 1936455 |
|  Federal National Mortgage Association, Pool #CB2403 | Federal National Mortgage Association, Pool #CB2403 | Federal National Mortgage Association, Pool #CB2403 | Federal National Mortgage Association, Pool #CB2403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 12/01/51 | 1742420 | 1450356 |
|  Federal National Mortgage Association, Pool #FA0658 | Federal National Mortgage Association, Pool #FA0658 | Federal National Mortgage Association, Pool #FA0658 | Federal National Mortgage Association, Pool #FA0658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/54 | 9797194 | 9372835 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Federal National Mortgage Association, Pool #FS3806 | Federal National Mortgage Association, Pool #FS3806 | Federal National Mortgage Association, Pool #FS3806 | Federal National Mortgage Association, Pool #FS3806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 07/01/52 | $1405650 | $1171705 |
|  Federal National Mortgage Association, Pool #FS6380 | Federal National Mortgage Association, Pool #FS6380 | Federal National Mortgage Association, Pool #FS6380 | Federal National Mortgage Association, Pool #FS6380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 02/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625491 |
|  Federal National Mortgage Association, Pool #FS6925 | Federal National Mortgage Association, Pool #FS6925 | Federal National Mortgage Association, Pool #FS6925 | Federal National Mortgage Association, Pool #FS6925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 12/01/51 | 2244732 | 1869648 |
|  Federal National Mortgage Association, Pool #FS6943 | Federal National Mortgage Association, Pool #FS6943 | Federal National Mortgage Association, Pool #FS6943 | Federal National Mortgage Association, Pool #FS6943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 06/01/52 | 3627419 | 3147689 |
|  Federal National Mortgage Association, Pool #FS7577 | Federal National Mortgage Association, Pool #FS7577 | Federal National Mortgage Association, Pool #FS7577 | Federal National Mortgage Association, Pool #FS7577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 01/01/54 | 768149 | 639800 |
|  Federal National Mortgage Association, Pool #MA4562 | Federal National Mortgage Association, Pool #MA4562 | Federal National Mortgage Association, Pool #MA4562 | Federal National Mortgage Association, Pool #MA4562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/01/52 | 2003629 | 1591008 |
|  Federal National Mortgage Association, Pool #MA4700 | Federal National Mortgage Association, Pool #MA4700 | Federal National Mortgage Association, Pool #MA4700 | Federal National Mortgage Association, Pool #MA4700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 08/01/52 | 3057093 | 2854952 |
|  Federal National Mortgage Association, Pool #MA4783 | Federal National Mortgage Association, Pool #MA4783 | Federal National Mortgage Association, Pool #MA4783 | Federal National Mortgage Association, Pool #MA4783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 10/01/52 | 1733460 | 1618302 |
|  Federal National Mortgage Association, Pool #MA4784 | Federal National Mortgage Association, Pool #MA4784 | Federal National Mortgage Association, Pool #MA4784 | Federal National Mortgage Association, Pool #MA4784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/01/52 | 1119894 | 1073940 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C24 (I/O) <sup>(10)</sup> | Federal National Mortgage Association Interest STRIPS Series 426, Class C24 (I/O) <sup>(10)</sup> | Federal National Mortgage Association Interest STRIPS Series 426, Class C24 (I/O) <sup>(10)</sup> | Federal National Mortgage Association Interest STRIPS Series 426, Class C24 (I/O) <sup>(10)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% | 01/25/52 | 33047524 | 3615704 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C40 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C40 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C40 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C40 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 06/25/51 | 1384596 | 181681 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 03/25/51 | 5071725 | 664562 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O) | Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 11/25/50 | 3330910 | 429105 |
|  Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) <sup>(10)</sup> | Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) <sup>(10)</sup> | Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) <sup>(10)</sup> | Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O) <sup>(10)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 10/25/52 | 7808454 | 1025011 |
|  Federal National Mortgage Association REMICS Series 2005-56, Class SP (I/F) (PAC) | Federal National Mortgage Association REMICS Series 2005-56, Class SP (I/F) (PAC) | Federal National Mortgage Association REMICS Series 2005-56, Class SP (I/F) (PAC) | Federal National Mortgage Association REMICS Series 2005-56, Class SP (I/F) (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (-30 day USD SOFR Average + 41.613%)<sup>(2)</sup> | 08/25/33 | 120 | 120 |
|  Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) | Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) | Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) | Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53% (-30 day USD SOFR Average + 5.886%)<sup>(2)</sup> | 11/25/41 | 51595 | 4094 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Federal National Mortgage Association REMICS Series 2012-139, Class AI (I/O) | Federal National Mortgage Association REMICS Series 2012-139, Class AI (I/O) | Federal National Mortgage Association REMICS Series 2012-139, Class AI (I/O) | Federal National Mortgage Association REMICS Series 2012-139, Class AI (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 12/25/27 | $61652 | $1521 |
|  Federal National Mortgage Association REMICS Series 2024-76, Class SY (I/O) | Federal National Mortgage Association REMICS Series 2024-76, Class SY (I/O) | Federal National Mortgage Association REMICS Series 2024-76, Class SY (I/O) | Federal National Mortgage Association REMICS Series 2024-76, Class SY (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15% (-30 day USD SOFR Average + 5.500%)<sup>(2)</sup> | 11/25/54 | 15149357 | 1242627 |
|  Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) | Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) | Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) | Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% (-30 day USD SOFR Average + 5.350%)<sup>(2)</sup> | 07/25/54 | 12123044 | 759878 |
|  Federal National Mortgage Association REMICS Series 2024-87, Class FB | Federal National Mortgage Association REMICS Series 2024-87, Class FB | Federal National Mortgage Association REMICS Series 2024-87, Class FB | Federal National Mortgage Association REMICS Series 2024-87, Class FB |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% (30 day USD SOFR Average + 1.100%)<sup>(2)</sup> | 12/25/54 | 7346012 | 7290113 |
|  Federal National Mortgage Association REMICS Series 2024-91, Class SB (I/O) | Federal National Mortgage Association REMICS Series 2024-91, Class SB (I/O) | Federal National Mortgage Association REMICS Series 2024-91, Class SB (I/O) | Federal National Mortgage Association REMICS Series 2024-91, Class SB (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% (-30 day USD SOFR Average + 5.850%)<sup>(2)</sup> | 12/25/54 | 7065271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616648 |
|  Federal National Mortgage Association REMICS Series 2024-98, Class SG | Federal National Mortgage Association REMICS Series 2024-98, Class SG | Federal National Mortgage Association REMICS Series 2024-98, Class SG | Federal National Mortgage Association REMICS Series 2024-98, Class SG |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% (-30 day USD SOFR Average + 6.000%)<sup>(2)</sup> | 11/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080087 | 112055 |
|  Federal National Mortgage Association REMICS Series 2024-99, Class FB | Federal National Mortgage Association REMICS Series 2024-99, Class FB | Federal National Mortgage Association REMICS Series 2024-99, Class FB | Federal National Mortgage Association REMICS Series 2024-99, Class FB |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% (30 day USD SOFR Average + 1.150%)<sup>(2)</sup> | 01/25/55 | 5498977 | 5471316 |
|  Government National Mortgage Association, Pool #MA8427 | Government National Mortgage Association, Pool #MA8427 | Government National Mortgage Association, Pool #MA8427 | Government National Mortgage Association, Pool #MA8427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 11/20/52 | 1724809 | 1661351 |
|  Government National Mortgage Association, Pool #MA9963 | Government National Mortgage Association, Pool #MA9963 | Government National Mortgage Association, Pool #MA9963 | Government National Mortgage Association, Pool #MA9963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 10/20/54 | 2739874 | 2622919 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Government National Mortgage Association REMICS Series 2003-110, Class S (I/O) | Government National Mortgage Association REMICS Series 2003-110, Class S (I/O) | Government National Mortgage Association REMICS Series 2003-110, Class S (I/O) | Government National Mortgage Association REMICS Series 2003-110, Class S (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17% (-1 mo. USD Term SOFR + 6.486%)<sup>(2)</sup> | 10/20/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181224 | $14021 |
|  Government National Mortgage Association REMICS Series 2018-124, Class NW | Government National Mortgage Association REMICS Series 2018-124, Class NW | Government National Mortgage Association REMICS Series 2018-124, Class NW | Government National Mortgage Association REMICS Series 2018-124, Class NW |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/20/48 | 21731 | 19841 |
|  Government National Mortgage Association REMICS Series 2018-154, Class BP (PAC) | Government National Mortgage Association REMICS Series 2018-154, Class BP (PAC) | Government National Mortgage Association REMICS Series 2018-154, Class BP (PAC) | Government National Mortgage Association REMICS Series 2018-154, Class BP (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 11/20/48 | 2091 | 1987 |
|  Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) | Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) | Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) | Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15% (-30 day USD SOFR Average + 5.500%)<sup>(2)</sup> | 10/20/54 | 11446373 | 995198 |
|  Government National Mortgage Association REMICS Series 2025-41, Class HS | Government National Mortgage Association REMICS Series 2025-41, Class HS | Government National Mortgage Association REMICS Series 2025-41, Class HS | Government National Mortgage Association REMICS Series 2025-41, Class HS |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99% (-30 day USD SOFR Average + 5.340%)<sup>(2)</sup> | 03/20/55 | 12129709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955605 |
|  Government National Mortgage Association REMICS Series 2025-45, Class ST (I/O) | Government National Mortgage Association REMICS Series 2025-45, Class ST (I/O) | Government National Mortgage Association REMICS Series 2025-45, Class ST (I/O) | Government National Mortgage Association REMICS Series 2025-45, Class ST (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95% (-30 day USD SOFR Average + 5.300%)<sup>(2)</sup> | 03/20/55 | 14334559 | 928830 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(11)</sup> | 02/01/55 | 8325000 | 8165272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(11)</sup> | 02/01/55 | 10975000 | 10967076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(11)</sup> | 05/01/52 | 9400000 | 8748773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% <sup>(11)</sup> | 09/01/54 | 5400000 | 5167581 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% <sup>(11)</sup> | 11/01/51 | 7225000 | 5732647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% <sup>(11)</sup> | 11/01/51 | 7525000 | 6257549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% <sup>(11)</sup> | 01/01/52 | 7600000 | 6591286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(11)</sup> | 02/01/52 | 9500000 | 8572563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(11)</sup> | 03/01/52 | 17100000 | 15932968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% <sup>(11)</sup> | 07/01/54 | 14000000 | 13387822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(11)</sup> | 07/01/54 | 12600000 | 12336402 |
|  **Total Residential Mortgage-Backed Securities — Agency** (Cost: $217,779,262) | **Total Residential Mortgage-Backed Securities — Agency** (Cost: $217,779,262) | **Total Residential Mortgage-Backed Securities — Agency** (Cost: $217,779,262) | 219195846 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY—12.5%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY—12.5%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY—12.5%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY—12.5%** |
|  ACRA Trust Series 2024-NQM1, Class M1A | ACRA Trust Series 2024-NQM1, Class M1A | ACRA Trust Series 2024-NQM1, Class M1A | ACRA Trust Series 2024-NQM1, Class M1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.19% <sup>(1),(8)</sup> | 10/25/64 | $1470000 | $1469364 |
|  Ajax Mortgage Loan Trust Series 2021-D, Class A | Ajax Mortgage Loan Trust Series 2021-D, Class A | Ajax Mortgage Loan Trust Series 2021-D, Class A | Ajax Mortgage Loan Trust Series 2021-D, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 03/25/60 | 1333514 | 1333954 |
|  American Home Mortgage Assets Trust Series 2006-6, Class XP (P/O) | American Home Mortgage Assets Trust Series 2006-6, Class XP (P/O) | American Home Mortgage Assets Trust Series 2006-6, Class XP (P/O) | American Home Mortgage Assets Trust Series 2006-6, Class XP (P/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.04% <sup>(10),(8)</sup> | 12/25/46 | 18920031 | 163566 |
|  American Home Mortgage Assets Trust Series 2007-1, Class A1 | American Home Mortgage Assets Trust Series 2007-1, Class A1 | American Home Mortgage Assets Trust Series 2007-1, Class A1 | American Home Mortgage Assets Trust Series 2007-1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27% (1 yr. MTA + 0.700%)<sup>(2)</sup> | 02/25/47 | 2230069 | 761590 |
|  American Home Mortgage Assets Trust Series 2007-5, Class XP (P/O) | American Home Mortgage Assets Trust Series 2007-5, Class XP (P/O) | American Home Mortgage Assets Trust Series 2007-5, Class XP (P/O) | American Home Mortgage Assets Trust Series 2007-5, Class XP (P/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.07% <sup>(10),(8)</sup> | 06/25/47 | 7449 | 106 |
|  AOMT Series 2024-6, Class A2 | AOMT Series 2024-6, Class A2 | AOMT Series 2024-6, Class A2 | AOMT Series 2024-6, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% <sup>(1)</sup> | 11/25/67 | 2300713 | 2261817 |
|  Banc of America Alternative Loan Trust Series 2006-5, Class CB8 | Banc of America Alternative Loan Trust Series 2006-5, Class CB8 | Banc of America Alternative Loan Trust Series 2006-5, Class CB8 | Banc of America Alternative Loan Trust Series 2006-5, Class CB8 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (1 mo. USD Term SOFR + 0.424%)<sup>(2),(12)</sup> | 06/25/46 | 1451881 | 1157534 |
|  Banc of America Alternative Loan Trust Series 2006-5, Class CB9 (I/O) | Banc of America Alternative Loan Trust Series 2006-5, Class CB9 (I/O) | Banc of America Alternative Loan Trust Series 2006-5, Class CB9 (I/O) | Banc of America Alternative Loan Trust Series 2006-5, Class CB9 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% (-1 mo. USD Term SOFR + 6.576%)<sup>(2),(10)</sup> | 06/25/46 | 1451890 | 180481 |
|  Banc of America Funding Trust Series 2006-3, Class 5A3 | Banc of America Funding Trust Series 2006-3, Class 5A3 | Banc of America Funding Trust Series 2006-3, Class 5A3 | Banc of America Funding Trust Series 2006-3, Class 5A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(12)</sup> | 03/25/36 | 4270 | 3843 |
|  Banc of America Funding Trust Series 2006-7, Class T2A5 | Banc of America Funding Trust Series 2006-7, Class T2A5 | Banc of America Funding Trust Series 2006-7, Class T2A5 | Banc of America Funding Trust Series 2006-7, Class T2A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.54% <sup>(12)</sup> | 10/25/36 | 604363 | 546212 |
|  Banc of America Funding Trust Series 2014-R5, Class 1A2 | Banc of America Funding Trust Series 2014-R5, Class 1A2 | Banc of America Funding Trust Series 2014-R5, Class 1A2 | Banc of America Funding Trust Series 2014-R5, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12% (6 mo. USD Term SOFR + 1.928%)<sup>(1),(2)</sup> | 09/26/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704203 |
|  BCAP LLC Trust Series 2007-AA2, Class 2A12 | BCAP LLC Trust Series 2007-AA2, Class 2A12 | BCAP LLC Trust Series 2007-AA2, Class 2A12 | BCAP LLC Trust Series 2007-AA2, Class 2A12 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(12)</sup> | 04/25/37 | 2359999 | 959982 |
|  BCMSC Trust Series 1999-B, Class A2 | BCMSC Trust Series 1999-B, Class A2 | BCMSC Trust Series 1999-B, Class A2 | BCMSC Trust Series 1999-B, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.98% <sup>(8)</sup> | 06/15/12 | 997492 | 72461 |
|  BCMSC Trust Series 2000-A, Class A3 | BCMSC Trust Series 2000-A, Class A3 | BCMSC Trust Series 2000-A, Class A3 | BCMSC Trust Series 2000-A, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.83% <sup>(8)</sup> | 06/15/30 | 1658345 | 128873 |
|  BCMSC Trust Series 2000-A, Class A4 | BCMSC Trust Series 2000-A, Class A4 | BCMSC Trust Series 2000-A, Class A4 | BCMSC Trust Series 2000-A, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.29% <sup>(8)</sup> | 06/15/30 | 142144 | 11697 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Bear Stearns ARM Trust Series 2004-3, Class 2A | Bear Stearns ARM Trust Series 2004-3, Class 2A | Bear Stearns ARM Trust Series 2004-3, Class 2A | Bear Stearns ARM Trust Series 2004-3, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89% <sup>(8)</sup> | 07/25/34 | $4653 | $4294 |
|  Bear Stearns ARM Trust Series 2005-10, Class A3 | Bear Stearns ARM Trust Series 2005-10, Class A3 | Bear Stearns ARM Trust Series 2005-10, Class A3 | Bear Stearns ARM Trust Series 2005-10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.62% <sup>(8)</sup> | 10/25/35 | 96495 | 94066 |
|  C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B | C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53% | 02/25/37 | 810787 | 477390 |
|  C-BASS Trust Series 2006-CB7, Class A4 | C-BASS Trust Series 2006-CB7, Class A4 | C-BASS Trust Series 2006-CB7, Class A4 | C-BASS Trust Series 2006-CB7, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% (1 mo. USD Term SOFR + 0.434%) <sup>(2)</sup> | 10/25/36 | 32162 | 21585 |
|  C-BASS Trust Series 2007-CB1, Class AF3 | C-BASS Trust Series 2007-CB1, Class AF3 | C-BASS Trust Series 2007-CB1, Class AF3 | C-BASS Trust Series 2007-CB1, Class AF3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15% | 01/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259333 |
|  C-BASS Trust Series 2007-CB1, Class AF6 | C-BASS Trust Series 2007-CB1, Class AF6 | C-BASS Trust Series 2007-CB1, Class AF6 | C-BASS Trust Series 2007-CB1, Class AF6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15% | 01/25/37 | 1651274 | 457702 |
|  Cascade MH Asset Trust Series 2022-MH1, Class A | Cascade MH Asset Trust Series 2022-MH1, Class A | Cascade MH Asset Trust Series 2022-MH1, Class A | Cascade MH Asset Trust Series 2022-MH1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(1)</sup> | 08/25/54 | 1099611 | 1065475 |
|  CFMT LLC Series 2024-NR1, Class A1 | CFMT LLC Series 2024-NR1, Class A1 | CFMT LLC Series 2024-NR1, Class A1 | CFMT LLC Series 2024-NR1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.41% <sup>(1)</sup> | 11/25/29 | 1511603 | 1517359 |
|  CFMT LLC Series 2024-R1, Class A3 | CFMT LLC Series 2024-R1, Class A3 | CFMT LLC Series 2024-R1, Class A3 | CFMT LLC Series 2024-R1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(1)</sup> | 10/25/54 | 1500000 | 1406619 |
|  CHL Mortgage Pass-Through Trust Series 2007-20, Class A1 | CHL Mortgage Pass-Through Trust Series 2007-20, Class A1 | CHL Mortgage Pass-Through Trust Series 2007-20, Class A1 | CHL Mortgage Pass-Through Trust Series 2007-20, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 01/25/38 | 198718 | 87023 |
|  CHL Mortgage Pass-Through Trust Series 2007-7, Class A9 | CHL Mortgage Pass-Through Trust Series 2007-7, Class A9 | CHL Mortgage Pass-Through Trust Series 2007-7, Class A9 | CHL Mortgage Pass-Through Trust Series 2007-7, Class A9 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 06/25/37 | 581601 | 258271 |
|  CHNGE Mortgage Trust Series 2023-1, Class M1 | CHNGE Mortgage Trust Series 2023-1, Class M1 | CHNGE Mortgage Trust Series 2023-1, Class M1 | CHNGE Mortgage Trust Series 2023-1, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.17% <sup>(1),(8)</sup> | 03/25/58 | 580000 | 588608 |
|  CIM Trust Series 2021-R5, Class A1B | CIM Trust Series 2021-R5, Class A1B | CIM Trust Series 2021-R5, Class A1B | CIM Trust Series 2021-R5, Class A1B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% <sup>(1),(8)</sup> | 08/25/61 | 681000 | 446691 |
|  CIM Trust Series 2025-R1, Class A1 | CIM Trust Series 2025-R1, Class A1 | CIM Trust Series 2025-R1, Class A1 | CIM Trust Series 2025-R1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 02/25/99 | 2235174 | 2205892 |
|  Citadel PLC Series 2024-1, Class X | Citadel PLC Series 2024-1, Class X | Citadel PLC Series 2024-1, Class X | Citadel PLC Series 2024-1, Class X |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.47% (1 day GBP SONIA + 4.000%)<sup>(2),(3)</sup> | 04/28/60 | 560580 | 747465 |
|  Citigroup Mortgage Loan Trust Series 2006-WF1, Class A2C | Citigroup Mortgage Loan Trust Series 2006-WF1, Class A2C | Citigroup Mortgage Loan Trust Series 2006-WF1, Class A2C | Citigroup Mortgage Loan Trust Series 2006-WF1, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51% | 03/25/36 | 27412 | 12662 |
|  Citigroup Mortgage Loan Trust Series 2009-10, Class 2A2 | Citigroup Mortgage Loan Trust Series 2009-10, Class 2A2 | Citigroup Mortgage Loan Trust Series 2009-10, Class 2A2 | Citigroup Mortgage Loan Trust Series 2009-10, Class 2A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1),(8)</sup> | 12/25/35 | 487190 | 343776 |
|  Citigroup Mortgage Loan Trust, Inc. Series 2005-WF2, Class AF6A | Citigroup Mortgage Loan Trust, Inc. Series 2005-WF2, Class AF6A | Citigroup Mortgage Loan Trust, Inc. Series 2005-WF2, Class AF6A | Citigroup Mortgage Loan Trust, Inc. Series 2005-WF2, Class AF6A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 08/25/35 | 1368239 | 1255355 |
|  CitiMortgage Alternative Loan Trust Series 2005-A1, Class 1A5 | CitiMortgage Alternative Loan Trust Series 2005-A1, Class 1A5 | CitiMortgage Alternative Loan Trust Series 2005-A1, Class 1A5 | CitiMortgage Alternative Loan Trust Series 2005-A1, Class 1A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(12)</sup> | 07/25/35 | 1295833 | 1209395 |
|  CitiMortgage Alternative Loan Trust Series 2006-A1, Class 1A5 | CitiMortgage Alternative Loan Trust Series 2006-A1, Class 1A5 | CitiMortgage Alternative Loan Trust Series 2006-A1, Class 1A5 | CitiMortgage Alternative Loan Trust Series 2006-A1, Class 1A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(12)</sup> | 04/25/36 | 218175 | 203564 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A1 | CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A1 | CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A1 | CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 01/25/37 | $92233 | $82221 |
|  CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A5 | CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A5 | CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A5 | CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 01/25/37 | 176056 | 156945 |
|  CitiMortgage Alternative Loan Trust Series 2007-A2, Class 1A13 | CitiMortgage Alternative Loan Trust Series 2007-A2, Class 1A13 | CitiMortgage Alternative Loan Trust Series 2007-A2, Class 1A13 | CitiMortgage Alternative Loan Trust Series 2007-A2, Class 1A13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(12)</sup> | 02/25/37 | 206046 | 182748 |
|  CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A7 | CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A7 | CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A7 | CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(12)</sup> | 03/25/37 | 165420 | 150019 |
|  CitiMortgage Alternative Loan Trust Series 2007-A5, Class 1A1 | CitiMortgage Alternative Loan Trust Series 2007-A5, Class 1A1 | CitiMortgage Alternative Loan Trust Series 2007-A5, Class 1A1 | CitiMortgage Alternative Loan Trust Series 2007-A5, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 05/25/37 | 708386 | 660882 |
|  COLT Mortgage Loan Trust Series 2022-7, Class B1 | COLT Mortgage Loan Trust Series 2022-7, Class B1 | COLT Mortgage Loan Trust Series 2022-7, Class B1 | COLT Mortgage Loan Trust Series 2022-7, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.28% <sup>(1),(8)</sup> | 04/25/67 | 1520000 | 1511599 |
|  COLT Mortgage Loan Trust Series 2024-7, Class B1 | COLT Mortgage Loan Trust Series 2024-7, Class B1 | COLT Mortgage Loan Trust Series 2024-7, Class B1 | COLT Mortgage Loan Trust Series 2024-7, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.17% <sup>(1),(8)</sup> | 12/26/69 | 1000000 | 991012 |
|  Conseco Finance Securitizations Corp. Series 2000-1, Class A5 | Conseco Finance Securitizations Corp. Series 2000-1, Class A5 | Conseco Finance Securitizations Corp. Series 2000-1, Class A5 | Conseco Finance Securitizations Corp. Series 2000-1, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.06% <sup>(8)</sup> | 09/01/29 | 3422743 | 497019 |
|  Conseco Finance Securitizations Corp. Series 2000-4, Class A5 | Conseco Finance Securitizations Corp. Series 2000-4, Class A5 | Conseco Finance Securitizations Corp. Series 2000-4, Class A5 | Conseco Finance Securitizations Corp. Series 2000-4, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.97% | 05/01/32 | 1992158 | 280778 |
|  Countrywide Alternative Loan Trust Series 2004-30CB, Class 1A6 | Countrywide Alternative Loan Trust Series 2004-30CB, Class 1A6 | Countrywide Alternative Loan Trust Series 2004-30CB, Class 1A6 | Countrywide Alternative Loan Trust Series 2004-30CB, Class 1A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(12)</sup> | 02/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759607 |
|  Countrywide Alternative Loan Trust Series 2005-10CB, Class 1A8 | Countrywide Alternative Loan Trust Series 2005-10CB, Class 1A8 | Countrywide Alternative Loan Trust Series 2005-10CB, Class 1A8 | Countrywide Alternative Loan Trust Series 2005-10CB, Class 1A8 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 05/25/35 | 1335903 | 1096834 |
|  Countrywide Alternative Loan Trust Series 2005-46CB, Class A3 | Countrywide Alternative Loan Trust Series 2005-46CB, Class A3 | Countrywide Alternative Loan Trust Series 2005-46CB, Class A3 | Countrywide Alternative Loan Trust Series 2005-46CB, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(12)</sup> | 10/25/35 | 223952 | 155044 |
|  Countrywide Alternative Loan Trust Series 2005-46CB, Class A4 | Countrywide Alternative Loan Trust Series 2005-46CB, Class A4 | Countrywide Alternative Loan Trust Series 2005-46CB, Class A4 | Countrywide Alternative Loan Trust Series 2005-46CB, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% <sup>(12)</sup> | 10/25/35 | 169226 | 114902 |
|  Countrywide Alternative Loan Trust Series 2005-46CB, Class A7 | Countrywide Alternative Loan Trust Series 2005-46CB, Class A7 | Countrywide Alternative Loan Trust Series 2005-46CB, Class A7 | Countrywide Alternative Loan Trust Series 2005-46CB, Class A7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(12)</sup> | 10/25/35 | 477376 | 330493 |
|  Countrywide Alternative Loan Trust Series 2005-55CB, Class 1A1 | Countrywide Alternative Loan Trust Series 2005-55CB, Class 1A1 | Countrywide Alternative Loan Trust Series 2005-55CB, Class 1A1 | Countrywide Alternative Loan Trust Series 2005-55CB, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(12)</sup> | 11/25/35 | 180956 | 119307 |
|  Countrywide Alternative Loan Trust Series 2005-64CB, Class 2A1 | Countrywide Alternative Loan Trust Series 2005-64CB, Class 2A1 | Countrywide Alternative Loan Trust Series 2005-64CB, Class 2A1 | Countrywide Alternative Loan Trust Series 2005-64CB, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 11/25/35 | 2988797 | 422310 |
|  Countrywide Alternative Loan Trust Series 2005-65CB, Class 2A4 | Countrywide Alternative Loan Trust Series 2005-65CB, Class 2A4 | Countrywide Alternative Loan Trust Series 2005-65CB, Class 2A4 | Countrywide Alternative Loan Trust Series 2005-65CB, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(12)</sup> | 12/25/35 | 283380 | 195374 |
|  Countrywide Alternative Loan Trust Series 2005-67CB, Class A1 | Countrywide Alternative Loan Trust Series 2005-67CB, Class A1 | Countrywide Alternative Loan Trust Series 2005-67CB, Class A1 | Countrywide Alternative Loan Trust Series 2005-67CB, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 01/25/36 | 55565 | 41049 |
|  Countrywide Alternative Loan Trust Series 2005-74T1, Class A5 | Countrywide Alternative Loan Trust Series 2005-74T1, Class A5 | Countrywide Alternative Loan Trust Series 2005-74T1, Class A5 | Countrywide Alternative Loan Trust Series 2005-74T1, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 01/25/36 | 452443 | 259238 |
|  Countrywide Alternative Loan Trust Series 2005-7CB, Class 2A2 (I/O) | Countrywide Alternative Loan Trust Series 2005-7CB, Class 2A2 (I/O) | Countrywide Alternative Loan Trust Series 2005-7CB, Class 2A2 (I/O) | Countrywide Alternative Loan Trust Series 2005-7CB, Class 2A2 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.61% (-1 mo. USD Term SOFR + 4.936%)<sup>(2),(10)</sup> | 03/01/38 | 1170364 | 71333 |
|  Countrywide Alternative Loan Trust Series 2005-86CB, Class A1 | Countrywide Alternative Loan Trust Series 2005-86CB, Class A1 | Countrywide Alternative Loan Trust Series 2005-86CB, Class A1 | Countrywide Alternative Loan Trust Series 2005-86CB, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(12)</sup> | 02/25/36 | 507850 | 290109 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Countrywide Alternative Loan Trust Series 2005-86CB, Class A8 | Countrywide Alternative Loan Trust Series 2005-86CB, Class A8 | Countrywide Alternative Loan Trust Series 2005-86CB, Class A8 | Countrywide Alternative Loan Trust Series 2005-86CB, Class A8 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(12)</sup> | 02/25/36 | $232160 | $132621 |
|  Countrywide Alternative Loan Trust Series 2006-19CB, Class A15 (PAC) | Countrywide Alternative Loan Trust Series 2006-19CB, Class A15 (PAC) | Countrywide Alternative Loan Trust Series 2006-19CB, Class A15 (PAC) | Countrywide Alternative Loan Trust Series 2006-19CB, Class A15 (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 08/25/36 | 113421 | 64538 |
|  Countrywide Alternative Loan Trust Series 2006-19CB, Class A17 (TAC) | Countrywide Alternative Loan Trust Series 2006-19CB, Class A17 (TAC) | Countrywide Alternative Loan Trust Series 2006-19CB, Class A17 (TAC) | Countrywide Alternative Loan Trust Series 2006-19CB, Class A17 (TAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% (1 mo. USD Term SOFR + 0.514%)<sup>(2)</sup> | 08/25/36 | 3761882 | 1636745 |
|  Countrywide Alternative Loan Trust Series 2006-19CB, Class A18 (I/O) | Countrywide Alternative Loan Trust Series 2006-19CB, Class A18 (I/O) | Countrywide Alternative Loan Trust Series 2006-19CB, Class A18 (I/O) | Countrywide Alternative Loan Trust Series 2006-19CB, Class A18 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16% (-1 mo. USD Term SOFR + 5.486%)<sup>(2),(10)</sup> | 08/25/36 | 3631212 | 443708 |
|  Countrywide Alternative Loan Trust Series 2006-32CB, Class A18 | Countrywide Alternative Loan Trust Series 2006-32CB, Class A18 | Countrywide Alternative Loan Trust Series 2006-32CB, Class A18 | Countrywide Alternative Loan Trust Series 2006-32CB, Class A18 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 11/25/36 | 129528 | 73994 |
|  Countrywide Alternative Loan Trust Series 2006-34, Class A5 | Countrywide Alternative Loan Trust Series 2006-34, Class A5 | Countrywide Alternative Loan Trust Series 2006-34, Class A5 | Countrywide Alternative Loan Trust Series 2006-34, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 11/25/46 | 1255216 | 558357 |
|  Countrywide Alternative Loan Trust Series 2006-J1, Class 1A11 | Countrywide Alternative Loan Trust Series 2006-J1, Class 1A11 | Countrywide Alternative Loan Trust Series 2006-J1, Class 1A11 | Countrywide Alternative Loan Trust Series 2006-J1, Class 1A11 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(12)</sup> | 02/25/36 | 176709 | 119674 |
|  Countrywide Alternative Loan Trust Series 2007-13, Class A1 (PAC) | Countrywide Alternative Loan Trust Series 2007-13, Class A1 (PAC) | Countrywide Alternative Loan Trust Series 2007-13, Class A1 (PAC) | Countrywide Alternative Loan Trust Series 2007-13, Class A1 (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 06/25/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135744 |
|  Countrywide Alternative Loan Trust Series 2007-15CB, Class A6 | Countrywide Alternative Loan Trust Series 2007-15CB, Class A6 | Countrywide Alternative Loan Trust Series 2007-15CB, Class A6 | Countrywide Alternative Loan Trust Series 2007-15CB, Class A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(12)</sup> | 07/25/37 | 513416 | 294747 |
|  Countrywide Alternative Loan Trust Series 2007-15CB, Class A7 | Countrywide Alternative Loan Trust Series 2007-15CB, Class A7 | Countrywide Alternative Loan Trust Series 2007-15CB, Class A7 | Countrywide Alternative Loan Trust Series 2007-15CB, Class A7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 07/25/37 | 1828626 | 1085233 |
|  Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A7 | Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A7 | Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A7 | Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 08/25/37 | 6358 | 4686 |
|  Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A25 | Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A25 | Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A25 | Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A25 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 08/25/37 | 293799 | 173787 |
|  Countrywide Alternative Loan Trust Series 2007-22, Class 2A16 | Countrywide Alternative Loan Trust Series 2007-22, Class 2A16 | Countrywide Alternative Loan Trust Series 2007-22, Class 2A16 | Countrywide Alternative Loan Trust Series 2007-22, Class 2A16 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 09/25/37 | 235543 | 85851 |
|  Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A3 | Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A3 | Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A3 | Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 04/25/37 | 170680 | 85629 |
|  Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A4 | Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A4 | Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A4 | Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 04/25/37 | 503536 | 252623 |
|  Credit-Based Asset Servicing & Securitization LLC Series 2006-MH1, Class B1 | Credit-Based Asset Servicing & Securitization LLC Series 2006-MH1, Class B1 | Credit-Based Asset Servicing & Securitization LLC Series 2006-MH1, Class B1 | Credit-Based Asset Servicing & Securitization LLC Series 2006-MH1, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 10/25/36 | 25382 | 25234 |
|  Cross Mortgage Trust Series 2024-H6, Class A2 | Cross Mortgage Trust Series 2024-H6, Class A2 | Cross Mortgage Trust Series 2024-H6, Class A2 | Cross Mortgage Trust Series 2024-H6, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% <sup>(1)</sup> | 09/25/69 | 941318 | 940220 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Cross Mortgage Trust Series 2024-H6, Class A3 | Cross Mortgage Trust Series 2024-H6, Class A3 | Cross Mortgage Trust Series 2024-H6, Class A3 | Cross Mortgage Trust Series 2024-H6, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.48% <sup>(1)</sup> | 09/25/69 | $847187 | $844888 |
|  CSMC Mortgage-Backed Trust Series 2006-7, Class 10A6 | CSMC Mortgage-Backed Trust Series 2006-7, Class 10A6 | CSMC Mortgage-Backed Trust Series 2006-7, Class 10A6 | CSMC Mortgage-Backed Trust Series 2006-7, Class 10A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 08/25/36 | 1024153 | 492410 |
|  CSMC Mortgage-Backed Trust Series 2006-7, Class 8A11 | CSMC Mortgage-Backed Trust Series 2006-7, Class 8A11 | CSMC Mortgage-Backed Trust Series 2006-7, Class 8A11 | CSMC Mortgage-Backed Trust Series 2006-7, Class 8A11 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 08/25/36 | 391230 | 150770 |
|  CSMC Mortgage-Backed Trust Series 2007-5, Class 1A9 | CSMC Mortgage-Backed Trust Series 2007-5, Class 1A9 | CSMC Mortgage-Backed Trust Series 2007-5, Class 1A9 | CSMC Mortgage-Backed Trust Series 2007-5, Class 1A9 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(8)</sup> | 08/25/37 | 721705 | 405101 |
|  CSMC Trust Series 2014-8R, Class 3A2 | CSMC Trust Series 2014-8R, Class 3A2 | CSMC Trust Series 2014-8R, Class 3A2 | CSMC Trust Series 2014-8R, Class 3A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% <sup>(1),(8),(12)</sup> | 02/27/36 | 938445 | 807718 |
|  CSMC Trust Series 2020-RPL6, Class A1 | CSMC Trust Series 2020-RPL6, Class A1 | CSMC Trust Series 2020-RPL6, Class A1 | CSMC Trust Series 2020-RPL6, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49% <sup>(1),(8)</sup> | 03/25/59 | 1556127 | 1554155 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2 | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2 | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2 | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% <sup>(8),(12)</sup> | 06/25/36 | 182910 | 166997 |
|  Deutsche Mortgage & Asset Receiving Corp. Series 2014-RS1, Class 1A2 | Deutsche Mortgage & Asset Receiving Corp. Series 2014-RS1, Class 1A2 | Deutsche Mortgage & Asset Receiving Corp. Series 2014-RS1, Class 1A2 | Deutsche Mortgage & Asset Receiving Corp. Series 2014-RS1, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.51% <sup>(1),(8),(12)</sup> | 07/27/37 | 277766 | 224838 |
|  EFMT Series 2024-NQM1, Class B1B | EFMT Series 2024-NQM1, Class B1B | EFMT Series 2024-NQM1, Class B1B | EFMT Series 2024-NQM1, Class B1B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.65% <sup>(1),(8)</sup> | 11/25/69 | 1300000 | 1301634 |
|  Ellington Financial Mortgage Trust Series 2022-4, Class B1 | Ellington Financial Mortgage Trust Series 2022-4, Class B1 | Ellington Financial Mortgage Trust Series 2022-4, Class B1 | Ellington Financial Mortgage Trust Series 2022-4, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93% <sup>(1),(8)</sup> | 09/25/67 | 900000 | 888170 |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1, Class M2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1, Class M2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1, Class M2 | Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1, Class M2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85% (30 day USD SOFR Average + 2.500%)<sup>(1),(2)</sup> | 01/25/42 | 1000000 | 1014786 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R04, Class 2B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R04, Class 2B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R04, Class 2B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R04, Class 2B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.72% (30 day USD SOFR Average + 5.364%)<sup>(1),(2)</sup> | 06/25/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783895 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.22% (30 day USD SOFR Average + 3.864%)<sup>(1),(2)</sup> | 09/25/39 | 849149 | 867152 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R07, Class 1B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R07, Class 1B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R07, Class 1B1 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R07, Class 1B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.87% (30 day USD SOFR Average + 3.514%)<sup>(1),(2)</sup> | 10/25/39 | 858826 | 875305 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.35% (30 day USD SOFR Average + 6.000%)<sup>(1),(2)</sup> | 10/25/41 | $1400000 | $1456011 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.85% (30 day USD SOFR Average + 5.500%)<sup>(1),(2)</sup> | 12/25/41 | 2620000 | 2712217 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 | Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.35% (30 day USD SOFR Average + 6.000%)<sup>(1),(2)</sup> | 12/25/41 | 2510000 | 2621748 |
|  First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C | First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C | First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C | First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% (1 mo. USD Term SOFR + 0.434%)<sup>(2)</sup> | 10/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222457 |
|  First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2D | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2D | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2D | First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% (1 mo. USD Term SOFR + 0.554%)<sup>(2)</sup> | 03/25/37 | 641964 | 300261 |
|  First Horizon Alternative Mortgage Securities Trust Series 2007-FA1, Class A4 | First Horizon Alternative Mortgage Securities Trust Series 2007-FA1, Class A4 | First Horizon Alternative Mortgage Securities Trust Series 2007-FA1, Class A4 | First Horizon Alternative Mortgage Securities Trust Series 2007-FA1, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 03/25/37 | 535410 | 188938 |
|  First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A4 | First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A4 | First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A4 | First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 04/25/37 | 705772 | 222197 |
|  GCAT Trust Series 2021-NQM6, Class A1 | GCAT Trust Series 2021-NQM6, Class A1 | GCAT Trust Series 2021-NQM6, Class A1 | GCAT Trust Series 2021-NQM6, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.86% <sup>(1),(8)</sup> | 08/25/66 | 1334527 | 1219564 |
|  GSAA Home Equity Trust Series 2007-5, Class 1F3B | GSAA Home Equity Trust Series 2007-5, Class 1F3B | GSAA Home Equity Trust Series 2007-5, Class 1F3B | GSAA Home Equity Trust Series 2007-5, Class 1F3B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(8)</sup> | 05/25/37 | 4300000 | 301924 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  GSAA Home Equity Trust Series 2007-5, Class 1F5B | GSAA Home Equity Trust Series 2007-5, Class 1F5B | GSAA Home Equity Trust Series 2007-5, Class 1F5B | GSAA Home Equity Trust Series 2007-5, Class 1F5B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.44% | 05/25/37 | $1987261 | $139942 |
|  GSAA Home Equity Trust Series 2007-5, Class 2A2A | GSAA Home Equity Trust Series 2007-5, Class 2A2A | GSAA Home Equity Trust Series 2007-5, Class 2A2A | GSAA Home Equity Trust Series 2007-5, Class 2A2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% (1 mo. USD Term SOFR + 0.574%)<sup>(2)</sup> | 04/25/47 | 731165 | 315059 |
|  GSAA Trust Series 2006-7, Class AF3 | GSAA Trust Series 2006-7, Class AF3 | GSAA Trust Series 2006-7, Class AF3 | GSAA Trust Series 2006-7, Class AF3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.72% | 03/25/46 | 2732912 | 986764 |
|  GSAA Trust Series 2007-3, Class 2A1B | GSAA Trust Series 2007-3, Class 2A1B | GSAA Trust Series 2007-3, Class 2A1B | GSAA Trust Series 2007-3, Class 2A1B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64% (1 mo. USD Term SOFR + 0.314%)<sup>(2)</sup> | 03/25/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166316 | 7592 |
|  GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1 | GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1 | GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1 | GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32% <sup>(8)</sup> | 09/25/35 | 2769 | 2603 |
|  HarborView Mortgage Loan Trust Series 2005-9, Class 2A1A | HarborView Mortgage Loan Trust Series 2005-9, Class 2A1A | HarborView Mortgage Loan Trust Series 2005-9, Class 2A1A | HarborView Mortgage Loan Trust Series 2005-9, Class 2A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11% (1 mo. USD Term SOFR + 0.794%)<sup>(2)</sup> | 06/20/35 | 12202 | 11349 |
|  HarborView Mortgage Loan Trust Series 2005-9, Class 2X (I/O) | HarborView Mortgage Loan Trust Series 2005-9, Class 2X (I/O) | HarborView Mortgage Loan Trust Series 2005-9, Class 2X (I/O) | HarborView Mortgage Loan Trust Series 2005-9, Class 2X (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(1),(7),(10)</sup> | 06/20/35 | 894777 | 1 |
|  HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A | HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A | HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A | HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79% (1 mo. USD Term SOFR + 0.474%)<sup>(2)</sup> | 05/19/46 | 2378792 | 1185532 |
|  HarborView Mortgage Loan Trust Series 2006-5, Class X2 (I/O) | HarborView Mortgage Loan Trust Series 2006-5, Class X2 (I/O) | HarborView Mortgage Loan Trust Series 2006-5, Class X2 (I/O) | HarborView Mortgage Loan Trust Series 2006-5, Class X2 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.07% <sup>(10),(8)</sup> | 07/19/46 | 2484322 | 25 |
|  HSI Asset Loan Obligation Trust Series 2007-WF1, Class A5 | HSI Asset Loan Obligation Trust Series 2007-WF1, Class A5 | HSI Asset Loan Obligation Trust Series 2007-WF1, Class A5 | HSI Asset Loan Obligation Trust Series 2007-WF1, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.72% | 12/25/36 | 242626 | 80538 |
|  IndyMac INDX Mortgage Loan Trust Series 2006-AR3, Class 2A1A | IndyMac INDX Mortgage Loan Trust Series 2006-AR3, Class 2A1A | IndyMac INDX Mortgage Loan Trust Series 2006-AR3, Class 2A1A | IndyMac INDX Mortgage Loan Trust Series 2006-AR3, Class 2A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85% <sup>(8)</sup> | 03/25/36 | 68393 | 46016 |
|  JPMorgan Alternative Loan Trust Series 2006-S1, Class 3A4 | JPMorgan Alternative Loan Trust Series 2006-S1, Class 3A4 | JPMorgan Alternative Loan Trust Series 2006-S1, Class 3A4 | JPMorgan Alternative Loan Trust Series 2006-S1, Class 3A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.18% <sup>(8)</sup> | 03/25/36 | 859169 | 760672 |
|  JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF3 | JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF3 | JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF3 | JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46% | 09/25/29 | 422076 | 254239 |
|  JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF4 | JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF4 | JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF4 | JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.08% | 08/25/36 | 1347444 | 795349 |
|  JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF5 | JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF5 | JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF5 | JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.34% | 08/25/36 | 256056 | 151088 |
|  JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5 | JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5 | JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5 | JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.91% | 07/25/36 | 1600891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426419 |
|  JPMorgan Mortgage Acquisition Trust Series 2007-CH1, Class AF6 | JPMorgan Mortgage Acquisition Trust Series 2007-CH1, Class AF6 | JPMorgan Mortgage Acquisition Trust Series 2007-CH1, Class AF6 | JPMorgan Mortgage Acquisition Trust Series 2007-CH1, Class AF6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49% | 11/25/36 | 1089 | 1080 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF2 | JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF2 | JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF2 | JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24% | 01/25/37 | $368457 | $182640 |
|  JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF3 | JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF3 | JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF3 | JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24% | 10/25/30 | 565678 | 280367 |
|  JPMorgan Mortgage Trust Series 2007-S1, Class 2A11 | JPMorgan Mortgage Trust Series 2007-S1, Class 2A11 | JPMorgan Mortgage Trust Series 2007-S1, Class 2A11 | JPMorgan Mortgage Trust Series 2007-S1, Class 2A11 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 03/25/37 | 353607 | 130986 |
|  JPMorgan Mortgage Trust Series 2024-CES1, Class A1B | JPMorgan Mortgage Trust Series 2024-CES1, Class A1B | JPMorgan Mortgage Trust Series 2024-CES1, Class A1B | JPMorgan Mortgage Trust Series 2024-CES1, Class A1B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02% <sup>(1)</sup> | 06/25/54 | 1059234 | 1064253 |
|  JPMorgan Mortgage Trust Series 2024-CES1, Class A2 | JPMorgan Mortgage Trust Series 2024-CES1, Class A2 | JPMorgan Mortgage Trust Series 2024-CES1, Class A2 | JPMorgan Mortgage Trust Series 2024-CES1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% <sup>(1)</sup> | 06/25/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537181 |
|  JPMorgan Mortgage Trust Series 2025-CES1, Class A3 | JPMorgan Mortgage Trust Series 2025-CES1, Class A3 | JPMorgan Mortgage Trust Series 2025-CES1, Class A3 | JPMorgan Mortgage Trust Series 2025-CES1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% <sup>(1),(8)</sup> | 05/25/55 | 1539000 | 1552014 |
|  Lehman ABS Manufactured Housing Contract Trust Series 2001-B, Class M1 | Lehman ABS Manufactured Housing Contract Trust Series 2001-B, Class M1 | Lehman ABS Manufactured Housing Contract Trust Series 2001-B, Class M1 | Lehman ABS Manufactured Housing Contract Trust Series 2001-B, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(8)</sup> | 04/15/40 | 278121 | 280918 |
|  Lehman Mortgage Trust Series 2006-1, Class 1A5 | Lehman Mortgage Trust Series 2006-1, Class 1A5 | Lehman Mortgage Trust Series 2006-1, Class 1A5 | Lehman Mortgage Trust Series 2006-1, Class 1A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 02/25/36 | 129478 | 60155 |
|  Lehman Mortgage Trust Series 2006-7, Class 2A5 (I/O) (I/F) | Lehman Mortgage Trust Series 2006-7, Class 2A5 (I/O) (I/F) | Lehman Mortgage Trust Series 2006-7, Class 2A5 (I/O) (I/F) | Lehman Mortgage Trust Series 2006-7, Class 2A5 (I/O) (I/F) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.11% (-1 mo. USD Term SOFR + 6.436%)<sup>(2),(10)</sup> | 11/25/36 | 182847 | 21602 |
|  Lehman Mortgage Trust Series 2006-9, Class 3A2 | Lehman Mortgage Trust Series 2006-9, Class 3A2 | Lehman Mortgage Trust Series 2006-9, Class 3A2 | Lehman Mortgage Trust Series 2006-9, Class 3A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; (I/O) 2.79% (-1 mo. USD Term SOFR + 7.116%)<sup>(2)</sup> | 01/25/37 | 5513250 | 340145 |
|  Lehman Mortgage Trust Series 2007-5, Class 10A2 | Lehman Mortgage Trust Series 2007-5, Class 10A2 | Lehman Mortgage Trust Series 2007-5, Class 10A2 | Lehman Mortgage Trust Series 2007-5, Class 10A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; (I/O) 1.90% (-1 mo. USD Term SOFR + 6.226%)<sup>(2),(10)</sup> | 06/25/37 | 8161155 | 962478 |
|  Lehman Mortgage Trust Series 2007-5, Class 7A3 | Lehman Mortgage Trust Series 2007-5, Class 7A3 | Lehman Mortgage Trust Series 2007-5, Class 7A3 | Lehman Mortgage Trust Series 2007-5, Class 7A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(12)</sup> | 10/25/36 | 482837 | 151853 |
|  Lehman XS Trust Series 2005-1, Class 3A4 | Lehman XS Trust Series 2005-1, Class 3A4 | Lehman XS Trust Series 2005-1, Class 3A4 | Lehman XS Trust Series 2005-1, Class 3A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.37% | 07/25/35 | 26089 | 27455 |
|  Lehman XS Trust Series 2006-17, Class 1A (I/O) | Lehman XS Trust Series 2006-17, Class 1A (I/O) | Lehman XS Trust Series 2006-17, Class 1A (I/O) | Lehman XS Trust Series 2006-17, Class 1A (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60% <sup>(10)</sup> | 08/25/46 | 6853441 | 137698 |
|  Lehman XS Trust Series 2006-17, Class 1A3 | Lehman XS Trust Series 2006-17, Class 1A3 | Lehman XS Trust Series 2006-17, Class 1A3 | Lehman XS Trust Series 2006-17, Class 1A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.94% (1 mo. USD Term SOFR + 0.614%)<sup>(2)</sup> | 08/25/46 | 165503 | 141836 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  MASTR Alternative Loan Trust Series 2005-2, Class 4A3 | MASTR Alternative Loan Trust Series 2005-2, Class 4A3 | MASTR Alternative Loan Trust Series 2005-2, Class 4A3 | MASTR Alternative Loan Trust Series 2005-2, Class 4A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% (1 mo. USD Term SOFR + 0.514%)<sup>(2)</sup> | 03/25/35 | $5247 | $5146 |
|  MASTR Asset-Backed Securities Trust Series 2006-NC2, Class A3 | MASTR Asset-Backed Securities Trust Series 2006-NC2, Class A3 | MASTR Asset-Backed Securities Trust Series 2006-NC2, Class A3 | MASTR Asset-Backed Securities Trust Series 2006-NC2, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66% (1 mo. USD Term SOFR + 0.334%)<sup>(2)</sup> | 08/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240284 |
|  Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A3 | Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A3 | Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A3 | Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% (1 mo. USD Term SOFR + 0.434%)<sup>(2)</sup> | 01/25/37 | 622256 | 183640 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% (1 mo. USD Term SOFR + 0.374%)<sup>(2)</sup> | 06/25/37 | 193162 | 190717 |
|  Merrill Lynch Mortgage Investors Trust Series 2004-B, Class A1 | Merrill Lynch Mortgage Investors Trust Series 2004-B, Class A1 | Merrill Lynch Mortgage Investors Trust Series 2004-B, Class A1 | Merrill Lynch Mortgage Investors Trust Series 2004-B, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.94% (1 mo. USD Term SOFR + 0.614%)<sup>(2)</sup> | 05/25/29 | 3009 | 2890 |
|  Merrill Lynch Mortgage Investors Trust Series 2006-HE6, Class A2B | Merrill Lynch Mortgage Investors Trust Series 2006-HE6, Class A2B | Merrill Lynch Mortgage Investors Trust Series 2006-HE6, Class A2B | Merrill Lynch Mortgage Investors Trust Series 2006-HE6, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12% (1 mo. USD Term SOFR + 0.414%)<sup>(2)</sup> | 11/25/37 | 738183 | 233577 |
|  Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A | Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A | Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A | Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81% (1 mo. USD Term SOFR + 0.484%)<sup>(2)</sup> | 05/25/37 | 3365977 | 933828 |
|  Mid-State Capital Corp. Trust Series 2005-1, Class A | Mid-State Capital Corp. Trust Series 2005-1, Class A | Mid-State Capital Corp. Trust Series 2005-1, Class A | Mid-State Capital Corp. Trust Series 2005-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 01/15/40 | 1698 | 1696 |
|  Mid-State Capital Corp. Trust Series 2006-1, Class A | Mid-State Capital Corp. Trust Series 2006-1, Class A | Mid-State Capital Corp. Trust Series 2006-1, Class A | Mid-State Capital Corp. Trust Series 2006-1, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.79% <sup>(1)</sup> | 10/15/40 | 23511 | 23591 |
|  Mid-State Trust XI Series 11, Class A1 | Mid-State Trust XI Series 11, Class A1 | Mid-State Trust XI Series 11, Class A1 | Mid-State Trust XI Series 11, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86% | 07/15/38 | 923 | 920 |
|  Morgan Stanley Mortgage Loan Trust Series 2007-13, Class 6A1 | Morgan Stanley Mortgage Loan Trust Series 2007-13, Class 6A1 | Morgan Stanley Mortgage Loan Trust Series 2007-13, Class 6A1 | Morgan Stanley Mortgage Loan Trust Series 2007-13, Class 6A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/25/37 | 173063 | 90169 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Morgan Stanley Residential Mortgage Loan Trust Series 2024-INV3, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2024-INV3, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2024-INV3, Class A1 | Morgan Stanley Residential Mortgage Loan Trust Series 2024-INV3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1),(8)</sup> | 06/25/54 | $1571283 | $1595660 |
|  Nationstar Home Equity Loan Trust Series 2007-C, Class 2AV4 | Nationstar Home Equity Loan Trust Series 2007-C, Class 2AV4 | Nationstar Home Equity Loan Trust Series 2007-C, Class 2AV4 | Nationstar Home Equity Loan Trust Series 2007-C, Class 2AV4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69% (1 mo. USD Term SOFR + 0.364%)<sup>(2)</sup> | 06/25/37 | 14131 | 13639 |
|  Oakwood Mortgage Investors, Inc. Series 1999-C, Class A2 | Oakwood Mortgage Investors, Inc. Series 1999-C, Class A2 | Oakwood Mortgage Investors, Inc. Series 1999-C, Class A2 | Oakwood Mortgage Investors, Inc. Series 1999-C, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.48% | 08/15/27 | 217521 | 164684 |
|  OBX Trust Series 2022-NQM7, Class A3 | OBX Trust Series 2022-NQM7, Class A3 | OBX Trust Series 2022-NQM7, Class A3 | OBX Trust Series 2022-NQM7, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% <sup>(1)</sup> | 08/25/62 | 1222323 | 1221541 |
|  PMT Loan Trust Series 2024-INV1, Class A29 | PMT Loan Trust Series 2024-INV1, Class A29 | PMT Loan Trust Series 2024-INV1, Class A29 | PMT Loan Trust Series 2024-INV1, Class A29 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(1),(8)</sup> | 10/25/59 | 1197416 | 1199295 |
|  PRET LLC Series 2021-RN2, Class A1 | PRET LLC Series 2021-RN2, Class A1 | PRET LLC Series 2021-RN2, Class A1 | PRET LLC Series 2021-RN2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% <sup>(1)</sup> | 07/25/51 | 1300841 | 1291205 |
|  PRET LLC Series 2022-RN2, Class A1 | PRET LLC Series 2022-RN2, Class A1 | PRET LLC Series 2022-RN2, Class A1 | PRET LLC Series 2022-RN2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 06/25/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544279 |
|  PRET LLC Series 2024-NPL4, Class A1 | PRET LLC Series 2024-NPL4, Class A1 | PRET LLC Series 2024-NPL4, Class A1 | PRET LLC Series 2024-NPL4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 07/25/54 | 1391196 | 1393610 |
|  PRKCM Trust Series 2023-AFC1, Class B1 | PRKCM Trust Series 2023-AFC1, Class B1 | PRKCM Trust Series 2023-AFC1, Class B1 | PRKCM Trust Series 2023-AFC1, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45% <sup>(1),(8)</sup> | 02/25/58 | 1200000 | 1204042 |
|  PRPM LLC Series 2021-11, Class A1 | PRPM LLC Series 2021-11, Class A1 | PRPM LLC Series 2021-11, Class A1 | PRPM LLC Series 2021-11, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.49% <sup>(1)</sup> | 11/25/26 | 243240 | 243739 |
|  PRPM LLC Series 2021-4, Class A1 | PRPM LLC Series 2021-4, Class A1 | PRPM LLC Series 2021-4, Class A1 | PRPM LLC Series 2021-4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.87% <sup>(1)</sup> | 04/25/26 | 1574991 | 1578963 |
|  PRPM LLC Series 2022-3, Class A1 | PRPM LLC Series 2022-3, Class A1 | PRPM LLC Series 2022-3, Class A1 | PRPM LLC Series 2022-3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.56% <sup>(1)</sup> | 06/25/27 | 818942 | 818997 |
|  PRPM LLC Series 2022-4, Class A1 | PRPM LLC Series 2022-4, Class A1 | PRPM LLC Series 2022-4, Class A1 | PRPM LLC Series 2022-4, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 08/25/27 | 214237 | 213818 |
|  PRPM LLC Series 2024-5, Class A1 | PRPM LLC Series 2024-5, Class A1 | PRPM LLC Series 2024-5, Class A1 | PRPM LLC Series 2024-5, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.69% <sup>(1)</sup> | 09/25/29 | 1264729 | 1265422 |
|  PRPM LLC Series 2024-RCF4, Class A2 | PRPM LLC Series 2024-RCF4, Class A2 | PRPM LLC Series 2024-RCF4, Class A2 | PRPM LLC Series 2024-RCF4, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(1)</sup> | 07/25/54 | 1600000 | 1516613 |
|  PRPM LLC Series 2024-RPL1, Class M1 | PRPM LLC Series 2024-RPL1, Class M1 | PRPM LLC Series 2024-RPL1, Class M1 | PRPM LLC Series 2024-RPL1, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% <sup>(1),(8)</sup> | 12/25/64 | 1600000 | 1491264 |
|  PRPM LLC Series 2024-RPL3, Class A2 | PRPM LLC Series 2024-RPL3, Class A2 | PRPM LLC Series 2024-RPL3, Class A2 | PRPM LLC Series 2024-RPL3, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(1)</sup> | 11/25/54 | 1150000 | 1073227 |
|  PRPM LLC Series 2024-RPL4, Class M1 | PRPM LLC Series 2024-RPL4, Class M1 | PRPM LLC Series 2024-RPL4, Class M1 | PRPM LLC Series 2024-RPL4, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(1)</sup> | 12/25/54 | 1280000 | 1150521 |
|  PRPM LLC Series 2025-RCF1, Class A2 | PRPM LLC Series 2025-RCF1, Class A2 | PRPM LLC Series 2025-RCF1, Class A2 | PRPM LLC Series 2025-RCF1, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% <sup>(1)</sup> | 02/25/55 | 3000000 | 2893499 |
|  PRPM Trust Series 2023-NQM2, Class B1 | PRPM Trust Series 2023-NQM2, Class B1 | PRPM Trust Series 2023-NQM2, Class B1 | PRPM Trust Series 2023-NQM2, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.96% <sup>(1),(8)</sup> | 08/25/68 | 1250000 | 1238980 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  PRPM Trust Series 2023-NQM3, Class B2 | PRPM Trust Series 2023-NQM3, Class B2 | PRPM Trust Series 2023-NQM3, Class B2 | PRPM Trust Series 2023-NQM3, Class B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.44% <sup>(1),(8)</sup> | 11/25/68 | $850000 | $838558 |
|  PRPM Trust Series 2025-NQM1, Class M1B | PRPM Trust Series 2025-NQM1, Class M1B | PRPM Trust Series 2025-NQM1, Class M1B | PRPM Trust Series 2025-NQM1, Class M1B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.14% <sup>(1),(8)</sup> | 11/25/69 | 2300000 | 2322621 |
|  RALI Trust Series 2005-QS14, Class 3A3 | RALI Trust Series 2005-QS14, Class 3A3 | RALI Trust Series 2005-QS14, Class 3A3 | RALI Trust Series 2005-QS14, Class 3A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 09/25/35 | 100458 | 87853 |
|  RALI Trust Series 2005-QS16, Class A7 | RALI Trust Series 2005-QS16, Class A7 | RALI Trust Series 2005-QS16, Class A7 | RALI Trust Series 2005-QS16, Class A7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(12)</sup> | 11/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281757 |
|  RALI Trust Series 2006-QS15, Class A3 | RALI Trust Series 2006-QS15, Class A3 | RALI Trust Series 2006-QS15, Class A3 | RALI Trust Series 2006-QS15, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(12)</sup> | 10/25/36 | 687179 | 593181 |
|  RALI Trust Series 2006-QS18, Class 2A2 (I/O) | RALI Trust Series 2006-QS18, Class 2A2 (I/O) | RALI Trust Series 2006-QS18, Class 2A2 (I/O) | RALI Trust Series 2006-QS18, Class 2A2 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.11% (-1 mo. USD Term SOFR + 6.436%)<sup>(2),(10)</sup> | 12/25/36 | 3457074 | 441797 |
|  RALI Trust Series 2006-QS4, Class A2 (PAC) | RALI Trust Series 2006-QS4, Class A2 (PAC) | RALI Trust Series 2006-QS4, Class A2 (PAC) | RALI Trust Series 2006-QS4, Class A2 (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 04/25/36 | 252200 | 204584 |
|  RALI Trust Series 2006-QS4, Class A4 | RALI Trust Series 2006-QS4, Class A4 | RALI Trust Series 2006-QS4, Class A4 | RALI Trust Series 2006-QS4, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 04/25/36 | 312421 | 253435 |
|  RALI Trust Series 2006-QS6, Class 1A15 | RALI Trust Series 2006-QS6, Class 1A15 | RALI Trust Series 2006-QS6, Class 1A15 | RALI Trust Series 2006-QS6, Class 1A15 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 06/25/36 | 123259 | 100042 |
|  RALI Trust Series 2006-QS6, Class 1A2 | RALI Trust Series 2006-QS6, Class 1A2 | RALI Trust Series 2006-QS6, Class 1A2 | RALI Trust Series 2006-QS6, Class 1A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 06/25/36 | 484205 | 393001 |
|  RALI Trust Series 2006-QS6, Class 1A4 | RALI Trust Series 2006-QS6, Class 1A4 | RALI Trust Series 2006-QS6, Class 1A4 | RALI Trust Series 2006-QS6, Class 1A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 06/25/36 | 808106 | 655892 |
|  RALI Trust Series 2007-QH9, Class X (P/O) | RALI Trust Series 2007-QH9, Class X (P/O) | RALI Trust Series 2007-QH9, Class X (P/O) | RALI Trust Series 2007-QH9, Class X (P/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.71% <sup>(10),(8)</sup> | 11/25/37 | 9668066 | 294745 |
|  RALI Trust Series 2007-QO2, Class A1 | RALI Trust Series 2007-QO2, Class A1 | RALI Trust Series 2007-QO2, Class A1 | RALI Trust Series 2007-QO2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59% (1 mo. USD Term SOFR + 0.264%)<sup>(2)</sup> | 02/25/47 | 502300 | 149170 |
|  RALI Trust Series 2007-QS1, Class 1A4 | RALI Trust Series 2007-QS1, Class 1A4 | RALI Trust Series 2007-QS1, Class 1A4 | RALI Trust Series 2007-QS1, Class 1A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 01/25/37 | 387640 | 306089 |
|  RALI Trust Series 2007-QS1, Class 2A1 (I/O) | RALI Trust Series 2007-QS1, Class 2A1 (I/O) | RALI Trust Series 2007-QS1, Class 2A1 (I/O) | RALI Trust Series 2007-QS1, Class 2A1 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20% (-1 mo. USD Term SOFR + 6.526%)<sup>(2),(10)</sup> | 01/25/37 | 5436783 | 638883 |
|  RALI Trust Series 2007-QS3, Class A1 | RALI Trust Series 2007-QS3, Class A1 | RALI Trust Series 2007-QS3, Class A1 | RALI Trust Series 2007-QS3, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(12)</sup> | 02/25/37 | 371698 | 309592 |
|  RALI Trust Series 2007-QS7, Class 1A1 (PAC) | RALI Trust Series 2007-QS7, Class 1A1 (PAC) | RALI Trust Series 2007-QS7, Class 1A1 (PAC) | RALI Trust Series 2007-QS7, Class 1A1 (PAC) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 05/25/37 | 41438 | 33522 |
|  RAMP Trust Series 2006-EFC2, Class A4 | RAMP Trust Series 2006-EFC2, Class A4 | RAMP Trust Series 2006-EFC2, Class A4 | RAMP Trust Series 2006-EFC2, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% (1 mo. USD Term SOFR + 0.554%)<sup>(2)</sup> | 12/25/36 | 12616 | 12491 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  RCKT Mortgage Trust Series 2024-CES5, Class A3 | RCKT Mortgage Trust Series 2024-CES5, Class A3 | RCKT Mortgage Trust Series 2024-CES5, Class A3 | RCKT Mortgage Trust Series 2024-CES5, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.44% <sup>(1)</sup> | 08/25/44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869838 |
|  RCKT Mortgage Trust Series 2024-CES6, Class B1 | RCKT Mortgage Trust Series 2024-CES6, Class B1 | RCKT Mortgage Trust Series 2024-CES6, Class B1 | RCKT Mortgage Trust Series 2024-CES6, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.23% <sup>(1)</sup> | 09/25/44 | 2300000 | 2333059 |
|  RCKT Mortgage Trust Series 2024-CES8, Class A2 | RCKT Mortgage Trust Series 2024-CES8, Class A2 | RCKT Mortgage Trust Series 2024-CES8, Class A2 | RCKT Mortgage Trust Series 2024-CES8, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.66% <sup>(1)</sup> | 11/25/44 | 1560000 | 1558320 |
|  Residential Asset Securitization Trust Series 2003-A15, Class 1A3 (I/O) | Residential Asset Securitization Trust Series 2003-A15, Class 1A3 (I/O) | Residential Asset Securitization Trust Series 2003-A15, Class 1A3 (I/O) | Residential Asset Securitization Trust Series 2003-A15, Class 1A3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11% (-1 mo. USD Term SOFR + 7.436%)<sup>(2),(10)</sup> | 02/25/34 | 348686 | 42023 |
|  Residential Asset Securitization Trust Series 2005-A8CB, Class A9 | Residential Asset Securitization Trust Series 2005-A8CB, Class A9 | Residential Asset Securitization Trust Series 2005-A8CB, Class A9 | Residential Asset Securitization Trust Series 2005-A8CB, Class A9 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% <sup>(12)</sup> | 07/25/35 | 218806 | 120482 |
|  Residential Asset Securitization Trust Series 2006-A12, Class A1 | Residential Asset Securitization Trust Series 2006-A12, Class A1 | Residential Asset Securitization Trust Series 2006-A12, Class A1 | Residential Asset Securitization Trust Series 2006-A12, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 11/25/36 | 503301 | 182472 |
|  Residential Asset Securitization Trust Series 2006-A15, Class A2 | Residential Asset Securitization Trust Series 2006-A15, Class A2 | Residential Asset Securitization Trust Series 2006-A15, Class A2 | Residential Asset Securitization Trust Series 2006-A15, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 01/25/37 | 508001 | 165853 |
|  Residential Asset Securitization Trust Series 2006-A16, Class 1A3 | Residential Asset Securitization Trust Series 2006-A16, Class 1A3 | Residential Asset Securitization Trust Series 2006-A16, Class 1A3 | Residential Asset Securitization Trust Series 2006-A16, Class 1A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 02/25/37 | 333135 | 124998 |
|  Residential Asset Securitization Trust Series 2006-A5CB, Class A4 | Residential Asset Securitization Trust Series 2006-A5CB, Class A4 | Residential Asset Securitization Trust Series 2006-A5CB, Class A4 | Residential Asset Securitization Trust Series 2006-A5CB, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 06/25/36 | 209021 | 79623 |
|  Residential Asset Securitization Trust Series 2007-A1, Class A1 | Residential Asset Securitization Trust Series 2007-A1, Class A1 | Residential Asset Securitization Trust Series 2007-A1, Class A1 | Residential Asset Securitization Trust Series 2007-A1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 03/25/37 | 326039 | 99126 |
|  Residential Asset Securitization Trust Series 2007-A3, Class 1A4 | Residential Asset Securitization Trust Series 2007-A3, Class 1A4 | Residential Asset Securitization Trust Series 2007-A3, Class 1A4 | Residential Asset Securitization Trust Series 2007-A3, Class 1A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(12)</sup> | 04/25/37 | 465234 | 210575 |
|  Residential Asset Securitization Trust Series 2007-A6, Class 1A3 | Residential Asset Securitization Trust Series 2007-A6, Class 1A3 | Residential Asset Securitization Trust Series 2007-A6, Class 1A3 | Residential Asset Securitization Trust Series 2007-A6, Class 1A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 06/25/37 | 138762 | 71213 |
|  RFMSI Trust Series 2006-S10, Class 1A1 | RFMSI Trust Series 2006-S10, Class 1A1 | RFMSI Trust Series 2006-S10, Class 1A1 | RFMSI Trust Series 2006-S10, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 10/25/36 | 578548 | 465904 |
|  RFMSI Trust Series 2006-S3, Class A7 | RFMSI Trust Series 2006-S3, Class A7 | RFMSI Trust Series 2006-S3, Class A7 | RFMSI Trust Series 2006-S3, Class A7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(12)</sup> | 03/25/36 | 384323 | 311374 |
|  RFMSI Trust Series 2006-S6, Class A10 | RFMSI Trust Series 2006-S6, Class A10 | RFMSI Trust Series 2006-S6, Class A10 | RFMSI Trust Series 2006-S6, Class A10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 07/25/36 | 186101 | 162613 |
|  RFMSI Trust Series 2006-S6, Class A14 | RFMSI Trust Series 2006-S6, Class A14 | RFMSI Trust Series 2006-S6, Class A14 | RFMSI Trust Series 2006-S6, Class A14 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 07/25/36 | 59673 | 52142 |
|  RFMSI Trust Series 2007-S8, Class 1A1 | RFMSI Trust Series 2007-S8, Class 1A1 | RFMSI Trust Series 2007-S8, Class 1A1 | RFMSI Trust Series 2007-S8, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 09/25/37 | 132999 | 90576 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF4 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF4 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF4 | Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83% | 01/25/36 | 229265 | 194763 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B | Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74% (1 mo. USD Term SOFR + 0.414%)<sup>(2)</sup> | 12/25/36 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390698 |
|  Shamrock Residential DAC Series 2024-1A, Class C | Shamrock Residential DAC Series 2024-1A, Class C | Shamrock Residential DAC Series 2024-1A, Class C | Shamrock Residential DAC Series 2024-1A, Class C | Shamrock Residential DAC Series 2024-1A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57% (1 mo. EUR EURIBOR + 2.200%)<sup>(1),(2),(10)</sup> | 12/24/78 | EUR | 1075000 | 1214123 |
|  Soundview Home Loan Trust Series 2007-OPT2, Class 2A4 | Soundview Home Loan Trust Series 2007-OPT2, Class 2A4 | Soundview Home Loan Trust Series 2007-OPT2, Class 2A4 | Soundview Home Loan Trust Series 2007-OPT2, Class 2A4 | Soundview Home Loan Trust Series 2007-OPT2, Class 2A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69% (1 mo. USD Term SOFR + 0.364%)<sup>(2)</sup> | 07/25/37 |  | $227975 | 180017 |
|  Soundview Home Loan Trust Series 2007-OPT4, Class 1A1 | Soundview Home Loan Trust Series 2007-OPT4, Class 1A1 | Soundview Home Loan Trust Series 2007-OPT4, Class 1A1 | Soundview Home Loan Trust Series 2007-OPT4, Class 1A1 | Soundview Home Loan Trust Series 2007-OPT4, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.44% (1 mo. USD Term SOFR + 1.114%)<sup>(2)</sup> | 09/25/37 |  | 358270 | 253805 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2004-1, Class 4A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-1, Class 4A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-1, Class 4A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-1, Class 4A1 | Structured Adjustable Rate Mortgage Loan Trust Series 2004-1, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.53% <sup>(8)</sup> | 02/25/34 |  | 684 | 654 |
|  Structured Asset Mortgage Investments II Trust Series 2006-AR2, Class A1 | Structured Asset Mortgage Investments II Trust Series 2006-AR2, Class A1 | Structured Asset Mortgage Investments II Trust Series 2006-AR2, Class A1 | Structured Asset Mortgage Investments II Trust Series 2006-AR2, Class A1 | Structured Asset Mortgage Investments II Trust Series 2006-AR2, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% (1 mo. USD Term SOFR + 0.574%)<sup>(2)</sup> | 02/25/36 |  | 8152 | 7316 |
|  Towd Point Mortgage Trust Series 2024-CES1, Class A1B | Towd Point Mortgage Trust Series 2024-CES1, Class A1B | Towd Point Mortgage Trust Series 2024-CES1, Class A1B | Towd Point Mortgage Trust Series 2024-CES1, Class A1B | Towd Point Mortgage Trust Series 2024-CES1, Class A1B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05% <sup>(1),(8)</sup> | 01/25/64 |  | 845226 | 849860 |
|  VCAT LLC Series 2025-NPL1, Class A1 | VCAT LLC Series 2025-NPL1, Class A1 | VCAT LLC Series 2025-NPL1, Class A1 | VCAT LLC Series 2025-NPL1, Class A1 | VCAT LLC Series 2025-NPL1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% <sup>(1)</sup> | 01/25/55 |  | 2032083 | 2029518 |
|  Verus Securitization Trust Series 2022-2, Class A2 | Verus Securitization Trust Series 2022-2, Class A2 | Verus Securitization Trust Series 2022-2, Class A2 | Verus Securitization Trust Series 2022-2, Class A2 | Verus Securitization Trust Series 2022-2, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26% <sup>(1),(12)</sup> | 02/25/67 |  | 846945 | 805311 |
|  Verus Securitization Trust Series 2022-INV2, Class M1 | Verus Securitization Trust Series 2022-INV2, Class M1 | Verus Securitization Trust Series 2022-INV2, Class M1 | Verus Securitization Trust Series 2022-INV2, Class M1 | Verus Securitization Trust Series 2022-INV2, Class M1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.77% <sup>(1),(8)</sup> | 10/25/67 |  | 864000 | 862553 |
|  Verus Securitization Trust Series 2023-1, Class B1 | Verus Securitization Trust Series 2023-1, Class B1 | Verus Securitization Trust Series 2023-1, Class B1 | Verus Securitization Trust Series 2023-1, Class B1 | Verus Securitization Trust Series 2023-1, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1),(8)</sup> | 12/25/67 |  | 1150000 | 1141340 |
|  Verus Securitization Trust Series 2023-INV1, Class B1 | Verus Securitization Trust Series 2023-INV1, Class B1 | Verus Securitization Trust Series 2023-INV1, Class B1 | Verus Securitization Trust Series 2023-INV1, Class B1 | Verus Securitization Trust Series 2023-INV1, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(1),(8)</sup> | 02/25/68 |  | 1120000 | 1115039 |
|  Verus Securitization Trust Series 2024-INV2, Class B2 | Verus Securitization Trust Series 2024-INV2, Class B2 | Verus Securitization Trust Series 2024-INV2, Class B2 | Verus Securitization Trust Series 2024-INV2, Class B2 | Verus Securitization Trust Series 2024-INV2, Class B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.99% <sup>(1),(8)</sup> | 08/26/69 |  | 550000 | 539419 |
|  Verus Securitization Trust Series 2025-INV1, Class B1 | Verus Securitization Trust Series 2025-INV1, Class B1 | Verus Securitization Trust Series 2025-INV1, Class B1 | Verus Securitization Trust Series 2025-INV1, Class B1 | Verus Securitization Trust Series 2025-INV1, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% <sup>(1),(8)</sup> | 02/25/70 |  | 1750000 | 1754522 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Visio Trust Series 2023-1, Class B1 | Visio Trust Series 2023-1, Class B1 | Visio Trust Series 2023-1, Class B1 | Visio Trust Series 2023-1, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.84% <sup>(1),(8)</sup> | 03/25/58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910684 |
|  VOLT CIII LLC Series 2021-CF1, Class A1 | VOLT CIII LLC Series 2021-CF1, Class A1 | VOLT CIII LLC Series 2021-CF1, Class A1 | VOLT CIII LLC Series 2021-CF1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99% <sup>(1)</sup> | 08/25/51 | 477678 | 477559 |
|  VOLT XCII LLC Series 2021-NPL1, Class A1 | VOLT XCII LLC Series 2021-NPL1, Class A1 | VOLT XCII LLC Series 2021-NPL1, Class A1 | VOLT XCII LLC Series 2021-NPL1, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.89% <sup>(1)</sup> | 02/27/51 | 16040 | 16041 |
|  VOLT XCVI LLC Series 2021-NPL5, Class A2 | VOLT XCVI LLC Series 2021-NPL5, Class A2 | VOLT XCVI LLC Series 2021-NPL5, Class A2 | VOLT XCVI LLC Series 2021-NPL5, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.83% <sup>(1)</sup> | 03/27/51 | 994281 | 994201 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-2, Class 1A6 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-2, Class 1A6 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-2, Class 1A6 | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-2, Class 1A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 03/25/36 | 17732 | 17117 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-AR3, Class X3 (I/O) | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-AR3, Class X3 (I/O) | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-AR3, Class X3 (I/O) | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-AR3, Class X3 (I/O) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15% <sup>(10)</sup> | 05/25/46 | 5484327 | 254268 |
|  Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 1A1 | Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 1A1 | Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 1A1 | Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 06/25/37 | 148969 | 134650 |
|  Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1 | Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1 | Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1 | Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(12)</sup> | 11/25/37 | 266607 | 237634 |
|  Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR14, Class 2A3 | Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR14, Class 2A3 | Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR14, Class 2A3 | Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR14, Class 2A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.39% <sup>(8),(12)</sup> | 10/25/36 | 24066 | 21396 |
|  Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR4, Class 2A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR4, Class 2A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR4, Class 2A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR4, Class 2A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% <sup>(8),(12)</sup> | 04/25/36 | 5281 | 5127 |
|  Wells Fargo Mortgage-Backed Securities Trust Series 2007-7, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2007-7, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2007-7, Class A1 | Wells Fargo Mortgage-Backed Securities Trust Series 2007-7, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(12)</sup> | 06/25/37 | 1302577 | 1201877 |
|  **Total Residential Mortgage-Backed Securities — Non-Agency** (Cost: $140,071,829) | **Total Residential Mortgage-Backed Securities — Non-Agency** (Cost: $140,071,829) | **Total Residential Mortgage-Backed Securities — Non-Agency** (Cost: $140,071,829) | **122045759** |
|  **BANK LOANS—8.4%** | **BANK LOANS—8.4%** | **BANK LOANS—8.4%** |  |
|  **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
|  Advantage Sales & Marketing, Inc. 2024 Term Loan | Advantage Sales & Marketing, Inc. 2024 Term Loan | Advantage Sales & Marketing, Inc. 2024 Term Loan | Advantage Sales & Marketing, Inc. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.79% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 10/28/27 | 500000 | 442525 |
|  Planet U.S. Buyer LLC 2024 Term Loan B | Planet U.S. Buyer LLC 2024 Term Loan B | Planet U.S. Buyer LLC 2024 Term Loan B | Planet U.S. Buyer LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (3 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 02/07/31 | 447896 | 446160 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Red Ventures LLC 2024 Term Loan B | Red Ventures LLC 2024 Term Loan B | Red Ventures LLC 2024 Term Loan B | Red Ventures LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 03/03/30 | 258349 | 251374 |
|  |  |  | 1140059 |
|  **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
|  TransDigm, Inc. 2023 Term Loan J | TransDigm, Inc. 2023 Term Loan J | TransDigm, Inc. 2023 Term Loan J | TransDigm, Inc. 2023 Term Loan J |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80% (3 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 02/28/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719462 |
|  TransDigm, Inc. 2024 Term Loan I | TransDigm, Inc. 2024 Term Loan I | TransDigm, Inc. 2024 Term Loan I | TransDigm, Inc. 2024 Term Loan I |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% (3 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 08/24/28 | 428278 | 428224 |
|  |  |  | 1147686 |
|  **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
|  ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 12/21/28 | 733747 | 721504 |
|  ABG Intermediate Holdings 2 LLC 2025 Delayed Draw Term Loan | ABG Intermediate Holdings 2 LLC 2025 Delayed Draw Term Loan | ABG Intermediate Holdings 2 LLC 2025 Delayed Draw Term Loan | ABG Intermediate Holdings 2 LLC 2025 Delayed Draw Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 02/13/32 | 500000 | 490313 |
|  |  |  | 1211817 |
|  **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
|  Arterra Wines Canada, Inc. 2020 Term Loan | Arterra Wines Canada, Inc. 2020 Term Loan | Arterra Wines Canada, Inc. 2020 Term Loan | Arterra Wines Canada, Inc. 2020 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.06% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 11/24/27 | 498698 | 489774 |
|  Celsius Holdings, Inc. Term Loan | Celsius Holdings, Inc. Term Loan | Celsius Holdings, Inc. Term Loan | Celsius Holdings, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 04/01/32 | 538755 | 536285 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.71% (3 mo. USD Term SOFR + 5.500%)<sup>(2)</sup> | 01/24/29 | $| 2224331 | $| 2148703 |
|  Naked Juice LLC 2025 FLSO Term Loan | Naked Juice LLC 2025 FLSO Term Loan | Naked Juice LLC 2025 FLSO Term Loan | Naked Juice LLC 2025 FLSO Term Loan | Naked Juice LLC 2025 FLSO Term Loan | Naked Juice LLC 2025 FLSO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.46% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 01/24/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246436 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157103 |
|  Naked Juice LLC 2025 FLTO Term Loan | Naked Juice LLC 2025 FLTO Term Loan | Naked Juice LLC 2025 FLTO Term Loan | Naked Juice LLC 2025 FLTO Term Loan | Naked Juice LLC 2025 FLTO Term Loan | Naked Juice LLC 2025 FLTO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.31% (3 mo. USD Term SOFR + 6.000%)<sup>(2)</sup> | 01/24/30 |  | 141951 |  | 41875 |
|  Triton Water Holdings, Inc. 2025 Term Loan B | Triton Water Holdings, Inc. 2025 Term Loan B | Triton Water Holdings, Inc. 2025 Term Loan B | Triton Water Holdings, Inc. 2025 Term Loan B | Triton Water Holdings, Inc. 2025 Term Loan B | Triton Water Holdings, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% (3 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 03/31/28 |  | 498750 |  | 495571 |
|  |  |  |  |  | 3869311 |
|  **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
|  Chemours Co. 2023 USD Term Loan B | Chemours Co. 2023 USD Term Loan B | Chemours Co. 2023 USD Term Loan B | Chemours Co. 2023 USD Term Loan B | Chemours Co. 2023 USD Term Loan B | Chemours Co. 2023 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 08/18/28 |  | 561482 |  | 549082 |
|  Mativ Holdings, Inc. Delayed Draw Term Loan A | Mativ Holdings, Inc. Delayed Draw Term Loan A | Mativ Holdings, Inc. Delayed Draw Term Loan A | Mativ Holdings, Inc. Delayed Draw Term Loan A | Mativ Holdings, Inc. Delayed Draw Term Loan A | Mativ Holdings, Inc. Delayed Draw Term Loan A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.92% (1 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 05/06/27 |  | 84299 |  | 83456 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Schweitzer-Mauduit International, Inc. 2021 Term Loan B | Schweitzer-Mauduit International, Inc. 2021 Term Loan B | Schweitzer-Mauduit International, Inc. 2021 Term Loan B | Schweitzer-Mauduit International, Inc. 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.19% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 04/20/28 | 86097 | 85666 |
|  SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B | SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B | SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B | SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.28% (3 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 01/31/29 | 498750 | 494810 |
|  |  |  | 1213014 |
|  **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** |
|  Albion Financing 3 SARL 2025 USD Term Loan B | Albion Financing 3 SARL 2025 USD Term Loan B | Albion Financing 3 SARL 2025 USD Term Loan B | Albion Financing 3 SARL 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% (3 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 08/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76643 |
|  Amspec Parent LLC 2024 Term Loan | Amspec Parent LLC 2024 Term Loan | Amspec Parent LLC 2024 Term Loan | Amspec Parent LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.55% (3 mo. USD Term SOFR + 4.250%)<sup>(2),(13)</sup> | 12/22/31 | 162693 | 162693 |
|  ASP Dream Acquisition Co. LLC Term Loan B | ASP Dream Acquisition Co. LLC Term Loan B | ASP Dream Acquisition Co. LLC Term Loan B | ASP Dream Acquisition Co. LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.67% (1 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 12/15/28 | 1128750 | 1083600 |
|  Belron Finance 2019 LLC 2024 USD Term Loan B | Belron Finance 2019 LLC 2024 USD Term Loan B | Belron Finance 2019 LLC 2024 USD Term Loan B | Belron Finance 2019 LLC 2024 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% (3 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 10/16/31 | 342059 | 341679 |
|  Boost Newco Borrower LLC 2025 USD Term Loan B | Boost Newco Borrower LLC 2025 USD Term Loan B | Boost Newco Borrower LLC 2025 USD Term Loan B | Boost Newco Borrower LLC 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30% (3 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 01/31/31 | 637937 | 637405 |
|  CCRR Parent, Inc. Term Loan B | CCRR Parent, Inc. Term Loan B | CCRR Parent, Inc. Term Loan B | CCRR Parent, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.82% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 03/06/28 | 134519 | 54704 |
|  CCRR Parent, Inc. US Acquisition Facility | CCRR Parent, Inc. US Acquisition Facility | CCRR Parent, Inc. US Acquisition Facility | CCRR Parent, Inc. US Acquisition Facility |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.56% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 03/06/28 | 405551 | 171684 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan | Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan | Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan | Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 07/06/29 | $248866 | $248476 |
|  Kelso Industries LLC Delayed Draw Term Loan | Kelso Industries LLC Delayed Draw Term Loan | Kelso Industries LLC Delayed Draw Term Loan | Kelso Industries LLC Delayed Draw Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.03% (3 mo. USD Term SOFR + 5.750%)<sup>(2)</sup> | 12/30/29 | 23867 | 5958 |
|  Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.07% (1 mo. USD Term SOFR + 5.750%)<sup>(2),(14)</sup> | 12/30/29 | 95533 | 94697 |
|  KUEHG Corp. 2024 Term Loan | KUEHG Corp. 2024 Term Loan | KUEHG Corp. 2024 Term Loan | KUEHG Corp. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 06/12/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202186 |
|  Nuvei Technologies Corp. 2024 Term Loan B1 | Nuvei Technologies Corp. 2024 Term Loan B1 | Nuvei Technologies Corp. 2024 Term Loan B1 | Nuvei Technologies Corp. 2024 Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 11/17/31 | 500000 | 497420 |
|  Priority Holdings LLC 2024 Term Loan B | Priority Holdings LLC 2024 Term Loan B | Priority Holdings LLC 2024 Term Loan B | Priority Holdings LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (1 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 05/16/31 | 345430 | 345430 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Ryan LLC Term Loan | Ryan LLC Term Loan | Ryan LLC Term Loan | Ryan LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 11/14/30 | 378430 | 378005 |
|  Spin Holdco, Inc. 2021 Term Loan | Spin Holdco, Inc. 2021 Term Loan | Spin Holdco, Inc. 2021 Term Loan | Spin Holdco, Inc. 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.56% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 03/04/28 | 229361 | 188632 |
|  TruGreen LP 2020 Term Loan | TruGreen LP 2020 Term Loan | TruGreen LP 2020 Term Loan | TruGreen LP 2020 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 11/02/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636365 |
|  Valvoline, Inc. Term Loan B | Valvoline, Inc. Term Loan B | Valvoline, Inc. Term Loan B | Valvoline, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(15)</sup> | 03/19/32 | 659040 | 658216 |
|  Veritiv Corp. Term Loan B | Veritiv Corp. Term Loan B | Veritiv Corp. Term Loan B | Veritiv Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 11/30/30 | 568112 | 564431 |
|  |  |  | 6348224 |
|  **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
|  Amentum Government Services Holdings LLC 2024 Term Loan B | Amentum Government Services Holdings LLC 2024 Term Loan B | Amentum Government Services Holdings LLC 2024 Term Loan B | Amentum Government Services Holdings LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 09/29/31 | 349125 | 345471 |
|  McAfee LLC 2024 USD 1st Lien Term Loan B | McAfee LLC 2024 USD 1st Lien Term Loan B | McAfee LLC 2024 USD 1st Lien Term Loan B | McAfee LLC 2024 USD 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 03/01/29 | 134303 | 126608 |
|  Nielsen Consumer, Inc. 2025 USD Term Loan | Nielsen Consumer, Inc. 2025 USD Term Loan | Nielsen Consumer, Inc. 2025 USD Term Loan | Nielsen Consumer, Inc. 2025 USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 03/06/28 | 500000 | 499375 |
|  Peraton Corp. Term Loan B | Peraton Corp. Term Loan B | Peraton Corp. Term Loan B | Peraton Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.17% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 02/01/28 | 905850 | 819631 |
|  Twitter, Inc. 2025 Fixed Term Loan | Twitter, Inc. 2025 Fixed Term Loan | Twitter, Inc. 2025 Fixed Term Loan | Twitter, Inc. 2025 Fixed Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(15)</sup> | 10/26/29 | 757359 | 739846 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Twitter, Inc. Term Loan | Twitter, Inc. Term Loan | Twitter, Inc. Term Loan | Twitter, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.95% (3 mo. USD Term SOFR + 6.500%)<sup>(2)</sup> | 10/26/29 | 1609133 | 1562267 |
|  |  |  | 4093198 |
|  **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
|  Opal U.S. LLC Term Loan B | Opal U.S. LLC Term Loan B | Opal U.S. LLC Term Loan B | Opal U.S. LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(15)</sup> | 03/31/32 | 1145067 | 1137200 |
|  **Distribution &Wholesale — 0.1%** | **Distribution &Wholesale — 0.1%** | **Distribution &Wholesale — 0.1%** | **Distribution &Wholesale — 0.1%** |
|  BCPE Empire Holdings, Inc. 2025 Term Loan B | BCPE Empire Holdings, Inc. 2025 Term Loan B | BCPE Empire Holdings, Inc. 2025 Term Loan B | BCPE Empire Holdings, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 12/11/30 | 809350 | 802373 |
|  Gloves Buyer, Inc. 2025 Term Loan | Gloves Buyer, Inc. 2025 Term Loan | Gloves Buyer, Inc. 2025 Term Loan | Gloves Buyer, Inc. 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(15)</sup> | 01/17/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504274 |
|  |  |  | 1306647 |
|  **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** |
|  Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 06/24/30 | 1147987 | 1144881 |
|  Blackhawk Network Holdings, Inc. 2025 Term Loan B | Blackhawk Network Holdings, Inc. 2025 Term Loan B | Blackhawk Network Holdings, Inc. 2025 Term Loan B | Blackhawk Network Holdings, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.32% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 03/12/29 | 820638 | 821089 |
|  Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B | Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B | Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B | Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.51% (6 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 01/27/32 | 200000 | 198438 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Deerfield Dakota Holding LLC 2020 USD Term Loan B | Deerfield Dakota Holding LLC 2020 USD Term Loan B | Deerfield Dakota Holding LLC 2020 USD Term Loan B | Deerfield Dakota Holding LLC 2020 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 04/09/27 | 801595 | 761880 |
|  Delos Aircraft DAC Term Loan | Delos Aircraft DAC Term Loan | Delos Aircraft DAC Term Loan | Delos Aircraft DAC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(15)</sup> | 10/31/27 | 1670000 | 1673574 |
|  Guggenheim Partners LLC 2024 Term Loan B | Guggenheim Partners LLC 2024 Term Loan B | Guggenheim Partners LLC 2024 Term Loan B | Guggenheim Partners LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80% (3 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 11/26/31 | 219250 | 219341 |
|  Jane Street Group LLC 2024 Term Loan B1 | Jane Street Group LLC 2024 Term Loan B1 | Jane Street Group LLC 2024 Term Loan B1 | Jane Street Group LLC 2024 Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.31% (3 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 12/15/31 | 467444 | 461668 |
|  Jefferies Finance LLC 2024 Term Loan | Jefferies Finance LLC 2024 Term Loan | Jefferies Finance LLC 2024 Term Loan | Jefferies Finance LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 10/21/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171861 |
|  Setanta Aircraft Leasing DAC 2024 Term Loan B | Setanta Aircraft Leasing DAC 2024 Term Loan B | Setanta Aircraft Leasing DAC 2024 Term Loan B | Setanta Aircraft Leasing DAC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05% (3 mo. USD Term SOFR + 1.750%)<sup>(2),(10)</sup> | 11/05/28 | 835000 | 837088 |
|  Summit Acquisition, Inc. 2024 Term Loan B | Summit Acquisition, Inc. 2024 Term Loan B | Summit Acquisition, Inc. 2024 Term Loan B | Summit Acquisition, Inc. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 10/16/31 | 647360 | 647765 |
|  |  |  | 6937585 |
|  **Electric — 0.3%** | **Electric — 0.3%** | **Electric — 0.3%** | **Electric — 0.3%** |
|  Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 09/30/31 | 625814 | 626653 |
|  Calpine Corp. 2024 Term Loan B10 | Calpine Corp. 2024 Term Loan B10 | Calpine Corp. 2024 Term Loan B10 | Calpine Corp. 2024 Term Loan B10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 01/31/31 | 179916 | 179399 |
|  Cornerstone Generation LLC Term Loan B | Cornerstone Generation LLC Term Loan B | Cornerstone Generation LLC Term Loan B | Cornerstone Generation LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(15)</sup> | 10/28/31 | 181482 | 181898 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Edgewater Generation LLC 2024 Term Loan B | Edgewater Generation LLC 2024 Term Loan B | Edgewater Generation LLC 2024 Term Loan B | Edgewater Generation LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% (3 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 08/01/30 | $90509 | $90453 |
|  EFS Cogen Holdings I LLC 2020 Term Loan B | EFS Cogen Holdings I LLC 2020 Term Loan B | EFS Cogen Holdings I LLC 2020 Term Loan B | EFS Cogen Holdings I LLC 2020 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 10/03/31 | 350951 | 351645 |
|  Kestrel Acquisition LLC 2024 Term Loan B | Kestrel Acquisition LLC 2024 Term Loan B | Kestrel Acquisition LLC 2024 Term Loan B | Kestrel Acquisition LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 11/06/31 | 229433 | 229839 |
|  Potomac Energy Center LLC 2025 Term Loan | Potomac Energy Center LLC 2025 Term Loan | Potomac Energy Center LLC 2025 Term Loan | Potomac Energy Center LLC 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(15)</sup> | 03/14/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252127 |
|  Potomac Energy Center LLC Term Loan | Potomac Energy Center LLC Term Loan | Potomac Energy Center LLC Term Loan | Potomac Energy Center LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.56% (3 mo. USD Term SOFR + 6.000%)<sup>(2)</sup> | 11/12/26 | 318472 | 320065 |
|  South Field LLC 2025 Term Loan B | South Field LLC 2025 Term Loan B | South Field LLC 2025 Term Loan B | South Field LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 08/29/31 | 357633 | 356517 |
|  South Field LLC 2025 Term Loan C | South Field LLC 2025 Term Loan C | South Field LLC 2025 Term Loan C | South Field LLC 2025 Term Loan C |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 08/29/31 | 22862 | 22790 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Talen Energy Supply LLC 2023 Term Loan B | Talen Energy Supply LLC 2023 Term Loan B | Talen Energy Supply LLC 2023 Term Loan B | Talen Energy Supply LLC 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (3 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 05/17/30 | 498731 | 498108 |
|  Vistra Operations Co. LLC 1st Lien Term Loan B3 | Vistra Operations Co. LLC 1st Lien Term Loan B3 | Vistra Operations Co. LLC 1st Lien Term Loan B3 | Vistra Operations Co. LLC 1st Lien Term Loan B3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 12/20/30 | 186847 | 186432 |
|  |  |  | 3295926 |
|  **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
|  Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.81% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 12/29/28 | 351019 | 315353 |
|  **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
|  II-VI, Inc. 2024 1st Lien Term Loan B | II-VI, Inc. 2024 1st Lien Term Loan B | II-VI, Inc. 2024 1st Lien Term Loan B | II-VI, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 07/02/29 | 482082 | 477663 |
|  TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 10/24/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44888 | 45000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522663 |
|  **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** |
|  KAMC Holdings, Inc. 2019 Term Loan | KAMC Holdings, Inc. 2019 Term Loan | KAMC Holdings, Inc. 2019 Term Loan | KAMC Holdings, Inc. 2019 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 08/14/26 | 493431 | 473026 |
|  **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Artera Services LLC 2024 Term Loan | Artera Services LLC 2024 Term Loan | Artera Services LLC 2024 Term Loan | Artera Services LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.80% (3 mo. USD Term SOFR + 4.500%)<sup>(2)</sup> | 02/15/31 | 56542 | 54051 |
|  DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.94% (1 mo. USD Term SOFR + 3.500%)<sup>(2),(16)</sup> | 03/31/28 | 575392 | 574961 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** | **Value** |
|  Legence Holdings LLC 2025 Term Loan B | Legence Holdings LLC 2025 Term Loan B | Legence Holdings LLC 2025 Term Loan B | Legence Holdings LLC 2025 Term Loan B | Legence Holdings LLC 2025 Term Loan B | Legence Holdings LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 12/18/28 |  | $498708 | $| 492599 |
|  |  |  |  |  | 1121611 |
|  **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
|  DK Crown Holdings, Inc. 2025 Term Loan B | DK Crown Holdings, Inc. 2025 Term Loan B | DK Crown Holdings, Inc. 2025 Term Loan B | DK Crown Holdings, Inc. 2025 Term Loan B | DK Crown Holdings, Inc. 2025 Term Loan B | DK Crown Holdings, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 03/04/32 |  | 128352 |  | 127416 |
|  EOC Borrower LLC Term Loan B | EOC Borrower LLC Term Loan B | EOC Borrower LLC Term Loan B | EOC Borrower LLC Term Loan B | EOC Borrower LLC Term Loan B | EOC Borrower LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 03/24/32 |  | 500000 |  | 495207 |
|  Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05% (3 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 11/30/30 | EUR | 249369 |  | 246174 |
|  Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.05% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 11/01/29 |  | $350000 |  | 338275 |
|  J&J Ventures Gaming LLC 2025 Repriced Term Loan B | J&J Ventures Gaming LLC 2025 Repriced Term Loan B | J&J Ventures Gaming LLC 2025 Repriced Term Loan B | J&J Ventures Gaming LLC 2025 Repriced Term Loan B | J&J Ventures Gaming LLC 2025 Repriced Term Loan B | J&J Ventures Gaming LLC 2025 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 04/26/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478908 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 08/13/31 | 300661 | 301413 |
|  UFC Holdings LLC 2024 Term Loan B | UFC Holdings LLC 2024 Term Loan B | UFC Holdings LLC 2024 Term Loan B | UFC Holdings LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.58% (3 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 11/21/31 | 281355 | 281399 |
|  |  |  | 2268792 |
|  **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
|  GFL Environmental, Inc. 2025 Term Loan B | GFL Environmental, Inc. 2025 Term Loan B | GFL Environmental, Inc. 2025 Term Loan B | GFL Environmental, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (3 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 02/04/32 | 500000 | 494375 |
|  **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
|  8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan | 8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan | 8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan | 8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.19% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 10/01/25 | 436781 | 414942 |
|  BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.44% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 06/09/28 | 749727 | 730519 |
|  United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (1 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 05/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302386 |
|  |  |  | 1447847 |
|  **Health Care-Products — 0.2%** | **Health Care-Products — 0.2%** | **Health Care-Products — 0.2%** | **Health Care-Products — 0.2%** |
|  Bausch & Lomb Corp. 2023 Incremental Term Loan | Bausch & Lomb Corp. 2023 Incremental Term Loan | Bausch & Lomb Corp. 2023 Incremental Term Loan | Bausch & Lomb Corp. 2023 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.32% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 09/29/28 | 338430 | 336457 |
|  Bausch & Lomb Corp. Term Loan | Bausch & Lomb Corp. Term Loan | Bausch & Lomb Corp. Term Loan | Bausch & Lomb Corp. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 05/10/27 | 561384 | 555736 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Medline Borrower LP 2024 Add-on Term Loan B | Medline Borrower LP 2024 Add-on Term Loan B | Medline Borrower LP 2024 Add-on Term Loan B | Medline Borrower LP 2024 Add-on Term Loan B | Medline Borrower LP 2024 Add-on Term Loan B | Medline Borrower LP 2024 Add-on Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(15)</sup> | 10/23/28 | $| 1028295 | $| 1022562 |
|  NSM Top Holdings Corp. 2024 Term Loan | NSM Top Holdings Corp. 2024 Term Loan | NSM Top Holdings Corp. 2024 Term Loan | NSM Top Holdings Corp. 2024 Term Loan | NSM Top Holdings Corp. 2024 Term Loan | NSM Top Holdings Corp. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.65% (3 mo. USD Term SOFR + 5.250%)<sup>(2)</sup> | 05/14/29 |  | 94987 |  | 95145 |
|  |  |  |  |  | 2009900 |
|  **Health Care-Services — 0.5%** | **Health Care-Services — 0.5%** | **Health Care-Services — 0.5%** | **Health Care-Services — 0.5%** | **Health Care-Services — 0.5%** | **Health Care-Services — 0.5%** |
|  ADMI Corp. 2021 Incremental Term Loan B3 | ADMI Corp. 2021 Incremental Term Loan B3 | ADMI Corp. 2021 Incremental Term Loan B3 | ADMI Corp. 2021 Incremental Term Loan B3 | ADMI Corp. 2021 Incremental Term Loan B3 | ADMI Corp. 2021 Incremental Term Loan B3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.19% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 12/23/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498708 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477513 |
|  ADMI Corp. 2023 Term Loan B5 | ADMI Corp. 2023 Term Loan B5 | ADMI Corp. 2023 Term Loan B5 | ADMI Corp. 2023 Term Loan B5 | ADMI Corp. 2023 Term Loan B5 | ADMI Corp. 2023 Term Loan B5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.07% (1 mo. USD Term SOFR + 5.750%)<sup>(2)</sup> | 12/23/27 |  | 83676 |  | 82700 |
|  Aveanna Healthcare LLC 2021 Term Loan B | Aveanna Healthcare LLC 2021 Term Loan B | Aveanna Healthcare LLC 2021 Term Loan B | Aveanna Healthcare LLC 2021 Term Loan B | Aveanna Healthcare LLC 2021 Term Loan B | Aveanna Healthcare LLC 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.16% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 07/17/28 |  | 259772 |  | 255552 |
|  Charlotte Buyer, Inc. 2025 Repriced Term Loan B | Charlotte Buyer, Inc. 2025 Repriced Term Loan B | Charlotte Buyer, Inc. 2025 Repriced Term Loan B | Charlotte Buyer, Inc. 2025 Repriced Term Loan B | Charlotte Buyer, Inc. 2025 Repriced Term Loan B | Charlotte Buyer, Inc. 2025 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (1 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 02/11/28 |  | 349125 |  | 347971 |
|  Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B | Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B | Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B | Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B | Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B | Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.53% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 03/30/29 |  | 498718 |  | 462873 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Heartland Dental LLC 2024 Term Loan | Heartland Dental LLC 2024 Term Loan | Heartland Dental LLC 2024 Term Loan | Heartland Dental LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.82% (1 mo. USD Term SOFR + 4.500%)<sup>(2)</sup> | 04/28/28 | 284007 | 281399 |
|  Help At Home, Inc. 2024 Term Loan B | Help At Home, Inc. 2024 Term Loan B | Help At Home, Inc. 2024 Term Loan B | Help At Home, Inc. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.32% (1 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 09/24/31 | 349125 | 338761 |
|  IQVIA, Inc. 2025 Repriced Term Loan B | IQVIA, Inc. 2025 Repriced Term Loan B | IQVIA, Inc. 2025 Repriced Term Loan B | IQVIA, Inc. 2025 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05% (3 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 01/02/31 | 124507 | 124600 |
|  ModivCare, Inc. 2024 Term Loan B | ModivCare, Inc. 2024 Term Loan B | ModivCare, Inc. 2024 Term Loan B | ModivCare, Inc. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.05% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 07/01/31 | 797980 | 548364 |
|  Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.71% (3 mo. USD Term SOFR + 7.500%)<sup>(2)</sup> | 01/09/26 | 271354 | 211444 |
|  NAPA Management Services Corp. Term Loan B | NAPA Management Services Corp. Term Loan B | NAPA Management Services Corp. Term Loan B | NAPA Management Services Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.67% (1 mo. USD Term SOFR + 5.250%)<sup>(2)</sup> | 02/23/29 | 1384703 | 1239600 |
|  Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 09/27/30 | 190368 | 184539 |
|  U.S. Anesthesia Partners, Inc. 2021 Term Loan | U.S. Anesthesia Partners, Inc. 2021 Term Loan | U.S. Anesthesia Partners, Inc. 2021 Term Loan | U.S. Anesthesia Partners, Inc. 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.69% (1 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 10/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454277 |
|  |  |  | 5009593 |
|  **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** |
|  AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B | AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B | AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B | AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 07/31/28 | 1470298 | 1455242 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
|  Acrisure LLC 2024 1st Lien Term Loan B1 | Acrisure LLC 2024 1st Lien Term Loan B1 | Acrisure LLC 2024 1st Lien Term Loan B1 | Acrisure LLC 2024 1st Lien Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 02/15/27 | $528526 | $528032 |
|  AmWINS Group, Inc. 2025 Term Loan B | AmWINS Group, Inc. 2025 Term Loan B | AmWINS Group, Inc. 2025 Term Loan B | AmWINS Group, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 01/30/32 | 922688 | 919158 |
|  Asurion LLC 2020 Term Loan B8 | Asurion LLC 2020 Term Loan B8 | Asurion LLC 2020 Term Loan B8 | Asurion LLC 2020 Term Loan B8 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 12/23/26 | 320237 | 318184 |
|  Asurion LLC 2021 Second Lien Term Loan B4 | Asurion LLC 2021 Second Lien Term Loan B4 | Asurion LLC 2021 Second Lien Term Loan B4 | Asurion LLC 2021 Second Lien Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.69% (1 mo. USD Term SOFR + 5.250%)<sup>(2)</sup> | 01/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676120 |
|  Asurion LLC 2023 Term Loan B11 | Asurion LLC 2023 Term Loan B11 | Asurion LLC 2023 Term Loan B11 | Asurion LLC 2023 Term Loan B11 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.67% (1 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 08/19/28 | 1570667 | 1526634 |
|  Asurion LLC 2024 Term Loan B12 | Asurion LLC 2024 Term Loan B12 | Asurion LLC 2024 Term Loan B12 | Asurion LLC 2024 Term Loan B12 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (1 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 09/19/30 | 181800 | 174273 |
|  |  |  | 4142401 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  **Internet — 0.6%** | **Internet — 0.6%** | **Internet — 0.6%** | **Internet — 0.6%** |
|  Arches Buyer, Inc. 2021 Term Loan B | Arches Buyer, Inc. 2021 Term Loan B | Arches Buyer, Inc. 2021 Term Loan B | Arches Buyer, Inc. 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 12/06/27 | $122442 | $120162 |
|  Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.78% (3 mo. USD Term SOFR + 4.500%)<sup>(2)</sup> | 08/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455759 |
|  Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.31% (3 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 12/12/29 | 1095591 | 1097508 |
|  Getty Images, Inc. 2025 USD Term Loan B | Getty Images, Inc. 2025 USD Term Loan B | Getty Images, Inc. 2025 USD Term Loan B | Getty Images, Inc. 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25% | 02/21/30 | 700098 | 693972 |
|  Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 02/06/31 | 554264 | 541101 |
|  MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (1 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 05/03/28 | 807370 | 765992 |
|  MH Sub I LLC 2024 Term Loan B4 | MH Sub I LLC 2024 Term Loan B4 | MH Sub I LLC 2024 Term Loan B4 | MH Sub I LLC 2024 Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (1 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 12/31/31 | 663557 | 583870 |
|  Proofpoint, Inc. 2024 Term Loan | Proofpoint, Inc. 2024 Term Loan | Proofpoint, Inc. 2024 Term Loan | Proofpoint, Inc. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 08/31/28 | 305127 | 303659 |
|  PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (1 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 03/15/30 | 100167 | 98884 |
|  Research Now Group, Inc. 2024 First Lien First Out Term Loan | Research Now Group, Inc. 2024 First Lien First Out Term Loan | Research Now Group, Inc. 2024 First Lien First Out Term Loan | Research Now Group, Inc. 2024 First Lien First Out Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.58% (3 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 07/15/28 | 603317 | 602846 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% (3 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 07/08/31 | $| 382617 | $| 374008 |
|  |  |  |  |  | 5637761 |
|  **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
|  Intrado Corp. 2023 Term Loan B | Intrado Corp. 2023 Term Loan B | Intrado Corp. 2023 Term Loan B | Intrado Corp. 2023 Term Loan B | Intrado Corp. 2023 Term Loan B | Intrado Corp. 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 01/31/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349116 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339007 |
|  **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** |
|  City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.04% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 07/22/30 |  | 960502 |  | 943295 |
|  MajorDrive Holdings IV LLC Term Loan B | MajorDrive Holdings IV LLC Term Loan B | MajorDrive Holdings IV LLC Term Loan B | MajorDrive Holdings IV LLC Term Loan B | MajorDrive Holdings IV LLC Term Loan B | MajorDrive Holdings IV LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.56% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 06/01/28 |  | 701761 |  | 653908 |
|  Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.42% (1 mo. USD Term SOFR + 6.000%)<sup>(2)</sup> | 11/15/29 |  | 694344 |  | 656735 |
|  |  |  |  |  | 2253938 |
|  **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
|  Fertitta Entertainment LLC 2022 Term Loan B | Fertitta Entertainment LLC 2022 Term Loan B | Fertitta Entertainment LLC 2022 Term Loan B | Fertitta Entertainment LLC 2022 Term Loan B | Fertitta Entertainment LLC 2022 Term Loan B | Fertitta Entertainment LLC 2022 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 01/27/29 |  | 126476 |  | 123512 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 | Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 | Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 | Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.08% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 11/08/30 | 424611 | 423826 |
|  |  |  | 547338 |
|  **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
|  WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 01/27/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364396 |
|  **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
|  Arcline FM Holdings LLC 2024 Term Loan | Arcline FM Holdings LLC 2024 Term Loan | Arcline FM Holdings LLC 2024 Term Loan | Arcline FM Holdings LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (3 mo. USD Term SOFR + 4.319%)<sup>(2)</sup> | 06/23/28 | 349123 | 348613 |
|  Oregon Tool, Inc. 2025 1st Lien Term Loan | Oregon Tool, Inc. 2025 1st Lien Term Loan | Oregon Tool, Inc. 2025 1st Lien Term Loan | Oregon Tool, Inc. 2025 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.67% (3 mo. USD Term SOFR + 5.350%)<sup>(2)</sup> | 10/15/29 | 54649 | 54837 |
|  Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.58% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 10/15/29 | 717439 | 537480 |
|  |  |  | 940930 |
|  **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
|  Charter Communications Operating LLC 2024 Term Loan B5 | Charter Communications Operating LLC 2024 Term Loan B5 | Charter Communications Operating LLC 2024 Term Loan B5 | Charter Communications Operating LLC 2024 Term Loan B5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% (3 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 12/15/31 | 173821 | 173419 |
|  CSC Holdings LLC 2019 Term Loan B5 | CSC Holdings LLC 2019 Term Loan B5 | CSC Holdings LLC 2019 Term Loan B5 | CSC Holdings LLC 2019 Term Loan B5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (3 mo. USD LIBOR + 2.500%)<sup>(2)</sup> | 04/15/27 | 525691 | 507258 |
|  NEP Group, Inc. 2023 Term Loan B | NEP Group, Inc. 2023 Term Loan B | NEP Group, Inc. 2023 Term Loan B | NEP Group, Inc. 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 08/19/26 | 983471 | 888502 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Telenet Financing USD LLC 2020 USD Term Loan AR | Telenet Financing USD LLC 2020 USD Term Loan AR | Telenet Financing USD LLC 2020 USD Term Loan AR | Telenet Financing USD LLC 2020 USD Term Loan AR | Telenet Financing USD LLC 2020 USD Term Loan AR | Telenet Financing USD LLC 2020 USD Term Loan AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.44% (1 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 04/30/28 | $| 500000 | $| 489688 |
|  Virgin Media Bristol LLC USD Term Loan N | Virgin Media Bristol LLC USD Term Loan N | Virgin Media Bristol LLC USD Term Loan N | Virgin Media Bristol LLC USD Term Loan N | Virgin Media Bristol LLC USD Term Loan N | Virgin Media Bristol LLC USD Term Loan N |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.94% (1 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 01/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221162 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218478 |
|  |  |  |  |  | 2277345 |
|  **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
|  American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan | American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan | American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan | American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan | American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan | American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.44% (1 mo. USD Term SOFR + 7.000%)<sup>(2),(17)</sup> | 06/09/28 |  | 118226 |  | 29779 |
|  American Rock Salt Co. LLC 2024 First Out Term Loan | American Rock Salt Co. LLC 2024 First Out Term Loan | American Rock Salt Co. LLC 2024 First Out Term Loan | American Rock Salt Co. LLC 2024 First Out Term Loan | American Rock Salt Co. LLC 2024 First Out Term Loan | American Rock Salt Co. LLC 2024 First Out Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.44% (1 mo. USD Term SOFR + 7.000%)<sup>(2)</sup> | 06/09/28 |  | 111062 |  | 111896 |
|  |  |  |  |  | 141675 |
|  **Miscellaneous Manufacturers — 0.2%** | **Miscellaneous Manufacturers — 0.2%** | **Miscellaneous Manufacturers — 0.2%** | **Miscellaneous Manufacturers — 0.2%** | **Miscellaneous Manufacturers — 0.2%** | **Miscellaneous Manufacturers — 0.2%** |
|  Technimark Holdings LLC 2024 Term Loan | Technimark Holdings LLC 2024 Term Loan | Technimark Holdings LLC 2024 Term Loan | Technimark Holdings LLC 2024 Term Loan | Technimark Holdings LLC 2024 Term Loan | Technimark Holdings LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 04/14/31 |  | 783940 |  | 773655 |
|  Technimark Holdings LLC Term Loan | Technimark Holdings LLC Term Loan | Technimark Holdings LLC Term Loan | Technimark Holdings LLC Term Loan | Technimark Holdings LLC Term Loan | Technimark Holdings LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(15)</sup> | 04/14/31 |  | 787879 |  | 777542 |
|  |  |  |  |  | 1551197 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
|  Xerox Holdings Corp. 2023 Term Loan B | Xerox Holdings Corp. 2023 Term Loan B | Xerox Holdings Corp. 2023 Term Loan B | Xerox Holdings Corp. 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 11/17/29 | $696926 | $649883 |
|  **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
|  Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.03% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 10/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575254 |
|  Plaze, Inc. 2020 Incremental Term Loan | Plaze, Inc. 2020 Incremental Term Loan | Plaze, Inc. 2020 Incremental Term Loan | Plaze, Inc. 2020 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.19% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 08/03/26 | 671141 | 628118 |
|  Proampac PG Borrower LLC 2024 Term Loan | Proampac PG Borrower LLC 2024 Term Loan | Proampac PG Borrower LLC 2024 Term Loan | Proampac PG Borrower LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.32% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 09/15/28 | 145889 | 143955 |
|  |  |  | 1347327 |
|  **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
|  Gainwell Acquisition Corp. Term Loan B | Gainwell Acquisition Corp. Term Loan B | Gainwell Acquisition Corp. Term Loan B | Gainwell Acquisition Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.40% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 10/01/27 | 938445 | 875541 |
|  Grifols Worldwide Operations USA, Inc. 2019 USD Term Loan B | Grifols Worldwide Operations USA, Inc. 2019 USD Term Loan B | Grifols Worldwide Operations USA, Inc. 2019 USD Term Loan B | Grifols Worldwide Operations USA, Inc. 2019 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.46% (3 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 11/15/27 | 87976 | 86845 |
|  Jazz Financing Lux SARL 2024 1st Lien Term Loan B | Jazz Financing Lux SARL 2024 1st Lien Term Loan B | Jazz Financing Lux SARL 2024 1st Lien Term Loan B | Jazz Financing Lux SARL 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 05/05/28 | 1000000 | 977120 |
|  Organon & Co. 2024 USD Term Loan | Organon & Co. 2024 USD Term Loan | Organon & Co. 2024 USD Term Loan | Organon & Co. 2024 USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 05/19/31 | 199854 | 191859 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Pathway Vet Alliance LLC 2021 Term Loan | Pathway Vet Alliance LLC 2021 Term Loan | Pathway Vet Alliance LLC 2021 Term Loan | Pathway Vet Alliance LLC 2021 Term Loan | Pathway Vet Alliance LLC 2021 Term Loan | Pathway Vet Alliance LLC 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.32% (1 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 03/31/27 | $| 95759 | $| 75131 |
|  Pathway Vet Alliance LLC 2025 Tranche A Term Loan A | Pathway Vet Alliance LLC 2025 Tranche A Term Loan A | Pathway Vet Alliance LLC 2025 Tranche A Term Loan A | Pathway Vet Alliance LLC 2025 Tranche A Term Loan A | Pathway Vet Alliance LLC 2025 Tranche A Term Loan A | Pathway Vet Alliance LLC 2025 Tranche A Term Loan A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.28% (3 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 06/30/28 |  | 14538 |  | 14405 |
|  Southern Veterinary Partners LLC 2024 1st Lien Term Loan | Southern Veterinary Partners LLC 2024 1st Lien Term Loan | Southern Veterinary Partners LLC 2024 1st Lien Term Loan | Southern Veterinary Partners LLC 2024 1st Lien Term Loan | Southern Veterinary Partners LLC 2024 1st Lien Term Loan | Southern Veterinary Partners LLC 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.53% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 12/04/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521588 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520613 |
|  |  |  |  |  | 2741514 |
|  **REIT — 0.1%** | **REIT — 0.1%** | **REIT — 0.1%** | **REIT — 0.1%** | **REIT — 0.1%** | **REIT — 0.1%** |
|  Healthpeak Properties, Inc. 2024 Term Loan A3 | Healthpeak Properties, Inc. 2024 Term Loan A3 | Healthpeak Properties, Inc. 2024 Term Loan A3 | Healthpeak Properties, Inc. 2024 Term Loan A3 | Healthpeak Properties, Inc. 2024 Term Loan A3 | Healthpeak Properties, Inc. 2024 Term Loan A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% (3 mo. USD Term SOFR + 0.850%)<sup>(2)</sup> | 03/01/29 |  | 223979 |  | 218380 |
|  Healthpeak Properties, Inc. Term Loan A1 | Healthpeak Properties, Inc. Term Loan A1 | Healthpeak Properties, Inc. Term Loan A1 | Healthpeak Properties, Inc. Term Loan A1 | Healthpeak Properties, Inc. Term Loan A1 | Healthpeak Properties, Inc. Term Loan A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.26% (1 mo. USD Term SOFR + 0.840%)<sup>(2)</sup> | 08/20/27 |  | 110979 |  | 108204 |
|  Healthpeak Properties, Inc. Term Loan A2 | Healthpeak Properties, Inc. Term Loan A2 | Healthpeak Properties, Inc. Term Loan A2 | Healthpeak Properties, Inc. Term Loan A2 | Healthpeak Properties, Inc. Term Loan A2 | Healthpeak Properties, Inc. Term Loan A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.26% (1 mo. USD Term SOFR + 0.840%)<sup>(2)</sup> | 02/22/27 |  | 110979 |  | 108204 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Invitation Homes Operating Partnership LP 2024 Term Loan | Invitation Homes Operating Partnership LP 2024 Term Loan | Invitation Homes Operating Partnership LP 2024 Term Loan | Invitation Homes Operating Partnership LP 2024 Term Loan | Invitation Homes Operating Partnership LP 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24% (1 mo. USD Term SOFR + 0.850%)<sup>(2)</sup> | 09/09/28 | 739444 | $| 728353 |
|  |  |  |  | 1163141 |
|  **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** |
|  1011778 B.C. Unlimited Liability Co. 2024 Term Loan B6 | 1011778 B.C. Unlimited Liability Co. 2024 Term Loan B6 | 1011778 B.C. Unlimited Liability Co. 2024 Term Loan B6 | 1011778 B.C. Unlimited Liability Co. 2024 Term Loan B6 | 1011778 B.C. Unlimited Liability Co. 2024 Term Loan B6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 09/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298822 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296464 |
|  BW Gas & Convenience Holdings LLC 2021 Term Loan B | BW Gas & Convenience Holdings LLC 2021 Term Loan B | BW Gas & Convenience Holdings LLC 2021 Term Loan B | BW Gas & Convenience Holdings LLC 2021 Term Loan B | BW Gas & Convenience Holdings LLC 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.94% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 03/31/28 | 507435 |  | 497842 |
|  Dave & Buster's, Inc. 2024 1st Lien Term Loan B | Dave & Buster's, Inc. 2024 1st Lien Term Loan B | Dave & Buster's, Inc. 2024 1st Lien Term Loan B | Dave & Buster's, Inc. 2024 1st Lien Term Loan B | Dave & Buster's, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.53% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 11/01/31 | 501805 |  | 465974 |
|  Great Outdoors Group LLC 2025 Term Loan B | Great Outdoors Group LLC 2025 Term Loan B | Great Outdoors Group LLC 2025 Term Loan B | Great Outdoors Group LLC 2025 Term Loan B | Great Outdoors Group LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 01/23/32 | 57771 |  | 56630 |
|  Lakeshore Intermediate LLC Term Loan | Lakeshore Intermediate LLC Term Loan | Lakeshore Intermediate LLC Term Loan | Lakeshore Intermediate LLC Term Loan | Lakeshore Intermediate LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.94% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 09/29/28 | 497429 |  | 461211 |
|  Michaels Cos., Inc. 2021 Term Loan B | Michaels Cos., Inc. 2021 Term Loan B | Michaels Cos., Inc. 2021 Term Loan B | Michaels Cos., Inc. 2021 Term Loan B | Michaels Cos., Inc. 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.81% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 04/17/28 | 163625 |  | 90853 |
|  Pacific Bells LLC 2024 Repriced Term Loan B | Pacific Bells LLC 2024 Repriced Term Loan B | Pacific Bells LLC 2024 Repriced Term Loan B | Pacific Bells LLC 2024 Repriced Term Loan B | Pacific Bells LLC 2024 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 11/13/28 | 498711 |  | 497879 |
|  Peer Holding III BV 2025 Term Loan B5B | Peer Holding III BV 2025 Term Loan B5B | Peer Holding III BV 2025 Term Loan B5B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(15)</sup> | 07/01/31 | 1014197 |  | 1011347 |
|  |  |  |  | 3378200 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
|  Athenahealth Group, Inc. 2025 Term Loan B | Athenahealth Group, Inc. 2025 Term Loan B | Athenahealth Group, Inc. 2025 Term Loan B | Athenahealth Group, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 02/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229048 | $227510 |
|  Boxer Parent Co., Inc. 2024 2nd Lien Term Loan | Boxer Parent Co., Inc. 2024 2nd Lien Term Loan | Boxer Parent Co., Inc. 2024 2nd Lien Term Loan | Boxer Parent Co., Inc. 2024 2nd Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.07% (1 mo. USD Term SOFR + 5.750%)<sup>(2)</sup> | 07/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349165 |
|  Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 07/30/31 | 335756 | 329632 |
|  Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 12/29/28 | 225367 | 216531 |
|  Castle U.S. Holding Corp. 2025 New Money FLFO Term Loan | Castle U.S. Holding Corp. 2025 New Money FLFO Term Loan | Castle U.S. Holding Corp. 2025 New Money FLFO Term Loan | Castle U.S. Holding Corp. 2025 New Money FLFO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(15)</sup> | 04/29/30 | 39382 | 39160 |
|  Castle U.S. Holding Corp. USD Term Loan B | Castle U.S. Holding Corp. USD Term Loan B | Castle U.S. Holding Corp. USD Term Loan B | Castle U.S. Holding Corp. USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.29% (3 mo. USD Term SOFR + 3.750%)<sup>(2),(10)</sup> | 01/29/27 | 288331 | 180380 |
|  Cloud Software Group, Inc. 2024 1st Lien Term Loan B | Cloud Software Group, Inc. 2024 1st Lien Term Loan B | Cloud Software Group, Inc. 2024 1st Lien Term Loan B | Cloud Software Group, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 03/29/29 | 935405 | 925517 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Cotiviti Corp. 2025 2nd Amendment Term Loan | Cotiviti Corp. 2025 2nd Amendment Term Loan | Cotiviti Corp. 2025 2nd Amendment Term Loan | Cotiviti Corp. 2025 2nd Amendment Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.08% (1 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 03/26/32 | 376690 | 369313 |
|  DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.32% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 04/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268363 |
|  EagleView Technology Corp. 2018 Add On Term Loan B | EagleView Technology Corp. 2018 Add On Term Loan B | EagleView Technology Corp. 2018 Add On Term Loan B | EagleView Technology Corp. 2018 Add On Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 08/14/25 | 751739 | 734122 |
|  ECI Macola Max Holding LLC 2024 Term Loan | ECI Macola Max Holding LLC 2024 Term Loan | ECI Macola Max Holding LLC 2024 Term Loan | ECI Macola Max Holding LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(15)</sup> | 05/09/30 | 565808 | 564676 |
|  Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B | Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B | Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B | Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (1 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 01/30/32 | 498750 | 492775 |
|  Modena Buyer LLC Term Loan | Modena Buyer LLC Term Loan | Modena Buyer LLC Term Loan | Modena Buyer LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(15)</sup> | 07/01/31 | 335756 | 319388 |
|  Renaissance Holdings Corp. 2024 1st Lien Term Loan | Renaissance Holdings Corp. 2024 1st Lien Term Loan | Renaissance Holdings Corp. 2024 1st Lien Term Loan | Renaissance Holdings Corp. 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.28% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 04/05/30 | 564345 | 527896 |
|  SolarWinds Holdings, Inc. 2025 Term Loan | SolarWinds Holdings, Inc. 2025 Term Loan | SolarWinds Holdings, Inc. 2025 Term Loan | SolarWinds Holdings, Inc. 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.26% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 04/16/32 | 467924 | 452864 |
|  |  |  | 5997292 |
|  **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** |
|  Altice France SA 2023 USD Term Loan B14 | Altice France SA 2023 USD Term Loan B14 | Altice France SA 2023 USD Term Loan B14 | Altice France SA 2023 USD Term Loan B14 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.76% (3 mo. USD Term SOFR + 5.500%)<sup>(2)</sup> | 08/15/28 | 180699 | 163397 |
|  CCI Buyer, Inc. Term Loan | CCI Buyer, Inc. Term Loan | CCI Buyer, Inc. Term Loan | CCI Buyer, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 12/17/27 | 515128 | 515978 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  Frontier Communications Corp. 2025 Term Loan B | Frontier Communications Corp. 2025 Term Loan B | Frontier Communications Corp. 2025 Term Loan B | Frontier Communications Corp. 2025 Term Loan B | Frontier Communications Corp. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.79% (6 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 07/01/31 |  | 246448 | 245627 |
|  Zayo Group Holdings, Inc. USD Term Loan | Zayo Group Holdings, Inc. USD Term Loan | Zayo Group Holdings, Inc. USD Term Loan | Zayo Group Holdings, Inc. USD Term Loan | Zayo Group Holdings, Inc. USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.44% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 03/09/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466563 |
|  |  |  |  | 1391565 |
|  **Total Bank Loans**<br> (Cost: $83,461,534) | **Total Bank Loans**<br> (Cost: $83,461,534) | **Total Bank Loans**<br> (Cost: $83,461,534) | **Total Bank Loans**<br> (Cost: $83,461,534) | 81683979 |
|  **U.S. TREASURY SECURITIES—5.8%** | **U.S. TREASURY SECURITIES—5.8%** | **U.S. TREASURY SECURITIES—5.8%** | **U.S. TREASURY SECURITIES—5.8%** | **U.S. TREASURY SECURITIES—5.8%** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 04/30/27 |  | 33033000 | 33134938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 04/15/28 |  | 3870000 | 3888594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 04/30/30 |  | 19904000 | 20050948 |
|  **Total U.S. Treasury Securities**<br> (Cost: $56,688,853) | **Total U.S. Treasury Securities**<br> (Cost: $56,688,853) | **Total U.S. Treasury Securities**<br> (Cost: $56,688,853) | **Total U.S. Treasury Securities**<br> (Cost: $56,688,853) | 57074480 |
|  **Total Fixed Income Securities**<br> **(Cost: $1,035,947,284)** | **Total Fixed Income Securities**<br> **(Cost: $1,035,947,284)** | **Total Fixed Income Securities**<br> **(Cost: $1,035,947,284)** | **Total Fixed Income Securities**<br> **(Cost: $1,035,947,284)** | **1007355782** |
|  **CONVERTIBLE SECURITIES—0.0% of Net Assets** | **CONVERTIBLE SECURITIES—0.0% of Net Assets** | **CONVERTIBLE SECURITIES—0.0% of Net Assets** | **CONVERTIBLE SECURITIES—0.0% of Net Assets** | **CONVERTIBLE SECURITIES—0.0% of Net Assets** |
|  **CONVERTIBLE CORPORATE BONDS**—**0.0%** | **CONVERTIBLE CORPORATE BONDS**—**0.0%** | **CONVERTIBLE CORPORATE BONDS**—**0.0%** | **CONVERTIBLE CORPORATE BONDS**—**0.0%** | **CONVERTIBLE CORPORATE BONDS**—**0.0%** |
|  **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
|  Davide Campari-Milano NV (Italy) | Davide Campari-Milano NV (Italy) | Davide Campari-Milano NV (Italy) | Davide Campari-Milano NV (Italy) | Davide Campari-Milano NV (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% <sup>(3)</sup> | 01/17/29 | EUR | 100000 | 108761 |
|  **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
|  Worldline SA (France) | Worldline SA (France) | Worldline SA (France) | Worldline SA (France) | Worldline SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(3)</sup> | 07/30/26 | EUR | 280000 | 307727 |
|  **Total Convertible Corporate Bonds**<br> (Cost: $389,835) | **Total Convertible Corporate Bonds**<br> (Cost: $389,835) | **Total Convertible Corporate Bonds**<br> (Cost: $389,835) | **Total Convertible Corporate Bonds**<br> (Cost: $389,835) | 416488 |
|  **Total Convertible Securities**<br> **(Cost: $389,835)** | **Total Convertible Securities**<br> **(Cost: $389,835)** | **Total Convertible Securities**<br> **(Cost: $389,835)** | **Total Convertible Securities**<br> **(Cost: $389,835)** | **416488** |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
|  **MONEY MARKET INVESTMENTS—1.8%** | **MONEY MARKET INVESTMENTS—1.8%** | **MONEY MARKET INVESTMENTS—1.8%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29%<sup>(18)</sup> | 11061190 | 11061190 |
|  TCW Central Cash Fund 4.34% <sup>(18),(19)</sup> | 6024109 | 6024109 |
|  **Total Money Market Investments**<br> (Cost: $17,085,299) | **Total Money Market Investments**<br> (Cost: $17,085,299) | 17085299 |
|  **INVESTMENT COMPANIES—0.6%** | **INVESTMENT COMPANIES—0.6%** | **INVESTMENT COMPANIES—0.6%** |
|  TCW Private Asset Income Fund — I Class<sup>(10),(19)</sup> | 630791 | 6314214 |
|  **Total Investment Companies**<br> (Cost: $6,307,906) | **Total Investment Companies**<br> (Cost: $6,307,906) | 6314214 |
|  **COMMON STOCK—0.1%** | **COMMON STOCK—0.1%** | **COMMON STOCK—0.1%** |
|  **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
|  Aoyuan New Shares<sup>(10),(20)</sup> | 30741 | 479 |
|  **REIT — 0.0%** | **REIT — 0.0%** | **REIT — 0.0%** |
|  AGNC Investment Corp. | 25500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225165 |
|  **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
|  Intelsat SA<sup>(10),(20)</sup> | 11053 | 443502 |
|  **Total Common Stock**<br> (Cost: $683,136) | **Total Common Stock**<br> (Cost: $683,136) | 669146 |
|  **WARRANTS—0.0%** | **WARRANTS—0.0%** | **WARRANTS—0.0%** |
|  Cineworld Group PLC<sup>(10),(7),(20)</sup> | 152713 |  |
| **Total Investments (105.8%)**<br> (Cost: $1,060,413,460) | **Total Investments (105.8%)**<br> (Cost: $1,060,413,460) | 1031840929 |
| **Net unrealized depreciation on unfunded commitments—0.00%** | **Net unrealized depreciation on unfunded commitments—0.00%** | (925) |
|  **Liabilities In Excess Of Other Assets (-5.8%)** | **Liabilities In Excess Of Other Assets (-5.8%)** | (56210294) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | $975629710 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **FORWARD CURRENCY EXCHANGE CONTRACTS**  | **FORWARD CURRENCY EXCHANGE CONTRACTS**  | **FORWARD CURRENCY EXCHANGE CONTRACTS**  | **FORWARD CURRENCY EXCHANGE CONTRACTS**  | **FORWARD CURRENCY EXCHANGE CONTRACTS**  | **FORWARD CURRENCY EXCHANGE CONTRACTS**  | **FORWARD CURRENCY EXCHANGE CONTRACTS**  |
| **Counterparty** | **Contracts to <br> Deliver** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units of** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency**  | **Settlement**<br> **Date** | **In Exchange for<br>USD** | **Contracts at Value** | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  **BUY <sup>(21)</sup>** | | | | | |  |
|  Goldman Sachs & Co. | EUR | 405826 | 05/06/25 | $460402 | $459768 | $(634) |
|  Goldman Sachs & Co. | EUR | 793156 | 05/15/25 | 900314 | 899071 | (1243) |
|  Goldman Sachs & Co. | EUR | 112681 | 07/11/25 | 129369 | 128182 | (1187) |
|  |  |  |  | $**1490085** | $**1487021** | $**(3064)** |
|  **SELL <sup>(22)</sup>** |  |  |  |  |  |  |
|  Goldman Sachs & Co. | EUR | 35419460 | 07/11/25 | $38707879 | $40292205 | $(1584326) |
|  Bank Of New York | EUR | 669000 | 07/11/25 | 742820 | 761036 | (18216) |
|  Goldman Sachs & Co. | GBP | 6523000 | 07/11/25 | 8427243 | 8695546 | (268303) |
|  Bank Of New York | GBP | 1300000 | 07/11/25 | 1672303 | 1732977 | (60674) |
|  |  |  |  | $**49550245** | $**51481764** | $**(1931519)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **FUTURES CONTRACTS**  | **FUTURES CONTRACTS**  | **FUTURES CONTRACTS**  | **FUTURES CONTRACTS**  | **FUTURES CONTRACTS**  | **FUTURES CONTRACTS**  |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional** | **Market Value** | **Net Unrealized**<br> **Appreciation<br>(Depreciation)** |
|  **Long Futures** | **Long Futures** | **Long Futures** | **Long Futures** | **Long Futures** | **Long Futures** |
| &nbsp;&nbsp;&nbsp;&nbsp; 503 | 2-Year U.S. Treasury Note Futures | 06/30/25 | $103968088 | $104698665 | $730577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1773 | 5-Year U.S. Treasury Note Futures | 06/30/25 | 191012788 | 193603290 | 2590502 |
|  |  |  | $**294980876** | $**298301955** | $**3321079** |
|  **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** |
| &nbsp;&nbsp;&nbsp;&nbsp; 724 | 10-Year U.S. Treasury Note Futures | 06/18/25 | $(81781923) | $(83067688) | $(1285765) |
| &nbsp;&nbsp;&nbsp;&nbsp; 14 | 30-Year Euro-Buxl Future | 06/6/25 | (1933606) | (1968214) | (34608) |
| &nbsp;&nbsp;&nbsp;&nbsp; 19 | Euro SCHWATZ Futures | 06/6/25 | (2299435) | (2315354) | (15919) |
| &nbsp;&nbsp;&nbsp;&nbsp; 44 | Euro-Bobl Future | 06/6/25 | (5867364) | (5963008) | (95644) |
| &nbsp;&nbsp;&nbsp;&nbsp; 75 | Euro-Bund Future | 06/6/25 | (11036417) | (11196528) | (160111) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7 | Long Gilt Futures | 06/26/25 | (869163) | (872439) | (3276) |
| &nbsp;&nbsp;&nbsp;&nbsp; 183 | U.S. Ultra Long Bond Futures | 06/18/25 | (21874786) | (22148719) | (273933) |
|  |  |  | $**(125662694)** | $**(127531950)** | $**(1869256)** |

---

---

| | |
|:---|:---|
|  **Notes to the Schedule of Investments:** | **Notes to the Schedule of Investments:** |
| ABS | Asset-Backed Securities. |
| ACES | Alternative Credit Enhancement Securities. |
| CLO | Collateralized Loan Obligation. |
| EETC | Enhanced Equipment Trust Certificate. |
| I/F | Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates. |
| I/O | Interest Only Security. |
| PAC | Planned Amortization Class. |
| REIT | Real Estate Investment Trust. |
| REMIC | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | |
|:---|:---|
| STRIPS | Separate Trading of Registered Interest and Principal Securities. |
| TBA | To Be Announced. |
| EUR | Euro Currency. |
| GBP | British Pound Sterling. |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2025, the value of these securities amounted to $469,064,000 or 48.1% of net assets. These securities are determined to be liquid by the Fund's investment adviser, unless otherwise noted, under procedures established by and under the general supervision of the Trust's Board of Trustees. |
| (2) | Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2025. |
| (3) | Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At April 30, 2025, the value of these securities amounted to $23,559,288 or 2.4% of net assets. |
| (4) | Perpetual maturity. |
| (5) | This security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (6) | Payment-in-kind ("PIK") security. Income may be paid in additional securities or cash at the discretion of the issuer — 5.00% cash or 10.00% PIK interest. |
| (7) | Security is not accruing interest. |
| (8) | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
| (9) | This security is a residual or equity position that does not have a stated interest rate. This residual or equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debtholders and fund expenses. |
| (10) | For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs. |
| (11) | Security purchased on a forward commitment with an approximate principal amount. The actual principal amount and maturity date will be determined upon settlement when the security is delivered. |
| (12) | A portion of the principal balance has been written-off during the period due to defaults in the underlying loans. Cost basis has been adjusted. |
| (13) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $25,030, at an interest rate of 8.55% and a maturity of December 22, 2031. The investment is accruing an unused commitment fee of 1.0% per annum. |
| (14) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $23,867, at an interest rate of 10.07% and a maturity of December 30, 2029. The investment is accruing an unused commitment fee of 5.70% per annum. |
| (15) | This position represents an unsettled bank loan at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date. |
| (16) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $46,493, at an interest rate of 7.94% and a maturity of March 31, 2028. The investment is accruing an unused commitment fee of 3.5% per annum. |
| (17) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $118,225, at an interest rate of 11.43% and a maturity of June 9, 2028. The investment is accruing an unused commitment fee of 2.00% per annum. |
| (18) | Rate disclosed is the 7-day net yield as of April 30, 2025. |
| (19) | Affiliated issuer. |
| (20) | Non-income producing security. |
| (21) | Fund buys foreign currency, sells USD. |
| (22) | Fund sells foreign currency, buys USD. |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

The summary of the TCW Flexible Income ETF transactions in the affiliated funds for the period ended April 30, 2025 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of<br>Affiliated Fund** | **Value at<br>October 31,<br>2024** | **Purchases at<br>Cost** | **Proceeds<br>from Sales** | **Number of<br>Shares Held<br>April 30, 2025** | **Value at<br>April 30,<br>2025** | **Dividends and<br>Interest Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net Realized<br>Gain (Loss) on<br>Investments** | **Net change in<br>Unrealized Gain<br>(Loss) on<br>Investments** |
|  TCW Central Cash Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $468824109 | $462800000 | 6024109 | $6024109 | $672023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
|  TCW Private Asset Income Fund —Share Class I |  | 6307907 |  | 630791 | 6314214 | 21729 |  |  | 6307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $12338323 | $693752 | $— | $— | $6307 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

TCW Flexible Income ETF

Fair Valuation Summary (Unaudited) April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices in<br>Active Markets for<br>Identical Assets**<br> **(Level 1)** | **Other Significant<br>Observable Inputs**<br> **(Level 2)** | **Significant<br>Unobservable Inputs**<br> **(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Agency | $— | $213708422 | $5487424 | $219195846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 210349111 |  | 210349111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 188485032 | 3235880 | 191720912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities — Non-Agency |  | 117178922 | 4866837 | 122045759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Non-Agency |  | 115973908 | 431988 | 116405896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 80666511 | 1017468 | 81683979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | 57074480 |  |  | 57074480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds |  | 6910022 |  | 6910022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities — Agency |  | 1260797 |  | 1260797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 708980 |  | 708980 |
|  Total Fixed Income Securities | 57074480 | 935241705 | 15039597 | 1007355782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 17085299 |  |  | 17085299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies |  |  | 6314214 | 6314214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | 225165 |  | 443981 | 669146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Corporate Bonds |  | 416488 |  | 416488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded Commitments Depreciation |  | (925) |  | (925) |
|  Total Investments | $74384944 | $935657268 | $21797792 | $1031840004 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 3321079 |  |  | 3321079 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77706023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935657268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21797792 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035161083 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk | $— | $(1934583) | $— | $(1934583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (1869256) |  |  | (1869256) |
|  Total | $(1869256) | $(1934583) | $— | $(3803839) |

---

*See accompanying Notes to Financial Statements.* 

------

![LOGO](g949859g07c01.jpg)

#### TCW High Yield Bond ETF

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 97.2% of Net Assets** | **FIXED INCOME SECURITIES — 97.2% of Net Assets** | **FIXED INCOME SECURITIES — 97.2% of Net Assets** | **FIXED INCOME SECURITIES — 97.2% of Net Assets** |
|  **CORPORATE BONDS — 83.5%** | **CORPORATE BONDS — 83.5%** | **CORPORATE BONDS — 83.5%** | **CORPORATE BONDS — 83.5%** |
|  **Advertising — 0.7%** | **Advertising — 0.7%** | **Advertising — 0.7%** | **Advertising — 0.7%** |
|  Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 11/15/28 | $144000 | $116038 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp. | Outfront Media Capital LLC/Outfront Media Capital Corp. | Outfront Media Capital LLC/Outfront Media Capital Corp. | Outfront Media Capital LLC/Outfront Media Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% <sup>(1)</sup> | 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | 97321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 02/15/31 | 57000 | 59823 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273182 |
|  **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 01/15/29 | 135000 | 130033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 03/01/29 | 277000 | 282593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 08/15/28 | 18000 | 18375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 12/15/30 | 70000 | 72217 |
|  |  |  | 503218 |
|  **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
|  Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(1)</sup> | 06/15/30 | 139000 | 138768 |
|  **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(1)</sup> | 04/20/26 | 20351 | 20237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 04/20/29 | 70000 | 67946 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88% <sup>(1)</sup> | 09/20/31 | 38000 | 35049 |
|  |  |  | 123232 |
|  **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |
|  Crocs, Inc. | Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(1)</sup> | 08/15/31 | 229000 | 200347 |
|  **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(1)</sup> | 01/30/31 | 100000 | 89950 |
|  **Auto Parts & Equipment — 0.9%** | **Auto Parts & Equipment — 0.9%** | **Auto Parts & Equipment — 0.9%** | **Auto Parts & Equipment — 0.9%** |
|  Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 05/15/28 | 59000 | 60019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 02/15/30 | 100000 | 101931 |
|  Forvia SE (France) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% <sup>(1)</sup> | 06/15/30 | 58000 | 57817 |
|  ZF North America Capital, Inc. (Germany) | ZF North America Capital, Inc. (Germany) | ZF North America Capital, Inc. (Germany) | ZF North America Capital, Inc. (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 04/23/32 | 140000 | 123048 |
|  |  |  | 342815 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Value** |
|  **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 04/01/29 | $209000 | $208200 |
|  **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 03/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156166 |
|  Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 08/15/32 | 59000 | 59815 |
|  |  |  | 215981 |
|  **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** |
|  Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems Dutch Holding B BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% <sup>(1)</sup> | 02/15/31 | 150000 | 155488 |
|  INEOS Finance PLC (Luxembourg) | INEOS Finance PLC (Luxembourg) | INEOS Finance PLC (Luxembourg) | INEOS Finance PLC (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(1)</sup> | 04/15/29 | 49000 | 46110 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% <sup>(1)</sup> | 10/01/27 | 125000 | 125459 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% <sup>(1)</sup> | 05/01/28 | 108000 | 103710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(1)</sup> | 05/01/29 | 104000 | 101497 |
|  SCIL IV LLC/SCIL USA Holdings LLC | SCIL IV LLC/SCIL USA Holdings LLC | SCIL IV LLC/SCIL USA Holdings LLC | SCIL IV LLC/SCIL USA Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% <sup>(1)</sup> | 11/01/26 | 102000 | 100780 |
|  SK Invictus Intermediate II SARL (Luxembourg) | SK Invictus Intermediate II SARL (Luxembourg) | SK Invictus Intermediate II SARL (Luxembourg) | SK Invictus Intermediate II SARL (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 10/30/29 | 43000 | 40395 |
|  Tronox, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% <sup>(1)</sup> | 03/15/29 | 110000 | 89492 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% <sup>(1)</sup> | 08/15/29 | 64000 | 56788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 03/01/31 | 96000 | 96571 |
|  |  |  | 916290 |
|  **Commercial Services — 6.5%** | **Commercial Services — 6.5%** | **Commercial Services — 6.5%** | **Commercial Services — 6.5%** |
|  ADT Security Corp. | ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% <sup>(1)</sup> | 07/15/32 | 107000 | 100904 |
|  Adtalem Global Education, Inc. | Adtalem Global Education, Inc. | Adtalem Global Education, Inc. | Adtalem Global Education, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(1)</sup> | 03/01/28 | 141000 | 139242 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% <sup>(1)</sup> | 02/15/31 | 98000 | 100223 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% <sup>(1)</sup> | 07/15/27 | 59000 | 59247 |
|  Block, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 05/15/32 | 188000 | 192574 |
|  Brink's Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 06/15/32 | 97000 | 99428 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Value** |
|  Carriage Services, Inc. | Carriage Services, Inc. | Carriage Services, Inc. | Carriage Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(1)</sup> | 05/15/29 | 224000 | 205789 |
|  Deluxe Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% <sup>(1)</sup> | 09/15/29 | 60000 | 60106 |
|  EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% <sup>(1)</sup> | 03/15/33 | 39000 | 38534 |
|  Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% <sup>(1)</sup> | 11/15/32 | 60000 | 59234 |
|  Grand Canyon University | Grand Canyon University | Grand Canyon University | Grand Canyon University |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 10/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141450 |
|  OT Midco Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% <sup>(1)</sup> | 02/15/30 | 110000 | 89949 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 01/15/28 | 135000 | 134958 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 11/15/31 | 65000 | 63637 |
|  Service Corp. International | Service Corp. International | Service Corp. International | Service Corp. International |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 10/15/32 | 203000 | 201120 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 08/15/32 | 95000 | 96416 |
|  Sotheby's |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 10/15/27 | 59000 | 55413 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% <sup>(1)</sup> | 03/15/34 | 100000 | 101229 |
|  Upbound Group, Inc. | Upbound Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 02/15/29 | 205000 | 193774 |
|  Valvoline, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% <sup>(1)</sup> | 06/15/31 | 160000 | 140235 |
|  Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% <sup>(1)</sup> | 11/30/30 | 36000 | 37720 |
|  VT Topco, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 08/15/30 | 93000 | 97365 |
|  WEX, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 03/15/33 | 97000 | 94424 |
|  ZipRecruiter, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 01/15/30 | 152000 | 127422 |
|  |  |  | 2630393 |
|  **Computers — 0.9%** | **Computers — 0.9%** | **Computers — 0.9%** | **Computers — 0.9%** |
|  Insight Enterprises, Inc. | Insight Enterprises, Inc. | Insight Enterprises, Inc. | Insight Enterprises, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(1)</sup> | 05/15/32 | 139000 | 141250 |
|  McAfee Corp. | McAfee Corp. | McAfee Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 02/15/30 | 150000 | 129707 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% <sup>(1)</sup> | 04/15/29 | 105000 | 101215 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372172 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Value** |
|  **Cosmetics/Personal Care — 1.3%** | **Cosmetics/Personal Care — 1.3%** | **Cosmetics/Personal Care — 1.3%** | **Cosmetics/Personal Care — 1.3%** |
|  Edgewell Personal Care Co. | Edgewell Personal Care Co. | Edgewell Personal Care Co. | Edgewell Personal Care Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(1)</sup> | 04/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131149 |
|  Opal Bidco SAS (France) | Opal Bidco SAS (France) | Opal Bidco SAS (France) | Opal Bidco SAS (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 03/31/32 | 55000 | 55097 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 09/30/32 | 142000 | 141158 |
|  Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(1)</sup> | 04/01/31 | 215000 | 194420 |
|  |  |  | 521824 |
|  **Distribution & Wholesale — 0.4%** | **Distribution & Wholesale — 0.4%** | **Distribution & Wholesale — 0.4%** | **Distribution & Wholesale — 0.4%** |
|  Ritchie Bros Holdings, Inc. (Canada) | Ritchie Bros Holdings, Inc. (Canada) | Ritchie Bros Holdings, Inc. (Canada) | Ritchie Bros Holdings, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 03/15/28 | 137000 | 139935 |
|  **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** |
|  EZCORP, Inc. | EZCORP, Inc. | EZCORP, Inc. | EZCORP, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 04/01/32 | 135000 | 141804 |
|  GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% <sup>(1)</sup> | 02/15/27 | 115000 | 118036 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% <sup>(1)</sup> | 11/01/32 | 90000 | 88563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% <sup>(1)</sup> | 04/30/31 | 109000 | 112498 |
|  |  |  | 460901 |
|  **Electric — 1.8%** | **Electric — 1.8%** | **Electric — 1.8%** | **Electric — 1.8%** |
|  Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 10/15/32 | 105000 | 107303 |
|  Calpine Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 02/01/31 | 42000 | 40479 |
|  Pike Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63% <sup>(1)</sup> | 01/31/31 | 186000 | 195339 |
|  Southern Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% (5 yr. CMT + 2.069%)<sup>(2)</sup> | 03/15/55 | 95000 | 96911 |
|  Talen Energy Supply LLC | Talen Energy Supply LLC | Talen Energy Supply LLC | Talen Energy Supply LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63% <sup>(1)</sup> | 06/01/30 | 127000 | 135612 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 04/15/32 | 137000 | 142137 |
|  |  |  | 717781 |
|  **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** |
|  Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% <sup>(1)</sup> | 03/31/29 | 125000 | 116795 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Value** |
|  **Electronics — 0.5%** | **Electronics — 0.5%** | **Electronics — 0.5%** | **Electronics — 0.5%** |
|  Coherent Corp. | Coherent Corp. | Coherent Corp. | Coherent Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 12/15/29 | $65000 | $62383 |
|  Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(1)</sup> | 07/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134923 |
|  |  |  | 197306 |
|  **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Brand Industrial Services, Inc. | Brand Industrial Services, Inc. | Brand Industrial Services, Inc. | Brand Industrial Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.38% <sup>(1)</sup> | 08/01/30 | 37000 | 35285 |
|  **Entertainment — 3.4%** | **Entertainment — 3.4%** | **Entertainment — 3.4%** | **Entertainment — 3.4%** |
|  Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% <sup>(1)</sup> | 05/01/29 | 110000 | 112731 |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 02/15/32 | 5000 | 5033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% <sup>(1)</sup> | 07/01/27 | 92000 | 92379 |
|  CCM Merger, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 05/01/26 | 101000 | 101255 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 05/01/31 | 139000 | 140592 |
|  Cinemark USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 08/01/32 | 97000 | 99270 |
|  Everi Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 07/15/29 | 202000 | 203046 |
|  Great Canadian Gaming Corp. | Great Canadian Gaming Corp. | Great Canadian Gaming Corp. | Great Canadian Gaming Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% <sup>(1)</sup> | 11/15/29 | 130000 | 129208 |
|  Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(1)</sup> | 09/01/31 | 58000 | 59637 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% <sup>(1)</sup> | 10/15/27 | 115000 | 112679 |
|  Penn Entertainment, Inc. | Penn Entertainment, Inc. | Penn Entertainment, Inc. | Penn Entertainment, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% <sup>(1)</sup> | 01/15/27 | 65000 | 64191 |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(1)</sup> | 02/01/33 | 98000 | 96931 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 03/15/33 | 141000 | 136705 |
|  |  |  | 1353657 |
|  **Environmental Control — 0.7%** | **Environmental Control — 0.7%** | **Environmental Control — 0.7%** | **Environmental Control — 0.7%** |
|  Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% <sup>(1)</sup> | 06/30/29 | 103000 | 97482 |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 02/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199682 |
|  |  |  | 297164 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | | **Principal**<br> **Amount** | **Value** |
|  **Food — 2.6%** | **Food — 2.6%** | **Food — 2.6%** | **Food — 2.6%** | **Food — 2.6%** |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% <sup>(1)</sup> | 09/15/28 |  | $59000 | $58560 |
|  ELO SACA (France) | ELO SACA (France) | ELO SACA (France) | ELO SACA (France) | ELO SACA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(3)</sup> | 07/23/27 | EUR | 200000 | 217820 |
|  Post Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% <sup>(1)</sup> | 09/15/31 |  | $222000 | 202393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% <sup>(1)</sup> | 04/15/30 |  | 210000 | 198440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 03/01/33 |  | 201000 | 199374 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% <sup>(1)</sup> | 03/01/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100497 |
|  TreeHouse Foods, Inc. | TreeHouse Foods, Inc. | TreeHouse Foods, Inc. | TreeHouse Foods, Inc. | TreeHouse Foods, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 09/01/28 |  | 67000 | 60191 |
|  |  |  |  | 1037275 |
|  **Gas — 1.2%** | **Gas — 1.2%** | **Gas — 1.2%** | **Gas — 1.2%** | **Gas — 1.2%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 08/20/26 |  | 105000 | 103839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38% <sup>(1)</sup> | 06/01/28 |  | 192000 | 190932 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(1)</sup> | 05/01/33 |  | 100000 | 102713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% <sup>(1)</sup> | 05/01/35 |  | 100000 | 102755 |
|  |  |  |  | 500239 |
|  **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** |
|  IMA Industria Macchine Automatiche SpA (Italy) | IMA Industria Macchine Automatiche SpA (Italy) | IMA Industria Macchine Automatiche SpA (Italy) | IMA Industria Macchine Automatiche SpA (Italy) | IMA Industria Macchine Automatiche SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.03% (3 mo. EUR EURIBOR + 3.750%)<sup>(1)</sup><sup>,(2)</sup> | 04/15/29 |  | 100000 | 113351 |
|  **Health Care-Products — 1.6%** | **Health Care-Products — 1.6%** | **Health Care-Products — 1.6%** | **Health Care-Products — 1.6%** | **Health Care-Products — 1.6%** |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% <sup>(1)</sup> | 10/01/28 |  | 185000 | 193325 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% <sup>(1)</sup> | 10/01/29 |  | 149000 | 141694 |
|  Medline Borrower LP/Medline Co-Issuer, Inc. | Medline Borrower LP/Medline Co-Issuer, Inc. | Medline Borrower LP/Medline Co-Issuer, Inc. | Medline Borrower LP/Medline Co-Issuer, Inc. | Medline Borrower LP/Medline Co-Issuer, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 04/01/29 |  | 99000 | 99923 |
|  Neogen Food Safety Corp. | Neogen Food Safety Corp. | Neogen Food Safety Corp. | Neogen Food Safety Corp. | Neogen Food Safety Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63% <sup>(1)</sup> | 07/20/30 |  | 92000 | 93125 |
|  Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 06/01/31 |  | 95000 | 97782 |
|  |  |  |  | 625849 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Value** |
|  **Health Care-Services — 5.4%** | **Health Care-Services — 5.4%** | **Health Care-Services — 5.4%** | **Health Care-Services — 5.4%** |
|  Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(1)</sup> | 05/01/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | $95226 |
|  CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% <sup>(1)</sup> | 05/15/30 | 209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178603 |
|  DaVita, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 09/01/32 | 98000 | 99082 |
|  Fortrea Holdings, Inc. | Fortrea Holdings, Inc. | Fortrea Holdings, Inc. | Fortrea Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(1)</sup> | 07/01/30 | 148000 | 128757 |
|  HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% <sup>(1)</sup> | 10/01/31 | 136000 | 130771 |
|  HealthEquity, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% <sup>(1)</sup> | 10/01/29 | 62000 | 58615 |
|  Heartland Dental LLC/Heartland Dental Finance Corp. | Heartland Dental LLC/Heartland Dental Finance Corp. | Heartland Dental LLC/Heartland Dental Finance Corp. | Heartland Dental LLC/Heartland Dental Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% <sup>(1)</sup> | 04/30/28 | 75000 | 79129 |
|  IQVIA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 05/15/30 | 138000 | 140382 |
|  Kedrion SpA (Italy) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 09/01/29 | 250000 | 239698 |
|  ModivCare, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1),(4)</sup> | 10/01/29 | 210000 | 65100 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 01/15/33 | 276000 | 274377 |
|  Star Parent, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% <sup>(1)</sup> | 10/01/30 | 155000 | 156916 |
|  Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% <sup>(1)</sup> | 04/15/32 | 138000 | 137804 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 05/15/31 | 298000 | 305718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 11/15/31 | 96000 | 98656 |
|  |  |  | 2188834 |
|  **Home Furnishings — 0.3%** | **Home Furnishings — 0.3%** | **Home Furnishings — 0.3%** | **Home Furnishings — 0.3%** |
|  Tempur Sealy International, Inc. | Tempur Sealy International, Inc. | Tempur Sealy International, Inc. | Tempur Sealy International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 10/15/31 | 115000 | 101191 |
|  **Household Products/Wares — 0.7%** | **Household Products/Wares — 0.7%** | **Household Products/Wares — 0.7%** | **Household Products/Wares — 0.7%** |
|  Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 10/15/30 | 65000 | 59641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(1)</sup> | 04/30/31 | 90000 | 81124 |
|  Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 03/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159377 |
|  |  |  | 300142 |
|  **Housewares — 0.3%** | **Housewares — 0.3%** | **Housewares — 0.3%** | **Housewares — 0.3%** |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% | 05/15/30 | 115000 | 104931 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Value** |
|  **Insurance — 2.6%** | **Insurance — 2.6%** | **Insurance — 2.6%** | **Insurance — 2.6%** |
|  Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(1)</sup> | 11/06/30 | $95000 | $97219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(1)</sup> | 02/01/29 | 97000 | 99389 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 01/15/31 | 139000 | 141134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 10/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101146 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 02/15/29 | 60000 | 60751 |
|  Ardonagh Group Finance Ltd. (United Kingdom) | Ardonagh Group Finance Ltd. (United Kingdom) | Ardonagh Group Finance Ltd. (United Kingdom) | Ardonagh Group Finance Ltd. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% <sup>(1)</sup> | 02/15/32 | 60000 | 61264 |
|  Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% (3 mo. USD Term SOFR + 4.006%)<sup>(1)</sup><sup>,(2)</sup> | 11/01/53 | 160000 | 154209 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% <sup>(1)</sup> | 06/15/30 | 115000 | 119352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 01/31/32 | 136000 | 140191 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% <sup>(1)</sup> | 06/01/31 | 70000 | 71946 |
|  |  |  | 1046601 |
|  **Internet — 1.5%** | **Internet — 1.5%** | **Internet — 1.5%** | **Internet — 1.5%** |
|  Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% <sup>(1)</sup> | 12/01/28 | 128000 | 115561 |
|  Cogent Communications Group LLC | Cogent Communications Group LLC | Cogent Communications Group LLC | Cogent Communications Group LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 06/15/27 | 100000 | 100567 |
|  ION Trading Technologies SARL (Luxembourg) | ION Trading Technologies SARL (Luxembourg) | ION Trading Technologies SARL (Luxembourg) | ION Trading Technologies SARL (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% <sup>(1)</sup> | 05/30/29 | 38000 | 37032 |
|  Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% <sup>(1)</sup> | 02/15/29 | 143000 | 140320 |
|  Snap, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 03/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225797 |
|  |  |  | 619277 |
|  **Investment Companies — 0.7%** | **Investment Companies — 0.7%** | **Investment Companies — 0.7%** | **Investment Companies — 0.7%** |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 06/15/30 | 45000 | 42420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% | 01/15/29 | 135000 | 133350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% <sup>(1)</sup> | 11/15/29 | 114000 | 111782 |
|  |  |  | 287552 |
|  **Iron & Steel — 0.7%** | **Iron & Steel — 0.7%** | **Iron & Steel — 0.7%** | **Iron & Steel — 0.7%** |
|  ATI, Inc. | ATI, Inc. | ATI, Inc. | ATI, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 10/01/31 | 74000 | 70142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% | 08/15/30 | 30000 | 31240 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Value** |
|  Carpenter Technology Corp. | Carpenter Technology Corp. | Carpenter Technology Corp. | Carpenter Technology Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% | 03/15/30 | 97000 | 100021 |
|  Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 05/01/33 | 80000 | 75262 |
|  |  |  | 276665 |
|  **Leisure Time — 0.5%** | **Leisure Time — 0.5%** | **Leisure Time — 0.5%** | **Leisure Time — 0.5%** |
|  MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 06/01/29 | 125000 | 93689 |
|  Sabre GLBL, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% <sup>(1)</sup> | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119802 |
|  |  |  | 213491 |
|  **Lodging — 2.0%** | **Lodging — 2.0%** | **Lodging — 2.0%** | **Lodging — 2.0%** |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% <sup>(1)</sup> | 02/15/32 | 147000 | 130352 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 06/14/30 | 100000 | 100393 |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 04/15/32 | 176000 | 173640 |
|  Studio City Finance Ltd. | Studio City Finance Ltd. | Studio City Finance Ltd. | Studio City Finance Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 01/15/29 | 110000 | 97019 |
|  Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% <sup>(1)</sup> | 08/15/28 | 237000 | 228321 |
|  Wynn Macau Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% <sup>(1)</sup> | 12/15/29 | 64000 | 58863 |
|  |  |  | 788588 |
|  **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** |
|  BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(1)</sup> | 06/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100389 |
|  **Machinery-Diversified — 0.5%** | **Machinery-Diversified — 0.5%** | **Machinery-Diversified — 0.5%** | **Machinery-Diversified — 0.5%** |
|  Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP | Oregon Tool Lux LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% <sup>(1)</sup> | 10/15/29 | 10548 | 5485 |
|  SPX FLOW, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% <sup>(1)</sup> | 04/01/30 | 97000 | 98148 |
|  TK Elevator Holdco GmbH (Germany) | TK Elevator Holdco GmbH (Germany) | TK Elevator Holdco GmbH (Germany) | TK Elevator Holdco GmbH (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% <sup>(1)</sup> | 07/15/28 | 98000 | 98400 |
|  |  |  | 202033 |
|  **Media — 6.6%** | **Media — 6.6%** | **Media — 6.6%** | **Media — 6.6%** |
|  AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25% <sup>(1)</sup> | 01/15/29 | 103000 | 106654 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(1)</sup> | 01/15/34 | 484000 | 408186 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Value** |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 02/01/29 | 725000 | 593340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(1)</sup> | 04/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | 80850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% <sup>(1)</sup> | 01/31/29 | 14000 | 13238 |
|  DirectTV Financing LLC/DirectTV Financing Co-Obligor, Inc. | DirectTV Financing LLC/DirectTV Financing Co-Obligor, Inc. | DirectTV Financing LLC/DirectTV Financing Co-Obligor, Inc. | DirectTV Financing LLC/DirectTV Financing Co-Obligor, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% <sup>(1)</sup> | 02/15/31 | 107000 | 101732 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 12/01/28 | 112000 | 94220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 07/01/28 | 132000 | 89380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 07/01/26 | 30000 | 26180 |
|  Gray Media, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% <sup>(1)</sup> | 07/15/29 | 57000 | 58571 |
|  Midcontinent Communications | Midcontinent Communications | Midcontinent Communications | Midcontinent Communications |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% <sup>(1)</sup> | 08/15/32 | 38000 | 38815 |
|  Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% <sup>(1)</sup> | 02/15/33 | 143000 | 141800 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 08/01/27 | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(1)</sup> | 07/01/29 | 247000 | 240897 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 07/31/31 | 139000 | 131530 |
|  Virgin Media Finance PLC (United Kingdom) | Virgin Media Finance PLC (United Kingdom) | Virgin Media Finance PLC (United Kingdom) | Virgin Media Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 07/15/30 | 116000 | 101793 |
|  VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 01/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174626 |
|  Ziggo Bond Co. BV (Netherlands) | Ziggo Bond Co. BV (Netherlands) | Ziggo Bond Co. BV (Netherlands) | Ziggo Bond Co. BV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% <sup>(1)</sup> | 02/28/30 | 110000 | 97455 |
|  |  |  | 2657573 |
|  **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. | Novelis Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(1)</sup> | 11/15/26 | 177000 | 171904 |
|  **Office/Business Equipment — 0.7%** | **Office/Business Equipment — 0.7%** | **Office/Business Equipment — 0.7%** | **Office/Business Equipment — 0.7%** |
|  Xerox Corp. | Xerox Corp. | Xerox Corp. | Xerox Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25% <sup>(1)</sup> | 10/15/30 | 161000 | 164098 |
|  Zebra Technologies Corp. | Zebra Technologies Corp. | Zebra Technologies Corp. | Zebra Technologies Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 06/01/32 | 135000 | 135795 |
|  |  |  | 299893 |
|  **Oil & Gas — 1.9%** | **Oil & Gas — 1.9%** | **Oil & Gas — 1.9%** | **Oil & Gas — 1.9%** |
|  Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 05/15/34 | 84000 | 71426 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 04/15/33 | 102000 | 96110 |
|  Parkland Corp. (Canada) | Parkland Corp. (Canada) | Parkland Corp. (Canada) | Parkland Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(1)</sup> | 08/15/32 | 40000 | 39824 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Value** |
|  SM Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 08/01/29 | 139000 | 130083 |
|  Sunoco LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 07/01/33 | 74000 | 73968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 05/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123469 |
|  Transocean Poseidon Ltd. | Transocean Poseidon Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 02/01/27 | 19950 | 19902 |
|  Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% <sup>(1)</sup> | 02/01/28 | 190000 | 188419 |
|  Vital Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% <sup>(1)</sup> | 07/31/29 | 40000 | 33760 |
|  |  |  | 776961 |
|  **Oil & Gas Services — 1.9%** | **Oil & Gas Services — 1.9%** | **Oil & Gas Services — 1.9%** | **Oil & Gas Services — 1.9%** |
|  Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(1)</sup> | 09/01/32 | 295000 | 293560 |
|  Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% <sup>(1)</sup> | 04/01/30 | 150000 | 149067 |
|  USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 09/01/27 | 55000 | 54654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% <sup>(1)</sup> | 03/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277849 |
|  |  |  | 775130 |
|  **Packaging & Containers — 2.2%** | **Packaging & Containers — 2.2%** | **Packaging & Containers — 2.2%** | **Packaging & Containers — 2.2%** |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(1)</sup> | 08/15/26 | 80000 | 70738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% <sup>(1)</sup> | 08/15/27 | 99000 | 45796 |
|  Clearwater Paper Corp. | Clearwater Paper Corp. | Clearwater Paper Corp. | Clearwater Paper Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% <sup>(1)</sup> | 08/15/28 | 148000 | 138065 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(1)</sup> | 04/15/29 | 95000 | 95938 |
|  Graham Packaging Co., Inc. | Graham Packaging Co., Inc. | Graham Packaging Co., Inc. | Graham Packaging Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% <sup>(1)</sup> | 08/15/28 | 101000 | 98797 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 07/15/32 | 195000 | 196342 |
|  Sealed Air Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 07/15/32 | 195000 | 198656 |
|  Trivium Packaging Finance BV (Netherlands) | Trivium Packaging Finance BV (Netherlands) | Trivium Packaging Finance BV (Netherlands) | Trivium Packaging Finance BV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 08/15/27 | 60000 | 59392 |
|  |  |  | 903724 |
|  **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% <sup>(1)</sup> | 04/15/32 | 320000 | 313984 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | | **Principal**<br> **Amount** | **Value** |
|  180 Medical, Inc. (United Kingdom) | 180 Medical, Inc. (United Kingdom) | 180 Medical, Inc. (United Kingdom) | 180 Medical, Inc. (United Kingdom) | 180 Medical, Inc. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 10/15/29 |  | 109000 | 102027 |
|  CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (5 yr. CMT + 2.516%)<sup>(2)</sup> | 12/10/54 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144422 |
|  Grifols SA (Spain) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(3)</sup> | 05/01/30 | EUR | 135000 | 160965 |
|  Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% <sup>(1)</sup> | 01/15/29 |  | 212000 | 201474 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% <sup>(1)</sup> | 10/31/29 |  | 220000 | 208217 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 05/15/34 |  | 61000 | 57614 |
|  |  |  |  | 1188703 |
|  **Pipelines — 4.6%** | **Pipelines — 4.6%** | **Pipelines — 4.6%** | **Pipelines — 4.6%** | **Pipelines — 4.6%** |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp. | Antero Midstream Partners LP/Antero Midstream Finance Corp. | Antero Midstream Partners LP/Antero Midstream Finance Corp. | Antero Midstream Partners LP/Antero Midstream Finance Corp. | Antero Midstream Partners LP/Antero Midstream Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(1)</sup> | 02/01/32 |  | 98000 | 99063 |
|  Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 02/01/30 |  | 75000 | 76347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 08/15/33 |  | 97000 | 97680 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% (3 mo. USD LIBOR + 4.155%)<sup>(2),(5)</sup> | 02/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231499 |
|  Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(1)</sup> | 01/15/32 |  | 192000 | 195644 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% <sup>(1)</sup> | 02/15/29 |  | 65000 | 61195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% <sup>(1)</sup> | 02/15/32 |  | 86000 | 78418 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% <sup>(1)</sup> | 07/15/29 |  | 63000 | 60299 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(1)</sup> | 09/01/31 |  | 106000 | 97821 |
|  TransMontaigne Partners LLC | TransMontaigne Partners LLC | TransMontaigne Partners LLC | TransMontaigne Partners LLC | TransMontaigne Partners LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 06/15/30 |  | 135000 | 135979 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(1)</sup> | 08/15/31 |  | 250000 | 225030 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 01/15/30 |  | 273000 | 257475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (5 yr. CMT + 5.440%)<sup>(1),(2),(5)</sup> | 09/30/29 |  | 65000 | 55862 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88% <sup>(1)</sup> | 02/01/32 | $| 182000 | $| 185292 |
|  |  |  |  |  | 1857604 |
|  **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
|  Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% <sup>(1)</sup> | 09/01/31 |  | 129000 |  | 138113 |
|  **REIT — 1.3%** | **REIT — 1.3%** | **REIT — 1.3%** | **REIT — 1.3%** | **REIT — 1.3%** | **REIT — 1.3%** |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 |  | 91267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 02/15/28 |  | 120000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100336 |
|  Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 01/15/33 |  | 205000 |  | 204805 |
|  RHP Hotel Properties LP/RHP Finance Corp. (REIT) | RHP Hotel Properties LP/RHP Finance Corp. (REIT) | RHP Hotel Properties LP/RHP Finance Corp. (REIT) | RHP Hotel Properties LP/RHP Finance Corp. (REIT) | RHP Hotel Properties LP/RHP Finance Corp. (REIT) | RHP Hotel Properties LP/RHP Finance Corp. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 04/01/32 |  | 130000 |  | 129813 |
|  |  |  |  |  | 526221 |
|  **Retail — 7.8%** | **Retail — 7.8%** | **Retail — 7.8%** | **Retail — 7.8%** | **Retail — 7.8%** | **Retail — 7.8%** |
|  1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(1)</sup> | 10/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284366 |
|  Arcos Dorados BV (Brazil) | Arcos Dorados BV (Brazil) | Arcos Dorados BV (Brazil) | Arcos Dorados BV (Brazil) | Arcos Dorados BV (Brazil) | Arcos Dorados BV (Brazil) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 01/29/32 |  | 98000 |  | 99519 |
|  Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 02/15/32 |  | 109000 |  | 99403 |
|  Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. | Beacon Roofing Supply, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 04/30/32 |  | 115000 |  | 115361 |
|  Bloomin' Brands, Inc./OSI Restaurant Partners LLC | Bloomin' Brands, Inc./OSI Restaurant Partners LLC | Bloomin' Brands, Inc./OSI Restaurant Partners LLC | Bloomin' Brands, Inc./OSI Restaurant Partners LLC | Bloomin' Brands, Inc./OSI Restaurant Partners LLC | Bloomin' Brands, Inc./OSI Restaurant Partners LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% <sup>(1)</sup> | 04/15/29 |  | 110000 |  | 95167 |
|  Brinker International, Inc. | Brinker International, Inc. | Brinker International, Inc. | Brinker International, Inc. | Brinker International, Inc. | Brinker International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(1)</sup> | 07/15/30 |  | 93000 |  | 97847 |
|  eG Global Finance PLC (United Kingdom) | eG Global Finance PLC (United Kingdom) | eG Global Finance PLC (United Kingdom) | eG Global Finance PLC (United Kingdom) | eG Global Finance PLC (United Kingdom) | eG Global Finance PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.00% <sup>(1)</sup> | 11/30/28 |  | 35000 |  | 38523 |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% <sup>(1)</sup> | 04/01/26 |  | 250000 |  | 243312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% <sup>(1)</sup> | 04/01/29 |  | 328000 |  | 284901 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% <sup>(1)</sup> | 01/15/29 |  | 64000 |  | 59446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 01/15/30 |  | 79000 |  | 69116 |
|  FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 03/01/32 |  | 236000 |  | 241603 |
|  Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. | Group 1 Automotive, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 01/15/30 |  | 98000 |  | 99301 |
|  LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(1)</sup> | 08/01/31 |  | 133000 |  | 139380 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 06/01/29 |  | 95000 |  | 88309 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Value** |
|  Macy's Retail Holdings LLC | Macy's Retail Holdings LLC | Macy's Retail Holdings LLC | Macy's Retail Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% <sup>(1)</sup> | 03/15/32 | 42000 | 37838 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% <sup>(1)</sup> | 05/01/28 | 360000 | 189227 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(1)</sup> | 02/15/31 | 160000 | 144453 |
|  Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 09/15/29 | 223000 | 207294 |
|  Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38% <sup>(1)</sup> | 05/01/29 | 132000 | 140271 |
|  Saks Global Enterprises LLC | Saks Global Enterprises LLC | Saks Global Enterprises LLC | Saks Global Enterprises LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00% <sup>(1)</sup> | 12/15/29 | 100000 | 60707 |
|  Sally Holdings LLC/Sally Capital, Inc. | Sally Holdings LLC/Sally Capital, Inc. | Sally Holdings LLC/Sally Capital, Inc. | Sally Holdings LLC/Sally Capital, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 03/01/32 | 98000 | 98909 |
|  Staples, Inc. | Staples, Inc. | Staples, Inc. | Staples, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% <sup>(1)</sup> | 09/01/29 | 101000 | 87888 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 06/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141041 |
|  |  |  | 3163182 |
|  **Software — 1.9%** | **Software — 1.9%** | **Software — 1.9%** | **Software — 1.9%** |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(1)</sup> | 06/30/32 | 254000 | 265293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% <sup>(1)</sup> | 09/30/29 | 60000 | 60542 |
|  Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% <sup>(1)</sup> | 05/01/29 | 165000 | 160258 |
|  RingCentral, Inc. | RingCentral, Inc. | RingCentral, Inc. | RingCentral, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 08/15/30 | 133000 | 140066 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 02/01/29 | 165000 | 151830 |
|  |  |  | 777989 |
|  **Telecommunications — 5.3%** | **Telecommunications — 5.3%** | **Telecommunications — 5.3%** | **Telecommunications — 5.3%** |
|  Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 08/15/29 | 206000 | 151684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63% <sup>(1)</sup> | 07/15/27 | 288000 | 249137 |
|  CommScope LLC | CommScope LLC | CommScope LLC | CommScope LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% <sup>(1)</sup> | 12/15/31 | 125000 | 127962 |
|  Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 10/01/28 | 193000 | 190184 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75% | 11/30/29 | 325000 | 343847 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 05/01/29 | 141000 | 141777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63% <sup>(1)</sup> | 03/15/31 | 220000 | 233462 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | | **Principal**<br> **Amount** | **Value** |
|  Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38% <sup>(3)</sup> | 10/07/30 | EUR | 115000 | 123368 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% <sup>(1)</sup> | 04/15/29 |  | 89000 | 98841 |
|  Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) | Vmed O2 U.K. Financing I PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% <sup>(1)</sup> | 04/15/32 |  | 101000 | 101960 |
|  Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(1)</sup> | 10/01/31 |  | 292000 | 299592 |
|  Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(1)</sup> | 03/01/27 |  | 65000 | 59844 |
|  |  |  |  | 2121658 |
|  **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** | **Total Corporate Bonds** |
|  (Cost: $34,129,059) | (Cost: $34,129,059) | (Cost: $34,129,059) | (Cost: $34,129,059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33720259 |
|  **BANK LOANS** — **13.7%** | **BANK LOANS** — **13.7%** | **BANK LOANS** — **13.7%** | **BANK LOANS** — **13.7%** | **BANK LOANS** — **13.7%** |
|  **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** |
|  Neptune Bidco U.S., Inc. 2022 USD Term Loan B | Neptune Bidco U.S., Inc. 2022 USD Term Loan B | Neptune Bidco U.S., Inc. 2022 USD Term Loan B | Neptune Bidco U.S., Inc. 2022 USD Term Loan B | Neptune Bidco U.S., Inc. 2022 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.33% (3 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 04/11/29 |  | 89679 | 79391 |
|  **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** |
|  First Brands Group LLC 2021 Term Loan | First Brands Group LLC 2021 Term Loan | First Brands Group LLC 2021 Term Loan | First Brands Group LLC 2021 Term Loan | First Brands Group LLC 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.54% (3 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 03/30/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180387 |
|  **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
|  Celsius Holdings, Inc. Term Loan | Celsius Holdings, Inc. Term Loan | Celsius Holdings, Inc. Term Loan | Celsius Holdings, Inc. Term Loan | Celsius Holdings, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 04/01/32 |  | 57000 | 56739 |
|  Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.71% (3 mo. USD Term SOFR + 5.500%)<sup>(2)</sup> | 01/24/29 |  | 250000 | 241500 |
|  Pegasus Bidco BV 2024 Term Loan B | Pegasus Bidco BV 2024 Term Loan B | Pegasus Bidco BV 2024 Term Loan B | Pegasus Bidco BV 2024 Term Loan B | Pegasus Bidco BV 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 07/12/29 |  | 82953 | 82901 |
|  |  |  |  | 381140 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Value** |
|  **Commercial Services — 1.4%** | **Commercial Services — 1.4%** | **Commercial Services — 1.4%** | **Commercial Services — 1.4%** |
|  Belron Finance 2019 LLC 2024 USD Term Loan B | Belron Finance 2019 LLC 2024 USD Term Loan B | Belron Finance 2019 LLC 2024 USD Term Loan B | Belron Finance 2019 LLC 2024 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% (3 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 10/16/31 | $65670 | $65597 |
|  Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.07% (1 mo. USD Term SOFR + 5.750%)<sup>(2),(6)</sup> | 12/30/29 | 39775 | 39427 |
|  Ryan LLC Term Loan | Ryan LLC Term Loan | Ryan LLC Term Loan | Ryan LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 11/14/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148754 |
|  Valvoline, Inc. Term Loan B | Valvoline, Inc. Term Loan B | Valvoline, Inc. Term Loan B | Valvoline, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(7)</sup> | 03/19/32 | 100000 | 99875 |
|  Veritiv Corp. Term Loan B | Veritiv Corp. Term Loan B | Veritiv Corp. Term Loan B | Veritiv Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 11/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148283 |
|  VT Topco, Inc. 2024 1st Lien Term Loan B | VT Topco, Inc. 2024 1st Lien Term Loan B | VT Topco, Inc. 2024 1st Lien Term Loan B | VT Topco, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% (3 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 08/09/30 | 74066 | 74005 |
|  |  |  | 575941 |
|  **Computers — 0.8%** | **Computers — 0.8%** | **Computers — 0.8%** | **Computers — 0.8%** |
|  Amentum Government Services Holdings LLC 2024 Term Loan B | Amentum Government Services Holdings LLC 2024 Term Loan B | Amentum Government Services Holdings LLC 2024 Term Loan B | Amentum Government Services Holdings LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 09/29/31 | 249375 | 246765 |
|  Nielsen Consumer, Inc. 2025 USD Term Loan | Nielsen Consumer, Inc. 2025 USD Term Loan | Nielsen Consumer, Inc. 2025 USD Term Loan | Nielsen Consumer, Inc. 2025 USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 03/06/28 | 74813 | 74719 |
|  |  |  | 321484 |
|  **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
|  Opal U.S. LLC Term Loan B | Opal U.S. LLC Term Loan B | Opal U.S. LLC Term Loan B | Opal U.S. LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(7)</sup> | 03/31/32 | 60000 | 59588 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Value** |
|  **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** |
|  Jane Street Group LLC 2024 Term Loan B1 | Jane Street Group LLC 2024 Term Loan B1 | Jane Street Group LLC 2024 Term Loan B1 | Jane Street Group LLC 2024 Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.31% (3 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 12/15/31 | $193474 | $191084 |
|  **Electric — 0.9%** | **Electric — 0.9%** | **Electric — 0.9%** | **Electric — 0.9%** |
|  Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 09/30/31 | 109450 | 109597 |
|  Edgewater Generation LLC 2025 Repriced Term Loan | Edgewater Generation LLC 2025 Repriced Term Loan | Edgewater Generation LLC 2025 Repriced Term Loan | Edgewater Generation LLC 2025 Repriced Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 08/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106539 |
|  Kestrel Acquisition LLC 2024 Term Loan B | Kestrel Acquisition LLC 2024 Term Loan B | Kestrel Acquisition LLC 2024 Term Loan B | Kestrel Acquisition LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 11/06/31 | 65670 | 65786 |
|  South Field LLC 2025 Term Loan B | South Field LLC 2025 Term Loan B | South Field LLC 2025 Term Loan B | South Field LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 08/29/31 | 59665 | 59479 |
|  South Field LLC 2025 Term Loan C | South Field LLC 2025 Term Loan C | South Field LLC 2025 Term Loan C | South Field LLC 2025 Term Loan C |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 08/29/31 | 3814 | 3802 |
|  |  |  | 345203 |
|  **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
|  Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.81% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 12/29/28 | 60000 | 53904 |
|  **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
|  TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 10/24/31 | 64838 | 65000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Value** |
|  **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** |
|  Astrion Group LLC 2024 Term Loan | Astrion Group LLC 2024 Term Loan | Astrion Group LLC 2024 Term Loan | Astrion Group LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.31% (3 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 08/15/31 | $65835 | $63860 |
|  DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.94% (1 mo. USD Term SOFR + 3.500%)<sup>(2),(8)</sup> | 03/31/28 | 101291 | 101215 |
|  |  |  | 165075 |
|  **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
|  Light & Wonder International, Inc. 2024 Term Loan | Light & Wonder International, Inc. 2024 Term Loan | Light & Wonder International, Inc. 2024 Term Loan | Light & Wonder International, Inc. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 04/14/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139009 |
|  Ontario Gaming GTA LP Term Loan B | Ontario Gaming GTA LP Term Loan B | Ontario Gaming GTA LP Term Loan B | Ontario Gaming GTA LP Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.55% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 08/01/30 | 105904 | 102753 |
|  Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 08/13/31 | 154313 | 154699 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396461 |
|  **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
|  Chobani LLC 2025 Repriced Term Loan B | Chobani LLC 2025 Repriced Term Loan B | Chobani LLC 2025 Repriced Term Loan B | Chobani LLC 2025 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (1 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 10/25/27 | 123441 | 123569 |
|  United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (1 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 05/01/31 | 153450 | 154217 |
|  |  |  | 277786 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Value** |
|  **Health Care-Products — 0.2%** | **Health Care-Products — 0.2%** | **Health Care-Products — 0.2%** | **Health Care-Products — 0.2%** |
|  Auris Luxembourg III SARL 2024 Term Loan B4 | Auris Luxembourg III SARL 2024 Term Loan B4 | Auris Luxembourg III SARL 2024 Term Loan B4 | Auris Luxembourg III SARL 2024 Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 02/28/29 | $28542 | $28280 |
|  Sotera Health Holdings LLC 2024 Term Loan B | Sotera Health Holdings LLC 2024 Term Loan B | Sotera Health Holdings LLC 2024 Term Loan B | Sotera Health Holdings LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 05/30/31 | 49750 | 49719 |
|  |  |  | 77999 |
|  **Health Care-Services — 1.2%** | **Health Care-Services — 1.2%** | **Health Care-Services — 1.2%** | **Health Care-Services — 1.2%** |
|  ADMI Corp. 2023 Term Loan B5 | ADMI Corp. 2023 Term Loan B5 | ADMI Corp. 2023 Term Loan B5 | ADMI Corp. 2023 Term Loan B5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.07% (1 mo. USD Term SOFR + 5.750%)<sup>(2)</sup> | 12/23/27 | 64510 | 63758 |
|  Heartland Dental LLC 2024 Term Loan | Heartland Dental LLC 2024 Term Loan | Heartland Dental LLC 2024 Term Loan | Heartland Dental LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.82% (1 mo. USD Term SOFR + 4.500%)<sup>(2)</sup> | 04/28/28 | 74250 | 73568 |
|  ModivCare, Inc. 2024 Term Loan B | ModivCare, Inc. 2024 Term Loan B | ModivCare, Inc. 2024 Term Loan B | ModivCare, Inc. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.05% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154227 |
|  Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.71% (3 mo. USD Term SOFR + 7.500%)<sup>(2)</sup> | 01/09/26 | 33811 | 26346 |
|  Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan | Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan | Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan | Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.80% (3 mo. USD Term SOFR + 5.500%)<sup>(2)</sup> | 06/20/28 | 70000 | 70117 |
|  Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 09/27/30 | 84795 | 82198 |
|  |  |  | 470214 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Value** |
|  **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
|  Asurion LLC 2020 Term Loan B8 | Asurion LLC 2020 Term Loan B8 | Asurion LLC 2020 Term Loan B8 | Asurion LLC 2020 Term Loan B8 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 12/23/26 | $75031 | $74550 |
|  **Internet — 1.2%** | **Internet — 1.2%** | **Internet — 1.2%** | **Internet — 1.2%** |
|  Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.78% (3 mo. USD Term SOFR + 4.500%)<sup>(2)</sup> | 08/15/29 | 69821 | 58559 |
|  Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.31% (3 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 12/12/29 | 69474 | 69595 |
|  Getty Images, Inc. 2025 USD Term Loan B | Getty Images, Inc. 2025 USD Term Loan B | Getty Images, Inc. 2025 USD Term Loan B | Getty Images, Inc. 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25% | 02/21/30 | 102500 | 101603 |
|  Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 02/06/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185529 |
|  MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (1 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 05/03/28 | 52413 | 49727 |
|  |  |  | 465013 |
|  **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
|  MajorDrive Holdings IV LLC Term Loan B | MajorDrive Holdings IV LLC Term Loan B | MajorDrive Holdings IV LLC Term Loan B | MajorDrive Holdings IV LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.56% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 06/01/28 | 56852 | 52975 |
|  **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** |
|  Oregon Tool, Inc. 2025 1st Lien Term Loan | Oregon Tool, Inc. 2025 1st Lien Term Loan | Oregon Tool, Inc. 2025 1st Lien Term Loan | Oregon Tool, Inc. 2025 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.67% (3 mo. USD Term SOFR + 5.350%)<sup>(2)</sup> | 10/15/29 | 38405 | 38537 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Value** |
|  Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan | Oregon Tool, Inc. 2025 2nd Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.58% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 10/15/29 | 129765 | 97215 |
|  |  |  | 135752 |
|  **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
|  Virgin Media Bristol LLC 2023 USD Term Loan Y | Virgin Media Bristol LLC 2023 USD Term Loan Y | Virgin Media Bristol LLC 2023 USD Term Loan Y | Virgin Media Bristol LLC 2023 USD Term Loan Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.37% (6 mo. USD Term SOFR + 3.175%)<sup>(2)</sup> | 03/31/31 | 66750 | 65013 |
|  **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** |
|  Xerox Holdings Corp. 2023 Term Loan B | Xerox Holdings Corp. 2023 Term Loan B | Xerox Holdings Corp. 2023 Term Loan B | Xerox Holdings Corp. 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 11/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128916 |
|  **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** | **Oil & Gas — 0.2%** |
|  WaterBridge Midstream Operating LLC 2024 1st Lien Term Loan B | WaterBridge Midstream Operating LLC 2024 1st Lien Term Loan B | WaterBridge Midstream Operating LLC 2024 1st Lien Term Loan B | WaterBridge Midstream Operating LLC 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.05% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 06/27/29 | 99500 | 95299 |
|  **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
|  Plaze, Inc. 2020 Incremental Term Loan | Plaze, Inc. 2020 Incremental Term Loan | Plaze, Inc. 2020 Incremental Term Loan | Plaze, Inc. 2020 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.19% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 08/03/26 | 81640 | 76406 |
|  **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
|  Gainwell Acquisition Corp. Term Loan B | Gainwell Acquisition Corp. Term Loan B | Gainwell Acquisition Corp. Term Loan B | Gainwell Acquisition Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.40% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 10/01/27 | 39896 | 37222 |
|  **REIT — 0.4%** | **REIT — 0.4%** | **REIT — 0.4%** | **REIT — 0.4%** |
|  OEG Borrower LLC 2024 Term Loan B | OEG Borrower LLC 2024 Term Loan B | OEG Borrower LLC 2024 Term Loan B | OEG Borrower LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 06/30/31 | 159500 | 159201 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br> **Amount** | **Value** |
|  **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** | **Retail — 0.6%** |
|  1011778 B.C. Unlimited Liability Co. 2024 Term Loan B6 | 1011778 B.C. Unlimited Liability Co. 2024 Term Loan B6 | 1011778 B.C. Unlimited Liability Co. 2024 Term Loan B6 | 1011778 B.C. Unlimited Liability Co. 2024 Term Loan B6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 09/20/30 | $114138 | $113237 |
|  Tacala LLC 2024 Term Loan | Tacala LLC 2024 Term Loan | Tacala LLC 2024 Term Loan | Tacala LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 01/31/31 | 138603 | 138603 |
|  |  |  | 251840 |
|  **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** |
|  Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 07/30/31 | 50000 | 49088 |
|  DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.32% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 04/26/29 | 150000 | 147868 |
|  EagleView Technology Corp. 2018 Add On Term Loan B | EagleView Technology Corp. 2018 Add On Term Loan B | EagleView Technology Corp. 2018 Add On Term Loan B | EagleView Technology Corp. 2018 Add On Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 08/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166933 |
|  |  |  | 363889 |
|  **Total Bank Loans**<br> (Cost: $5,707,703) | **Total Bank Loans**<br> (Cost: $5,707,703) | **Total Bank Loans**<br> (Cost: $5,707,703) | 5546733 |
|  **Total Fixed Income Securities**<br> **(Cost: $39,836,762)** | **Total Fixed Income Securities**<br> **(Cost: $39,836,762)** | **Total Fixed Income Securities**<br> **(Cost: $39,836,762)** | **39266992** |
|  **CONVERTIBLE SECURITIES (0.2%)** | **CONVERTIBLE SECURITIES (0.2%)** | **CONVERTIBLE SECURITIES (0.2%)** | **CONVERTIBLE SECURITIES (0.2%)** |
|  **CONVERTIBLE CORPORATE BONDS—0.2%**<br> **(Cost: $63,214)** | **CONVERTIBLE CORPORATE BONDS—0.2%**<br> **(Cost: $63,214)** | **CONVERTIBLE CORPORATE BONDS—0.2%**<br> **(Cost: $63,214)** | **CONVERTIBLE CORPORATE BONDS—0.2%**<br> **(Cost: $63,214)** |
|  **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
|  Worldline SA (France) | Worldline SA (France) | Worldline SA (France) | Worldline SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(3),(9)</sup> | 07/30/26 | 61920 | 68051 |
|  **Total Convertible Securities**<br> (Cost: $63,214) | **Total Convertible Securities**<br> (Cost: $63,214) | **Total Convertible Securities**<br> (Cost: $63,214) | **68051** |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Issues** | **Shares** | **Value** |
|  **WARRANTS**—**0.0%** | **WARRANTS**—**0.0%** | **WARRANTS**—**0.0%** |
|  Cineworld Group PLC<sup>(10),(11)</sup> | 42717 | $— |
|  **MONEY MARKET INVESTMENTS**—**1.5%** | **MONEY MARKET INVESTMENTS**—**1.5%** | **MONEY MARKET INVESTMENTS**—**1.5%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%<sup>(12)</sup> | 106662 | 106662 |
|  TCW Central Cash Fund, 4.34%<sup>(12),(13)</sup> | 504237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504237 |
|  **Total Money Market Investments** |  |  |
|  (Cost: $610,899) |  | 610899 |
|  **Total Investments (98.9%)** (Cost: $40,510,875) | **Total Investments (98.9%)** (Cost: $40,510,875) | 39945942 |
|  **Net unrealized appreciation on unfunded**<br> **commitments—0.00%** | **Net unrealized appreciation on unfunded**<br> **commitments—0.00%** | 2172 |
|  **Excess Of Other Assets Over Liabilities (1.1%)** | **Excess Of Other Assets Over Liabilities (1.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451952 |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40400066 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** |
| **Counterparty** | **Contracts to <br> Deliver** | **Units of <br> Currency** | **Settlement<br>Date** | **In Exchange for <br>USD** | **Contracts at Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **BUY <sup>(14)</sup>** |  |  |  |  |  |  |
|  Goldman Sachs & Co. | EUR | 108867 | 07/11/25 | $124333 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123844 | $(489) |
|  **SELL <sup>(15)</sup>** |  |  |  |  |  |  |
|  Citibank N.A. | EUR | 689000 | 07/11/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783787 | $(35854) |

---

---

| | |
|:---|:---|
|  **Notes to the Schedule of Investments:** | **Notes to the Schedule of Investments:** |
| REIT | Real Estate Investment Trust. |
| SOFR | Secured Overnight Financing Rate. |
| EUR | Euro Currency. |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2025, the value of these securities amounted to $29,845,078 or 73.9% of net assets. These securities are determined to be liquid by the Fund's investment adviser, unless otherwise noted, under procedures established by and under the general supervision of the Trust's Board of Trustees. |
| (2) | Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2025. |
| (3) | Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At April 30, 2025, the value of these securities amounted to $570,204 or 1.4% of net assets. |
| (4) | Payment-in-kind ("PIK") security. Income may be paid in additional securities or cash at the discretion of the issuer — 5.00% cash or 10.00% PIK interest. |
| (5) | Perpetual maturity. |
| (6) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $9,974, at an interest rate of 10.07% and a maturity of December 30, 2029. The investment is accruing an unused commitment fee of 5.70% per annum. |
| (7) | This position represents an unsettled bank loan at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date. |
| (8) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $8,185, at an interest rate of 7.94% and a maturity of March 31, 2028. The investment is accruing an unused commitment fee of 3.50% per annum. |
| (9) | Security is not accruing interest. |
| (10) | Non-income producing security. |
| (11) | For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs. |
| (12) | Rate disclosed is the 7-day net yield as of April 30, 2025. |
| (13) | Affiliated issuer. |
| (14) | Fund buys foreign currency, sells USD. |
| (15) | Fund sells foreign currency, buys USD. |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

The summary of the TCW High Yield Bond ETF transactions in the affiliated funds for the period ended April 30, 2025 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of<br>Affiliated Fund** | **Value at<br>October 31,<br>2024** | **Purchases at<br>Cost** | **Proceeds<br>from Sales** | **Number of<br>Shares Held<br>April 30, 2025** | **Value at<br>April 30,<br>2025** | **Dividends and<br>Interest Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net Realized<br>Gain (Loss) on<br>Investments** | **Net change in<br>Unrealized Gain<br>(Loss) on<br>Investments** |
|  TCW Central Cash Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8719026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8214789 | 504237 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504237 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $504237 | $20259 | $— | $— | $— |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

TCW High Yield Bond ETF

Fair Valuation Summary (Unaudited) April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices in<br>Active Markets for<br>Identical Assets**<br> **(Level 1)** | **Other Significant<br>Observable Inputs**<br> **(Level 2)** | **Significant<br>Unobservable Inputs**<br> **(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $33720259 | $— | $33720259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 5546733 |  | 5546733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded Commitments Appreciation |  | 2172 |  | 2172 |
|  Total Fixed Income Securities |  | 39269164 |  | 39269164 |
|  Convertible Corporate Bonds |  | 68051 |  | 68051 |
|  Warrants |  |  | — \* | — \* |
|  Money Market Investments | 610899 |  |  | 610899 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39337215 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39948114 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk | $— | $(36343) | $— | $(36343) |
|  Total | $— | $(36343) | $— | $(36343) |

---

*\* Amount is less than $1.* 

*See accompanying Notes to Financial Statements.* 

------

![LOGO](g949859g07c01.jpg)

#### TCW Multisector Credit Income ETF

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES — 99.8% of Net Assets** | **FIXED INCOME SECURITIES — 99.8% of Net Assets** | **FIXED INCOME SECURITIES — 99.8% of Net Assets** | **FIXED INCOME SECURITIES — 99.8% of Net Assets** | **FIXED INCOME SECURITIES — 99.8% of Net Assets** |
|  **CORPORATE BONDS** — **49.5%** | **CORPORATE BONDS** — **49.5%** | **CORPORATE BONDS** — **49.5%** | **CORPORATE BONDS** — **49.5%** | **CORPORATE BONDS** — **49.5%** |
|  **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.29% <sup>(1)</sup> | 04/15/29 |  | $79000 | $70403 |
|  **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 12/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171257 |
|  **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
|  Crocs, Inc. | Crocs, Inc. | Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(1)</sup> | 08/15/31 |  | 85000 | 74365 |
|  **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(1)</sup> | 01/30/31 |  | 83000 | 74658 |
|  Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) | Volkswagen International Finance NV (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% (9 yr. EUR Swap + 4.783%)<sup>(2),(3),(4)</sup> | 09/06/32 | EUR | 100000 | 126423 |
|  |  |  |  | 201081 |
|  **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
|  Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 02/15/30 |  | $120000 | 122317 |
|  **Banks — 2.3%** | **Banks — 2.3%** | **Banks — 2.3%** | **Banks — 2.3%** | **Banks — 2.3%** |
|  Akbank TAS | Akbank TAS | Akbank TAS | Akbank TAS | Akbank TAS |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.37% (5 yr. CMT + 5.270%)<sup>(1),(4),(3)</sup> | 03/14/29 |  | 253000 | 252833 |
|  Banco Mercantil del Norte SA (Mexico) | Banco Mercantil del Norte SA (Mexico) | Banco Mercantil del Norte SA (Mexico) | Banco Mercantil del Norte SA (Mexico) | Banco Mercantil del Norte SA (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% (5 yr. CMT + 4.072%)<sup>(1),(4),(3)</sup> | 05/20/31 |  | 204000 | 201056 |
|  BBVA Bancomer SA | BBVA Bancomer SA | BBVA Bancomer SA | BBVA Bancomer SA | BBVA Bancomer SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% (5 yr. CMT + 2.65%)<sup>(2),(4)</sup> | 01/18/33 |  | 214000 | 202515 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.12% (5 yr. CMT + 5.493%)<sup>(1),(4),(3)</sup> | 04/24/29 |  | 200000 | 204388 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  Yapi ve Kredi Bankasi AS | Yapi ve Kredi Bankasi AS | Yapi ve Kredi Bankasi AS | Yapi ve Kredi Bankasi AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.74% (5 yr. CMT + 5.499%)<sup>(1),(4),(3)</sup> | 04/04/29 | 251000 | 253811 |
|  |  |  | 1114603 |
|  **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 04/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173334 |
|  **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
|  Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems Dutch Holding B BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% <sup>(1)</sup> | 02/15/31 | 119000 | 123354 |
|  International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30% <sup>(1)</sup> | 11/01/30 | 125000 | 108784 |
|  OCP SA | OCP SA | OCP SA | OCP SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 05/02/34 | 259000 | 261898 |
|  Orbia Advance Corp. SAB de CV (Mexico) | Orbia Advance Corp. SAB de CV (Mexico) | Orbia Advance Corp. SAB de CV (Mexico) | Orbia Advance Corp. SAB de CV (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(1)</sup> | 05/13/35 | 237000 | 235410 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% <sup>(1)</sup> | 05/01/28 | 79000 | 75862 |
|  SK Invictus Intermediate II SARL (Luxembourg) | SK Invictus Intermediate II SARL (Luxembourg) | SK Invictus Intermediate II SARL (Luxembourg) | SK Invictus Intermediate II SARL (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 10/30/29 | 128000 | 120244 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% <sup>(1)</sup> | 08/15/29 | 80000 | 70985 |
|  |  |  | 996537 |
|  **Commercial Services — 2.5%** | **Commercial Services — 2.5%** | **Commercial Services — 2.5%** | **Commercial Services — 2.5%** |
|  Adtalem Global Education, Inc. | Adtalem Global Education, Inc. | Adtalem Global Education, Inc. | Adtalem Global Education, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(1)</sup> | 03/01/28 | 75000 | 74065 |
|  Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 06/01/31 | 138000 | 123441 |
|  Carriage Services, Inc. | Carriage Services, Inc. | Carriage Services, Inc. | Carriage Services, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(1)</sup> | 05/15/29 | 135000 | 124024 |
|  Deluxe Corp. | Deluxe Corp. | Deluxe Corp. | Deluxe Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% <sup>(1)</sup> | 09/15/29 | 75000 | 75133 |
|  Grand Canyon University | Grand Canyon University | Grand Canyon University | Grand Canyon University |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 10/01/28 | 185000 | 174455 |
|  Upbound Group, Inc. | Upbound Group, Inc. | Upbound Group, Inc. | Upbound Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 02/15/29 | 262000 | 247653 |
|  Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% <sup>(1)</sup> | 11/30/30 | 157000 | 164503 |
|  VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. | VT Topco, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 08/15/30 | 116000 | 121444 |
|  WASH Multifamily Acquisition, Inc. | WASH Multifamily Acquisition, Inc. | WASH Multifamily Acquisition, Inc. | WASH Multifamily Acquisition, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 04/15/26 | 75000 | 74296 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | | **Principal<br>Amount** | **Value** |
|  WEX, Inc. | WEX, Inc. | WEX, Inc. | WEX, Inc. | WEX, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 03/15/33 |  | $50000 | 48672 |
|  |  |  |  | 1227686 |
|  **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
|  Amentum Holdings, Inc. | Amentum Holdings, Inc. | Amentum Holdings, Inc. | Amentum Holdings, Inc. | Amentum Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% <sup>(1)</sup> | 08/01/32 |  | 72000 | 73318 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% <sup>(1)</sup> | 04/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124350 |
|  |  |  |  | 197668 |
|  **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 09/30/32 |  | 75000 | 74555 |
|  Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(1)</sup> | 04/01/31 |  | 139000 | 125695 |
|  |  |  |  | 200250 |
|  **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** |
|  Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 07/18/35 | EUR | 100000 | 116180 |
|  EZCORP, Inc. | EZCORP, Inc. | EZCORP, Inc. | EZCORP, Inc. | EZCORP, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 04/01/32 |  | $75000 | 78780 |
|  GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) | GGAM Finance Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% <sup>(1)</sup> | 06/15/28 |  | 160000 | 167816 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% <sup>(1)</sup> | 04/30/31 |  | 119000 | 122819 |
|  |  |  |  | 485595 |
|  **Electric — 5.4%** | **Electric — 5.4%** | **Electric — 5.4%** | **Electric — 5.4%** | **Electric — 5.4%** |
|  AES Andes SA | AES Andes SA | AES Andes SA | AES Andes SA | AES Andes SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.15% (5 yr. CMT + 3.835%)<sup>(1),(4)</sup> | 06/10/55 |  | 200000 | 204350 |
|  AES Andes SA (Chile) | AES Andes SA (Chile) | AES Andes SA (Chile) | AES Andes SA (Chile) | AES Andes SA (Chile) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 03/14/32 |  | 350000 | 351337 |
|  Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 10/15/32 |  | 122000 | 124675 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% | 05/15/34 |  | 125000 | 130306 |
|  Continuum Green Energy India Pvt/Co-Issuers (India) | Continuum Green Energy India Pvt/Co-Issuers (India) | Continuum Green Energy India Pvt/Co-Issuers (India) | Continuum Green Energy India Pvt/Co-Issuers (India) | Continuum Green Energy India Pvt/Co-Issuers (India) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(2)</sup> | 06/26/33 |  | 244313 | 244867 |
|  Eskom Holdings SOC Ltd. (South Africa) | Eskom Holdings SOC Ltd. (South Africa) | Eskom Holdings SOC Ltd. (South Africa) | Eskom Holdings SOC Ltd. (South Africa) | Eskom Holdings SOC Ltd. (South Africa) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% <sup>(1)</sup> | 08/10/28 |  | 201000 | 198926 |
|  FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% <sup>(1)</sup> | 01/31/41 |  | 198850 | 197496 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | | **Principal<br>Amount** | **Value** |
|  MVM Energetika Zrt (Hungary) | MVM Energetika Zrt (Hungary) | MVM Energetika Zrt (Hungary) | MVM Energetika Zrt (Hungary) | MVM Energetika Zrt (Hungary) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(2)</sup> | 03/13/31 |  | $329000 | 336577 |
|  Pike Corp. | Pike Corp. | Pike Corp. | Pike Corp. | Pike Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63% <sup>(1)</sup> | 01/31/31 |  | 160000 | 168034 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 04/01/33 |  | 125000 | 124607 |
|  Termocandelaria Power SA | Termocandelaria Power SA | Termocandelaria Power SA | Termocandelaria Power SA | Termocandelaria Power SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% <sup>(1)</sup> | 09/17/31 |  | 263000 | 260649 |
|  Zorlu Enerji Elektrik Uretim AS | Zorlu Enerji Elektrik Uretim AS | Zorlu Enerji Elektrik Uretim AS | Zorlu Enerji Elektrik Uretim AS | Zorlu Enerji Elektrik Uretim AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00% <sup>(1)</sup> | 04/23/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307574 |
|  |  |  |  | 2649398 |
|  **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** |
|  Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% <sup>(1)</sup> | 03/31/29 |  | 79000 | 73814 |
|  **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
|  Coherent Corp. | Coherent Corp. | Coherent Corp. | Coherent Corp. | Coherent Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 12/15/29 |  | 76000 | 72940 |
|  **Energy-Alternate Sources — 0.5%** | **Energy-Alternate Sources — 0.5%** | **Energy-Alternate Sources — 0.5%** | **Energy-Alternate Sources — 0.5%** | **Energy-Alternate Sources — 0.5%** |
|  Greenko Power II Ltd. (India) | Greenko Power II Ltd. (India) | Greenko Power II Ltd. (India) | Greenko Power II Ltd. (India) | Greenko Power II Ltd. (India) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% <sup>(2)</sup> | 12/13/28 |  | 272210 | 249276 |
|  **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** |
|  Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) | Heathrow Funding Ltd. (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13% <sup>(2)</sup> | 10/08/32 | EUR | 100000 | 101773 |
|  IRB Infrastructure Developers Ltd. (India) | IRB Infrastructure Developers Ltd. (India) | IRB Infrastructure Developers Ltd. (India) | IRB Infrastructure Developers Ltd. (India) | IRB Infrastructure Developers Ltd. (India) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.11% <sup>(1)</sup> | 03/11/32 |  | $200000 | 195626 |
|  |  |  |  | 297399 |
|  **Entertainment — 2.1%** | **Entertainment — 2.1%** | **Entertainment — 2.1%** | **Entertainment — 2.1%** | **Entertainment — 2.1%** |
|  Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) | Banijay Entertainment SAS (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% <sup>(1)</sup> | 05/01/29 |  | 72000 | 73788 |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% <sup>(1)</sup> | 10/15/29 |  | 80000 | 74116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 02/15/32 |  | 75000 | 75488 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 05/01/31 |  | 73000 | 73836 |
|  Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 08/01/32 |  | 71000 | 72661 |
|  Everi Holdings, Inc. | Everi Holdings, Inc. | Everi Holdings, Inc. | Everi Holdings, Inc. | Everi Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 07/15/29 |  | 74000 | 74383 |
|  Great Canadian Gaming Corp. | Great Canadian Gaming Corp. | Great Canadian Gaming Corp. | Great Canadian Gaming Corp. | Great Canadian Gaming Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% <sup>(1)</sup> | 11/15/29 |  | 72000 | 71562 |
|  Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(1)</sup> | 09/01/31 |  | 71000 | 73004 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | | **Principal<br>Amount** | **Value** |
|  Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% <sup>(1)</sup> | 08/01/30 |  | $118000 | 113735 |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(1)</sup> | 02/01/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123636 |
|  WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. | WarnerMedia Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 03/15/52 |  | 225000 | 154649 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 03/15/33 |  | 75000 | 72716 |
|  |  |  |  | 1053574 |
|  **Environmental Control — 0.4%** | **Environmental Control — 0.4%** | **Environmental Control — 0.4%** | **Environmental Control — 0.4%** | **Environmental Control — 0.4%** |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 01/15/31 |  | 70000 | 72949 |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 02/01/33 |  | 125000 | 128001 |
|  |  |  |  | 200950 |
|  **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 05/15/34 |  | 75000 | 81332 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 03/01/33 |  | 174000 | 172592 |
|  |  |  |  | 253924 |
|  **Gas — 1.3%** | **Gas — 1.3%** | **Gas — 1.3%** | **Gas — 1.3%** | **Gas — 1.3%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. | AmeriGas Partners LP/AmeriGas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 08/20/26 |  | 17000 | 16812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38% <sup>(1)</sup> | 06/01/28 |  | 55000 | 54694 |
|  Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.39% <sup>(1)</sup> | 09/15/33 |  | 150000 | 158105 |
|  China Oil & Gas Group Ltd. | China Oil & Gas Group Ltd. | China Oil & Gas Group Ltd. | China Oil & Gas Group Ltd. | China Oil & Gas Group Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% <sup>(2)</sup> | 06/30/26 |  | 200000 | 192210 |
|  National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) | National Gas Transmission PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(2)</sup> | 04/05/30 | EUR | 100000 | 118835 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% <sup>(1)</sup> | 05/01/35 |  | $120000 | 123306 |
|  |  |  |  | 663962 |
|  **Health Care-Products — 0.6%** | **Health Care-Products — 0.6%** | **Health Care-Products — 0.6%** | **Health Care-Products — 0.6%** | **Health Care-Products — 0.6%** |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% <sup>(1)</sup> | 10/01/28 |  | 117000 | 122265 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% <sup>(1)</sup> | 10/01/29 |  | 15000 | 14264 |
|  Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(1)</sup> | 06/01/28 |  | 77000 | 73834 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | | **Principal<br>Amount** | **Value** |
|  Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50% | 03/01/28 | EUR | 100000 | 107129 |
|  |  |  |  | 317492 |
|  **Health Care-Services — 1.8%** | **Health Care-Services — 1.8%** | **Health Care-Services — 1.8%** | **Health Care-Services — 1.8%** | **Health Care-Services — 1.8%** |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 02/15/30 |  | $125000 | 114055 |
|  HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC | HAH Group Holding Co. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% <sup>(1)</sup> | 10/01/31 |  | 72000 | 69232 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% <sup>(1)</sup> | 10/01/29 |  | 78000 | 73742 |
|  Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) | Kedrion SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 09/01/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172582 |
|  ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. | ModivCare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1),(5)</sup> | 10/01/29 |  | 258300 | 80073 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 01/15/33 |  | 125000 | 124265 |
|  Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% <sup>(1)</sup> | 04/15/32 |  | 73000 | 72896 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 05/15/31 |  | 122000 | 125160 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 07/15/34 |  | 50000 | 50178 |
|  |  |  |  | 882183 |
|  **Household Products/Wares — 0.6%** | **Household Products/Wares — 0.6%** | **Household Products/Wares — 0.6%** | **Household Products/Wares — 0.6%** | **Household Products/Wares — 0.6%** |
|  Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(1)</sup> | 04/30/31 |  | 222000 | 200107 |
|  Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 03/15/31 |  | 142000 | 117262 |
|  |  |  |  | 317369 |
|  **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** |
|  Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(1)</sup> | 11/06/30 |  | 162000 | 165784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(1)</sup> | 02/01/29 |  | 72000 | 73773 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 01/15/31 |  | 120000 | 121842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 10/01/32 |  | 74000 | 74848 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% <sup>(1)</sup> | 06/30/29 |  | 78000 | 74391 |
|  AssuredPartners, Inc. | AssuredPartners, Inc. | AssuredPartners, Inc. | AssuredPartners, Inc. | AssuredPartners, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(1)</sup> | 02/15/32 |  | 72000 | 76642 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II | Farmers Exchange Capital II |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% (3 mo. USD Term SOFR + 4.006%)<sup>(1),(4)</sup> | 11/01/53 | 200000 | 192762 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 01/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122668 |
|  |  |  | 902710 |
|  **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
|  Cogent Communications Group, Inc./Cogent Communications Finance, Inc. | Cogent Communications Group, Inc./Cogent Communications Finance, Inc. | Cogent Communications Group, Inc./Cogent Communications Finance, Inc. | Cogent Communications Group, Inc./Cogent Communications Finance, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 06/15/27 | 72000 | 72426 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 03/01/33 | 125000 | 124887 |
|  |  |  | 197313 |
|  **Iron & Steel — 1.2%** | **Iron & Steel — 1.2%** | **Iron & Steel — 1.2%** | **Iron & Steel — 1.2%** |
|  CSN Resources SA | CSN Resources SA | CSN Resources SA | CSN Resources SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% <sup>(1)</sup> | 12/05/30 | 255000 | 244573 |
|  Samarco Mineracao SA | Samarco Mineracao SA | Samarco Mineracao SA | Samarco Mineracao SA |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% <sup>(1),(6)</sup> | 06/30/31 | 360290 | 339393 |
|  |  |  | 583966 |
|  **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** |
|  MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC | MajorDrive Holdings IV LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38% <sup>(1)</sup> | 06/01/29 | 180000 | 134912 |
|  **Lodging — 0.6%** | **Lodging — 0.6%** | **Lodging — 0.6%** | **Lodging — 0.6%** |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% <sup>(1)</sup> | 02/15/32 | 140000 | 124145 |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 04/15/32 | 75000 | 73994 |
|  Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% <sup>(1)</sup> | 08/15/28 | 77000 | 74181 |
|  |  |  | 272320 |
|  **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** |
|  TK Elevator U.S. Newco, Inc. (Germany) | TK Elevator U.S. Newco, Inc. (Germany) | TK Elevator U.S. Newco, Inc. (Germany) | TK Elevator U.S. Newco, Inc. (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% <sup>(1)</sup> | 07/15/27 | 75000 | 73855 |
|  **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 06/01/52 | 55000 | 34997 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% <sup>(1)</sup> | 04/01/28 | 33000 | 24255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% <sup>(1)</sup> | 01/31/29 | 147000 | 138994 |
|  DISH Network Corp. | DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75% <sup>(1)</sup> | 11/15/27 | 118000 | 124072 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 09/01/31 | 86000 | 73823 |
|  VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 01/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166768 |
|  |  |  | 562909 |
|  **Mining — 1.5%** | **Mining — 1.5%** | **Mining — 1.5%** | **Mining — 1.5%** |
|  Aris Mining Corp. | Aris Mining Corp. | Aris Mining Corp. | Aris Mining Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% <sup>(1)</sup> | 10/31/29 | 174000 | 175914 |
|  First Quantum Minerals Ltd. (Zambia) | First Quantum Minerals Ltd. (Zambia) | First Quantum Minerals Ltd. (Zambia) | First Quantum Minerals Ltd. (Zambia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63% <sup>(2)</sup> | 06/01/31 | 320000 | 324704 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. | Novelis Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(1)</sup> | 11/15/26 | 80000 | 77697 |
|  Volcan Cia Minera SAA (Peru) | Volcan Cia Minera SAA (Peru) | Volcan Cia Minera SAA (Peru) | Volcan Cia Minera SAA (Peru) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% <sup>(2)</sup> | 01/24/30 | 173000 | 163590 |
|  |  |  | 741905 |
|  **Municipal Bonds — 0.6%** | **Municipal Bonds — 0.6%** | **Municipal Bonds — 0.6%** | **Municipal Bonds — 0.6%** |
|  Istanbul Metropolitan Municipality | Istanbul Metropolitan Municipality | Istanbul Metropolitan Municipality | Istanbul Metropolitan Municipality |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50% <sup>(1)</sup> | 12/06/28 | 296000 | 315870 |
|  **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** | **Oil & Gas — 3.2%** |
|  Energean Israel Finance Ltd. | Energean Israel Finance Ltd. | Energean Israel Finance Ltd. | Energean Israel Finance Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% <sup>(2)</sup> | 03/30/28 | 369279 | 348861 |
|  Gran Tierra Energy, Inc. (Colombia) | Gran Tierra Energy, Inc. (Colombia) | Gran Tierra Energy, Inc. (Colombia) | Gran Tierra Energy, Inc. (Colombia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% <sup>(2)</sup> | 10/15/29 | 355000 | 279545 |
|  Leviathan Bond Ltd. (Israel) | Leviathan Bond Ltd. (Israel) | Leviathan Bond Ltd. (Israel) | Leviathan Bond Ltd. (Israel) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(2)</sup> | 06/30/30 | 212490 | 206145 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 01/28/31 | 386000 | 320098 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. | SM Energy Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(1)</sup> | 08/01/32 | 73000 | 67391 |
|  Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% <sup>(1)</sup> | 02/01/28 | 106762 | 105874 |
|  Uzbekneftegaz JSC | Uzbekneftegaz JSC | Uzbekneftegaz JSC | Uzbekneftegaz JSC |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% <sup>(1)</sup> | 05/07/30 | 205000 | 229379 |
|  |  |  | 1557293 |
|  **Oil & Gas Services — 2.3%** | **Oil & Gas Services — 2.3%** | **Oil & Gas Services — 2.3%** | **Oil & Gas Services — 2.3%** |
|  Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(1)</sup> | 09/01/32 | 246000 | 244800 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC | Aris Water Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% <sup>(1)</sup> | 04/01/30 | 125000 | 124222 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% <sup>(1)</sup> | 02/15/29 | 71000 | 72202 |
|  USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 09/01/27 | 245000 | 243459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% <sup>(1)</sup> | 03/15/29 | 121000 | 122254 |
|  Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.95% <sup>(1)</sup> | 07/31/42 | 297354 | 305415 |
|  |  |  | 1112352 |
|  **Packaging & Containers — 0.9%** | **Packaging & Containers — 0.9%** | **Packaging & Containers — 0.9%** | **Packaging & Containers — 0.9%** |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(1)</sup> | 08/15/26 | 86000 | 76043 |
|  Clearwater Paper Corp. | Clearwater Paper Corp. | Clearwater Paper Corp. | Clearwater Paper Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% <sup>(1)</sup> | 08/15/28 | 183000 | 170715 |
|  Graham Packaging Co., Inc. | Graham Packaging Co., Inc. | Graham Packaging Co., Inc. | Graham Packaging Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13% <sup>(1)</sup> | 08/15/28 | 75000 | 73364 |
|  Sealed Air Corp./Sealed Air Corp. U.S. | Sealed Air Corp./Sealed Air Corp. U.S. | Sealed Air Corp./Sealed Air Corp. U.S. | Sealed Air Corp./Sealed Air Corp. U.S. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% <sup>(1)</sup> | 02/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124996 |
|  |  |  | 445118 |
|  **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% <sup>(1)</sup> | 04/15/32 | 125000 | 122650 |
|  Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% <sup>(1)</sup> | 07/15/44 | 107000 | 80384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% <sup>(1)</sup> | 06/25/48 | 186000 | 146624 |
|  Bayer U.S. Finance LLC (Germany) | Bayer U.S. Finance LLC (Germany) | Bayer U.S. Finance LLC (Germany) | Bayer U.S. Finance LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 11/21/53 | 30000 | 30421 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 06/01/34 | 60000 | 60978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (5 yr. CMT + 2.516%)<sup>(4)</sup> | 12/10/54 | 75000 | 74701 |
|  Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% <sup>(1)</sup> | 10/15/28 | 180000 | 167691 |
|  Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% <sup>(1)</sup> | 01/15/29 | 135000 | 128297 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% <sup>(1)</sup> | 10/31/29 | 81000 | 76662 |
|  Teva Pharmaceutical Finance Netherlands III BV (Israel) | Teva Pharmaceutical Finance Netherlands III BV (Israel) | Teva Pharmaceutical Finance Netherlands III BV (Israel) | Teva Pharmaceutical Finance Netherlands III BV (Israel) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13% | 09/15/31 | 110000 | 121207 |
|  |  |  | 1009615 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | | **Principal<br>Amount** | **Value** |
|  **Pipelines — 1.8%** | **Pipelines — 1.8%** | **Pipelines — 1.8%** | **Pipelines — 1.8%** | **Pipelines — 1.8%** |
|  Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) | Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) | Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) | Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) | Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% <sup>(2)</sup> | 09/30/40 |  | $313550 | $255271 |
|  Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 01/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121419 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% <sup>(1)</sup> | 02/15/32 |  | 122000 | 111244 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% <sup>(1)</sup> | 05/15/30 |  | 80000 | 75018 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(1)</sup> | 08/15/31 |  | 190000 | 171023 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (5 yr. CMT + 5.440%)<sup>(1),(3),(4)</sup> | 09/30/29 |  | 25000 | 21485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88% <sup>(1)</sup> | 02/01/32 |  | 153000 | 155768 |
|  |  |  |  | 911228 |
|  **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
|  Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88% <sup>(1)</sup> | 09/01/31 |  | 114000 | 122053 |
|  Port of Spain Waterfront Development | Port of Spain Waterfront Development | Port of Spain Waterfront Development | Port of Spain Waterfront Development | Port of Spain Waterfront Development |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88% <sup>(1)</sup> | 02/19/40 |  | 200000 | 188116 |
|  |  |  |  | 310169 |
|  **REIT — 1.0%** | **REIT — 1.0%** | **REIT — 1.0%** | **REIT — 1.0%** | **REIT — 1.0%** |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/15/30 |  | 125000 | 117990 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 |  | 194000 | 168627 |
|  Iron Mountain, Inc. (REIT) | Iron Mountain, Inc. (REIT) | Iron Mountain, Inc. (REIT) | Iron Mountain, Inc. (REIT) | Iron Mountain, Inc. (REIT) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% <sup>(1)</sup> | 07/15/32 |  | 76000 | 73903 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 07/06/34 | EUR | 100000 | 124548 |
|  |  |  |  | 485068 |
|  **Retail — 2.3%** | **Retail — 2.3%** | **Retail — 2.3%** | **Retail — 2.3%** | **Retail — 2.3%** |
|  1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(1)</sup> | 10/15/30 |  | $83000 | 75649 |
|  Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 02/15/32 |  | 81000 | 73868 |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% <sup>(1)</sup> | 04/01/29 |  | 186000 | 161560 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 01/15/30 |  | 132000 | 115484 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | | **Principal<br>Amount** | **Value** |
|  FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% <sup>(1)</sup> | 03/01/32 |  | 121000 | 123873 |
|  LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(1)</sup> | 08/01/31 |  | 117000 | 122612 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 06/01/29 |  | 133000 | 123633 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% <sup>(1)</sup> | 05/01/28 |  | 65000 | 34166 |
|  Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. | Papa John's International, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 09/15/29 |  | 146000 | 135717 |
|  Saks Global Enterprises LLC | Saks Global Enterprises LLC | Saks Global Enterprises LLC | Saks Global Enterprises LLC | Saks Global Enterprises LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00% <sup>(1)</sup> | 12/15/29 |  | 50000 | 30353 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(1)</sup> | 06/01/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122724 |
|  |  |  |  | 1119639 |
|  **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73% | 12/08/47 |  | 15000 | 10231 |
|  **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(1)</sup> | 06/30/32 |  | 70000 | 73112 |
|  Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% <sup>(1)</sup> | 05/01/29 |  | 72000 | 69931 |
|  RingCentral, Inc. | RingCentral, Inc. | RingCentral, Inc. | RingCentral, Inc. | RingCentral, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50% <sup>(1)</sup> | 08/15/30 |  | 114000 | 120057 |
|  SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 06/01/32 |  | 71000 | 72183 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(1)</sup> | 02/01/29 |  | 81000 | 74534 |
|  |  |  |  | 409817 |
|  **Telecommunications — 2.2%** | **Telecommunications — 2.2%** | **Telecommunications — 2.2%** | **Telecommunications — 2.2%** | **Telecommunications — 2.2%** |
|  Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% <sup>(1)</sup> | 08/15/29 |  | 140000 | 103086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63% <sup>(1)</sup> | 07/15/27 |  | 76000 | 65745 |
|  CommScope LLC | CommScope LLC | CommScope LLC | CommScope LLC | CommScope LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% <sup>(1)</sup> | 12/15/31 |  | 30000 | 30711 |
|  Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. | Consolidated Communications, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(1)</sup> | 10/01/28 |  | 128000 | 126133 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 05/01/29 |  | 173000 | 173953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63% <sup>(1)</sup> | 03/15/31 |  | 65000 | 68977 |
|  Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) | Global Switch Finance BV (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38% <sup>(2)</sup> | 10/07/30 | EUR | 100000 | 107276 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | | **Principal<br>Amount** | **Value** |
|  Telecom Argentina SA (Argentina) | Telecom Argentina SA (Argentina) | Telecom Argentina SA (Argentina) | Telecom Argentina SA (Argentina) | Telecom Argentina SA (Argentina) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% <sup>(1)</sup> | 07/18/31 | EUR | 251000 | 262348 |
|  Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(1)</sup> | 10/01/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128250 |
|  |  |  |  | 1066479 |
|  **Water — 0.4%** | **Water — 0.4%** | **Water — 0.4%** | **Water — 0.4%** | **Water — 0.4%** |
|  Aegea Finance SARL (Brazil) | Aegea Finance SARL (Brazil) | Aegea Finance SARL (Brazil) | Aegea Finance SARL (Brazil) | Aegea Finance SARL (Brazil) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% <sup>(2)</sup> | 01/20/31 |  | 200000 | 208676 |
|  **Total Corporate Bonds**<br>(Cost: $24,807,508) | **Total Corporate Bonds**<br>(Cost: $24,807,508) |  |  | 24498822 |
|  **FOREIGN GOVERNMENT BONDS** — **10.9%** | **FOREIGN GOVERNMENT BONDS** — **10.9%** | **FOREIGN GOVERNMENT BONDS** — **10.9%** | **FOREIGN GOVERNMENT BONDS** — **10.9%** | **FOREIGN GOVERNMENT BONDS** — **10.9%** |
|  Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% <sup>(2)</sup> | 04/14/32 |  | 370000 | 286139 |
|  Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 07/09/35 |  | 266529 | 177101 |
|  Bahrain Government International Bonds | Bahrain Government International Bonds | Bahrain Government International Bonds | Bahrain Government International Bonds | Bahrain Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(1)</sup> | 09/20/29 |  | 328000 | 333934 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 05/15/51 |  | 460000 | 255088 |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% <sup>(2)</sup> | 01/30/60 |  | 305000 | 251198 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(2)</sup> | 07/31/35 |  | 239849 | 144001 |
|  Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% <sup>(1)</sup> | 02/16/31 |  | 396000 | 320712 |
|  El Salvador Government International Bonds | El Salvador Government International Bonds | El Salvador Government International Bonds | El Salvador Government International Bonds | El Salvador Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% <sup>(2)</sup> | 07/15/52 |  | 161000 | 160960 |
|  Gabon Government International Bonds | Gabon Government International Bonds | Gabon Government International Bonds | Gabon Government International Bonds | Gabon Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63% <sup>(1)</sup> | 02/06/31 |  | $203000 | 143612 |
|  Gabon Government International Bonds | Gabon Government International Bonds | Gabon Government International Bonds | Gabon Government International Bonds | Gabon Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60% <sup>(1)</sup> | 06/13/36 |  | 263000 | 263592 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 03/12/54 |  | 289000 | 259629 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% <sup>(1)</sup> | 06/15/33 |  | 288000 | 247484 |
|  Jordan Government International Bonds | Jordan Government International Bonds | Jordan Government International Bonds | Jordan Government International Bonds | Jordan Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% <sup>(1)</sup> | 01/15/28 |  | 256000 | 259581 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 02/12/52 |  | 282000 | 189473 |
|  Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.70% <sup>(1)</sup> | 02/23/38 |  | 201000 | 153978 |
|  Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 01/25/31 |  | 200000 | 210076 |
|  Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% <sup>(1)</sup> | 04/08/31 |  | 200000 | 158018 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40% | 02/14/35 | 210000 | 198973 |
|  Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30% <sup>(1)</sup> | 01/23/34 | 412000 | 313466 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 06/22/30 | 204000 | 197902 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63% <sup>(2)</sup> | 01/17/53 | 186000 | 179297 |
|  Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% <sup>(1)</sup> | 05/23/33 | 387000 | 268795 |
|  Sri Lanka Government International Bonds | Sri Lanka Government International Bonds | Sri Lanka Government International Bonds | Sri Lanka Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% <sup>(2)</sup> | 01/15/30 | 215000 | 175939 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38% | 01/19/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220082 |
|  **Total Foreign Government Bonds**<br> (Cost: $5,585,218) | **Total Foreign Government Bonds**<br> (Cost: $5,585,218) | **Total Foreign Government Bonds**<br> (Cost: $5,585,218) | 5369030 |
|  **ASSET-BACKED SECURITIES** — **4.0%** | **ASSET-BACKED SECURITIES** — **4.0%** | **ASSET-BACKED SECURITIES** — **4.0%** | **ASSET-BACKED SECURITIES** — **4.0%** |
|  AMMC CLO 30 Ltd. Series 2024-30A, Class A1 | AMMC CLO 30 Ltd. Series 2024-30A, Class A1 | AMMC CLO 30 Ltd. Series 2024-30A, Class A1 | AMMC CLO 30 Ltd. Series 2024-30A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.94% (3 mo. USD Term SOFR + 1.680%)<sup>(1),(4)</sup> | 01/15/37 | 250000 | 250455 |
|  Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR | Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR | Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR | Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.01% (3 mo. USD Term SOFR + 1.750%)<sup>(1),(4)</sup> | 07/15/37 | 225000 | 224077 |
|  CIFC Funding Ltd. Series 2023-3A, Class B | CIFC Funding Ltd. Series 2023-3A, Class B | CIFC Funding Ltd. Series 2023-3A, Class B | CIFC Funding Ltd. Series 2023-3A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (3 mo. USD Term SOFR + 2.300%)<sup>(1),(4)</sup> | 01/20/37 | 250000 | 250949 |
|  GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR | GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR | GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR | GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% (3 mo. USD Term SOFR + 1.080%)<sup>(1),(4)</sup> | 10/20/34 | 250000 | 248629 |
|  OHA Credit Funding 1 Ltd. Series 2018-1A, Class B1R | OHA Credit Funding 1 Ltd. Series 2018-1A, Class B1R | OHA Credit Funding 1 Ltd. Series 2018-1A, Class B1R | OHA Credit Funding 1 Ltd. Series 2018-1A, Class B1R |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.27% (3 mo. USD Term SOFR + 2.000%)<sup>(1),(4)</sup> | 04/20/37 | 250000 | 250671 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR | Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR | Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR | Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.36% (3 mo. USD Term SOFR + 1.090%)<sup>(1),(4)</sup> | 01/20/36 | 250000 | 248206 |
|  Rockford Tower CLO Ltd. Series 2022-2A, Class BR | Rockford Tower CLO Ltd. Series 2022-2A, Class BR | Rockford Tower CLO Ltd. Series 2022-2A, Class BR | Rockford Tower CLO Ltd. Series 2022-2A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.77% (3 mo. USD Term SOFR + 2.500%)<sup>(1),(4)</sup> | 10/20/35 | 250000 | 250795 |
|  Sixth Street CLO VIII Ltd. Series 2017-8A, Class A1R2 | Sixth Street CLO VIII Ltd. Series 2017-8A, Class A1R2 | Sixth Street CLO VIII Ltd. Series 2017-8A, Class A1R2 | Sixth Street CLO VIII Ltd. Series 2017-8A, Class A1R2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(4)</sup> | 10/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248674 |
|  **Total Asset-backed Securities**<br> (Cost: $1,986,880) | **Total Asset-backed Securities**<br> (Cost: $1,986,880) | **Total Asset-backed Securities**<br> (Cost: $1,986,880) | 1972456 |
|  **BANK LOANS** — **35.4%** | **BANK LOANS** — **35.4%** | **BANK LOANS** — **35.4%** | **BANK LOANS** — **35.4%** |
|  **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** |
|  Air Comm Corp. LLC 2024 Term Loan | Air Comm Corp. LLC 2024 Term Loan | Air Comm Corp. LLC 2024 Term Loan | Air Comm Corp. LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(4),(7)</sup> | 11/21/31 | 230769 | 228894 |
|  **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
|  Air Canada 2024 Term Loan B | Air Canada 2024 Term Loan B | Air Canada 2024 Term Loan B | Air Canada 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%)<sup>(4)</sup> | 03/21/31 | 248744 | 246282 |
|  **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** |
|  First Brands Group LLC 2021 Term Loan | First Brands Group LLC 2021 Term Loan | First Brands Group LLC 2021 Term Loan | First Brands Group LLC 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.54% (3 mo. USD Term SOFR + 5.000%)<sup>(4)</sup> | 03/30/27 | 174547 | 162734 |
|  **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
|  Celsius Holdings, Inc. Term Loan | Celsius Holdings, Inc. Term Loan | Celsius Holdings, Inc. Term Loan | Celsius Holdings, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(4)</sup> | 04/01/32 | 125000 | 124427 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** | **Value** |
|  Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.71% (3 mo. USD Term SOFR + 5.500%)<sup>(4)</sup> | 01/24/29 | $| 125000 | $| 120750 |
|  |  |  |  |  | 245177 |
|  **Commercial Services — 3.5%** | **Commercial Services — 3.5%** | **Commercial Services — 3.5%** | **Commercial Services — 3.5%** | **Commercial Services — 3.5%** | **Commercial Services — 3.5%** |
|  Archkey Solutions LLC 2024 Term Loan B | Archkey Solutions LLC 2024 Term Loan B | Archkey Solutions LLC 2024 Term Loan B | Archkey Solutions LLC 2024 Term Loan B | Archkey Solutions LLC 2024 Term Loan B | Archkey Solutions LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.03% (3 mo. USD Term SOFR + 4.750%)<sup>(4),(8)</sup> | 11/01/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224138 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223858 |
|  ASP Dream Acquisition Co. LLC Term Loan B | ASP Dream Acquisition Co. LLC Term Loan B | ASP Dream Acquisition Co. LLC Term Loan B | ASP Dream Acquisition Co. LLC Term Loan B | ASP Dream Acquisition Co. LLC Term Loan B | ASP Dream Acquisition Co. LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.67% (1 mo. USD Term SOFR + 4.250%)<sup>(4)</sup> | 12/15/28 |  | 249357 |  | 239383 |
|  Crisis Prevention Institute, Inc. 2024 Term Loan B | Crisis Prevention Institute, Inc. 2024 Term Loan B | Crisis Prevention Institute, Inc. 2024 Term Loan B | Crisis Prevention Institute, Inc. 2024 Term Loan B | Crisis Prevention Institute, Inc. 2024 Term Loan B | Crisis Prevention Institute, Inc. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(4)</sup> | 04/09/31 |  | 249375 |  | 245634 |
|  Holding Socotec SAS 2024 USD Term Loan B | Holding Socotec SAS 2024 USD Term Loan B | Holding Socotec SAS 2024 USD Term Loan B | Holding Socotec SAS 2024 USD Term Loan B | Holding Socotec SAS 2024 USD Term Loan B | Holding Socotec SAS 2024 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.06% (3 mo. USD Term SOFR + 3.750%)<sup>(4)</sup> | 06/30/28 |  | 125000 |  | 125000 |
|  Priority Holdings LLC 2024 Term Loan B | Priority Holdings LLC 2024 Term Loan B | Priority Holdings LLC 2024 Term Loan B | Priority Holdings LLC 2024 Term Loan B | Priority Holdings LLC 2024 Term Loan B | Priority Holdings LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (1 mo. USD Term SOFR + 4.750%)<sup>(4)</sup> | 05/16/31 |  | 246736 |  | 246736 |
|  Trans Union LLC 2024 Term Loan B9 | Trans Union LLC 2024 Term Loan B9 | Trans Union LLC 2024 Term Loan B9 | Trans Union LLC 2024 Term Loan B9 | Trans Union LLC 2024 Term Loan B9 | Trans Union LLC 2024 Term Loan B9 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(4)</sup> | 06/24/31 |  | 124688 |  | 124166 |
|  TruGreen LP 2020 Term Loan | TruGreen LP 2020 Term Loan | TruGreen LP 2020 Term Loan | TruGreen LP 2020 Term Loan | TruGreen LP 2020 Term Loan | TruGreen LP 2020 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (1 mo. USD Term SOFR + 4.000%)<sup>(4)</sup> | 11/02/27 |  | 298442 |  | 283519 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  Veritiv Corp. Term Loan B | Veritiv Corp. Term Loan B | Veritiv Corp. Term Loan B | Veritiv Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(4)</sup> | 11/30/30 | 249373 | 247758 |
|  |  |  | 1736054 |
|  **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** |
|  Peraton Corp. Term Loan B | Peraton Corp. Term Loan B | Peraton Corp. Term Loan B | Peraton Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.17% (1 mo. USD Term SOFR + 3.750%)<sup>(4)</sup> | 02/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225606 |
|  **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** |
|  Opal U.S. LLC Term Loan B | Opal U.S. LLC Term Loan B | Opal U.S. LLC Term Loan B | Opal U.S. LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(9)</sup> | 03/31/32 | 125000 | 124141 |
|  **Diversified Financial Services — 1.8%** | **Diversified Financial Services — 1.8%** | **Diversified Financial Services — 1.8%** | **Diversified Financial Services — 1.8%** |
|  Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(4)</sup> | 06/24/30 | 349125 | 348181 |
|  Blackhawk Network Holdings, Inc. 2025 Term Loan B | Blackhawk Network Holdings, Inc. 2025 Term Loan B | Blackhawk Network Holdings, Inc. 2025 Term Loan B | Blackhawk Network Holdings, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.32% (1 mo. USD Term SOFR + 4.000%)<sup>(4)</sup> | 03/12/29 | 174125 | 174221 |
|  Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B | Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B | Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B | Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.51% (6 mo. USD Term SOFR + 3.250%)<sup>(4)</sup> | 01/27/32 | 125000 | 124024 |
|  Guggenheim Partners LLC 2024 Term Loan B | Guggenheim Partners LLC 2024 Term Loan B | Guggenheim Partners LLC 2024 Term Loan B | Guggenheim Partners LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80% (3 mo. USD Term SOFR + 2.500%)<sup>(4)</sup> | 11/26/31 | 249375 | 249478 |
|  |  |  | 895904 |
|  **Electric — 2.8%** | **Electric — 2.8%** | **Electric — 2.8%** | **Electric — 2.8%** |
|  EFS Cogen Holdings I LLC 2020 Term Loan B | EFS Cogen Holdings I LLC 2020 Term Loan B | EFS Cogen Holdings I LLC 2020 Term Loan B | EFS Cogen Holdings I LLC 2020 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(4)</sup> | 10/03/31 | 248125 | 248616 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  Hamilton Projects Acquiror LLC 2024 Term Loan B | Hamilton Projects Acquiror LLC 2024 Term Loan B | Hamilton Projects Acquiror LLC 2024 Term Loan B | Hamilton Projects Acquiror LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(4)</sup> | 05/22/31 | 102549 | 103017 |
|  Kestrel Acquisition LLC 2024 Term Loan B | Kestrel Acquisition LLC 2024 Term Loan B | Kestrel Acquisition LLC 2024 Term Loan B | Kestrel Acquisition LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(4)</sup> | 11/06/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348866 |
|  Potomac Energy Center LLC 2025 Term Loan | Potomac Energy Center LLC 2025 Term Loan | Potomac Energy Center LLC 2025 Term Loan | Potomac Energy Center LLC 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(9)</sup> | 03/14/32 | 125000 | 124531 |
|  Potomac Energy Center LLC Term Loan | Potomac Energy Center LLC Term Loan | Potomac Energy Center LLC Term Loan | Potomac Energy Center LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.56% (3 mo. USD Term SOFR + 6.000%)<sup>(4)</sup> | 11/12/26 | 250000 | 251250 |
|  South Field LLC 2025 Term Loan B | South Field LLC 2025 Term Loan B | South Field LLC 2025 Term Loan B | South Field LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(4)</sup> | 08/29/31 | 298337 | 297406 |
|  South Field LLC 2025 Term Loan C | South Field LLC 2025 Term Loan C | South Field LLC 2025 Term Loan C | South Field LLC 2025 Term Loan C |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(4)</sup> | 08/29/31 | 19071 | 19012 |
|  |  |  | 1392698 |
|  **Electronics — 0.7%** | **Electronics — 0.7%** | **Electronics — 0.7%** | **Electronics — 0.7%** |
|  TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (3 mo. USD Term SOFR + 4.250%)<sup>(4)</sup> | 10/24/31 | 349125 | 349999 |
|  **Engineering & Construction — 2.0%** | **Engineering & Construction — 2.0%** | **Engineering & Construction — 2.0%** | **Engineering & Construction — 2.0%** |
|  Artera Services LLC 2024 Term Loan | Artera Services LLC 2024 Term Loan | Artera Services LLC 2024 Term Loan | Artera Services LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.80% (3 mo. USD Term SOFR + 4.500%)<sup>(4)</sup> | 02/15/31 | 174121 | 166449 |
|  DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.94% (1 mo. USD Term SOFR + 3.500%)<sup>(4)</sup> | 03/31/28 | 248711 | 248525 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  Legence Holdings LLC 2025 Term Loan B | Legence Holdings LLC 2025 Term Loan B | Legence Holdings LLC 2025 Term Loan B | Legence Holdings LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%)<sup>(4)</sup> | 12/18/28 | 248711 | 245665 |
|  Wrench Group LLC 2019 Term Loan B | Wrench Group LLC 2019 Term Loan B | Wrench Group LLC 2019 Term Loan B | Wrench Group LLC 2019 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.56% (3 mo. USD Term SOFR + 4.000%)<sup>(4)</sup> | 10/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342582 |
|  |  |  | 1003221 |
|  **Entertainment — 0.9%** | **Entertainment — 0.9%** | **Entertainment — 0.9%** | **Entertainment — 0.9%** |
|  Caesars Entertainment, Inc. Term Loan B | Caesars Entertainment, Inc. Term Loan B | Caesars Entertainment, Inc. Term Loan B | Caesars Entertainment, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.56% (3 mo. USD Term SOFR + 2.250%)<sup>(4)</sup> | 02/06/30 | 260317 | 257324 |
|  Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (3 mo. USD Term SOFR + 4.750%)<sup>(4)</sup> | 08/13/31 | 174563 | 174999 |
|  |  |  | 432323 |
|  **Environmental Control — 0.7%** | **Environmental Control — 0.7%** | **Environmental Control — 0.7%** | **Environmental Control — 0.7%** |
|  Tidal Waste & Recycling Holdings LLC Term Loan B | Tidal Waste & Recycling Holdings LLC Term Loan B | Tidal Waste & Recycling Holdings LLC Term Loan B | Tidal Waste & Recycling Holdings LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(4)</sup> | 10/24/31 | 350000 | 351020 |
|  **Food — 1.3%** | **Food — 1.3%** | **Food — 1.3%** | **Food — 1.3%** |
|  1440 Food Topco LLC Term Loan B | 1440 Food Topco LLC Term Loan B | 1440 Food Topco LLC Term Loan B | 1440 Food Topco LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.32% (1 mo. USD Term SOFR + 5.000%)<sup>(4)</sup> | 10/31/31 | 125000 | 119258 |
|  8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan | 8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan | 8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan | 8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.19% (1 mo. USD Term SOFR + 3.750%)<sup>(4)</sup> | 10/01/25 | 124337 | 118120 |
|  BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.44% (1 mo. USD Term SOFR + 4.000%)<sup>(4)</sup> | 06/09/28 | 149227 | 145404 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (1 mo. USD Term SOFR + 4.750%)<sup>(4)</sup> | 05/01/31 | 248744 | 249988 |
|  |  |  | 632770 |
|  **Forest Products & Paper — 0.5%** | **Forest Products & Paper — 0.5%** | **Forest Products & Paper — 0.5%** | **Forest Products & Paper — 0.5%** |
|  Glatfelter Corp. Term Loan B | Glatfelter Corp. Term Loan B | Glatfelter Corp. Term Loan B | Glatfelter Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.56% (3 mo. USD Term SOFR + 4.250%)<sup>(4)</sup> | 11/04/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239478 |
|  **Health Care-Services — 2.7%** | **Health Care-Services — 2.7%** | **Health Care-Services — 2.7%** | **Health Care-Services — 2.7%** |
|  Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B | Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B | Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B | Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.78% (3 mo. USD Term SOFR + 5.500%)<sup>(4)</sup> | 03/30/29 | 248744 | 232576 |
|  Heartland Dental LLC 2024 Term Loan | Heartland Dental LLC 2024 Term Loan | Heartland Dental LLC 2024 Term Loan | Heartland Dental LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.82% (1 mo. USD Term SOFR + 4.500%)<sup>(4)</sup> | 04/28/28 | 348241 | 345043 |
|  Help At Home, Inc. 2024 Term Loan B | Help At Home, Inc. 2024 Term Loan B | Help At Home, Inc. 2024 Term Loan B | Help At Home, Inc. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.32% (1 mo. USD Term SOFR + 5.000%)<sup>(4)</sup> | 09/24/31 | 349125 | 338761 |
|  Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.71% (3 mo. USD Term SOFR + 7.500%)<sup>(4)</sup> | 01/09/26 | 43347 | 33777 |
|  NAPA Management Services Corp. Term Loan B | NAPA Management Services Corp. Term Loan B | NAPA Management Services Corp. Term Loan B | NAPA Management Services Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.67% (1 mo. USD Term SOFR + 5.250%)<sup>(4)</sup> | 02/23/29 | 174103 | 155858 |
|  Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(4)</sup> | 09/27/30 | 248744 | 241127 |
|  |  |  | 1347142 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Insurance — 1.5%** | **Insurance — 1.5%** | **Insurance — 1.5%** | **Insurance — 1.5%** |
|  AmWINS Group, Inc. 2025 Term Loan B | AmWINS Group, Inc. 2025 Term Loan B | AmWINS Group, Inc. 2025 Term Loan B | AmWINS Group, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(4)</sup> | 01/30/32 | $250000 | $249044 |
|  Asurion LLC 2021 Second Lien Term Loan B4 | Asurion LLC 2021 Second Lien Term Loan B4 | Asurion LLC 2021 Second Lien Term Loan B4 | Asurion LLC 2021 Second Lien Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.69% (1 mo. USD Term SOFR + 5.250%)<sup>(4)</sup> | 01/20/29 | 125000 | 115156 |
|  Asurion LLC 2022 Term Loan B10 | Asurion LLC 2022 Term Loan B10 | Asurion LLC 2022 Term Loan B10 | Asurion LLC 2022 Term Loan B10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (1 mo. USD Term SOFR + 4.000%)<sup>(4)</sup> | 08/19/28 | 248724 | 240778 |
|  Asurion LLC 2023 Term Loan B11 | Asurion LLC 2023 Term Loan B11 | Asurion LLC 2023 Term Loan B11 | Asurion LLC 2023 Term Loan B11 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.67% (1 mo. USD Term SOFR + 4.250%)<sup>(4)</sup> | 08/19/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121495 |
|  |  |  | 726473 |
|  **Internet — 3.5%** | **Internet — 3.5%** | **Internet — 3.5%** | **Internet — 3.5%** |
|  Arches Buyer, Inc. 2021 Term Loan B | Arches Buyer, Inc. 2021 Term Loan B | Arches Buyer, Inc. 2021 Term Loan B | Arches Buyer, Inc. 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (1 mo. USD Term SOFR + 3.250%)<sup>(4)</sup> | 12/06/27 | 249349 | 244705 |
|  Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.78% (3 mo. USD Term SOFR + 4.500%)<sup>(4)</sup> | 08/15/29 | 174109 | 146025 |
|  Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.31% (3 mo. USD Term SOFR + 5.000%)<sup>(4)</sup> | 12/12/29 | 348241 | 348850 |
|  Getty Images, Inc. 2025 USD Term Loan B | Getty Images, Inc. 2025 USD Term Loan B | Getty Images, Inc. 2025 USD Term Loan B | Getty Images, Inc. 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25% | 02/21/30 | 175000 | 173469 |
|  Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(4)</sup> | 02/06/31 | 375000 | 366094 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (1 mo. USD Term SOFR + 4.250%)<sup>(4)</sup> | 05/03/28 | 348228 | 330381 |
|  TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% (3 mo. USD Term SOFR + 2.750%)<sup>(4)</sup> | 07/08/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121881 |
|  |  |  | 1731405 |
|  **Leisure Time — 0.6%** | **Leisure Time — 0.6%** | **Leisure Time — 0.6%** | **Leisure Time — 0.6%** |
|  MajorDrive Holdings IV LLC Term Loan B | MajorDrive Holdings IV LLC Term Loan B | MajorDrive Holdings IV LLC Term Loan B | MajorDrive Holdings IV LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.56% (3 mo. USD Term SOFR + 4.000%)<sup>(4)</sup> | 06/01/28 | 124676 | 116174 |
|  Sabre GLBL, Inc. 2022 1st Lien Term Loan B | Sabre GLBL, Inc. 2022 1st Lien Term Loan B | Sabre GLBL, Inc. 2022 1st Lien Term Loan B | Sabre GLBL, Inc. 2022 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.42% (1 mo. USD Term SOFR + 5.000%)<sup>(4)</sup> | 06/30/28 | 175000 | 166251 |
|  |  |  | 282425 |
|  **Machinery-Construction & Mining — 0.5%** | **Machinery-Construction & Mining — 0.5%** | **Machinery-Construction & Mining — 0.5%** | **Machinery-Construction & Mining — 0.5%** |
|  WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(4)</sup> | 01/27/31 | 248747 | 246804 |
|  **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** | **Machinery-Diversified — 0.7%** |
|  Arcline FM Holdings LLC 2024 Term Loan | Arcline FM Holdings LLC 2024 Term Loan | Arcline FM Holdings LLC 2024 Term Loan | Arcline FM Holdings LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (3 mo. USD Term SOFR + 4.319%)<sup>(4)</sup> | 06/23/28 | 248750 | 248387 |
|  TK Elevator Midco GmbH 2025 Term Loan B | TK Elevator Midco GmbH 2025 Term Loan B | TK Elevator Midco GmbH 2025 Term Loan B | TK Elevator Midco GmbH 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(9)</sup> | 04/30/30 | 125000 | 124664 |
|  |  |  | 373051 |
|  **Media — 1.5%** | **Media — 1.5%** | **Media — 1.5%** | **Media — 1.5%** |
|  Charter Communications Operating LLC 2024 Term Loan B5 | Charter Communications Operating LLC 2024 Term Loan B5 | Charter Communications Operating LLC 2024 Term Loan B5 | Charter Communications Operating LLC 2024 Term Loan B5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% (3 mo. USD Term SOFR + 2.250%)<sup>(4)</sup> | 12/15/31 | 124688 | 124399 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  Telenet Financing USD LLC 2020 USD Term Loan AR | Telenet Financing USD LLC 2020 USD Term Loan AR | Telenet Financing USD LLC 2020 USD Term Loan AR | Telenet Financing USD LLC 2020 USD Term Loan AR |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.44% (1 mo. USD Term SOFR + 2.000%)<sup>(4)</sup> | 04/30/28 | 300000 | 293813 |
|  Virgin Media Bristol LLC USD Term Loan N | Virgin Media Bristol LLC USD Term Loan N | Virgin Media Bristol LLC USD Term Loan N | Virgin Media Bristol LLC USD Term Loan N |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.94% (1 mo. USD Term SOFR + 2.500%)<sup>(4)</sup> | 01/31/28 | 350000 | 345753 |
|  |  |  | 763965 |
|  **Office/Business Equipment — 0.6%** | **Office/Business Equipment — 0.6%** | **Office/Business Equipment — 0.6%** | **Office/Business Equipment — 0.6%** |
|  Xerox Holdings Corp. 2023 Term Loan B | Xerox Holdings Corp. 2023 Term Loan B | Xerox Holdings Corp. 2023 Term Loan B | Xerox Holdings Corp. 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(4)</sup> | 11/17/29 | 297963 | 277851 |
|  **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** |
|  WaterBridge Midstream Operating LLC 2024 1st Lien Term Loan B | WaterBridge Midstream Operating LLC 2024 1st Lien Term Loan B | WaterBridge Midstream Operating LLC 2024 1st Lien Term Loan B | WaterBridge Midstream Operating LLC 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.05% (3 mo. USD Term SOFR + 4.750%)<sup>(4)</sup> | 06/27/29 | 174125 | 166773 |
|  **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** |
|  Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.03% (3 mo. USD Term SOFR + 4.750%)<sup>(4)</sup> | 10/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173250 |
|  **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
|  Covetrus, Inc. Term Loan | Covetrus, Inc. Term Loan | Covetrus, Inc. Term Loan | Covetrus, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.30% (3 mo. USD Term SOFR + 5.000%)<sup>(4)</sup> | 10/13/29 | 248731 | 234467 |
|  Gainwell Acquisition Corp. Term Loan B | Gainwell Acquisition Corp. Term Loan B | Gainwell Acquisition Corp. Term Loan B | Gainwell Acquisition Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.40% (3 mo. USD Term SOFR + 4.000%)<sup>(4)</sup> | 10/01/27 | 149221 | 139219 |
|  |  |  | 373686 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Retail — 0.5%** |  |  |  |
|  Lakeshore Intermediate LLC Term Loan | Lakeshore Intermediate LLC Term Loan | Lakeshore Intermediate LLC Term Loan | Lakeshore Intermediate LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.94% (1 mo. USD Term SOFR + 3.500%)<sup>(4)</sup> | 09/29/28 | $248715 | $230606 |
|  **Software — 3.7%** |  |  |  |
|  Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(4)</sup> | 07/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245440 |
|  Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (1 mo. USD Term SOFR + 3.750%)<sup>(4)</sup> | 12/29/28 | 124357 | 119482 |
|  Cloud Software Group, Inc. 2024 USD Term Loan | Cloud Software Group, Inc. 2024 USD Term Loan | Cloud Software Group, Inc. 2024 USD Term Loan | Cloud Software Group, Inc. 2024 USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(4)</sup> | 03/21/31 | 249375 | 246881 |
|  Open Text Corp. 2023 Term Loan B | Open Text Corp. 2023 Term Loan B | Open Text Corp. 2023 Term Loan B | Open Text Corp. 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(4)</sup> | 01/31/30 | 347164 | 346556 |
|  Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(4)</sup> | 10/28/30 | 250000 | 249289 |
|  Renaissance Holdings Corp. 2024 1st Lien Term Loan | Renaissance Holdings Corp. 2024 1st Lien Term Loan | Renaissance Holdings Corp. 2024 1st Lien Term Loan | Renaissance Holdings Corp. 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.28% (3 mo. USD Term SOFR + 4.000%)<sup>(4)</sup> | 04/05/30 | 248741 | 232676 |
|  SolarWinds Holdings, Inc. 2025 Term Loan | SolarWinds Holdings, Inc. 2025 Term Loan | SolarWinds Holdings, Inc. 2025 Term Loan | SolarWinds Holdings, Inc. 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.26% (3 mo. USD Term SOFR + 4.000%)<sup>(4)</sup> | 04/16/32 | 125000 | 120977 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** | **Value** |
|  Surf Holdings LLC 2025 Incremental Term Loan | Surf Holdings LLC 2025 Incremental Term Loan | Surf Holdings LLC 2025 Incremental Term Loan | Surf Holdings LLC 2025 Incremental Term Loan | Surf Holdings LLC 2025 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.93% (1 mo. USD Term SOFR + 3.500%)<sup>(4)</sup> | 03/05/27 | 249346 | $| 249483 |
|  |  |  |  | 1810784 |
|  **Telecommunications — 1.5%** | **Telecommunications — 1.5%** | **Telecommunications — 1.5%** | **Telecommunications — 1.5%** | **Telecommunications — 1.5%** |
|  CCI Buyer, Inc. Term Loan | CCI Buyer, Inc. Term Loan | CCI Buyer, Inc. Term Loan | CCI Buyer, Inc. Term Loan | CCI Buyer, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(4)</sup> | 12/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248705 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249115 |
|  Consolidated Communications, Inc. 2021 Term Loan B | Consolidated Communications, Inc. 2021 Term Loan B | Consolidated Communications, Inc. 2021 Term Loan B | Consolidated Communications, Inc. 2021 Term Loan B | Consolidated Communications, Inc. 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.94% (1 mo. USD Term SOFR + 3.500%)<sup>(4)</sup> | 10/02/27 | 250000 |  | 248160 |
|  Zayo Group Holdings, Inc. 2022 USD Incremental Term Loan B | Zayo Group Holdings, Inc. 2022 USD Incremental Term Loan B | Zayo Group Holdings, Inc. 2022 USD Incremental Term Loan B | Zayo Group Holdings, Inc. 2022 USD Incremental Term Loan B | Zayo Group Holdings, Inc. 2022 USD Incremental Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (1 mo. USD Term SOFR + 4.250%)<sup>(4)</sup> | 03/09/27 | 248718 |  | 233314 |
|  |  |  |  | 730589 |
|  **Total Bank Loans**<br> (Cost: $17,775,740) | **Total Bank Loans**<br> (Cost: $17,775,740) | **Total Bank Loans**<br> (Cost: $17,775,740) |  | 17501105 |
|  **Total Fixed Income Securities**<br> (Cost: $50,155,346) | **Total Fixed Income Securities**<br> (Cost: $50,155,346) | **Total Fixed Income Securities**<br> (Cost: $50,155,346) |  | **49341413** |
|  **CONVERTIBLE SECURITIES (0.2%)** | **CONVERTIBLE SECURITIES (0.2%)** | **CONVERTIBLE SECURITIES (0.2%)** | **CONVERTIBLE SECURITIES (0.2%)** | **CONVERTIBLE SECURITIES (0.2%)** |
|  **CONVERTIBLE CORPORATE BONDS — 0.2% (Cost: $76,838)** | **CONVERTIBLE CORPORATE BONDS — 0.2% (Cost: $76,838)** | **CONVERTIBLE CORPORATE BONDS — 0.2% (Cost: $76,838)** | **CONVERTIBLE CORPORATE BONDS — 0.2% (Cost: $76,838)** | **CONVERTIBLE CORPORATE BONDS — 0.2% (Cost: $76,838)** |
|  **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
|  Worldline SA (France) | Worldline SA (France) | Worldline SA (France) | Worldline SA (France) | Worldline SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(2),(10)</sup> | 07/30/26 | 77400 |  | 85064 |
|  **Total Convertible Securities**<br> **(Cost: $76,838)** | **Total Convertible Securities**<br> **(Cost: $76,838)** | **Total Convertible Securities**<br> **(Cost: $76,838)** |  | **85064** |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Shares** | **Value** |
|  **MONEY MARKET INVESTMENTS — 1.8%** | **MONEY MARKET INVESTMENTS — 1.8%** | **MONEY MARKET INVESTMENTS — 1.8%** | **MONEY MARKET INVESTMENTS — 1.8%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% <sup>(11)</sup> | State Street Institutional U.S. Government Money Market Fund — Premier Class, 4.29% <sup>(11)</sup> | 483794 | $483794 |
|  TCW Central Cash Fund, 4.34%<sup>(11),(12)</sup> | TCW Central Cash Fund, 4.34%<sup>(11),(12)</sup> | 422702 | 422702 |
|  **Total Money Market Investments**<br> (Cost: $906,496) | **Total Money Market Investments**<br> (Cost: $906,496) | **Total Money Market Investments**<br> (Cost: $906,496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906496 |
|  **Total Investments (101.8%)** (Cost: $51,138,680) | **Total Investments (101.8%)** (Cost: $51,138,680) | **Total Investments (101.8%)** (Cost: $51,138,680) | 50332973 |
| **Net unrealized depreciation on unfunded commitments—0.00%** | **Net unrealized depreciation on unfunded commitments—0.00%** | **Net unrealized depreciation on unfunded commitments—0.00%** | (295) |
|  **Liabilities In Excess Of Other Assets (-1.8%)** | **Liabilities In Excess Of Other Assets (-1.8%)** | **Liabilities In Excess Of Other Assets (-1.8%)** | (876848) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49455830 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **FORWARD CURRENCY EXCHANGE CONTRACTS**  | **FORWARD CURRENCY EXCHANGE CONTRACTS**  | **FORWARD CURRENCY EXCHANGE CONTRACTS**  | **FORWARD CURRENCY EXCHANGE CONTRACTS**  | **FORWARD CURRENCY EXCHANGE CONTRACTS**  | **FORWARD CURRENCY EXCHANGE CONTRACTS**  | **FORWARD CURRENCY EXCHANGE CONTRACTS**  |
| **Counterparty** | **Contracts to <br> Deliver** | **Units of <br> Currency** | **Settlement<br>Date** | **In Exchange for <br>USD** | **Contracts at Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **SELL <sup>(13)</sup>** | | | | | |  |
|  Goldman Sachs & Co. | EUR | 782000 | 07/11/25 | $850132 | $889582 | $(39450) |
|  |  |  |  | $**850132** | $**889582** | **$(39450)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **FUTURES CONTRACTS**  | **FUTURES CONTRACTS**  | **FUTURES CONTRACTS**  | **FUTURES CONTRACTS**  | **FUTURES CONTRACTS**  | **FUTURES CONTRACTS**  |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional** | **Market Value** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2 | Euro SCHWATZ Futures | 06/6/25 | $(242755) | $(243721) | $(966) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 | Euro-Bobl Future | 06/6/25 | (400652) | (406569) | (5917) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2 | Euro-Bund Future | 06/6/25 | (292805) | (298574) | (5769) |
|  |  |  | $**(936212)** | $**(948864)** | $**(12652)** |

---

---

| | |
|:---|:---|
| **Notes to the Schedule of Investments:** | **Notes to the Schedule of Investments:** |
| ABS | Asset-Backed Securities. |
| CLO | Collateralized Loan Obligation. |
| PAC | Planned Amortization Class. |
| REIT | Real Estate Investment Trust. |
| SOFR | Secured Overnight Financing Rate. |
| EUR | Euro Currency. |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2025, the value of these securities amounted to $22,812,874 or 46.1% of net assets. These securities are determined to be liquid by the Fund's investment adviser, unless otherwise noted, under procedures established by and under the general supervision of the Trust's Board of Trustees. |
| (2) | Investments issued under Regulation S of the Securities Act of 1933, as amended, may not be offered, sold, or delivered within the United States except under special exemptions. At April 30, 2025, the value of these securities amounted to $4,749,142 or 9.6% of net assets. |
| (3) | Perpetual maturity. |
| (4) | Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2025. |
| (5) | Payment-in-kind ("PIK") security. Income may be paid in additional securities or cash at the discretion of the issuer — 5.00% cash or 10.00% PIK interest. |
| (6) | PIK. |
| (7) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $19,231, at an interest rate of 7.32% and a maturity of September 1, 2031. The investment is accruing an unused commitment fee of 1.00% per annum. |
| (8) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $224,138, at an interest rate of 9.03% and a maturity of November 1, 2031. The investment is accruing an unused commitment fee of 4.75% per annum. |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

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

(10) Security is not accruing interest.

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

(12) Affiliated issuer.

(13) Fund sells foreign currency, buys USD.

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

The summary of the TCW Multisector Credit Income ETF transactions in the affiliated funds for the period ended April 30, 2025 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of<br>Affiliated Fund** | **Value at<br>October 31,<br>2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Number of<br>Shares Held<br>April 30, 2025** | **Value at<br>April 30, 2025** | **Dividends and<br>Interest Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net Realized<br>Gain (Loss) on<br>Investments** | **Net change in<br>Unrealized Gain<br>(Loss) on<br>Investments** |
|  TCW Central Cash Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11497702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11075000 | 422702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $422702 | $51119 | $— | $— | $— |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

TCW Multisector Credit Income ETF

Fair Valuation Summary (Unaudited) April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices in<br>Active Markets for<br>Identical Assets<br>(Level 1)** | **Other Significant<br>Observable Inputs<br>(Level 2)** | **Significant<br>Unobservable Inputs<br>(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24498822 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24498822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 17501105 |  | 17501105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds |  | 5369030 |  | 5369030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 1972456 |  | 1972456 |
|  Total Fixed Income Securities |  | 49341413 |  | 49341413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 906496 |  |  | 906496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Corporate Bonds |  | 85064 |  | 85064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded Commitments Depreciation |  | (295) |  | (295) |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906496 | $49426182 | $— | $50332678 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk | $— | $(39450) | $— | $(39450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | (12652) |  |  | (12652) |
|  Total | $(12652) | $(39450) | $— | $(52102) |

---

*See accompanying Notes to Financial Statements.* 

------

![LOGO](g949859g07c01.jpg)

#### TCW Senior Loan ETF

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  **FIXED INCOME SECURITIES—93.7% of Net Assets** | **FIXED INCOME SECURITIES—93.7% of Net Assets** | **FIXED INCOME SECURITIES—93.7% of Net Assets** | **FIXED INCOME SECURITIES—93.7% of Net Assets** |
|  **ASSET-BACKED SECURITIES—0.7%** | **ASSET-BACKED SECURITIES—0.7%** | **ASSET-BACKED SECURITIES—0.7%** | **ASSET-BACKED SECURITIES—0.7%** |
|  AMMC CLO 18 Ltd. Series 2016-18A, Class BR | AMMC CLO 18 Ltd. Series 2016-18A, Class BR | AMMC CLO 18 Ltd. Series 2016-18A, Class BR | AMMC CLO 18 Ltd. Series 2016-18A, Class BR |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.18% (3 mo. USD Term SOFR + 1.862%)<sup>(1),(2)</sup> | 05/26/31 | $915000 | $916957 |
|  AMMC CLO 30 Ltd. Series 2024-30A, Class A1 | AMMC CLO 30 Ltd. Series 2024-30A, Class A1 | AMMC CLO 30 Ltd. Series 2024-30A, Class A1 | AMMC CLO 30 Ltd. Series 2024-30A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.94% (3 mo. USD Term SOFR + 1.680%)<sup>(1),(2)</sup> | 01/15/37 | 750000 | 751365 |
|  Elmwood CLO 15 Ltd. Series 2022-2A, Class A1 | Elmwood CLO 15 Ltd. Series 2022-2A, Class A1 | Elmwood CLO 15 Ltd. Series 2022-2A, Class A1 | Elmwood CLO 15 Ltd. Series 2022-2A, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61% (3 mo. USD Term SOFR + 1.340%)<sup>(1),(2)</sup> | 04/22/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250063 |
|  Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1 | Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1 | Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1 | Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(1),(2)</sup> | 11/09/36 | 500000 | 503347 |
|  |  |  | 2421732 |
|  **Total Asset-Backed Securities**<br> (Cost: $2,393,326) | **Total Asset-Backed Securities**<br> (Cost: $2,393,326) |  | 2421732 |
|  **BANK LOANS—89.7%** | **BANK LOANS—89.7%** | **BANK LOANS—89.7%** | **BANK LOANS—89.7%** |
|  **Advertising — 1.2%** | **Advertising — 1.2%** | **Advertising — 1.2%** | **Advertising — 1.2%** |
|  Advantage Sales & Marketing, Inc. 2024 Term Loan | Advantage Sales & Marketing, Inc. 2024 Term Loan | Advantage Sales & Marketing, Inc. 2024 Term Loan | Advantage Sales & Marketing, Inc. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.79% (3 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 10/28/27 | 1379086 | 1220560 |
|  Neptune Bidco U.S., Inc. 2022 USD Term Loan A | Neptune Bidco U.S., Inc. 2022 USD Term Loan A | Neptune Bidco U.S., Inc. 2022 USD Term Loan A | Neptune Bidco U.S., Inc. 2022 USD Term Loan A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.08% (3 mo. USD Term SOFR + 4.750%)<sup>(1)</sup> | 04/11/29 | 563500 | 495680 |
|  Planet U.S. Buyer LLC 2024 Term Loan B | Planet U.S. Buyer LLC 2024 Term Loan B | Planet U.S. Buyer LLC 2024 Term Loan B | Planet U.S. Buyer LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (3 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 02/07/31 | 1151182 | 1146722 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Red Ventures LLC 2024 Term Loan B | Red Ventures LLC 2024 Term Loan B | Red Ventures LLC 2024 Term Loan B | Red Ventures LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 03/03/30 | 981682 | 955176 |
|  |  |  | 3818138 |
|  **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** |
|  Air Comm Corp. LLC 2024 Term Loan | Air Comm Corp. LLC 2024 Term Loan | Air Comm Corp. LLC 2024 Term Loan | Air Comm Corp. LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(1),(3)</sup> | 11/21/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322321 |
|  HDI Aerospace Intermediate Holding III Corp. Term Loan B | HDI Aerospace Intermediate Holding III Corp. Term Loan B | HDI Aerospace Intermediate Holding III Corp. Term Loan B | HDI Aerospace Intermediate Holding III Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.73% (3 mo. USD Term SOFR + 4.500%)<sup>(1)</sup> | 02/11/32 | 833333 | 831250 |
|  Novaria Holdings LLC 2024 Term Loan B | Novaria Holdings LLC 2024 Term Loan B | Novaria Holdings LLC 2024 Term Loan B | Novaria Holdings LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 06/06/31 | 1197625 | 1197625 |
|  TransDigm, Inc. 2024 Term Loan I | TransDigm, Inc. 2024 Term Loan I | TransDigm, Inc. 2024 Term Loan I | TransDigm, Inc. 2024 Term Loan I |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% (3 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 08/24/28 | 1720737 | 1720522 |
|  |  |  | 4071718 |
|  **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
|  Alltech, Inc. 2025 Term Loan | Alltech, Inc. 2025 Term Loan | Alltech, Inc. 2025 Term Loan | Alltech, Inc. 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.69% (1 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 08/13/30 | 549604 | 543558 |
|  **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
|  Air Canada 2024 Term Loan B | Air Canada 2024 Term Loan B | Air Canada 2024 Term Loan B | Air Canada 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 03/21/31 | 505796 | 500791 |
|  United Airlines, Inc. 2024 1st Lien Term Loan B | United Airlines, Inc. 2024 1st Lien Term Loan B | United Airlines, Inc. 2024 1st Lien Term Loan B | United Airlines, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.28% (3 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 02/22/31 | 1074078 | 1072907 |
|  |  |  | 1573698 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  **Apparel — 0.6%** |  |  |  |
|  ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 12/21/28 | 1181634 | 1161918 |
|  WH Borrower LLC 2025 Term Loan B | WH Borrower LLC 2025 Term Loan B | WH Borrower LLC 2025 Term Loan B | WH Borrower LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (3 mo. USD Term SOFR + 4.750%)<sup>(1)</sup> | 02/20/32 | 1000000 | 963750 |
|  |  |  | 2125668 |
|  **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** |
|  First Brands Group LLC 2021 Term Loan | First Brands Group LLC 2021 Term Loan | First Brands Group LLC 2021 Term Loan | First Brands Group LLC 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.54% (3 mo. USD Term SOFR + 5.000%)<sup>(1)</sup> | 03/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905755 |
|  **Banks — 0.1%** |  |  |  |
|  Chrysaor Bidco SARL USD Term Loan B | Chrysaor Bidco SARL USD Term Loan B | Chrysaor Bidco SARL USD Term Loan B | Chrysaor Bidco SARL USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.74% (3 mo. USD Term SOFR + 3.500%)<sup>(1),(4)</sup> | 10/30/31 | 288755 | 289568 |
|  **Beverages — 1.9%** |  |  |  |
|  Arterra Wines Canada, Inc. 2020 Term Loan | Arterra Wines Canada, Inc. 2020 Term Loan | Arterra Wines Canada, Inc. 2020 Term Loan | Arterra Wines Canada, Inc. 2020 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.06% (3 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 11/24/27 | 1019499 | 1001255 |
|  Celsius Holdings, Inc. Term Loan | Celsius Holdings, Inc. Term Loan | Celsius Holdings, Inc. Term Loan | Celsius Holdings, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 04/01/32 | 1250000 | 1244269 |
|  Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan | Naked Juice LLC 2025 FLFO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.71% (3 mo. USD Term SOFR + 5.500%)<sup>(1)</sup> | 01/24/29 | 375571 | 362802 |
|  Naked Juice LLC 2025 FLSO Term Loan | Naked Juice LLC 2025 FLSO Term Loan | Naked Juice LLC 2025 FLSO Term Loan | Naked Juice LLC 2025 FLSO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.46% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 01/24/29 | 918144 | 585317 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Naked Juice LLC 2025 FLTO Term Loan | Naked Juice LLC 2025 FLTO Term Loan | Naked Juice LLC 2025 FLTO Term Loan | Naked Juice LLC 2025 FLTO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.31% (3 mo. USD Term SOFR + 6.000%)<sup>(1)</sup> | 01/24/30 | 337500 | 99563 |
|  Pegasus Bidco BV 2024 Term Loan B | Pegasus Bidco BV 2024 Term Loan B | Pegasus Bidco BV 2024 Term Loan B | Pegasus Bidco BV 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 07/12/29 | 1347056 | 1346214 |
|  Triton Water Holdings, Inc. 2025 Term Loan B | Triton Water Holdings, Inc. 2025 Term Loan B | Triton Water Holdings, Inc. 2025 Term Loan B | Triton Water Holdings, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% (3 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 03/31/28 | 1497500 | 1487953 |
|  |  |  | 6127373 |
|  **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
|  PHRG Intermediate LLC 2025 Term Loan B | PHRG Intermediate LLC 2025 Term Loan B | PHRG Intermediate LLC 2025 Term Loan B | PHRG Intermediate LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.32% (3 mo. USD Term SOFR + 4.000%)<sup>(1),(5)</sup> | 02/20/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369481 |
|  Standard Industries, Inc. 2021 Term Loan B | Standard Industries, Inc. 2021 Term Loan B | Standard Industries, Inc. 2021 Term Loan B | Standard Industries, Inc. 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 09/22/28 | 163182 | 163552 |
|  |  |  | 533033 |
|  **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
|  Archroma Finance SARL 2023 USD Term Loan B2A | Archroma Finance SARL 2023 USD Term Loan B2A | Archroma Finance SARL 2023 USD Term Loan B2A | Archroma Finance SARL 2023 USD Term Loan B2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.80% (3 mo. USD Term SOFR + 5.500%)<sup>(1)</sup> | 06/30/27 | 1182189 | 1142781 |
|  Chemours Co. 2023 USD Term Loan B | Chemours Co. 2023 USD Term Loan B | Chemours Co. 2023 USD Term Loan B | Chemours Co. 2023 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 08/18/28 | 496222 | 485263 |
|  Hexion Holdings Corp. 2024 Term Loan B | Hexion Holdings Corp. 2024 Term Loan B | Hexion Holdings Corp. 2024 Term Loan B | Hexion Holdings Corp. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.33% (1 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 03/15/29 | 1159619 | 1131869 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Mativ Holdings, Inc. Delayed Draw Term Loan A | Mativ Holdings, Inc. Delayed Draw Term Loan A | Mativ Holdings, Inc. Delayed Draw Term Loan A | Mativ Holdings, Inc. Delayed Draw Term Loan A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.92% (1 mo. USD Term SOFR + 2.500%)<sup>(1)</sup> | 05/06/27 | 1112320 | 1101197 |
|  SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B | SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B | SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B | SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.28% (3 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 01/31/29 | 1537977 | 1525827 |
|  |  |  | 5386937 |
|  **Commercial Services — 13.9%** | **Commercial Services — 13.9%** | **Commercial Services — 13.9%** | **Commercial Services — 13.9%** |
|  Albion Financing 3 SARL 2025 USD Term Loan B | Albion Financing 3 SARL 2025 USD Term Loan B | Albion Financing 3 SARL 2025 USD Term Loan B | Albion Financing 3 SARL 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% (3 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 08/16/29 | 1536333 | 1537777 |
|  AlixPartners LLP 2021 Term Loan B | AlixPartners LLP 2021 Term Loan B | AlixPartners LLP 2021 Term Loan B | AlixPartners LLP 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 02/04/28 | 1500000 | 1500937 |
|  Allied Universal Holdco LLC 2021 USD Incremental Term Loan B | Allied Universal Holdco LLC 2021 USD Incremental Term Loan B | Allied Universal Holdco LLC 2021 USD Incremental Term Loan B | Allied Universal Holdco LLC 2021 USD Incremental Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.17% (1 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 05/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389215 |
|  Amspec Parent LLC 2024 Term Loan | Amspec Parent LLC 2024 Term Loan | Amspec Parent LLC 2024 Term Loan | Amspec Parent LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.55% (3 mo. USD Term SOFR + 4.250%)<sup>(1),(7)</sup> | 12/22/31 | 1256667 | 1256667 |
|  Anticimex International AB 2024 Term Loan B6 | Anticimex International AB 2024 Term Loan B6 | Anticimex International AB 2024 Term Loan B6 | Anticimex International AB 2024 Term Loan B6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.97% (3 mo. USD Term SOFR + 3.400%)<sup>(1)</sup> | 11/16/28 | 1504112 | 1502699 |
|  APi Group DE, Inc. 2025 Term Loan | APi Group DE, Inc. 2025 Term Loan | APi Group DE, Inc. 2025 Term Loan | APi Group DE, Inc. 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 01/03/29 | 955701 | 955472 |
|  Archkey Solutions LLC 2024 Term Loan B | Archkey Solutions LLC 2024 Term Loan B | Archkey Solutions LLC 2024 Term Loan B | Archkey Solutions LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.03% (3 mo. USD Term SOFR + 4.750%)<sup>(1),(8)</sup> | 11/01/31 | 1062580 | 1061252 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  ASP Dream Acquisition Co. LLC Term Loan B | ASP Dream Acquisition Co. LLC Term Loan B | ASP Dream Acquisition Co. LLC Term Loan B | ASP Dream Acquisition Co. LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.67% (1 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 12/15/28 | $523650 | $502704 |
|  Belron Finance 2019 LLC 2024 USD Term Loan B | Belron Finance 2019 LLC 2024 USD Term Loan B | Belron Finance 2019 LLC 2024 USD Term Loan B | Belron Finance 2019 LLC 2024 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% (3 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 10/16/31 | 978026 | 976941 |
|  Berkeley Research Group LLC Term Loan B | Berkeley Research Group LLC Term Loan B | Berkeley Research Group LLC Term Loan B | Berkeley Research Group LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 03/17/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474826 |
|  BIFM U.S. Finance LLC 2024 Incremental Term Loan | BIFM U.S. Finance LLC 2024 Incremental Term Loan | BIFM U.S. Finance LLC 2024 Incremental Term Loan | BIFM U.S. Finance LLC 2024 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (1 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 05/31/28 | 1492881 | 1491948 |
|  Boost Newco Borrower LLC 2025 USD Term Loan B | Boost Newco Borrower LLC 2025 USD Term Loan B | Boost Newco Borrower LLC 2025 USD Term Loan B | Boost Newco Borrower LLC 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30% (3 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 01/31/31 | 1248125 | 1247083 |
|  CCRR Parent, Inc. Term Loan B | CCRR Parent, Inc. Term Loan B | CCRR Parent, Inc. Term Loan B | CCRR Parent, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.82% (3 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 03/06/28 | 836736 | 340271 |
|  Crisis Prevention Institute, Inc. 2024 Term Loan B | Crisis Prevention Institute, Inc. 2024 Term Loan B | Crisis Prevention Institute, Inc. 2024 Term Loan B | Crisis Prevention Institute, Inc. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 04/09/31 | 1246875 | 1228172 |
|  Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan | Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan | Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan | Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 07/06/29 | 1310920 | 1308868 |
|  Ensemble RCM LLC 2024 Term Loan B | Ensemble RCM LLC 2024 Term Loan B | Ensemble RCM LLC 2024 Term Loan B | Ensemble RCM LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.28% (3 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 08/01/29 | 1548816 | 1549451 |
|  Fugue Finance BV 2025 Term Loan B | Fugue Finance BV 2025 Term Loan B | Fugue Finance BV 2025 Term Loan B | Fugue Finance BV 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50% (6 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 01/09/32 | 1200000 | 1200150 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Garda World Security Corp. 2025 Term Loan B | Garda World Security Corp. 2025 Term Loan B | Garda World Security Corp. 2025 Term Loan B | Garda World Security Corp. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.29% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 02/01/29 | $1500000 | $1489500 |
|  Holding Socotec SAS 2024 USD Term Loan B | Holding Socotec SAS 2024 USD Term Loan B | Holding Socotec SAS 2024 USD Term Loan B | Holding Socotec SAS 2024 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.06% (3 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 06/30/28 | 1448469 | 1448469 |
|  Kelso Industries LLC Delayed Draw Term Loan | Kelso Industries LLC Delayed Draw Term Loan | Kelso Industries LLC Delayed Draw Term Loan | Kelso Industries LLC Delayed Draw Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.03% (3 mo. USD Term SOFR + 5.750%)<sup>(1)</sup> | 12/30/29 | 47084 | 46672 |
|  Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan | Kelso Industries LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.07% (1 mo. USD Term SOFR + 5.750%)<sup>(1),(9)</sup> | 12/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741234 |
|  KUEHG Corp. 2024 Term Loan | KUEHG Corp. 2024 Term Loan | KUEHG Corp. 2024 Term Loan | KUEHG Corp. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 06/12/30 | 1641375 | 1637862 |
|  Learning Care Group U.S. No. 2, Inc. 2024 Term Loan B | Learning Care Group U.S. No. 2, Inc. 2024 Term Loan B | Learning Care Group U.S. No. 2, Inc. 2024 Term Loan B | Learning Care Group U.S. No. 2, Inc. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.28% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 08/11/28 | 1217557 | 1213904 |
|  Lernen Bidco Ltd. 2024 USD Term Loan B2 | Lernen Bidco Ltd. 2024 USD Term Loan B2 | Lernen Bidco Ltd. 2024 USD Term Loan B2 | Lernen Bidco Ltd. 2024 USD Term Loan B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.46% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 10/27/31 | 1500000 | 1495627 |
|  Nuvei Technologies Corp. 2024 Term Loan B1 | Nuvei Technologies Corp. 2024 Term Loan B1 | Nuvei Technologies Corp. 2024 Term Loan B1 | Nuvei Technologies Corp. 2024 Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 11/17/31 | 1167683 | 1161658 |
|  OMNIA Partners LLC 2024 Term Loan B | OMNIA Partners LLC 2024 Term Loan B | OMNIA Partners LLC 2024 Term Loan B | OMNIA Partners LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.03% (3 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 07/25/30 | 1 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Pre-Paid Legal Services, Inc. 2021 Term Loan | Pre-Paid Legal Services, Inc. 2021 Term Loan | Pre-Paid Legal Services, Inc. 2021 Term Loan | Pre-Paid Legal Services, Inc. 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 12/15/28 | $750000 | $744064 |
|  Prime Security Services Borrower LLC 2024 1st Lien Term Loan B | Prime Security Services Borrower LLC 2024 1st Lien Term Loan B | Prime Security Services Borrower LLC 2024 1st Lien Term Loan B | Prime Security Services Borrower LLC 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 10/13/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622162 |
|  Priority Holdings LLC 2024 Term Loan B | Priority Holdings LLC 2024 Term Loan B | Priority Holdings LLC 2024 Term Loan B | Priority Holdings LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (1 mo. USD Term SOFR + 4.750%)<sup>(1)</sup> | 05/16/31 | 986944 | 986944 |
|  Prometric Holdings, Inc. 2024 Term Loan | Prometric Holdings, Inc. 2024 Term Loan | Prometric Holdings, Inc. 2024 Term Loan | Prometric Holdings, Inc. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.19% (1 mo. USD Term SOFR + 4.750%)<sup>(1)</sup> | 01/31/28 | 740644 | 743421 |
|  Raven Acquisition Holdings LLC Delayed Draw Term Loan | Raven Acquisition Holdings LLC Delayed Draw Term Loan | Raven Acquisition Holdings LLC Delayed Draw Term Loan | Raven Acquisition Holdings LLC Delayed Draw Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 11/19/31 | 13334 | 13211 |
|  Raven Acquisition Holdings LLC Term Loan B | Raven Acquisition Holdings LLC Term Loan B | Raven Acquisition Holdings LLC Term Loan B | Raven Acquisition Holdings LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%)<sup>(1),(10)</sup> | 11/19/31 | 793333 | 786039 |
|  Ryan LLC Term Loan | Ryan LLC Term Loan | Ryan LLC Term Loan | Ryan LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 11/14/30 | 1239844 | 1238449 |
|  Sabert Corp. 2024 Term Loan B | Sabert Corp. 2024 Term Loan B | Sabert Corp. 2024 Term Loan B | Sabert Corp. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.43% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 12/10/26 | 1558787 | 1560081 |
|  Secretariat Advisors LLC 2025 Delayed Draw Term Loan | Secretariat Advisors LLC 2025 Delayed Draw Term Loan | Secretariat Advisors LLC 2025 Delayed Draw Term Loan | Secretariat Advisors LLC 2025 Delayed Draw Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 02/28/32 | 53764 | 53428 |
|  Secretariat Advisors LLC 2025 Term Loan B | Secretariat Advisors LLC 2025 Term Loan B | Secretariat Advisors LLC 2025 Term Loan B | Secretariat Advisors LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.31% (3 mo. USD Term SOFR + 4.000%)<sup>(1),(11)</sup> | 02/28/32 | 1239546 | 1231799 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Spring Education Group, Inc. Term Loan | Spring Education Group, Inc. Term Loan | Spring Education Group, Inc. Term Loan | Spring Education Group, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 10/04/30 | $1000000 | $998960 |
|  Teneo Holdings LLC 2024 Term Loan B | Teneo Holdings LLC 2024 Term Loan B | Teneo Holdings LLC 2024 Term Loan B | Teneo Holdings LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (1 mo. USD Term SOFR + 4.750%)<sup>(1)</sup> | 03/13/31 | 1493718 | 1499319 |
|  Trans Union LLC 2024 Term Loan B8 | Trans Union LLC 2024 Term Loan B8 | Trans Union LLC 2024 Term Loan B8 | Trans Union LLC 2024 Term Loan B8 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 06/24/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416814 |
|  Trans Union LLC 2024 Term Loan B9 | Trans Union LLC 2024 Term Loan B9 | Trans Union LLC 2024 Term Loan B9 | Trans Union LLC 2024 Term Loan B9 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 06/24/31 | 544469 | 542190 |
|  TruGreen LP 2020 2nd Lien Term Loan | TruGreen LP 2020 2nd Lien Term Loan | TruGreen LP 2020 2nd Lien Term Loan | TruGreen LP 2020 2nd Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.04% (3 mo. USD Term SOFR + 8.500%)<sup>(1)</sup> | 11/02/28 | 500000 | 392500 |
|  TruGreen LP 2020 Term Loan | TruGreen LP 2020 Term Loan | TruGreen LP 2020 Term Loan | TruGreen LP 2020 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (1 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 11/02/27 | 209307 | 198842 |
|  TTF Holdings LLC 2024 Term Loan | TTF Holdings LLC 2024 Term Loan | TTF Holdings LLC 2024 Term Loan | TTF Holdings LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% (6 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 07/18/31 | 1397125 | 1364816 |
|  Valvoline, Inc. Term Loan B | Valvoline, Inc. Term Loan B | Valvoline, Inc. Term Loan B | Valvoline, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 03/19/32 | 549580 | 548893 |
|  Veritiv Corp. Term Loan B | Veritiv Corp. Term Loan B | Veritiv Corp. Term Loan B | Veritiv Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 11/30/30 | 1493747 | 1484067 |
|  Vistage Worldwide, Inc. Term Loan | Vistage Worldwide, Inc. Term Loan | Vistage Worldwide, Inc. Term Loan | Vistage Worldwide, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 07/13/29 | 1246803 | 1237452 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  VT Topco, Inc. 2024 1st Lien Term Loan B | VT Topco, Inc. 2024 1st Lien Term Loan B | VT Topco, Inc. 2024 1st Lien Term Loan B | VT Topco, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% (3 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 08/09/30 | 663062 | 662512 |
|  XPLOR T1 LLC Term Loan B | XPLOR T1 LLC Term Loan B | XPLOR T1 LLC Term Loan B | XPLOR T1 LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 06/24/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602557 |
|  |  |  | 45687880 |
|  **Computers — 4.5%** | **Computers — 4.5%** | **Computers — 4.5%** | **Computers — 4.5%** |
|  Access CIG LLC 2023 Term Loan | Access CIG LLC 2023 Term Loan | Access CIG LLC 2023 Term Loan | Access CIG LLC 2023 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38% (6 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 08/18/28 | 1246835 | 1243718 |
|  Amentum Government Services Holdings LLC 2024 Term Loan B | Amentum Government Services Holdings LLC 2024 Term Loan B | Amentum Government Services Holdings LLC 2024 Term Loan B | Amentum Government Services Holdings LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 09/29/31 | 1209165 | 1196511 |
|  Clover Holdings 2 LLC Term Loan B | Clover Holdings 2 LLC Term Loan B | Clover Holdings 2 LLC Term Loan B | Clover Holdings 2 LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.29% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 12/09/31 | 1118367 | 1118367 |
|  Imprivata, Inc. 2024 Term Loan | Imprivata, Inc. 2024 Term Loan | Imprivata, Inc. 2024 Term Loan | Imprivata, Inc. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.78% (3 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 12/01/27 | 1504343 | 1509705 |
|  McAfee LLC 2024 USD 1st Lien Term Loan B | McAfee LLC 2024 USD 1st Lien Term Loan B | McAfee LLC 2024 USD 1st Lien Term Loan B | McAfee LLC 2024 USD 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 03/01/29 | 963363 | 908172 |
|  NCR Atleos LLC 2024 Term Loan B | NCR Atleos LLC 2024 Term Loan B | NCR Atleos LLC 2024 Term Loan B | NCR Atleos LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.03% (3 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 04/16/29 | 1219101 | 1222911 |
|  Nielsen Consumer, Inc. 2025 USD Term Loan | Nielsen Consumer, Inc. 2025 USD Term Loan | Nielsen Consumer, Inc. 2025 USD Term Loan | Nielsen Consumer, Inc. 2025 USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 03/06/28 | 1421438 | 1419661 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Peraton Corp. 2nd Lien Term Loan B1 | Peraton Corp. 2nd Lien Term Loan B1 | Peraton Corp. 2nd Lien Term Loan B1 | Peraton Corp. 2nd Lien Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.18% (3 mo. USD Term SOFR + 7.750%)<sup>(1)</sup> | 02/01/29 | 248837 | 189551 |
|  Peraton Corp. Term Loan B | Peraton Corp. Term Loan B | Peraton Corp. Term Loan B | Peraton Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.17% (1 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 02/01/28 | 1557710 | 1409447 |
|  SMX Group LLC Term Loan | SMX Group LLC Term Loan | SMX Group LLC Term Loan | SMX Group LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.80% (3 mo. USD Term SOFR + 4.500%)<sup>(1),(5)</sup> | 02/06/32 | 1500000 | 1487820 |
|  Tempo Acquisition LLC 2025 Repriced Term Loan B | Tempo Acquisition LLC 2025 Repriced Term Loan B | Tempo Acquisition LLC 2025 Repriced Term Loan B | Tempo Acquisition LLC 2025 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 08/31/28 | 1220480 | 1212565 |
|  Twitter, Inc. 2025 Fixed Term Loan | Twitter, Inc. 2025 Fixed Term Loan | Twitter, Inc. 2025 Fixed Term Loan | Twitter, Inc. 2025 Fixed Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 10/26/29 | 1000000 | 976875 |
|  Twitter, Inc. Term Loan | Twitter, Inc. Term Loan | Twitter, Inc. Term Loan | Twitter, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.95% (3 mo. USD Term SOFR + 6.500%)<sup>(1)</sup> | 10/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969637 |
|  |  |  | 14864940 |
|  **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** |
|  Opal U.S. LLC Term Loan B | Opal U.S. LLC Term Loan B | Opal U.S. LLC Term Loan B | Opal U.S. LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 03/31/32 | 1125000 | 1117271 |
|  **Distribution &Wholesale — 0.9%** | **Distribution &Wholesale — 0.9%** | **Distribution &Wholesale — 0.9%** | **Distribution &Wholesale — 0.9%** |
|  BCPE Empire Holdings, Inc. 2025 Term Loan B | BCPE Empire Holdings, Inc. 2025 Term Loan B | BCPE Empire Holdings, Inc. 2025 Term Loan B | BCPE Empire Holdings, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 12/11/30 | 978454 | 970020 |
|  Formulations Parent Corp. 2025 Term Loan B | Formulations Parent Corp. 2025 Term Loan B | Formulations Parent Corp. 2025 Term Loan B | Formulations Parent Corp. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.21% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 04/09/32 | 289474 | 289835 |
|  Gates Global LLC 2022 Term Loan B4 | Gates Global LLC 2022 Term Loan B4 | Gates Global LLC 2022 Term Loan B4 | Gates Global LLC 2022 Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 11/16/29 | 264643 | 262915 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Gloves Buyer, Inc. 2025 Term Loan | Gloves Buyer, Inc. 2025 Term Loan | Gloves Buyer, Inc. 2025 Term Loan | Gloves Buyer, Inc. 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 01/17/32 | 1188679 | 1141726 |
|  Resideo Funding, Inc. 2024 1st Lien Term Loan B | Resideo Funding, Inc. 2024 1st Lien Term Loan B | Resideo Funding, Inc. 2024 1st Lien Term Loan B | Resideo Funding, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 02/11/28 | 292778 | 292780 |
|  |  |  | 2957276 |
|  **Diversified Financial Services — 3.6%** | **Diversified Financial Services — 3.6%** | **Diversified Financial Services — 3.6%** | **Diversified Financial Services — 3.6%** |
|  Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 06/24/30 | 990019 | 987341 |
|  Blackhawk Network Holdings, Inc. 2025 Term Loan B | Blackhawk Network Holdings, Inc. 2025 Term Loan B | Blackhawk Network Holdings, Inc. 2025 Term Loan B | Blackhawk Network Holdings, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.32% (1 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 03/12/29 | 1492509 | 1493330 |
|  Corpay Technologies Operating Co. LLC Term Loan B5 | Corpay Technologies Operating Co. LLC Term Loan B5 | Corpay Technologies Operating Co. LLC Term Loan B5 | Corpay Technologies Operating Co. LLC Term Loan B5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 04/28/28 | 498750 | 497857 |
|  Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B | Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B | Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B | Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.51% (6 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 01/27/32 | 1529630 | 1517683 |
|  Deerfield Dakota Holding LLC 2020 USD Term Loan B | Deerfield Dakota Holding LLC 2020 USD Term Loan B | Deerfield Dakota Holding LLC 2020 USD Term Loan B | Deerfield Dakota Holding LLC 2020 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 04/09/27 | 215150 | 204491 |
|  Delos Aircraft DAC Term Loan | Delos Aircraft DAC Term Loan | Delos Aircraft DAC Term Loan | Delos Aircraft DAC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 10/31/27 | 1000000 | 1002140 |
|  Guggenheim Partners LLC 2024 Term Loan B | Guggenheim Partners LLC 2024 Term Loan B | Guggenheim Partners LLC 2024 Term Loan B | Guggenheim Partners LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80% (3 mo. USD Term SOFR + 2.500%)<sup>(1)</sup> | 11/26/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984816 |
|  Jane Street Group LLC 2024 Term Loan B1 | Jane Street Group LLC 2024 Term Loan B1 | Jane Street Group LLC 2024 Term Loan B1 | Jane Street Group LLC 2024 Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.31% (3 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 12/15/31 | 1000000 | 987645 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Jefferies Finance LLC 2024 Term Loan | Jefferies Finance LLC 2024 Term Loan | Jefferies Finance LLC 2024 Term Loan | Jefferies Finance LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 10/21/31 | 997500 | 998747 |
|  Orion Advisor Solutions, Inc. 2024 Term Loan B | Orion Advisor Solutions, Inc. 2024 Term Loan B | Orion Advisor Solutions, Inc. 2024 Term Loan B | Orion Advisor Solutions, Inc. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.03% (3 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 09/24/30 | 1344811 | 1344818 |
|  Setanta Aircraft Leasing DAC 2024 Term Loan B | Setanta Aircraft Leasing DAC 2024 Term Loan B | Setanta Aircraft Leasing DAC 2024 Term Loan B | Setanta Aircraft Leasing DAC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05% (3 mo. USD Term SOFR + 1.750%)<sup>(1),(5)</sup> | 11/05/28 | 1100833 | 1103585 |
|  Summit Acquisition, Inc. 2024 Term Loan B | Summit Acquisition, Inc. 2024 Term Loan B | Summit Acquisition, Inc. 2024 Term Loan B | Summit Acquisition, Inc. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (1 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 10/16/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750469 |
|  |  |  | 11872922 |
|  **Electric — 3.1%** | **Electric — 3.1%** | **Electric — 3.1%** | **Electric — 3.1%** |
|  Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B | Alpha Generation LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 09/30/31 | 868131 | 869295 |
|  Calpine Corp. 2024 Term Loan B10 | Calpine Corp. 2024 Term Loan B10 | Calpine Corp. 2024 Term Loan B10 | Calpine Corp. 2024 Term Loan B10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 01/31/31 | 184576 | 184046 |
|  Calpine Corp. 2024 Term Loan B5 | Calpine Corp. 2024 Term Loan B5 | Calpine Corp. 2024 Term Loan B5 | Calpine Corp. 2024 Term Loan B5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 02/15/32 | 1214286 | 1210570 |
|  Carroll County Energy LLC 2024 Term Loan B | Carroll County Energy LLC 2024 Term Loan B | Carroll County Energy LLC 2024 Term Loan B | Carroll County Energy LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 06/30/31 | 1069411 | 1074758 |
|  Compass Power Generation LLC 2024 Term Loan B3 | Compass Power Generation LLC 2024 Term Loan B3 | Compass Power Generation LLC 2024 Term Loan B3 | Compass Power Generation LLC 2024 Term Loan B3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (1 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 04/14/29 | 1091671 | 1097130 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Cornerstone Generation LLC Term Loan B | Cornerstone Generation LLC Term Loan B | Cornerstone Generation LLC Term Loan B | Cornerstone Generation LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 10/28/31 | 1250000 | 1252863 |
|  Edgewater Generation LLC 2025 Repriced Term Loan | Edgewater Generation LLC 2025 Repriced Term Loan | Edgewater Generation LLC 2025 Repriced Term Loan | Edgewater Generation LLC 2025 Repriced Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 08/01/30 | 1421860 | 1420971 |
|  Lackawanna Energy Center LLC Term Loan B2 | Lackawanna Energy Center LLC Term Loan B2 | Lackawanna Energy Center LLC Term Loan B2 | Lackawanna Energy Center LLC Term Loan B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (1 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 08/06/29 | 625 | 629 |
|  Potomac Energy Center LLC 2025 Term Loan | Potomac Energy Center LLC 2025 Term Loan | Potomac Energy Center LLC 2025 Term Loan | Potomac Energy Center LLC 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 03/14/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747188 |
|  Potomac Energy Center LLC Term Loan | Potomac Energy Center LLC Term Loan | Potomac Energy Center LLC Term Loan | Potomac Energy Center LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.56% (3 mo. USD Term SOFR + 6.000%)<sup>(1)</sup> | 11/12/26 | 746137 | 749868 |
|  South Field LLC 2025 Term Loan B | South Field LLC 2025 Term Loan B | South Field LLC 2025 Term Loan B | South Field LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 08/29/31 | 678012 | 675896 |
|  South Field LLC 2025 Term Loan C | South Field LLC 2025 Term Loan C | South Field LLC 2025 Term Loan C | South Field LLC 2025 Term Loan C |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 08/29/31 | 43342 | 43206 |
|  Vistra Operations Co. LLC 1st Lien Term Loan B3 | Vistra Operations Co. LLC 1st Lien Term Loan B3 | Vistra Operations Co. LLC 1st Lien Term Loan B3 | Vistra Operations Co. LLC 1st Lien Term Loan B3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 12/20/30 | 1000000 | 997780 |
|  |  |  | 10324200 |
|  **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** |
|  Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan | Pelican Products, Inc. 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.81% (3 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 12/29/28 | 1466134 | 1317167 |
|  **Electronics — 1.0%** | **Electronics — 1.0%** | **Electronics — 1.0%** | **Electronics — 1.0%** |
|  II-VI, Inc. 2024 1st Lien Term Loan B | II-VI, Inc. 2024 1st Lien Term Loan B | II-VI, Inc. 2024 1st Lien Term Loan B | II-VI, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 07/02/29 | 1366663 | 1354138 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  LSF12 Crown U.S. Commercial Bidco LLC Term Loan B | LSF12 Crown U.S. Commercial Bidco LLC Term Loan B | LSF12 Crown U.S. Commercial Bidco LLC Term Loan B | LSF12 Crown U.S. Commercial Bidco LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (1 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 12/02/31 | 316327 | 305255 |
|  TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B | TCP Sunbelt Acquisition Co. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (3 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 10/24/31 | 1496250 | 1499998 |
|  |  |  | 3159391 |
|  **Energy-Alternate Sources — 1.0%** | **Energy-Alternate Sources — 1.0%** | **Energy-Alternate Sources — 1.0%** | **Energy-Alternate Sources — 1.0%** |
|  KAMC Holdings, Inc. 2019 Term Loan | KAMC Holdings, Inc. 2019 Term Loan | KAMC Holdings, Inc. 2019 Term Loan | KAMC Holdings, Inc. 2019 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 08/14/26 | 1769930 | 1696735 |
|  Oregon Clean Energy LLC 2024 1st Lien Term Loan B | Oregon Clean Energy LLC 2024 1st Lien Term Loan B | Oregon Clean Energy LLC 2024 1st Lien Term Loan B | Oregon Clean Energy LLC 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 07/12/30 | 1539844 | 1545303 |
|  |  |  | 3242038 |
|  **Engineering & Construction — 1.8%** | **Engineering & Construction — 1.8%** | **Engineering & Construction — 1.8%** | **Engineering & Construction — 1.8%** |
|  Astrion Group LLC 2024 Term Loan | Astrion Group LLC 2024 Term Loan | Astrion Group LLC 2024 Term Loan | Astrion Group LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.31% (3 mo. USD Term SOFR + 5.000%)<sup>(1)</sup> | 08/15/31 | 1401665 | 1359615 |
|  DG Investment Intermediate Holdings 2, Inc. 2021 2nd Lien Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 2nd Lien Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 2nd Lien Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 2nd Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.19% (1 mo. USD Term SOFR + 6.750%)<sup>(1)</sup> | 03/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549463 |
|  DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan | DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.94% (1 mo. USD Term SOFR + 3.500%)<sup>(1),(12)</sup> | 03/31/28 | 1053561 | 1052771 |
|  DG Investment Intermediate Holdings 2, Inc. 2024 Delayed Draw Term Loan | DG Investment Intermediate Holdings 2, Inc. 2024 Delayed Draw Term Loan | DG Investment Intermediate Holdings 2, Inc. 2024 Delayed Draw Term Loan | DG Investment Intermediate Holdings 2, Inc. 2024 Delayed Draw Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 03/31/28 | 4634 | 4494 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Legence Holdings LLC 2025 Term Loan B | Legence Holdings LLC 2025 Term Loan B | Legence Holdings LLC 2025 Term Loan B | Legence Holdings LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 12/18/28 | 1625880 | 1605963 |
|  Wrench Group LLC 2019 Term Loan B | Wrench Group LLC 2019 Term Loan B | Wrench Group LLC 2019 Term Loan B | Wrench Group LLC 2019 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.56% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 10/30/28 | 1241666 | 1221489 |
|  |  |  | 5793795 |
|  **Entertainment — 4.0%** | **Entertainment — 4.0%** | **Entertainment — 4.0%** | **Entertainment — 4.0%** |
|  Banijay Entertainment SAS 2025 USD Term Loan B3 | Banijay Entertainment SAS 2025 USD Term Loan B3 | Banijay Entertainment SAS 2025 USD Term Loan B3 | Banijay Entertainment SAS 2025 USD Term Loan B3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 03/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964168 |
|  Churchill Downs, Inc. 2021 Incremental Term Loan B1 | Churchill Downs, Inc. 2021 Incremental Term Loan B1 | Churchill Downs, Inc. 2021 Incremental Term Loan B1 | Churchill Downs, Inc. 2021 Incremental Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 03/17/28 | 498701 | 496831 |
|  Delta 2 Lux SARL 2024 Term Loan B1 | Delta 2 Lux SARL 2024 Term Loan B1 | Delta 2 Lux SARL 2024 Term Loan B1 | Delta 2 Lux SARL 2024 Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30% (3 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 09/30/31 | 242137 | 241533 |
|  Delta 2 Lux SARL 2024 Term Loan B2 | Delta 2 Lux SARL 2024 Term Loan B2 | Delta 2 Lux SARL 2024 Term Loan B2 | Delta 2 Lux SARL 2024 Term Loan B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 09/30/31 | 122222 | 121917 |
|  DK Crown Holdings, Inc. 2025 Term Loan B | DK Crown Holdings, Inc. 2025 Term Loan B | DK Crown Holdings, Inc. 2025 Term Loan B | DK Crown Holdings, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 03/04/32 | 1250000 | 1240887 |
|  EOC Borrower LLC Term Loan B | EOC Borrower LLC Term Loan B | EOC Borrower LLC Term Loan B | EOC Borrower LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 03/24/32 | 1500000 | 1485622 |
|  Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B | Flutter Financing BV 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05% (3 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 11/30/30 | 1746714 | 1724339 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B | Great Canadian Gaming Corp. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.05% (3 mo. USD Term SOFR + 4.750%)<sup>(1)</sup> | 11/01/29 | 831206 | 803360 |
|  GVC Holdings Gibraltar Ltd. 2021 USD Term Loan B4 | GVC Holdings Gibraltar Ltd. 2021 USD Term Loan B4 | GVC Holdings Gibraltar Ltd. 2021 USD Term Loan B4 | GVC Holdings Gibraltar Ltd. 2021 USD Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% (3 mo. USD Term SOFR + 2.500%)<sup>(1)</sup> | 03/29/27 | 1684375 | 1684527 |
|  GVC Holdings Gibraltar Ltd. 2024 USD Term Loan B3 | GVC Holdings Gibraltar Ltd. 2024 USD Term Loan B3 | GVC Holdings Gibraltar Ltd. 2024 USD Term Loan B3 | GVC Holdings Gibraltar Ltd. 2024 USD Term Loan B3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% (3 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 10/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248954 |
|  J&J Ventures Gaming LLC 2025 Repriced Term Loan B | J&J Ventures Gaming LLC 2025 Repriced Term Loan B | J&J Ventures Gaming LLC 2025 Repriced Term Loan B | J&J Ventures Gaming LLC 2025 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 04/26/30 | 1244997 | 1192477 |
|  Light & Wonder International, Inc. 2024 Term Loan B2 | Light & Wonder International, Inc. 2024 Term Loan B2 | Light & Wonder International, Inc. 2024 Term Loan B2 | Light & Wonder International, Inc. 2024 Term Loan B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 04/14/29 | 777692 | 778019 |
|  Penn Entertainment, Inc. 2022 Term Loan B | Penn Entertainment, Inc. 2022 Term Loan B | Penn Entertainment, Inc. 2022 Term Loan B | Penn Entertainment, Inc. 2022 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (1 mo. USD Term SOFR + 2.500%)<sup>(1)</sup> | 05/03/29 | 691752 | 690500 |
|  Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan | Showtime Acquisition LLC 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (3 mo. USD Term SOFR + 4.750%)<sup>(1)</sup> | 08/13/31 | 1389850 | 1393325 |
|  |  |  | 13066459 |
|  **Environmental Control — 1.6%** | **Environmental Control — 1.6%** | **Environmental Control — 1.6%** | **Environmental Control — 1.6%** |
|  Action Environmental Group, Inc. 2023 Term Loan B | Action Environmental Group, Inc. 2023 Term Loan B | Action Environmental Group, Inc. 2023 Term Loan B | Action Environmental Group, Inc. 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 10/24/30 | 1493861 | 1491993 |
|  ERM Emerald U.S., Inc. USD Term Loan B1 | ERM Emerald U.S., Inc. USD Term Loan B1 | ERM Emerald U.S., Inc. USD Term Loan B1 | ERM Emerald U.S., Inc. USD Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30% (3 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 07/12/28 | 979470 | 980082 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Filtration Group Corp. 2025 USD Term Loan B | Filtration Group Corp. 2025 USD Term Loan B | Filtration Group Corp. 2025 USD Term Loan B | Filtration Group Corp. 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 10/21/28 | 1000855 | 1001125 |
|  GFL Environmental, Inc. 2025 Term Loan B | GFL Environmental, Inc. 2025 Term Loan B | GFL Environmental, Inc. 2025 Term Loan B | GFL Environmental, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (3 mo. USD Term SOFR + 2.500%)<sup>(1)</sup> | 02/04/32 | 878704 | 868819 |
|  Heritage-Crystal Clean, Inc. Term Loan B | Heritage-Crystal Clean, Inc. Term Loan B | Heritage-Crystal Clean, Inc. Term Loan B | Heritage-Crystal Clean, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 10/17/30 | 356889 | 356666 |
|  Reworld Holding Corp. Term Loan B | Reworld Holding Corp. Term Loan B | Reworld Holding Corp. Term Loan B | Reworld Holding Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.58% (1 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 11/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444783 |
|  Reworld Holding Corp. Term Loan C | Reworld Holding Corp. Term Loan C | Reworld Holding Corp. Term Loan C | Reworld Holding Corp. Term Loan C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.58% (1 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 11/30/28 | 34350 | 34257 |
|  |  |  | 5177725 |
|  **Food — 3.2%** | **Food — 3.2%** | **Food — 3.2%** | **Food — 3.2%** |
|  1440 Food Topco LLC Term Loan B | 1440 Food Topco LLC Term Loan B | 1440 Food Topco LLC Term Loan B | 1440 Food Topco LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.32% (1 mo. USD Term SOFR + 5.000%)<sup>(1)</sup> | 10/31/31 | 1404386 | 1339876 |
|  8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan | 8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan | 8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan | 8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.19% (1 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 10/01/25 | 248674 | 236240 |
|  8th Avenue Food & Provisions, Inc. 2018 2nd Lien Term Loan | 8th Avenue Food & Provisions, Inc. 2018 2nd Lien Term Loan | 8th Avenue Food & Provisions, Inc. 2018 2nd Lien Term Loan | 8th Avenue Food & Provisions, Inc. 2018 2nd Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.19% (1 mo. USD Term SOFR + 7.750%)<sup>(1)</sup> | 10/01/26 | 870000 | 793062 |
|  8th Avenue Food & Provisions, Inc. 2021 Incremental Term Loan | 8th Avenue Food & Provisions, Inc. 2021 Incremental Term Loan | 8th Avenue Food & Provisions, Inc. 2021 Incremental Term Loan | 8th Avenue Food & Provisions, Inc. 2021 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.19% (1 mo. USD Term SOFR + 4.750%)<sup>(1)</sup> | 10/01/25 | 247297 | 232459 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan | BCPE North Star U.S. HoldCo 2, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.44% (1 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 06/09/28 | 1496126 | 1457796 |
|  Chobani LLC 2025 Repriced Term Loan B | Chobani LLC 2025 Repriced Term Loan B | Chobani LLC 2025 Repriced Term Loan B | Chobani LLC 2025 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (1 mo. USD Term SOFR + 2.500%)<sup>(1)</sup> | 10/25/27 | 1209051 | 1210308 |
|  Simply Good Foods USA, Inc. 2023 Term Loan B | Simply Good Foods USA, Inc. 2023 Term Loan B | Simply Good Foods USA, Inc. 2023 Term Loan B | Simply Good Foods USA, Inc. 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 03/17/27 | 831125 | 834632 |
|  Snacking Investments Bidco Pty. Ltd. USD Term Loan | Snacking Investments Bidco Pty. Ltd. USD Term Loan | Snacking Investments Bidco Pty. Ltd. USD Term Loan | Snacking Investments Bidco Pty. Ltd. USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.28% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 12/18/26 | 1671051 | 1674443 |
|  United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan | United Natural Foods, Inc. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (1 mo. USD Term SOFR + 4.750%)<sup>(1)</sup> | 05/01/31 | 1732500 | 1741162 |
|  Upfield BV 2025 USD Term Loan B12 | Upfield BV 2025 USD Term Loan B12 | Upfield BV 2025 USD Term Loan B12 | Upfield BV 2025 USD Term Loan B12 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (3 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 01/03/28 | 1085890 | 1080597 |
|  |  |  | 10600575 |
|  **Food Service — 0.3%** | **Food Service — 0.3%** | **Food Service — 0.3%** | **Food Service — 0.3%** |
|  Aramark Services, Inc. 2024 Term Loan B7 | Aramark Services, Inc. 2024 Term Loan B7 | Aramark Services, Inc. 2024 Term Loan B7 | Aramark Services, Inc. 2024 Term Loan B7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 04/06/28 | 1000000 | 1003625 |
|  **Forest Products & Paper — 0.3%** | **Forest Products & Paper — 0.3%** | **Forest Products & Paper — 0.3%** | **Forest Products & Paper — 0.3%** |
|  Glatfelter Corp. Term Loan B | Glatfelter Corp. Term Loan B | Glatfelter Corp. Term Loan B | Glatfelter Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.56% (3 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 11/04/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902923 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** |
|  Madison Safety & Flow LLC 2025 Term Loan B | Madison Safety & Flow LLC 2025 Term Loan B | Madison Safety & Flow LLC 2025 Term Loan B | Madison Safety & Flow LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 09/26/31 | $985025 | $978869 |
|  **Health Care-Products — 1.0%** | **Health Care-Products — 1.0%** | **Health Care-Products — 1.0%** | **Health Care-Products — 1.0%** |
|  Bausch & Lomb Corp. 2023 Incremental Term Loan | Bausch & Lomb Corp. 2023 Incremental Term Loan | Bausch & Lomb Corp. 2023 Incremental Term Loan | Bausch & Lomb Corp. 2023 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.32% (1 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 09/29/28 | 236946 | 235564 |
|  Bausch & Lomb Corp. Term Loan | Bausch & Lomb Corp. Term Loan | Bausch & Lomb Corp. Term Loan | Bausch & Lomb Corp. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.67% (1 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 05/10/27 | 1248578 | 1236018 |
|  Medline Borrower LP 2024 Add-on Term Loan B | Medline Borrower LP 2024 Add-on Term Loan B | Medline Borrower LP 2024 Add-on Term Loan B | Medline Borrower LP 2024 Add-on Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 10/23/28 | 1000000 | 994425 |
|  NSM Top Holdings Corp. 2024 Term Loan | NSM Top Holdings Corp. 2024 Term Loan | NSM Top Holdings Corp. 2024 Term Loan | NSM Top Holdings Corp. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.65% (3 mo. USD Term SOFR + 5.250%)<sup>(1)</sup> | 05/14/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934365 |
|  Resonetics LLC 2024 Term Loan B | Resonetics LLC 2024 Term Loan B | Resonetics LLC 2024 Term Loan B | Resonetics LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 06/18/31 | 1434 | 1424 |
|  |  |  | 3401796 |
|  **Health Care-Services — 5.0%** | **Health Care-Services — 5.0%** | **Health Care-Services — 5.0%** | **Health Care-Services — 5.0%** |
|  ADMI Corp. 2023 Term Loan B5 | ADMI Corp. 2023 Term Loan B5 | ADMI Corp. 2023 Term Loan B5 | ADMI Corp. 2023 Term Loan B5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.07% (1 mo. USD Term SOFR + 5.750%)<sup>(1)</sup> | 12/23/27 | 1509783 | 1492172 |
|  Charlotte Buyer, Inc. 2025 Repriced Term Loan B | Charlotte Buyer, Inc. 2025 Repriced Term Loan B | Charlotte Buyer, Inc. 2025 Repriced Term Loan B | Charlotte Buyer, Inc. 2025 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (1 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 02/11/28 | 1395691 | 1391079 |
|  Concentra Health Services, Inc. 2025 Repriced Term Loan B | Concentra Health Services, Inc. 2025 Repriced Term Loan B | Concentra Health Services, Inc. 2025 Repriced Term Loan B | Concentra Health Services, Inc. 2025 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 07/26/31 | 799042 | 794048 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B | Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B | Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B | Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.53% (3 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 03/30/29 | $889213 | $825301 |
|  Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B | Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B | Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B | Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.78% (3 mo. USD Term SOFR + 5.500%)<sup>(1)</sup> | 03/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185130 |
|  Fortrea Holdings, Inc. Term Loan B | Fortrea Holdings, Inc. Term Loan B | Fortrea Holdings, Inc. Term Loan B | Fortrea Holdings, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 07/01/30 | 684041 | 626753 |
|  Heartland Dental LLC 2024 Term Loan | Heartland Dental LLC 2024 Term Loan | Heartland Dental LLC 2024 Term Loan | Heartland Dental LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.82% (1 mo. USD Term SOFR + 4.500%)<sup>(1)</sup> | 04/28/28 | 1967043 | 1948975 |
|  Help At Home, Inc. 2024 Term Loan B | Help At Home, Inc. 2024 Term Loan B | Help At Home, Inc. 2024 Term Loan B | Help At Home, Inc. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.32% (1 mo. USD Term SOFR + 5.000%)<sup>(1)</sup> | 09/24/31 | 1264179 | 1226651 |
|  Inception Holdco SARL 2025 USD Term Loan B | Inception Holdco SARL 2025 USD Term Loan B | Inception Holdco SARL 2025 USD Term Loan B | Inception Holdco SARL 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 04/18/31 | 1375452 | 1356540 |
|  Loire Finco Luxembourg SARL 2025 Term Loan B | Loire Finco Luxembourg SARL 2025 Term Loan B | Loire Finco Luxembourg SARL 2025 Term Loan B | Loire Finco Luxembourg SARL 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 01/31/30 | 552632 | 548945 |
|  ModivCare, Inc. 2024 Term Loan B | ModivCare, Inc. 2024 Term Loan B | ModivCare, Inc. 2024 Term Loan B | ModivCare, Inc. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.05% (3 mo. USD Term SOFR + 4.750%)<sup>(1)</sup> | 07/01/31 | 746856 | 513232 |
|  Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan | Modivcare, Inc. 2025 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.71% (3 mo. USD Term SOFR + 7.500%)<sup>(1)</sup> | 01/09/26 | 255749 | 199285 |
|  NAPA Management Services Corp. Term Loan B | NAPA Management Services Corp. Term Loan B | NAPA Management Services Corp. Term Loan B | NAPA Management Services Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.67% (1 mo. USD Term SOFR + 5.250%)<sup>(1)</sup> | 02/23/29 | 1550193 | 1387748 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Parexel International Corp. 2025 Term Loan B | Parexel International Corp. 2025 Term Loan B | Parexel International Corp. 2025 Term Loan B | Parexel International Corp. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (1 mo. USD Term SOFR + 2.500%)<sup>(1)</sup> | 11/15/28 | 1218948 | 1213542 |
|  Pediatric Associates Holding Co. LLC 2021 Term Loan B | Pediatric Associates Holding Co. LLC 2021 Term Loan B | Pediatric Associates Holding Co. LLC 2021 Term Loan B | Pediatric Associates Holding Co. LLC 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 12/29/28 | 587455 | 551229 |
|  Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan | Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan | Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan | Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.80% (3 mo. USD Term SOFR + 5.500%)<sup>(1)</sup> | 06/20/28 | 1116653 | 1118518 |
|  Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B | Star Parent, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 09/27/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727035 |
|  Wellpath Holdings, Inc. 2024 New Money Delayed Draw Term Loan | Wellpath Holdings, Inc. 2024 New Money Delayed Draw Term Loan | Wellpath Holdings, Inc. 2024 New Money Delayed Draw Term Loan | Wellpath Holdings, Inc. 2024 New Money Delayed Draw Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.53% (3 mo. USD Term SOFR + 7.250%)<sup>(1)</sup> | 06/09/25 | 178839 | 181521 |
|  |  |  | 16287704 |
|  **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** | **Holding Companies - Diversified — 0.2%** |
|  Emerald X, Inc. 2025 Term Loan B | Emerald X, Inc. 2025 Term Loan B | Emerald X, Inc. 2025 Term Loan B | Emerald X, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (1 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 01/30/32 | 500000 | 500628 |
|  **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** |
|  AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B | AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B | AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B | AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 07/31/28 | 600000 | 593856 |
|  **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
|  Acrisure LLC 2024 1st Lien Term Loan B1 | Acrisure LLC 2024 1st Lien Term Loan B1 | Acrisure LLC 2024 1st Lien Term Loan B1 | Acrisure LLC 2024 1st Lien Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 02/15/27 | 1418820 | 1417494 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  AmWINS Group, Inc. 2025 Term Loan B | AmWINS Group, Inc. 2025 Term Loan B | AmWINS Group, Inc. 2025 Term Loan B | AmWINS Group, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 01/30/32 | 1747500 | 1740816 |
|  Asurion LLC 2020 Term Loan B8 | Asurion LLC 2020 Term Loan B8 | Asurion LLC 2020 Term Loan B8 | Asurion LLC 2020 Term Loan B8 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69% (1 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 12/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743580 |
|  Asurion LLC 2021 Second Lien Term Loan B4 | Asurion LLC 2021 Second Lien Term Loan B4 | Asurion LLC 2021 Second Lien Term Loan B4 | Asurion LLC 2021 Second Lien Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.69% (1 mo. USD Term SOFR + 5.250%)<sup>(1)</sup> | 01/20/29 | 500000 | 460625 |
|  Asurion LLC 2021 Term Loan B9 | Asurion LLC 2021 Term Loan B9 | Asurion LLC 2021 Term Loan B9 | Asurion LLC 2021 Term Loan B9 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69% (1 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 07/31/27 | 316298 | 309930 |
|  Asurion LLC 2022 Term Loan B10 | Asurion LLC 2022 Term Loan B10 | Asurion LLC 2022 Term Loan B10 | Asurion LLC 2022 Term Loan B10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.42% (1 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 08/19/28 | 750012 | 726049 |
|  Asurion LLC 2023 Term Loan B11 | Asurion LLC 2023 Term Loan B11 | Asurion LLC 2023 Term Loan B11 | Asurion LLC 2023 Term Loan B11 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.67% (1 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 08/19/28 | 266207 | 258744 |
|  Goosehead Insurance Holdings LLC Term Loan B | Goosehead Insurance Holdings LLC Term Loan B | Goosehead Insurance Holdings LLC Term Loan B | Goosehead Insurance Holdings LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.79% (1 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 01/08/32 | 413793 | 413793 |
|  Sedgwick Claims Management Services, Inc. 2023 Term Loan B | Sedgwick Claims Management Services, Inc. 2023 Term Loan B | Sedgwick Claims Management Services, Inc. 2023 Term Loan B | Sedgwick Claims Management Services, Inc. 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.31% (3 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 07/31/31 | 721375 | 718839 |
|  |  |  | 6789870 |
|  **Internet — 4.7%** | **Internet — 4.7%** | **Internet — 4.7%** | **Internet — 4.7%** |
|  Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan | Barracuda Networks, Inc. 2022 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.78% (3 mo. USD Term SOFR + 4.500%)<sup>(1)</sup> | 08/15/29 | 1515724 | 1271231 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  BEP Intermediate Holdco LLC Replacement Term Loan | BEP Intermediate Holdco LLC Replacement Term Loan | BEP Intermediate Holdco LLC Replacement Term Loan | BEP Intermediate Holdco LLC Replacement Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 04/25/31 | $738614 | $739537 |
|  Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B | Delivery Hero SE 2024 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.31% (3 mo. USD Term SOFR + 5.000%)<sup>(1)</sup> | 12/12/29 | 1986034 | 1989509 |
|  Getty Images, Inc. 2025 USD Term Loan B | Getty Images, Inc. 2025 USD Term Loan B | Getty Images, Inc. 2025 USD Term Loan B | Getty Images, Inc. 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25% | 02/21/30 | 1000000 | 991250 |
|  Go Daddy Operating Co. LLC 2024 Term Loan B8 | Go Daddy Operating Co. LLC 2024 Term Loan B8 | Go Daddy Operating Co. LLC 2024 Term Loan B8 | Go Daddy Operating Co. LLC 2024 Term Loan B8 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 11/09/29 | 1398168 | 1395211 |
|  Hoya Midco LLC 2025 Term Loan B | Hoya Midco LLC 2025 Term Loan B | Hoya Midco LLC 2025 Term Loan B | Hoya Midco LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.53% (3 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 02/03/29 | 1430000 | 1408550 |
|  Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B | Magnite, Inc. 2025 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 02/06/31 | 1225328 | 1196226 |
|  MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan | MH Sub I LLC 2023 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (1 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 05/03/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832607 |
|  MH Sub I LLC 2024 Term Loan B4 | MH Sub I LLC 2024 Term Loan B4 | MH Sub I LLC 2024 Term Loan B4 | MH Sub I LLC 2024 Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (1 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 12/31/31 | 249473 | 219514 |
|  Polaris Purchaser, Inc. 2025 Term Loan B | Polaris Purchaser, Inc. 2025 Term Loan B | Polaris Purchaser, Inc. 2025 Term Loan B | Polaris Purchaser, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 03/03/31 | 1014895 | 969225 |
|  Proofpoint, Inc. 2024 Term Loan | Proofpoint, Inc. 2024 Term Loan | Proofpoint, Inc. 2024 Term Loan | Proofpoint, Inc. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 08/31/28 | 995907 | 991117 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B | PUG LLC 2024 Extended Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.07% (1 mo. USD Term SOFR + 4.750%)<sup>(1)</sup> | 03/15/30 | 1047 | 1033 |
|  Research Now Group, Inc. 2024 First Lien First Out Term Loan | Research Now Group, Inc. 2024 First Lien First Out Term Loan | Research Now Group, Inc. 2024 First Lien First Out Term Loan | Research Now Group, Inc. 2024 First Lien First Out Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.58% (3 mo. USD Term SOFR + 5.000%)<sup>(1)</sup> | 07/15/28 | 1270275 | 1269284 |
|  TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan | TripAdvisor, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05% (3 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 07/08/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706664 |
|  WatchGuard Technologies, Inc. Term Loan | WatchGuard Technologies, Inc. Term Loan | WatchGuard Technologies, Inc. Term Loan | WatchGuard Technologies, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.57% (1 mo. USD Term SOFR + 5.250%)<sup>(1)</sup> | 07/02/29 | 1474961 | 1445698 |
|  |  |  | 15426656 |
|  **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
|  FinCo I LLC 2024 Term Loan B | FinCo I LLC 2024 Term Loan B | FinCo I LLC 2024 Term Loan B | FinCo I LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 06/27/29 | 734286 | 733643 |
|  Intrado Corp. 2023 Term Loan B | Intrado Corp. 2023 Term Loan B | Intrado Corp. 2023 Term Loan B | Intrado Corp. 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 01/31/30 | 732544 | 711333 |
|  |  |  | 1444976 |
|  **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** | **Iron & Steel — 0.2%** |
|  TMS International Corp. 2025 Term Loan B | TMS International Corp. 2025 Term Loan B | TMS International Corp. 2025 Term Loan B | TMS International Corp. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.78% (3 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 03/02/30 | 681219 | 680367 |
|  **Leisure Time — 1.6%** | **Leisure Time — 1.6%** | **Leisure Time — 1.6%** | **Leisure Time — 1.6%** |
|  Alterra Mountain Co. 2024 Term Loan B | Alterra Mountain Co. 2024 Term Loan B | Alterra Mountain Co. 2024 Term Loan B | Alterra Mountain Co. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 08/17/28 | 995006 | 996250 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Alterra Mountain Co. 2024 Term Loan B7 | Alterra Mountain Co. 2024 Term Loan B7 | Alterra Mountain Co. 2024 Term Loan B7 | Alterra Mountain Co. 2024 Term Loan B7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 05/31/30 | $464724 | $465886 |
|  Arcis Golf LLC 2025 Term Loan B | Arcis Golf LLC 2025 Term Loan B | Arcis Golf LLC 2025 Term Loan B | Arcis Golf LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 11/24/28 | 1625150 | 1616008 |
|  City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan | City Football Group Ltd. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.04% (3 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 07/22/30 | 2 | 2 |
|  Lakeland Tours LLC 2020 HoldCo Term Loan | Lakeland Tours LLC 2020 HoldCo Term Loan | Lakeland Tours LLC 2020 HoldCo Term Loan | Lakeland Tours LLC 2020 HoldCo Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% <sup>(5)</sup> | 09/25/27 | 677334 | 26247 |
|  LC AHAB U.S. Bidco LLC Term Loan B | LC AHAB U.S. Bidco LLC Term Loan B | LC AHAB U.S. Bidco LLC Term Loan B | LC AHAB U.S. Bidco LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 05/01/31 | 331667 | 323375 |
|  MajorDrive Holdings IV LLC Term Loan B | MajorDrive Holdings IV LLC Term Loan B | MajorDrive Holdings IV LLC Term Loan B | MajorDrive Holdings IV LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.56% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 06/01/28 | 1307545 | 1218384 |
|  Sabre GLBL, Inc. 2021 Term Loan B1 | Sabre GLBL, Inc. 2021 Term Loan B1 | Sabre GLBL, Inc. 2021 Term Loan B1 | Sabre GLBL, Inc. 2021 Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.94% (1 mo. USD Term SOFR + 3.500%)<sup>(1),(6)</sup> | 12/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110082 |
|  Sabre GLBL, Inc. 2021 Term Loan B2 | Sabre GLBL, Inc. 2021 Term Loan B2 | Sabre GLBL, Inc. 2021 Term Loan B2 | Sabre GLBL, Inc. 2021 Term Loan B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.94% (1 mo. USD Term SOFR + 3.500%)<sup>(1),(6)</sup> | 12/17/27 | 134436 | 128471 |
|  Sabre GLBL, Inc. 2022 Term Loan B | Sabre GLBL, Inc. 2022 Term Loan B | Sabre GLBL, Inc. 2022 Term Loan B | Sabre GLBL, Inc. 2022 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.67% (1 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 06/30/28 | 364746 | 344229 |
|  Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 | Sabre GLBL, Inc. 2024 Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.42% (1 mo. USD Term SOFR + 6.000%)<sup>(1)</sup> | 11/15/29 | 122062 | 115450 |
|  |  |  | 5344384 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
|  Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 | Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 | Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 | Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.08% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 11/08/30 | $1000000 | $998150 |
|  **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** |
|  WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan | WEC U.S. Holdings Ltd. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 01/27/31 | 1046241 | 1038069 |
|  **Machinery-Diversified — 1.2%** | **Machinery-Diversified — 1.2%** | **Machinery-Diversified — 1.2%** | **Machinery-Diversified — 1.2%** |
|  Arcline FM Holdings LLC 2024 Term Loan | Arcline FM Holdings LLC 2024 Term Loan | Arcline FM Holdings LLC 2024 Term Loan | Arcline FM Holdings LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (3 mo. USD Term SOFR + 4.319%)<sup>(1)</sup> | 06/23/28 | 1445358 | 1443247 |
|  Pro Mach Group, Inc. 2024 1st Lien Term Loan B | Pro Mach Group, Inc. 2024 1st Lien Term Loan B | Pro Mach Group, Inc. 2024 1st Lien Term Loan B | Pro Mach Group, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 08/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382425 |
|  SPX Flow, Inc. 2024 1st Lien Term Loan B | SPX Flow, Inc. 2024 1st Lien Term Loan B | SPX Flow, Inc. 2024 1st Lien Term Loan B | SPX Flow, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 04/05/29 | 1172576 | 1169035 |
|  TK Elevator U.S. Newco, Inc. USD Term Loan B | TK Elevator U.S. Newco, Inc. USD Term Loan B | TK Elevator U.S. Newco, Inc. USD Term Loan B | TK Elevator U.S. Newco, Inc. USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.24% (6 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 04/30/30 | 657327 | 655562 |
|  Victory Buyer LLC Term Loan | Victory Buyer LLC Term Loan | Victory Buyer LLC Term Loan | Victory Buyer LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.19% (1 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 11/19/28 | 189548 | 183922 |
|  |  |  | 3834191 |
|  **Media — 1.8%** | **Media — 1.8%** | **Media — 1.8%** | **Media — 1.8%** |
|  Charter Communications Operating LLC 2023 Term Loan B4 | Charter Communications Operating LLC 2023 Term Loan B4 | Charter Communications Operating LLC 2023 Term Loan B4 | Charter Communications Operating LLC 2023 Term Loan B4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 12/07/30 | 500000 | 498055 |
|  Charter Communications Operating LLC 2024 Term Loan B5 | Charter Communications Operating LLC 2024 Term Loan B5 | Charter Communications Operating LLC 2024 Term Loan B5 | Charter Communications Operating LLC 2024 Term Loan B5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% (3 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 12/15/31 | 2000000 | 1995380 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  CSC Holdings LLC 2019 Term Loan B5 | CSC Holdings LLC 2019 Term Loan B5 | CSC Holdings LLC 2019 Term Loan B5 | CSC Holdings LLC 2019 Term Loan B5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (3 mo. USD LIBOR + 2.500%)<sup>(1)</sup> | 04/15/27 | 465394 | 449075 |
|  NEP Group, Inc. 2023 Incremental Term Loan B | NEP Group, Inc. 2023 Incremental Term Loan B | NEP Group, Inc. 2023 Incremental Term Loan B | NEP Group, Inc. 2023 Incremental Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.57% (3 mo. USD Term SOFR + 4.000%)<sup>(1),(13)</sup> | 08/19/26 | 504035 | 454577 |
|  NEP Group, Inc. 2023 Term Loan B | NEP Group, Inc. 2023 Term Loan B | NEP Group, Inc. 2023 Term Loan B | NEP Group, Inc. 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 08/19/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894272 |
|  NEP/NCP Holdco, Inc. 2018 2nd Lien Term Loan | NEP/NCP Holdco, Inc. 2018 2nd Lien Term Loan | NEP/NCP Holdco, Inc. 2018 2nd Lien Term Loan | NEP/NCP Holdco, Inc. 2018 2nd Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.57% (3 mo. USD Term SOFR + 7.000%)<sup>(1)</sup> | 10/19/26 | 440000 | 278714 |
|  United Talent Agency LLC 2024 Term Loan B | United Talent Agency LLC 2024 Term Loan B | United Talent Agency LLC 2024 Term Loan B | United Talent Agency LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.08% (1 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 07/07/28 | 1479981 | 1479981 |
|  |  |  | 6050054 |
|  **Metal Fabricate & Hardware — 0.4%** | **Metal Fabricate & Hardware — 0.4%** | **Metal Fabricate & Hardware — 0.4%** | **Metal Fabricate & Hardware — 0.4%** |
|  AZZ, Inc. Term Loan B | AZZ, Inc. Term Loan B | AZZ, Inc. Term Loan B | AZZ, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (1 mo. USD Term SOFR + 2.500%)<sup>(1)</sup> | 05/13/29 | 1359551 | 1360740 |
|  **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
|  American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan | American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan | American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan | American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.44% (1 mo. USD Term SOFR + 7.000%)<sup>(1)</sup> | 06/09/28 | 87839 | 88498 |
|  American Rock Salt Co. LLC 2024 First Out Term Loan | American Rock Salt Co. LLC 2024 First Out Term Loan | American Rock Salt Co. LLC 2024 First Out Term Loan | American Rock Salt Co. LLC 2024 First Out Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.44% (1 mo. USD Term SOFR + 7.000%)<sup>(1),(14)</sup> | 06/09/28 | 330716 | 333197 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Novelis Corp. 2025 Term Loan B | Novelis Corp. 2025 Term Loan B | Novelis Corp. 2025 Term Loan B | Novelis Corp. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.29% (3 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 03/11/32 | 488372 | 487991 |
|  |  |  | 909686 |
|  **Miscellaneous Manufacturers — 0.4%** | **Miscellaneous Manufacturers — 0.4%** | **Miscellaneous Manufacturers — 0.4%** | **Miscellaneous Manufacturers — 0.4%** |
|  Rohm Holding GmbH USD Term Loan B | Rohm Holding GmbH USD Term Loan B | Rohm Holding GmbH USD Term Loan B | Rohm Holding GmbH USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.83% (3 mo. USD Term SOFR + 5.500%)<sup>(1)</sup> | 07/31/26 | 1344987 | 1334900 |
|  **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** |
|  Xerox Holdings Corp. 2023 Term Loan B | Xerox Holdings Corp. 2023 Term Loan B | Xerox Holdings Corp. 2023 Term Loan B | Xerox Holdings Corp. 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 11/17/29 | 1238411 | 1154818 |
|  **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** |
|  Apro LLC 2024 Term Loan B | Apro LLC 2024 Term Loan B | Apro LLC 2024 Term Loan B | Apro LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 07/09/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701006 |
|  Pasadena Performance Products LLC Term Loan B | Pasadena Performance Products LLC Term Loan B | Pasadena Performance Products LLC Term Loan B | Pasadena Performance Products LLC Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.81% (3 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 02/27/32 | 603448 | 602317 |
|  |  |  | 1303323 |
|  **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
|  ChampionX Corp. 2022 Term Loan B2 | ChampionX Corp. 2022 Term Loan B2 | ChampionX Corp. 2022 Term Loan B2 | ChampionX Corp. 2022 Term Loan B2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.17% (1 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 06/07/29 | 492500 | 493547 |
|  **Packaging & Containers — 1.3%** | **Packaging & Containers — 1.3%** | **Packaging & Containers — 1.3%** | **Packaging & Containers — 1.3%** |
|  Anchor Packaging, Inc. 2024 1st Lien Term Loan | Anchor Packaging, Inc. 2024 1st Lien Term Loan | Anchor Packaging, Inc. 2024 1st Lien Term Loan | Anchor Packaging, Inc. 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.58% (1 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 07/18/29 | 3759 | 3758 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B | Balcan Innovations, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.03% (3 mo. USD Term SOFR + 4.750%)<sup>(1)</sup> | 10/10/31 | 1500000 | 1485000 |
|  Clydesdale Acquisition Holdings, Inc. 2025 Delayed Draw Term Loan | Clydesdale Acquisition Holdings, Inc. 2025 Delayed Draw Term Loan | Clydesdale Acquisition Holdings, Inc. 2025 Delayed Draw Term Loan | Clydesdale Acquisition Holdings, Inc. 2025 Delayed Draw Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 04/01/32 | 11562 | 11483 |
|  Clydesdale Acquisition Holdings, Inc. 2025 Term Loan B | Clydesdale Acquisition Holdings, Inc. 2025 Term Loan B | Clydesdale Acquisition Holdings, Inc. 2025 Term Loan B | Clydesdale Acquisition Holdings, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 04/01/32 | 336449 | 334137 |
|  Graham Packaging Co., Inc. 2024 Term Loan B | Graham Packaging Co., Inc. 2024 Term Loan B | Graham Packaging Co., Inc. 2024 Term Loan B | Graham Packaging Co., Inc. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (1 mo. USD Term SOFR + 2.500%)<sup>(1)</sup> | 08/04/27 | 1186253 | 1185944 |
|  Plaze, Inc. 2020 Incremental Term Loan | Plaze, Inc. 2020 Incremental Term Loan | Plaze, Inc. 2020 Incremental Term Loan | Plaze, Inc. 2020 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.19% (1 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 08/03/26 | 1438805 | 1346571 |
|  Pretium Packaging LLC First Out Term Loan A | Pretium Packaging LLC First Out Term Loan A | Pretium Packaging LLC First Out Term Loan A | Pretium Packaging LLC First Out Term Loan A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.29% (3 mo. USD Term SOFR + 3.750%)<sup>(1),(13)</sup> | 10/02/28 | 1131 | 1130 |
|  |  |  | 4368023 |
|  **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |
|  Curium Bidco SARL 2024 Term Loan B | Curium Bidco SARL 2024 Term Loan B | Curium Bidco SARL 2024 Term Loan B | Curium Bidco SARL 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 07/31/29 | 1484436 | 1469592 |
|  Gainwell Acquisition Corp. Term Loan B | Gainwell Acquisition Corp. Term Loan B | Gainwell Acquisition Corp. Term Loan B | Gainwell Acquisition Corp. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.40% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 10/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497839 |
|  IVC Acquisition Ltd. 2025 USD Repriced Term Loan B | IVC Acquisition Ltd. 2025 USD Repriced Term Loan B | IVC Acquisition Ltd. 2025 USD Repriced Term Loan B | IVC Acquisition Ltd. 2025 USD Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 12/12/28 | 1309710 | 1302067 |
|  Jazz Financing Lux SARL 2024 1st Lien Term Loan B | Jazz Financing Lux SARL 2024 1st Lien Term Loan B | Jazz Financing Lux SARL 2024 1st Lien Term Loan B | Jazz Financing Lux SARL 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 05/05/28 | 746930 | 745328 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** | **Value** |
|  LSCS Holdings, Inc. 2025 Term Loan | LSCS Holdings, Inc. 2025 Term Loan | LSCS Holdings, Inc. 2025 Term Loan | LSCS Holdings, Inc. 2025 Term Loan | LSCS Holdings, Inc. 2025 Term Loan | LSCS Holdings, Inc. 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.80% (3 mo. USD Term SOFR + 4.500%)<sup>(1)</sup> | 03/04/32 | $| 559983 | $| 547210 |
|  Option Care Health, Inc. 2021 Term Loan B | Option Care Health, Inc. 2021 Term Loan B | Option Care Health, Inc. 2021 Term Loan B | Option Care Health, Inc. 2021 Term Loan B | Option Care Health, Inc. 2021 Term Loan B | Option Care Health, Inc. 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 10/27/28 |  | 538120 |  | 538905 |
|  Organon & Co. 2024 USD Term Loan | Organon & Co. 2024 USD Term Loan | Organon & Co. 2024 USD Term Loan | Organon & Co. 2024 USD Term Loan | Organon & Co. 2024 USD Term Loan | Organon & Co. 2024 USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57% (1 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 05/19/31 |  | 995161 |  | 955355 |
|  Perrigo Investments LLC 2024 Term Loan B | Perrigo Investments LLC 2024 Term Loan B | Perrigo Investments LLC 2024 Term Loan B | Perrigo Investments LLC 2024 Term Loan B | Perrigo Investments LLC 2024 Term Loan B | Perrigo Investments LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 04/20/29 |  | 1291276 |  | 1290740 |
|  RxBenefits, Inc. 2020 Term Loan | RxBenefits, Inc. 2020 Term Loan | RxBenefits, Inc. 2020 Term Loan | RxBenefits, Inc. 2020 Term Loan | RxBenefits, Inc. 2020 Term Loan | RxBenefits, Inc. 2020 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.94% (1 mo. USD Term SOFR + 4.500%)<sup>(1)</sup> | 12/20/27 |  | 241719 |  | 241115 |
|  RxBenefits, Inc. 2023 Incremental Term Loan | RxBenefits, Inc. 2023 Incremental Term Loan | RxBenefits, Inc. 2023 Incremental Term Loan | RxBenefits, Inc. 2023 Incremental Term Loan | RxBenefits, Inc. 2023 Incremental Term Loan | RxBenefits, Inc. 2023 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.57% (1 mo. USD Term SOFR + 5.250%)<sup>(1)</sup> | 12/20/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505147 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503884 |
|  Southern Veterinary Partners LLC 2024 1st Lien Term Loan | Southern Veterinary Partners LLC 2024 1st Lien Term Loan | Southern Veterinary Partners LLC 2024 1st Lien Term Loan | Southern Veterinary Partners LLC 2024 1st Lien Term Loan | Southern Veterinary Partners LLC 2024 1st Lien Term Loan | Southern Veterinary Partners LLC 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.53% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 12/04/31 |  | 1280612 |  | 1278217 |
|  |  |  |  |  | 9370252 |
|  **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |
|  ITT Holdings LLC 2024 Term Loan B | ITT Holdings LLC 2024 Term Loan B | ITT Holdings LLC 2024 Term Loan B | ITT Holdings LLC 2024 Term Loan B | ITT Holdings LLC 2024 Term Loan B | ITT Holdings LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.07% (1 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 10/11/30 |  | 1006977 |  | 1001157 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
|  Avison Young Canada, Inc. 2024 Second Out Term Loan | Avison Young Canada, Inc. 2024 Second Out Term Loan | Avison Young Canada, Inc. 2024 Second Out Term Loan | Avison Young Canada, Inc. 2024 Second Out Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.06% (3 mo. USD Term SOFR + 1.500%)<sup>(1)</sup> | 03/12/29 | $23726 | $11062 |
|  **REIT — 0.8%** | **REIT — 0.8%** | **REIT — 0.8%** | **REIT — 0.8%** |
|  Iron Mountain, Inc. 2023 Term Loan B | Iron Mountain, Inc. 2023 Term Loan B | Iron Mountain, Inc. 2023 Term Loan B | Iron Mountain, Inc. 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 01/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534159 |
|  OEG Borrower LLC 2024 Term Loan B | OEG Borrower LLC 2024 Term Loan B | OEG Borrower LLC 2024 Term Loan B | OEG Borrower LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 06/30/31 | 1228167 | 1225864 |
|  SBA Senior Finance II LLC 2024 Term Loan B | SBA Senior Finance II LLC 2024 Term Loan B | SBA Senior Finance II LLC 2024 Term Loan B | SBA Senior Finance II LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.08% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 01/25/31 | 746231 | 746612 |
|  |  |  | 2506635 |
|  **Retail — 3.3%** | **Retail — 3.3%** | **Retail — 3.3%** | **Retail — 3.3%** |
|  BW Gas & Convenience Holdings LLC 2021 Term Loan B | BW Gas & Convenience Holdings LLC 2021 Term Loan B | BW Gas & Convenience Holdings LLC 2021 Term Loan B | BW Gas & Convenience Holdings LLC 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.94% (1 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 03/31/28 | 249352 | 244638 |
|  Dave & Buster's, Inc. 2024 1st Lien Term Loan B | Dave & Buster's, Inc. 2024 1st Lien Term Loan B | Dave & Buster's, Inc. 2024 1st Lien Term Loan B | Dave & Buster's, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.53% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 11/01/31 | 1022886 | 949847 |
|  Great Outdoors Group LLC 2025 Term Loan B | Great Outdoors Group LLC 2025 Term Loan B | Great Outdoors Group LLC 2025 Term Loan B | Great Outdoors Group LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 01/23/32 | 411530 | 403402 |
|  K-Mac Holdings Corp. 2025 Term Loan | K-Mac Holdings Corp. 2025 Term Loan | K-Mac Holdings Corp. 2025 Term Loan | K-Mac Holdings Corp. 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 07/21/28 | 1629603 | 1631892 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  KFC Holding Co. 2021 Term Loan B | KFC Holding Co. 2021 Term Loan B | KFC Holding Co. 2021 Term Loan B | KFC Holding Co. 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.18% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 03/15/28 | 1217622 | 1221044 |
|  Michaels Cos., Inc. 2021 Term Loan B | Michaels Cos., Inc. 2021 Term Loan B | Michaels Cos., Inc. 2021 Term Loan B | Michaels Cos., Inc. 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.81% (3 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 04/17/28 | 147182 | 81723 |
|  Murphy USA, Inc. Term Loan B | Murphy USA, Inc. Term Loan B | Murphy USA, Inc. Term Loan B | Murphy USA, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 01/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754219 |
|  Pacific Bells LLC 2024 Repriced Term Loan B | Pacific Bells LLC 2024 Repriced Term Loan B | Pacific Bells LLC 2024 Repriced Term Loan B | Pacific Bells LLC 2024 Repriced Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 11/13/28 | 1329364 | 1327144 |
|  Peer Holding III BV 2025 USD Term Loan B4B | Peer Holding III BV 2025 USD Term Loan B4B | Peer Holding III BV 2025 USD Term Loan B4B | Peer Holding III BV 2025 USD Term Loan B4B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80% (3 mo. USD Term SOFR + 2.500%)<sup>(1)</sup> | 10/28/30 | 1763583 | 1758442 |
|  Staples, Inc. 2024 Term Loan B | Staples, Inc. 2024 Term Loan B | Staples, Inc. 2024 Term Loan B | Staples, Inc. 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.04% (3 mo. USD Term SOFR + 5.750%)<sup>(1)</sup> | 09/04/29 | 451259 | 390714 |
|  Tacala LLC 2024 Term Loan B | Tacala LLC 2024 Term Loan B | Tacala LLC 2024 Term Loan B | Tacala LLC 2024 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% (1 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 01/31/31 | 990025 | 990025 |
|  Whatabrands LLC 2024 1st Lien Term Loan B | Whatabrands LLC 2024 1st Lien Term Loan B | Whatabrands LLC 2024 1st Lien Term Loan B | Whatabrands LLC 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 08/03/28 | 1000000 | 995665 |
|  |  |  | 10748755 |
|  **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
|  Ultra Clean Holdings, Inc. 2024 1st Lien Term Loan B | Ultra Clean Holdings, Inc. 2024 1st Lien Term Loan B | Ultra Clean Holdings, Inc. 2024 1st Lien Term Loan B | Ultra Clean Holdings, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% (1 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 02/25/28 | 406169 | 405536 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  **Software — 10.4%** | **Software — 10.4%** | **Software — 10.4%** | **Software — 10.4%** |
|  AQA Acquisition Holding, Inc. 2024 Term Loan | AQA Acquisition Holding, Inc. 2024 Term Loan | AQA Acquisition Holding, Inc. 2024 Term Loan | AQA Acquisition Holding, Inc. 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.28% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 03/03/28 | $1000000 | $1000000 |
|  Avison Young Canada, Inc. 2024 Third Out Term Loan | Avison Young Canada, Inc. 2024 Third Out Term Loan | Avison Young Canada, Inc. 2024 Third Out Term Loan | Avison Young Canada, Inc. 2024 Third Out Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.08% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(5)</sup> | 03/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166158 | 28455 |
|  Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B | Boxer Parent Co., Inc. 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 07/30/31 | 1445000 | 1418643 |
|  Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan | Cast & Crew Payroll LLC 2021 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (1 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 12/29/28 | 1403772 | 1348737 |
|  Castle U.S. Holding Corp. 2025 New Money FLFO Term Loan | Castle U.S. Holding Corp. 2025 New Money FLFO Term Loan | Castle U.S. Holding Corp. 2025 New Money FLFO Term Loan | Castle U.S. Holding Corp. 2025 New Money FLFO Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 04/29/30 | 130894 | 130159 |
|  Castle U.S. Holding Corp. USD Term Loan B | Castle U.S. Holding Corp. USD Term Loan B | Castle U.S. Holding Corp. USD Term Loan B | Castle U.S. Holding Corp. USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.29% (3 mo. USD Term SOFR + 3.750%)<sup>(1),(5)</sup> | 01/29/27 | 958333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599533 |
|  Clearwater Analytics LLC 2025 Term Loan B | Clearwater Analytics LLC 2025 Term Loan B | Clearwater Analytics LLC 2025 Term Loan B | Clearwater Analytics LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.53% (3 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 04/21/32 | 1350000 | 1346625 |
|  Cloud Software Group, Inc. 2024 1st Lien Term Loan B | Cloud Software Group, Inc. 2024 1st Lien Term Loan B | Cloud Software Group, Inc. 2024 1st Lien Term Loan B | Cloud Software Group, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 03/29/29 | 1023987 | 1013163 |
|  Cloud Software Group, Inc. 2024 USD Term Loan | Cloud Software Group, Inc. 2024 USD Term Loan | Cloud Software Group, Inc. 2024 USD Term Loan | Cloud Software Group, Inc. 2024 USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 03/21/31 | 517458 | 512284 |
|  Cloudera, Inc. 2021 Term Loan | Cloudera, Inc. 2021 Term Loan | Cloudera, Inc. 2021 Term Loan | Cloudera, Inc. 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.17% (1 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 10/08/28 | 1573711 | 1553064 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Cotiviti Corp. 2025 2nd Amendment Term Loan | Cotiviti Corp. 2025 2nd Amendment Term Loan | Cotiviti Corp. 2025 2nd Amendment Term Loan | Cotiviti Corp. 2025 2nd Amendment Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.08% (1 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 03/26/32 | $975000 | $955905 |
|  DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B | DTI Holdco, Inc. 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.32% (1 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 04/26/29 | 1725354 | 1700828 |
|  EagleView Technology Corp. 2018 Add On Term Loan B | EagleView Technology Corp. 2018 Add On Term Loan B | EagleView Technology Corp. 2018 Add On Term Loan B | EagleView Technology Corp. 2018 Add On Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.07% (3 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 08/14/25 | 2029011 | 1981461 |
|  ECI Macola Max Holding LLC 2024 Term Loan | ECI Macola Max Holding LLC 2024 Term Loan | ECI Macola Max Holding LLC 2024 Term Loan | ECI Macola Max Holding LLC 2024 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 05/09/30 | 800000 | 798400 |
|  Ellucian Holdings, Inc. 2024 1st Lien Term Loan B | Ellucian Holdings, Inc. 2024 1st Lien Term Loan B | Ellucian Holdings, Inc. 2024 1st Lien Term Loan B | Ellucian Holdings, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 10/09/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479100 |
|  EP Purchaser LLC 2023 Term Loan B | EP Purchaser LLC 2023 Term Loan B | EP Purchaser LLC 2023 Term Loan B | EP Purchaser LLC 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.06% (3 mo. USD Term SOFR + 4.500%)<sup>(1)</sup> | 11/06/28 | 1071430 | 1076787 |
|  Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B | Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B | Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B | Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% (1 mo. USD Term SOFR + 2.500%)<sup>(1)</sup> | 01/30/32 | 746375 | 737433 |
|  IGT Holding IV AB 2025 USD Term Loan B5 | IGT Holding IV AB 2025 USD Term Loan B5 | IGT Holding IV AB 2025 USD Term Loan B5 | IGT Holding IV AB 2025 USD Term Loan B5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.78% (3 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 09/01/31 | 744898 | 746760 |
|  Maverick Bidco, Inc. 2021 Term Loan | Maverick Bidco, Inc. 2021 Term Loan | Maverick Bidco, Inc. 2021 Term Loan | Maverick Bidco, Inc. 2021 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.18% (3 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 05/18/28 | 1246770 | 1236646 |
|  Maverick Bidco, Inc. 2023 Incremental Term Loan | Maverick Bidco, Inc. 2023 Incremental Term Loan | Maverick Bidco, Inc. 2023 Incremental Term Loan | Maverick Bidco, Inc. 2023 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 05/18/28 | 1250000 | 1244538 |
|  Modena Buyer LLC Term Loan | Modena Buyer LLC Term Loan | Modena Buyer LLC Term Loan | Modena Buyer LLC Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 07/01/31 | 500000 | 475625 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  Open Text Corp. 2023 Term Loan B | Open Text Corp. 2023 Term Loan B | Open Text Corp. 2023 Term Loan B | Open Text Corp. 2023 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07% (1 mo. USD Term SOFR + 1.750%)<sup>(1),(5)</sup> | 01/31/30 | $1082856 | $1080961 |
|  Planview Parent, Inc. 2024 1st Lien Term Loan | Planview Parent, Inc. 2024 1st Lien Term Loan | Planview Parent, Inc. 2024 1st Lien Term Loan | Planview Parent, Inc. 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 12/17/27 | 1493127 | 1466064 |
|  Playtika Holding Corp. 2021 Term Loan B1 | Playtika Holding Corp. 2021 Term Loan B1 | Playtika Holding Corp. 2021 Term Loan B1 | Playtika Holding Corp. 2021 Term Loan B1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.19% (1 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 03/13/28 | 1286023 | 1259563 |
|  Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 10/28/30 | 1599373 | 1594823 |
|  PushPay USA, Inc. 2025 Term Loan | PushPay USA, Inc. 2025 Term Loan | PushPay USA, Inc. 2025 Term Loan | PushPay USA, Inc. 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 08/15/31 | 1345200 | 1339315 |
|  Quartz Acquireco LLC 2025 Term Loan B | Quartz Acquireco LLC 2025 Term Loan B | Quartz Acquireco LLC 2025 Term Loan B | Quartz Acquireco LLC 2025 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55% (3 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 06/28/30 | 1449266 | 1436585 |
|  QXO, Inc. Term Loan B | QXO, Inc. Term Loan B | QXO, Inc. Term Loan B | QXO, Inc. Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(6)</sup> | 04/23/32 | 1200000 | 1200216 |
|  Renaissance Holdings Corp. 2024 1st Lien Term Loan | Renaissance Holdings Corp. 2024 1st Lien Term Loan | Renaissance Holdings Corp. 2024 1st Lien Term Loan | Renaissance Holdings Corp. 2024 1st Lien Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.28% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 04/05/30 | 1181320 | 1105024 |
|  SolarWinds Holdings, Inc. 2025 Term Loan | SolarWinds Holdings, Inc. 2025 Term Loan | SolarWinds Holdings, Inc. 2025 Term Loan | SolarWinds Holdings, Inc. 2025 Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.26% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 04/16/32 | 1125000 | 1088792 |
|  SS&C Technologies, Inc. 2024 Term Loan B8 | SS&C Technologies, Inc. 2024 Term Loan B8 | SS&C Technologies, Inc. 2024 Term Loan B8 | SS&C Technologies, Inc. 2024 Term Loan B8 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.32% (1 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 05/09/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619339 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** | **Value** |
|  Surf Holdings LLC 2025 Incremental Term Loan | Surf Holdings LLC 2025 Incremental Term Loan | Surf Holdings LLC 2025 Incremental Term Loan | Surf Holdings LLC 2025 Incremental Term Loan | Surf Holdings LLC 2025 Incremental Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.93% (1 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 03/05/27 | 1498692 | $| 1499516 |
|  |  |  |  | 34074344 |
|  **Telecommunications — 1.8%** | **Telecommunications — 1.8%** | **Telecommunications — 1.8%** | **Telecommunications — 1.8%** | **Telecommunications — 1.8%** |
|  Altice Financing SA 2022 USD Term Loan | Altice Financing SA 2022 USD Term Loan | Altice Financing SA 2022 USD Term Loan | Altice Financing SA 2022 USD Term Loan | Altice Financing SA 2022 USD Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.26% (3 mo. USD Term SOFR + 5.000%)<sup>(1)</sup> | 10/31/27 | 914757 |  | 748729 |
|  Altice France SA 2023 USD Term Loan B14 | Altice France SA 2023 USD Term Loan B14 | Altice France SA 2023 USD Term Loan B14 | Altice France SA 2023 USD Term Loan B14 | Altice France SA 2023 USD Term Loan B14 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.76% (3 mo. USD Term SOFR + 5.500%)<sup>(1)</sup> | 08/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174346 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157652 |
|  CCI Buyer, Inc. Term Loan | CCI Buyer, Inc. Term Loan | CCI Buyer, Inc. Term Loan | CCI Buyer, Inc. Term Loan | CCI Buyer, Inc. Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 12/17/27 | 1326022 |  | 1328210 |
|  Consolidated Communications, Inc. 2021 Term Loan B | Consolidated Communications, Inc. 2021 Term Loan B | Consolidated Communications, Inc. 2021 Term Loan B | Consolidated Communications, Inc. 2021 Term Loan B | Consolidated Communications, Inc. 2021 Term Loan B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.94% (1 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 10/02/27 | 1000000 |  | 992640 |
|  Cyxtera DC Holdings, Inc. Term Loan B | Cyxtera DC Holdings, Inc. Term Loan B | Cyxtera DC Holdings, Inc. Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00% <sup>(5)</sup> | 01/16/26 | 292034 |  |  |
|  Frontier Communications Corp. 2025 Term Loan B | Frontier Communications Corp. 2025 Term Loan B | Frontier Communications Corp. 2025 Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.79% (6 mo. USD Term SOFR + 2.500%)<sup>(1)</sup> | 07/01/31 | 1496875 |  | 1491890 |
|  Zayo Group Holdings, Inc. USD Term Loan | Zayo Group Holdings, Inc. USD Term Loan | Zayo Group Holdings, Inc. USD Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.44% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 03/09/27 | 1147175 |  | 1070458 |
|  |  |  |  | 5789579 |
|  **Total Bank Loans**<br> (Cost: $298,305,164) | **Total Bank Loans**<br> (Cost: $298,305,164) | **Total Bank Loans**<br> (Cost: $298,305,164) |  | 294665560 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Value** |
|  **CORPORATE BONDS—2.9%** | **CORPORATE BONDS—2.9%** | **CORPORATE BONDS—2.9%** | **CORPORATE BONDS—2.9%** |
|  **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30% | 05/01/29 | $500000 | $526345 |
|  **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
|  Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(2)</sup> | 05/15/32 | 500000 | 512165 |
|  OT Midco Ltd. | OT Midco Ltd. | OT Midco Ltd. | OT Midco Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% <sup>(2)</sup> | 02/15/30 | 239000 | 195435 |
|  |  |  | 707600 |
|  **Electric — 0.3%** | **Electric — 0.3%** | **Electric — 0.3%** | **Electric — 0.3%** |
|  Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% <sup>(2)</sup> | 10/15/32 | 1000000 | 1021930 |
|  **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
|  WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(2)</sup> | 07/15/30 | 500000 | 460535 |
|  **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% <sup>(2)</sup> | 02/01/33 | 500000 | 512005 |
|  **Health Care-Services — 0.2%** | **Health Care-Services — 0.2%** | **Health Care-Services — 0.2%** | **Health Care-Services — 0.2%** |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 04/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483780 |
|  **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
|  Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. | Spectrum Brands, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% <sup>(2)</sup> | 03/15/31 | 141000 | 116436 |
|  **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 09/15/34 | 750000 | 728100 |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
|  VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(2)</sup> | 01/15/32 | 500000 | 436565 |
|  **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 01/15/34 | 500000 | 504890 |
|  **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |
|  Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(2)</sup> | 11/21/33 | 500000 | 522835 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | | **Principal**<br> **Amount** | **Value** |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/22/34 |  | 500000 | 506485 |
|  Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) | Grifols SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% <sup>(2)</sup> | 10/15/28 |  | 50000 | 46581 |
|  Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 02/26/33 | EUR | 250000 | 284309 |
|  |  |  |  | 1360210 |
|  **REIT — 0.1%** | **REIT — 0.1%** | **REIT — 0.1%** | **REIT — 0.1%** | **REIT — 0.1%** |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434605 |
|  **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
|  1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) | 1011778 BC ULC/New Red Finance, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(2)</sup> | 02/15/29 |  | 500000 | 468710 |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% <sup>(2)</sup> | 04/01/26 |  | 200000 | 194650 |
|  |  |  |  | 663360 |
|  **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
|  Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) | Constellation Software, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46% <sup>(2)</sup> | 02/16/34 |  | 1000000 | 1005590 |
|  Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90% <sup>(2)</sup> | 12/01/27 |  | 500000 | 514310 |
|  |  |  |  | 1519900 |
|  **Total Corporate Bonds**<br> (Cost: $9,360,045) | **Total Corporate Bonds**<br> (Cost: $9,360,045) | **Total Corporate Bonds**<br> (Cost: $9,360,045) | **Total Corporate Bonds**<br> (Cost: $9,360,045) | 9476261 |
|  **U.S. TREASURY SECURITY—0.4% (Cost: $1,399,994)** | **U.S. TREASURY SECURITY—0.4% (Cost: $1,399,994)** | **U.S. TREASURY SECURITY—0.4% (Cost: $1,399,994)** | **U.S. TREASURY SECURITY—0.4% (Cost: $1,399,994)** | **U.S. TREASURY SECURITY—0.4% (Cost: $1,399,994)** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 04/30/30 |  | 1406000 | 1416380 |
|  **Total Fixed Income Securities**<br> (Cost: $311,458,529) | **Total Fixed Income Securities**<br> (Cost: $311,458,529) | **Total Fixed Income Securities**<br> (Cost: $311,458,529) | **Total Fixed Income Securities**<br> (Cost: $311,458,529) | 307979933 |
|  |  |  | **Shares** |  |
|  **COMMON STOCK—0.1%** | **COMMON STOCK—0.1%** | **COMMON STOCK—0.1%** | **COMMON STOCK—0.1%** | **COMMON STOCK—0.1%** |
|  **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
|  Avison Young Canada, Inc.<sup>(5),(15)</sup> | Avison Young Canada, Inc.<sup>(5),(15)</sup> | Avison Young Canada, Inc.<sup>(5),(15)</sup> | 370 | 56 |
|  **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
|  Intelsat SA<sup>(5),(15)</sup> | Intelsat SA<sup>(5),(15)</sup> | Intelsat SA<sup>(5),(15)</sup> | 9683 | 388530 |
|  **Total Common Stock**<br> (Cost: $324,132) | **Total Common Stock**<br> (Cost: $324,132) | **Total Common Stock**<br> (Cost: $324,132) | **Total Common Stock**<br> (Cost: $324,132) | 388586 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br> **Date** | **Shares** | **Value** |
|  **PREFERRED STOCK—0.1% (Cost: $693,020)** | **PREFERRED STOCK—0.1% (Cost: $693,020)** | **PREFERRED STOCK—0.1% (Cost: $693,020)** | **PREFERRED STOCK—0.1% (Cost: $693,020)** |
|  **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
|  Avison Young Canada, Inc.<sup>(5),(15)</sup> | Avison Young Canada, Inc.<sup>(5),(15)</sup> | 1054697 | $263674 |
| **Issues** |  | **Shares** |  |
|  **WARRANTS—0.0%** | **WARRANTS—0.0%** | **WARRANTS—0.0%** | **WARRANTS—0.0%** |
|  **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
|  Cineworld Group PLC<sup>(5),(15)</sup> | Cineworld Group PLC<sup>(5),(15)</sup> | 229579 | 3 |
| **Total Warrants**<br> (Cost: $—)  | **Total Warrants**<br> (Cost: $—)  | **Total Warrants**<br> (Cost: $—)  | 3 |
|  **MONEY MARKET INVESTMENTS—14.5%** | **MONEY MARKET INVESTMENTS—14.5%** | **MONEY MARKET INVESTMENTS—14.5%** | **MONEY MARKET INVESTMENTS—14.5%** |
|  State Street Institutional U.S. Government Money Market Fund — Premier Class<sup>(16)</sup> | State Street Institutional U.S. Government Money Market Fund — Premier Class<sup>(16)</sup> | 633509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633509 |
|  TCW Central Cash Fund<sup>(16),(17)</sup> | TCW Central Cash Fund<sup>(16),(17)</sup> | 47087572 | 47087572 |
|  **Total Money Market Investments**<br> (Cost: $47,721,081) | **Total Money Market Investments**<br> (Cost: $47,721,081) | **Total Money Market Investments**<br> (Cost: $47,721,081) | 47721081 |
| **Total Investments (108.4%)**<br> (Cost: $360,196,762) | **Total Investments (108.4%)**<br> (Cost: $360,196,762) | **Total Investments (108.4%)**<br> (Cost: $360,196,762) | 356353277 |
| **Net unrealized depreciation on unfunded**<br> **commitments—0.00%** | **Net unrealized depreciation on unfunded**<br> **commitments—0.00%** | **Net unrealized depreciation on unfunded**<br> **commitments—0.00%** | (5833) |
|  **Liabilities In Excess Of Other Assets (-8.4%)** | **Liabilities In Excess Of Other Assets (-8.4%)** | **Liabilities In Excess Of Other Assets (-8.4%)** | (27748947) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $328598497 |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Number of**<br> **Contracts** | **Type** | **Expiration<br>Date** | **Notional** | **Market Value** | **Net Unrealized<br>Appreciation**<br> (Depreciation) |
|  **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 | Euro-Bobl Future | 06/6/25 | $399178 | $406569 | $(7391) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 | Euro-Bund Future | 06/6/25 | 145819 | 149287 | (3468) |
|  |  |  | $**544997** | $**555856** | $**(10859)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** |
| **Counterparty** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts to** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deliver**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units of** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency**  | **Settlement<br>Date** | **In Exchange for<br>USD** | **Contracts at Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **SELL (18)** |  |  |  |  |  |  |
|  Bank of America | EUR | 252000 | 07/11/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273858 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286668 | $(12810) |
|  |  |  |  | $**273858** | $**286668** | $**(12810)** |

---

---

| | |
|:---|:---|
|  **Notes to the Schedule of Investments:** | **Notes to the Schedule of Investments:** |
| ABS | Asset-Backed Securities. |
| CLO | Collateralized Loan Obligation. |
| REIT | Real Estate Investment Trust. |
| EUR | Euro Currency. |
| (1) | Floating or variable rate security. The interest shown reflects the rate in effect at April 30, 2025. |
| (2) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At April 30, 2025, the value of these securities amounted to $8,429,479 or 2.6% of net assets. These securities are determined to be liquid by the Fund's investment adviser, unless otherwise noted, under procedures established by and under the general supervision of the Trust's Board of Trustees. |
| (3) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $27,080, at an interest rate of 7.32% and a maturity of December 11, 2031. The investment is not accruing an unused commitment fee of 1.00% per annum. |
| (4) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $21,408, at an interest rate of 7.74% and a maturity of October 23, 2031. The investment is accruing an unused commitment fee of 3.50% per annum. |
| (5) | For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs. |
| (6) | This position represents an unsettled bank loan at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date. |
| (7) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $193,333, at an interest rate of 8.55% and a maturity of June 9, 2028. The investment is not accruing an unused commitment fee of 1.00% per annum. |
| (8) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $122,605, at an interest rate of 9.03% and a maturity of October 10, 2031. The investment is not accruing an unused commitment fee of 4.75% per annum. |
| (9) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $187,519, at an interest rate of 10.07% and a maturity of December 30, 2029. The investment is accruing an unused commitment fee of 5.70% per annum. |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

(10) Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $56,667, at an interest rate of 7.57% and a maturity of November 19, 2031. The investment is accruing an unused commitment fee of 3.25% per annum.

(11) Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $149,343, at an interest rate of 8.31% and a maturity of February 24, 2032. The investment is not accruing an unused commitment fee.

(12) Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $26,041, at an interest rate of 7.94% and a maturity of March 31, 2028. The investment is accruing an unused commitment fee of 3.50% per annum.

(13) Payment-in-kind.

(14) Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $351,812, at an interest rate of 11.43% and a maturity of June 9, 2028. The investment is accruing an unused commitment fee of 2.00% per annum.

(15) Non-income producing security.

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

(17) Affiliated issuer.

(18) Fund sells foreign currency, buys USD.

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **April 30, 2025** |

---

The summary of the TCW Senior Loan ETF transactions in the affiliated funds for the period ended April 30, 2025 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of<br>Affiliated Fund** | **Value at<br>October 31,<br>2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Number of<br>Shares Held<br>April 30, 2025** | **Value at<br>April 30,<br>2025** | **Dividends and<br>Interest Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net Realized<br>Gain (Loss) on<br>Investments** | **Net change in<br>Unrealized Gain<br>(Loss) on<br>Investments** |
|  TCW Central Cash Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117787572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70700000 | 47087572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47087572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $47087572 | $324997 | $— | $— | $— |

---

See accompanying Notes to Financial Statements.

------

![LOGO](g949859g07c01.jpg)

TCW Senior Loan ETF

Fair Valuation Summary (Unaudited) April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices in<br>Active Markets for<br>Identical Assets**<br> **(Level 1)** | **Other Significant<br>Observable Inputs**<br> **(Level 2)** | **Significant<br>Unobservable Inputs**<br> **(Level 3)** | **Total** |
|  Fixed Income Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Loans | $— | $291050439 | $3615121 | $294665560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 9476261 |  | 9476261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 2421732 |  | 2421732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities | 1416380 |  |  | 1416380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded Commitments Depreciation |  | (5833) |  | (5833) |
|  Total Fixed Income Securities | 1416380 | 302942599 | 3615121 | 307974100 |
|  Common Stock |  |  | 388586 | 388586 |
|  Preferred Stock |  |  | 263674 | 263674 |
|  Warrants |  |  | 3 | 3 |
|  Money Market Investments | 47721081 |  |  | 47721081 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49137461 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302942599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4267384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356347444 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | $(10859) | $— | $— | $(10859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | (12810) |  | (12810) |
|  Total | $(10859) | $(12810) | $— | $(23669) |

---

*See accompanying Notes to Financial Statements.* 

------

![LOGO](g949859g07c01.jpg)

### TCW ETF TRUST

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW AAA<br>CLO ETF** | **TCW<br>Corporate<br>Bond ETF** | **TCW Flexible<br>Income ETF** |
|  **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Value*<sup>(1)</sup>* | $261479377 | $24195549 | $1019502606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in Affiliated Issuers, at Value*<sup>(2)</sup>* | 2692127 | 1565016 | 12338323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Value | 83848*<sup>(3)</sup>* |  | 349621*<sup>(3)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash |  | 40793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Securities Sold | 2998445 |  | 43140122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold |  |  | 50040704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends Receivable | 973734 | 247937 | 5750252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Investment Advisor |  |  | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Daily Variation Margin on Open Financial Futures Contracts |  |  | 248002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Collateral Held for Brokers | 300000 | 111293 | 4445001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 268527531 | 26160588 | 1135816484 |
|  **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Securities Purchased | 1668581 | 411707 | 47938701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Purchase of When-Issued Securities |  |  | 109979511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disbursements in Excess of Available Cash |  |  | 62023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Management Fees | 42005 | 5636 | 271031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Daily Variation Margin on Open Financial Futures Contracts |  | 6428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation on Forward Currency Exchange Contracts | 264712 | 4285 | 1934583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Depreciation on Unfunded Loan Commitments |  |  | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 1975298 | 428056 | 160186774 |
|  **NET ASSETS** | $266552233 | $25732532 | $975629710 |
|  **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $267001936 | $27918912 | $1023809320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated Earnings (Loss) | (449703) | (2186380) | (48179610) |
|  **NET ASSETS** | $266552233 | $25732532 | $975629710 |
|  NET ASSETS | $266552233 | $25732532 | $975629710 |
|  SHARES OUTSTANDING | 5320000 | 560118 | 24960812 |
|  NET ASSET VALUE PER SHARE | $50.10 | $45.94 | $39.09 |

---

*(1)* *The identified cost for the TCW AAA CLO ETF, the TCW Corporate Bond ETF and the TCW Flexible Income ETF at April 30, 2025 was $262,206,746, $24,351,026 and $1,048,081,445, respectively.* 

*(2)* *The identified cost for the TCW AAA CLO ETF, the TCW Corporate Bond ETF and the TCW Flexible Income ETF at April 30, 2025 was $2,692,127, $1,565,016 and $12,332,015, respectively.* 

*(3)* *The identified cost for the TCW AAA CLO ETF and the TCW Flexible Income ETF at April 30, 2025 was $83,958 and $351,258, respectively.* 

*See accompanying Notes to Financial Statements.* 

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities (Unaudited)** | **April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW High<br>Yield Bond<br>ETF** | **TCW<br>Multisector<br>Credit Income<br>ETF** | **TCW Senior<br>Loan ETF** |
|  **ASSETS** | **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at Value*<sup>(1)</sup>* | $39441705 | $49910377 | $309265705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in Affiliated Issuers, at Value*<sup>(2)</sup>* | 504237 | 422702 | 47087572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Value | 3972*<sup>(3)</sup>* | 4822*<sup>(3)</sup>* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash |  |  | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Securities Sold | 355534 | 630057 | 20783305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends Receivable | 622304 | 610973 | 2672393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Collateral Held for Brokers | 62907 | 100000 | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Appreciation on Unfunded Loan Commitments | 2172 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | 3333 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 40996164 | 51678931 | 379830850 |
|  **LIABILITIES** | **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Securities Purchased | 455315 | 2158201 | 51044313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disbursements in Excess of Available Cash | 4109 | 900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Trustees' Fees and Expenses | 6444 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred Accrued Trustees' Fees and Expenses | 7445 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Management Fees | 15947 | 22552 | 168254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Daily Variation Margin on Open Financial Futures Contracts | 24933 | 1703 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation on Forward Currency Exchange Contracts | 36343 | 39450 | 12810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees Payable | 7162 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fee Payable | 1487 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit Fees Payable | 14621 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Fees Payable | 1101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees Payable | 10568 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal Fees Payable | 2458 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Unrealized Depreciation on Unfunded Loan Commitments |  | 295 | 5833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | 8165 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 596098 | 2223101 | 51232353 |
|  **NET ASSETS** | $40400066 | $49455830 | $328598497 |
|  **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $48924472 | $50000000 | $355922105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated Earnings (Loss) | (8524406) | (544170) | (27323608) |
|  **NET ASSETS** | $40400066 | $49455830 | $328598497 |
|  NET ASSETS | $40400066 | $49455830 | $328598497 |
|  CAPITAL SHARES OUTSTANDING | 1342812 | 1000000 | 6993628 |
|  NET ASSET VALUE PER SHARE | $30.09 | $49.46 | $46.99 |

---

*(1)* *The identified cost for the TCW High Yield Bond ETF, the TCW Multisector Credit Income ETF and the TCW Senior Loan ETF at April 30, 2025 was $40,006,638, $50,715,978 and $313,109,190, respectively.* 

*(2)* *The identified cost for the TCW High Yield Bond ETF, the TCW Multisector Credit Income ETF and the TCW Senior Loan ETF at April 30, 2025 was $504,237, $422,702 and $47,087,572, respectively.* 

*(3)* *The identified cost for the TCW High Yield Bond ETF and the TCW Multisector Credit Income ETF at April 30, 2025 was $3,937 and $4,827, respectively.* 

*See accompanying Notes to Financial Statements.* 

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **Statements of Operations (Unaudited)** | **Six Months Ended April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW AAA<br>CLO ETF <sup>(1)</sup>** | **TCW<br>Corporate<br>Bond ETF <sup>(2)</sup>** | **TCW Flexible<br>Income ETF** |
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
|  **Income:** | **Income:** | **Income:** | **Income:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $49333 | $2995 | $289586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Investment in Affiliated Issuers | 376347 | 8327 | 693752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2875389 | 276820 | 17145952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 3301069 | 288142 | 18129290 |
|  **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees | 119583 | 25583 | 1202335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees |  | 55718 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees |  | 21007 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees |  | 45623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Fees |  | 14155 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' Fees and Expenses |  | 65 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration Fees |  | 18488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Reporting Expense |  | 3601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 9602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 119583 | 193842 | 1202335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less Expenses Borne by Investment Advisor: |  | (161341) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 119583 | 32501 | 1202335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 3181486 | 255641 | 16926955 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized (Loss) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net Realized (Loss) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net Realized (Loss) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net Realized (Loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (138293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275736) | (1520948) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency | (14623) | (2223) | (263569) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | (102236) | 2769 | (226057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | 8875 | 1219526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  | 648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (727369) | 546327 | 6362655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency | 674 | 529 | 40278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | (264712) | (4285) | (2032751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  | (3067) | 2458857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  | (898) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliated Issuers |  |  | 6307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1246559) | 272939 | 6044298 |
|  **INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1934927 | $528580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22971253 |

---

*<sup>(1)</sup>* *For the period November 15, 2024 (Commencement of Operations) through April 30, 2025.* 

*<sup>(2)</sup>* *For the period April 1, 2024 through April 30, 2025.* 

*See accompanying Notes to Financial Statements.* 

------

![LOGO](g949859g07c01.jpg)

---

| | |
|:---|:---|
| **Statements of Operations (Unaudited)** | **Six Months Ended April 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW High<br>Yield Bond**<br>**ETF** | **TCW<br>Multisector<br>Credit Income<br>ETF<sup>(1)</sup>** | **TCW Senior<br>Loan ETF<sup>(2)</sup>** |
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
|  **Income:** | **Income:** | **Income:** | **Income:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $15225 | $25296 | $704721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from Investment in Affiliated Issuers | 20259 | 51119 | 324997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1382944 | 1614032 | 27030815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 1418428 | 1690447 | 28060533 |
|  **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees | 96708 | 125610 | 1904995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting Services Fees | 4112 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 2185 |  | 98206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees: | 1792 |  | 89428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 6418 |  | 58480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Fees | 417 |  | 24952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' Fees and Expenses | 4471 |  | 3817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration Fees: | 6923 |  | 37836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Fees: |  |  | 13654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Reporting Expense | 361 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 7036 |  | 16714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 130423 | 125610 | 2248082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less Expenses Borne by Investment Advisor: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class | (31799) |  | (50504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 98624 | 125610 | 2197578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564837 | 25862955 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized (Loss) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net Realized (Loss) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net Realized (Loss) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net Realized (Loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (596603) | (56090) | (3447639) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency | (98) | (2900) | 14034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | 36560 | (23624) | 62019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (126492) | 2887 | 6497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (82122) | (806002) | (1050841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency | 922 | 824 | (7969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | (50637) | (39450) | (27927) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 87002 | (12652) | (10509) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions | (731468) | (937007) | (4462335) |
|  **INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $588336 | $627830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21400620 |

---

*<sup>(1)</sup>* *For the period November 15, 2024 (Commencement of Operations) through April 30, 2025.* 

*<sup>(2)</sup>* *For the period April 1, 2024 through April 30, 2025.* 

*See accompanying Notes to Financial Statements.* 

------

![LOGO](g949859g07c01.jpg)

Statements of Changes in Net Assets (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW AAA CLO ETF** | **TCW Corporate Bond ETF<sup>(1)</sup>** | **TCW Corporate Bond ETF<sup>(1)</sup>** |
|  | **For the period<br>November 15, 2024<br>(Commencement<br>of Operations)<br>through<br>April 30, 2025<br>(Unaudited)** | **For the period<br>April 1, 2024<br>through<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2024** |
|  **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $3181486 | $255641 | $217484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Loss on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions | (255152) | (265667) | (592903) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts | (991407) | 538606 | 524303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Operations | 1934927 | 528580 | 148884 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | (2384630) | (209776) | (216921) |
|  **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF | 267001936 | 23101185 | (462090) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M Class |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2875235) | (14479) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | 267001936 | 20225950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1910046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 266552233 | 20544754 | (1978083) |
|  **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  | 5187778 | 7165861 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266552233 | $25732532 | $5187778 |

---

<sup>(1)</sup> *The TCW Corporate Bond ETF (IGCB) acquired the assets and liabilities of the predecessor mutual fund, the TCW MetWest Corporate Bond Fund Class I (the "Predecessor Fund"), at the close of business on November 18, 2024. As a result of the reorganization, the TCW Corporate Bond ETF adopted the accounting and performance history of Class I Shares of the Predecessor Fund. Financial Information disclosed for periods prior to November 18, 2024 include those of the Predecessor Fund.* 

*See accompanying Notes to Financial Statements.* 

------

![LOGO](g949859g07c01.jpg)

Statements of Changes in Net Assets (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TCW Flexible Income ETF<sup>(1)</sup>** | **TCW Flexible Income ETF<sup>(1)</sup>** | **TCW High Yield Bond ETF<sup>(3)</sup>** | **TCW High Yield Bond ETF<sup>(3)</sup>** |
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31,<br>2024<sup>(2)</sup>** | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31,<br>2024** |
|  **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $16926955 | $14475358 | $1319804 | $3061304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions | (791048) | 684081 | (686633) | (1434562) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts and Foreign Currency Transactions | 6835346 | (479599) | (44835) | 5044825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in Net Assets Resulting from Operations | 22971253 | 14679840 | 588336 | 6671567 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16687978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13514773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1264061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2908463) |
|  **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF | 547474453 | 112834321 | (458278) | (8974075) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N Class |  |  |  | (6918553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M Class |  | (48882875) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | 547474453 | 63951446 | (458278) | (15892628) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 553757728 | 65116513 | (1134003) | (12129524) |
|  **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 421871982 | 356755469 | 41534069 | 53663593 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $975629710 | $421871982 | $40400066 | $41534069 |

---

*<sup>(1)</sup>* *The TCW Flexible Income ETF (FLXR) acquired the assets and liabilities of the predecessor mutual fund, the MetWest Flexible Income Fund (the "Predecessor Fund"), at the close of business on June 21, 2024. As a result of the reorganization, the TCW Flexible Income ETF adopted the accounting and performance history of Class I Shares of the Predecessor Fund. Financial Information disclosed for periods prior to June 21, 2024 include those of the Predecessor Fund.* 

*<sup>(2)</sup>* *The Fund has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2024 to October 31, 2024.* 

*<sup>(3)</sup>* *The TCW High Yield Bond ETF (HYBX) acquired the assets and liabilities of the predecessor mutual fund, the TCW High Yield Bond Fund Class I (the "Predecessor Fund"), at the close of business on November 18, 2024. As a result of the reorganization, the TCW High Yield Bond ETF adopted the accounting and performance history of Class I Shares of the Predecessor Fund. Financial Information disclosed for periods prior to November 18, 2024 include those of the Predecessor Fund.* 

*See accompanying Notes to Financial Statements.* 

------

![LOGO](g949859g07c01.jpg)

Statements of Changes in Net Assets (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **TCW Multisector**<br>**Credit Income ETF** | **TCW Senior Loan ETF<sup>(1)</sup>** | **TCW Senior Loan ETF<sup>(1)</sup>** |
|  | **For the period**<br>**from**<br>**November 15,**<br>**2024**<br>**(Commencement**<br>**of Operations)**<br>**through<br>April 30, 2025**<br>**(Unaudited)** | **For the period<br>April 1, 2024<br>through<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>March 31, 2024** |
|  **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $1564837 | $25862955 | $29723795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Loss on Investments, Futures Contracts and Foreign Currency Transactions | (79727) | (3365089) | (4304578) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation Depreciation on Investments, Futures Contracts and Foreign Currency Transactions | (857280) | (1097246) | 11415223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Operations | 627830 | 21400620 | 36834440 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1172000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23842973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29763381) |
|  **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** | **NET CAPITAL SHARE TRANSACTIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF | 50000000 | 38515500 | (42746247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan Class |  | (10694) | 105060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M Class |  | (9514628) | (1703022) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting from Net Capital Shares Transactions | 50000000 | 28990178 | (44438763) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets | 49455830 | 26547825 | (37367704) |
|  **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  | 302050672 | 339418376 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $49455830 | $328598497 | $302050672 |

---

*(1) The TCW Senior Loan ETF (SLNZ) acquired the assets and liabilities of the predecessor mutual fund, the TCW MetWest Floating Rate Income Fund Class I (the "Predecessor Fund"), at the close of business on November 18, 2024. As a result of the reorganization, the TCW Senior Loan ETF adopted the accounting and performance history of Class I Shares of the Predecessor Fund. Financial Information disclosed for periods prior to November 18, 2024 include those of the Predecessor Fund.* 

*See accompanying Notes to Financial Statements.* 

------

![LOGO](g949859g07c01.jpg)

#### Notes to Financial Statements (Unaudited)
**1.** **Organization** 

TCW ETF Trust (formerly Engine No. 1 ETF Trust) (the "Trust"), a Delaware statutory trust organized on October 26, 2020, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is authorized to issue multiple series or portfolios. As of April 30, 2025, the Trust consisted of eleven operating investment portfolios, six of which are presented herein: TCW AAA CLO ETF, TCW Corporate Bond ETF, TCW Flexible Income ETF, TCW High Yield Bond ETF, TCW Multisector Credit Income ETF and TCW Senior Loan ETF (each a "Fund" and collectively, the "Funds").

TCW Investment Management Company LLC (the "Adviser") is the investment adviser to and an affiliate of the Funds and is registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Each Fund has its own investment objective and strategies. The following is a brief description of the investment objectives and principal investment strategies for the Funds that are covered in this report:

#### Investment Objectives and Principal Investment Strategies

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| | |
|:---|:---|
| **ETF Fund** | **Strategies** |
| **Non-Diversified Fund**<br>|  |
|  TCW AAA CLO ETF | Seeks to provide capital preservation and current income by investing at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in collateralized loan obligations ("CLOs") that are, at the time of purchase, rated AAA (or an equivalent rating) by at least one of the major rating agencies or, if unrated, determined by the Adviser to be of comparable quality. The Fund has no restrictions on investment maturity. |
| **Diversified Fund**<br>|  |
|  TCW Corporate Bond ETF | Seeks to maximize long-term total return, by investing at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in a diversified portfolio of corporate bonds of varying maturities issued by U.S. and foreign corporations, including those in developed market and emerging market countries. There is no limit on the weighted average maturity of the Fund's portfolio, and the Fund's average portfolio duration is expected, but not required, to vary from three to nine years. |
|  TCW Flexible Income ETF | Seeks a high level of current income with a secondary objective of long-term capital appreciation by utilizing a flexible investment approach that allocates investments across a range of global investment opportunities related to credit, currencies and interest rates. The Fund will invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in fixed income securities and instruments that generate income. There is no limit on the weighted average maturity of the Fund's portfolio, however, under normal circumstances, the Fund's average portfolio duration is expected to vary from zero to eight years. |
|  TCW High Yield Bond ETF | Seeks to maximize income and achieve above average total return consistent with reasonable risk over a full market cycle by investing at least 80% of the value of its net assets, plus any borrowings for investment purposes, in high yield/below investment grade bonds (commonly known |

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| | |
|:---|:---|
|  | as "junk bonds"). The Fund may invest up to 20% of its net assets in equity securities (including common stock and convertible and non-convertible preferred stocks). |
|  TCW Multisector Credit Income ETF | Seeks long-term income by investing, under normal circumstances, at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in a multisector portfolio of fixed income securities and instruments. The Fund will generally allocate its assets among several fixed income sectors, including high yield securities; bank loans; and foreign securities, principally emerging market securities. The Fund is not required to gain exposure to any particular investment sector and sector exposures are expected to vary over time. The Fund does not have a duration target, however, under normal circumstances, the Fund's average portfolio duration varies from zero to eight years. |
|  TCW Senior Loan ETF | Seeks current income with a secondary objective of long-term capital appreciation, by investing at least 80% of the value its net assets, plus the amount of any borrowings for investment purposes, in senior secured floating rate investments and in investments that are the economic equivalent of senior secured floating rate loans. The Fund's portfolio securities may have any duration or maturity. |

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There can be no assurance that the Funds will achieve their respective investment objectives.

2. Significant Accounting Policies

These financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which require management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amount of increase and decrease in net assets from operations during the fiscal period. Actual amounts could differ from these estimates. The Funds are investment companies and follow the investment company accounting standards and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standard Codification ("ASC") Topic 946, "Financial Services — Investment Companies". Rules and interpretive releases of the Securities and Exchange Commission ("SEC") under authority of federal laws are also sources of authoritative guidance for SEC registrants. The following summarizes the significant accounting policies of the Funds:

**Principles of Accounting:** The Funds use the accrual method of accounting for financial reporting purposes.

**Net Asset Value:** The net asset value ("NAV") of each Fund's shares is calculated each business day as of the close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m., Eastern Time. NAV per share is computed by dividing the net assets by the number of each Fund's shares outstanding.

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

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

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Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose investments in their financial statements in a three-tier hierarchy. This hierarchy is utilized to establish classification of fair value measurements based on inputs. Inputs that go into fair value measurement refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the inputs market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances.

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

Level 1 – quoted prices in active markets for identical investments.

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates,

prepayment speeds, credit risk, etc.).

Level 3 – significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).

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

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

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

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

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

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

*Bank loans.* The fair value of bank loans is estimated using recently executed transactions, market price quotations, credit/market events, and cross-asset pricing. Inputs are generally observable and are obtained from independent sources. Bank loans are generally categorized as Level 2 of the fair value hierarchy, unless key inputs are unobservable; they would then be categorized as Level 3.

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![LOGO](g949859g07c01.jpg)

*Corporate bonds*. The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Corporate bonds are generally categorized as Level 2 of the fair value hierarchy; in instances where prices, spreads, or any of the other aforementioned key inputs are unobservable, they are categorized as Level 3 of the hierarchy.

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

*Futures contracts.* Futures contracts are generally valued at the settlement price established at the close of business each day by the exchange on which they are traded. They are categorized as Level 1. To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

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

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

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

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

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

*Warrants*. Warrants are generally valued based on quoted prices from the applicable exchange. To the extent these securities are actively traded, and valuation adjustments are not applied, they are generally categorized as Level 1 of the fair value hierarchy.

The summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Funds' investments is listed after the Schedule of Investments for each Fund.

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

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| | | | |
|:---|:---|:---|:---|
| **TCW Corporate Bond ETF** | **Asset-Backed<br> Securities** | **Commercial Mortgage-<br>Backed Securities — Non-**<br>**Agency** | **Total** |
|  Balance as of October 31, 2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33144 | $518 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33662 |
|  Accrued Discounts (Premiums) |  | (18649) | (18649) |
|  Realized Gain (Loss) |  |  |  |
|  Change in Unrealized Appreciation (Depreciation) | 1668 | 18310 | 19978 |
|  Purchases |  |  |  |
|  Sales | (2964) | (178) | (3142) |
|  Transfers in to Level 3 |  |  |  |
|  Transfers out of Level 3 |  |  |  |
|  Balance as of April 30, 2025 | $31848 | $1 \* | $31849 |
| Change in Unrealized Appreciation (Depreciation) from Investments Still Held at April 30, 2025 | $1668 | $4090 | $5758 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TCW FLEXIBLE INCOME ETF** | **Asset-Backed**<br>**Securities** | **Bank Loans** | **Commercial<br>Mortgage-<br>Backed<br>Securities —**<br>**Non-Agency** | **Common<br>Stock** | **Corporate<br>Convertible<br>Bonds** | **Corporate**<br>**Bonds** | **Mutual<br>Funds** | **Residential<br>Mortgage-<br>Backed<br>Securities —<br>Agency** | **Residential**<br>**Mortgage-**<br>**Backed**<br>**Securities —**<br>**Non-Agency** | **Total** |
| Balance as of October 31, 2024 | $395664 | $127519 | $686890 | $336156 | $2504 | $39562 | $- | $- | $3493797 | $5082092 |
| Accrued Discounts (Premiums) |  | 4882 | (147957) |  | 201 | 2481 |  | (117656) | (219677) | (477726) |
| Realized Gain (Loss) |  | (199715) | (1044186) |  | (2216) | (33322) |  | (73589) | (322519) | (1675547) |
| Change in Unrealized Appreciation (Depreciation) | 59174 | 105773 | 899925 | 107825 | 1213 | 11117 | 6308 | 226296 | 1142568 | 2560199 |
| Purchases | 3110005 | 1019432 |  |  |  |  | 6307906 | 5452373 | 1121804 | 17011520 |
| Sales | (328963) | (40423) | (500745) |  | (1702) | (19838) |  |  | (9163) | (900834) |
| Transfers in to Level 3 |  |  | 538061<sup>(1)</sup> |  |  |  |  |  |  | 538061 |
| Transfers out of Level 3 |  |  |  |  |  |  |  |  | (339973) | (339973) |
| Balance as of April 30, 2025 | $3235880 | $1017468 | $431988 | $443981 | $- | $- | $6314214 | $5487424 | $4866837 | $21797792 |
| Change in Unrealized Appreciation (Depreciation) from Investments Still Held at April 30, 2025 | $59174 | $105773 | $902911 | $107825 | $- | $- | $6308 | $226296 | $1142568 | $2550855 |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TCW Senior Loan ETF** | **Bank Loans** | **Common<br>Stock** | **Preferred<br>Stock** | **Warrant** | **Total** |
|  Balance as of October 31, 2024 | $1899654 | $260230 | $474614 | $- | $2634498 |
|  Accrued Discounts (Premiums) | 121835 |  |  |  | 121835 |
|  Realized Gain (Loss) | (338815) |  |  |  | (338815) |
|  Change in Unrealized Appreciation (Depreciation) | (426838) | 128176 | (211940) | 3 | (510599) |
|  Purchases | 4120752 |  |  |  | 4120752 |
|  Sales | (1635806) |  |  |  | (1635806) |
|  Transfers in to Level 3 | 1587515 <sup>(1)</sup> | 180 <sup>(1)</sup> |  |  | 1587695 |
|  Transfers out of Level 3 | (1713176) <sup>(1)</sup> |  |  |  | (1713176) |
|  Balance as of April 30, 2025 | $3615121 | $388586 | $262674 | $3 | $4266384 |
| Change in Unrealized Appreciation (Depreciation) from Investments Still Held at April 30, 2025 | $(426838) | $128176 | $(211940) | $3 | $(510599) |

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

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![LOGO](g949859g07c01.jpg)

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Description** | **Fair Value at<br>April 30,<br>2025** | **Valuation Techniques** | **Unobservable<br>Input** | **Price or Price<br>Range** | **Average**<br> **Weighted**<br> **Price** | **Impact to**<br> **Valuation**<br> **If Input**<br> **Increases** |
| &nbsp;&nbsp;&nbsp; **TCW Corporate Bond ETF** | &nbsp;&nbsp;&nbsp; **TCW Corporate Bond ETF** | &nbsp;&nbsp;&nbsp; **TCW Corporate Bond ETF** | &nbsp;&nbsp;&nbsp; **TCW Corporate Bond ETF** | &nbsp;&nbsp;&nbsp; **TCW Corporate Bond ETF** | | |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $31848 | Broker Quote | Offered Quote | $93.274 | $93.274 | Increase |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities — Non-Agency | $1 | Third-Party Vendor | Vendor Prices | $0.001 | $0.001 | Increase |
| &nbsp;&nbsp;&nbsp;**TCW High Yield Bond ETF** | &nbsp;&nbsp;&nbsp;**TCW High Yield Bond ETF** | &nbsp;&nbsp;&nbsp;**TCW High Yield Bond ETF** | &nbsp;&nbsp;&nbsp;**TCW High Yield Bond ETF** | &nbsp;&nbsp;&nbsp;**TCW High Yield Bond ETF** |  |  |
| &nbsp;&nbsp;&nbsp;Warrants | $0 | Zero Market Value | Fair Value | $0.000 | $0.000 | Increase |
| &nbsp;&nbsp;&nbsp;**TCW Flexible Income ETF** | &nbsp;&nbsp;&nbsp;**TCW Flexible Income ETF** | &nbsp;&nbsp;&nbsp;**TCW Flexible Income ETF** | &nbsp;&nbsp;&nbsp;**TCW Flexible Income ETF** | &nbsp;&nbsp;&nbsp;**TCW Flexible Income ETF** |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $3187165 | Broker Quote | Offered Quote | $93.273- $100.000 | $99.127 | Increase |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $48715 | Third-Party Vendor | Vendor Prices | $0.001- $3.479 | $2.564 | Increase |
| &nbsp;&nbsp;&nbsp;Bank Loans | $180380 | Broker Quote | Offered Quote | $62.560 | $62.560 | Increase |
| &nbsp;&nbsp;&nbsp;Bank Loans | $837088 | Third-Party Vendor | Vendor Prices | $100.250 | $100.250 | Increase |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities — Non-Agency | $185199 | Broker Quote | Offered Quote | $98.730 | $98.730 | Increase |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities — Non-Agency | $246789 | Third-Party Vendor | Vendor Prices | $0.000 - $0.405 | $0.141 | Increase |
| &nbsp;&nbsp;&nbsp;Common Stock | $479 | Broker Quote | Offered Quote | $0.016 | $0.016 | Increase |
| &nbsp;&nbsp;&nbsp;Common Stock | $443502 | Third-Party Vendor | Vendor Prices | $40.125 | $40.125 | Increase |
| &nbsp;&nbsp;&nbsp;Investment Companies | $6314214 | Third-Party Vendor | Vendor Prices | $10.010 | $10.010 | Increase |
| &nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities —Agency | $5487424 | Third-Party Vendor | Vendor Prices | $10.941 - $13.268 | $11.617 | Increase |
| &nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities — Non-Agency | $4866837 | Third-Party Vendor | Vendor Prices | $0.000 - $112.942 | $7.030 | Increase |
| &nbsp;&nbsp;&nbsp; Warrants | $0 | Zero Market Value | Fair Value | $0.000 | $0.000 | Increase |
| &nbsp;&nbsp;&nbsp; **TCW Senior Loan ETF** | &nbsp;&nbsp;&nbsp; **TCW Senior Loan ETF** | &nbsp;&nbsp;&nbsp; **TCW Senior Loan ETF** | &nbsp;&nbsp;&nbsp; **TCW Senior Loan ETF** | &nbsp;&nbsp;&nbsp; **TCW Senior Loan ETF** |  |  |
| &nbsp;&nbsp;&nbsp; Bank Loans | $599533 | Broker Quote | Offered Quote | $62.560 | $62.560 | Increase |
| &nbsp;&nbsp;&nbsp;Bank Loans | $3015588 | Third-Party Vendor | Vendor Prices | $3.875-$100.250 | $78.520 | Increase |
| &nbsp;&nbsp;&nbsp;Bank Loans | $0 | Zero Market Value | Fair Value | $0.000 | $0.000 | Increase |
| &nbsp;&nbsp;&nbsp;Common Stock | $388586 | Third-Party Vendor | Vendor Prices | $0.150-$40.125 | $38.654 | Increase |
| &nbsp;&nbsp;&nbsp;Preferred Stock | $263674 | Third-Party Vendor | Vendor Prices | $0.250 | $0.250 | Increase |
| &nbsp;&nbsp;&nbsp;Warrants | $3 | Zero Market Value | Fair Value | $0.000 | $0.000 | Increase |

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![LOGO](g949859g07c01.jpg)

**Security Transactions and Related Investment Income:** Throughout the reporting period, security transactions are accounted for one business day following the trade date. For financial reporting purposes, security transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premiums and accretion of discounts. Dividend income, net of any applicable foreign withholding taxes, is recorded on the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the asset received. Large, non-recurring dividends recognized by a Fund, if any, are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds.

**Dividends and Distributions**: Dividends and distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds intend to declare and make distributions of taxable net investment income quarterly and net capital gains annually. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income for tax purposes. Therefore, no provision for federal income tax should be required.

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

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

**Foreign Taxes:** The Funds may be subject to withholding taxes on income and capital gains imposed by certain countries in which they invest. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability.

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

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For the period ended April 30, 2025, the following Funds had derivatives and transactions in derivatives, grouped in the following risk categories:

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Statement of Assets and Liabilities:** | **Statement of Assets and Liabilities:** | **Statement of Assets and Liabilities:** | **Statement of Assets and Liabilities:** | **Statement of Assets and Liabilities:** |
|  **TCW AAA CLO ETF** | **TCW AAA CLO ETF** | **TCW AAA CLO ETF** | **TCW AAA CLO ETF** | **TCW AAA CLO ETF** |
|  | **Credit Risk** | **Foreign<br>Currency Risk** | **Interest Rate<br>Risk** | **Total** |
|  **Liability Derivatives** |  |  |  |  |
|  Forward Currency Exchange Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(264712) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(264712) |
|  Total Value | $— | $(264712) | $— | $(264712) |
|  **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** |
|  **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** |
|  Forward Currency Exchange Contracts | $— | $(102236) | $— | $(102236) |
|  Net Realized Gain (Loss) | $— | $(102236) | $— | $(102236) |
|  **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** |
|  Forward Currency Exchange Contracts | $— | $(264712) |  | $(264712) |
|  Net Change in Appreciation (Depreciation) | $— | $(264712) | $— | $(264712) |
|  **Number of Contracts or Notional Amounts** *<sup>(2)</sup>*  | **Number of Contracts or Notional Amounts** *<sup>(2)</sup>*  | **Number of Contracts or Notional Amounts** *<sup>(2)</sup>*  | **Number of Contracts or Notional Amounts** *<sup>(2)</sup>*  | **Number of Contracts or Notional Amounts** *<sup>(2)</sup>*  |
|  Forward Currency Exchange Contracts | $— | $5671393 | $— | $5671393 |
|  **TCW Corporate Bond ETF** | **TCW Corporate Bond ETF** | **TCW Corporate Bond ETF** | **TCW Corporate Bond ETF** | **TCW Corporate Bond ETF** |
|  | **Credit Risk** | **Foreign<br>Currency Risk** | **Interest Rate<br>Risk** | **Total** |
|  **Asset Derivatives** |  |  |  |  |
|  Futures Contracts*<sup>(1)</sup>* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $27836 | $27836 |
|  Total Value | $— | $— | $27836 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27836 |
|  **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  Forward Currency Exchange Contracts | $— | $(4285) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(4285) |
|  Futures Contracts |  |  | (34400) | (34400) |
|  Total Value | $— | $(4285) | $(34400) | $(38685) |
|  **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** |
|  **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** |
|  Forward Currency Exchange Contracts | $— | $2769 | $— | $2769 |
|  Futures Contracts |  |  | 8875 | 8875 |
|  Swap Agreements |  |  | 648 | 648 |
|  Net Realized Gain (Loss) | $— | $2769 | $9523 | $12292 |
|  **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** |
|  Forward Currency Exchange Contracts | $— | $(4285) | $— | $(4285) |
|  Futures Contracts |  |  | (3067) | (3067) |
|  Swap Agreements |  |  | (898) | (898) |
|  Net Change in Appreciation (Depreciation) | $— | $(4285) | $(3965) | $(8250) |
|  **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** ****  | **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** ****  | **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** ****  | **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** ****  | **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** ****  |
|  Forward Currency Exchange Contracts | $— | $43630 | $— | $43630 |
|  Futures Contracts |  |  | 20 | 20 |
|  Swap Agreements | $— | $— | $63000 | $63000 |

---

------

![LOGO](g949859g07c01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **TCW Flexible Income ETF** | **TCW Flexible Income ETF** | **TCW Flexible Income ETF** | **TCW Flexible Income ETF** | **TCW Flexible Income ETF** |
|  | **Credit Risk** | **Foreign<br>Currency Risk** | **Interest Rate<br>Risk** | **Total** |
|  **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
|  Futures Contracts*<sup>(1)</sup>* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $3321079 | $3321079 |
|  Total Value | $— | $— | $3321079 | $3321079 |
|  **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  Forward Currency Exchange Contracts | $— | $(1934583) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(1934583) |
|  Futures Contracts |  |  | (1869256) | (1869256) |
|  Total Value | $— | $(1934583) | $(1869256) | $(3803839) |
|  **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** |
|  **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** |
|  Forward Currency Exchange Contracts | $— | $(226057) | $— | $(226057) |
|  Futures Contracts |  |  | 1219526 | 1219526 |
|  Net Realized Gain (Loss) | $— | $(226057) | $1219526 | $993469 |
|  **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** |
|  Forward Currency Exchange Contracts | $— | $(2032751) | $— | $(2032751) |
|  Futures Contracts |  |  | 2458857 | 2458857 |
|  Net Change in Appreciation (Depreciation) |  | $(2032751) | $2458857 | $426106 |
|  **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** | **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** | **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** | **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** | **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** |
|  Forward Currency Exchange Contracts | $— | $44037785 | $— | $44037785 |
|  Futures Contracts |  |  | 2721 | 2721 |

---

------

![LOGO](g949859g07c01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **TCW High Yield Bond ETF** | **TCW High Yield Bond ETF** | **TCW High Yield Bond ETF** | **TCW High Yield Bond ETF** | **TCW High Yield Bond ETF** |
|  | **Credit Risk** | **Foreign<br>Currency Risk** | **Interest Rate<br>Risk** | **Total** |
|  **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  Forward Currency Exchange Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(36343) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(36343) |
|  Total Value | $— | $(36343) | $— | $(36343) |
|  **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** |
|  **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** |
|  Forward Currency Exchange Contracts | $— | $36560 | $— | $36560 |
|  Futures Contracts |  |  | (126492) | (126492) |
|  Net Realized Gain (Loss) | $— | $36560 | $(126492) | $(89932) |
|  **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** |
|  Forward Currency Exchange Contracts | $— | $(50637) | $— | $(50637) |
|  Futures Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 87002 | 87002 |
|  Net Change in Appreciation (Depreciation) | $— | $(50637) | $87002 | $36365 |
|  **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** | **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** | **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** | **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** | **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** |
|  Forward Currency Exchange Contracts | $— | $1550545 | $— | $1550545 |
|  Futures Contracts |  |  | 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **TCW Multisector Credit Income ETF** | **TCW Multisector Credit Income ETF** | **TCW Multisector Credit Income ETF** | **TCW Multisector Credit Income ETF** | **TCW Multisector Credit Income ETF** |
|  | **Credit Risk** | **Foreign<br>Currency Risk** | **Interest Rate<br>Risk** | **Total** |
|  **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  Forward Currency Exchange Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(39450) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(39450) |
|  Futures Contracts*<sup>(1)</sup>* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (43486) | (43486) |
|  Total Value | $— | $(39450) | $(43486) | $(82936) |
|  **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** | **Statement of Operations:** |
|  **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** |
|  Forward Currency Exchange Contracts | $— | $(23624) | $— | $(23624) |
|  Futures Contracts |  |  | 2887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887 |
|  Net Realized Gain (Loss) | $— | $(23624) | $2887 | $(20737) |
|  **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** | **Net Change in Appreciation (Depreciation)** |
|  Forward Currency Exchange Contracts | $— | $(39450) | $— | $(39450) |
|  Futures Contracts |  |  | (12652) | (12652) |
|  Net Change in Appreciation (Depreciation) | $— | $(39450) | $(12652) | $(52102) |
|  **Number of Contracts or Notional Amounts <sup>(2)</sup>** | **Number of Contracts or Notional Amounts <sup>(2)</sup>** | **Number of Contracts or Notional Amounts <sup>(2)</sup>** | **Number of Contracts or Notional Amounts <sup>(2)</sup>** | **Number of Contracts or Notional Amounts <sup>(2)</sup>** |
|  Forward Currency Exchange Contracts | $— | $1394801 | $— | $1394801 |
|  Futures Contracts |  |  | 3 | 3 |

---

------

![LOGO](g949859g07c01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **TCW Senior Loan ETF** | **TCW Senior Loan ETF** | **TCW Senior Loan ETF** | **TCW Senior Loan ETF** | **TCW Senior Loan ETF** |
|  | **Credit Risk** | **Foreign<br>Currency Risk** | **Interest Rate<br>Risk** | **Total** |
|  **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  Forward Currency Exchange Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(12810) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(12810) |
|  Futures Contracts*<sup>(1)</sup>* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (10859) | (10859) |
|  Total Value | $— | $(12810) | $(10859) | $(23669) |
|  **Statement of Operations:** |  |  |  |  |
|  **Net Realized Gain (Loss)** |  |  |  |  |
|  Forward Currency Exchange Contracts | $— | $62019 | $— | $62019 |
|  Futures Contracts |  |  | 6497 | 6497 |
|  Net Realized Gain (Loss) | $— | $62019 | $6497 | $68516 |
|  **Net Change in Appreciation (Depreciation)** |  |  |  |  |
|  Forward Currency Exchange Contracts | $— | $(27927) | $— | $(27927) |
|  Futures Contracts |  |  | (10509) | (10509) |
|  Net Change in Appreciation (Depreciation) | $— | $(27927) | $(10509) | $(38436) |
|  **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** | **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** | **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** | **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** | **Number of Contracts or Notional Amounts** **<sup>(2)</sup>** |
|  Forward Currency Exchange Contracts | $— | $1959006 | $— | $1959006 |
|  Futures Contracts |  |  | 4 | 4 |

---

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

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

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

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

With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Funds do not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

For OTC derivatives, the Funds mitigate their counterparty risk by entering into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with each counterparty. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event.

------

![LOGO](g949859g07c01.jpg)

Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund's net assets declines by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

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

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

*Master Agreements and Netting Arrangements.* Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively "Master Agreements"), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions ("netting arrangements"). The netting arrangements are generally tied to credit-related events that, if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of the counterparty. Credit-related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund's financial statements. A Fund's overall exposure to credit risk, subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions under the relevant Master Agreement with a counterparty in a given Fund exceeds a specified threshold, net of collateral already in place, typically $250,000 or $500,000 depending on the counterparty and the type of Master Agreement. Collateral under the Master Agreements is usually in the form of cash or U.S. Treasury Bills but could include other types of securities. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. The value of all derivative transactions outstanding under a Master Agreement is calculated daily to determine

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![LOGO](g949859g07c01.jpg)

the amount of collateral to be received or pledged by the counterparty. Posting of collateral for OTC derivative transactions are covered under tri-party collateral agreements between the Fund, the Fund's custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.

The following table presents TCW AAA CLO ETF's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Derivative**<br> **Liabilities in the**<br> **Statement of**<br> **Assets and**<br> **Liabilities** | **Collateral**<br> **Pledged<sup>(1)</sup>** | **Derivatives**<br> (Assets) Liabilities<br> **Available for Offset** | **Net Amount of**<br> **Derivatives**<br> **Liabilities <sup>(2)</sup>** |
|  Bank Of New York | $24541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24541 |
|  Goldman Sachs & Co. | 240171 | (240171) |  |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264712 | $(240171) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24541 |

---

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

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

The following table presents TCW Corporate Bond ETF's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Derivative**<br> **Liabilities in the**<br> **Statement of**<br> **Assets and**<br> **Liabilities** | **Collateral**<br> **Pledged<sup>(1)</sup>** | **Derivatives**<br> (Assets) Liabilities<br> **Available for Offset** | **Net Amount of**<br> **Derivatives**<br> **Liabilities <sup>(2)</sup>** |
|  Citibank N.A. | $244 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $244 |
|  Goldman Sachs & Co. | 4041 |  |  | 4041 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4285 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4285 |

---

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

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

The following table presents TCW Flexible Income ETF's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Derivative**<br> **Liabilities in the**<br> **Statement of**<br> **Assets and**<br> **Liabilities** | **Collateral**<br> **Pledged<sup>(1)</sup>** | **Derivatives**<br> (Assets) Liabilities<br> **Available for Offset** | **Net Amount of**<br> **Derivatives**<br> **Liabilities <sup>(2)</sup>** |
|  Bank Of New York | $78890 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $78890 |
|  Goldman Sachs & Co. | 1855693 | (1855693) |  |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934583 | $(1855693) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78890 |

---

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

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

------

![LOGO](g949859g07c01.jpg)

The following table presents TCW High Yield Bond ETF's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Derivative**<br> **Liabilities in the**<br> **Statement of**<br> **Assets and**<br> **Liabilities** | **Collateral**<br> **Pledged<sup>(1)</sup>** | **Derivatives**<br> (Assets) Liabilities<br> **Available for Offset** | **Net Amount of**<br> **Derivatives**<br> **Liabilities <sup>(2)</sup>** |
|  Citibank N.A. | $35854 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $35854 |
|  Goldman Sachs & Co. | 489 |  |  | 489 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36343 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36343 |

---

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

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

The following table presents TCW Multisector Credit Income ETF's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Derivative**<br> **Liabilities in the**<br> **Statement of**<br> **Assets and**<br> **Liabilities** | **Collateral**<br> **Pledged<sup>(1)</sup>** | **Derivatives**<br> (Assets) Liabilities<br> **Available for Offset** | **Net Amount of**<br> **Derivatives**<br> **Liabilities <sup>(2)</sup>** |
|  Goldman Sachs & Co. | $39450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39450 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39450 | $— | $— | $39450 |

---

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

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

The following table presents TCW Senior Loan ETF's OTC derivative liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement or similar agreements and net of the related collateral received or pledged by the Fund as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Derivative**<br> **Liabilities in the<br>Statement of**<br> **Assets and**<br> **Liabilities** | **Collateral**<br> **Pledged<sup>(1)</sup>** | **Derivatives**<br> (Assets) Liabilities<br> **Available for Offset** | **Net Amount of<br>Derivatives**<br> **Liabilities <sup>(2)</sup>** |
|  Bank of America | $12810 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12810 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12810 | $— | $— | $12810 |

---

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

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

3. Portfolio Investments

**Mortgage-Backed and Other Asset-Backed Securities:** The Funds may invest in MBS which represent interests in pools of mortgages in which payments of both principal and interest on the securities are generally made monthly, in effect "passing through" monthly payments made by borrowers on the residential or commercial mortgage loans which underlie the securities (net of any fees paid to the issuer or guarantor of the securities). Mortgage pass-through securities differ from other forms of debt securities which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. The Funds may also invest in Collateralized Mortgage Obligations ("CMOs"). CMOs are debt obligations collateralized by residential or commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private

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mortgage pass-through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by the Government National Mortgage Association (Ginnie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac) or Federal National Mortgage Corporation (Fannie Mae). The issuer of a series of CMOs may elect to be treated for tax purposes as a Real Estate Mortgage Investment Conduit. CMOs are structured into multiple classes, each bearing a different stated maturity. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal only after shorter classes have been retired. An investor may be partially protected against a sooner than desired return of principal because of the sequential payments. The Funds may invest in stripped MBS. Stripped MBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. In certain cases, one class will receive all of the interest (the interest only or "IO" class), while the other class will receive all of the principal (the principal only or "PO" class). The yield to maturity on IOs is sensitive to the rate of principal repayments (including prepayments) on the related underlying mortgage assets, and principal payments may have a material effect on yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may not fully recoup its initial investment in IOs. Mortgage-backed and other asset-backed securities held by the Funds at April 30, 2025 are listed in the Funds' Schedule of Investments.

**Inflation-Indexed Bonds:** The Funds may invest in inflation-indexed bonds, which are fixed income securities whose principal value or coupon is periodically adjusted according to the rate of inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income.

Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten, twenty, or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount.

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Funds may also invest in other inflation-related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.

While the values of these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to declines in values. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond's inflation measure.

**When-Issued, Delayed-Delivery, To Be Announced ("TBA") and Forward Commitment Transactions:** The Funds may enter into when-issued, delayed-delivery, TBA or forward commitment transactions in order to lock in the purchase price of the underlying security or to adjust the interest rate exposure of each Fund's existing portfolio. In when-issued, delayed-delivery, TBA or forward commitment transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although the Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If a Fund's counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, TBA or forward commitment basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

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

**Dollar Roll Transactions:** The Funds may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the MBS market. A dollar roll transaction involves a simultaneous sale of securities by a Fund with an agreement to repurchase substantially similar securities at an agreed upon price and date, but generally will be collateralized at time of delivery by different pools of mortgages with different prepayment histories than those securities sold. These transactions are accounted for as financing transactions as opposed to sales and purchases. The differential between the sale price and the repurchase price is recorded as deferred income and recognized between the settlement dates of the sale and repurchase. During the period between the sale and repurchase, a Fund will not be entitled to receive interest and principal payments on the securities sold. Dollar roll transactions involve risk that the market value of the security sold by a Fund may decline below the repurchase price of the security and the counterparties may potentially be unable to complete the transaction. There were no such transactions by the Funds for the period ended April 30, 2025.

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

**Reverse Repurchase Agreements:** The Funds may enter into reverse repurchase agreements. Under a reverse repurchase agreement, a Fund sells portfolio assets subject to an agreement by the Fund to repurchase the same assets at an agreed upon price and date. The Funds may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. During the term of the reverse repurchase agreement, the Funds continue to receive the principal and interest payments on the securities sold. There were no reverse repurchase agreements outstanding during the period ended April 30, 2025.

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

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

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

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

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

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

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

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

Options purchased or sold by a Fund may be traded on a securities or options exchange. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications

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imposed by an exchange or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace the expiring series, and opening transactions in existing series may be prohibited.

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

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

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

Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time. A Fund's maximum risk of loss due to counterparty default is the discounted NAV of the cash flows paid to/received from the counterparty over the interest rate swap's remaining life.

The Funds may write (sell) and purchase put and call swaptions. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a new swap agreement, or to shorten, extend, cancel or modify an existing swap agreement, on a future date on specified terms. See "Swap Agreements" below. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. During the period ended April 30, 2025, none of the Funds held written swaptions.

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

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to the issuer or securities on which the swap is written. When a Fund sells protection, it may do so either to earn additional income or to create such a "synthetic" long position.

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

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

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

4. Risk Considerations

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

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

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

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

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**Derivatives Risk:** Use of derivatives, which at times is an important part of the Funds' investment strategies, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Investments in derivatives could cause the Funds to lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Funds will achieve their objective through the use of the derivatives.

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

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

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

**Foreign Currency Risk:** The Funds may be exposed to the risk that the value of the Funds' investments denominated in foreign currencies will decline in value because the foreign currencies have declined in value relative to the U.S. dollar.

**Foreign Investing Risk:** The Funds may be exposed to the risk that the Funds' share prices will fluctuate with market conditions, currency exchange rates and the economic and political climates in countries where the Funds invest.

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

**Investment Style Risk:** Certain Funds may also be subject to investment style risk. The Adviser's investment styles may be out of favor at times or may not produce the best results over short or longer time periods and may increase the volatility of a Fund's share price.

**Bank Loan Risk:** There is a risk of investing in corporate loans made by commercial banks and other financial institutions or institutional investors to companies that need capital to grow or restructure, which includes interest rate risk, liquidity risk and prepayment risk. A Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities. Bank loans are not registered and

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![LOGO](g949859g07c01.jpg)

otherwise may not be treated as securities under the federal securities laws, meaning investors in loans have less protection against improper practices than investors in securities that are registered under or are otherwise subject to the protections of the securities laws.

5. Federal Income Taxes

It is the policy of the Funds to comply with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income, including any net realized gains on investments, to its shareholders. Therefore, no federal income tax provision is required. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of operations. Management of the Funds is required to determine whether a tax position taken by the Funds is more likely than not to be sustained upon examination by the applicable taxing authority. Based on its analysis, Management has concluded that the Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the period ended April 30, 2025. The Funds are subject to examination by the U.S. Federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively.

At April 30, 2025, net unrealized appreciation for federal income tax purposes is comprised of the following components:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** | **Cost of<br>Investments<br>for Federal<br>Income Tax<br>Purposes** |
|  TCW AAA CLO ETF | $507431 | $(1234800) | $(727369) | $264898873 |
|  TCW Corporate Bond ETF | 367986 | (592998) | (225012) | 25985577 |
|  TCW Flexible Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14805639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43509564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28703925) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060544854 |
|  TCW High Yield Bond ETF | 671049 | (1065359) | (394310) | 40340252 |
|  TCW Multisector Credit Income ETF | 266675 | (1072382) | (805707) | 51138680 |
|  TCW Senior Loan ETF | 1677916 | (5586218) | (3908302) | 360261579 |

---

At October 31, 2024, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br>Income** | **Undistributed**<br> **Long-term<br>Gains** | **Accumulated**<br> **Capital loss**<br> **Carryforwards**<br> **and Post-**<br> **October losses** | **Other<br>Temporary**<br> **Differences** | **Net unrealized**<br> **Appreciation**<br> (Depreciation) | **Total<br>Earnings<br>(Losses)** |
|  TCW Flexible Income ETF | $968143 | $– $| (20277084) | $– $| (35152135) | $(54461076) |
|  TCW High Yield Bond ETF | 529747 | – | (7816417) | – | (341032) | (7627702) |

---

At March 31, 2024, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br>Income** | **Undistributed**<br> **Long-term<br>Gains** | **Accumulated**<br> **Capital loss**<br> **Carryforwards**<br> **and Post-**<br> **October losses** | **Other<br>Temporary**<br> **Differences** | **Net unrealized**<br> **Appreciation**<br> (Depreciation) | **Total<br>Earnings<br>(Losses)** |
|  TCW Corporate Bond ETF | $533 | $– $| (1817448) | $(270) | $(706962) | $(2524147) |
|  TCW Senior Loan ETF | 671369 | – | (22106088) | (520482) | (2926054) | (24881255) |

---

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During the year ended October 31, 2024 the tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary<br>Income\*** | **Long-Term**<br> **Capital Gain** |
|  TCW Flexible Income ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13514773 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  TCW High Yield Bond ETF | 2908463 |  |

---

*\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.* 

During the year ended March 31, 2024, the tax character of distributions paid was as follows:

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| | | |
|:---|:---|:---|
|  | **Ordinary<br>Income\*** | **Long-Term**<br> **Capital Gain** |
|  TCW Corporate Bond ETF | $216869 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  TCW Senior Loan ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29757265 |  |

---

*\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.* 

At October 31, 2024, the following Funds had net realized loss carryforwards for federal income tax purposes:

---

| | | | |
|:---|:---|:---|:---|
|  | **No Expiration** | **No Expiration** | **No Expiration** |
|  | **Short-Term**<br> **Capital Losses** | **Long-Term**<br> **Capital Losses** | **Total** |
| TCW Flexible Income ETF | $6053336 | $14223748 | $20277084 |
| TCW High Yield Bond ETF | 2224653 | 5591764 | 7816417 |

---

At March 31, 2024, the following Funds had net realized loss carryforwards for federal income tax purposes:

---

| | | | |
|:---|:---|:---|:---|
|  | **No Expiration** | **No Expiration** | **No Expiration** |
|  | **Short-Term**<br> **Capital Losses** | **Long-Term**<br> **Capital Losses** | **Total** |
| TCW Corporate Bond ETF | $415192 | $1277596 | $1692788 |
| TCW Senior Loan ETF | 2450066 | 17873158 | 20323224 |

---

6. Management and Other Agreements

#### Management
The Adviser, located at 515 South Flower Street, Los Angeles, CA 90071, furnishes investment advisory services to the Funds pursuant to an Investment Advisory Agreement with the Trust on behalf of the Funds (the "Investment Advisory Agreement"), subject to the supervision and direction of the Board. The Adviser is registered with the Securities and Exchange Commission ("SEC") as an investment adviser under the Investment Advisers Act of 1940, as amended.

For its investment advisory services to the Funds, the Adviser is paid a management fee from the Funds based on a percentage of the Fund's average daily net assets, at the annual rate of 0.20% for the TCW AAA CLO ETF, 0.35% for the TCW Corporate Bond ETF, 0.40% for the TCW Flexible Income ETF, 0.50% for the TCW High Yield Bond ETF, 0.56% for the

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TCW Multisector Credit Income ETF, 0.65% for the TCW Senior Loan ETF. The Adviser may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses, as may be specified in a separate letter of agreement.

Prior to the reorganization into the TCW Corporate Bond ETF, for the period April 1, 2024 to November 15, 2024, the TCW MetWest Corporate Bond Fund paid Metropolitan West Asset Management, LLC (the previous Adviser) a management fee based on a percentage of the TCW MetWest Corporate Bond Fund's average daily net assets, at the annual rate of 0.40%.

Prior to the reorganization into the TCW High Yield Bond ETF, for the period November 1, 2024 to November 15, 2024, the TCW High Yield Bond Fund paid the Adviser a management fee based on a percentage of the TCW High Yield Bond Fund's average daily net assets, at the annual rate of 0.45%.

Prior to the reorganization into the TCW Senior Loan ETF, for the period April 1, 2024 to November 15, 2024, the TCW MetWest Floating Rate Income Fund paid Metropolitan West Asset Management, LLC (the previous Adviser) a management fee based on a percentage of the TCW MetWest Floating Rate Income Fund's average daily net assets, at the annual rate of 0.55%.

Pursuant to the Investment Advisory Agreement between the Adviser and the Trust (entered into on behalf of the Funds), the Adviser is responsible for substantially all expenses of the Funds, except (i) interest and taxes (including, but not limited to, income, excise, transfer and withholding taxes); (ii) expenses of the Funds incurred with respect to the acquisition, holding, voting and/or disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions; (iii) expenses incurred in connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under the 1940 Act, including distribution fees; (iv) the advisory fee payable to the Adviser under the Investment Advisory Agreement; (v) litigation expenses (including fees and expenses of counsel retained by or on behalf of the Trust or any Fund) and any fees, costs or expenses payable by the Trust or any Fund pursuant to indemnification obligations to which the Trust or such Fund may be subject (pursuant to contract or otherwise); and (vi) any extraordinary expenses, as determined by a majority of the Independent Trustees.

Prior to the reorganization into the TCW Corporate Bond ETF and TCW Senior Loan ETF, for the period April 1, 2024 to November 15, 2024, the TCW MetWest Corporate Bond Fund and the TCW MetWest Floating Rate Income Fund incurred distribution 12b-1 fees. These fees were no longer applicable subsequent to the reorganization.

Prior to the reorganization into the TCW Corporate Bond ETF, for the period April 1, 2024 to November 15, 2024, the Adviser limited the operating expenses of the TCW MetWest Corporate Bond Fund Class I not to exceed 0.50% relative to the TCW MetWest Corporate Bond Fund Class I average daily net assets.

Prior to the reorganization into the TCW Senior Loan ETF, for the period April 1, 2024 to November 15, 2024, the Adviser limited the operating expenses of the TCW MetWest Floating Rate Income Fund Class I not to exceed 0.70% relative to the TCW MetWest Floating Rate Income Fund Class I average daily net assets.

#### Administrator, Custodian, Transfer Agent and Accounting Agent
State Street Bank and Trust Company ("State Street" or the "Bank"), located at One Congress Street, Suite 1, Boston, MA 02114-2016, is the Funds, administrator, fund accountant, transfer and dividend agent and custodian. State Street is primarily in the business of providing administrative, fund accounting and transfer agent services to retail and institutional mutual funds and exchange traded funds.

#### Distribution
Foreside Financial Services, LLC (the "Distributor"), Three Canal Plaza, Suite 100, Portland, Maine 04101, is the distributor for the shares of the Trust. The Distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

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![LOGO](g949859g07c01.jpg)

#### Organizational and Offering Costs
The Adviser has paid or assumed all organizational and offering expenses for the Funds.

#### Board of Trustees Compensation
The Trust pays each Independent Trustee an annual retainer of $27,500 per calendar year, plus a $1,500 per-meeting fee for in-person attendance and $250 for telephonic attendance for each Board of Trustees meeting attended by that Independent Trustee. The Independent Chair of the Board of Trustees receives an additional annual retainer of $10,500, the Independent Vice Chair receives an additional annual retainer of $7,000, and the Chairs of the Audit Committee and the Nominating and Governance Committee each receive an additional annual retainer of $1,750. The Independent Trustees' compensation is paid by the Adviser from the management fees it receives from the Funds.

7. Fund Reorganizations

Pursuant to an Agreement and Plan of Reorganization (the "Reorganization"), the TCW MetWest Corporate Bond Fund was reorganized into the TCW Corporate Bond ETF (the "Acquiring Fund"), a newly created series of the Trust, that has the same investment objective, investment policies and portfolio management team and substantially the same investment strategies as the TCW MetWest Corporate Bond Fund.

The shareholders of the Predecessor Fund received shares of the Acquiring Fund with an aggregate net asset value ("NAV") equal to the aggregate NAV of its shares in the Predecessor Fund immediately prior to the Reorganization at the following conversion ratios:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Predecessor Fund** | **<u>Net<br>Asset<br>Value</u>**<br> **<u>Per<br>Share</u>** | **<u>Conversion</u><br><u>Ratio</u>** | **Acquiring Fund** | **Net<br>Assets** | **Closing<br>Date** | **<u>Listing Date on</u><br><u>the NYSE</u>** |
| TCW MetWest Corporate Bond Fund | $45.25 | 1 | TCW Corporate Bond<br>ETF | 4983150 | November 15,<br>2024 | November 18,<br>2024 |
| I-Class Shares 110,118 |  |  | 110118 |  |  |  |

---

The Reorganization was treated as a tax-free exchange for federal income tax purposes and accordingly, the basis of the assets of the Acquiring Fund reflects the historical basis of the assets of the Predecessor Fund as of the date of the Reorganization.

The net assets and composition of net assets of the Acquiring Fund and the Predecessor Fund on November 15, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Acquiring</u> <br><u>Fund</u>** | **Predecessor Fund** | **Combined Funds** |
|  Paid-in Capital | $— | $7478980 | $7478980 |
|  Accumulated Net Investment Income |  | 2760 | 2760 |
|  Accumulated Net Realized Gain |  | (1874257) | (1874257) |
|  Net Unrealized Appreciation |  | (624333) | (624333) |
|  Net Assets |  | 4983150 | 4983150 |
|  Cost of Investments |  | 5789364 | 5789364 |
|  Investment Securities at Value |  | 5165031 | 5165031 |

---

Pursuant to an Agreement and Plan of Reorganization (the "Reorganization"), the TCW High Yield Bond Fund was reorganized into the TCW High Yield Bond ETF (the "Acquiring Fund"), a newly created series of the Trust, that has the

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![LOGO](g949859g07c01.jpg)

same investment objective, investment policies and portfolio management team and substantially the same investment strategies as the TCW High Yield Bond Fund.

The shareholders of the Predecessor Fund received shares of the Acquiring Fund with an aggregate NAV equal to the aggregate NAV of its shares in the Predecessor Fund immediately prior to the Reorganization at the following conversion ratios:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Predecessor Fund** | **Net Asset<br>Value**<br> **<u>Per Share</u>** | **Conversion<br>Ratio** | **Acquiring Fund** | **Net Assets** | **<u>Closing</u>**<br> **<u>Date</u>** | **Listing Date on<br>the NYSE** |
| TCW High Yield Bond | $30.73 | 1 | TCW High Yield Bond<br>ETF | 40656611 | November 15,<br>2024 | November 18,<br>2024 |
| I-Class Shares 1,322,812 |  |  | 1322812 |  |  |  |

---

The Reorganization was treated as a tax-free exchange for federal income tax purposes and accordingly, the basis of the assets of the Acquiring Fund reflects the historical basis of the assets of the Predecessor Fund as of the date of the Reorganization.

The net assets and composition of net assets of the Acquiring Fund and the Predecessor Fund on November 15, 2024 were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **<u>Acquiring</u> <br><u>Fund</u>** | **Predecessor Fund** | **Combined Funds** |
|  Paid-in Capital | $— | $48391487 | $48391487 |
|  Accumulated Net Investment Income |  | 401299 | 401299 |
|  Accumulated Net Realized Gain |  | (7617723) | (7617723) |
|  Net Unrealized Appreciation |  | (518452) | (518452) |
|  Net Assets |  | 40656611 | 40656611 |
|  Cost of Investments |  | 40717516 | 40717516 |
|  Investment Securities at Value |  | 40177909 | 40177909 |

---

Pursuant to an Agreement and Plan of Reorganization (the "Reorganization"), the TCW MetWest Floating Rate Income Fund was reorganized into the TCW Senior Loan ETF (the "Acquiring Fund"), a newly created series of the Trust, that has the same investment objective, investment policies and portfolio management team and substantially the same investment strategies as the TCW MetWest Floating Rate Income Fund.

The shareholders of the Predecessor Fund received shares of the Acquiring Fund with an aggregate NAV equal to the aggregate NAV of its shares in the Predecessor Fund immediately prior to the Reorganization at the following conversion ratios:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Predecessor Fund** | **Net**<br> **Asset<br>Value**<br> **<u>Per</u><br> <u>Share</u>** | **<u>Conversion</u><br> <u>Ratio</u>** | **Acquiring Fund** | **Net Assets** | **<u>Closing</u>**<br> **<u>Date</u>** | **Listing Date on<br>the NYSE** |
| TCW MetWest Floating Rate Income Fund | $47.61 | 1 | TCW Senior Loan ETF | 293938143 | November 15,<br>2024 | November 18,<br>2024 |
| I-Class Shares 6,173,628 |  |  | 6173628 |  |  |  |

---

The Reorganization was treated as a tax-free exchange for federal income tax purposes and accordingly, the basis of the assets of the Acquiring Fund reflects the historical basis of the assets of the Predecessor Fund as of the date of the Reorganization.

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![LOGO](g949859g07c01.jpg)

The net assets and composition of net assets of the Acquiring Fund and the Predecessor Fund on November 15, 2024 were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **<u>Acquiring</u> <br><u>Fund</u>** | **Predecessor Fund** | **Combined Funds** |
|  Paid-in Capital | $— | $317633731 | $317633731 |
|  Accumulated Net Investment Income |  | 1173829 | 1173829 |
|  Accumulated Net Realized Gain |  | (24618800) | (24618800) |
|  Net Unrealized Appreciation |  | (250616) | (250616) |
|  Net Assets |  | 293938143 | 293938143 |
|  Cost of Investments |  | 279441046 | 279441046 |
|  Investment Securities at Value |  | 279190430 | 279190430 |

---

8. Related Parties

At April 30, 2025, certain officers and Trustees of the Trust are also officers or employees of the Adviser or affiliated with the Distributor.

9. Committed Line of Credit

The Funds, together with the TCW Metropolitan West Funds and the TCW Funds, Inc., have entered into a $250,000,000 committed revolving line of credit agreement with State Street Bank and Trust Company (the "Bank") for temporary borrowing purposes, with an expiration date of December 18, 2025. The interest rate on borrowing is the higher Federal Funds Effective Rate plus 0.10%, plus 1.25% or the Overnight Bank Funding Rate plus 0.10%, plus 1.25%. There were no borrowings from the line of credit as of or during the period ended April 30, 2025. The Funds pay the Bank a commitment fee equal to 0.25% per annum on the unused portion of the committed line amount. The commitment fees incurred by the Funds would be presented in each Fund's Statements of Operations. The commitment fees would be allocated to each applicable Fund in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable Fund.

10. Creation and Redemption Transactions

Each Fund issues and redeems shares ("Shares") at NAV only in aggregations of a specified number of Shares (each a "Creation Unit"). The Funds may issue and redeem Creation Units of its Shares in exchange for a designated basket of portfolio investments (including any portion of such investments for which cash may be substituted) ("Deposit Instruments"), together with the deposit of a specified cash payment ("Cash Component"). Shares of each Fund are listed and trade on the New York Stock Exchange LLC (the "Exchange" or "NYSE"), a national securities exchange. Shares of the Funds are traded in the secondary market and elsewhere at market values that may be at, above or below each Fund's NAV. Shares are redeemable only in Creation Units by authorized participants that have entered into agreements with the Distributor ("Authorized Participants"), and, generally, in exchange for securities in kind and or a cash amount. Creation Units typically are large blocks of a specified number of shares or multiples thereof. In the event of liquidation of a Fund, the Trust may lower the number of shares in a Creation Unit.

Shares may be issued in advance of receipt of Deposit Instruments, subject to various conditions, including a requirement that the Authorized Participant maintain with the Trust a cash deposit in an amount at least equal to a specified percentage, as set forth in the applicable Participant Agreement, of the value of the missing Deposit Instruments. The Trust may use such cash deposit at any time to purchase Deposit Instruments. Transaction fees and other costs associated with creations or redemptions

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that include cash may be higher than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions with respect to creations and redemptions of Shares and fees will be limited in accordance with the requirements of SEC rules and regulations applicable to management investment companies offering redeemable securities.

11. Capital Share Transactions

Transactions in each Fund's shares were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the period November 15, 2024<br>(Commencement of Operations)<br>through**<br>**April 30, 2025 (Unaudited)** | **For the period November 15, 2024<br>(Commencement of Operations)<br>through**<br>**April 30, 2025 (Unaudited)** | | |
| **TCW AAA CLO ETF** | **Shares** | **Amount** | | |
|  Shares Sold | 5380000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270014614 |  |  |
|  Shares Issued upon Reinvestment of Dividends |  |  |  |  |
|  Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60000) | (3012678) |  |  |
|  Net Increase | 5320000 | $267001936 |  |  |
| **TCW Corporate Bond ETF <sup>(1) (2)</sup>** | **For the period April 1, 2024 through<br>April 30, 2025 (Unaudited)** | **For the period April 1, 2024 through<br>April 30, 2025 (Unaudited)** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares Sold | 458059 | $20831008 | 7350 | $323768 |
|  Shares Sold — shares converted from<br> Class M <sup>(3)</sup> | 50461 | 2330001 |  |  |
|  Shares Issued upon Reinvestment of Dividends | 1283 | 58030 | 2117 | 93392 |
|  Shares Redeemed | (2624) | (117854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20080) | (879250) |
|  Net Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507179 | $23101185 | (10613) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462090) |

---

<sup>(1)</sup> *The TCW Corporate Bond ETF (IGCB) acquired the assets and liabilities of the predecessor mutual fund, the TCW MetWest Corporate Bond Fund Class I (the "Predecessor Fund"), at the close of business on November 18, 2024. As a result of the reorganization, the TCW Corporate Bond ETF adopted the accounting and performance history of Class I Shares of the Predecessor Fund. Financial Information disclosed for periods prior to November 18, 2024 include those of the Predecessor Fund.* 

<sup>(2)</sup> *Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.* 

<sup>(3)</sup> *M Class shares were converted into TCW Corporate Bond ETF shares at the close of business on October 18, 2024.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TCW Flexible Income ETF <sup>(1) (2)</sup>** | **Six Months Ended**<br>**April 30, 2025 (Unaudited)** | **Six Months Ended**<br>**April 30, 2025 (Unaudited)** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares Sold | 14090014 | $547474453 | 2458126 | $96184409 |
|  Shares Sold — shares converted from<br> Class M <sup>(3)</sup> |  |  | 1292294 | 49107849 |
|  Shares Issued upon Reinvestment of Dividends |  |  | 132725 | 5029014 |
|  Shares Redeemed |  |  | (986495) | (37486951) |
|  Net Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14090014 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547474453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112834321 |

---

<sup>(1)</sup> *The TCW Flexible Income ETF (FLXR) acquired the assets and liabilities of the predecessor mutual fund, the TCW MetWest Flexible Income Fund (the "Predecessor Fund"), at the close of business on June 21, 2024. As a result of the reorganization, the TCW Flexible Income ETF adopted the accounting and performance history of Class I Shares of the Predecessor Fund. Financial Information disclosed for periods prior to June 21, 2024 include those of the Predecessor Fund.* 

<sup>(2)</sup> *Per share amounts were adjusted to reflect a 1:5 reverse stock split effective June 12, 2024.* 

<sup>(3)</sup> *M Class shares were converted into TCW Flexible Income ETF shares at the close of business on June 10, 2024.*

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![LOGO](g949859g07c01.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **TCW High Yield Bond ETF <sup>(1) (2)</sup>** | **Six Months Ended**<br>**April 30, 2025 (Unaudited)** | **Six Months Ended**<br>**April 30, 2025 (Unaudited)** | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares Sold | 125367 | $3726821 | 225947 | $6844132 |
|  Shares Sold — shares converted from<br> Class N <sup>(3)</sup> |  |  | 190495 | 5898777 |
|  Shares Issued upon Reinvestment of Dividends | 6953 | 213120 | 84233 | 2538503 |
|  Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4398219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(799689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24255487) |
|  Net Increase | (12247) | $(458278) | (299014) | $(8974075) |

---

<sup>(1)</sup> *The TCW High Yield Bond ETF (HYBX) acquired the assets and liabilities of the predecessor mutual fund, the TCW High Yield Bond Class I (the "Predecessor Fund"), at the close of business on November 18, 2024. As a result of the reorganization, the TCW High Yield Bond ETF adopted the accounting and performance history of Class I Shares of the Predecessor Fund. Financial Information disclosed for periods prior to November 18, 2024 include those of the Predecessor Fund.* 

<sup>(2)</sup> *Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.* 

<sup>(3)</sup> *N Class shares were converted into TCW High Yield Bond ETF shares at the close of business on October 18, 2024.*

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| | | |
|:---|:---|:---|
| **TCW Multisector Credit Income ETF** | **Six Months Ended**<br>**April 30, 2025 (Unaudited) <sup>(1)</sup>** | **Six Months Ended**<br>**April 30, 2025 (Unaudited) <sup>(1)</sup>** |
|  | **Shares** | **Amount** |
|  Shares Sold | 1000000 | $50000000 |
|  Shares Issued upon Reinvestment of Dividends |  |  |
|  Shares Redeemed |  |  |
|  Net Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 |

---

<sup>(1)</sup> *For the period November 15, 2024 (Commencement of Operations) through April 30, 2025.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TCW Senior Loan ETF <sup>(1) (2)</sup>** | **For the period April 1, 2024 through<br>April 30, 2025 (Unaudited)** | **For the period April 1, 2024 through<br>April 30, 2025 (Unaudited)** | **Year Ended**<br>**March 31, 2024** | **Year Ended**<br>**March 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  Shares Sold | 1700461 | $80040124 | 785489 | $36817127 |
|  Shares Sold — shares converted from<br> Class M <sup>(3)</sup> | 148325 | 7040099 |  |  |
| Shares Issued upon Reinvestment of Dividends | 229502 | 10890222 | 476844 | 22377284 |
|  Shares Redeemed | (1252118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59454945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2165524)) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101940658) |
|  Net Increase | 826170 | $38515500 | (903191) | $(42746247) |

---

<sup>(1)</sup> *The TCW Senior Loan ETF (SLNZ) acquired the assets and liabilities of the predecessor mutual fund, the TCW MetWest Floating Rate Income Fund Class I Income Fund (the "Predecessor Fund"), at the close of business on November 18, 2024. As a result of the reorganization, the TCW Senior Loan ETF adopted the accounting and performance history of Class I Shares of the Predecessor Fund. Financial Information disclosed for periods prior to November 18, 2024 include those of the Predecessor Fund.* 

<sup>(2)</sup> *Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.* 

<sup>(3)</sup> *M Class shares were converted into TCW Senior Loan ETF shares at the close of business on October 18, 2024.*

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12. Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the six month ended April 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases at Cost** | **Sales or Maturity<br>Proceeds** | **U.S. Government<br>Purchases at Cost** | **U.S. Government<br>Sales or Maturity<br>Proceeds** |
|  TCW AAA CLO ETF | $319120158 | $58931480 | $— | $— |
|  TCW Corporate Bond ETF | 18461886 | 1116193 | 26237500 | 24976510 |
|  TCW Flexible Income ETF | 492427935 | 65131524 | 1238333423 | 1064690951 |
|  TCW High Yield Bond ETF | 27681745 | 25998174 | 1632648 | 1634366 |
|  TCW Multisector Credit Income ETF | 60003711 | 10529122 |  |  |
|  TCW Senior Loan ETF | 349716583 | 337507528 | 19735882 | 18159537 |

---

13. Restricted Securities

The Funds are permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered before being sold to the public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the "Securities Act"). However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. There were no restricted securities held by the Funds at April 30, 2025.

14. Affiliate Ownership

As of April 30, 2025, affiliates of the Funds and Adviser owned 8.37% and 20.00% of the net assets of the TCW Corporate Bond ETF and the TCW Multisector Credit Income ETF, respectively.

15. Commitments and Contingencies

The following Funds had unfunded commitments and unrealized gain (loss) by investment as of April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **TCW Flexible Income ETF**<br>**UNFUNDED COMMITMENTS** |<br> **MATURITY** |<br>**AMOUNT** |<br>**UNREALIZED GAIN (LOSS)** |
|  American Rock Salt Co. LLC 2024 First Out Term Loan | 06/09/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118226 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 |
|  Amspec Parent LLC | 12/22/31 | 25030 | (155) |
|  DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan | 03/31/28 | 46493 | (1278) |
|  Kelso Industries LLC Term Loan | 12/30/29 | 23867 | (157) |
|  |  | 213616 | (925) |
| **TCW High Yield Bond ETF** |  |  |  |
| **UNFUNDED COMMITMENTS** | **MATURITY** | **AMOUNT** | **UNREALIZED GAIN (LOSS)** |
|  DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan | 03/31/28 | $8185 | $(245) |
|  Kelso Industries LLC Term Loan | 12/30/29 | 9974 | 2417 |
|  |  | 18159 | 2172 |

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![LOGO](g949859g07c01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **TCW Multisector Credit Income ETF**<br>**UNFUNDED COMMITMENTS** |<br>**MATURITY** |<br>**AMOUNT** |<br>**UNREALIZED GAIN (LOSS)** |
|  Air Comm Corp. LLC 2024 Term Loan | 11/21/31 | $19231 | $(108) |
|  Archkey Solutions LLC 2024 Term Loan B | 11/01/31 | 25862 | (187) |
|  |  | 45093 | (295) |
| **TCW Senior Loan ETF** |  |  |  |
| **UNFUNDED COMMITMENTS** | **MATURITY** | **AMOUNT** | **UNREALIZED GAIN (LOSS)** |
|  Air Comm Corp. LLC 2024 Term Loan | 12/11/31 | $27080 | $(221) |
|  American Rock Salt Co. LLC 2024 First Out Term Loan | 06/09/28 | 263973 | 1980 |
|  Amspec Parent LLC 2024 Term Loan | 12/22/31 | 193333 |  |
|  Archkey Solutions LLC 2024 Term Loan B | 11/01/31 | 122605 | (153) |
|  DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan | 03/31/28 | 21409 | (642) |
|  Chrysaor Bidco Sarl | 10/30/31 | 26042 | (4573) |
|  Kelso Industries LLC Term Loan | 12/30/29 | 140436 | (1229) |
|  Raven Acquisition Holdings LLC Term Loan B | 11/19/31 | 43333 | (398) |
|  Secretariat Advisors, LLC | 02/24/32 | 95580 | (597) |
|  |  | 933791 | (5833) |

---

16. Indemnifications

Under the Trust's organizational documents, its Officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into agreements with service providers that may contain indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote. The Trust has not accrued any liability in connection with such indemnification.

17. New Accounting Pronouncements

In January 2021, the Financial Accounting Standards Board issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR; regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds' financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new

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![LOGO](g949859g07c01.jpg)

disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Funds represent a single operating segment, as the operating results of the Funds are monitored as a whole, and their long-term asset allocation is determined in accordance with the terms of the applicable prospectus, based on defined investment objectives that are executed by the Funds' portfolio management team. A senior executive team comprised of the Funds' Principal Executive Officer and Principal Financial Officer, serves as the Funds' CODM, who act in accordance with Board of Trustee reviews and approvals. The CODM monitors and actively manages the operating results of each Fund. There have been no impacts to date.

18. Subsequent Events

Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material events that would require recognition or disclosure in the Funds' financial statements.

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![LOGO](g949859g07c01.jpg)

TCW AAA CLO ETF

Financial Highlights

---

| | |
|:---|:---|
|  | **For the period<br>November 15, 2024<br>(Commencement<br>of Operations)<br>through April 30,<br>2025 (Unaudited)** |
| Net Asset Value per Share, Beginning of period | $50.00 |
| **Income (Loss) from Investment Operations:** |  |
| Net Investment Income<sup>(1)</sup> | 1.18 |
| Net Realized and Unrealized Loss on Investments | (0.14) |
| Total from Investment Operations | 1.04 |
| **Less Distributions:** | **Less Distributions:** |
| Distributions from Net Investment Income | (0.94) |
| Total Distributions | (0.94) |
| Net Asset Value per Share, End of period | $50.10 |
| Market Value per Share, End of period | 50.13 |
| Total Return | 2.10%<sup>(2)</sup> |
| Total Return Market Price | 2.14%<sup>(2)</sup> |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net Assets, End of period (in thousands) | $266552 |
| Ratio of Expenses to Average Net Assets | 0.20%<sup>(3)</sup> |
| Ratio of Net Investment Income to Average Net Assets | 5.32%<sup>(3)</sup> |
|  Portfolio Turnover Rate | 43%<sup>(2)</sup> |

---

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

(2) For the period November 15, 2024 (Commencement of Operations) through April 30, 2025.

(3) Annualized.

*See accompanying Notes to Financial Statements.* 

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![LOGO](g949859g07c01.jpg)

TCW Corporate Bond ETF

Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the period<br>March 31,<br>2024 through<br>April 30, 2025<br>(Unaudited)** | **(1)<br>(2)** | **Year Ended<br>March 31,<br>2024** | **Year Ended<br>March 31,<br>2023** | **Year Ended<br>March 31,<br>2022** | **Year Ended<br>March 31,<br>2021** | **Year Ended<br>March 31,<br>2020** |
| Net Asset Value per Share, Beginning of period | $44.95 |  | $45.15 | $49.45 | $53.25 | $51.60 | $51.55 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |  |
| Net Investment Income<sup>(3)</sup> | 2.27 |  | 1.75 | 1.40 | 1.20 | 2.00 | 4.55 |
| Net Realized and Unrealized Gain (Loss) on Investments | 0.59 |  | (0.20) | (4.30) | (3.45) | 2.05 | 0.30 |
| Total from Investment Operations | 2.86 |  | 1.55 | (2.90) | (2.25) | 4.05 | 4.85 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| Distributions from Net Investment Income | (1.87) |  | (1.75) | (1.40) | (1.20) | (2.15) | (4.45) |
| Distributions from Net Realized Gain |  |  |  |  | (0.35) | (0.25) | (0.35) |
| Total Distributions | (1.87) |  | (1.75) | (1.40) | (1.55) | 2.40 | (4.80) |
| Net Asset Value per Share, End of period | $45.94 |  | $44.95 | $45.15 | $49.45 | $53.25 | $51.60 |
| Market Value per Share, End of period | 45.92 |  |  |  |  |  |  |
| Total Return | 6.34%<sup>(4)</sup> |  | 3.52% | (5.79%) | (4.44%) | 7.81% | 9.46% |
| Total Return Market Price | 6.29%<sup>(4)</sup> |  | N/A | N/A | N/A | N/A | N/A |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| Net Assets, End of period (in thousands) | $25733 |  | $2379 | $2870 | $6935 | $4730 | $2392 |
| Ratio of Expenses to Average Net Assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 2.83%<sup>(5)</sup> |  | 4.24% | 3.39% | 2.40% | 3.54% | 8.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.47%<sup>(5)</sup> |  | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| Ratio of Net Investment Income to Average Net Assets | 3.73%<sup>(5)</sup> |  | 3.92% | 3.05% | 2.25% | 3.64% | 8.62% |
| Portfolio Turnover Rate | 402%<sup>(4)</sup> |  | 136% | 124% | 148% | 84% | 65% |

---

(1) Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

(2) The TCW Corporate Bond ETF (IGCB) acquired the assets and liabilities of the predecessor mutual fund, the TCW MetWest Corporate Bond Fund Class I (the "Predecessor Fund"), at the close of business on November 18, 2024. As a result of the transaction, the TCW Corporate Bond ETF adopted the accounting and performance history of the Predecessor Fund (inclusive of any expense limitation agreements that were in place). Financial Information disclosed for periods prior to November 18, 2024 include those of the Predecessor Fund.

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

(4) Not Annualized.

(5) Annualized.

*See accompanying Notes to Financial Statements.* 

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![LOGO](g949859g07c01.jpg)

TCW Flexible Income ETF

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31,<br>2024(1)(2)(3)** | **Year Ended<br>March 31,<br>2024** | **Year Ended<br>March 31,<br>2023** | **Year Ended<br>March 31,<br>2022** | **Year Ended<br>March 31,<br>2021** |
| Net Asset Value per Share, Beginning of period | $38.81 | $38.50 | $39.45 | $43.75 | $49.30 | $49.10 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| Net Investment Income<sup>(4)</sup> | 1.07 | 1.64 | 3.10 | 3.50 | 4.55 | 3.65 |
| Net Realized and Unrealized Gain (Loss) on Investments | 0.34 | 0.15 | (0.95) | (4.15) | (5.40) | 1.50 |
| Total from Investment Operations | 1.41 | 1.79 | 2.15 | (0.65) | (0.85) | 5.15 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from Net Investment Income | (1.13) | (1.48) | (3.10) | (3.65) | (4.55) | (4.85) |
| Distributions from Net Realized Gain |  |  |  |  | (0.15) | (0.10) |
| Total Distributions | (1.13) | (1.48) | (3.10) | (3.65) | (4.70) | (4.95) |
| Net Asset Value per Share, End of period | $39.09 | $38.81 | $38.50 | $39.45 | $43.75 | $49.30 |
| Market Value per Share, End of period | 39.23 | 38.90 |  |  |  |  |
| Total Return | 3.70%<sup>(5)</sup> | 4.61%<sup>(5)</sup> | 5.77% | (1.25%) | (2.05%) | 10.83% |
| Total Return Market Price | 3.81%<sup>(5)</sup> | 4.85%<sup>(5)</sup> | N/A | N/A | N/A | N/A |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets, End of period (in thousands) | $975630 | $421872 | $307196 | $281372 | $177717 | $158834 |
| Ratio of Expenses to Average Net Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.40%<sup>(6)</sup> | 0.57%<sup>(6)</sup> | 0.68% | 0.74% | 0.79% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | N/A | 0.49%<sup>(6)</sup> | 0.55% | 0.55% | 0.55% | 0.55% |
| Ratio of Net Investment Income to Average Net Assets | 5.62%<sup>(6)</sup> | 7.25%<sup>(6)</sup> | 8.07% | 8.78% | 9.55% | 7.41% |
| Portfolio Turnover Rate | 171%<sup>(5)</sup> | 181%<sup>(5)</sup> | 332% | 248% | 210% | 177% |

---

(1) The TCW Flexible Income ETF has changed its fiscal year-end from March 31 to October 31. This period represents the seven-month period from April 1, 2024 to October 31, 2024.

(2) Per share amounts were adjusted to reflect a 1:5 reverse stock split effective June 12, 2024.

(3) The TCW Flexible Income ETF (FLXR) acquired the assets and liabilities of the predecessor mutual fund, the MetWest Flexible Income Fund Class I (the "Predecessor Fund"), at the close of business on June 21, 2024. As a result of the transaction, the TCW Flexible Income ETF adopted the accounting and performance history of the Predecessor Fund (inclusive of any expense limitation agreements that were in place). Financial Information disclosed for periods prior to June 21, 2024 include those of the Predecessor Fund.

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

(5) Not Annualized.

(6) Annualized.

*See accompanying Notes to Financial Statements.* 

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![LOGO](g949859g07c01.jpg)

TCW High Yield Bond ETF

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31,<br>2024** | **Year Ended<br>October 31,<br>2023** | **Year Ended<br>October 31,<br>2022** | **Year Ended<br>October 31,<br>2021** | **Year Ended<br>October 31,<br>2020** |
| Net Asset Value per Share, Beginning of period | $30.65<sup>(1)(2)</sup> | $28.60 | $29.00 | $34.45 | $33.30 | $32.45 |
| **Income (Loss) from Investment Operations:** |  |  |  |  |  |  |
| Net Investment Income<sup>(3)</sup> | 0.91 | 1.90 | 1.75 | 1.40 | 1.15 | 1.20 |
| Net Realized and Unrealized Gain (Loss) on Investments | (0.48) | 2.00 | (0.30) | (4.70) | 1.20 | 0.95 |
| Total from Investment Operations | 0.43 | 3.90 | 1.45 | (3.30) | 2.35 | 2.15 |
| **Less Distributions:** |  |  |  |  |  |  |
| Distributions from Net Investment Income | (0.99) | (1.85) | (1.85) | (1.50) | (1.20) | (1.30) |
| Distributions from Net Realized Gain |  |  |  | (0.65) |  |  |
| Total Distributions | (0.99) | (1.85) | (1.85) | (2.15) | (1.20) | (1.30) |
| Net Asset Value per Share, End of period | $30.09 | $30.65 | $28.60 | $29.00 | $34.45 | $33.30 |
| Market Value per Share, End of period | 30.08 |  |  |  |  |  |
| Total Return | 1.39%<sup>(4)</sup> | 13.89% | 4.95% | (9.97%) | 7.18% | 6.88% |
| Total Return Market Price | 1.38% |  |  |  |  |  |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets, End of period (in thousands) | $40400 | $41534 | $47270 | $50992 | $96223 | $85990 |
| Ratio of Expenses to Average Net Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.67%<sup>(5)</sup> | 1.10% | 0.88% | 0.84% | 0.76% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.50%<sup>(5)</sup> | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| Ratio of Net Investment Income to Average Net Assets | 6.76%<sup>(5)</sup> | 6.33% | 5.95% | 4.46% | 3.36% | 3.67% |
| Portfolio Turnover Rate | 71%<sup>(4)</sup> | 65% | 62% | 94% | 82% | 111% |

---

(1) The TCW High Yield Bond ETF (HYBX) acquired the assets and liabilities of the predecessor mutual fund, the TCW High Yield Bond Class I (the "Predecessor Fund"), at the close of business on November 18, 2024. As a result of the transaction, the TCW High Yield Bond ETF adopted the accounting and performance history of the Predecessor Fund (inclusive of any expense limitation agreements that were in place). Financial Information disclosed for periods prior to November 18, 2024 include those of the Predecessor Fund.

(2) Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

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

(4) For the six months ended April 30, 2025 and is not indicative of a full year's operating results.

(5) Annualized.

*See accompanying Notes to Financial Statements.* 

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![LOGO](g949859g07c01.jpg)

TCW Multisector Credit Income ETF

Financial Highlights

---

| | |
|:---|:---|
|  | **For the period<br>November 15,<br>2024<br>(Commencement<br>of Operations)<br>through April 30,<br>2025<br>(Unaudited)** |
| Net Asset Value per Share, Beginning of period | $50.00 |
| **Income (Loss) from Investment Operations:** |  |
| Net Investment Income<sup>(1)</sup> | 1.56 |
| Net Realized and Unrealized Loss on Investments | (0.93) |
| Total from Investment Operations | 0.63 |
| **Less Distributions:** | **Less Distributions:** |
| Distributions from Net Investment Income | (1.17) |
| Total Distributions | (1.17) |
| Net Asset Value per Share, End of period | $49.46 |
| Market Value per Share, End of period | 49.43 |
| Total Return | 1.21%<sup>(2)</sup> |
| Total Return Market Price | 1.20%<sup>(2)</sup> |
| **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
| Net Assets, End of period (in thousands) | $49456 |
| Ratio of Expenses to Average Net Assets | 0.56%<sup>(3)</sup> |
| Ratio of Net Investment Income to Average Net Assets | 6.98%<sup>(3)</sup> |
|  Portfolio Turnover Rate | 23%<sup>(2)</sup> |

---

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

(2) For the period November 15, 2024 (Commencement of Operations) through April 30, 2025.

(3) Annualized.

*See accompanying Notes to Financial Statements.* 

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![LOGO](g949859g07c01.jpg)

TCW Senior Loan ETF

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the period<br>March 31,<br>2024 through<br>April 30, 2025<br>(Unaudited)<sup>(1) (2)</sup>** | **Year Ended<br>March 31,<br>2024** | **Year Ended<br>March 31,<br>2023** | **Year Ended<br>March 31,<br>2022** | **Year Ended<br>March 31,<br>2021** | **Year Ended<br>March 31,<br>2020** |
| Net Asset Value per Share, Beginning of year | $47.45 | $46.45 | $48.90 | $49.75 | $44.90 | $49.50 |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| Net Investment Income<sup>(3)</sup> | 4.19 | 4.15 | 2.90 | 1.65 | 1.60 | 2.20 |
| Net Realized and Unrealized Gain (Loss) on Investments | (.19) | 1.00 | (2.35) | 0.85 | 4.85 | (4.60) |
| Total from Investment Operations | 4.00 | 5.15 | 0.55 | 0.80 | 6.45 | (2.40) |
| Distributions from Net Investment Income | (4.46) | (4.15) | (3.00) | (1.65) | (1.60) | (2.20) |
| Net Asset Value per Share, End of year | $46.99 | $47.45 | $46.45 | $48.90 | $49.75 | $44.90 |
| Market Value per Share, End of year | 46.99 |  |  |  |  |  |
| Total Return | 7.31%<sup>(4)</sup> | 11.58% | 1.26% | 1.61% | 14.52% | (5.17%) |
| Total Return Market Price | 7.32%<sup>(4)</sup> | N/A | N/A | N/A | N/A | N/A |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets, End of year (in thousands) | $328598 | $292519 | $328416 | $475105 | $417927 | $250187 |
| Ratio of Expenses to Average Net Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Before Expense Reimbursement | 0.70%<sup>(5)</sup> | 0.70%<sup>(6)</sup> | 0.70% | 0.69%<sup>(7)</sup> | 0.70%<sup>(8)</sup> | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; After Expense Reimbursement | 0.68%<sup>(5)</sup> | 0.70% | 0.70% | 0.69% | 0.70% | 0.70% |
| Ratio of Net Investment Income to Average Net Assets | 8.03%<sup>(5)</sup> | 8.85% | 6.22% | 3.32% | 3.25% | 4.47% |
| Portfolio Turnover Rate | 125%<sup>(4)</sup> | 77% | 43% | 49% | 38% | 51% |

---

(1) Per share amounts were adjusted to reflect a 1:5 reverse stock split effective November 6, 2024.

(2) The TCW Senior Loan ETF (SLNZ) acquired the assets and liabilities of the predecessor mutual fund, the TCW MetWest Floating Rate Income Fund Class I (the "Predecessor Fund"), at the close of business on November 18, 2024. As a result of the transaction, the TCW Senior Loan ETF adopted the accounting and performance history of the Predecessor Fund (inclusive of any expense limitation agreements that were in place). Financial Information disclosed for periods prior to November 18, 2024 include those of the Predecessor Fund.

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

(4) Not Annualized.

(5) Annualized.

(6) Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.70%.

(7) Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.69%.

(8) Includes recoupment of past waived fees. Excluding the recoupment of past waived fees, the ratio would have been 0.68%.

*See accompanying Notes to Financial Statements.* 

------

![LOGO](g949859g07c01.jpg)

#### Supplemental Information (Unaudited)
**Quarterly Portfolio Schedule.** The TCW ETF Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year to date on Form NPORT-P. Such filings occur no later than 60 days after the end of the Funds' first and third quarters and are available on the SEC's website at www.sec.gov. In addition, each Fund's full portfolio holdings are updated daily and available on TCW's website at www.tcw.com/Literature/Fund-Literature.

**Proxy Voting Policies and Procedures.** A description of TCW Investment Management Company LLC's proxy voting policies and procedures, which are applicable to the Funds in the TCW ETF Trust is available on TCW's website at www.tcw.com/Literature/Fund-Literature and on the SEC's website at www.sec.gov.

**Proxy Voting Record.** The TCW ETF Trust is required to disclose annually the Fund's complete proxy voting record on Form N-PX covering the period July 1 through June 30 and file it with the SEC no later than August 31. Form N-PX for the Fund is available by calling 800-FUND-TCW (800-386-3829) to obtain a hard copy. The Fund's Form N-PX will also be available on the Fund's website at www.tcw.com/Literature/Fund-Literature and on the SEC's website at www.sec.gov.

**Premium/Discount Information.** Information about the difference between daily market values on the secondary Market for shares of each Fund and each Fund's net asset value can be found on TCW's website at www.tcw.com/Literature/Fund-Literature.

**Code of Ethics.** The Trust and the Adviser have each adopted codes of ethics pursuant to Rule 17j-1 under the 1940 Act. Each code of ethics may be examined at the office of the SEC in Washington, D.C. or on the Internet at the SEC's website at www.sec.gov.

------

![LOGO](g949859g07c01.jpg)

#### General Information

#### Investment Adviser
TCW Investment Management Company LLC

515 South Flower Street

Los Angeles, CA 90071

#### Administrator, Custodian, and Transfer Agent
State Street Bank & Trust Company

One Congress Street, Suite 1

Boston, MA 02114-2016

#### Distributor
Foreside Financial Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

#### Independent Registered Public Accounting Firm
Deloitte & Touche, LLP

555 West 5th Street

Los Angeles, CA 90013

#### Legal Counsel
Paul Hastings LLP

101 California Street, 48th Floor

San Francisco, CA 94111

------

![LOGO](g949859g07b01.jpg)

------

(b) The Registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

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

Not applicable.

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

Not applicable.

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

Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees since the Registrant last provided disclosure in response to this Item.

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

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

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

------

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

(a) Not applicable.

(b) Not applicable.

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

Not applicable.

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

---

| | |
|:---|:---|
| (a)(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not required for this filing. |
| (a)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable. |
| (a)(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [EX-99.CERT – The certifications required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act") are filed herewith.](d949859dex99cert.htm) |
| (a)(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable. |
| (a)(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable. |
| (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [EX-99.906CERT – The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.](d949859dex99906cert.htm) |
| (101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

---

------

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

---

| | |
|:---|:---|
| (Registrant) | TCW ETF Trust |
| By (Signature and Title) | /s/ Megan McClellan |
|  | Megan McClellan |
|  | President and Principal Executive Officer |
| Date | July 3, 2025 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Megan McClellan |
|  | Megan McClellan |
|  | President and Principal Executive Officer |
| Date | July 3, 2025 |

---

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Richard M. Villa |
|  | Richard M. Villa |
|  | Treasurer, Principal Financial Officer, and Principal Accounting Officer |
| Date | July 3, 2025 |

---

## Ex-99.Cert

EX-99.CERT

I, Megan McClellan, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of TCW ETF Trust;

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

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

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

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

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

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

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

------

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

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

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

---

| | |
|:---|:---|
|  Date: July 3, 2025 |  |
|  | /s/ Megan McClellan |
|  | Megan McClellan |
|  | President and Principal Executive Officer |

---

------

I, Richard M. Villa, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of TCW ETF Trust;

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

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

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

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

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

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

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

------

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

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

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

---

| | |
|:---|:---|
| Date: July 3, 2025 |  |
|  | /s/ Richard M. Villa |
|  | Richard M. Villa |
|  | Treasurer, Principal Financial Officer, and Principal Accounting Officer |

---

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION** 

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

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

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

Date: July 3, 2025

---

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

---

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