# EDGAR Filing Document

**Accession Number:** 0001831313
**File Stem:** 0001410368-25-011128
**Filing Date:** 2025-9
**Character Count:** 1156167
**Document Hash:** 2c6f37fd4a696f5f86990f7bf9be974a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-011128.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001410368-25-011128

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20251031

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23617
- **FILM NUMBER:** 251342989

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 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 Flexible Income ETF (Series ID: S000085545)

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

## Nport-Ex

**TCW AAA CLO ETF** 

SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal**<br>**Amount** | **Value** |
|  **FIXED INCOME SECURITIES—98.1% of Net Assets** |  |  |  |
|  **ASSET-BACKED SECURITIES**—**98.1%**  |  |  |  |
|  AGL CLO 13 Ltd. Series 2021-13A, Class A1<br>5.75% (3 mo. USD Term SOFR + 1.422%)<sup>(1),(2)</sup>  | 10/20/34 | $1780000 | $1782670 |
|  AGL CLO 13 Ltd. Series 2021-13A, Class A1R<br>5.37% (3 mo. USD Term SOFR + 1.100%)<sup>(1),(2),(3)</sup>  | 10/20/34 | 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;1899996 |
|  AGL CLO 16 Ltd. Series 2021-16A, Class AR<br>5.28% (3 mo. USD Term SOFR + 0.950%)<sup>(1),(2)</sup>  | 01/20/35 | 5000000 | 5006240 |
|  AIMCO CLO 11 Ltd. Series 2020-11A, Class A2R2<br>5.82% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(2)</sup>  | 07/17/37 | 850000 | 850405 |
|  AIMCO CLO 22 Ltd. Series 2024-22A, Class A<br>5.83% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(2)</sup>  | 04/19/37 | 250000 | 250960 |
|  Alinea CLO Ltd. Series 2018-1A, Class BR<br>5.48% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(2)</sup>  | 07/20/31 | 2000000 | 1991462 |
|  AMMC CLO 24 Ltd. Series 2021-24A, Class AR<br>5.53% (3 mo. USD Term SOFR + 1.200%)<sup>(1),(2)</sup>  | 01/20/35 | 1405000 | 1405726 |
|  AMMC CLO 27 Ltd. Series 2022-27A, Class A2R<br>5.68% (3 mo. USD Term SOFR + 1.350%)<sup>(1),(2)</sup>  | 01/20/37 | 5500000 | 5470938 |
|  AMMC CLO 30 Ltd. Series 2024-30A, Class A1<br>6.00% (3 mo. USD Term SOFR + 1.680%)<sup>(1),(2)</sup>  | 01/15/37 | 825000 | 827369 |
|  Apidos CLO XII Ltd. Series 2013-12A, Class CRR<br>6.12% (3 mo. USD Term SOFR + 1.800%)<sup>(1),(2)</sup>  | 04/15/31 | 1150000 | 1154042 |
|  Apidos CLO XIIX Ltd. Series 2024-49A, Class A2<br>5.82% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(2)</sup>  | 10/24/37 | 400000 | 401420 |
|  Apidos CLO XLVII Ltd. Series 2024-47A, Class A1<br>5.81% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(2)</sup>  | 04/26/37 | 500000 | 501337 |
|  Apidos CLO XX Ltd. Series 2015-20A, Class A1RA<br>5.68% (3 mo. USD Term SOFR + 1.362%)<sup>(1),(2)</sup>  | 07/16/31 | 2349180 | 2353139 |
|  Apidos CLO XXV Ltd. Series 2016-25A, Class A1R3<br>5.47% (3 mo. USD Term SOFR + 1.140%)<sup>(1),(2)</sup>  | 01/20/37 | 1000000 | 997808 |
|  Apidos CLO XXVIII Ltd. Series 2017-28A, Class A1B<br>5.74% (3 mo. USD Term SOFR + 1.412%)<sup>(1),(2)</sup>  | 01/20/31 | 430000 | 430022 |
|  Apidos CLO XXXI Ltd. Series 2019-31A, Class A1R<br>5.68% (3 mo. USD Term SOFR + 1.362%)<sup>(1),(2)</sup>  | 04/15/31 | 1890041 | 1894765 |
|  Apidos CLO XXXII Ltd. Series 2019-32A, Class A1R<br>5.43% (3 mo. USD Term SOFR + 1.100%)<sup>(1),(2)</sup>  | 01/20/33 | 1710892 | 1712904 |
|  Apidos Loan Fund Ltd. Series 2024-1A, Class A1<br>5.59% (3 mo. USD Term SOFR + 1.270%)<sup>(1),(2)</sup>  | 04/25/35 | 3000000 | 3000825 |
|  Aqueduct European CLO 10 DAC Series 2024-10A, Class B<br>4.02% (3 mo. EUR EURIBOR + 2.000%)<sup>(1),(2)</sup>  | 01/18/39 | 1000000 | 1144052 |
|  Arbour CLO V DAC Series 5A, Class BR<br>4.03% (3 mo. EUR EURIBOR + 2.000%)<sup>(1),(2)</sup>  | 06/15/38 | 850000 | 974676 |
|  ARES LI CLO Ltd. Series 2019-51A, Class A1R2<br>5.68% (3 mo. USD Term SOFR + 1.360%)<sup>(1),(2)</sup>  | 10/15/37 | 660000 | 662392 |
|  ARES Loan Funding IV Ltd. Series 2023-ALF4A, Class A1<br>6.07% (3 mo. USD Term SOFR + 1.750%)<sup>(1),(2)</sup>  | 10/15/36 | 180000 | 180394 |
|  ARES XLIV CLO Ltd. Series 2017-44A, Class A1R<br>5.66% (3 mo. USD Term SOFR + 1.342%)<sup>(1),(2)</sup>  | 04/15/34 | 1610000 | 1610080 |
|  ARES XLIV CLO Ltd. Series 2017-44A, Class A2RR<br>1.00% (3 mo. USD Term SOFR + 1.350%)<sup>(1),(2)</sup>  | 04/15/34 | 2000000 | 2001500 |
|  ARES XLVII CLO Ltd. Series 2018-47A, Class B<br>6.03% (3 mo. USD Term SOFR + 1.712%)<sup>(1),(2)</sup>  | 04/15/30 | 825000 | 826336 |
|  ARES XXVII CLO Ltd. Series 2013-2A, Class AR3<br>5.46% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(2)</sup>  | 10/28/34 | 1000000 | 1000301 |
|  ARES XXXIV CLO Ltd. Series 2015-2A, Class AR3<br>5.64% (3 mo. USD Term SOFR + 1.320%)<sup>(1),(2)</sup>  | 04/17/33 | 1536842 | 1537758 |
|  Aurium CLO VIII DAC Series 8X, Class B1<br>3.51% (3 mo. EUR EURIBOR + 1.500%)<sup>(2),(4)</sup>  | 06/23/34 | 850000 | 964288 |
|  Bain Capital Credit CLO Ltd. Series 2020-3A, Class A1RR<br>5.53% (3 mo. USD Term SOFR + 1.210%)<sup>(1),(2)</sup>  | 10/23/34 | 190000 | 190523 |
|  Bain Capital Credit CLO Ltd. Series 2020-4A, Class BR<br>6.83% (3 mo. USD Term SOFR + 2.500%)<sup>(1),(2)</sup>  | 10/20/36 | 2000000 | 2009152 |
|  Bain Capital Credit CLO Ltd. Series 2021-1A, Class AR<br>5.27% (3 mo. USD Term SOFR + 0.940%)<sup>(1),(2)</sup>  | 04/18/34 | 5500000 | 5501765 |
|  Bain Capital Credit CLO Ltd. Series 2021-3A, Class AR<br>5.38% (3 mo. USD Term SOFR + 1.060%)<sup>(1),(2)</sup>  | 07/24/34 | 1000000 | 1001802 |

---

------

---

| |
|:---|
| **TCW AAA CLO ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **ASSET-BACKED SECURITIES (Continued)** |  |  |  |
|  Bain Capital Credit CLO Ltd. Series 2021-6A, Class A1R<br>5.42% (3 mo. USD Term SOFR + 1.090%)<sup>(1),(2)</sup>  | 10/21/34 | $1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;1001986 |
|  Ballyrock CLO Ltd. Series 2020-2A, Class A1R<br>5.60% (3 mo. USD Term SOFR + 1.272%)<sup>(1),(2)</sup>  | 10/20/31 | 1257267 | 1258109 |
|  Barings CLO Ltd. Series 2019-3A, Class A1RR<br>5.47% (3 mo. USD Term SOFR + 1.140%)<sup>(1),(2)</sup>  | 01/20/36 | 1000000 | 1000971 |
|  Barings CLO Ltd. Series 2022-2A, Class A1R<br>5.69% (3 mo. USD Term SOFR + 1.370%)<sup>(1),(2)</sup>  | 07/15/39 | 675000 | 677380 |
|  Barings CLO Ltd. Series 2023-4A, Class A<br>6.08% (3 mo. USD Term SOFR + 1.750%)<sup>(1),(2)</sup>  | 01/20/37 | 250000 | 250876 |
|  Barings CLO Ltd. Series 2024-1A, Class A<br>5.96% (3 mo. USD Term SOFR + 1.630%)<sup>(1),(2)</sup>  | 01/20/37 | 250000 | 250751 |
|  Beechwood Park CLO Ltd. Series 2019-1A, Class A1R<br>5.62% (3 mo. USD Term SOFR + 1.300%)<sup>(1),(2)</sup>  | 01/17/35 | 500000 | 501569 |
|  BlueMountain CLO XXII Ltd. Series 2018-22A, Class A1<br>5.66% (3 mo. USD Term SOFR + 1.342%)<sup>(1),(2)</sup>  | 07/15/31 | 543881 | 544349 |
|  BlueMountain CLO XXXI Ltd. Series 2021-31A, Class A2<br>5.99% (3 mo. USD Term SOFR + 1.662%)<sup>(1),(2)</sup>  | 04/19/34 | 1200000 | 1201126 |
|  Buttermilk Park CLO Ltd. Series 2018-1A, Class A2R<br>5.69% (3 mo. USD Term SOFR + 1.370%)<sup>(1),(2)</sup>  | 10/15/31 | 275000 | 274633 |
|  Captree Park CLO Ltd. Series 2024-1A, Class B1<br>6.23% (3 mo. USD Term SOFR + 1.900%)<sup>(1),(2)</sup>  | 07/20/37 | 250000 | 250941 |
|  Cayuga Park CLO Ltd. Series 2020-1A, Class AR<br>5.70% (3 mo. USD Term SOFR + 1.382%)<sup>(1),(2)</sup>  | 07/17/34 | 810000 | 811517 |
|  Cedar Funding IX CLO Ltd. Series 2018-9A, Class AR<br>5.75% (3 mo. USD Term SOFR + 1.420%)<sup>(1),(2)</sup>  | 07/20/37 | 500000 | 501666 |
|  Cedar Funding VII CLO Ltd. Series 2018-7A, Class AR<br>5.41% (3 mo. USD Term SOFR + 1.080%)<sup>(1),(2)</sup>  | 01/20/31 | 969554 | 969258 |
|  Cedar Funding XI CLO Ltd. Series 2019-11A, Class A2R2<br>5.63% (3 mo. USD Term SOFR + 1.300%)<sup>(1),(2)</sup>  | 05/29/32 | 1200000 | 1201360 |
|  Cedar Funding XII CLO Ltd. Series 2020-12A, Class ARR<br>5.52% (3 mo. USD Term SOFR + 1.200%)<sup>(1),(2)</sup>  | 01/25/38 | 3000000 | 3002100 |
|  Cedar Funding XIV CLO Ltd. Series 2021-14A, Class AR<br>5.70% (3 mo. USD Term SOFR + 1.380%)<sup>(1),(2)</sup>  | 10/15/37 | 850000 | 853459 |
|  CIFC Funding Ltd. Series 2013-3RA, Class A2R<br>5.52% (3 mo. USD Term SOFR + 1.200%)<sup>(1),(2)</sup>  | 04/24/31 | 3000000 | 3002400 |
|  CIFC Funding Ltd. Series 2014-4RA, Class A1B2<br>5.52% (3 mo. USD Term SOFR + 1.200%)<sup>(1),(2)</sup>  | 01/17/35 | 4000000 | 4004800 |
|  CIFC Funding Ltd. Series 2015-1A, Class ARR<br>5.70% (3 mo. USD Term SOFR + 1.372%)<sup>(1),(2)</sup>  | 01/22/31 | 362439 | 362945 |
|  CIFC Funding Ltd. Series 2016-1A, Class BR3<br>5.78% (3 mo. USD Term SOFR + 1.450%)<sup>(1),(2)</sup>  | 10/21/31 | 800000 | 798014 |
|  CIFC Funding Ltd. Series 2021-1A, Class A1R<br>5.74% (3 mo. USD Term SOFR + 1.420%)<sup>(1),(2)</sup>  | 07/25/37 | 830000 | 833356 |
|  CIFC Funding Ltd. Series 2024-1A, Class A<br>5.83% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(2)</sup>  | 04/18/37 | 250000 | 250719 |
|  Clover CLO LLC Series 2021-3A, Class AR<br>5.39% (3 mo. USD Term SOFR + 1.070%)<sup>(1),(2)</sup>  | 01/25/35 | 1000000 | 1000701 |
|  Contego CLO VI DAC Series 6X, Class B2R<br>3.63% (3 mo. EUR EURIBOR + 1.600%)<sup>(2),(4)</sup>  | 04/15/34 | 1200000 | 1362181 |
|  Danby Park CLO Ltd. Series 2022-1A, Class AR<br>5.69% (3 mo. USD Term SOFR + 1.360%)<sup>(1),(2)</sup>  | 10/21/37 | 400000 | 402158 |
|  Dryden 108 CLO Ltd. Series 2022-108A, Class A2R<br>5.84% (3 mo. USD Term SOFR + 1.510%)<sup>(1),(2)</sup>  | 07/18/37 | 600000 | 601625 |
|  Dryden 40 Senior Loan Fund Series 2015-40A, Class AR2<br>5.48% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(2)</sup>  | 08/15/31 | 3529522 | 3529596 |
|  Dryden 43 Senior Loan Fund Series 2016-43A, Class AR3<br>5.40% (3 mo. USD Term SOFR + 1.070%)<sup>(1),(2)</sup>  | 04/20/34 | 1000000 | 1001372 |
|  Dryden 45 Senior Loan Fund Series 2016-45A, Class A1RR<br>5.40% (3 mo. USD Term SOFR + 1.080%)<sup>(1),(2)</sup>  | 10/15/30 | 120339 | 120324 |
|  Dryden 55 CLO Ltd. Series 2018-55A, Class A1<br>5.60% (3 mo. USD Term SOFR + 1.282%)<sup>(1),(2)</sup>  | 04/15/31 | 1919912 | 1921385 |
|  Dryden 68 CLO Ltd. Series 2019-68A, Class ARR<br>5.42% (3 mo. USD Term SOFR + 1.100%)<sup>(1),(2)</sup>  | 07/15/35 | 5163000 | 5168767 |

---

------

---

| |
|:---|
| **TCW AAA CLO ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **ASSET-BACKED SECURITIES (Continued)** |  |  |  |
|  Dryden 72 CLO Ltd. Series 2019-72A, Class ARR<br>5.43% (3 mo. USD Term SOFR + 1.100%)<sup>(1),(2)</sup>  | 05/15/32 | $2346940 | $&nbsp;&nbsp;&nbsp;&nbsp;2348627 |
|  Dryden 77 CLO Ltd. Series 2020-77A, Class AR<br>5.70% (3 mo. USD Term SOFR + 1.382%)<sup>(1),(2)</sup>  | 05/20/34 | 2500000 | 2501370 |
|  Dryden 80 CLO Ltd. Series 2019-80A, Class AR<br>5.57% (3 mo. USD Term SOFR + 1.250%)<sup>(1),(2)</sup>  | 01/17/33 | 2794254 | 2795129 |
|  Dryden 93 CLO Ltd. Series 2021-93A, Class A1R<br>5.65% (3 mo. USD Term SOFR + 1.330%)<sup>(1),(2)</sup>  | 01/15/38 | 620000 | 621801 |
|  Dryden 94 CLO Ltd. Series 2022-94A, Class AR<br>5.68% (3 mo. USD Term SOFR + 1.360%)<sup>(1),(2)</sup>  | 10/15/37 | 400000 | 401565 |
|  Dryden 95 CLO Ltd. Series 2021-95A, Class BR<br>5.92% (3 mo. USD Term SOFR + 1.600%)<sup>(1),(2)</sup>  | 08/20/34 | 4000000 | 4004800 |
|  Eaton Vance CLO Ltd. Series 2013-1A, Class A13R<br>5.83% (3 mo. USD Term SOFR + 1.512%)<sup>(1),(2)</sup>  | 01/15/34 | 3130000 | 3130156 |
|  Elmwood CLO 15 Ltd. Series 2022-2A, Class A1R<br>5.41% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(2)</sup>  | 04/22/35 | 2000000 | 2003000 |
|  Elmwood CLO 36 Ltd. Series 2024-12RA, Class AR<br>5.67% (3 mo. USD Term SOFR + 1.340%)<sup>(1),(2)</sup>  | 10/20/37 | 850000 | 853113 |
|  Elmwood CLO III Ltd. Series 2019-3A, Class A2RR<br>5.93% (3 mo. USD Term SOFR + 1.600%)<sup>(1),(2)</sup>  | 07/18/37 | 850000 | 851321 |
|  Elmwood CLO IX Ltd. Series 2021-2A, Class AR<br>5.47% (3 mo. USD Term SOFR + 1.140%)<sup>(1),(2)</sup>  | 04/20/38 | 2500000 | 2495750 |
|  Flatiron CLO 20 Ltd. Series 2020-1A, Class AR<br>5.70% (3 mo. USD Term SOFR + 1.380%)<sup>(1),(2)</sup>  | 05/20/36 | 482000 | 482904 |
|  Flatiron CLO 25 Ltd. Series 2024-2A, Class A<br>5.67% (3 mo. USD Term SOFR + 1.350%)<sup>(1),(2)</sup>  | 10/17/37 | 850000 | 852973 |
|  Galaxy XXII CLO Ltd. Series 2016-22A, Class ARRR<br>5.56% (3 mo. USD Term SOFR + 1.240%)<sup>(1),(2)</sup>  | 04/16/34 | 3000000 | 3004113 |
|  GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR<br>5.41% (3 mo. USD Term SOFR + 1.080%)<sup>(1),(2)</sup>  | 10/20/34 | 250000 | 250011 |
|  GoldenTree Loan Management U.S. CLO 12 Ltd. Series 2022-12A, Class B1R<br>5.98% (3 mo. USD Term SOFR + 1.650%)<sup>(1),(2)</sup>  | 07/20/37 | 250000 | 250894 |
|  GoldenTree Loan Management U.S. CLO 19 Ltd. Series 2024-19A, Class A<br>5.83% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(2)</sup>  | 04/20/37 | 500000 | 502260 |
|  GoldenTree Loan Management U.S. CLO 7 Ltd. Series 2020-7A, Class ARR<br>5.43% (3 mo. USD Term SOFR + 1.100%)<sup>(1),(2)</sup>  | 04/20/34 | 2850000 | 2848789 |
|  GoldenTree Loan Management U.S. CLO 8 Ltd. Series 2020-8A, Class ARR<br>5.48% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(2)</sup>  | 10/20/34 | 1130000 | 1132096 |
|  GoldenTree Loan Management U.S. CLO 9 Ltd. Series 2021-9A, Class AR<br>5.83% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(2)</sup>  | 04/20/37 | 550000 | 552906 |
|  Golub Capital Partners CLO 53B Ltd. Series 2021-53A, Class AR<br>5.31% (3 mo. USD Term SOFR + 0.980%)<sup>(1),(2)</sup>  | 07/20/34 | 5500000 | 5503300 |
|  Golub Capital Partners CLO 60B Ltd. Series 2022-60A, Class AR<br>5.63% (3 mo. USD Term SOFR + 1.310%)<sup>(1),(2)</sup>  | 10/25/34 | 500000 | 500480 |
|  Golub Capital Partners CLO 76 B Ltd. Series 2024-76A, Class B<br>5.99% (3 mo. USD Term SOFR + 1.670%)<sup>(1),(2)</sup>  | 10/25/37 | 750000 | 751946 |
|  Harbor Park CLO 18-1 Ltd. Series 2018-1A, Class B1R<br>6.03% (3 mo. USD Term SOFR + 1.700%)<sup>(1),(2)</sup>  | 01/20/31 | 840000 | 841611 |
|  Hartwick Park CLO Ltd. Series 2023-1A, Class AR<br>5.49% (3 mo. USD Term SOFR + 1.160%)<sup>(1),(2)</sup>  | 01/20/37 | 1000000 | 999087 |
|  Henley CLO I DAC Series 1X, Class B1R<br>3.59% (3 mo. EUR EURIBOR + 1.650%)<sup>(2),(4)</sup>  | 07/25/34 | 850000 | 968016 |
|  HPS Loan Management Ltd. Series 15A-19, Class A1R<br>5.65% (3 mo. USD Term SOFR + 1.320%)<sup>(1),(2)</sup>  | 01/22/35 | 530000 | 530452 |
|  HPS Loan Management Ltd. Series 2021-16A, Class A1<br>5.72% (3 mo. USD Term SOFR + 1.402%)<sup>(1),(2)</sup>  | 01/23/35 | 650000 | 650032 |
|  HPS Loan Management Ltd. Series 2021-16A, Class BR<br>4.31% (3 mo. USD Term SOFR + 1.650%)<sup>(1),(2),(3)</sup>  | 01/23/35 | 1500000 | 1499997 |
|  Invesco CLO Ltd. Series 2021-2A, Class A<br>5.70% (3 mo. USD Term SOFR + 1.382%)<sup>(1),(2)</sup>  | 07/15/34 | 595000 | 596518 |

---

------

---

| |
|:---|
| **TCW AAA CLO ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **ASSET-BACKED SECURITIES (Continued)** |  |  |  |
|  Invesco U.S. CLO Ltd. Series 2023-1A, Class BR<br>6.38% (3 mo. USD Term SOFR + 2.050%)<sup>(1),(2)</sup>  | 04/22/37 | $250000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251014 |
|  Invesco U.S. CLO Ltd. Series 2024-4A, Class A1<br>5.65% (3 mo. USD Term SOFR + 1.330%)<sup>(1),(2)</sup>  | 01/15/38 | 1000000 | 1001700 |
|  Kings Park CLO Ltd. Series 2021-1A, Class A<br>5.72% (3 mo. USD Term SOFR + 1.392%)<sup>(1),(2)</sup>  | 01/21/35 | 550000 | 551515 |
|  LCM 29 Ltd. Series 29A, Class AR<br>5.65% (3 mo. USD Term SOFR + 1.332%)<sup>(1),(2)</sup>  | 04/15/31 | 1339175 | 1340839 |
|  LCM 33 Ltd. Series 33A, Class AR<br>4.31% (3 mo. USD Term SOFR + 1.180%)<sup>(1),(2)</sup>  | 07/20/34 | 2250000 | 2251350 |
|  LCM 34 Ltd. Series 34A, Class A2R<br>5.93% (3 mo. USD Term SOFR + 1.600%)<sup>(1),(2)</sup>  | 10/20/34 | 3000000 | 3003000 |
|  LCM 35 Ltd. Series 35A, Class BR<br>5.97% (3 mo. USD Term SOFR + 1.650%)<sup>(1),(2)</sup>  | 10/15/34 | 1000000 | 1001100 |
|  LCM 37 Ltd. Series 37A, Class A1R<br>5.38% (3 mo. USD Term SOFR + 1.060%)<sup>(1),(2)</sup>  | 04/15/34 | 2259826 | 2259794 |
|  LCM 40 Ltd. Series 40A, Class A1R<br>5.69% (3 mo. USD Term SOFR + 1.370%)<sup>(1),(2)</sup>  | 01/15/38 | 1000000 | 1002188 |
|  LCM 41 Ltd. Series 41A, Class A2R<br>5.87% (3 mo. USD Term SOFR + 1.550%)<sup>(1),(2)</sup>  | 04/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | 2506500 |
|  Madison Park Funding LIX Ltd. Series 2021-59A, Class A1R<br>5.83% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(2)</sup>  | 04/18/37 | 395000 | 396635 |
|  Madison Park Funding LXVII Ltd. Series 2024-67A, Class A1<br>5.83% (3 mo. USD Term SOFR + 1.510%)<sup>(1),(2)</sup>  | 04/25/37 | 850000 | 852458 |
|  Madison Park Funding XLIX Ltd. Series 2021-49A, Class AR<br>5.38% (3 mo. USD Term SOFR + 1.050%)<sup>(1),(2)</sup>  | 10/19/34 | 5500000 | 5500506 |
|  Madison Park Funding XLV Ltd. Series 2020-45A, Class ARR<br>5.40% (3 mo. USD Term SOFR + 1.080%)<sup>(1),(2)</sup>  | 07/15/34 | 1000000 | 1001406 |
|  Madison Park Funding XLVI Ltd. Series 2020-46A, Class ARR<br>5.32% (3 mo. USD Term SOFR + 1.000%)<sup>(1),(2)</sup>  | 10/15/34 | 5000000 | 4995000 |
|  Madison Park Funding XXIII Ltd. Series 2017-23A, Class AR<br>5.55% (3 mo. USD Term SOFR + 1.232%)<sup>(1),(2)</sup>  | 07/27/31 | 2712356 | 2717208 |
|  Madison Park Funding XXVII Ltd. Series 2018-27A, Class A2R<br>5.83% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(2)</sup>  | 04/20/38 | 2250000 | 2259225 |
|  Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2<br>5.85% (3 mo. USD Term SOFR + 1.530%)<sup>(1),(2)</sup>  | 04/15/37 | 2275000 | 2286100 |
|  Madison Park Funding XXXVIII Ltd. Series 2021-38A, Class A<br>5.70% (3 mo. USD Term SOFR + 1.382%)<sup>(1),(2)</sup>  | 07/17/34 | 1000000 | 1001369 |
|  Magnetite XIX Ltd. Series 2017-19A, Class B1RR<br>5.77% (3 mo. USD Term SOFR + 1.450%)<sup>(1),(2)</sup>  | 04/17/34 | 500000 | 500283 |
|  Magnetite XXV Ltd. Series 2020-25A, Class A<br>5.78% (3 mo. USD Term SOFR + 1.462%)<sup>(1),(2)</sup>  | 01/25/32 | 545323 | 545488 |
|  Magnetite XXVII Ltd. Series 2020-27A, Class AR<br>5.73% (3 mo. USD Term SOFR + 1.402%)<sup>(1),(2)</sup>  | 10/20/34 | 278000 | 278685 |
|  Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class AR3<br>5.73% (3 mo. USD Term SOFR + 1.400%)<sup>(1),(2)</sup>  | 07/22/38 | 400000 | 401332 |
|  Neuberger Berman Loan Advisers CLO 36 Ltd. Series 2020-36A, Class BR2<br>6.13% (3 mo. USD Term SOFR + 1.800%)<sup>(1),(2)</sup>  | 04/20/33 | 2000000 | 2003686 |
|  Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR<br>5.38% (3 mo. USD Term SOFR + 1.060%)<sup>(1),(2)</sup>  | 10/14/36 | 500000 | 499850 |
|  Neuberger Berman Loan Advisers CLO 52 Ltd. Series 2022-52A, Class AR<br>5.67% (3 mo. USD Term SOFR + 1.350%)<sup>(1),(2)</sup>  | 10/24/38 | 850000 | 853527 |
|  Neuberger Berman Loan Advisers CLO Ltd. Series 2022-49A, Class AR<br>5.47% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(2)</sup>  | 07/25/35 | 250000 | 250233 |
|  OCP Aegis CLO Ltd. Series 2023-29A, Class BR<br>5.88% (3 mo. USD Term SOFR + 1.550%)<sup>(1),(2)</sup>  | 01/20/36 | 500000 | 500490 |
|  OCP CLO Ltd. Series 2021-22A, Class AR<br>5.68% (3 mo. USD Term SOFR + 1.350%)<sup>(1),(2)</sup>  | 10/20/37 | 850000 | 853244 |

---

------

---

| |
|:---|
| **TCW AAA CLO ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **ASSET-BACKED SECURITIES (Continued)** |  |  |  |
|  OCP CLO Ltd. Series 2021-23A, Class AR<br>5.48% (3 mo. USD Term SOFR + 1.160%)<sup>(1),(2)</sup>  | 01/17/37 | $1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996276 |
|  Octagon 66 Ltd. Series 2022-1A, Class A1R<br>6.08% (3 mo. USD Term SOFR + 1.750%)<sup>(1),(2)</sup>  | 11/16/36 | 300000 | 300785 |
|  Octagon Investment Partners 18-R Ltd. Series 2018-18A, Class A1A<br>5.54% (3 mo. USD Term SOFR + 1.222%)<sup>(1),(2)</sup>  | 04/16/31 | 603644 | 604003 |
|  Octagon Investment Partners 26 Ltd. Series 2016-1A, Class A2R<br>5.93% (3 mo. USD Term SOFR + 1.612%)<sup>(1),(2)</sup>  | 07/15/30 | 250000 | 250205 |
|  Octagon Investment Partners 29 Ltd. Series 2016-1A, Class A1R2<br>5.75% (3 mo. USD Term SOFR + 1.420%)<sup>(1),(2)</sup>  | 07/18/37 | 850000 | 852818 |
|  Octagon Investment Partners 36 Ltd. Series 2018-1A, Class A2<br>5.78% (3 mo. USD Term SOFR + 1.462%)<sup>(1),(2)</sup>  | 04/15/31 | 250000 | 250081 |
|  Octagon Investment Partners 40 Ltd. Series 2019-1A, Class A2RR<br>5.63% (3 mo. USD Term SOFR + 1.300%)<sup>(1),(2),(5)</sup>  | 01/20/35 | 2000000 | 1984056 |
|  Octagon Investment Partners 41 Ltd. Series 2019-2A, Class A2R2<br>5.92% (3 mo. USD Term SOFR + 1.600%)<sup>(1),(2)</sup>  | 10/15/33 | 2000000 | 2005400 |
|  Octagon Investment Partners 44 Ltd. Series 2019-1A, Class AR2<br>5.47% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(2)</sup>  | 10/15/34 | 2500000 | 2502147 |
|  Octagon Investment Partners 45 Ltd. Series 2019-1A, Class BR<br>6.17% (3 mo. USD Term SOFR + 1.850%)<sup>(1),(2)</sup>  | 04/15/35 | 770000 | 770038 |
|  Octagon Investment Partners 51 Ltd. Series 2021-1A, Class AR<br>5.32% (3 mo. USD Term SOFR + 0.990%)<sup>(1),(2)</sup>  | 07/20/34 | 5500000 | 5506495 |
|  Octagon Investment Partners XVI Ltd. Series 2013-1A, Class A2R<br>5.98% (3 mo. USD Term SOFR + 1.662%)<sup>(1),(2)</sup>  | 07/17/30 | 350000 | 351093 |
|  Octagon Investment Partners XXI Ltd. Series 2014-1A, Class A2R4<br>5.20% (3 mo. USD Term SOFR + 0.888%)<sup>(1),(2)</sup>  | 02/14/31 | 5500000 | 5503850 |
|  OHA Credit Funding 1 Ltd. Series 2018-1A, Class B1R<br>6.33% (3 mo. USD Term SOFR + 2.000%)<sup>(1),(2)</sup>  | 04/20/37 | 250000 | 251066 |
|  OHA Credit Funding 4 Ltd. Series 2019-4A, Class AR2<br>5.62% (3 mo. USD Term SOFR + 1.290%)<sup>(1),(2)</sup>  | 01/22/38 | 1000000 | 1003691 |
|  OHA Credit Funding 5 Ltd. Series 2020-5A, Class AR<br>5.68% (3 mo. USD Term SOFR + 1.350%)<sup>(1),(2)</sup>  | 10/18/37 | 400000 | 401112 |
|  Palmer Square CLO Ltd. Series 2019-1A, Class A1R<br>5.72% (3 mo. USD Term SOFR + 1.412%)<sup>(1),(2)</sup>  | 11/14/34 | 3500000 | 3502831 |
|  Palmer Square CLO Ltd. Series 2022-1A, Class A<br>5.65% (3 mo. USD Term SOFR + 1.320%)<sup>(1),(2)</sup>  | 04/20/35 | 1180000 | 1183082 |
|  Palmer Square CLO Ltd. Series 2024-2A, Class A1<br>5.73% (3 mo. USD Term SOFR + 1.400%)<sup>(1),(2)</sup>  | 07/20/37 | 500000 | 501726 |
|  Palmer Square CLO Ltd. Series 2024-4A, Class A2<br>5.82% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(2)</sup>  | 01/15/38 | 1000000 | 1001205 |
|  Palmer Square European Loan Funding DAC Series 2025-2A, Class B<br>4.05% (3 mo. EUR EURIBOR + 2.000%)<sup>(1),(2)</sup>  | 02/15/35 | 850000 | 971960 |
|  Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR<br>5.72% (3 mo. USD Term SOFR + 1.400%)<sup>(1),(2)</sup>  | 04/15/31 | 720000 | 721574 |
|  Palmer Square Loan Funding Ltd. Series 2023-2A, Class A2R<br>5.82% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(2)</sup>  | 01/25/32 | 4000000 | 4006000 |
|  Point Au Roche Park CLO Ltd. Series 2021-1A, Class A<br>5.67% (3 mo. USD Term SOFR + 1.342%)<sup>(1),(2)</sup>  | 07/20/34 | 1100000 | 1100663 |
|  Providus CLO III DAC Series 3X, Class B1R<br>3.67% (3 mo. EUR EURIBOR + 1.650%)<sup>(2),(4)</sup>  | 07/18/34 | 400000 | 455645 |
|  RAD CLO 21 Ltd. Series 2023-21A, Class A1R<br>5.39% (3 mo. USD Term SOFR + 1.070%)<sup>(1),(2),(5)</sup>  | 01/25/37 | 5500000 | 5485920 |
|  RAD CLO 22 Ltd. Series 2023-22A, Class A1<br>6.16% (3 mo. USD Term SOFR + 1.830%)<sup>(1),(2)</sup>  | 01/20/37 | 400000 | 401247 |
|  RAD CLO 26 Ltd. Series 2024-26A, Class A<br>5.70% (3 mo. USD Term SOFR + 1.370%)<sup>(1),(2)</sup>  | 10/20/37 | 400000 | 401465 |

---

------

---

| |
|:---|
| **TCW AAA CLO ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **ASSET-BACKED SECURITIES (Continued)** |  |  |  |
|  Recette CLO Ltd. Series 2015-1A, Class ARR<br>5.67% (3 mo. USD Term SOFR + 1.342%)<sup>(1),(2)</sup>  | 04/20/34 | $600000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601247 |
|  Regatta XIII Funding Ltd. Series 2018-2A, Class A2R<br>5.82% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(2)</sup>  | 07/15/31 | 2750000 | 2754931 |
|  Regatta XVI Funding Ltd. Series 2019-2A, Class A1R<br>5.52% (3 mo. USD Term SOFR + 1.200%)<sup>(1),(2)</sup>  | 01/15/33 | 1764322 | 1767480 |
|  Regatta XXVII Funding Ltd. Series 2024-1A, Class A1<br>5.84% (3 mo. USD Term SOFR + 1.530%)<sup>(1),(2)</sup>  | 04/26/37 | 250000 | 250726 |
|  Rockford Tower CLO Ltd. Series 2018-1A, Class A<br>5.68% (3 mo. USD Term SOFR + 1.362%)<sup>(1),(2)</sup>  | 05/20/31 | 3549719 | 3552321 |
|  Rockford Tower CLO Ltd. Series 2019-2A, Class AR2<br>5.45% (3 mo. USD Term SOFR + 1.130%)<sup>(1),(2)</sup>  | 08/20/32 | 1037384 | 1037696 |
|  Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR<br>5.42% (3 mo. USD Term SOFR + 1.090%)<sup>(1),(2)</sup>  | 01/20/36 | 1600000 | 1600430 |
|  Rockford Tower CLO Ltd. Series 2025-1A, Class A1<br>5.47% (3 mo. USD Term SOFR + 1.210%)<sup>(1),(2)</sup>  | 03/31/38 | 5500000 | 5503300 |
|  Rockford Tower Europe CLO DAC Series 2019-1A, Class B1R<br>4.12% (3 mo. EUR EURIBOR + 2.100%)<sup>(1),(2)</sup>  | 01/20/38 | 750000 | 859066 |
|  RR 26 Ltd. Series 2023-26A, Class A1R<br>5.44% (3 mo. USD Term SOFR + 1.120%)<sup>(1),(2)</sup>  | 04/15/38 | 5500000 | 5500550 |
|  RR 27 Ltd. Series 2023-27A, Class A1B<br>6.27% (3 mo. USD Term SOFR + 1.950%)<sup>(1),(2)</sup>  | 10/15/35 | 500000 | 501023 |
|  RR 8 Ltd. Series 2020-8A, Class A2R<br>6.02% (3 mo. USD Term SOFR + 1.700%)<sup>(1),(2)</sup>  | 07/15/37 | 500000 | 500547 |
|  Sixth Street CLO VIII Ltd. Series 2017-8A, Class A1R2<br>5.48% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(2)</sup>  | 10/20/34 | 1000000 | 1001465 |
|  Sixth Street CLO XXI Ltd. Series 2022-21A, Class AR<br>5.70% (3 mo. USD Term SOFR + 1.370%)<sup>(1),(2)</sup>  | 10/21/37 | 2000000 | 2007338 |
|  Symphony CLO 35 Ltd. Series 2022-35A, Class AR<br>6.02% (3 mo. USD Term SOFR + 1.700%)<sup>(1),(2)</sup>  | 10/24/36 | 400000 | 400542 |
|  Symphony CLO 43 Ltd. Series 2024-43A, Class A1<br>5.84% (3 mo. USD Term SOFR + 1.520%)<sup>(1),(2)</sup>  | 04/15/37 | 850000 | 853381 |
|  Symphony CLO XVIII Ltd. Series 2016-18A, Class A1R3<br>5.42% (3 mo. USD Term SOFR + 1.100%)<sup>(1),(2)</sup>  | 07/23/33 | 2768418 | 2765057 |
|  Symphony CLO XXII Ltd. Series 2020-22A, Class A1AR<br>5.51% (3 mo. USD Term SOFR + 1.180%)<sup>(1),(2)</sup>  | 04/18/33 | 754568 | 754804 |
|  Symphony CLO XXIII Ltd. Series 2020-23A, Class BR2<br>5.67% (3 mo. USD Term SOFR + 1.350%)<sup>(1),(2)</sup>  | 01/15/34 | 2000000 | 1986520 |
|  Symphony CLO XXIV Ltd. Series 2020-24A, Class AR<br>5.52% (3 mo. USD Term SOFR + 1.200%)<sup>(1),(2)</sup>  | 01/23/32 | 879724 | 880067 |
|  Symphony CLO XXV Ltd. Series 2021-25A, Class A<br>5.57% (3 mo. USD Term SOFR + 1.242%)<sup>(1),(2)</sup>  | 04/19/34 | 2000000 | 2001790 |
|  Symphony CLO XXVIII Ltd. Series 2021-28A, Class A<br>5.72% (3 mo. USD Term SOFR + 1.402%)<sup>(1),(2)</sup>  | 10/23/34 | 1000000 | 1000864 |
|  TCI-Symphony CLO Ltd. Series 2016-1A, Class AR2<br>5.60% (3 mo. USD Term SOFR + 1.282%)<sup>(1),(2)</sup>  | 10/13/32 | 2089059 | 2092516 |
|  Trestles CLO IV Ltd. Series 2021-4A, Class A<br>5.76% (3 mo. USD Term SOFR + 1.432%)<sup>(1),(2)</sup>  | 07/21/34 | 3000000 | 3002418 |
|  Trestles CLO V Ltd. Series 2021-5A, Class A1R<br>5.58% (3 mo. USD Term SOFR + 1.250%)<sup>(1),(2)</sup>  | 10/20/34 | 2500000 | 2509500 |
|  Trestles CLO VIII Ltd. Series 2025-8A, Class A1<br>5.63% (3 mo. USD Term SOFR + 1.330%)<sup>(1),(2)</sup>  | 06/11/35 | 2475000 | 2483662 |
|  Voya CLO Ltd. Series 2013-3A, Class A2RR<br>6.29% (3 mo. USD Term SOFR + 1.961%)<sup>(1),(2)</sup>  | 10/18/31 | 327073 | 327807 |
|  Voya CLO Ltd. Series 2015-3A, Class A1R3<br>5.48% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(2)</sup>  | 10/20/31 | 1028718 | 1029108 |
|  Voya CLO Ltd. Series 2017-3A, Class AAR2<br>5.93% (3 mo. USD Term SOFR + 1.600%)<sup>(1),(2)</sup>  | 04/20/34 | 2000000 | 2002400 |
|  Voya CLO Ltd. Series 2019-1A, Class A2RR<br>5.92% (3 mo. USD Term SOFR + 1.600%)<sup>(1),(2)</sup>  | 10/15/37 | 850000 | 851386 |
|  Voya CLO Ltd. Series 2019-2A, Class AR<br>5.53% (3 mo. USD Term SOFR + 1.200%)<sup>(1),(2)</sup>  | 07/20/32 | 1315998 | 1319288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** (Cost: $274,348,808) |  |  | 275005847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income Securities** (Cost: $274,348,808) |  |  | 275005847 |

---

------

---

| |
|:---|
| **TCW AAA CLO ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
|  **MONEY MARKET INVESTMENTS—3.3%**  |  |  |
|  State Street Institutional U.S. Government Money Market Fund—Premier Class,<br>4.25%<sup>(6)</sup>  | 1382794 | $1382794 |
|  TCW Central Cash Fund,<br>4.34%<sup>(6),(7)</sup>  | 7926923 | 7926923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Money Market Investments** (Cost: $9,309,717) |  | 9309717 |
|  **Total Investments (101.4%)** (Cost: $283,658,525) |  | 284315564 |
|  **Liabilities In Excess Of Other Assets (-1.4%)** | **Liabilities In Excess Of Other Assets (-1.4%)** | (3845561) |
|  **Net Assets (100.0%)** |  | $280470003 |

---

------

---

| |
|:---|
| **TCW AAA CLO ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **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**<br>**for USD** | **Contracts**<br>**at Value** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **SELL<sup>(8)</sup>**  |  |  |  |  |  |  |
|  Goldman Sachs & Co. | EUR | 8777000 | 10/10/25 | $10343845 | $10060741 | $283104 |
|  |  |  |  | $**10343845** | $**10060741** | $**283104** |

---

---

| | |
|:---|:---|
| **Notes to the Schedule of Investments:** | **Notes to the Schedule of Investments:** |
| CLO | Collateralized Loan Obligation. |
| EUR | Euro Currency. |
| SOFR | Secured Overnight Financing Rate. |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At July 31, 2025, the value of these securities amounted to $271,255,717 or 96.7% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company's Board of Directors. |
| (2) | Floating or variable rate security. The interest shown reflects the rate in effect at July 31, 2025. |
| (3) | For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs. |
| (4) | 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 July 31, 2025, the value of these securities amounted to $3,750,130 or 1.3% of net assets. |
| (5) | This security is a residual or equity position that does not have a stated interest rate. This residual or equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses. |
| (6) | Rate disclosed is the 7-day net yield as of July 31, 2025. |
| (7) | Affiliated issuer. |
| (8) | Fund sells foreign currency, buys USD. |

---

------

---

| |
|:---|
| **TCW AAA CLO ETF** |
| SCHEDULE OF INVESTMENTS (Continued) |

---

The summary of the TCW AAA CLO ETF transactions in the affiliated funds for the period ended July 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Affiliated Fund** | **Value at**<br>**October 31,**<br>**2024** | **Purchases at**<br>**Cost** | **Proceeds from**<br>**Sales** | **Number of**<br>**Shares Held**<br>**July 31,**<br>**2025** | **Value at**<br>**July 31,**<br>**2025** | **Dividends and**<br>**Interest Income**<br>**Received** | **Distributions**<br>**Received from**<br>**Net Realized**<br>**Gain** | **Net change in**<br>**Unrealized Gain**<br>**(Loss) on**<br>**Investments** |
|  TCW Central Cash Fund | $— | $212926923 | $205000000 | 7926923 | $7926923 | $457335 | $– $– $|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $7926923 | $457335 | $– $– $|  |

---

------

---

| | |
|:---|:---|
| **TCW AAA CLO ETF** |  |
| Investments by Sector (Unaudited) | July 31, 2025 |

---

---

| | |
|:---|:---|
| **Sector** | **Percentage of**<br>**Net Assets** |
|  Asset-Backed Securities | 98.1% |
|  Money Market Investments | 3.3 |
|  Other\* | (1.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 100.0% |

---

*\** *Includes futures, pending trades, interest receivable, fund share transactions and accrued expenses payable.* 

------

---

| | |
|:---|:---|
| **TCW AAA CLO ETF** |  |
| Fair Valuation Summary (Unaudited) | July 31, 2025 |

---

The following is a summary of the fair valuations according to the inputs used as of July 31, 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; Asset-Backed Securities | $— | $271605854 | $3399993 | $275005847 |
|  Total Fixed Income Securities |  | 271605854 | 3399993 | 275005847 |
|  Money Market Investments | 9309717 |  |  | 9309717 |
|  Total Investments | $9309717 | $271605854 | $3399993 | $284315564 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 283104 |  | 283104 |
|  Total | $9309717 | $271888958 | $3399993 | $284598668 |

---

------

**TCW Core Plus Bond ETF** 

SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **FIXED INCOME SECURITIES—107.9% of Net Assets** | **FIXED INCOME SECURITIES—107.9% of Net Assets** | **FIXED INCOME SECURITIES—107.9% of Net Assets** | **FIXED INCOME SECURITIES—107.9% of Net Assets** |
|  **ASSET-BACKED SECURITIES—10.6%** | **ASSET-BACKED SECURITIES—10.6%** | **ASSET-BACKED SECURITIES—10.6%** | **ASSET-BACKED SECURITIES—10.6%** |
|  ACE Securities Corp. Home Equity Loan Trust Series 2005- HE2, Class M5<br>5.49% (1 mo. USD Term SOFR + 1.134%)<sup>(1)</sup> | 04/25/35 | $947333 | $933216 |
|  AMMC CLO 30 Ltd. Series 2024-30A, Class A1<br>6.00% (3 mo. USD Term SOFR + 1.680%)<sup>(1),(2)</sup> | 01/15/37 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2005744 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust Series 2004-HE9, Class M1<br>5.44% (1 mo. USD Term SOFR + 1.089%)<sup>(1)</sup> | 12/25/34 | 241933 | 225652 |
|  Buttermilk Park CLO Ltd. Series 2018-1A, Class A2R<br>5.69% (3 mo. USD Term SOFR + 1.370%)<sup>(1),(2)</sup> | 10/15/31 | 2000000 | 1997330 |
|  C-BASS Trust Series 2007-CB5, Class A1<br>3.08% (1 mo. USD Term SOFR + 0.234%)<sup>(1)</sup> | 04/25/37 | 85994 | 50367 |
|  C-BASS Trust Series 2007-CB5, Class A3<br>3.08% (1 mo. USD Term SOFR + 0.614%)<sup>(1)</sup> | 04/25/37 | 1021838 | 598725 |
|  Citigroup Mortgage Loan Trust, Inc. Series 2005-OPT1, Class M1<br>5.10% (1 mo. USD Term SOFR + 0.744%)<sup>(1)</sup> | 02/25/35 | 2716349 | 2524106 |
|  Citigroup Mortgage Loan Trust, Inc. Series 2006-WFH1, Class M5<br>5.25% (1 mo. USD Term SOFR + 0.894%)<sup>(1)</sup> | 01/25/36 | 103712 | 107265 |
|  Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class A2<br>6.00%<sup>(2)</sup> | 05/20/55 | 570000 | 582256 |
|  Countrywide Asset-Backed Certificates Trust Series 2005-7, Class MV5<br>5.59% (1 mo. USD Term SOFR + 1.239%)<sup>(1)</sup> | 11/25/35 | 2844386 | 2813309 |
|  Credit-Based Asset Servicing & Securitization LLC Series 2003-CB3, Class AF1<br>3.38% | 12/25/32 | 268461 | 259760 |
|  Credit-Based Asset Servicing & Securitization LLC Series 2006-CB2, Class AF4<br>3.00% | 12/25/36 | 300660 | 242679 |
|  DailyPay Securitization Trust Series 2025-1A, Class A<br>5.63%<sup>(2)</sup> | 06/26/28 | 375000 | 376162 |
|  Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR<br>5.48% (3 mo. USD Term SOFR + 1.162%)<sup>(1),(2)</sup> | 04/15/29 | 412098 | 412977 |
|  HSI Asset Securitization Corp. Trust Series 2005-OPT1, Class M1<br>5.10% (1 mo. USD Term SOFR + 0.744%)<sup>(1)</sup> | 11/25/35 | 11592 | 11550 |
|  IndyMac Manufactured Housing Contract Pass-Through Certificates Series 1997-1, Class A3<br>6.61% | 02/25/28 | 16441 | 16466 |
|  IndyMac Manufactured Housing Contract Pass-Through Certificates Series 1997-1, Class A4<br>6.75% | 02/25/28 | 4377 | 4385 |
|  JGWPT XXX LLC Series 2013-3A, Class A<br>4.08%<sup>(2)</sup> | 01/17/73 | 262836 | 246316 |
|  JGWPT XXXII LLC Series 2014-2A, Class A<br>3.61%<sup>(2)</sup> | 01/17/73 | 485837 | 436552 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2C<br>4.83% (1 mo. USD Term SOFR + 0.474%)<sup>(1)</sup> | 06/25/37 | 116407 | 116121 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2D<br>4.97% (1 mo. USD Term SOFR + 0.614%)<sup>(1)</sup> | 06/25/37 | 215117 | 215070 |
|  Mid-State Trust XI Series 11, Class A1<br>4.86% | 07/15/38 | 108450 | 108069 |
|  Morgan Stanley ABS Capital I, Inc. Trust Series 2004-NC7, Class M2<br>5.40% (1 mo. USD Term SOFR + 1.044%)<sup>(1)</sup> | 07/25/34 | 92715 | 95743 |
|  Morgan Stanley ABS Capital I, Inc. Trust Series 2005-HE3, Class M5<br>5.50% (1 mo. USD Term SOFR + 1.149%)<sup>(1)</sup> | 07/25/35 | 2187738 | 2142291 |
|  Octagon Investment Partners 46 Ltd. Series 2020-2A, Class AR<br>5.74% (3 mo. USD Term SOFR + 1.422%)<sup>(1),(2)</sup> | 07/15/36 | 2000000 | 2003570 |
|  Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR<br>5.72% (3 mo. USD Term SOFR + 1.400%)<sup>(1),(2)</sup> | 04/15/31 | 2500000 | 2505465 |
|  Palmer Square Loan Funding Ltd. Series 2023-2A, Class A2R<br>5.82% (3 mo. USD Term SOFR + 1.500%)<sup>(1),(2)</sup> | 01/25/32 | 1750000 | 1752625 |
|  Progress Residential Trust Series 2021-SFR8, Class D<br>2.08%<sup>(2)</sup> | 10/17/38 | 1150000 | 1112002 |
|  Recette CLO Ltd. Series 2015-1A, Class ARR<br>5.67% (3 mo. USD Term SOFR + 1.342%)<sup>(1),(2)</sup> | 04/20/34 | 1875000 | 1878898 |
|  Rockford Tower Europe CLO DAC Series 2023-1A, Class BR<br>3.96% (3 mo. EUR EURIBOR + 1.950%)<sup>(1),(2)</sup> | 04/15/37 | 750000 | 858125 |
|  Skyline Aviation, Inc. Class A<br>3.23%<sup>(3)</sup> | 07/03/38 | 1709437 | 1583708 |
|  SLC Student Loan Trust Series 2004-1, Class B<br>4.91% (90 day USD SOFR Average + 0.552%)<sup>(1)</sup> | 08/15/31 | 73166 | 64576 |
|  SLC Student Loan Trust Series 2008-1, Class A4A<br>6.20% (90 day USD SOFR Average + 1.862%)<sup>(1)</sup> | 12/15/32 | 86638 | 87161 |

---

------

---

| |
|:---|
| **TCW Core Plus Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** | **ASSET-BACKED SECURITIES (Continued)** |
|  SLM Student Loan Trust Series 2004-2, Class B<br>5.07% (90 day USD SOFR Average + 0.732%)<sup>(1)</sup> | 07/25/39 | $71283 | $67956 |
|  SLM Student Loan Trust Series 2006-8, Class A6<br>4.76% (90 day USD SOFR Average + 0.422%)<sup>(1)</sup> | 01/25/41 | 529507 | 505281 |
|  SLM Student Loan Trust Series 2008-2, Class B<br>5.80% (90 day USD SOFR Average + 1.460%)<sup>(1)</sup> | 01/25/83 | 185000 | 187395 |
|  SLM Student Loan Trust Series 2008-3, Class B<br>5.80% (90 day USD SOFR Average + 1.462%)<sup>(1)</sup> | 04/26/83 | 185000 | 186246 |
|  SLM Student Loan Trust Series 2008-4, Class B<br>6.45% (90 day USD SOFR Average + 2.112%)<sup>(1)</sup> | 04/25/73 | 185000 | 189113 |
|  SLM Student Loan Trust Series 2008-5, Class B<br>6.45% (90 day USD SOFR Average + 2.112%)<sup>(1)</sup> | 07/25/73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235000 | 2256558 |
|  SLM Student Loan Trust Series 2008-6, Class A4<br>5.70% (90 day USD SOFR Average + 1.362%)<sup>(1)</sup> | 07/26/83 | 466496 | 461289 |
|  SLM Student Loan Trust Series 2008-6, Class B<br>6.45% (90 day USD SOFR Average + 2.112%)<sup>(1)</sup> | 07/26/83 | 185000 | 185959 |
|  SLM Student Loan Trust Series 2008-7, Class B<br>6.45% (90 day USD SOFR Average + 2.112%)<sup>(1)</sup> | 07/26/83 | 185000 | 185725 |
|  SLM Student Loan Trust Series 2012-7, Class A3<br>5.11% (30 day USD SOFR Average + 0.764%)<sup>(1)</sup> | 05/26/26 | 318947 | 309633 |
|  Structured Receivables Finance LLC Series 2010-A, Class B<br>7.61%<sup>(2)</sup> | 01/16/46 | 315367 | 318569 |
|  Vantage Data Centers Issuer LLC Series 2020-1A, Class A2<br>1.65%<sup>(2)</sup> | 09/15/45 | 1750000 | 1741916 |
|  VOLT XCIX LLC Series 2021-NPL8, Class A1<br>6.12%<sup>(2)</sup> | 04/25/51 | 49171 | 49172 |
|  VOLT XCVI LLC Series 2021-NPL5, Class A1<br>6.12%<sup>(2)</sup> | 03/27/51 | 10396 | 10398 |
|  Voya CLO Ltd. Series 2014-4A, Class A2RA<br>6.18% (3 mo. USD Term SOFR + 1.862%)<sup>(1),(2)</sup> | 07/14/31 | 1650000 | 1655890 |
|  Voya CLO Ltd. Series 2017-3A, Class AAR2<br>5.93% (3 mo. USD Term SOFR + 1.600%)<sup>(1),(2)</sup> | 04/20/34 | 1500000 | 1501800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** (Cost: $38,434,415) |  |  | 38181141 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY—36.2%** |  |  |  |
|  Federal Home Loan Mortgage Corp., Pool #SD8204<br>2.00%<sup>(4)</sup> | 04/01/52 | 2094354 | 1645165 |
|  Federal Home Loan Mortgage Corp., Pool #SD8219<br>2.50% | 06/01/52 | 5239602 | 4304947 |
|  Federal Home Loan Mortgage Corp., Pool #SD3124<br>2.50% | 04/01/53 | 5335737 | 4383933 |
|  Federal Home Loan Mortgage Corp., Pool #SD8220<br>3.00% | 06/01/52 | 5359819 | 4597527 |
|  Federal Home Loan Mortgage Corp., Pool #SD8225<br>3.00%<sup>(4)</sup> | 07/01/52 | 4994058 | 4283786 |
|  Federal Home Loan Mortgage Corp., Pool #C03813<br>3.50% | 04/01/42 | 412759 | 384643 |
|  Federal Home Loan Mortgage Corp., Pool #SD7503<br>3.50% | 08/01/49 | 1964105 | 1788081 |
|  Federal Home Loan Mortgage Corp., Pool #SD8297<br>4.00% | 02/01/53 | 3484985 | 3221747 |
|  Federal Home Loan Mortgage Corp., Pool #SD5323<br>4.00% | 01/01/54 | 2527706 | 2337559 |
|  Federal Home Loan Mortgage Corp., Pool #SD6706<br>4.50% | 01/01/54 | 1341170 | 1275659 |
|  Federal Home Loan Mortgage Corp., Pool #G08844<br>5.00% | 10/01/48 | 112526 | 111782 |
|  Federal Home Loan Mortgage Corp., Pool #SD8491<br>5.00% | 12/01/54 | 3347471 | 3260133 |
|  Federal Home Loan Mortgage Corp., Pool #G01644<br>5.50% | 02/01/34 | 22302 | 22854 |
|  Federal Home Loan Mortgage Corp., Pool #A25162<br>5.50% | 05/01/34 | 36430 | 37330 |
|  Federal Home Loan Mortgage Corp., Pool #A33262<br>5.50% | 02/01/35 | 17440 | 17990 |
|  Federal Home Loan Mortgage Corp., Pool #A68781<br>5.50% | 10/01/37 | 2282 | 2348 |
|  Federal Home Loan Mortgage Corp., Pool #RQ0013<br>5.50% | 06/01/55 | 1054737 | 1049795 |
|  Federal Home Loan Mortgage Corp., Pool #G02366<br>6.50% | 10/01/36 | 17412 | 18608 |
|  Federal Home Loan Mortgage Corp., Pool #G01548<br>7.50% | 07/01/32 | 108648 | 116566 |
|  Federal Home Loan Mortgage Corp. REMICS Series 2174, Class PN (PAC) (I/F)<br>6.00% | 07/15/29 | 6294 | 6383 |
|  Federal Home Loan Mortgage Corp. REMICS Series 3460, Class SA (I/O)<br>1.75% (-30 day USD SOFR Average + 6.086%)<sup>(1)</sup> | 06/15/38 | 321844 | 21833 |
|  Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F)<br>2.16% (-30 day USD SOFR Average + 6.496%)<sup>(1)</sup> | 04/15/42 | 311430 | 34199 |
|  Federal National Mortgage Association, Pool #MA4333<br>2.00% | 05/01/41 | 552255 | 470208 |
|  Federal National Mortgage Association, Pool #MA4547<br>2.00%<sup>(4)</sup> | 02/01/52 | 2511394 | 1973138 |
|  Federal National Mortgage Association, Pool #MA4562<br>2.00%<sup>(4)</sup> | 03/01/52 | 5948318 | 4668494 |
|  Federal National Mortgage Association, Pool #FS1598<br>2.00% | 04/01/52 | 1042672 | 819044 |
|  Federal National Mortgage Association, Pool #MA4512<br>2.50% | 01/01/52 | 124713 | 102675 |
|  Federal National Mortgage Association, Pool #FS4919<br>2.50% | 05/01/53 | 2613938 | 2147657 |
|  Federal National Mortgage Association, Pool #MA1527<br>3.00% | 08/01/33 | 8449 | 8056 |
|  Federal National Mortgage Association, Pool #MA1561<br>3.00% | 09/01/33 | 472841 | 450943 |
|  Federal National Mortgage Association, Pool #MA3811<br>3.00% | 10/01/49 | 360645 | 308869 |
|  Federal National Mortgage Association, Pool #FS2646<br>3.00% | 06/01/52 | 2771789 | 2388214 |

---

------

---

| |
|:---|
| **TCW Core Plus Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY (Continued)** |
|  Federal National Mortgage Association, Pool #MA1608<br>3.50% | 10/01/33 | $409558 | $395894 |
|  Federal National Mortgage Association, Pool #FM2318<br>3.50% | 09/01/49 | 744582 | 677852 |
|  Federal National Mortgage Association, Pool #AL0209<br>4.50% | 05/01/41 | 134463 | 132535 |
|  Federal National Mortgage Association, Pool #CA1710<br>4.50% | 05/01/48 | 6165 | 5961 |
|  Federal National Mortgage Association, Pool #CA1711<br>4.50% | 05/01/48 | 427226 | 413136 |
|  Federal National Mortgage Association, Pool #CA2208<br>4.50% | 08/01/48 | 5589 | 5405 |
|  Federal National Mortgage Association, Pool #MA3537<br>4.50% | 12/01/48 | 385152 | 372378 |
|  Federal National Mortgage Association, Pool #MA4733<br>4.50% | 09/01/52 | 4435179 | 4228679 |
|  Federal National Mortgage Association, Pool #FS9508<br>4.50% | 03/01/54 | 1508866 | 1435163 |
|  Federal National Mortgage Association, Pool #MA5584<br>4.50% | 01/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2652358 | &nbsp;&nbsp;&nbsp;&nbsp;2517429 |
|  Federal National Mortgage Association, Pool #776708<br>5.00% | 05/01/34 | 43219 | 43675 |
|  Federal National Mortgage Association, Pool #890221<br>5.50% | 12/01/33 | 44867 | 45921 |
|  Federal National Mortgage Association, Pool #889184<br>5.50% | 09/01/36 | 32897 | 33670 |
|  Federal National Mortgage Association, Pool #764388<br>6.01% (6 mo. USD RFUCCT + 1.383%)<sup>(1)</sup> | 03/01/34 | 5455 | 5463 |
|  Federal National Mortgage Association, Pool #939419<br>6.27% (1 yr. USD RFUCCT + 1.265%)<sup>(1)</sup> | 05/01/37 | 17477 | 17404 |
|  Federal National Mortgage Association, Pool #844773<br>6.27% (1 yr. USD RFUCCT + 1.559%)<sup>(1)</sup> | 12/01/35 | 2294 | 2304 |
|  Federal National Mortgage Association, Pool #549740<br>6.50% | 10/01/27 | 525 | 526 |
|  Federal National Mortgage Association, Pool #735861<br>6.50% | 09/01/33 | 19609 | 20498 |
|  Federal National Mortgage Association, Pool #253974<br>7.00% | 08/01/31 | 255 | 268 |
|  Federal National Mortgage Association, Pool #545191<br>7.00% | 09/01/31 | 271 | 285 |
|  Federal National Mortgage Association, Pool #630599<br>7.00% | 05/01/32 | 1353 | 1434 |
|  Federal National Mortgage Association, Pool #655928<br>7.00% | 08/01/32 | 728 | 772 |
|  Federal National Mortgage Association, Pool #735207<br>7.00% | 04/01/34 | 399 | 419 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1M1<br>5.35% (30 day USD SOFR Average + 1.000%)<sup>(1),(2)</sup> | 12/25/41 | 332016 | 332055 |
|  Federal National Mortgage Association REMICS Series 2001-52, Class YZ (PAC)<br>6.50% | 10/25/31 | 46820 | 48278 |
|  Federal National Mortgage Association REMICS Series 2003-124, Class TS (I/F)<br>9.80% (-30 day USD SOFR Average + 99.197%)<sup>(1)</sup> | 01/25/34 | 1402 | 1442 |
|  Federal National Mortgage Association REMICS Series 2007-64, Class FA<br>4.93% (30 day USD SOFR Average + 0.584%)<sup>(1)</sup> | 07/25/37 | 22694 | 22603 |
|  Federal National Mortgage Association REMICS Series 2008-50, Class SA (I/O) (I/F)<br>1.59% (-30 day USD SOFR Average + 5.936%)<sup>(1)</sup> | 11/25/36 | 343743 | 27244 |
|  Federal National Mortgage Association REMICS Series 2018-38, Class PA (PAC)<br>3.50% | 06/25/47 | 2145 | 2078 |
|  Federal National Mortgage Association REMICS Series 2018-43, Class CT<br>3.00% | 06/25/48 | 150330 | 132803 |
|  Federal National Mortgage Association REMICS Series 2018-86, Class JA (PAC)<br>4.00% | 05/25/47 | 68929 | 68260 |
|  Federal National Mortgage Association Trust Series 2003- W6, Class 5T (I/O) (I/F)<br>0.55% (-30 day USD SOFR Average + 8.036%)<sup>(1)</sup> | 09/25/42 | 4539049 | 54002 |
|  Government National Mortgage Association, Pool #MA6080<br>3.00% | 08/20/49 | 18135 | 15672 |
|  Government National Mortgage Association, Pool #MA6209<br>3.00% | 10/20/49 | 310240 | 268116 |
|  Government National Mortgage Association, Pool #MA6030<br>3.50% | 07/20/49 | 34061 | 30462 |
|  Government National Mortgage Association, Pool #MA4511<br>4.00% | 06/20/47 | 2607 | 2443 |
|  Government National Mortgage Association, Pool #MA4838<br>4.00% | 11/20/47 | 236837 | 221899 |
|  Government National Mortgage Association, Pool #MA4901<br>4.00% | 12/20/47 | 192577 | 180431 |
|  Government National Mortgage Association, Pool #782810<br>4.50% | 11/15/39 | 255170 | 252352 |
|  Government National Mortgage Association, Pool #MA4588<br>4.50% | 07/20/47 | 90988 | 88580 |
|  Government National Mortgage Association, Pool #MA5399<br>4.50% | 08/20/48 | 233004 | 225670 |
|  Government National Mortgage Association, Pool #MA8347<br>4.50% | 10/20/52 | 1217158 | 1167135 |
|  Government National Mortgage Association, Pool #MA9963<br>4.50% | 10/20/54 | 1966742 | 1871258 |
|  Government National Mortgage Association, Pool #MB0024<br>4.50% | 11/20/54 | 881807 | 838859 |
|  Government National Mortgage Association, Pool #80968<br>4.63% (1 yr. CMT + 1.500%)<sup>(1)</sup> | 07/20/34 | 6234 | 6325 |
|  Government National Mortgage Association, Pool #MA4454<br>5.00% | 05/20/47 | 10450 | 10462 |
|  Government National Mortgage Association, Pool #MA4589<br>5.00% | 07/20/47 | 498653 | 499232 |
|  Government National Mortgage Association, Pool #MA5530<br>5.00% | 10/20/48 | 2791 | 2765 |
|  Government National Mortgage Association REMICS Series 2023-134, Class F<br>5.35% (30 day USD SOFR Average + 1.000%)<sup>(1)</sup> | 08/20/53 | 535935 | 535000 |

---

------

---

| |
|:---|
| **TCW Core Plus Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY (Continued)** |
|  Government National Mortgage Association REMICS Series 2024-30, Class AF<br>5.60% (30 day USD SOFR Average + 1.250%)<sup>(1)</sup> | 02/20/54 | $&nbsp;&nbsp;&nbsp;&nbsp;540028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542379 |
|  Government National Mortgage Association REMICS Series 2024-30, Class CF<br>5.60% (30 day USD SOFR Average + 1.250%)<sup>(1)</sup> | 02/20/54 | 1322745 | 1327251 |
|  Government National Mortgage Association, TBA<br>2.50%<sup>(5)</sup> | 11/01/51 | 5500000 | 4625044 |
|  Government National Mortgage Association, TBA, 30 Year<br>4.00%<sup>(5)</sup> | 04/01/52 | 2425000 | 2233048 |
|  Government National Mortgage Association, TBA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%<sup>(5)</sup> | 07/01/54 | 1950000 | 1850836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | 08/01/54 | 1625000 | 1542522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%<sup>(5)</sup> | 03/01/55 | 4600000 | 4490732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/55 | 1925000 | 1879697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%<sup>(5)</sup> | 03/01/55 | 3275000 | 3266962 |
|  Uniform Mortgage-Backed Security, TBA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%<sup>(5)</sup> | 09/01/51 | 11875000 | 9296071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%<sup>(5)</sup> | 10/01/51 | 1725000 | 1414143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%<sup>(5)</sup> | 11/01/51 | 1800000 | 1541199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%<sup>(5)</sup> | 12/01/51 | 3625000 | 3240146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%<sup>(5)</sup> | 12/01/51 | 7400000 | 6605702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%<sup>(5)</sup> | 02/01/52 | 450000 | 415109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%<sup>(5)</sup> | 02/01/52 | 10250000 | 9452089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%<sup>(5)</sup> | 05/01/54 | 5950000 | 5645021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%<sup>(5)</sup> | 02/01/55 | 3550000 | 3455820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%<sup>(5)</sup> | 02/01/55 | 3800000 | 3780191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Residential Mortgage-backed Securities—Agency** (Cost: $131,633,059) |  |  | 130126625 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY—3.3%** |  |  |  |
|  BAMLL Commercial Mortgage Securities Trust Series 2018- PARK, Class A<br>4.09%<sup>(2),(6)</sup> | 08/10/38 | 1095000 | 1060334 |
|  CHI Commercial Mortgage Trust Series 2025-SFT, Class A<br>5.48%<sup>(2),(6)</sup> | 04/15/42 | 1750000 | 1775447 |
|  Credit Suisse First Boston Mortgage Securities Corp. Series 98-1, Class A4<br>6.49% | 09/25/28 | 12915 | 12846 |
|  DC Office Trust Series 2019-MTC, Class A<br>2.97%<sup>(2)</sup> | 09/15/45 | 765000 | 690774 |
|  Frost CMBS DAC Series 2021-1X, Class EUA<br>3.25% (3 mo. EUR EURIBOR + 1.150%)<sup>(1),(7)</sup> | 11/20/33 | 1292776 | 1473572 |
|  GPMT Ltd. Series 2021-FL4, Class AS<br>6.17% (1 mo. USD Term SOFR + 1.814%)<sup>(1),(2)</sup> | 12/15/36 | 2380000 | 2352408 |
|  Hudson Yards Mortgage Trust Series 2019-30HY, Class A<br>3.23%<sup>(2)</sup> | 07/10/39 | 760000 | 715295 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A<br>3.40%<sup>(2)</sup> | 06/05/39 | 740000 | 692184 |
|  MKT Mortgage Trust Series 2020-525M, Class A<br>2.69%<sup>(2)</sup> | 02/12/40 | 520000 | 455859 |
|  One Bryant Park Trust Series 2019-OBP, Class A<br>2.52%<sup>(2)</sup> | 09/15/54 | 960000 | 870503 |
|  SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE, Class A2B<br>4.14%<sup>(2),(6)</sup> | 01/05/43 | 45000 | 38553 |
|  Taurus U.K. DAC Series 2021-UK4X, Class D<br>6.34% (1 day GBP SONIA + 2.100%)<sup>(1),(7)</sup> | 08/17/31 | 447596 | 592332 |
|  Velocity Commercial Capital Loan Trust Series 2019-1, Class A<br>3.76%<sup>(2),(6)</sup> | 03/25/49 | 1049901 | 1001789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-backed Securities—Non-agency** (Cost: $11,989,526) |  |  | 11731896 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES AGENCY—0.4%** |  |  |  |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KJ42, Class A1<br>3.90% | 07/25/29 | 1354472 | 1335629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-backed Securities—Agency** (Cost: $1,354,450) |  |  | 1335629 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY—5.6%** |  |  |  |
|  Banc of America Funding Trust Series 2003-2, Class 1A1<br>6.50% | 06/25/32 | 3134 | 3163 |
|  Banc of America Funding Trust Series 2014-R6, Class 2A11<br>4.69%<sup>(2),(6)</sup> | 07/26/36 | 1700000 | 1487901 |
|  Bear Stearns ALT-A Trust Series 2004-12, Class 1M1<br>5.40% (1 mo. USD Term SOFR + 1.044%)<sup>(1)</sup> | 01/25/35 | 303796 | 304117 |
|  Chase Home Lending Mortgage Trust Series 2024-3, Class A4<br>6.00%<sup>(2),(6)</sup> | 02/25/55 | 3572772 | 3599035 |
|  Chase Home Lending Mortgage Trust Series 2025-2, Class A4A<br>5.50%<sup>(2),(6)</sup> | 12/25/55 | 926661 | 928266 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2005-2A, Class A1<br>4.65% (1 mo. USD Term SOFR + 0.294%)<sup>(1),(2)</sup> | 05/25/36 | 22913 | 21806 |
|  CHL Mortgage Pass-Through Trust Series 2004-14, Class 4A1<br>5.59%<sup>(6)</sup> | 08/25/34 | 45004 | 42186 |
|  CIM Trust Series 2021-R3, Class A1A<br>1.95%<sup>(2),(6)</sup> | 06/25/57 | 1489224 | 1374968 |
|  Cross Mortgage Trust Series 2025-H5, Class A3<br>5.86%<sup>(2)</sup> | 07/25/70 | 1595237 | 1600745 |
|  CSMC Trust Series 2022-ATH2, Class A1<br>4.55%<sup>(2),(6)</sup> | 05/25/67 | 1390349 | 1385964 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class 1M1<br>5.85% (30 day USD SOFR Average + 1.500%)<sup>(1),(2)</sup> | 10/25/43 | 2107721 | 2115602 |
|  First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A1<br>5.09%<sup>(6)</sup> | 09/25/34 | 18600 | 18840 |
|  GCAT Trust Series 2025-NQM3, Class A1<br>5.55%<sup>(2)</sup> | 05/25/70 | 1189273 | 1191842 |
|  GS Mortgage-Backed Securities Trust Series 2025-PJ6, Class A5<br>5.50%<sup>(2),(6)</sup> | 11/25/55 | 1201778 | 1200859 |
|  GSR Mortgage Loan Trust Series 2004-9, Class 5A7<br>4.94%<sup>(6)</sup> | 08/25/34 | 762 | 760 |
|  HarborView Mortgage Loan Trust Series 2007-7, Class 2A1A<br>6.47% (1 mo. USD Term SOFR + 2.114%)<sup>(1)</sup> | 10/25/37 | 1119514 | 1036451 |

---

------

---

| |
|:---|
| **TCW Core Plus Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)** |
|  IndyMac INDX Mortgage Loan Trust Series 2004-AR7, Class A2<br>5.33% (1 mo. USD Term SOFR + 0.974%)<sup>(1)</sup> | 09/25/34 | $5785 | $5003 |
|  IndyMac INDX Mortgage Loan Trust Series 2004-AR8, Class 2A2A<br>5.27% (1 mo. USD Term SOFR + 0.914%)<sup>(1)</sup> | 11/25/34 | 17743 | 16391 |
|  IndyMac INDX Mortgage Loan Trust Series 2007-AR11, Class 1A1<br>3.34%<sup>(6)</sup> | 06/25/37 | 411616 | 367877 |
|  JPMorgan Mortgage Trust Series 2007-A3, Class 3A2<br>5.03%<sup>(6)</sup> | 05/25/37 | 78847 | 68953 |
|  JPMorgan Mortgage Trust Series 2021-INV5, Class A3<br>3.00%<sup>(2),(6)</sup> | 12/25/51 | 2496684 | 2287846 |
|  MASTR Adjustable Rate Mortgages Trust Series 2003-6, Class 4A2<br>4.40%<sup>(6)</sup> | 01/25/34 | 20852 | 20388 |
|  MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1<br>6.72%<sup>(6)</sup> | 10/25/32 | 3386 | 3325 |
|  New York Mortgage Trust Series 2005-3, Class A1<br>4.95% (1 mo. USD Term SOFR + 0.594%)<sup>(1)</sup> | 02/25/36 | 146021 | 145273 |
|  RBSSP Resecuritization Trust Series 2009-12, Class 17A2<br>6.21%<sup>(2),(6)</sup> | 10/25/35 | 98453 | 98458 |
|  Residential Asset Mortgage Products Trust Series 2003-SL1, Class A41<br>8.00% | 04/25/31 | 15201 | 6789 |
|  Residential Asset Mortgage Products Trust Series 2004-SL1, Class A7<br>7.00% | 11/25/31 | 4542 | 3933 |
|  Residential Asset Securitization Trust Series 2004-IP2, Class 2A1<br>3.94%<sup>(6)</sup> | 12/25/34 | 9727 | 8837 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2004-15, Class A<br>5.97%<sup>(6)</sup> | 10/25/34 | 408676 | 392486 |
|  Structured Asset Mortgage Investments II Trust Series 2005- AR1, Class A1<br>4.95% (1 mo. USD Term SOFR + 0.594%)<sup>(1)</sup> | 04/19/35 | 193818 | 190079 |
|  Structured Asset Mortgage Investments II Trust Series 2005- AR8, Class A2<br>6.23% (1 yr. MTA + 1.480%)<sup>(1)</sup> | 02/25/36 | 174652 | 148610 |
|  WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR13, Class A1A3<br>6.03% (1 mo. USD Term SOFR + 1.674%)<sup>(1)</sup> | 10/25/45 | 260817 | 263013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Residential Mortgage-backed Securities**—**Non-agency** (Cost: $20,389,584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Residential Mortgage-backed Securities**—**Non-agency** (Cost: $20,389,584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Residential Mortgage-backed Securities**—**Non-agency** (Cost: $20,389,584) | 20339766 |
|  **CORPORATE BONDS—27.4%** |  |  |  |
|  **Agriculture**—**0.5%** |  |  |  |
|  Altria Group, Inc.<br>4.88% | 02/04/28 | 1050000 | 1060143 |
|  BAT Capital Corp. (United Kingdom)<br>3.56% | 08/15/27 | 145000 | 142370 |
|  BAT International Finance PLC (United Kingdom)<br>1.67% | 03/25/26 | 330000 | 323915 |
|  Imperial Brands Finance PLC (United Kingdom)<br>6.13%<sup>(2)</sup> | 07/27/27 | 385000 | 395903 |
|  |  |  | 1922331 |
|  **Airlines**—**0.1%** |  |  |  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>5.75%<sup>(2)</sup> | 04/20/29 | 225000 | 225049 |
|  **Auto Manufacturers**—**0.3%** |  |  |  |
|  Volkswagen Financial Services AG (Germany)<br>3.88%<sup>(7)</sup> | 11/19/31 | 500000 | 581258 |
|  Volkswagen Group of America Finance LLC (Germany)<br>5.65%<sup>(2)</sup> | 03/25/32 | 100000 | 101256 |
|  Volkswagen International Finance NV (Germany)<br>7.88% (9 yr. EUR Swap + 4.783%)<sup>(1),(7),(8)</sup> | 09/06/32 | 200000 | 261668 |
|  |  |  | 944182 |
|  **Banks**—**8.0%** |  |  |  |
|  Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.66% (1 day USD SOFR + 0.910%)<sup>(1)</sup> | 03/11/27 | 1775000 | 1743316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92% (1 day USD SOFR + 1.370%)<sup>(1)</sup> | 10/24/31 | 1135000 | 991048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09% (1 day USD SOFR + 1.060%)<sup>(1)</sup> | 06/14/29 | 3175000 | 2972689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% (1 day USD SOFR + 1.050%)<sup>(1)</sup> | 02/04/28 | 160000 | 155480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69% (1 day USD SOFR + 1.320%)<sup>(1)</sup> | 04/22/32 | 130000 | 116632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42% (3 mo. USD Term SOFR + 1.302%)<sup>(1)</sup> | 12/20/28 | 360000 | 351637 |
|  Citibank NA<br>4.91% | 05/29/30 | 280000 | 284500 |
|  Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% (SOFR + 1.177%)<sup>(1)</sup> | 11/03/32 | 525000 | 458383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67% (1 day USD SOFR + 1.146%)<sup>(1)</sup> | 01/29/31 | 115000 | 105410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52% (3 mo. USD Term SOFR + 1.413%)<sup>(1)</sup> | 10/27/28 | 1505000 | 1472748 |
|  Goldman Sachs Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% (SOFR + 1.248%)<sup>(1)</sup> | 07/21/32 | 35000 | 30579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% (1 day USD SOFR + 1.264%)<sup>(1)</sup> | 10/21/32 | 774000 | 682320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 02/25/26 | 20000 | 19914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81% (3.814% to 04/23/28 then 3 mo. USD LIBOR + 1.158%)<sup>(1)</sup> | 04/23/29 | 2480000 | 2435335 |
|  HSBC Holdings PLC (United Kingdom)<br>4.76% (1 day USD SOFR + 2.110%)<sup>(1)</sup> | 06/09/28 | 395000 | 396007 |
|  JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04% (3 mo. USD Term SOFR + 0.695%)<sup>(1)</sup> | 02/04/27 | 2405000 | 2363105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05% (SOFR + 0.800%)<sup>(1)</sup> | 11/19/26 | 275000 | 272005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58% (1 day USD SOFR + 0.885%)<sup>(1)</sup> | 04/22/27 | 1035000 | 1012872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07% (1 day USD SOFR + 1.015%)<sup>(1)</sup> | 06/01/29 | 30000 | 28123 |

---

------

---

| |
|:---|
| **TCW Core Plus Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **Banks (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% (1 day USD SOFR + 1.180%)<sup>(1)</sup> | 11/08/32 | $740000 | $650630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01% (3 mo. USD Term SOFR + 1.382%)<sup>(1)</sup> | 04/23/29 | 3055000 | &nbsp;&nbsp;&nbsp;&nbsp;3020998 |
|  Lloyds Banking Group PLC (United Kingdom)<br>4.72% (1 yr. CMT + 1.750%)<sup>(1)</sup> | 08/11/26 | 1036000 | 1035927 |
|  Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51% (1 day USD SOFR + 1.200%)<sup>(1)</sup> | 10/20/32 | 290000 | 253959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% (1 day USD SOFR + 1.290%)<sup>(1)</sup> | 01/21/33 | 865000 | 773543 |
|  PNC Financial Services Group, Inc.<br>6.88% (1 day USD SOFR + 2.284%)<sup>(1)</sup> | 10/20/34 | 160000 | 178797 |
|  Santander U.K. Group Holdings PLC (United Kingdom)<br>2.47% (1 day USD SOFR + 1.220%)<sup>(1)</sup> | 01/11/28 | 645000 | 624566 |
|  Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39% (1 day USD SOFR + 2.100%)<sup>(1)</sup> | 06/02/28 | 4555000 | 4385599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57% (3 mo. USD Term SOFR + 1.262%)<sup>(1)</sup> | 02/11/31 | 495000 | 454148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24% (1 day USD SOFR + 1.110%)<sup>(1)</sup> | 01/24/31 | 470000 | 481379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.57% (1 day USD SOFR + 1.740%)<sup>(1)</sup> | 07/25/29 | 895000 | 921707 |
|  |  |  | 28673356 |
|  **Chemicals**—**0.4%** |  |  |  |
|  International Flavors & Fragrances, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%<sup>(2)</sup> | 10/01/25 | 391000 | 388349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%<sup>(2)</sup> | 11/01/30 | 975000 | 860857 |
|  |  |  | 1249206 |
|  **Commercial Services**—**0.2%** |  |  |  |
|  AA Bond Co. Ltd. (United Kingdom)<br>8.45%<sup>(7)</sup> | 07/31/50 | 185000 | 260465 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg)<br>7.00%<sup>(2)</sup> | 05/21/30 | 181000 | 186559 |
|  OT Midco, Inc.<br>10.00%<sup>(2)</sup> | 02/15/30 | 330000 | 272240 |
|  |  |  | 719264 |
|  **Computers**—**0.2%** |  |  |  |
|  Dell International LLC/EMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 04/01/28 | 470000 | 473948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/30 | 390000 | 395717 |
|  |  |  | 869665 |
|  **Diversified Financial Services**—**0.8%** |  |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<br>2.45% | 10/29/26 | 1295000 | 1261317 |
|  Air Lease Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 10/01/29 | 525000 | 498923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 12/01/27 | 355000 | 348120 |
|  American Express Co.<br>4.92% (1 day USD SOFR + 1.220%)<sup>(1)</sup> | 07/20/33 | 300000 | 301062 |
|  Avolon Holdings Funding Ltd. (Ireland)<br>2.53%<sup>(2)</sup> | 11/18/27 | 308000 | 293293 |
|  Jane Street Group/JSG Finance, Inc.<br>6.13%<sup>(2)</sup> | 11/01/32 | 311000 | 309004 |
|  |  |  | 3011719 |
|  **Electric**—**1.5%** |  |  |  |
|  Alliant Energy Finance LLC<br>3.60%<sup>(2)</sup> | 03/01/32 | 175000 | 158858 |
|  Amprion GmbH (Germany)<br>0.63%<sup>(7)</sup> | 09/23/33 | 100000 | 90972 |
|  Appalachian Power Co.<br>3.30% | 06/01/27 | 410000 | 401714 |
|  Duke Energy Corp.<br>2.65% | 09/01/26 | 30000 | 29409 |
|  Elia Group SA (Belgium)<br>3.88%<sup>(7)</sup> | 06/11/31 | 200000 | 233236 |
|  Eurogrid GmbH (Germany)<br>0.74%<sup>(7)</sup> | 04/21/33 | 400000 | 372789 |
|  Eversource Energy<br>4.60% | 07/01/27 | 595000 | 595952 |
|  FirstEnergy Pennsylvania Electric Co.<br>5.15%<sup>(2)</sup> | 03/30/26 | 500000 | 501520 |
|  FirstEnergy Transmission LLC<br>2.87%<sup>(2)</sup> | 09/15/28 | 853000 | 812167 |
|  Public Service Co. of New Mexico<br>3.85% | 08/01/25 | 1405000 | 1405000 |
|  Scottish Hydro Electric Transmission PLC (United Kingdom)<br>3.38%<sup>(7)</sup> | 09/04/32 | 290000 | 332612 |
|  TenneT Holding BV (Netherlands)<br>4.75%<sup>(7)</sup> | 10/28/42 | 110000 | 137186 |
|  Trans-Allegheny Interstate Line Co.<br>5.00%<sup>(2)</sup> | 01/15/31 | 130000 | 131795 |
|  |  |  | 5203210 |
|  **Engineering & Construction**—**0.1%** |  |  |  |
|  Heathrow Funding Ltd. (United Kingdom)<br>1.13%<sup>(7)</sup> | 10/08/32 | 435000 | 451277 |
|  **Entertainment**—**0.3%** |  |  |  |
|  FDJ UNITED (France)<br>3.38%<sup>(7)</sup> | 11/21/33 | 300000 | 337974 |
|  Flutter Treasury DAC (Ireland)<br>5.00%<sup>(2)</sup> | 04/29/29 | 190000 | 225111 |
|  Great Canadian Gaming Corp./Raptor LLC (Canada)<br>8.75%<sup>(2)</sup> | 11/15/29 | 114000 | 111805 |
|  WarnerMedia Holdings, Inc.<br>4.28% | 03/15/32 | 472000 | 397608 |
|  |  |  | 1072498 |
|  **Food**—**0.4%** |  |  |  |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 02/02/29 | 195000 | 185113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 03/15/34 | 885000 | 962606 |
|  Pilgrim's Pride Corp.<br>3.50% | 03/01/32 | 510000 | 458184 |
|  |  |  | 1605903 |
|  **Foreign Government Bonds**—**0.8%** |  |  |  |
|  Brazil Government International Bonds<br>6.63% | 03/15/35 | 500000 | 502660 |
|  Colombia Government International Bonds<br>7.75% | 11/07/36 | 500000 | 499315 |
|  Hungary Government International Bonds<br>5.50%<sup>(7)</sup> | 06/16/34 | 336000 | 332324 |
|  Mexico Government International Bonds<br>6.35% | 02/09/35 | 850000 | 865300 |

---

------

---

| |
|:---|
| **TCW Core Plus Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Principal**<br>**Amount** | **Value** |
|  **Foreign Government Bonds (Continued)** |  |  |  |  |
|  Panama Government International Bonds<br>6.40% | 02/14/35 | $| &nbsp;&nbsp;&nbsp;&nbsp;379000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373061 |
|  Republic of South Africa Government International Bonds<br>5.88% | 04/20/32 |  | 267000 | 260950 |
|  |  |  |  | 2833610 |
|  **Gas**—**0.6%** |  |  |  |  |
|  AmeriGas Partners LP/AmeriGas Finance Corp.<br>9.38%<sup>(2)</sup> | 06/01/28 |  | 170000 | 175175 |
|  Boston Gas Co.<br>3.76%<sup>(2)</sup> | 03/16/32 |  | 1400000 | 1296022 |
|  National Gas Transmission PLC (United Kingdom)<br>4.25%<sup>(7)</sup> | 04/05/30 | EUR | 645000 | 771582 |
|  |  |  |  | 2242779 |
|  **Health Care-Products**—**0.7%** |  |  |  |  |
|  Alcon Finance Corp.<br>2.75%<sup>(2)</sup> | 09/23/26 |  | 700000 | 684509 |
|  American Medical Systems Europe BV<br>3.00% | 03/08/31 | EUR | 700000 | 798680 |
|  Medtronic Global Holdings SCA<br>1.00% | 07/02/31 | EUR | 210000 | 214115 |
|  Medtronic, Inc.<br>3.65% | 10/15/29 | EUR | 185000 | 218748 |
|  Sartorius Finance BV (Germany)<br>4.50%<sup>(7)</sup> | 09/14/32 | EUR | 100000 | 119643 |
|  Stryker Corp.<br>3.38% | 09/11/32 | EUR | 450000 | 516816 |
|  |  |  |  | 2552511 |
|  **Health Care-Services**—**2.5%** |  |  |  |  |
|  Baylor Scott & White Holdings<br>2.65% | 11/15/26 |  | 1530000 | 1498895 |
|  Centene Corp.<br>3.00% | 10/15/30 |  | 905000 | 788137 |
|  Elevance Health, Inc.<br>5.20% | 02/15/35 |  | 335000 | 334956 |
|  Fortrea Holdings, Inc.<br>7.50%<sup>(2)</sup> | 07/01/30 |  | 119000 | 108770 |
|  HCA, Inc.<br>5.88% | 02/15/26 |  | 2230000 | 2231650 |
|  Humana, Inc.<br>5.55% | 05/01/35 |  | 780000 | 782348 |
|  IQVIA, Inc.<br>5.70% | 05/15/28 |  | 725000 | 743060 |
|  Kedrion SpA (Italy)<br>6.50%<sup>(2)</sup> | 09/01/29 |  | 188000 | 182324 |
|  ModivCare, Inc.<br>5.00%<sup>(2),(9)</sup> | 10/01/29 |  | 877800 | 241395 |
|  UnitedHealth Group, Inc.<br>5.15% | 07/15/34 |  | 1905000 | 1911439 |
|  |  |  |  | 8822974 |
|  **Insurance**—**0.5%** |  |  |  |  |
|  Farmers Exchange Capital<br>7.05%<sup>(2)</sup> | 07/15/28 |  | 1245000 | 1309703 |
|  Trinity Acquisition PLC<br>4.40% | 03/15/26 |  | 535000 | 534235 |
|  |  |  |  | 1843938 |
|  **Internet**—**0.1%** |  |  |  |  |
|  Snap, Inc.<br>6.88%<sup>(2)</sup> | 03/01/33 |  | 359000 | 368086 |
|  **Investment Companies**—**0.1%** | **Investment Companies**—**0.1%** | **Investment Companies**—**0.1%** | **Investment Companies**—**0.1%** |  |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp.<br>9.00% | 06/15/30 |  | 299000 | 290634 |
|  **Lodging**—**0.4%** |  |  |  |  |
|  Hilton Domestic Operating Co., Inc.<br>5.75%<sup>(2)</sup> | 09/15/33 |  | 215000 | 215262 |
|  Hyatt Hotels Corp.<br>5.05% | 03/30/28 |  | 720000 | 727589 |
|  Las Vegas Sands Corp.<br>6.00% | 06/14/30 |  | 485000 | 499487 |
|  |  |  |  | 1442338 |
|  **Machinery-Diversified**—**0.0%** |  |  |  |  |
|  Oregon Tool Lux LP<br>7.88%<sup>(2)</sup> | 10/15/29 |  | 3127 | 1376 |
|  **Media**—**0.7%** |  |  |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>2.80% | 04/01/31 |  | 1470000 | 1303581 |
|  CSC Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%<sup>(2)</sup> | 01/15/30 |  | 129000 | 63778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%<sup>(2)</sup> | 01/31/29 |  | 755000 | 706839 |
|  DISH Network Corp.<br>11.75%<sup>(2)</sup> | 11/15/27 |  | 55000 | 57327 |
|  Virgin Media Secured Finance PLC (United Kingdom)<br>5.50%<sup>(2)</sup> | 05/15/29 |  | 360000 | 352112 |
|  VZ Secured Financing BV (Netherlands)<br>5.00%<sup>(2)</sup> | 01/15/32 |  | 208000 | 183254 |
|  |  |  |  | 2666891 |
|  **Mining**—**0.1%** |  |  |  |  |
|  Corp. Nacional del Cobre de Chile<br>5.95%<sup>(7)</sup> | 01/08/34 |  | 500000 | 511305 |
|  **Office/Business Equipment**—**0.1%** |  |  |  |  |
|  Xerox Corp.<br>10.25%<sup>(2)</sup> | 10/15/30 |  | 176000 | 181437 |
|  **Oil & Gas**—**0.2%** |  |  |  |  |
|  KazMunayGas National Co. JSC (Kazakhstan)<br>3.50%<sup>(7)</sup> | 04/14/33 |  | 650000 | 567814 |
|  **Oil & Gas Services**—**0.1%** |  |  |  |  |
|  USA Compression Partners LP/USA Compression Finance Corp.<br>7.13%<sup>(2)</sup> | 03/15/29 |  | 358000 | 366238 |
|  **Packaging & Containers**—**0.5%** |  |  |  |  |
|  Amcor Finance USA, Inc.<br>3.63% | 04/28/26 |  | 1450000 | 1438415 |
|  Berry Global, Inc.<br>4.88%<sup>(2)</sup> | 07/15/26 |  | 491000 | 490867 |
|  |  |  |  | 1929282 |
|  **Pharmaceuticals**—**0.7%** |  |  |  |  |
|  1261229 BC Ltd.<br>10.00%<sup>(2)</sup> | 04/15/32 |  | 304000 | 309709 |
|  Bayer U.S. Finance II LLC (Germany)<br>5.50%<sup>(2)</sup> | 08/15/25 |  | 1100000 | 1100066 |
|  CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 06/01/33 |  | 472000 | 474997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 06/01/34 |  | 335000 | 343171 |

---

------

---

| |
|:---|
| **TCW Core Plus Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **Pharmaceuticals (Continued)** |  |  |  |
|  Teva Pharmaceutical Finance Netherlands II BV (Israel)<br>4.13% | 06/01/31 | 344000 | $395050 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2622993 |
|  **Pipelines**—**0.3%** |  |  |  |
|  Venture Global LNG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (5 yr. CMT + 5.440%)<sup>(1),(2),(8)</sup> | 09/30/29 | $185000 | 185161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%<sup>(2)</sup> | 02/01/32 | 222000 | 239696 |
|  Venture Global Plaquemines LNG LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%<sup>(2)</sup> | 01/15/34 | 372000 | 382784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%<sup>(2)</sup> | 01/15/36 | 190000 | 195510 |
|  |  |  | 1003151 |
|  **Real Estate**—**0.3%** |  |  |  |
|  Blackstone Property Partners Europe Holdings SARL (Luxembourg)<br>1.00%<sup>(7)</sup> | 05/04/28 | 325000 | 353792 |
|  LEG Immobilien SE (Germany)<br>0.88%<sup>(7)</sup> | 03/30/33 | 200000 | 185100 |
|  Vonovia SE (Germany)<br>0.75%<sup>(7)</sup> | 09/01/32 | 500000 | 473644 |
|  |  |  | 1012536 |
|  **REIT**—**3.3%** |  |  |  |
|  American Assets Trust LP (REIT)<br>6.15% | 10/01/34 | 420000 | 420563 |
|  American Tower Corp.<br>3.60% | 01/15/28 | 1260000 | 1236110 |
|  Crown Castle, Inc. (REIT)<br>2.50% | 07/15/31 | 633000 | 554033 |
|  CubeSmart LP<br>4.38% | 02/15/29 | 673000 | 666728 |
|  Digital Dutch Finco BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% <sup>(7)</sup> | 01/15/32 | 160000 | 155767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25% <sup>(7)</sup> | 02/01/31 | 255000 | 260276 |
|  DOC Dr. LLC (REIT)<br>3.95% | 01/15/28 | 423000 | 418051 |
|  Equinix Europe 2 Financing Corp. LLC (REIT)<br>3.63% | 11/22/34 | 400000 | 444789 |
|  Extra Space Storage LP<br>3.90% | 04/01/29 | 385000 | 376707 |
|  GLP Capital LP/GLP Financing II, Inc.<br>5.75% | 06/01/28 | 915000 | 935240 |
|  Healthcare Realty Holdings LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 08/01/26 | 225000 | 222244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 01/15/28 | 911000 | 885410 |
|  Host Hotels & Resorts LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | 12/15/29 | 758000 | 711080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 06/15/32 | 425000 | 431396 |
|  Hudson Pacific Properties LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 220000 | 208294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65% | 04/01/29 | 418000 | 364835 |
|  Kilroy Realty LP (REIT)<br>4.25% | 08/15/29 | 221000 | 213331 |
|  Lineage OP LP<br>5.25%<sup>(2)</sup> | 07/15/30 | 350000 | 351578 |
|  LXP Industrial Trust<br>6.75% | 11/15/28 | 975000 | 1030438 |
|  Prologis Euro Finance LLC (REIT)<br>4.63% | 05/23/33 | 120000 | 147860 |
|  Realty Income Corp. (REIT)<br>4.88% | 07/06/30 | 820000 | 1009505 |
|  VICI Properties LP/VICI Note Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%<sup>(2)</sup> | 02/15/29 | 90000 | 87145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%<sup>(2)</sup> | 02/01/27 | 350000 | 353822 |
|  WP Carey, Inc. (REIT)<br>4.25% | 07/23/32 | 250000 | 295950 |
|  |  |  | 11781152 |
|  **Retail**—**0.3%** |  |  |  |
|  AutoZone, Inc.<br>5.13% | 06/15/30 | 205000 | 209666 |
|  BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.<br>9.50%<sup>(2)</sup> | 07/01/32 | 300000 | 309318 |
|  Ferrellgas LP/Ferrellgas Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%<sup>(2)</sup> | 04/01/26 | 246000 | 244270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%<sup>(2)</sup> | 04/01/29 | 272000 | 251437 |
|  Michaels Cos., Inc.<br>5.25%<sup>(2)</sup> | 05/01/28 | 238000 | 190533 |
|  |  |  | 1205224 |
|  **Semiconductors**—**0.4%** |  |  |  |
|  Foundry JV Holdco LLC<br>5.50%<sup>(2)</sup> | 01/25/31 | 1400000 | 1430366 |
|  **Software**—**0.6%** |  |  |  |
|  Open Text Corp. (Canada)<br>6.90%<sup>(2)</sup> | 12/01/27 | 1380000 | 1425416 |
|  Oracle Corp.<br>4.80% | 08/03/28 | 600000 | 606672 |
|  |  |  | 2032088 |
|  **Telecommunications**—**1.0%** |  |  |  |
|  Altice Financing SA (Luxembourg)<br>9.63%<sup>(2)</sup> | 07/15/27 | 145000 | 133436 |
|  EchoStar Corp.<br>10.75% | 11/30/29 | 30000 | 31654 |
|  Global Switch Finance BV (United Kingdom)<br>1.38%<sup>(7)</sup> | 10/07/30 | 925000 | 989159 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC<br>5.15%<sup>(2)</sup> | 09/20/29 | 981750 | 985441 |
|  T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 02/15/26 | 700000 | 690536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 04/15/27 | 875000 | 865060 |
|  |  |  | 3695286 |
|  **Transportation**—**0.1%** |  |  |  |
|  Aurizon Network Pty. Ltd. (Australia)<br>2.90%<sup>(7)</sup> | 09/02/30 | 310000 | 179337 |
|  Pacific National Finance Pty. Ltd. (Australia)<br>3.70% | 09/24/29 | 290000 | 172680 |
|  |  |  | 352017 |
|  **Water**—**0.2%** |  |  |  |
|  Holding d'Infrastructures des Metiers de l'Environnement (France)<br>4.88%<sup>(7)</sup> | 10/24/29 | 100000 | 119035 |
|  Suez SACA (France)<br>2.88%<sup>(7)</sup> | 05/24/34 | 300000 | 321849 |
|  United Utilities Water Finance PLC (United Kingdom)<br>3.75%<sup>(7)</sup> | 05/23/34 | 215000 | 247107 |
|  Yorkshire Water Finance PLC (United Kingdom)<br>6.38%<sup>(7)</sup> | 11/18/34 | 135000 | 183626 |
|  |  |  | 871617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** (Cost: $97,276,802) |  |  | 98575303 |

---

------

---

| |
|:---|
| **TCW Core Plus Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **MUNICIPAL BONDS—0.6%** |  |  |  |
|  City of New York, General Obligation Unlimited<br>1.70% | 03/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;250000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229223 |
|  Commonwealth of Massachusetts, Revenue Bonds<br>4.11% | 07/15/31 | 453994 | 452350 |
|  County of Miami-Dade Aviation Revenue, Series D<br>3.50% | 10/01/31 | 245000 | 231169 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds<br>5.00% | 02/01/51 | 350000 | 351134 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Series F-3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 02/01/35 | 3000 | 3045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 02/01/36 | 3000 | 3033 |
|  New York City Transitional Finance Authority, Revenue Bonds<br>5.00% | 11/01/53 | 85000 | 85505 |
|  New York State Dormitory Authority, Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% | 03/15/29 | 590000 | 547769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/15/30 | 53822 | 54496 |
|  New York State Thruway Authority, Revenue Bonds<br>5.00% | 03/15/53 | 180000 | 180400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** (Cost: $2,209,677) |  |  | 2138124 |
|  **FOREIGN GOVERNMENT BONDS—0.4%** |  |  |  |
|  Guatemala Government Bonds<br>6.60%<sup>(7)</sup> | 06/13/36 | 551000 | 565464 |
|  Israel Government International Bonds<br>5.38% | 02/19/30 | 450000 | 459900 |
|  Romania Government International Bonds<br>6.38%<sup>(7)</sup> | 01/30/34 | 562000 | 560988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Bonds** (Cost: $1,553,430) |  |  | 1586352 |
|  **U.S. TREASURY SECURITIES**—**20.9%** |  |  |  |
|  U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 05/15/55 | 29260000 | 28619938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%<sup>(4)</sup> | 08/15/55 | 1165000 | 1142171 |
|  U.S. Treasury Inflation-Indexed Notes<br>1.88% | 07/15/35 | 3984298 | 3949669 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 07/31/27 | 2115000 | 2112356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 07/31/30 | 8065000 | 8035701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 07/31/32 | 19365000 | 19200095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 05/15/35 | 12081000 | 11976235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Securities** (Cost: $74,783,617) |  |  | 75036165 |
|  **BANK LOANS—2.5%** |  |  |  |
|  **Advertising—0.0%** |  |  |  |
|  Advantage Sales & Marketing, Inc. 2024 Term Loan<br>8.55% (3 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 10/28/27 | 53454 | 41842 |
|  |  |  | 41842 |
|  **Aerospace & Defense—0.0%** |  |  |  |
|  HDI Aerospace Intermediate Holding III Corp. Term Loan B<br>8.83% (3 mo. USD Term SOFR + 4.500%)<sup>(1)</sup> | 02/11/32 | 29925 | 30056 |
|  TransDigm, Inc. 2023 Term Loan J<br>6.80% (3 mo. USD Term SOFR + 2.500%)<sup>(1)</sup> | 02/28/31 | 36571 | 36720 |
|  TransDigm, Inc. 2024 Term Loan I<br>7.05% (3 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 08/24/28 | 22303 | 22410 |
|  |  |  | 89186 |
|  **Apparel—0.0%** |  |  |  |
|  ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B<br>6.61% (1 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 12/21/28 | 43412 | 43384 |
|  |  |  | 43384 |
|  **Beverages—0.1%** |  |  |  |
|  Celsius Holdings, Inc. Term Loan<br>7.54% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 04/01/32 | 44044 | 44466 |
|  City Brewing Co. LLC 2024 1st Out New Money Term Loan<br>0.00%<sup>(1),(10)</sup> | 04/05/28 | 1 |  |
|  Naked Juice LLC 2025 FLFO Term Loan<br>9.80% (3 mo. USD Term SOFR + 5.500%)<sup>(1)</sup> | 01/24/29 | 245112 | 244653 |
|  Naked Juice LLC 2025 FLSO Term Loan<br>7.65% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 01/24/29 | 62062 | 47186 |
|  Naked Juice LLC 2025 FLTO Term Loan<br>10.40% (3 mo. USD Term SOFR + 6.000%)<sup>(1)</sup> | 01/24/30 | 370 | 177 |
|  Primo Brands Corp. 2025 Term Loan B<br>6.55% (3 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 03/31/28 | 11396 | 11435 |
|  |  |  | 347917 |
|  **Commercial Services—0.1%** |  |  |  |
|  Belron Finance 2019 LLC 2024 USD Term Loan B<br>7.05% (3 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 10/16/31 | 32350 | 32540 |
|  Boost Newco Borrower LLC 2025 USD Term Loan B<br>6.30% (3 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 01/31/31 | 52022 | 52168 |
|  CCRR Parent, Inc. Term Loan B<br>8.70% (3 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 03/06/28 | 18120 | 6342 |
|  CCRR Parent, Inc. US Acquisition Facility<br>8.68% (3 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 03/06/28 | 51085 | 17880 |
|  Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan<br>8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 07/06/29 | 30750 | 30878 |
|  Kelso Industries LLC Term Loan<br>10.11% (1 mo. USD Term SOFR + 5.750%)<sup>(1),(11)</sup> | 12/30/29 | 75799 | 76367 |

---

------

---

| |
|:---|
| **TCW Core Plus Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Commercial Services (Continued)** |  |  |  |  |
|  KUEHG Corp. 2024 Term Loan<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 06/12/30 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16523 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16559 |
|  Ryan LLC Term Loan<br>7.86% (1 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 11/14/30 |  | 36090 | 36163 |
|  TruGreen LP 2020 Term Loan<br>8.46% (1 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 11/02/27 |  | 182376 | 176221 |
|  |  |  |  | 445118 |
|  **Computers—0.1%** |  |  |  |  |
|  McAfee LLC 2024 USD 1st Lien Term Loan B<br>7.33% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 03/01/29 |  | 10952 | 10614 |
|  Peraton Corp. Term Loan B<br>8.21% (1 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 02/01/28 |  | 66967 | 59784 |
|  Tempo Acquisition LLC 2025 Repriced Term Loan B<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 08/31/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | 249629 |
|  Twitter, Inc. Term Loan<br>10.96% (3 mo. USD Term SOFR + 6.500%)<sup>(1)</sup> | 10/26/29 |  | 66794 | 65202 |
|  |  |  |  | 385229 |
|  **Cosmetics/personal Care—0.0%** |  |  |  |  |
|  Opal Bidco SAS USD Term Loan B<br>7.58% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 04/28/32 |  | 41781 | 42013 |
|  |  |  |  | 42013 |
|  **Distribution & wholesale—0.0%** |  |  |  |  |
|  BCPE Empire Holdings, Inc. 2025 Term Loan B<br>7.61% (1 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 12/11/30 |  | 70838 | 70892 |
|  |  |  |  | 70892 |
|  **Diversified Financial Services—0.2%** | **Diversified Financial Services—0.2%** | **Diversified Financial Services—0.2%** | **Diversified Financial Services—0.2%** |  |
|  Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6<br>6.10% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 06/24/30 |  | 445608 | 446317 |
|  Blackhawk Network Holdings, Inc. 2025 Term Loan B<br>8.36% (1 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 03/12/29 |  | 47667 | 47916 |
|  Deerfield Dakota Holding LLC 2020 USD Term Loan B<br>8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 04/09/27 |  | 126854 | 125925 |
|  Jane Street Group LLC 2024 Term Loan B1<br>6.33% (3 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 12/15/31 |  | 64137 | 63931 |
|  |  |  |  | 684089 |
|  **Electric—0.2%** |  |  |  |  |
|  Alpha Generation LLC Term Loan B<br>6.36% (1 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 09/30/31 |  | 59629 | 59626 |
|  Calpine Corp. 2024 Term Loan B10<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 01/31/31 |  | 108371 | 108509 |
|  Calpine Corp. 2024 Term Loan B5<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 02/15/32 |  | 80689 | 80756 |
|  Cornerstone Generation LLC Term Loan B<br>0.00% <sup>(10)</sup> | 10/28/31 |  | 22915 | 23105 |
|  Edgewater Generation LLC 2025 Repriced Term Loan<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 08/01/30 |  | 29932 | 30103 |
|  Kestrel Acquisition LLC 2024 Term Loan B<br>7.80% (3 mo. USD Term SOFR + 2.500%)<sup>(1)</sup> | 11/06/31 |  | 26269 | 26370 |
|  Potomac Energy Center LLC 2025 Term Loan<br>0.00% <sup>(10)</sup> | 03/14/32 |  | 24557 | 24603 |
|  Potomac Energy Center LLC Term Loan<br>10.56% (3 mo. USD Term SOFR + 6.000%)<sup>(1)</sup> | 11/12/26 |  | 28509 | 28616 |
|  South Field LLC 2025 Term Loan B<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 08/29/31 |  | 25374 | 25501 |
|  South Field LLC 2025 Term Loan C<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 08/29/31 |  | 1632 | 1640 |
|  Vistra Operations Co. LLC 1st Lien Term Loan B3<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 12/20/30 |  | 152247 | 152656 |
|  |  |  |  | 561485 |
|  **Electrical Components & Equipment—0.0%** |  |  |  |  |
|  Pelican Products, Inc. 2021 Term Loan<br>8.81% (3 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 12/29/28 |  | 59824 | 52433 |
|  |  |  |  | 52433 |
|  **Electronics—0.0%** |  |  |  |  |
|  TCP Sunbelt Acquisition Co. 2024 Term Loan B<br>8.58% (3 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 10/24/31 |  | 94525 | 94998 |
|  |  |  |  | 94998 |

---

------

---

| |
|:---|
| **TCW Core Plus Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Engineering & Construction—0.0%** | **Engineering & Construction—0.0%** | **Engineering & Construction—0.0%** |  |
|  Artera Services LLC 2024 Term Loan<br>8.80% (3 mo. USD Term SOFR + 4.500%)<sup>(1)</sup> | 02/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73970 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61705 |
|  |  |  | 61705 |
|  **Entertainment—0.1%** |  |  |  |
|  DK Crown Holdings, Inc. 2025 Term Loan B<br>6.08% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 03/04/32 | 29872 | 29875 |
|  Flutter Financing BV 2025 Term Loan B<br>6.30% (3 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 06/04/32 | 87598 | 87744 |
|  GVC Holdings Gibraltar Ltd. 2024 USD Term Loan B3<br>7.02% (3 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 10/31/29 | 29679 | 29766 |
|  Showtime Acquisition LLC 2024 1st Lien Term Loan<br>9.07% (3 mo. USD Term SOFR + 4.750%)<sup>(1)</sup> | 08/16/31 | 95237 | 95684 |
|  UFC Holdings LLC 2024 Term Loan B<br>6.57% (3 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 11/21/31 | 28564 | 28676 |
|  Voyager Parent LLC Term Loan B<br>9.04% (3 mo. USD Term SOFR + 4.750%)<sup>(1)</sup> | 07/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62881 | 63016 |
|  |  |  | 334761 |
|  **Food—0.1%** |  |  |  |
|  BCPE North Star U.S. HoldCo 2, Inc. Term Loan<br>10.50% (3 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 06/09/28 | 53373 | 53507 |
|  United Natural Foods, Inc. 2024 Term Loan<br>9.11% (1 mo. USD Term SOFR + 4.750%)<sup>(1)</sup> | 05/01/31 | 83598 | 84374 |
|  |  |  | 137881 |
|  **Health Care-products—0.0%** |  |  |  |
|  Antylia Scientific Term Loan<br>8.29% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 05/27/32 | 41343 | 40654 |
|  |  |  | 40654 |
|  **Health Care-services—0.1%** |  |  |  |
|  Heartland Dental LLC 2024 Term Loan<br>8.86% (1 mo. USD Term SOFR + 4.500%)<sup>(1)</sup> | 04/28/28 | 28833 | 28929 |
|  IQVIA, Inc. 2025 Repriced Term Loan B<br>6.05% (3 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 01/02/31 | 118924 | 119705 |
|  Modivcare, Inc. 2024 Term Loan B<br>9.05% (3 mo. USD Term SOFR + 4.750%)<sup>(1)</sup> | 07/01/31 | 258791 | 166059 |
|  Modivcare, Inc. 2025 Incremental Term Loan<br>11.78% (3 mo. USD Term SOFR + 7.500%)<sup>(1)</sup> | 01/12/26 | 62420 | 48629 |
|  Pediatric Associates Holding Co. LLC 2021 Term Loan B<br>7.82% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 12/29/28 | 25784 | 22668 |
|  Star Parent, Inc. Term Loan B<br>8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 09/27/30 | 17318 | 17148 |
|  |  |  | 403138 |
|  **Home Furnishings—0.0%** |  |  |  |
|  AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B<br>7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 07/31/28 | 45810 | 45840 |
|  |  |  | 45840 |
|  **Insurance—0.1%** |  |  |  |
|  AmWINS Group, Inc. 2025 Term Loan B<br>6.61% (1 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 01/30/32 | 253615 | 254086 |
|  Asurion LLC 2021 Second Lien Term Loan B4<br>9.72% (1 mo. USD Term SOFR + 5.250%)<sup>(1)</sup> | 01/20/29 | 36215 | 34144 |
|  |  |  | 288230 |
|  **Internet—0.1%** |  |  |  |
|  Arches Buyer, Inc. 2021 Term Loan B<br>7.71% (1 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 12/06/27 | 51007 | 51043 |
|  Barracuda Networks, Inc. 2022 Term Loan<br>8.81% (3 mo. USD Term SOFR + 4.500%)<sup>(1)</sup> | 08/15/29 | 28150 | 22930 |
|  Delivery Hero SE 2024 USD Term Loan B<br>9.30% (3 mo. USD Term SOFR + 5.000%)<sup>(1)</sup> | 12/12/29 | 83611 | 84439 |
|  Magnite, Inc. 2025 Repriced Term Loan B<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(1)</sup> | 02/06/31 | 55746 | 56013 |
|  MH Sub I LLC 2023 Term Loan<br>8.61% (1 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 05/03/28 | 46757 | 44714 |
|  MH Sub I LLC 2024 Term Loan B4<br>8.61% (1 mo. USD Term SOFR + 4.250%)<sup>(1)</sup> | 12/31/31 | 73215 | 65624 |
|  Red Ventures LLC 2024 Term Loan B<br>7.11% (1 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 03/04/30 | 47685 | 41665 |

---

------

---

| |
|:---|
| **TCW Core Plus Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Internet (Continued)** |  |  |  |
|  Research Now Group, Inc. 2024 First Lien First Out Term Loan<br>9.59% (3 mo. USD Term SOFR + 5.000%)<sup>(1)</sup> | 07/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20380 |
|  TripAdvisor, Inc. Term Loan<br>7.11% (1 mo. USD Term SOFR + 2.750%)<sup>(1)</sup> | 07/08/31 | 37527 | 37246 |
|  |  |  | 424054 |
|  **Leisure Time—0.0%** |  |  |  |
|  Sabre GLBL, Inc. 2022 1st Lien Term Loan B<br>9.46% (1 mo. USD Term SOFR + 5.000%)<sup>(1)</sup> | 06/30/28 | 15806 | 15766 |
|  Sabre GLBL, Inc. 2024 Term Loan B1<br>10.46% (1 mo. USD Term SOFR + 6.000%)<sup>(1)</sup> | 11/15/29 | 15085 | 15104 |
|  |  |  | 30870 |
|  **Lodging—0.1%** |  |  |  |
|  Hilton Domestic Operating Co., Inc. 2023 Term Loan B4<br>6.10% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 11/08/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343841 | 345010 |
|  Station Casinos LLC 2024 Term Loan B<br>6.36% <sup>(10)</sup> | 03/14/31 | 22849 | 22900 |
|  |  |  | 367910 |
|  **Machinery-construction & Mining—0.1%** |  |  |  |
|  WEC U.S. Holdings Ltd. 2024 Term Loan<br>6.58% (1 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 01/27/31 | 249370 | 249828 |
|  |  |  | 249828 |
|  **Machinery-diversified—0.0%** |  |  |  |
|  Oregon Tool, Inc. 2025 1st Lien Term Loan<br>9.67% (3 mo. USD Term SOFR + 5.350%)<sup>(1)</sup> | 10/15/29 | 11385 | 11631 |
|  Oregon Tool, Inc. 2025 2nd Lien Term Loan<br>8.59% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 10/15/29 | 38469 | 31749 |
|  |  |  | 43380 |
|  **Media—0.1%** |  |  |  |
|  Charter Communications Operating LLC 2024 Term Loan B5<br>6.54% (3 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 12/15/31 | 141675 | 141834 |
|  NEP Group, Inc. 2023 Term Loan B<br>7.84% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 08/19/26 | 30859 | 29378 |
|  Virgin Media Bristol LLC USD Term Loan N<br>6.96% (1 mo. USD Term SOFR + 2.500%)<sup>(1)</sup> | 01/31/28 | 23431 | 23187 |
|  |  |  | 194399 |
|  **Miscellaneous Manufacturers—0.1%** |  |  |  |
|  Cleanova U.S. Holdings LLC 2025 Term Loan B<br>9.07% (3 mo. USD Term SOFR + 4.750%)<sup>(1)</sup> | 06/14/32 | 176017 | 175137 |
|  |  |  | 175137 |
|  **Office/business Equipment—0.0%** |  |  |  |
|  Xerox Holdings Corp. 2023 Term Loan B<br>8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 11/17/29 | 60321 | 56752 |
|  |  |  | 56752 |
|  **Packaging & Containers—0.0%** |  |  |  |
|  Balcan Innovations, Inc. Term Loan B<br>9.06% (3 mo. USD Term SOFR + 4.750%)<sup>(1)</sup> | 10/18/31 | 44601 | 41033 |
|  |  |  | 41033 |
|  **Pharmaceuticals—0.0%** |  |  |  |
|  Grifols Worldwide Operations USA, Inc. 2019 USD Term Loan B<br>6.48% (3 mo. USD Term SOFR + 2.000%)<sup>(1)</sup> | 11/15/27 | 2 | 2 |
|  Jazz Financing Lux SARL 2024 1st Lien Term Loan B<br>6.61% (1 mo. USD Term SOFR + 2.250%)<sup>(1)</sup> | 05/05/28 | 45518 | 45749 |
|  |  |  | 45751 |
|  **Reit—0.6%** |  |  |  |
|  Healthpeak Properties, Inc. 2024 Term Loan A3<br>5.25% <sup>(10)</sup> | 03/01/29 | 565051 | 550925 |
|  Healthpeak Properties, Inc. Term Loan A1<br>5.30% (1 mo. USD Term SOFR + 0.840%)<sup>(1)</sup> | 08/20/27 | 279976 | 277876 |
|  Healthpeak Properties, Inc. Term Loan A2<br>5.30% (1 mo. USD Term SOFR + 0.840%)<sup>(1)</sup> | 02/22/27 | 279976 | 277876 |
|  Invitation Homes Operating Partnership LP 2024 Term Loan<br>5.29% (1 mo. USD Term SOFR + 0.850%)<sup>(1)</sup> | 09/09/28 | 796510 | 784562 |
|  Iron Mountain, Inc. 2022 Term Loan A<br>0.00% <sup>(10)</sup> | 03/18/30 | 350000 | 348250 |
|  |  |  | 2239489 |
|  **Retail—0.1%** |  |  |  |
|  1011778 BC Unlimited Liability Co. 2024 Term Loan B6<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 09/20/30 | 20053 | 20033 |
|  Dave & Buster's, Inc. 2024 1st Lien Term Loan B<br>7.56% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 11/01/31 | 51586 | 49769 |
|  KFC Holding Co. 2021 Term Loan B<br>6.21% (1 mo. USD Term SOFR + 1.750%)<sup>(1)</sup> | 03/15/28 | 79872 | 80331 |
|  Peer Holding III BV 2025 Term Loan B5B<br>6.80% <sup>(10)</sup> | 07/01/31 | 95758 | 96132 |
|  |  |  | 246265 |

---

------

---

| |
|:---|
| **TCW Core Plus Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Software—0.2%** |  |  |  |  |
|  Cast & Crew Payroll LLC 2021 Incremental Term Loan<br>8.11% (1 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 12/29/28 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20325 |
|  Castle U.S. Holding Corp. USD Term Loan B<br>8.34% (3 mo. USD Term SOFR + 3.750%)<sup>(1)</sup> | 01/29/27 |  | 29868 | 16704 |
|  Cloud Software Group, Inc. 2024 1st Lien Term Loan B<br>7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(1)</sup> | 03/29/29 |  | 42058 | 42178 |
|  DTI Holdco, Inc. 2025 Term Loan B<br>8.36% (1 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 04/26/29 |  | 27728 | 27411 |
|  EagleView Technology Corp. 2025 Term Loan<br>9.80% (3 mo. USD Term SOFR + 5.500%)<sup>(1)</sup> | 08/14/28 |  | 226550 | 222762 |
|  ECI Macola Max Holding LLC 2024 Term Loan<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(1)</sup> | 05/09/30 |  | 28444 | 28559 |
|  Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B<br>6.86% (1 mo. USD Term SOFR + 2.500%)<sup>(1)</sup> | 01/30/32 |  | 29837 | 29845 |
|  Modena Buyer LLC Term Loan<br>8.81% (3 mo. USD Term SOFR + 4.500%)<sup>(1)</sup> | 07/01/31 |  | 15778 | 15504 |
|  Renaissance Holdings Corp. 2024 1st Lien Term Loan<br>8.36% (1 mo. USD Term SOFR + 4.000%)<sup>(1)</sup> | 04/05/30 |  | 74319 | 68759 |
|  |  |  |  | 472047 |
|  **Telecommunications—0.0%** |  |  |  |  |
|  Frontier Communications Corp. 2025 Term Loan B<br>6.79% <sup>(1)</sup> | 07/01/31 |  | 24779 | 24837 |
|  Zayo Group Holdings, Inc. 2022 USD Incremental Term Loan B<br>8.53% (1 mo. USD Term SOFR + 4.175%)<sup>(1)</sup> | 03/09/27 |  | 61874 | 60328 |
|  |  |  |  | 85165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Bank Loans** (Cost: $8,993,730) |  |  |  | 8842875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income Securities** (Cost: $388,618,290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income Securities** (Cost: $388,618,290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income Securities** (Cost: $388,618,290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income Securities** (Cost: $388,618,290) | 387893876 |
|  **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%** | **CONVERTIBLE CORPORATE BONDS—0.2%** | **CONVERTIBLE CORPORATE BONDS—0.2%** | **CONVERTIBLE CORPORATE BONDS—0.2%** | **CONVERTIBLE CORPORATE BONDS—0.2%** |
|  **Beverages—0.1%** |  |  |  |  |
|  Davide Campari-Milano NV (Italy)<br>2.38% <sup>(7)</sup> | 01/17/29 | EUR | 200000 | 223970 |
|  **Commercial Services—0.1%** | **Commercial Services—0.1%** | **Commercial Services—0.1%** | **Commercial Services—0.1%** | **Commercial Services—0.1%** |
|  Worldline SA (France)<br>0.00% <sup>(7),(12)</sup> | 07/30/26 | EUR | 610000 | 678443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Corporate Bonds** (Cost: $836,502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Corporate Bonds** (Cost: $836,502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Corporate Bonds** (Cost: $836,502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Corporate Bonds** (Cost: $836,502) | 902413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Securities** (Cost: $836,502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Securities** (Cost: $836,502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Securities** (Cost: $836,502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Securities** (Cost: $836,502) | 902413 |
|  **COMMON STOCK—0.1%** | **COMMON STOCK—0.1%** | **COMMON STOCK—0.1%** | **COMMON STOCK—0.1%** | **COMMON STOCK—0.1%** |
| **Security** |  | **Shares** | **Shares** |  |
|  **Media—0.1%** |  |  |  |  |
|  SES SA<sup>(13)</sup> |  |  | 20560 | 239658 |
|  **Telecommunications—0.0%** |  |  |  |  |
|  Intelsat SA<sup>(3),(13)</sup> |  |  | 20560 | 11513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stock** (Cost: $—) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stock** (Cost: $—) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stock** (Cost: $—) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stock** (Cost: $—) | 251171 |
|  **INVESTMENT COMPANIES—0.9%** |  |  |  |  |
|  TCW Private Asset Income Fund—I Class<sup>(13),(14)</sup> |  |  | 329139 | 3294682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** (Cost: $3,290,749) |  |  |  | 3294682 |
|  **MONEY MARKET INVESTMENTS—9.2%** |  |  |  |  |
|  TCW Central Cash Fund, 4.34%<sup>(14),(15)</sup> |  |  | 32983145 | 32983145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Money Market Investments** (Cost: $32,983,145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Money Market Investments** (Cost: $32,983,145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Money Market Investments** (Cost: $32,983,145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Money Market Investments** (Cost: $32,983,145) | 32983145 |
|  **PURCHASED OPTIONS<sup>(16)</sup> (0.0%)** (Cost: $162,434) | **PURCHASED OPTIONS<sup>(16)</sup> (0.0%)** (Cost: $162,434) | **PURCHASED OPTIONS<sup>(16)</sup> (0.0%)** (Cost: $162,434) | **PURCHASED OPTIONS<sup>(16)</sup> (0.0%)** (Cost: $162,434) | 136470 |
|  **Total Investments (118.3%)** (Cost: $425,891,120) | **Total Investments (118.3%)** (Cost: $425,891,120) | **Total Investments (118.3%)** (Cost: $425,891,120) | **Total Investments (118.3%)** (Cost: $425,891,120) | 425461757 |
|  **Net Unrealized Appreciation/depreciation On Unfunded Commitments (0.0%)** | **Net Unrealized Appreciation/depreciation On Unfunded Commitments (0.0%)** | **Net Unrealized Appreciation/depreciation On Unfunded Commitments (0.0%)** | **Net Unrealized Appreciation/depreciation On Unfunded Commitments (0.0%)** | 104 |
|  **Liabilities In Excess Of Other Assets (-18.3%)** | **Liabilities In Excess Of Other Assets (-18.3%)** | **Liabilities In Excess Of Other Assets (-18.3%)** | **Liabilities In Excess Of Other Assets (-18.3%)** | (65827006) |
|  **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | $359634855 |

---

------

---

| |
|:---|
| **TCW Core Plus Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional**<br>**Contract**<br>**Value** | **Value** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** |  |  |  |  |  |
| 286 | 5-Year U.S. Treasury Note Futures | 09/30/25 | $30954086 | $30937156 | $(16930) |
| 88 | U.S. Long Bond Futures | 09/19/25 | 9985250 | 10048500 | 63250 |
| 375 | 2-Year U.S. Treasury Note Futures | 09/30/25 | 77713127 | 77619141 | (93986) |
|  |  |  | $**118652463** | $**118604797** | $**(47666)** |
|  **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** |
| 3 | 3 Year Australian Bond Futures | 09/15/25 | $(206551) | $(206892) | $(341) |
| 7 | Euro-Bobl Future | 09/8/25 | (943190) | (936799) | 6391 |
| 50 | Euro-Bund Future | 09/8/25 | (7469309) | (7400679) | 68630 |
| 1 | Long Gilt Futures | 09/26/25 | (120508) | (121711) | (1203) |
| 2 | U.S. Ultra Long Bond Futures | 09/19/25 | (238372) | (234625) | 3747 |
|  |  |  | $**(8977930)** | $**(8900706)** | $**77224** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **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<br>for USD** | **Contracts<br>at Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **BUY<sup>(17)</sup>** |  |  |  |  |  |  |
|  Goldman Sachs & Co. | AUD | 4697 | 10/10/25 | $3027 | $3028 | $1 |
|  Goldman Sachs & Co. | EUR | 1399233 | 10/10/25 | 1648300 | 1608599 | (39701) |
|  |  |  |  | $1651327 | $1611627 | $(39700) |
|  **SELL<sup>(18)</sup>** |  |  |  |  |  |  |
|  Goldman Sachs & Co. | AUD | 375506 | 10/10/25 | $247852 | $242071 | $5781 |
|  JP Morgan Chase Bank | AUD | 183191 | 10/10/25 | 119543 | 118095 | 1448 |
|  Goldman Sachs & Co. | EUR | 878667 | 10/10/25 | 1032246 | 1010141 | 22105 |
|  JP Morgan Chase Bank | EUR | 13082656 | 10/10/25 | 15408417 | 15040200 | 368217 |
|  Goldman Sachs & Co. | GBP | 139058 | 10/10/25 | 186686 | 184142 | 2544 |
|  Citibank N.A. | GBP | 648000 | 10/10/25 | 880493 | 858085 | 22408 |
|  |  |  |  | $17875237 | $17452734 | $422503 |

---

**PURCHASED SWAPTIONS—OTC** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market Value** | **Premiums**<br>**Paid**<br>**(Received) by<br>Fund** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  2-Year Interest Rate Swap | Morgan Stanley & Co. | 4.05 | 1/30/26 | 18252000 | $18252000 | $18267 | $20990 | $(2723) |
|  2-Year Interest Rate Swap | Morgan Stanley & Co. | 4.03 | 2/27/26 | 18252000 | 18252000 | 23178 | 23728 | (550) |
|  2-Year Interest Rate Swap | Morgan Stanley & Co. | 4.00 | 3/31/26 | 18252000 | 18252000 | 29215 | 30608 | (1393) |
|  5-Year Interest Rate Swap | Bank Of America | 4.22 | 1/30/26 | 7627000 | 7627000 | 17518 | 23644 | (6126) |
|  5-Year Interest Rate Swap | Goldman Sachs International | 4.22 | 2/27/26 | 7627000 | 7627000 | 21722 | 29371 | (7649) |
|  5-Year Interest Rate Swap | Goldman Sachs International | 4.22 | 3/31/26 | 7627000 | 7627000 | 26570 | 34093 | (7523) |
|  Total Swaptions |  |  |  |  |  | $136470 | $162434 | $(25964) |

---

------

---

| |
|:---|
| **TCW Core Plus Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | |
|:---|:---|
| **Notes to the Schedule of Investments:** | **Notes to the Schedule of Investments:** |
| ABS | Asset-Backed Securities. |
| AUD | Australian Dollar. |
| CLO | Collateralized Loan Obligation. |
| EUR | Euro Currency. |
| GBP | British Pound Sterling. |
| I/F | Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates. |
| I/O | Interest Only Security. |
| LIBOR | London Interbank Offered Rate. |
| PAC | Planned Amortization Class. |
| REIT | Real Estate Investment Trust. |
| REMIC | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| TBA | To Be Announced. |
| (1) | Floating or variable rate security. The interest shown reflects the rate in effect at July 31, 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 July 31, 2025, the value of these securities amounted to $68,858,188 or 19.2% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company's Board of Directors. |
| (3) | For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs. |
| (4) | This security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (5) | 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. |
| (6) | 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. |
| (7) | 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 July 31, 2025, the value of these securities amounted to $12,925,566 or 3.6% of net assets. |
| (8) | Perpetual maturity. |
| (9) | 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. |
| (10) | 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. |
| (11) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $13,300, at an interest rate of 10.11% and a maturity of December 30, 2029. The investment is accruing an unused commitment fee of 5.75% per annum. |
| (12) | Security is not accruing interest. |
| (13) | Non-income producing security. |
| (14) | Affiliated issuer. |
| (15) | Rate disclosed is the 7-day net yield as of July 31, 2025. |
| (16) | See options table for description of purchased options. |
| (17) | Fund buys foreign currency, sells USD. |
| (18) | Fund sells foreign currency, buys USD. |

---

------

---

| |
|:---|
| **TCW Core Plus Bond ETF** |
| SCHEDULE OF INVESTMENTS (Continued) |

---

The summary of the TCW Core Plus Bond ETF transactions in the affiliated funds for the period ended July 31, 2025 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Affiliated Fund** | **Value at**<br>**October 31,**<br>**2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Number of**<br>**Shares Held**<br>**July 31,**<br>**2025** | **Value at**<br>**July 31,**<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 | $— | $144083145 | $111100000 | 32983145 | $32983145 | $465014 | $– $|  | $— |
|  TCW Private Asset Income Fund—I Class |  | 3290749 |  | 329139 | 3294682 | 46181 | – |  | 3933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $36277827 | $511195 | $– $|  | $3933 |

---

------

---

| | |
|:---|:---|
| **TCW Core Plus Bond ETF** |  |
| Investments by Sector (Unaudited) | July 31, 2025 |

---

---

| | |
|:---|:---|
| **Sector** | **Percentage of<br>Net Assets** |
|  Mortgage Securities | 45.5% |
|  Government | 22.7 |
|  Financial | 13.9 |
|  Asset Backed Securities | 10.2 |
|  Money Market Investments | 9.2 |
|  Consumer, Non-cyclical | 5.6 |
|  Utilities | 2.5 |
|  Communications | 2.1 |
|  Consumer, Cyclical | 1.7 |
|  Technology | 1.6 |
|  Industrial | 1.3 |
|  Funds | 0.9 |
|  Energy | 0.6 |
|  Basic Materials | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 118.3% |

---

------

---

| | |
|:---|:---|
| **TCW Core Plus Bond ETF** |  |
| Fair Valuation Summary (Unaudited) | July 31, 2025 |

---

The following is a summary of the fair valuations according to the inputs used as of July 31, 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; Residential Mortgage-Backed Securities—Agency | $— | $130126625 | $— | $130126625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 98575303 |  | 98575303 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 75036165 |  | 75036165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 36597433 | 1583708 | 38181141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities—Non-Agency |  | 20339766 |  | 20339766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities—Non-Agency |  | 11731896 |  | 11731896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 8842875 |  | 8842875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 2138124 |  | 2138124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds |  | 1586352 |  | 1586352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities—Agency |  | 1335629 |  | 1335629 |
|  Total Fixed Income Securities |  | 386310168 | 1583708 | 387893876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 32983145 |  |  | 32983145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 3294682 |  |  | 3294682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Corporate Bonds |  | 902413 |  | 902413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock |  | 239658 | 11513 | 251171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Swaptions—OTC |  | 136470 |  | 136470 |
|  Net Unrealized Appreciation (Depreciation) on Unfunded Commitments |  | 104 |  | 104 |
|  Total Investments | $36277827 | $387588813 | $1595221 | $425461861 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 422504 |  | 422504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 142018 |  |  | 142018 |
|  Total | $36419845 | $388011317 | $1595221 | $426026383 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | $(112460) | $— | $— | $(112460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | (39701) |  | (39701) |
|  Total | $(112460) | $(39701) | $— | $(152161) |

---

------

---

| |
|:---|
| **TCW Corporate Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES—97.7% of Net Assets** |  |  |  |  |
|  **ASSET-BACKED SECURITIES—0.1%** |  |  |  |  |
|  Skyline Aviation, Inc. Class A<br>3.23% <sup>(1)</sup> | 07/03/38 | $| &nbsp;&nbsp;&nbsp;&nbsp;33446 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-backed Securities** (Cost: $33,445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-backed Securities** (Cost: $33,445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-backed Securities** (Cost: $33,445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-backed Securities** (Cost: $33,445) | 30986 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY—0.0%** |  |  |  |  |
|  Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) (I/F)<br>1.54% (-30 day USD SOFR Average + 5.886%)<sup>(2)</sup> | 11/25/41 |  | 17025 | 1265 |
|  Federal National Mortgage Association REMICS Series 2012-128, Class UA<br>2.50% | 06/25/42 |  | 6926 | 5989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Residential Mortgage-backed Securities—Agency** (Cost: $15,494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Residential Mortgage-backed Securities—Agency** (Cost: $15,494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Residential Mortgage-backed Securities—Agency** (Cost: $15,494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Residential Mortgage-backed Securities—Agency** (Cost: $15,494) | 7254 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY—0.0%** |  |  |  |  |
|  COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O)<br>0.53%<sup>(3)</sup> | 09/10/47 |  | 40191 |  |
|  GS Mortgage Securities Trust Series 2010-C1, Class X (I/O)<br>0.42%<sup>(3),(4)</sup> | 08/10/43 |  | 539593 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-backed Securities—Non-agency** (Cost: $35,182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-backed Securities—Non-agency** (Cost: $35,182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-backed Securities—Non-agency** (Cost: $35,182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-backed Securities—Non-agency** (Cost: $35,182) | 66 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES—AGENCY—0.1%** |  |  |  |  |
|  Government National Mortgage Association Series 2009- 111, Class IO (I/O)<br>0.19%<sup>(3)</sup> | 09/16/51 |  | 478184 | 16524 |
|  Government National Mortgage Association Series 2012- 144, Class IO (I/O)<br>0.33%<sup>(3)</sup> | 01/16/53 |  | 122438 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-backed Securities—Agency** (Cost: $18,975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-backed Securities—Agency** (Cost: $18,975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-backed Securities—Agency** (Cost: $18,975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-backed Securities—Agency** (Cost: $18,975) | 17913 |
|  **CORPORATE BONDS—86.0%** |  |  |  |  |
|  **Aerospace & Defense—1.6%** | **Aerospace & Defense—1.6%** | **Aerospace & Defense—1.6%** | **Aerospace & Defense—1.6%** |  |
|  BAE Systems Holdings, Inc. (United Kingdom)<br>3.85%<sup>(4)</sup> | 12/15/25 |  | 20000 | 19950 |
|  Boeing Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81% | 05/01/50 |  | 5000 | 4821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93% | 05/01/60 |  | 12000 | 11506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.53% | 05/01/34 |  | 58000 | 63146 |
|  Lockheed Martin Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 08/15/34 |  | 185000 | 183711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 02/15/55 |  | 5000 | 4665 |
|  Northrop Grumman Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 05/01/40 |  | 5000 | 4867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 06/01/54 |  | 30000 | 27823 |
|  RTX Corp.<br>6.40% | 03/15/54 |  | 80000 | 87378 |
|  |  |  |  | 407867 |
|  **Agriculture—1.5%** |  |  |  |  |
|  Altria Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 02/04/51 |  | 5000 | 3449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 02/04/28 |  | 45000 | 45435 |
|  BAT Capital Corp. (United Kingdom) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% | 08/15/37 |  | 210000 | 187713 |
|  Imperial Brands Finance PLC (United Kingdom) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%<sup>(4)</sup> | 06/30/28 |  | 30000 | 29948 |
|  Philip Morris International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 06/06/29 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 113241 |
|  |  |  |  | 379786 |
|  **Airlines—0.6%** |  |  |  |  |
|  Delta Air Lines Pass-Through Trust Series 2020-1, Class AA<br>2.00% | 12/10/29 |  | 17526 | 16609 |
|  JetBlue Pass-Through Trust Series 2019-1, Class AA<br>2.75% | 11/15/33 |  | 11159 | 9746 |
|  JetBlue Pass-Through Trust Series 2020-1, Class A<br>4.00% | 05/15/34 |  | 21166 | 19760 |
|  United Airlines Pass-Through Trust Series 2016-2, Class AA<br>2.88% | 04/07/30 |  | 6236 | 5890 |
|  United Airlines Pass-Through Trust Series 2023-1, Class A<br>5.80% | 07/15/37 |  | 111957 | 113902 |
|  |  |  |  | 165907 |
|  **Auto Manufacturers—0.2%** |  |  |  |  |
|  Volkswagen Group of America Finance LLC (Germany) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%<sup>(4)</sup> | 03/25/32 |  | 17000 | 17213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%<sup>(4)</sup> | 03/27/35 |  | 40000 | 40158 |
|  |  |  |  | 57371 |
|  **Banks—16.3%** |  |  |  |  |
|  Bank of America Corp.<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.66% (1 day USD SOFR + 0.910%)<sup>(2)</sup> | 03/11/27 |  | 8000 | 7857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92% (1 day USD SOFR + 1.370%)<sup>(2)</sup> | 10/24/31 |  | 30000 | 26195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09% (1 day USD SOFR + 1.060%)<sup>(2)</sup> | 06/14/29 |  | 125000 | 117035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69% (1 day USD SOFR + 1.320%)<sup>(2)</sup> | 04/22/32 |  | 630000 | 565217 |
|  Bank of New York Mellon Corp.<br>5.83% (1 Day USD SOFR Index + 2.074%)<sup>(2)</sup> | 10/25/33 |  | 235000 | 249079 |
|  Citigroup, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46% (1 day USD SOFR + 0.770%)<sup>(2)</sup> | 06/09/27 |  | 15000 | 14594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% (SOFR + 1.177%)<sup>(2)</sup> | 11/03/32 |  | 270000 | 235740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57% (1 day USD SOFR + 2.107%)<sup>(2)</sup> | 06/03/31 |  | 50000 | 45357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98% (1 day USD SOFR + 1.422%)<sup>(2)</sup> | 11/05/30 |  | 1000 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33% (1 day USD SOFR + 1.465%)<sup>(2)</sup> | 03/27/36 |  | 135000 | 135692 |
|  Goldman Sachs Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99% (1 day USD SOFR + 1.090%)<sup>(2)</sup> | 01/27/32 |  | 485000 | 420650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60% | 02/07/30 |  | 80000 | 73938 |
|  HSBC Holdings PLC (United Kingdom) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80% (1 day USD SOFR + 1.187%)<sup>(2)</sup> | 05/24/32 |  | 70000 | 62345 |
|  JPMorgan Chase & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04% (3 mo. USD Term SOFR + 0.695%)<sup>(2)</sup> | 02/04/27 |  | 5000 | 4913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05% (1 day USD SOFR + 0.800%)<sup>(2)</sup> | 11/19/26 |  | 40000 | 39564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58% (1 day USD SOFR + 0.885%)<sup>(2)</sup> | 04/22/27 |  | 5000 | 4893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% (1 day USD SOFR + 1.065%)<sup>(2)</sup> | 02/04/32 |  | 20000 | 17359 |

---

------

---

| |
|:---|
| **TCW Corporate Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Banks (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07% (1 day USD SOFR + 1.015%)<sup>(2)</sup> | 06/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;115000 | $&nbsp;&nbsp;&nbsp;&nbsp;107803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% (1 day USD SOFR + 1.180%)<sup>(2)</sup> | 11/08/32 | 550000 | 483576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% (3 mo. USD Term SOFR + 1.482%)<sup>(2)</sup> | 01/23/49 | 48000 | 37675 |
|  Lloyds Banking Group PLC (United Kingdom)<br>1.63% (1 yr. CMT + 0.850%)<sup>(2)</sup> | 05/11/27 | 10000 | 9770 |
|  Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59% (1 day USD SOFR + 0.879%)<sup>(2)</sup> | 05/04/27 | 25000 | 24438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93% (1 day USD SOFR + 1.020%)<sup>(2)</sup> | 04/28/32 | 240000 | 205764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24% (1 day USD SOFR + 1.178%)<sup>(2)</sup> | 07/21/32 | 335000 | 290492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% (1 day USD SOFR + 1.418%)<sup>(2)</sup> | 01/18/36 | 45000 | 46227 |
|  Morgan Stanley Private Bank NA<br>4.47% (1 day USD SOFR + 0.770%)<sup>(2)</sup> | 07/06/28 | 20000 | 19992 |
|  PNC Financial Services Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22% (1 day USD SOFR + 1.072%)<sup>(2)</sup> | 01/29/31 | 75000 | 76929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% (1 day USD SOFR + 2.284%)<sup>(2)</sup> | 10/20/34 | 150000 | 167622 |
|  U.S. Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% (1 day USD SOFR + 1.600%)<sup>(2)</sup> | 02/01/34 | 140000 | 138264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% (1 day USD SOFR + 1.411%)<sup>(2)</sup> | 02/12/36 | 10000 | 10176 |
|  Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39% (1 day USD SOFR + 2.100%)<sup>(2)</sup> | 06/02/28 | 30000 | 28884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% (1 day USD SOFR + 1.500%)<sup>(2)</sup> | 03/02/33 | &nbsp;&nbsp;&nbsp;&nbsp;490000 | 448757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24% (1 day USD SOFR + 1.110%)<sup>(2)</sup> | 01/24/31 | 20000 | 20484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% (1 day USD SOFR + 1.780%)<sup>(2)</sup> | 01/23/35 | 10000 | 10252 |
|  |  |  | 4148467 |
|  **Beverages—3.0%** |  |  |  |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium)<br>4.90% | 02/01/46 | 205000 | 187548 |
|  Bacardi Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%<sup>(4)</sup> | 05/15/28 | 50000 | 50213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%<sup>(4)</sup> | 05/15/48 | 25000 | 22117 |
|  Becle SAB de CV (Mexico)<br>2.50%<sup>(4)</sup> | 10/14/31 | 70000 | 58224 |
|  Coca-Cola Co.<br>4.65% | 08/14/34 | 170000 | 170275 |
|  Constellation Brands, Inc.<br>2.25% | 08/01/31 | 45000 | 39029 |
|  Diageo Investment Corp. (United Kingdom)<br>5.63% | 04/15/35 | 200000 | 208696 |
|  JDE Peet's NV (Netherlands)<br>2.25%<sup>(4)</sup> | 09/24/31 | 25000 | 21356 |
|  |  |  | 757458 |
|  **Biotechnology—1.9%** |  |  |  |
|  Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 05/01/45 | 5000 | 4230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 03/01/53 | 10000 | 8673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 03/02/53 | 145000 | 140392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 03/02/63 | 10000 | 9623 |
|  Biogen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 05/15/35 | 65000 | 66815 |
|  Gilead Sciences, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60% | 10/01/40 | 80000 | 57051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% | 06/15/35 | 90000 | 90662 |
|  Illumina, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 03/23/31 | 20000 | 17581 |
|  Royalty Pharma PLC<br>1.75% | 09/02/27 | 95000 | 89922 |
|  |  |  | 484949 |
|  **Chemicals—0.2%** |  |  |  |
|  International Flavors & Fragrances, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%<sup>(4)</sup> | 10/01/25 | 15000 | 14898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 09/26/48 | 40000 | 34200 |
|  Solvay Finance America LLC (Belgium)<br>5.85%<sup>(4)</sup> | 06/04/34 | 10000 | 10252 |
|  |  |  | 59350 |
|  **Commercial Services—0.5%** |  |  |  |
|  Global Payments, Inc.<br>4.45% | 06/01/28 | 30000 | 29879 |
|  RELX Capital, Inc. (United Kingdom)<br>4.00% | 03/18/29 | 10000 | 9897 |
|  Rollins, Inc.<br>5.25% | 02/24/35 | 90000 | 90016 |
|  |  |  | 129792 |
|  **Computers—1.8%** |  |  |  |
|  Apple, Inc.<br>2.65% | 02/08/51 | 230000 | 142025 |
|  Booz Allen Hamilton, Inc.<br>5.95% | 04/15/35 | 55000 | 56298 |
|  Dell International LLC/EMC Corp.<br>5.00% | 04/01/30 | 105000 | 106539 |
|  International Business Machines Corp.<br>5.20% | 02/10/35 | 155000 | 156663 |
|  |  |  | 461525 |
|  **Cosmetics/Personal Care—0.3%** |  |  |  |
|  Kenvue, Inc.<br>4.90% | 03/22/33 | 70000 | 70834 |
|  **Diversified Financial Services—2.9%** |  |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/29/28 | 15000 | 14280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | 01/30/32 | 128000 | 115960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 01/23/28 | 4000 | 3936 |
|  Air Lease Corp.<br>3.63% | 12/01/27 | 34000 | 33341 |
|  American Express Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92% (1 day USD SOFR + 1.220%)<sup>(2)</sup> | 07/20/33 | 40000 | 40142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.49% (1 day USD SOFR + 1.940%)<sup>(2)</sup> | 10/30/31 | 90000 | 97718 |
|  Avolon Holdings Funding Ltd. (Ireland) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%<sup>(4)</sup> | 11/18/27 | 3000 | 2857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%<sup>(4)</sup> | 02/21/28 | 10000 | 9490 |
|  Blackrock, Inc.<br>3.75% | 07/18/35 | 100000 | 116976 |
|  Capital One Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27% (1 day USD SOFR + 1.790%)<sup>(2)</sup> | 03/01/30 | 10000 | 9559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70% | 11/29/32 | 10000 | 10932 |

---

------

---

| |
|:---|
| **TCW Corporate Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **Diversified Financial Services (Continued)** |  |  |  |
|  LSEGA Financing PLC (United Kingdom)<br>2.00%<sup>(4)</sup> | 04/06/28 | $20000 | $18771 |
|  Mastercard, Inc.<br>4.55% | 01/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | 136822 |
|  Raymond James Financial, Inc.<br>3.75% | 04/01/51 | 10000 | 7310 |
|  Visa, Inc.<br>3.13% | 05/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 114563 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;732657 |
|  **Electric**—**7.4%** |  |  |  |
|  AEP Transmission Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | 08/15/51 | 190000 | 116115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65% | 04/01/50 | 5000 | 3670 |
|  Alabama Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% | 04/02/35 | 190000 | 191187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/15/41 | 9000 | 9012 |
|  Alliant Energy Finance LLC<br>1.40%<sup>(4)</sup> | 03/15/26 | 60000 | 58739 |
|  Appalachian Power Co.<br>4.45% | 06/01/45 | 10000 | 8150 |
|  Arizona Public Service Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% | 05/15/50 | 15000 | 10161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 12/15/32 | 110000 | 118463 |
|  Baltimore Gas & Electric Co.<br>2.90% | 06/15/50 | 48000 | 29962 |
|  Black Hills Corp.<br>4.35% | 05/01/33 | 15000 | 14170 |
|  CenterPoint Energy Houston Electric LLC<br>5.15% | 03/01/34 | 130000 | 131121 |
|  Commonwealth Edison Co.<br>6.45% | 01/15/38 | 5000 | 5498 |
|  Consolidated Edison Co. of New York, Inc.<br>3.88% | 06/15/47 | 35000 | 26739 |
|  Duke Energy Carolinas LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 06/01/45 | 70000 | 54223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 03/15/46 | 10000 | 7781 |
|  Duke Energy Progress LLC<br>5.05% | 03/15/35 | 230000 | 230317 |
|  Evergy Kansas Central, Inc.<br>5.70% | 03/15/53 | 10000 | 9873 |
|  FirstEnergy Transmission LLC<br>5.45%<sup>(4)</sup> | 07/15/44 | 95000 | 90490 |
|  Florida Power & Light Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 06/15/34 | 320000 | 328707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 06/15/54 | 15000 | 14957 |
|  Indianapolis Power & Light Co.<br>5.70%<sup>(4)</sup> | 04/01/54 | 5000 | 4908 |
|  International Transmission Co.<br>4.63% | 08/15/43 | 105000 | 89945 |
|  Interstate Power & Light Co.<br>2.30% | 06/01/30 | 30000 | 27043 |
|  MidAmerican Energy Co.<br>5.85% | 09/15/54 | 5000 | 5123 |
|  Narragansett Electric Co.<br>3.40%<sup>(4)</sup> | 04/09/30 | 10000 | 9513 |
|  Oncor Electric Delivery Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60% | 06/01/52 | 50000 | 41967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%<sup>(4)</sup> | 04/01/35 | 85000 | 86717 |
|  PacifiCorp<br>4.13% | 01/15/49 | 40000 | 30410 |
|  Public Service Co. of New Mexico<br>3.85% | 08/01/25 | 20000 | 20000 |
|  Tucson Electric Power Co.<br>3.25% | 05/01/51 | 10000 | 6487 |
|  Virginia Electric & Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% | 12/15/50 | 102000 | 57418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80% | 09/15/47 | 10000 | 7505 |
|  Xcel Energy, Inc.<br>4.80% | 09/15/41 | 35000 | 30586 |
|  |  |  | 1876957 |
|  **Engineering & Construction**—**0.0%** |  |  |  |
|  Sydney Airport Finance Co. Pty. Ltd. (Australia)<br>3.63%<sup>(4)</sup> | 04/28/26 | 5000 | 4959 |
|  **Entertainment**—**0.4%** |  |  |  |
|  Flutter Treasury DAC (Ireland)<br>5.88%<sup>(4),(5)</sup> | 06/04/31 | 65000 | 65525 |
|  WarnerMedia Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% | 03/15/32 | 23000 | 19375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/42 | 12000 | 8027 |
|  |  |  | 92927 |
|  **Environmental Control**—**1.5%** |  |  |  |
|  Republic Services, Inc.<br>5.15% | 03/15/35 | 180000 | 182684 |
|  Waste Management, Inc.<br>4.95% | 03/15/35 | 195000 | 194723 |
|  |  |  | 377407 |
|  **Food**—**1.6%** |  |  |  |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | 02/02/52 | 52000 | 39560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 04/01/33 | 50000 | 51290 |
|  Kraft Heinz Foods Co.<br>4.63% | 10/01/39 | 10000 | 8775 |
|  Mars, Inc.<br>4.80%<sup>(4)</sup> | 03/01/30 | 200000 | 202036 |
|  Pilgrim's Pride Corp.<br>3.50% | 03/01/32 | 80000 | 71872 |
|  Smithfield Foods, Inc.<br>2.63%<sup>(4)</sup> | 09/13/31 | 25000 | 21575 |
|  |  |  | 395108 |
|  **Gas**—**1.2%** |  |  |  |
|  Boston Gas Co.<br>3.76%<sup>(4)</sup> | 03/16/32 | 80000 | 74058 |
|  KeySpan Gas East Corp.<br>5.82%<sup>(4)</sup> | 04/01/41 | 15000 | 14525 |
|  NiSource, Inc.<br>5.40% | 06/30/33 | 140000 | 143034 |
|  Northwest Natural Holding Co.<br>7.00% (5 yr. CMT + 2.701%)<sup>(2)</sup> | 09/15/55 | 50000 | 50873 |
|  Southern Co. Gas Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 06/01/43 | 10000 | 8394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 03/15/41 | 15000 | 15284 |
|  |  |  | 306168 |
|  **Health Care-Products**—**3.7%** |  |  |  |
|  Alcon Finance Corp.<br>2.60%<sup>(4)</sup> | 05/27/30 | 115000 | 105527 |
|  Baxter International, Inc.<br>3.95% | 04/01/30 | 110000 | 107001 |
|  GE HealthCare Technologies, Inc.<br>5.86% | 03/15/30 | 175000 | 184235 |
|  Medtronic Global Holdings SCA<br>4.50% | 03/30/33 | 150000 | 148026 |
|  Revvity, Inc.<br>2.55% | 03/15/31 | 25000 | 21952 |
|  Smith & Nephew PLC (United Kingdom)<br>2.03% | 10/14/30 | 30000 | 26283 |

---

------

---

| |
|:---|
| **TCW Corporate Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **Health Care-Products (Continued)** |  |  |  |
|  STERIS Irish FinCo UnLtd Co.<br>2.70% | 03/15/31 | $15000 | $13433 |
|  Stryker Corp.<br>4.70% | 02/10/28 | 150000 | 151426 |
|  Thermo Fisher Scientific, Inc.<br>5.09% | 08/10/33 | 170000 | 173798 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;931681 |
|  **Health Care-Services**—**4.9%** |  |  |  |
|  Barnabas Health, Inc.<br>4.00% | 07/01/28 | 5000 | 4954 |
|  Centene Corp.<br>3.00% | 10/15/30 | 123000 | 107117 |
|  Children's Hospital Medical Center<br>2.82% | 11/15/50 | 20000 | 12170 |
|  Cigna Group<br>5.40% | 03/15/33 | 85000 | 87383 |
|  CommonSpirit Health<br>2.78% | 10/01/30 | 15000 | 13703 |
|  Elevance Health, Inc.<br>5.20% | 02/15/35 | 205000 | 204973 |
|  HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 07/15/51 | 100000 | 65830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% | 06/15/49 | 5000 | 4424 |
|  Health Care Service Corp. A Mutual Legal Reserve Co.<br>5.45%<sup>(4)</sup> | 06/15/34 | 20000 | 20197 |
|  Humana, Inc.<br>5.38% | 04/15/31 | 160000 | 163237 |
|  IQVIA, Inc.<br>6.25% | 02/01/29 | 10000 | 10461 |
|  Mass General Brigham, Inc.<br>3.34% | 07/01/60 | 10000 | 6516 |
|  Roche Holdings, Inc.<br>5.59%<sup>(4)</sup> | 11/13/33 | 15000 | 15841 |
|  Sharp HealthCare<br>2.68% | 08/01/50 | 50000 | 30336 |
|  UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 08/15/49 | 10000 | 7180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 04/15/47 | 15000 | 11995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 07/15/34 | 395000 | 396335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 07/15/54 | 10000 | 9531 |
|  Universal Health Services, Inc.<br>1.65% | 09/01/26 | 40000 | 38666 |
|  West Virginia United Health System Obligated Group<br>3.13% | 06/01/50 | 35000 | 21651 |
|  |  |  | 1232500 |
|  **Insurance**—**2.8%** | **Insurance**—**2.8%** |  |  |
|  Allstate Corp.<br>3.85% | 08/10/49 | 20000 | 15113 |
|  Aon Corp./Aon Global Holdings PLC<br>3.90% | 02/28/52 | 115000 | 84601 |
|  Arthur J Gallagher & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 03/09/52 | 15000 | 9340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 02/15/34 | 10000 | 10919 |
|  Athene Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.61%<sup>(4)</sup> | 06/29/26 | 15000 | 14614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%<sup>(4)</sup> | 08/19/28 | 10000 | 9279 |
|  Farmers Insurance Exchange<br>4.75% (3 mo. USD LIBOR + 3.231%)<sup>(2),(4)</sup> | 11/01/57 | 35000 | 28656 |
|  Guardian Life Insurance Co. of America<br>3.70%<sup>(4)</sup> | 01/22/70 | 45000 | 30015 |
|  Metropolitan Life Global Funding I<br>3.30%<sup>(4)</sup> | 03/21/29 | 230000 | 221230 |
|  MMI Capital Trust I<br>7.63% | 12/15/27 | 25000 | 26417 |
|  New York Life Global Funding<br>4.55%<sup>(4)</sup> | 01/28/33 | 225000 | 221171 |
|  New York Life Insurance Co.<br>3.75%<sup>(4)</sup> | 05/15/50 | 15000 | 11004 |
|  Willis North America, Inc.<br>5.35% | 05/15/33 | 20000 | 20412 |
|  |  |  | 702771 |
|  **Internet**—**1.8%** | **Internet**—**1.8%** |  |  |
|  Alphabet, Inc.<br>3.00% | 05/06/33 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 114093 |
|  Amazon.com, Inc.<br>3.95% | 04/13/52 | 135000 | 106312 |
|  Meta Platforms, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% | 08/15/54 | 20000 | 19349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | 05/15/53 | 90000 | 89195 |
|  Uber Technologies, Inc.<br>4.80% | 09/15/34 | 130000 | 127689 |
|  |  |  | 456638 |
|  **Lodging**—**0.5%** | **Lodging**—**0.5%** |  |  |
|  Choice Hotels International, Inc.<br>5.85% | 08/01/34 | 10000 | 10085 |
|  Hyatt Hotels Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/30/28 | 50000 | 50527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 06/30/34 | 10000 | 10010 |
|  Las Vegas Sands Corp.<br>6.00% | 06/14/30 | 50000 | 51494 |
|  |  |  | 122116 |
|  **Media**—**1.8%** |  |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 06/01/52 | 185000 | 123012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 05/01/47 | 37000 | 31346 |
|  Comcast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 11/01/49 | 90000 | 67951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 08/15/35 | 130000 | 122708 |
|  Cox Communications, Inc.<br>2.60%<sup>(4)</sup> | 06/15/31 | 85000 | 74469 |
|  Fox Corp.<br>6.50% | 10/13/33 | 15000 | 16203 |
|  Time Warner Cable LLC<br>5.50% | 09/01/41 | 18000 | 16225 |
|  |  |  | 451914 |
|  **Office/Business Equipment**—**0.1%** | **Office/Business Equipment**—**0.1%** |  |  |
|  CDW LLC/CDW Finance Corp.<br>3.28% | 12/01/28 | 25000 | 23884 |
|  **Oil & Gas**—**0.1%** | **Oil & Gas**—**0.1%** |  |  |
|  Aker BP ASA (Norway)<br>3.10%<sup>(4)</sup> | 07/15/31 | 30000 | 26787 |
|  **Packaging & Containers**—**0.9%** |  |  |  |
|  Amcor Finance USA, Inc.<br>5.63% | 05/26/33 | 80000 | 83017 |
|  Amcor Flexibles North America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 06/19/30 | 5000 | 4545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%<sup>(4)</sup> | 03/17/35 | 65000 | 66196 |
|  Berry Global, Inc.<br>1.57% | 01/15/26 | 13000 | 12804 |
|  CCL Industries, Inc. (Canada)<br>3.05%<sup>(4)</sup> | 06/01/30 | 25000 | 23130 |

---

------

---

| |
|:---|
| **TCW Corporate Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **Packaging & Containers (Continued)** |  |  |  |
|  Sealed Air Corp.<br>1.57%<sup>(4)</sup> | 10/15/26 | $20000 | $19208 |
|  Sonoco Products Co.<br>3.13% | 05/01/30 | 25000 | 23264 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;232164 |
|  **Pharmaceuticals**—**5.5%** |  |  |  |
|  AbbVie, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | 11/06/42 | 50000 | 43814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% | 03/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | 152601 |
|  Bayer U.S. Finance II LLC (Germany) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%<sup>(4)</sup> | 12/15/28 | 10000 | 9885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%<sup>(4)</sup> | 06/25/48 | 77000 | 63441 |
|  Bristol-Myers Squibb Co.<br>5.20% | 02/22/34 | 175000 | 178724 |
|  CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/25/48 | 113000 | 97291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 06/01/33 | 178000 | 179130 |
|  Elanco Animal Health, Inc.<br>6.65% | 08/28/28 | 5000 | 5181 |
|  Eli Lilly & Co.<br>4.75% | 02/12/30 | 255000 | 259932 |
|  Johnson & Johnson |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% | 01/15/38 | 75000 | 64095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 03/01/35 | 130000 | 132673 |
|  Merck & Co., Inc.<br>5.00% | 05/17/53 | 120000 | 109351 |
|  Pfizer Investment Enterprises Pte. Ltd.<br>4.75% | 05/19/33 | 45000 | 44774 |
|  Teva Pharmaceutical Finance Netherlands IV BV (Israel)<br>5.75% | 12/01/30 | 40000 | 40635 |
|  Zoetis, Inc.<br>5.60% | 11/16/32 | 10000 | 10521 |
|  |  |  | 1392048 |
|  **Pipelines**—**2.4%** |  |  |  |
|  Columbia Pipelines Operating Co. LLC 6.04% <sup>(4)</sup> | 11/15/33 | 135000 | 141993 |
|  Energy Transfer LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 05/15/50 | 195000 | 163039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 12/15/45 | 7000 | 6898 |
|  Kinder Morgan Energy Partners LP<br>6.95% | 01/15/38 | 5000 | 5516 |
|  Kinder Morgan, Inc.<br>7.80% | 08/01/31 | 5000 | 5742 |
|  NGPL PipeCo LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%<sup>(4)</sup> | 07/15/31 | 20000 | 17776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%<sup>(4)</sup> | 08/15/27 | 10000 | 9954 |
|  Pipeline Funding Co. LLC<br>7.50%<sup>(4)</sup> | 01/15/30 | 23430 | 24107 |
|  Plains All American Pipeline LP/PAA Finance Corp.<br>4.50% | 12/15/26 | 13000 | 12998 |
|  Sabine Pass Liquefaction LLC<br>4.20% | 03/15/28 | 103000 | 102231 |
|  Southern Natural Gas Co. LLC<br>4.80%<sup>(4)</sup> | 03/15/47 | 15000 | 12824 |
|  TransCanada PipeLines Ltd. (Canada)<br>4.63% | 03/01/34 | 110000 | 105114 |
|  Williams Cos., Inc.<br>3.50% | 10/15/51 | 15000 | 10223 |
|  |  |  | 618415 |
|  **REIT**—**4.3%** |  |  |  |
|  American Assets Trust LP<br>3.38% | 02/01/31 | 30000 | 26850 |
|  American Homes 4 Rent LP<br>2.38% | 07/15/31 | 55000 | 47786 |
|  American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 04/15/31 | 211000 | 188834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55% | 07/15/33 | 70000 | 72191 |
|  Americold Realty Operating Partnership LP<br>5.41% | 09/12/34 | 70000 | 68102 |
|  Boston Properties LP<br>2.55% | 04/01/32 | 10000 | 8479 |
|  Crown Castle, Inc.<br>3.30% | 07/01/30 | 105000 | 98496 |
|  CubeSmart LP<br>4.38% | 02/15/29 | 15000 | 14860 |
|  Digital Realty Trust LP<br>3.60% | 07/01/29 | 15000 | 14464 |
|  DOC Dr. LLC<br>2.63% | 11/01/31 | 10000 | 8777 |
|  Equinix, Inc.<br>2.50% | 05/15/31 | 45000 | 39903 |
|  Essex Portfolio LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% | 03/15/32 | 5000 | 4372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/01/34 | 15000 | 15339 |
|  Extra Space Storage LP<br>2.20% | 10/15/30 | 25000 | 22135 |
|  GLP Capital LP/GLP Financing II, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 01/15/32 | 2000 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/15/30 | 25000 | 23940 |
|  Healthcare Realty Holdings LP<br>3.63% | 01/15/28 | 30000 | 29157 |
|  Host Hotels & Resorts LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 09/15/30 | 30000 | 27837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 06/15/32 | 35000 | 35527 |
|  Hudson Pacific Properties LP<br>3.95% | 11/01/27 | 10000 | 9468 |
|  Invitation Homes Operating Partnership LP<br>5.50% | 08/15/33 | 5000 | 5081 |
|  Lineage OP LP<br>5.25%<sup>(4)</sup> | 07/15/30 | 25000 | 25113 |
|  LXP Industrial Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 10/01/31 | 15000 | 12680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | 09/15/30 | 10000 | 8936 |
|  NNN REIT, Inc.<br>5.60% | 10/15/33 | 35000 | 36129 |
|  Piedmont Operating Partnership LP<br>2.75% | 04/01/32 | 30000 | 25154 |
|  Realty Income Corp.<br>5.13% | 04/15/35 | 60000 | 60114 |
|  VICI Properties LP<br>5.13% | 05/15/32 | 75000 | 74879 |
|  Weyerhaeuser Co.<br>3.38% | 03/09/33 | 10000 | 8939 |
|  WP Carey, Inc.<br>4.65% | 07/15/30 | 75000 | 74554 |
|  |  |  | 1089866 |
|  **Retail**—**2.3%** |  |  |  |
|  AutoZone, Inc.<br>5.13% | 06/15/30 | 35000 | 35796 |
|  Home Depot, Inc.<br>4.95% | 06/25/34 | 260000 | 262272 |
|  Lowe's Cos., Inc.<br>5.75% | 07/01/53 | 10000 | 9695 |
|  McDonald's Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20% | 04/01/50 | 70000 | 55583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% | 03/03/35 | 130000 | 129635 |
|  Starbucks Corp.<br>4.80% | 05/15/30 | 100000 | 101078 |
|  |  |  | 594059 |

---

------

---

| |
|:---|
| **TCW Corporate Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **Semiconductors**—**1.4%** |  |  |  |
|  Broadcom, Inc.<br>2.60%<sup>(4)</sup> | 02/15/33 | $275000 | $235392 |
|  Intel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/12/31 | 5000 | 4251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 08/12/51 | 91000 | 52710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 11/15/49 | 40000 | 24459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 02/10/53 | 13000 | 11724 |
|  Micron Technology, Inc.<br>2.70% | 04/15/32 | 25000 | 21692 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;350228 |
|  **Software**—**2.7%** |  |  |  |
|  AppLovin Corp.<br>5.50% | 12/01/34 | 65000 | 65788 |
|  Atlassian Corp.<br>5.50% | 05/15/34 | 20000 | 20323 |
|  Cadence Design Systems, Inc.<br>4.70% | 09/10/34 | 20000 | 19706 |
|  Constellation Software, Inc. (Canada)<br>5.46%<sup>(4)</sup> | 02/16/34 | 45000 | 45621 |
|  Fiserv, Inc.<br>2.65% | 06/01/30 | 25000 | 22799 |
|  Microsoft Corp.<br>2.92% | 03/17/52 | 150000 | 99110 |
|  Open Text Corp. (Canada)<br>6.90%<sup>(4)</sup> | 12/01/27 | 17000 | 17559 |
|  Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 04/01/50 | 45000 | 30960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 03/25/51 | 277000 | 201271 |
|  Paychex, Inc.<br>5.60% | 04/15/35 | 125000 | 128567 |
|  Synopsys, Inc.<br>5.15% | 04/01/35 | 30000 | 30115 |
|  Take-Two Interactive Software, Inc.<br>4.00% | 04/14/32 | 15000 | 14206 |
|  |  |  | 696025 |
|  **Telecommunications**—**5.6%** |  |  |  |
|  AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55% | 09/15/55 | 85000 | 57088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80% | 12/01/57 | 128000 | 89184 |
|  Cisco Systems, Inc.<br>5.05% | 02/26/34 | 230000 | 234225 |
|  Sprint Capital Corp.<br>8.75% | 03/15/32 | 25000 | 30215 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC<br>5.15%<sup>(4)</sup> | 09/20/29 | 261250 | 262232 |
|  T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 02/15/31 | 448000 | 400494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 07/15/33 | 5000 | 5015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 05/15/32 | 60000 | 60887 |
|  Verizon Communications, Inc.<br>4.50% | 08/10/33 | 300000 | 290277 |
|  |  |  | 1429617 |
|  **Transportation**—**2.1%** |  |  |  |
|  Aurizon Network Pty. Ltd. (Australia)<br>2.90%<sup>(6)</sup> | 09/02/30 | 40000 | 23140 |
|  Burlington Northern Santa Fe LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05% | 06/15/48 | 15000 | 12022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 03/15/55 | 120000 | 117244 |
|  CSX Corp.<br>4.90% | 03/15/55 | 130000 | 115437 |
|  Pacific National Finance Pty. Ltd. (Australia)<br>3.70% | 09/24/29 | 30000 | 17863 |
|  Union Pacific Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97% | 09/16/62 | 25000 | 14451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10% | 02/20/35 | 225000 | 227480 |
|  |  |  | 527637 |
|  **Water**—**0.2%** |  |  |  |
|  Essential Utilities, Inc.<br>5.30% | 05/01/52 | 50000 | 45192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** (Cost: $21,783,697) |  |  | 21833031 |
|  **MUNICIPAL BONDS —1.1%** |  |  |  |
|  City of Los Angeles Department of Airports, Revenue Bond<br>3.89% | 05/15/38 | 15000 | 13479 |
|  County of Miami-Dade Aviation Revenue, Series D<br>3.50% | 10/01/31 | 15000 | 14153 |
|  Empire State Development Corp., Revenue Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54% | 03/15/34 | 5000 | 4204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54% | 03/15/34 | 5000 | 4220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59% | 03/15/35 | 20000 | 16580 |
|  Maryland Economic Development Corp., Revenue Bond<br>5.43% | 05/31/56 | 10000 | 9450 |
|  Massachusetts School Building Authority, Series B<br>2.97% | 10/15/32 | 10000 | 9050 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds<br>5.00% | 02/01/51 | 60000 | 60194 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Series A-3<br>3.73% | 08/01/29 | 5000 | 4903 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Series E-3<br>1.97% | 02/01/33 | 20000 | 16621 |
|  New York City Transitional Finance Authority, Revenue Bonds<br>5.00%<sup>(5)</sup> | 05/01/54 | 50000 | 50172 |
|  New York State Thruway Authority, Revenue Bonds<br>5.00% | 03/15/59 | 30000 | 30116 |
|  San Francisco City & County Airport Comm-San Francisco International Airport, Series C<br>3.05% | 05/01/34 | 35000 | 30683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** (Cost: $278,956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** (Cost: $278,956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** (Cost: $278,956) | 263825 |
|  **U.S. TREASURY SECURITIES**—**10.4%** |  |  |  |
|  U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 05/15/55 | 1472000 | 1439800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%<sup>(5)</sup> | 08/15/55 | 60000 | 58824 |
|  U.S. Treasury Notes<br>4.25% | 05/15/35 | 1149000 | 1139036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Securities** (Cost: $2,635,092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Securities** (Cost: $2,635,092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Securities** (Cost: $2,635,092) | 2637660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income Securities** (Cost: $24,800,841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income Securities** (Cost: $24,800,841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income Securities** (Cost: $24,800,841) | 24790735 |
|  **CONVERTIBLE SECURITIES (0.1%)** |  |  |  |
|  **CONVERTIBLE CORPORATE BONDS—0.1%** |  |  |  |
|  **Commercial Services**—**0.1%** |  |  |  |
|  Worldline SA (France)<br>0.00%<sup>(6),(7)</sup> | 07/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;29562 | 32878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Corporate Bonds** (Cost: $31,506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Corporate Bonds** (Cost: $31,506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Corporate Bonds** (Cost: $31,506) | 32878 |

---

------

---

| |
|:---|
| **TCW Corporate Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
|  **MONEY MARKET INVESTMENTS—0.0%** |  |  |
|  State Street Institutional U.S. Government Money Market Fund—Premier Class,<br>4.25%<sup>(8)</sup> | 5374 | $5374 |
|  TCW Central Cash Fund,<br>4.34%<sup>(8),(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221109 | 221109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Money Market Investments** (Cost: $226,483) |  | 226483 |
|  **Total Investments (98.7%)** (Cost: $25,058,830) |  | 25050096 |
|  **Liabilities In Excess Of Other Assets (1.3%)** |  | 339099 |
|  **Net Assets (100.0%)** |  | $25389195 |

---

------

---

| |
|:---|
| **TCW Corporate Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Number of<br>Contracts** | **Type** | **Expiration**<br>**Date** | **Notional**<br>**Contract**<br>**Value** | **Value** | **Net**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Long Futures** |  |  |  |  |  |
| 1 | U.S. Long Bond Futures | 09/19/25 | $112931 | $114187 | $1256 |
| 59 | 2-Year U.S. Treasury Note Futures | 09/30/25 | 12225199 | 12212078 | (13121) |
|  |  |  | $**12338130** | $**12326265** | $**(11865)** |
|  **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** |
| 13 | 10-Year U.S. Treasury Note Futures | 09/19/25 | $(1443272) | $(1470016) | $(26744) |
| 1 | 3 Year Australian Bond Futures | 09/15/25 | (68968) | (68964) | 4 |
| 56 | 5-Year U.S. Treasury Note Futures | 09/30/25 | (6051290) | (6057625) | (6335) |
| 1 | Euro-Bobl Future | 09/8/25 | (134614) | (133828) | 786 |
| 2 | Euro-Bund Future | 09/8/25 | (298786) | (296027) | 2759 |
|  |  |  | $**(7996930)** | $**(8026460)** | $**(29530)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **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<br>for USD** | **Contracts<br>at Value** | **Unrealized<br>Appreciation**<br>**(Depreciation)** |
|  **SELL<sup>(10)</sup>** |  |  |  |  |  |  |
|  Goldman Sachs & Co. | AUD | 64464 | 10/10/25 | $42614 | $41479 | $1135 |
|  Goldman Sachs & Co. | EUR | 426333 | 10/10/25 | 502069 | 488689 | 13380 |
|  |  |  |  | $544683 | $530168 | $14515 |

---

---

| | |
|:---|:---|
| **Notes to the Schedule of Investments:** | **Notes to the Schedule of Investments:** |
| AUD | Australian Dollar. |
| EUR | Euro Currency. |
| I/F | Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates. |
| I/O | Interest Only Security. |
| LIBOR | London Interbank Offered Rate. |
| REMIC | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| (1) | For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs. |
| (2) | Floating or variable rate security. The interest shown reflects the rate in effect at July 31, 2025. |
| (3) | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
| (4) | Security 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 July 31, 2025, the value of these securities amounted to $2,701,779 or 10.6% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company's Board of Directors. |
| (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 July 31, 2025, the value of these securities amounted to $56,018 or 0.2% of net assets. |
| (7) | Security is not accruing interest. |
| (8) | Rate disclosed is the 7-day net yield as of July 31, 2025. |
| (9) | Affiliated issuer. |
| (10) | Fund sells foreign currency, buys USD. |

---

------

---

| |
|:---|
| **TCW Corporate Bond ETF** |
| SCHEDULE OF INVESTMENTS (Continued) |

---

The summary of the TCW Corporate Bond ETF transactions in the affiliated funds for the period ended July 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Affiliated Fund** | **Value at<br>October 31,<br>2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Number of<br>Shares Held<br>July 31,**<br>**2025** | **Value at<br>July 31,**<br>**2025** | **Dividends and<br>Interest Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net change in<br>Unrealized Gain<br>(Loss) on<br>Investments** |
|  TCW Central Cash Fund | $— | $20284418 | $20063309 | 221109 | $221109 | $15412 | $– $– $|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $221109 | $15412 | $– $– $|  |

---

------

---

| | |
|:---|:---|
| **TCW Corporate Bond ETF** |  |
| Investments by Sector (Unaudited) | July 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| **Sector** | **Percentage of<br>Net Assets** |  |
|  Corporate Bonds | 86.0 | % |
|  U.S. Treasury Securities | 10.4 |  |
|  Municipal Bonds | 1.1 |  |
|  Money Market Investments | 0.9 |  |
|  Convertible Corporate Bonds | 0.1 |  |
|  Asset-Backed Securities | 0.1 |  |
|  Commercial Mortgage-Backed Securities—Agency | 0.1 |  |
|  Residential Mortgage-Backed Securities—Agency | 0.0 | \*\* |
|  Commercial Mortgage-Backed Securities—Non-Agency | 0.0 | \*\* |
|  Other\* | 1.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 100.0 | % |

---

\* *Includes futures, swap agreements, pending trades, interest receivable, fund share transactions and accrued expenses payable.*

\*\* *Amount rounds to less than 0.1%.* 

------

---

| | |
|:---|:---|
| **TCW Corporate Bond ETF** |  |
| Fair Valuation Summary (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 31, 2025 |

---

The following is a summary of the fair valuations according to the inputs used as of July 31, 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; Corporate Bonds | $— | $21833031 | $— | $21833031 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 2637660 |  | 2637660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 263825 |  | 263825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  | 30986 | 30986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities—Agency |  | 17913 |  | 17913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities—Agency |  | 7254 |  | 7254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities—Non-Agency |  | 66 |  | 66 |
|  Total Fixed Income Securities |  | 24759749 | 30986 | 24790735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 226483 |  |  | 226483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Corporate Bonds |  | 32878 |  | 32878 |
|  Total Investments | $226483 | $24792627 | $30986 | $25050096 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 14515 |  | 14515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 4805 |  |  | 4805 |
|  Total | $231288 | $24807142 | $30986 | $25069416 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | $(46200) | $— | $— | $(46200) |
|  Total | $(46200) | $— | $— | $(46200) |

---

------

**TCW Flexible Income ETF** 

SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES—106.0% of Net Assets** |  |  |  |
|  **CORPORATE BONDS—17.2%** |  |  |  |
|  **Advertising**—**0.0%** |  |  |  |
|  Clear Channel Outdoor Holdings, Inc.<br>7.13%<sup>(1),(2)</sup> | 02/15/31 | $517000 | $516648 |
|  **Aerospace & Defense**—**0.1%** |  |  |  |
|  BAE Systems Holdings, Inc. (United Kingdom)<br>3.85%<sup>(1)</sup> | 12/15/25 | 250000 | 249372 |
|  General Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% (3 mo. USD Term SOFR + 0.642%)<sup>(3)</sup> | 05/05/26 | 57000 | 57107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.07% (3 mo. USD Term SOFR + 0.742%)<sup>(3)</sup> | 08/15/36 | 52000 | 48573 |
|  Lockheed Martin Corp.<br>4.80% | 08/15/34 | 55000 | 54617 |
|  TransDigm, Inc.<br>6.00%<sup>(1)</sup> | 01/15/33 | 1665000 | 1675806 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085475 |
|  **Agriculture**—**0.3%** |  |  |  |
|  Altria Group, Inc.<br>4.88% | 02/04/28 | 490000 | 494733 |
|  BAT Capital Corp. (United Kingdom)<br>3.56% | 08/15/27 | 44000 | 43202 |
|  BAT International Finance PLC (United Kingdom)<br>1.67% | 03/25/26 | 83000 | 81470 |
|  Imperial Brands Finance PLC (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%<sup>(1)</sup> | 06/30/28 | 2955000 | 2949888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%<sup>(1)</sup> | 07/27/27 | 195000 | 200522 |
|  Philip Morris International, Inc.<br>2.75% | 06/06/29 | 635000 | 719082 |
|  |  |  | 4488897 |
|  **Airlines**—**0.1%** |  |  |  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>5.75%<sup>(1)</sup> | 04/20/29 | 1563000 | 1563344 |
|  Delta Air Lines Pass-Through Trust Series 2020-1, Class AA<br>2.00% | 12/10/29 | 17526 | 16609 |
|  JetBlue Pass-Through Trust Series 2019-1, Class AA<br>2.75% | 11/15/33 | 22319 | 19492 |
|  JetBlue Pass-Through Trust Series 2020-1, Class A<br>4.00% | 05/15/34 | 52915 | 49400 |
|  |  |  | 1648845 |
|  **Apparel**—**0.1%** |  |  |  |
|  Crocs, Inc.<br>4.13%<sup>(1)</sup> | 08/15/31 | 980000 | 886253 |
|  **Auto Manufacturers**—**0.2%** |  |  |  |
|  Volkswagen Financial Services AG (Germany)<br>3.88%<sup>(4)</sup> | 11/19/31 | 1100000 | 1278769 |
|  Volkswagen Group of America Finance LLC (Germany) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%<sup>(1)</sup> | 03/25/32 | 70000 | 70879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%<sup>(1)</sup> | 03/27/35 | 200000 | 200788 |
|  Volkswagen International Finance NV (Germany)<br>7.88% (9 yr. EUR Swap + 4.783%)<sup>(3),(4),(5)</sup> | 09/06/32 | 1200000 | 1570007 |
|  |  |  | 3120443 |
|  **Auto Parts & Equipment**—**0.1%** |  |  |  |
|  Forvia SE (France)<br>8.00%<sup>(1)</sup> | 06/15/30 | 385000 | 401894 |
|  ZF North America Capital, Inc. (Germany)<br>6.88%<sup>(1)</sup> | 04/23/32 | 760000 | 710273 |
|  |  |  | 1112167 |
|  **Banks**—**2.5%** |  |  |  |
|  Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92% (1 day USD SOFR + 1.370%)<sup>(3)</sup> | 10/24/31 | 1085000 | 947389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% (1 day USD SOFR + 1.050%)<sup>(3)</sup> | 02/04/28 | 2625000 | 2550844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59% (1 day USD SOFR + 2.150%)<sup>(3)</sup> | 04/29/31 | 270000 | 246888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% (1 day USD SOFR + 1.220%)<sup>(3)</sup> | 03/11/32 | 225000 | 201893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69% (1 day USD SOFR + 1.320%)<sup>(3)</sup> | 04/22/32 | 885000 | 793995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97% (1 day USD SOFR + 1.330%)<sup>(3)</sup> | 02/04/33 | 1395000 | 1248902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42% (3 mo. USD Term SOFR + 1.302%)<sup>(3)</sup> | 12/20/28 | 685000 | 669087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% (5 yr. CMT + 2.760%)<sup>(3),(5)</sup> | 01/27/27 | 100000 | 97942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47% (1 day USD SOFR + 1.650%)<sup>(3)</sup> | 01/23/35 | 235000 | 241098 |
|  Citibank NA<br>4.91% | 05/29/30 | 140000 | 142250 |
|  Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% (1 day USD SOFR + 1.177%)<sup>(3)</sup> | 11/03/32 | 510000 | 445286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57% (1 day USD SOFR + 2.107%)<sup>(3)</sup> | 06/03/31 | 1000000 | 907150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52% (3 mo. USD Term SOFR + 1.413%)<sup>(3)</sup> | 10/27/28 | 435000 | 425678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33% (1 day USD SOFR + 1.465%)<sup>(3)</sup> | 03/27/36 | 1270000 | 1276515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45% (1 day USD SOFR + 1.447%)<sup>(3)</sup> | 06/11/35 | 115000 | 117376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% (5 yr. CMT + 2.890%)<sup>(3),(5)</sup> | 08/15/30 | 2955000 | 2987328 |
|  Goldman Sachs Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09% (1 day USD SOFR + 0.789%)<sup>(3)</sup> | 12/09/26 | 2910000 | 2872315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54% (1 day USD SOFR + 0.818%)<sup>(3)</sup> | 09/10/27 | 5000 | 4832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95% (1 day USD SOFR + 0.913%)<sup>(3)</sup> | 10/21/27 | 325000 | 314795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38% (1 day USD SOFR + 1.248%)<sup>(3)</sup> | 07/21/32 | 45000 | 39316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65% (1 day USD SOFR + 1.264%)<sup>(3)</sup> | 10/21/32 | 535000 | 471629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81% (3 mo. USD Term SOFR + 1.420%)<sup>(3)</sup> | 04/23/29 | 2075000 | 2037629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02% (1 day USD SOFR + 1.420%)<sup>(3)</sup> | 10/23/35 | 920000 | 907276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.54% (1 day USD SOFR + 1.380%)<sup>(3)</sup> | 01/28/36 | 170000 | 173968 |
|  HSBC Holdings PLC (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36% (1 day USD SOFR + 1.947%)<sup>(3)</sup> | 08/18/31 | 60000 | 53396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76% (1 day USD SOFR + 2.110%)<sup>(3)</sup> | 06/09/28 | 45000 | 45115 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Banks (Continued)** |  |  |  |
|  JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04% (3 mo. USD Term SOFR + 0.695%)<sup>(3)</sup> | 02/04/27 | $375000 | $368468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05% (1 day USD SOFR + 0.800%)<sup>(3)</sup> | 11/19/26 | 420000 | 415426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58% (1 day USD SOFR + 0.885%)<sup>(3)</sup> | 04/22/27 | 700000 | 685034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07% (1 day USD SOFR + 1.015%)<sup>(3)</sup> | 06/01/29 | 120000 | 112490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% (1 day USD SOFR + 1.180%)<sup>(3)</sup> | 11/08/32 | 270000 | 237392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58% (3 mo. USD Term SOFR + 1.250%)<sup>(3)</sup> | 04/22/32 | 760000 | 678596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65% (5 yr. CMT + 2.850%)<sup>(3),(5)</sup> | 06/01/26 | 115000 | 113315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01% (3 mo. USD Term SOFR + 1.382%)<sup>(3)</sup> | 04/23/29 | 255000 | 252162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32% (1 day USD SOFR + 1.560%)<sup>(3)</sup> | 04/26/28 | 3500000 | 3491600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95% (1 day USD SOFR + 1.340%)<sup>(3)</sup> | 10/22/35 | 625000 | 618306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77% (1 day USD SOFR + 1.490%)<sup>(3)</sup> | 04/22/35 | 560000 | 587591 |
|  Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99% (1 day USD SOFR + 0.720%)<sup>(3)</sup> | 12/10/26 | 145000 | 143105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79% (1 day USD SOFR + 1.034%)<sup>(3)</sup> | 02/13/32 | 120000 | 102713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24% (1 day USD SOFR + 1.178%)<sup>(3)</sup> | 07/21/32 | 425000 | 368534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51% (1 day USD SOFR + 1.200%)<sup>(3)</sup> | 10/20/32 | 635000 | 556082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% (1 day USD SOFR + 1.290%)<sup>(3)</sup> | 01/21/33 | 1065000 | 952398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59% (1 day USD SOFR + 1.418%)<sup>(3)</sup> | 01/18/36 | 650000 | 667719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83% (1 day USD SOFR + 1.580%)<sup>(3)</sup> | 04/19/35 | 120000 | 125951 |
|  PNC Financial Services Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% (5 yr. CMT + 2.595%)<sup>(3),(5)</sup> | 09/15/26 | 105000 | 101399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58% (1 day USD SOFR + 1.841%)<sup>(3)</sup> | 06/12/29 | 1370000 | 1412703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% (1 day USD SOFR + 2.284%)<sup>(3)</sup> | 10/20/34 | 70000 | 78224 |
|  Santander U.K. Group Holdings PLC (United Kingdom)<br>1.67% (1 day USD SOFR + 0.989%)<sup>(3)</sup> | 06/14/27 | 290000 | 282457 |
|  U.S. Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84% (1 day USD SOFR + 1.600%)<sup>(3)</sup> | 02/01/34 | 150000 | 148140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% (1 day USD SOFR + 1.860%)<sup>(3)</sup> | 01/23/35 | 150000 | 155567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85% (1 day USD SOFR + 2.090%)<sup>(3)</sup> | 10/21/33 | 50000 | 52450 |
|  Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39% (1 day USD SOFR + 2.100%)<sup>(3)</sup> | 06/02/28 | 560000 | 539174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57% (3 mo. USD Term SOFR + 1.262%)<sup>(3)</sup> | 02/11/31 | 2385000 | 2188166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% (1 day USD SOFR + 1.500%)<sup>(3)</sup> | 03/02/33 | 345000 | 315961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21% (1 day USD SOFR + 1.380%)<sup>(3)</sup> | 12/03/35 | 390000 | 391205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24% (1 day USD SOFR + 1.110%)<sup>(3)</sup> | 01/24/31 | 770000 | 788642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% (1 day USD SOFR + 1.780%)<sup>(3)</sup> | 01/23/35 | 225000 | 230670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.57% (1 day USD SOFR + 1.740%)<sup>(3)</sup> | 07/25/29 | 410000 | 422234 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;37803766 |
|  **Beverages**—**0.2%** |  |  |  |
|  Anheuser-Busch InBev SA (Belgium)<br>3.95%<sup>(4)</sup> | 03/22/44 | 970000 | 1077385 |
|  Becle SAB de CV (Mexico)<br>2.50%<sup>(1)</sup> | 10/14/31 | 1790000 | 1488868 |
|  JDE Peet's NV (Netherlands)<br>2.25%<sup>(1)</sup> | 09/24/31 | 750000 | 640673 |
|  |  |  | 3206926 |
|  **Biotechnology**—**0.0%** |  |  |  |
|  Amgen, Inc.<br>3.15% | 02/21/40 | 100000 | 76785 |
|  **Chemicals**—**0.2%** |  |  |  |
|  Axalta Coating Systems Dutch Holding B BV<br>7.25%<sup>(1)</sup> | 02/15/31 | 50000 | 52014 |
|  International Flavors & Fragrances, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.83%<sup>(1)</sup> | 10/15/27 | 405000 | 380854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%<sup>(1)</sup> | 11/01/30 | 505000 | 445880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%<sup>(1)</sup> | 11/15/40 | 55000 | 40397 |
|  Itelyum Regeneration SpA (Italy)<br>5.75%<sup>(1)</sup> | 04/15/30 | 250000 | 293043 |
|  Monitchem HoldCo 3 SA (Luxembourg)<br>8.75%<sup>(4)</sup> | 05/01/28 | 500000 | 576306 |
|  SCIH Salt Holdings, Inc.<br>4.88%<sup>(1)</sup> | 05/01/28 | 608000 | 591019 |
|  SK Invictus Intermediate II SARL<br>5.00%<sup>(1)</sup> | 10/30/29 | 431000 | 419277 |
|  Tronox, Inc.<br>4.63%<sup>(1)</sup> | 03/15/29 | 63000 | 48956 |
|  WR Grace Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%<sup>(1)</sup> | 08/15/29 | 63000 | 58203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%<sup>(1)</sup> | 03/01/31 | 882000 | 910700 |
|  |  |  | 3816649 |
|  **Commercial Services**—**0.7%** |  |  |  |
|  AA Bond Co. Ltd. (United Kingdom)<br>8.45%<sup>(4)</sup> | 07/31/50 | 210000 | 295663 |
|  Adtalem Global Education, Inc.<br>5.50%<sup>(1)</sup> | 03/01/28 | 1142000 | 1128935 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg)<br>7.00%<sup>(1)</sup> | 05/21/30 | 960000 | 989482 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp.<br>6.88%<sup>(1)</sup> | 06/15/30 | 145000 | 148699 |
|  Block, Inc.<br>6.50% | 05/15/32 | 51000 | 52382 |
|  Currenta Group Holdings SARL (Luxembourg)<br>5.50%<sup>(1)</sup> | 05/15/30 | 1400000 | 1644619 |
|  Deluxe Corp.<br>8.13%<sup>(1)</sup> | 09/15/29 | 52000 | 53492 |
|  Grand Canyon University<br>5.13% | 10/01/28 | 1000000 | 966110 |
|  Herc Holdings, Inc.<br>7.25%<sup>(1)</sup> | 06/15/33 | 486000 | 503856 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Commercial Services (Continued)** |  |  |  |
|  OT Midco, Inc.<br>10.00%<sup>(1)</sup> | 02/15/30 | $1743000 | $1437923 |
|  RAC Bond Co. PLC (United Kingdom)<br>8.25%<sup>(4)</sup> | 05/06/46 | 100000 | 143353 |
|  Raven Acquisition Holdings LLC<br>6.88%<sup>(1)</sup> | 11/15/31 | 425000 | 429632 |
|  Rollins, Inc.<br>5.25% | 02/24/35 | 1090000 | 1090196 |
|  Upbound Group, Inc.<br>6.38%<sup>(1)</sup> | 02/15/29 | 889000 | 867451 |
|  Veritiv Operating Co.<br>10.50%<sup>(1)</sup> | 11/30/30 | 49000 | 53181 |
|  VT Topco, Inc.<br>8.50%<sup>(1)</sup> | 08/15/30 | 560000 | 596456 |
|  WEX, Inc.<br>6.50%<sup>(1)</sup> | 03/15/33 | 350000 | 354749 |
|  ZipRecruiter, Inc.<br>5.00%<sup>(1)</sup> | 01/15/30 | 59000 | 44840 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10801019 |
|  **Computers**—**0.2%** |  |  |  |
|  Amentum Holdings, Inc.<br>7.25%<sup>(1)</sup> | 08/01/32 | 261000 | 270122 |
|  Dell International LLC/EMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% | 04/01/28 | 1135000 | 1144534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% | 04/01/30 | 840000 | 852314 |
|  McAfee Corp.<br>7.38%<sup>(1)</sup> | 02/15/30 | 301000 | 279466 |
|  NCR Voyix Corp.<br>5.00%<sup>(1)</sup> | 10/01/28 | 675000 | 664376 |
|  |  |  | 3210812 |
|  **Cosmetics/Personal Care**—**0.1%** |  |  |  |
|  Edgewell Personal Care Co.<br>4.13%<sup>(1)</sup> | 04/01/29 | 860000 | 814549 |
|  **Diversified Financial Services**—**0.5%** |  |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45% | 10/29/26 | 123000 | 119801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 01/23/28 | 5000 | 4920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45% | 10/01/25 | 110000 | 109970 |
|  Air Lease Corp.<br>2.88% | 01/15/26 | 380000 | 376770 |
|  American Express Co.<br>4.92% (1 day USD SOFR + 1.220%)<sup>(3)</sup> | 07/20/33 | 1680000 | 1685947 |
|  Avolon Holdings Funding Ltd. (Ireland)<br>2.53%<sup>(1)</sup> | 11/18/27 | 1083000 | 1031287 |
|  Blackrock, Inc.<br>3.75% | 07/18/35 | 730000 | 853927 |
|  EZCORP, Inc.<br>7.38%<sup>(1)</sup> | 04/01/32 | 855000 | 892004 |
|  GGAM Finance Ltd. (Ireland) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%<sup>(1)</sup> | 02/15/27 | 115000 | 118535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%<sup>(1)</sup> | 06/15/28 | 892000 | 943344 |
|  Jane Street Group/JSG Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%<sup>(1)</sup> | 11/01/32 | 780000 | 774992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%<sup>(1)</sup> | 05/01/33 | 90000 | 92209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%<sup>(1)</sup> | 04/30/31 | 330000 | 341217 |
|  Visa, Inc.<br>3.88% | 05/15/44 | 150000 | 171971 |
|  |  |  | 7516894 |
|  **Electric**—**0.5%** |  |  |  |
|  Alliant Energy Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%<sup>(1)</sup> | 03/15/26 | 245000 | 239853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%<sup>(1)</sup> | 03/01/32 | 655000 | 594583 |
|  Amprion GmbH (Germany)<br>4.00%<sup>(4)</sup> | 05/21/44 | 100000 | 110384 |
|  Arizona Public Service Co.<br>6.35% | 12/15/32 | $135000 | 145387 |
|  Duke Energy Carolinas LLC<br>5.35% | 01/15/53 | 195000 | 186007 |
|  Duke Energy Progress LLC<br>5.05% | 03/15/35 | 695000 | 695959 |
|  E.ON SE (Germany) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%<sup>(4)</sup> | 04/16/33 | 525000 | 606978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%<sup>(4)</sup> | 09/05/38 | 300000 | 343164 |
|  Elia Group SA (Belgium)<br>3.88%<sup>(4)</sup> | 06/11/31 | 100000 | 116618 |
|  Enel Finance International NV (Italy)<br>4.50%<sup>(4)</sup> | 02/20/43 | 290000 | 336355 |
|  Eurogrid GmbH (Germany) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.11%<sup>(4)</sup> | 05/15/32 | 200000 | 198103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%<sup>(4)</sup> | 09/05/31 | 200000 | 229600 |
|  FirstEnergy Transmission LLC<br>2.87%<sup>(1)</sup> | 09/15/28 | 418000 | 397990 |
|  MVM Energetika Zrt (Hungary)<br>6.50%<sup>(4)</sup> | 03/13/31 | 400000 | 414108 |
|  Oncor Electric Delivery Co. LLC<br>3.63%<sup>(1)</sup> | 06/15/34 | 220000 | 252651 |
|  Pike Corp.<br>8.63%<sup>(1)</sup> | 01/31/31 | 775000 | 835194 |
|  Public Service Co. of New Mexico<br>3.85% | 08/01/25 | 40000 | 40000 |
|  Scottish Hydro Electric Transmission PLC (United Kingdom)<br>3.38%<sup>(4)</sup> | 09/04/32 | 250000 | 286735 |
|  Southwestern Electric Power Co.<br>5.30% | 04/01/33 | 600000 | 605610 |
|  TenneT Holding BV (Netherlands)<br>4.75%<sup>(4)</sup> | 10/28/42 | 435000 | 542510 |
|  Tucson Electric Power Co.<br>5.50% | 04/15/53 | 305000 | 286865 |
|  |  |  | 7464654 |
|  **Electrical Components & Equipment**—**0.1%** |  |  |  |
|  Energizer Holdings, Inc.<br>4.38%<sup>(1)</sup> | 03/31/29 | 925000 | 878001 |
|  **Engineering & Construction**—**0.1%** |  |  |  |
|  Heathrow Funding Ltd. (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%<sup>(4)</sup> | 10/08/32 | 565000 | 586142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%<sup>(4)</sup> | 01/16/38 | 250000 | 284835 |
|  |  |  | 870977 |
|  **Entertainment**—**0.6%** |  |  |  |
|  Banijay Entertainment SAS (France)<br>8.13%<sup>(1)</sup> | 05/01/29 | 350000 | 363667 |
|  Caesars Entertainment, Inc.<br>6.50%<sup>(1)</sup> | 02/15/32 | 820000 | 835990 |
|  Churchill Downs, Inc.<br>5.75%<sup>(1)</sup> | 04/01/30 | 798000 | 797098 |
|  FDJ UNITED (France)<br>3.38%<sup>(4)</sup> | 11/21/33 | 500000 | 563290 |
|  Flutter Treasury DAC (Ireland)<br>5.00%<sup>(1)</sup> | 04/29/29 | 100000 | 118479 |
|  Great Canadian Gaming Corp./Raptor LLC (Canada)<br>8.75%<sup>(1)</sup> | 11/15/29 | 745000 | 730659 |
|  LHMC Finco 2 SARL (Luxemburg)<br>8.63%<sup>(1),(6)</sup> | 05/15/30 | 990000 | 1190796 |
|  Live Nation Entertainment, Inc.<br>5.63%<sup>(1)</sup> | 03/15/26 | 355000 | 355206 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Entertainment (Continued)** |  |  |  |
|  Lottomatica Group SpA (Italy)<br>4.88%<sup>(1)</sup> | 01/31/31 | 430000 | $507930 |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<br>6.63%<sup>(1)</sup> | 02/01/33 | $803000 | 811584 |
|  Voyager Parent LLC<br>9.25%<sup>(1)</sup> | 07/01/32 | 803000 | 850257 |
|  WarnerMedia Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% | 03/15/32 | 1604000 | 1351194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/15/42 | 65000 | 43479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 03/15/52 | 196000 | 121391 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<br>6.25%<sup>(1)</sup> | 03/15/33 | 55000 | 55176 |
|  |  |  | 8696196 |
|  **Environmental Control**—**0.2%** |  |  |  |
|  Luna 2 5SARL (Luxemburg)<br>5.50%<sup>(1)</sup> | 07/01/32 | 1100000 | 1299268 |
|  Waste Pro USA, Inc.<br>7.00%<sup>(1)</sup> | 02/01/33 | 1080000 | 1121829 |
|  |  |  | 2421097 |
|  **Food**—**0.4%** |  |  |  |
|  JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | 12/01/31 | 385000 | 358042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 03/15/34 | 172000 | 187083 |
|  Mars, Inc.<br>4.80%<sup>(1)</sup> | 03/01/30 | 1620000 | 1636492 |
|  Pilgrim's Pride Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% | 04/15/31 | 1430000 | 1367380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25% | 07/01/33 | 950000 | 998573 |
|  Post Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%<sup>(1)</sup> | 04/15/30 | 675000 | 645260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%<sup>(1)</sup> | 12/15/29 | 53000 | 52579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%<sup>(1)</sup> | 10/15/34 | 950000 | 951663 |
|  Smithfield Foods, Inc.<br>5.20%<sup>(1)</sup> | 04/01/29 | 5000 | 5025 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6202097 |
|  **Gas**—**0.4%** |  |  |  |
|  AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%<sup>(1)</sup> | 06/01/28 | 1176000 | 1211798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%<sup>(1)</sup> | 06/01/30 | 909000 | 955086 |
|  CenterPoint Energy Resources Corp.<br>5.40% | 03/01/33 | 765000 | 780950 |
|  KeySpan Gas East Corp.<br>5.99%<sup>(1)</sup> | 03/06/33 | 385000 | 399241 |
|  National Gas Transmission PLC (United Kingdom)<br>4.25%<sup>(4)</sup> | 04/05/30 | 200000 | 239250 |
|  Northwest Natural Holding Co.<br>7.00% (5 yr. CMT + 2.701%)<sup>(3)</sup> | 09/15/55 | 2000000 | 2034900 |
|  Venture Global Plaquemines LNG LLC<br>7.75%<sup>(1)</sup> | 05/01/35 | 705000 | 773519 |
|  |  |  | 6394744 |
|  **Health Care-Products**—**0.3%** |  |  |  |
|  American Medical Systems Europe BV<br>3.00% | 03/08/31 | 700000 | 798680 |
|  Bausch & Lomb Corp.<br>8.38%<sup>(1)</sup> | 10/01/28 | 320000 | 334602 |
|  Medtronic Global Holdings SCA<br>1.38% | 10/15/40 | 115000 | 93381 |
|  Sartorius Finance BV (Germany)<br>4.50%<sup>(4)</sup> | 09/14/32 | 100000 | 119643 |
|  Sotera Health Holdings LLC<br>7.38%<sup>(1)</sup> | 06/01/31 | 356000 | 368919 |
|  Stryker Corp.<br>4.70% | 02/10/28 | 1465000 | 1478932 |
|  Thermo Fisher Scientific, Inc.<br>0.50% | 03/01/28 | 735000 | 798889 |
|  |  |  | 3993046 |
|  **Health Care-Services**—**1.1%** |  |  |  |
|  Centene Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63% | 08/01/31 | 1000000 | 835890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | 10/15/30 | 1323000 | 1152161 |
|  Cerba Healthcare SACA (France)<br>3.50%<sup>(4)</sup> | 05/31/28 | 385000 | 315686 |
|  Elevance Health, Inc.<br>5.20% | 02/15/35 | 185000 | 184976 |
|  Fortrea Holdings, Inc.<br>7.50%<sup>(1)</sup> | 07/01/30 | 1350000 | 1233941 |
|  HAH Group Holding Co. LLC<br>9.75%<sup>(1)</sup> | 10/01/31 | 299000 | 289728 |
|  HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 09/01/26 | 1260000 | 1265720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63% | 09/01/28 | 275000 | 281985 |
|  Heartland Dental LLC/Heartland Dental Finance Corp.<br>10.50%<sup>(1)</sup> | 04/30/28 | 49000 | 51757 |
|  Humana, Inc.<br>5.55% | 05/01/35 | 570000 | 571716 |
|  Kedrion SpA (Italy)<br>6.50%<sup>(1)</sup> | 09/01/29 | 669000 | 648803 |
|  Lonza Finance International NV (Switzerland) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%<sup>(4)</sup> | 09/04/34 | 229000 | 260323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%<sup>(4)</sup> | 04/24/36 | 210000 | 243532 |
|  Mehilainen Yhtiot OYJ (Finland)<br>5.13%<sup>(1)</sup> | 06/30/32 | 1145000 | 1317636 |
|  ModivCare, Inc.<br>5.00%<sup>(1),(7)</sup> | 10/01/29 | 744450 | 204724 |
|  Molina Healthcare, Inc.<br>6.25%<sup>(1)</sup> | 01/15/33 | 2330000 | 2299920 |
|  Star Parent, Inc.<br>9.00%<sup>(1)</sup> | 10/01/30 | 810000 | 853238 |
|  Tenet Healthcare Corp.<br>5.13% | 11/01/27 | 1950000 | 1943974 |
|  UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15% | 07/15/34 | 1540000 | 1545205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30% | 06/15/35 | 1280000 | 1295206 |
|  |  |  | 16796121 |
|  **Household Products/Wares**—**0.1%** |  |  |  |
|  Central Garden & Pet Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 10/15/30 | 575000 | 541224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%<sup>(1)</sup> | 04/30/31 | 58000 | 53786 |
|  Spectrum Brands, Inc.<br>3.88%<sup>(1)</sup> | 03/15/31 | 1695000 | 1354797 |
|  |  |  | 1949807 |
|  **Insurance**—**0.2%** |  |  |  |
|  Acrisure LLC/Acrisure Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%<sup>(1)</sup> | 02/15/29 | 175000 | 167125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%<sup>(1)</sup> | 08/01/29 | 405000 | 395264 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<br>7.00%<sup>(1)</sup> | 01/15/31 | 52000 | 53531 |
|  Athene Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%<sup>(1)</sup> | 08/19/28 | 15000 | 13919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%<sup>(1)</sup> | 01/07/29 | 95000 | 88651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21%<sup>(1)</sup> | 03/08/27 | 130000 | 126728 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Insurance (Continued)** |  |  |  |
|  Farmers Exchange Capital II<br>6.15% (3 mo. USD Term SOFR + 4.006%)<sup>(1),(3)</sup> | 11/01/53 | $550000 | $526416 |
|  Farmers Exchange Capital III<br>5.45% (3 mo. USD Term SOFR + 3.454%)<sup>(1),(3)</sup> | 10/15/54 | 85000 | 77374 |
|  Farmers Insurance Exchange |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75% (3 mo. USD LIBOR + 3.231%)<sup>(1),(3)</sup> | 11/01/57 | 135000 | 110530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% (10 yr. CMT + 3.864%)<sup>(1),(3)</sup> | 10/15/64 | 265000 | 272422 |
|  HUB International Ltd.<br>7.25%<sup>(1)</sup> | 06/15/30 | 417000 | 435048 |
|  Metropolitan Life Global Funding I<br>2.95%<sup>(1)</sup> | 04/09/30 | 15000 | 14024 |
|  Panther Escrow Issuer LLC<br>7.13%<sup>(1)</sup> | 06/01/31 | 375000 | 387949 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668981 |
|  **Internet**—**0.2%** |  |  |  |
|  Gen Digital, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%<sup>(1)</sup> | 04/01/33 | 250000 | 255183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%<sup>(1)</sup> | 09/30/27 | 328000 | 333897 |
|  Getty Images, Inc.<br>11.25%<sup>(1)</sup> | 02/21/30 | 1400097 | 1342413 |
|  Snap, Inc.<br>6.88%<sup>(1)</sup> | 03/01/33 | 1258000 | 1289840 |
|  Uber Technologies, Inc.<br>4.30% | 01/15/30 | 700000 | 694680 |
|  |  |  | 3916013 |
|  **Investment Companies**—**0.1%** |  |  |  |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 06/15/30 | 780000 | 758176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% | 01/15/29 | 370000 | 374569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%<sup>(1)</sup> | 11/15/29 | 233000 | 236118 |
|  |  |  | 1368863 |
|  **Leisure Time**—**0.1%** |  |  |  |
|  MajorDrive Holdings IV LLC<br>6.38%<sup>(1)</sup> | 06/01/29 | 1024000 | 848148 |
|  Sabre GLBL, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%<sup>(1)</sup> | 11/15/29 | 447000 | 460701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.13%<sup>(1)</sup> | 07/15/30 | 1020000 | 1078028 |
|  |  |  | 2386877 |
|  **Lodging**—**0.3%** |  |  |  |
|  Boyd Gaming Corp.<br>4.75%<sup>(1)</sup> | 06/15/31 | 700000 | 667212 |
|  Hyatt Hotels Corp.<br>5.05% | 03/30/28 | 905000 | 914539 |
|  Las Vegas Sands Corp.<br>5.63% | 06/15/28 | 1825000 | 1854364 |
|  MGM Resorts International<br>6.50% | 04/15/32 | 527000 | 535875 |
|  |  |  | 3971990 |
|  **Machinery-Diversified**—**0.0%** |  |  |  |
|  Oregon Tool Lux LP<br>7.88%<sup>(1)</sup> | 10/15/29 | 549538 | 241797 |
|  **Media**—**0.8%** |  |  |  |
|  AMC Networks, Inc.<br>10.25%<sup>(1)</sup> | 01/15/29 | 385000 | 396015 |
|  Cable One, Inc.<br>4.00%<sup>(1)</sup> | 11/15/30 | 1205000 | 930332 |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>5.00%<sup>(1)</sup> | 02/01/28 | 940000 | 923409 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80% | 04/01/31 | 140000 | 124151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | 04/01/51 | 530000 | 343472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% | 06/01/52 | 360000 | 239375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80% | 03/01/50 | 250000 | 194505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 05/01/47 | 141000 | 119452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65% | 02/01/34 | 246000 | 260718 |
|  CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%<sup>(1)</sup> | 12/01/30 | 300000 | 140673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%<sup>(1)</sup> | 02/01/29 | 77000 | 61036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%<sup>(1)</sup> | 01/31/29 | 2434000 | 2278735 |
|  DISH Network Corp.<br>11.75%<sup>(1)</sup> | 11/15/27 | 1277000 | 1331017 |
|  Sinclair Television Group, Inc.<br>8.13%<sup>(1)</sup> | 02/15/33 | 53000 | 54227 |
|  Sirius XM Radio LLC<br>5.00%<sup>(1)</sup> | 08/01/27 | 1820000 | 1801309 |
|  Time Warner Cable LLC<br>5.50% | 09/01/41 | 535000 | 482254 |
|  Univision Communications, Inc.<br>8.50%<sup>(1)</sup> | 07/31/31 | 55000 | 55931 |
|  Virgin Media Secured Finance PLC (United Kingdom)<br>5.50%<sup>(1)</sup> | 05/15/29 | 1842000 | 1801642 |
|  VZ Secured Financing BV (Netherlands)<br>5.00%<sup>(1)</sup> | 01/15/32 | 1475000 | 1299519 |
|  Ziggo Bond Co. BV (Netherlands)<br>5.13%<sup>(1)</sup> | 02/28/30 | 53000 | 46354 |
|  |  |  | 12884126 |
|  **Mining**—**0.1%** |  |  |  |
|  Corp. Nacional del Cobre de Chile |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%<sup>(4)</sup> | 02/02/33 | 207000 | 202438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%<sup>(4)</sup> | 01/08/34 | 407000 | 416202 |
|  Corp. Nacional del Cobre de Chile (Chile)<br>5.13%<sup>(4)</sup> | 02/02/33 | 200000 | 195592 |
|  Novelis Corp.<br>3.25%<sup>(1)</sup> | 11/15/26 | 275000 | 270699 |
|  |  |  | 1084931 |
|  **Miscellaneous Manufacturers**—**0.1%** |  |  |  |
|  CTEC II GmbH (Germany)<br>5.25%<sup>(4)</sup> | 02/15/30 | 846000 | 835118 |
|  **Office/Business Equipment**—**0.1%** |  |  |  |
|  Xerox Corp.<br>10.25%<sup>(1)</sup> | 10/15/30 | 826000 | 851515 |
|  **Oil & Gas**—**0.4%** |  |  |  |
|  Ecopetrol SA<br>8.38% | 01/19/36 | 2100000 | 2080617 |
|  Ecopetrol SA (Colombia)<br>8.88% | 01/13/33 | 856000 | 900666 |
|  KazMunayGas National Co. JSC (Kazakhstan)<br>3.50%<sup>(1)</sup> | 04/14/33 | 815000 | 711951 |
|  Matador Resources Co.<br>6.50%<sup>(1)</sup> | 04/15/32 | 1033000 | 1036244 |
|  Pertamina Persero PT (Indonesia)<br>3.10%<sup>(1)</sup> | 08/27/30 | 600000 | 553626 |
|  Transocean Titan Financing Ltd.<br>8.38%<sup>(1)</sup> | 02/01/28 | 356476 | 365980 |
|  Transocean, Inc.<br>8.75%<sup>(1)</sup> | 02/15/30 | 252000 | 261445 |
|  |  |  | 5910529 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Oil & Gas Services**—**0.1%** |  |  |  |
|  Archrock Partners LP/Archrock Partners Finance Corp.<br>6.25%<sup>(1)</sup> | 04/01/28 | $103000 | $103454 |
|  USA Compression Partners LP/USA Compression Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 09/01/27 | 1420000 | 1420667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%<sup>(1)</sup> | 03/15/29 | 275000 | 281328 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805449 |
|  **Packaging & Containers**—**0.4%** |  |  |  |
|  Amcor Finance USA, Inc.<br>4.50% | 05/15/28 | 245000 | 244679 |
|  Amcor Flexibles North America, Inc.<br>4.80%<sup>(1)</sup> | 03/17/28 | 2225000 | 2237571 |
|  Amcor Group Finance PLC<br>5.45% | 05/23/29 | 670000 | 689517 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%<sup>(1)</sup> | 08/15/26 | 382000 | 377638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%<sup>(1)</sup> | 08/15/27 | 305000 | 151789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%<sup>(1)</sup> | 08/15/27 | 510000 | 254398 |
|  Berry Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | 01/15/27 | 40000 | 38373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% | 04/15/28 | 255000 | 261209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% | 01/15/34 | 150000 | 155312 |
|  Clearwater Paper Corp.<br>4.75%<sup>(1)</sup> | 08/15/28 | 822000 | 775779 |
|  Graham Packaging Co., Inc.<br>7.13%<sup>(1)</sup> | 08/15/28 | 53000 | 52917 |
|  Graphic Packaging International LLC<br>6.38%<sup>(1)</sup> | 07/15/32 | 325000 | 329219 |
|  |  |  | 5568401 |
|  **Pharmaceuticals**—**1.1%** |  |  |  |
|  1261229 BC Ltd.<br>10.00%<sup>(1)</sup> | 04/15/32 | 1427000 | 1453799 |
|  180 Medical, Inc. (United Kingdom)<br>3.88%<sup>(1)</sup> | 10/15/29 | 269000 | 254953 |
|  Bayer U.S. Finance II LLC (Germany) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%<sup>(1)</sup> | 12/15/25 | 255000 | 254347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%<sup>(1)</sup> | 12/15/28 | 510000 | 504115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%<sup>(1)</sup> | 07/15/44 | 245000 | 191852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%<sup>(1)</sup> | 06/25/48 | 80000 | 65913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%<sup>(1)</sup> | 11/21/33 | 500000 | 534355 |
|  Bayer U.S. Finance LLC (Germany)<br>6.88%<sup>(1)</sup> | 11/21/53 | 345000 | 367290 |
|  Centrient Holding BV (Netherlands)<br>6.75%<sup>(1)</sup> | 05/30/30 | 900000 | 1054862 |
|  CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78% | 03/25/38 | 75000 | 68706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05% | 03/25/48 | 330000 | 284123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 06/01/34 | 1165000 | 1193414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 06/01/53 | 212000 | 201464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (5 yr. CMT + 2.516%)<sup>(3)</sup> | 12/10/54 | 1290000 | 1296386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% (5 yr. CMT + 2.886%)<sup>(3)</sup> | 03/10/55 | 1550000 | 1597957 |
|  Galderma Finance Europe BV (Netherlands)<br>3.50%<sup>(4)</sup> | 03/20/30 | 1040000 | 1209421 |
|  Grifols SA (Spain) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%<sup>(1)</sup> | 10/15/28 | 410000 | 395109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%<sup>(4)</sup> | 05/01/30 | 827000 | 998879 |
|  Johnson & Johnson |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | 02/26/33 | 260000 | 298008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 02/26/45 | 265000 | 294138 |
|  Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc.<br>8.75%<sup>(1)</sup> | 04/17/32 | 932000 | 897917 |
|  Pfizer Netherlands International Finance BV<br>3.25% | 05/19/32 | 340000 | 390844 |
|  Teva Pharmaceutical Finance Netherlands II BV (Israel)<br>4.13% | 06/01/31 | 1946000 | 2234787 |
|  Teva Pharmaceutical Finance Netherlands III BV (Israel)<br>6.00% | 12/01/32 | 274000 | 279617 |
|  Teva Pharmaceutical Finance Netherlands IV BV (Israel)<br>5.75% | 12/01/30 | 274000 | 278354 |
|  |  |  | 16600610 |
|  **Pipelines**—**0.7%** |  |  |  |
|  Energy Transfer LP<br>6.63% (3 mo. USD LIBOR + 4.155%)<sup>(3),(5)</sup> | 02/15/28 | 733000 | 731805 |
|  Global Partners LP/GLP Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 01/15/29 | 430000 | 436489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%<sup>(1)</sup> | 01/15/32 | 425000 | 445736 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp.<br>8.38%<sup>(1)</sup> | 02/15/32 | 942000 | 922265 |
|  NGPL PipeCo LLC<br>4.88%<sup>(1)</sup> | 08/15/27 | 40000 | 39816 |
|  Pipeline Funding Co. LLC<br>7.50%<sup>(1)</sup> | 01/15/30 | 136675 | 140625 |
|  Rockies Express Pipeline LLC<br>6.88%<sup>(1)</sup> | 04/15/40 | 216000 | 218482 |
|  Southern Natural Gas Co. LLC<br>4.80%<sup>(1)</sup> | 03/15/47 | 65000 | 55572 |
|  TMS Issuer SARL<br>5.78%<sup>(4)</sup> | 08/23/32 | 400000 | 413592 |
|  TransMontaigne Partners LLC<br>8.50%<sup>(1)</sup> | 06/15/30 | 650000 | 680082 |
|  Venture Global Calcasieu Pass LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%<sup>(1)</sup> | 11/01/33 | 750000 | 654953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%<sup>(1)</sup> | 08/15/31 | 580000 | 535978 |
|  Venture Global LNG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%<sup>(1)</sup> | 01/15/30 | 150000 | 152258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (5 yr. CMT + 5.440%)<sup>(1),(3),(5)</sup> | 09/30/29 | 3220000 | 3222801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%<sup>(1)</sup> | 02/01/32 | 779000 | 841094 |
|  Venture Global Plaquemines LNG LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%<sup>(1)</sup> | 01/15/34 | 128000 | 131711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%<sup>(1)</sup> | 01/15/36 | 1224000 | 1259496 |
|  |  |  | 10882755 |
|  **Real Estate**—**0.1%** |  |  |  |
|  Blackstone Property Partners Europe Holdings SARL (Luxembourg)<br>1.00%<sup>(4)</sup> | 05/04/28 | 195000 | 212275 |
|  Vonovia SE (Germany) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<sup>(4)</sup> | 09/01/32 | 100000 | 94729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%<sup>(4)</sup> | 06/14/41 | 600000 | 460501 |
|  |  |  | 767505 |
|  **REIT**—**0.9%** |  |  |  |
|  American Assets Trust LP<br>3.38% | 02/01/31 | 500000 | 447500 |
|  American Homes 4 Rent LP<br>3.38% | 07/15/51 | 675000 | 443995 |
|  American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10% | 06/15/30 | 1050000 | 932358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90% | 03/15/30 | 500000 | 504970 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **REIT (Continued)** |  |  |  |
|  Americold Realty Operating Partnership LP (REIT)<br>5.60% | 05/15/32 | $1120000 | $1121445 |
|  Boston Properties LP (REIT)<br>2.75% | 10/01/26 | 10000 | 9783 |
|  Crown Castle, Inc. (REIT)<br>2.10% | 04/01/31 | 1250000 | 1076500 |
|  Digital Dutch Finco BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%<sup>(4)</sup> | 02/01/31 | 220000 | 224551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%<sup>(4)</sup> | 03/15/35 | 500000 | 563576 |
|  Equinix Europe 2 Financing Corp. LLC (REIT)<br>3.63% | 11/22/34 | 490000 | 544867 |
|  Extra Space Storage LP<br>2.40% | 10/15/31 | 71000 | 61458 |
|  GLP Capital LP/GLP Financing II, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 01/15/31 | 73000 | 68851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38% | 04/15/26 | 1040000 | 1040354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | 06/01/28 | 10000 | 10221 |
|  Healthcare Realty Holdings LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% | 02/15/30 | 35000 | 32508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | 01/15/28 | 150000 | 145786 |
|  Host Hotels & Resorts LP (REIT)<br>5.70% | 06/15/32 | 1475000 | 1497199 |
|  Hudson Pacific Properties LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 01/15/30 | 422000 | 338060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 576000 | 545351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 02/15/28 | 638000 | 612346 |
|  Iron Mountain, Inc. (REIT)<br>6.25%<sup>(1)</sup> | 01/15/33 | 335000 | 340799 |
|  Lineage OP LP<br>5.25%<sup>(1)</sup> | 07/15/30 | 1160000 | 1165231 |
|  LXP Industrial Trust<br>2.70% | 09/15/30 | 160000 | 142971 |
|  Prologis Euro Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | 05/05/34 | &nbsp;&nbsp;&nbsp;&nbsp;290000 | 340959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 05/23/33 | 150000 | 184825 |
|  Realty Income Corp.<br>3.38% | 06/20/31 | 450000 | 513663 |
|  VICI Properties LP<br>5.63% | 05/15/52 | 50000 | 45834 |
|  VICI Properties LP/VICI Note Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%<sup>(1)</sup> | 02/15/29 | 30000 | 29048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%<sup>(1)</sup> | 02/01/27 | 65000 | 65710 |
|  WP Carey, Inc. (REIT)<br>4.25% | 07/23/32 | 200000 | 236760 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13287479 |
|  **Retail—0.6%** |  |  |  |
|  BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.<br>9.50%<sup>(1)</sup> | 07/01/32 | 1990000 | 2051809 |
|  Ferrellgas LP/Ferrellgas Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%<sup>(1)</sup> | 04/01/26 | 810000 | 804306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%<sup>(1)</sup> | 04/01/29 | 926000 | 855994 |
|  FirstCash, Inc.<br>6.88%<sup>(1)</sup> | 03/01/32 | 320000 | 328714 |
|  LCM Investments Holdings II LLC<br>8.25%<sup>(1)</sup> | 08/01/31 | 50000 | 52902 |
|  Lithia Motors, Inc.<br>3.88%<sup>(1)</sup> | 06/01/29 | 325000 | 307648 |
|  Macy's Retail Holdings LLC<br>7.38%<sup>(1)</sup> | 08/01/33 | 676000 | 678873 |
|  Michaels Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%<sup>(1)</sup> | 05/01/28 | 2299000 | 1840487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%<sup>(1)</sup> | 05/01/29 | 210000 | 140633 |
|  Murphy Oil USA, Inc.<br>3.75%<sup>(1)</sup> | 02/15/31 | 58000 | 53389 |
|  Papa John's International, Inc.<br>3.88%<sup>(1)</sup> | 09/15/29 | 695000 | 668659 |
|  Raising Cane's Restaurants LLC<br>9.38%<sup>(1)</sup> | 05/01/29 | 320000 | 338266 |
|  Staples, Inc.<br>10.75%<sup>(1)</sup> | 09/01/29 | 175000 | 164124 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp.<br>5.00%<sup>(1)</sup> | 06/01/31 | 435000 | 409109 |
|  |  |  | 8694913 |
|  **Semiconductors**—**0.1%** |  |  |  |
|  Foundry JV Holdco LLC<br>5.50%<sup>(1)</sup> | 01/25/31 | 185000 | 189013 |
|  Intel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | 08/12/31 | 560000 | 476140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73% | 12/08/47 | 1000000 | 684830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 02/10/53 | 130000 | 117240 |
|  |  |  | 1467223 |
|  **Software**—**0.6%** |  |  |  |
|  Cloud Software Group, Inc.<br>9.00%<sup>(1)</sup> | 09/30/29 | 440000 | 455761 |
|  Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL<br>8.75%<sup>(1)</sup> | 05/01/29 | 678000 | 692435 |
|  Open Text Corp. (Canada)<br>6.90%<sup>(1)</sup> | 12/01/27 | 760000 | 785012 |
|  Open Text Holdings, Inc. (Canada)<br>4.13%<sup>(1)</sup> | 12/01/31 | 2350000 | 2141907 |
|  Oracle Corp.<br>4.80% | 08/03/28 | 880000 | 889786 |
|  Paychex, Inc.<br>5.10% | 04/15/30 | 2380000 | 2432455 |
|  RingCentral, Inc.<br>8.50%<sup>(1)</sup> | 08/15/30 | 336000 | 358532 |
|  SS&C Technologies, Inc.<br>5.50%<sup>(1)</sup> | 09/30/27 | 52000 | 52011 |
|  TeamSystem SpA (Italy)<br>5.19% (3 mo. EUR EURIBOR + 3.250%)<sup>(1),(3)</sup> | 07/01/32 | 800000 | 913772 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<br>3.88%<sup>(1)</sup> | 02/01/29 | 282000 | 265280 |
|  |  |  | 8986951 |
|  **Telecommunications**—**0.8%** |  |  |  |
|  Altice Financing SA (Luxembourg) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%<sup>(1)</sup> | 08/15/29 | 2393000 | 1834187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%<sup>(1)</sup> | 07/15/27 | 1321000 | 1215650 |
|  Consolidated Communications, Inc.<br>6.50%<sup>(1)</sup> | 10/01/28 | 1363000 | 1385558 |
|  EchoStar Corp.<br>10.75% | 11/30/29 | 688000 | 725929 |
|  Frontier Communications Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%<sup>(1)</sup> | 10/15/27 | 155000 | 155124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%<sup>(1)</sup> | 03/15/31 | 1351000 | 1433289 |
|  Global Switch Finance BV (United Kingdom)<br>1.38%<sup>(4)</sup> | 10/07/30 | 725000 | 775287 |
|  Level 3 Financing, Inc.<br>6.88%<sup>(1)</sup> | 06/30/33 | 380000 | 385810 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC<br>5.15%<sup>(1)</sup> | 09/20/29 | 370150 | 371542 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Telecommunications (Continued)** |  |  |  |
|  T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | 02/15/31 | $996000 | $890384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 05/15/32 | 1075000 | 1090888 |
|  Vmed O2 U.K. Financing I PLC (United Kingdom)<br>4.75%<sup>(1)</sup> | 07/15/31 | 69000 | 63927 |
|  Windstream Services LLC/Windstream Escrow Finance Corp.<br>8.25%<sup>(1)</sup> | 10/01/31 | 417000 | 437104 |
|  Zayo Group Holdings, Inc.<br>4.00%<sup>(1)</sup> | 03/01/27 | 850000 | 809710 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;11574389 |
|  **Transportation**—**0.1%** |  |  |  |
|  Aurizon Network Pty. Ltd. (Australia)<br>2.90%<sup>(4)</sup> | 09/02/30 | 1700000 | 983462 |
|  Pacific National Finance Pty. Ltd. (Australia)<br>3.70% | 09/24/29 | 1650000 | 982488 |
|  |  |  | 1965950 |
|  **Water**—**0.2%** |  |  |  |
|  Holding d'Infrastructures des Metiers de l'Environnement (France)<br>4.88%<sup>(4)</sup> | 10/24/29 | 200000 | 238070 |
|  Suez SACA (France)<br>2.88%<sup>(4)</sup> | 05/24/34 | 200000 | 214566 |
|  United Utilities Water Finance PLC (United Kingdom)<br>3.75%<sup>(4)</sup> | 05/23/34 | 420000 | 482721 |
|  Yorkshire Water Finance PLC (United Kingdom)<br>6.38%<sup>(4)</sup> | 11/18/34 | 1550000 | 2108295 |
|  |  |  | 3043652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** (Cost: $253,700,887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** (Cost: $253,700,887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** (Cost: $253,700,887) | 257538885 |
|  **MUNICIPAL BONDS—0.2%** |  |  |  |
|  City of Los Angeles Department of Airports, Revenue Bond<br>3.89% | 05/15/38 | 100000 | 89862 |
|  City of New York, Series F<br>3.62% | 04/01/31 | 155000 | 148852 |
|  County of Miami-Dade Aviation Revenue, Revenue Bond<br>2.61% | 10/01/32 | 100000 | 87428 |
|  Empire State Development Corp., Revenue Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54% | 03/15/34 | 135000 | 113514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54% | 03/15/34 | 40000 | 33757 |
|  Empire State Development Corp., Series F<br>2.00% | 03/15/33 | 100000 | 82275 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, Series B-3<br>1.85% | 08/01/32 | 75000 | 62725 |
|  New York City Transitional Finance Authority, Revenue Bonds<br>5.00% | 11/01/53 | 1700000 | 1710101 |
|  New York State Thruway Authority, Revenue Bonds<br>5.00% | 03/15/59 | 520000 | 522018 |
|  State of Ohio, Revenue Bond<br>2.89% | 01/01/32 | 100000 | 90084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** (Cost: $3,051,155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** (Cost: $3,051,155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Municipal Bonds** (Cost: $3,051,155) | 2940616 |
|  **FOREIGN GOVERNMENT BONDS—1.1%** |  |  |  |
|  Brazil Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% | 10/20/33 | 1420000 | 1404337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% | 03/15/34 | 1014000 | 1004692 |
|  Colombia Government International Bonds<br>8.00% | 11/14/35 | 1110000 | 1140114 |
|  Costa Rica Government International Bonds<br>6.55%<sup>(4)</sup> | 04/03/34 | 1014000 | 1059884 |
|  Finance Department Government of Sharjah<br>6.50%<sup>(1)</sup> | 11/23/32 | 200000 | 211906 |
|  Guatemala Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%<sup>(4)</sup> | 10/07/33 | 707000 | 604209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%<sup>(4)</sup> | 08/10/29 | 310000 | 308757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%<sup>(4)</sup> | 08/10/29 | 300000 | 298797 |
|  Indonesia Government International Bonds<br>4.75% | 09/10/34 | 200000 | 196674 |
|  Israel Government International Bonds<br>5.38% | 02/19/30 | 440000 | 449680 |
|  Mexico Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.66% | 05/24/31 | 814000 | 705046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88% | 05/19/33 | 1166000 | 1097602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% | 02/09/35 | 810000 | 824580 |
|  Panama Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% | 09/29/32 | 1014000 | 777119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40% | 02/14/35 | 1014000 | 998111 |
|  Paraguay Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%<sup>(4)</sup> | 04/28/31 | 414000 | 411516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%<sup>(4)</sup> | 04/28/31 | 400000 | 397600 |
|  Perusahaan Penerbit SBSN Indonesia III<br>2.80%<sup>(4)</sup> | 06/23/30 | 200000 | 185444 |
|  Republic of South Africa Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 06/22/30 | 1115000 | 1110339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% | 04/20/32 | 1014000 | 991023 |
|  Romania Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%<sup>(4)</sup> | 03/27/32 | 910000 | 795522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%<sup>(4)</sup> | 03/24/35 | 990000 | 938570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%<sup>(1)</sup> | 05/16/36 | 700000 | 699048 |
|  Uruguay Government International Bonds<br>5.44% | 02/14/37 | 200000 | 204364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Bonds** (Cost: $16,566,102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Bonds** (Cost: $16,566,102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Bonds** (Cost: $16,566,102) | 16814934 |
|  **ASSET-BACKED SECURITIES—16.4%** |  |  |  |
|  522 Funding CLO Ltd. Series 2020-6A, Class CR2<br>6.27% (3 mo. USD Term SOFR + 1.950%)<sup>(1),(3)</sup> | 10/23/34 | 1100000 | 1100982 |
|  Adagio IV CLO Ltd. Series IV-X, Class B1RR<br>3.68% (3 mo. EUR EURIBOR + 1.650%)<sup>(3),(4)</sup> | 04/15/34 | 975000 | 1108093 |
|  AGL CLO 13 Ltd. Series 2021-13A, Class B<br>6.24% (3 mo. USD Term SOFR + 1.912%)<sup>(1),(3)</sup> | 10/20/34 | 600000 | 600030 |
|  AIMCO CLO Series 2017-AA, Class SUB<br>0.00%<sup>(1),(8)</sup> | 01/20/38 | 4250000 | 2513140 |
|  AIMCO CLO 14 Ltd. Series 2021-14A, Class SUB<br>0.00%<sup>(1),(8)</sup> | 04/20/34 | 700000 | 475354 |
|  Alinea CLO Ltd. Series 2018-1A, Class DR<br>6.58% (3 mo. USD Term SOFR + 2.250%)<sup>(1),(3)</sup> | 07/20/31 | 750000 | 751012 |
|  Allegro CLO XVI Ltd. Series 2024-1A, Class C<br>7.02% (3 mo. USD Term SOFR + 2.700%)<sup>(1),(3)</sup> | 04/25/37 | 1000000 | 1007648 |
|  ALLO Issuer LLC Series 2023-1A, Class C<br>12.18%<sup>(1)</sup> | 06/20/53 | 469000 | 503257 |
|  ALLO Issuer LLC Series 2024-1A, Class C<br>11.19%<sup>(1)</sup> | 07/20/54 | 2734000 | 2965031 |
|  ALLO Issuer LLC Series 2025-1A, Class C<br>8.10%<sup>(1)</sup> | 04/20/55 | 1750000 | 1764212 |
|  AMMC CLO 23 Ltd. Series 2020-23A, Class D1R3<br>7.52% (3 mo. USD Term SOFR + 3.200%)<sup>(1),(3)</sup> | 07/17/38 | 3200000 | 3209120 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **ASSET-BACKED SECURITIES (Continued)** |  |  |  |
|  AMMC CLO 24 Ltd. Series 2021-24A, Class BR<br>5.93% (3 mo. USD Term SOFR + 1.600%)<sup>(1),(3)</sup> | 01/20/35 | $700000 | $700774 |
|  AMMC CLO 24 Ltd. Series 2021-24A, Class ER<br>10.83% (3 mo. USD Term SOFR + 6.500%)<sup>(1),(3)</sup> | 01/20/35 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002532 |
|  AMMC CLO 27 Ltd. Series 2022-27A, Class CR<br>6.13% (3 mo. USD Term SOFR + 1.800%)<sup>(1),(3)</sup> | 01/20/37 | 3000000 | 3003681 |
|  AMSR Trust Series 2020-SFR5, Class G<br>4.11%<sup>(1)</sup> | 11/17/37 | 5000000 | 4968379 |
|  AMSR Trust Series 2021-SFR2, Class F1<br>3.28%<sup>(1)</sup> | 08/17/38 | 1225000 | 1193060 |
|  AMSR Trust Series 2021-SFR2, Class F2<br>3.67%<sup>(1)</sup> | 08/17/38 | 3850000 | 3753564 |
|  AMSR Trust Series 2021-SFR3, Class H<br>4.90%<sup>(1)</sup> | 10/17/38 | 1500000 | 1467656 |
|  AMSR Trust Series 2022-SFR1, Class G<br>5.00%<sup>(1)</sup> | 03/17/39 | 3290000 | 3213889 |
|  AMSR Trust Series 2024-SFR1, Class E<br>4.29%<sup>(1)</sup> | 07/17/41 | 4653000 | 4380337 |
|  Angel Oak Mortgage Trust Series 2025-HB1, Class M3<br>7.40% (30 day USD SOFR Average + 3.050%)<sup>(1),(3)</sup> | 02/25/55 | 1832000 | 1847722 |
|  Aqueduct European CLO 9 DAC Series 2025-9A, Class B<br>4.06% (3 mo. EUR EURIBOR + 1.750%)<sup>(1),(3)</sup> | 04/15/38 | 1775000 | 2022591 |
|  Arbour CLO VI DAC Series 6A, Class BR<br>4.04% (3 mo. EUR EURIBOR + 1.900%)<sup>(1),(3)</sup> | 11/15/37 | 1500000 | 1713425 |
|  Arbour CLO VII DAC Series 7A, Class BR<br>4.03% (3 mo. EUR EURIBOR + 2.050%)<sup>(1),(3)</sup> | 12/15/38 | 1350000 | 1542468 |
|  Aurium CLO XIII DAC Series 13A, Class B<br>4.07% (3 mo. EUR EURIBOR + 1.700%)<sup>(1),(3)</sup> | 04/15/38 | 1775000 | 2017932 |
|  Avis Budget Rental Car Funding AESOP LLC Series 2021- 1A, Class D<br>3.71%<sup>(1)</sup> | 08/20/27 | 1540000 | 1506390 |
|  Avis Budget Rental Car Funding AESOP LLC Series 2021- 2A, Class D<br>4.08%<sup>(1)</sup> | 02/20/28 | 3682000 | 3556518 |
|  Avis Budget Rental Car Funding AESOP LLC Series 2023- 3A, Class D<br>7.32%<sup>(1)</sup> | 02/20/28 | 2830000 | 2847667 |
|  Avis Budget Rental Car Funding AESOP LLC Series 2023- 5A, Class D<br>7.35%<sup>(1)</sup> | 04/20/28 | 1530000 | 1547084 |
|  Bain Capital Credit CLO Ltd. Series 2021-3A, Class CR<br>6.22% (3 mo. USD Term SOFR + 1.900%)<sup>(1),(3)</sup> | 07/24/34 | 1200000 | 1201799 |
|  Bardot CLO Ltd. Series 2019-2A, Class DRR<br>6.83% (3 mo. USD Term SOFR + 2.500%)<sup>(1),(3)</sup> | 10/22/32 | 1200000 | 1193292 |
|  Basswood Park CLO Ltd. Series 2021-1A, Class SUB<br>0.00%<sup>(1),(8)</sup> | 04/20/34 | 3000000 | 1651251 |
|  Bayard Park CLO Ltd. Series 2025-1A, Class SUB<br>0.00%<sup>(1),(8)</sup> | 07/24/38 | 2150000 | 1973485 |
|  BCRED CLO LLC Series 2023-1A, Class A<br>6.63% (3 mo. USD Term SOFR + 2.300%)<sup>(1),(3)</sup> | 01/20/36 | 1200000 | 1204076 |
|  Blue Stream Issuer LLC Series 2024-1A, Class C<br>8.71%<sup>(1)</sup> | 11/20/54 | 2430000 | 2564187 |
|  BMO SBA COOF Trust Series 2019-1, Class A (I/O)<br>1.66%<sup>(1),(9)</sup> | 10/25/45 | 1736205 | 65101 |
|  Capital Street Master Trust Series 2024-1, Class A<br>5.69% (30 day USD SOFR Average + 1.350%)<sup>(1),(3)</sup> | 10/16/28 | 1100000 | 1100211 |
|  Carvana Auto Receivables Trust Series 2020-P1, Class R<br>0.00%<sup>(1),(10)</sup> | 09/08/27 | 1300 | 98377 |
|  Carvana Auto Receivables Trust Series 2021-N3, Class R<br>0.00%<sup>(1),(10)</sup> | 06/12/28 | 1500 | 96090 |
|  Carvana Auto Receivables Trust Series 2022-P2, Class R<br>0.00%<sup>(1),(10)</sup> | 05/10/29 | 3050 | 363066 |
|  Carvana Auto Receivables Trust Series 2023-N3, Class R<br>0.00%<sup>(1),(10)</sup> | 09/10/30 | 2200 | 453296 |
|  Carvana Auto Receivables Trust Series 2023-N3, Class XS (I/O)<br>0.00%<sup>(1),(8)</sup> | 09/10/30 | 16629823 | 301149 |
|  Carvana Auto Receivables Trust Series 2023-P1, Class R<br>0.00%<sup>(1),(10)</sup> | 03/11/30 | 3100 | 257594 |
|  Carvana Auto Receivables Trust Series 2023-P2, Class R<br>0.00%<sup>(1),(10)</sup> | 06/10/30 | 2000 | 198521 |
|  Carvana Auto Receivables Trust Series 2023-P3, Class R<br>0.00%<sup>(1),(10)</sup> | 08/12/30 | 2000 | 238929 |
|  Castlelake Aircraft Structured Trust Series 2025-1A, Class A<br>5.78%<sup>(1)</sup> | 02/15/50 | 3433851 | 3467332 |
|  Castlelake Aircraft Structured Trust Series 2025-2A, Class A<br>5.47%<sup>(1),(11),(2)</sup> | 08/15/50 | 2135000 | 2134946 |
|  CIFC Funding Ltd. Series 2017-4A, Class A2R<br>6.13% (3 mo. USD Term SOFR + 1.812%)<sup>(1),(3)</sup> | 10/24/30 | 575000 | 575316 |
|  CIFC Funding Ltd. Series 2018-1A, Class SUB<br>0.00%<sup>(1),(8)</sup> | 01/18/38 | 575000 | 224758 |
|  CIFC Funding Ltd. Series 2022-2A, Class B<br>0.00%<sup>(1),(8)</sup> | 04/19/35 | 475000 | 342592 |
|  CLI Funding VIII LLC Series 2022-1A, Class B<br>3.12%<sup>(1)</sup> | 01/18/47 | 234784 | 212038 |
|  Cloud Capital Holdco LP Series 2024-1A, Class A2<br>5.78%<sup>(1)</sup> | 11/22/49 | 1860000 | 1883600 |
|  Cologix Data Centers U.S. Issuer LLC Series 2021-1A, Class A2<br>3.30%<sup>(1)</sup> | 12/26/51 | 2000000 | 1933695 |
|  Cologix Data Centers U.S. Issuer LLC Series 2021-1A, Class C<br>5.99%<sup>(1)</sup> | 12/26/51 | 3400000 | 3332265 |
|  Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class C<br>9.41% <sup>(1)</sup> | 05/20/55 | 2890000 | 3018227 |
|  CoreVest American Finance Ltd. Series 2021-1, Class XB (I/O)<br>1.44%<sup>(1),(9)</sup> | 04/15/53 | 4459000 | 202648 |
|  CVC Cordatus Loan Fund XXI DAC Series 21X, Class B1<br>3.71% (3 mo. EUR EURIBOR + 1.700%)<sup>(3),(4)</sup> | 09/22/34 | 1200000 | 1369982 |
|  DailyPay Securitization Trust Series 2025-1A, Class B<br>6.20%<sup>(1)</sup> | 06/26/28 | 2920000 | 2930724 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **ASSET-BACKED SECURITIES (Continued)** |  |  |  |
|  Davis Park CLO Ltd. Series 2022-1A, Class D1R<br>7.42% (3 mo. USD Term SOFR + 3.100%)<sup>(1),(3)</sup> | 07/20/38 | $3500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3479875 |
|  Dryden 45 Senior Loan Fund Series 2016-45A, Class CRR<br>6.27% (3 mo. USD Term SOFR + 1.950%)<sup>(1),(3)</sup> | 10/15/30 | 1300000 | 1301344 |
|  Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR<br>5.48% (3 mo. USD Term SOFR + 1.162%)<sup>(1),(3)</sup> | 04/15/29 | 14776 | 14807 |
|  Elmwood CLO 17 Ltd. Series 2022-4A, Class SUB<br>0.00%<sup>(1),(8)</sup> | 07/17/37 | 4000000 | 2712468 |
|  Elmwood CLO III Ltd. Series 2019-3A, Class ERR<br>10.28% (3 mo. USD Term SOFR + 5.950%)<sup>(1),(3)</sup> | 07/18/37 | 1900000 | 1906639 |
|  Elmwood CLO III Ltd. Series 2019-3A, Class SUB<br>0.00%<sup>(1),(8)</sup> | 07/18/37 | 3500000 | 1962478 |
|  Elmwood CLO VI Ltd. Series 2020-3A, Class D1RR<br>7.43% (3 mo. USD Term SOFR + 3.100%)<sup>(1),(3)</sup> | 07/18/37 | 3400000 | 3413991 |
|  eStruxture Issuer LP Series 2025-1, Class A2<br>5.89%<sup>(1)</sup> | 07/20/55 | 4740000 | 3437595 |
|  FHF Issuer Trust Series 2025-1A, Class D<br>5.95%<sup>(1)</sup> | 06/15/32 | 890000 | 899443 |
|  Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R<br>3.89% (3 mo. EUR EURIBOR + 1.750%)<sup>(1),(3)</sup> | 02/15/38 | 2140000 | 2441190 |
|  Flexential Issuer Series 2021-1A, Class A2<br>3.25%<sup>(1)</sup> | 11/27/51 | 2250000 | 2174020 |
|  Flexential Issuer Series 2021-1A, Class B<br>3.72%<sup>(1)</sup> | 11/27/51 | 3000000 | 2887287 |
|  FRTKL Group, Inc. Series 2021-SFR1, Class F<br>3.17%<sup>(1)</sup> | 09/17/38 | 1779000 | 1693042 |
|  GLS Auto Receivables Issuer Trust Series 2023-2A, Class D<br>6.31%<sup>(1)</sup> | 03/15/29 | 1110000 | 1133696 |
|  Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA, Class A2R<br>7.06% (3 mo. USD Term SOFR + 2.750%)<sup>(1),(3)</sup> | 01/20/36 | 800000 | 805025 |
|  Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(1),(3)</sup> | 11/09/36 | 1200000 | 1206624 |
|  Harriman Park CLO Ltd. Series 2020-1A, Class ERR<br>10.33% (3 mo. USD Term SOFR + 6.000%)<sup>(1),(3)</sup> | 07/20/38 | 1950000 | 1935180 |
|  Hertz Vehicle Financing III LP Series 2021-2A, Class C<br>2.52%<sup>(1)</sup> | 12/27/27 | 950000 | 913105 |
|  HOA Funding LLC Series 2021-1A, Class A2<br>4.72%<sup>(1),(12),(13),(11)</sup> | 08/20/51 | 814278 | 187294 |
|  Hotwire Funding LLC Series 2021-1, Class C<br>4.46%<sup>(1)</sup> | 11/20/51 | 3000000 | 2924360 |
|  Hotwire Funding LLC Series 2024-1A, Class C<br>9.19%<sup>(1)</sup> | 06/20/54 | 2250000 | 2356308 |
|  HPS Loan Management Ltd. Series 2024-19A, Class C2<br>7.22% (3 mo. USD Term SOFR + 2.900%)<sup>(1),(3)</sup> | 04/15/37 | 1000000 | 1005367 |
|  Huntington Bank Auto Credit-Linked Notes Series 2025-1, Class D<br>7.85% (30 day USD SOFR Average + 3.500%)<sup>(1),(3)</sup> | 03/21/33 | 1084051 | 1084890 |
|  Invesco CLO Ltd. Series 2021-2A, Class SUB<br>0.00%<sup>(1),(8)</sup> | 07/15/34 | 5000000 | 1669805 |
|  Invesco CLO Ltd. Series 2021-2A, Class Y<br>0.00%<sup>(1),(8),(11),(12)</sup> | 07/15/34 | 500000 |  |
|  Invesco U.S. CLO Ltd. Series 2024-4A, Class SUB<br>0.00%<sup>(1),(8)</sup> | 01/15/38 | 1400000 | 1142120 |
|  Invesco U.S. CLO Ltd. Series 2024-4A, Class Y<br>0.05% <sup>(1),(8),(9),(11),(12)</sup> | 01/15/38 | 1400000 |  |
|  JG Wentworth XLII LLC Series 2018-2A, Class B<br>4.70%<sup>(1)</sup> | 10/15/77 | 144206 | 130043 |
|  JG Wentworth XXXIX LLC Series 2017-2A, Class B<br>5.09%<sup>(1)</sup> | 09/17/74 | 268427 | 241114 |
|  JGWPT XXX LLC Series 2013-3A, Class A<br>4.08%<sup>(1)</sup> | 01/17/73 | 31383 | 29411 |
|  JGWPT XXXII LLC Series 2014-2A, Class A<br>3.61%<sup>(1)</sup> | 01/17/73 | 31685 | 28471 |
|  LCM 35 Ltd. Series 35A, Class BR<br>5.97% (3 mo. USD Term SOFR + 1.650%)<sup>(1),(3)</sup> | 10/15/34 | 1700000 | 1701870 |
|  Lunar Structured Aircraft Portfolio Notes Series 2021-1, Class A<br>2.64%<sup>(1)</sup> | 10/15/46 | 1398781 | 1306215 |
|  Madison Park Funding XLVIII Ltd. Series 2021-48A, Class A<br>5.74% (3 mo. USD LIBOR + 1.150%)<sup>(1),(3)</sup> | 04/19/33 | 900141 | 903742 |
|  Magnetite XLII Ltd. Series 2024-42A, Class SUB<br>0.00%<sup>(1),(8)</sup> | 01/25/38 | 1000000 | 862972 |
|  Mid-State Trust XI Series 11, Class A1<br>4.86% | 07/15/38 | 787 | 785 |
|  Navient Student Loan Trust Series 2018-4A, Class B<br>5.76% (30 day USD SOFR Average + 1.414%)<sup>(1),(3)</sup> | 06/27/67 | 850000 | 797283 |
|  NCFA LLC – Loan Participation 1<br>2.75%<sup>(11)</sup> | 06/12/28 | 2615980 | 2615980 |
|  NCFA LLC – Loan Participation 2<br>3.14%<sup>(11)</sup> | 12/19/27 | 4042586 | 4042586 |
|  NCFA LLC – Loan Participation 3<br>1.00% <sup>(9),(11)</sup> | 04/11/30 | 3800000 | 3800000 |
|  Nelnet Student Loan Trust Series 2007-1, Class B2<br>5.96%<sup>(9),(11)</sup> | 08/25/37 | 785000 | 700376 |
|  Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class ER3<br>11.08% (3 mo. USD Term SOFR + 6.750%)<sup>(1),(3)</sup> | 07/22/38 | 1800000 | 1833039 |
|  Neuberger Berman Loan Advisers CLO 26 Ltd. (17-26A)<br>0.00%<sup>(1),(8)</sup> | 10/18/38 | 5540000 | 2357680 |
|  Neuberger Berman Loan Advisers CLO 40 Ltd. Series 2021- 40A, Class SUB<br>0.00%<sup>(1),(8)</sup> | 04/16/33 | 275000 | 132384 |
|  NewDay Funding Series 2025-2A, Class E<br>7.22% (1 day GBP SONIA + 3.000%)<sup>(1),(3)</sup> | 07/15/33 | 2500000 | 3309370 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal**<br>**Amount** | **Value** |
|  **ASSET-BACKED SECURITIES (Continued)** |  |  |  |
|  Newday Funding Master Issuer PLC Series 2024-2X, Class E<br>8.12% (1 day GBP SONIA + 3.900%)<sup>(3),(4)</sup> | 07/15/32 | 1600000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138519 |
|  OCP Aegis CLO Ltd. Series 2023-29A, Class D2R<br>8.18% (3 mo. USD Term SOFR + 3.850%)<sup>(1),(3)</sup> | 01/20/36 | $1100000 | 1101519 |
|  OCP CLO Ltd. Series 2021-23A, Class SUB<br>0.00%<sup>(1),(8)</sup> | 01/17/37 | 4395000 | 2215735 |
|  Palmer Square CLO Ltd. Series 2015-1A, Class BR5<br>6.22% (3 mo. USD Term SOFR + 1.900%)<sup>(1),(3)</sup> | 05/21/34 | 1300000 | 1304728 |
|  Palmer Square CLO Ltd. Series 2015-1A, Class CR5<br>7.07% (3 mo. USD Term SOFR + 2.750%)<sup>(1),(3)</sup> | 05/21/34 | 2500000 | 2499913 |
|  Palmer Square CLO Ltd. Series 2021-1A, Class SUB<br>0.00%<sup>(1),(8)</sup> | 04/20/38 | 2212000 | 1541386 |
|  Palmer Square European Loan Funding DAC Series 2024- 3A, Class B<br>3.99% (3 mo. EUR EURIBOR + 1.850%)<sup>(1),(3)</sup> | 05/15/34 | 1400000 | 1598159 |
|  PHEAA Student Loan Trust Series 2014-3A, Class A<br>5.05% (30 day USD SOFR Average + 0.704%)<sup>(1),(3)</sup> | 08/25/40 | 14183 | 14055 |
|  PRET LLC Series 2021-RN3, Class A1<br>4.84%<sup>(1)</sup> | 09/25/51 | 3474201 | 3467708 |
|  PRET LLC Series 2025-NPL6, Class A1<br>5.74%<sup>(1)</sup> | 06/25/55 | 3644578 | 3629614 |
|  PRET LLC Series 2025-NPL8, Class A1<br>5.73%<sup>(1),(9),(11),(2)</sup> | 07/25/55 | 4790000 | 4789990 |
|  Progress Residential Trust Series 2021-SFR10, Class F<br>4.61%<sup>(1)</sup> | 12/17/40 | 1150062 | 1114556 |
|  Progress Residential Trust Series 2021-SFR10, Class H<br>5.23%<sup>(1)</sup> | 12/17/40 | 4235789 | 4033636 |
|  Progress Residential Trust Series 2021-SFR9, Class E1<br>2.81%<sup>(1)</sup> | 11/17/40 | 1531000 | 1427545 |
|  Progress Residential Trust Series 2022-SFR1, Class G<br>5.52%<sup>(1)</sup> | 02/17/41 | 5160000 | 4992453 |
|  Progress Residential Trust Series 2022-SFR3, Class E2<br>5.60%<sup>(1)</sup> | 04/17/39 | 1646000 | 1631903 |
|  Progress Residential Trust Series 2024-SFR5, Class E2<br>3.63%<sup>(1),(9)</sup> | 08/09/29 | 2050000 | 1859192 |
|  Rockford Tower CLO Ltd. Series 2017-3A, Class A<br>5.78% (3 mo. USD Term SOFR + 1.452%)<sup>(1),(3)</sup> | 10/20/30 | 166506 | 166791 |
|  Rockford Tower CLO Ltd. Series 2019-2A, Class BR2<br>5.97% (3 mo. USD Term SOFR + 1.650%)<sup>(1),(3)</sup> | 08/20/32 | 2000000 | 2004548 |
|  Rockford Tower CLO Ltd. Series 2021-3A, Class D2R<br>8.57% (3 mo. USD Term SOFR + 4.250%)<sup>(1),(3)</sup> | 01/15/38 | 2850000 | 2821762 |
|  Rockford Tower CLO Ltd. Series 2023-1A, Class D<br>9.65% (3 mo. USD Term SOFR + 5.320%)<sup>(1),(3)</sup> | 01/20/36 | 850000 | 854331 |
|  Sabey Data Center Issuer LLC Series 2021-1, Class A2<br>1.88%<sup>(1)</sup> | 06/20/46 | 1325000 | 1286346 |
|  Sabey Data Center Issuer LLC Series 2023-1, Class A2<br>6.25%<sup>(1)</sup> | 04/20/48 | 175000 | 175419 |
|  Saluda Grade Alternative Mortgage Trust Series 2024-FIG5, Class E<br>8.49%<sup>(1)</sup> | 04/25/54 | 2784873 | 2859723 |
|  Santander Consumer Auto Receivables Trust Series 2020- BA, Class R<br>0.00%<sup>(1),(10)</sup> | 08/15/28 | 2000 | 594915 |
|  Santander Consumer Auto Receivables Trust Series 2021- CA, Class R<br>0.00%<sup>(1),(10)</sup> | 06/15/28 | 5150 | 534325 |
|  Sierra Timeshare Receivables Funding LLC Series 2024-2A, Class C<br>5.83%<sup>(1)</sup> | 06/20/41 | 544355 | 547703 |
|  Sierra Timeshare Receivables Funding LLC Series 2025-2A, Class D<br>6.79%<sup>(1)</sup> | 04/20/44 | 1890000 | 1894060 |
|  Skyline Aviation, Inc. Class A<br>3.23%<sup>(11)</sup> | 07/03/38 | 408778 | 378713 |
|  Slam Ltd. Series 2024-1A, Class A<br>5.34%<sup>(1)</sup> | 09/15/49 | 2055587 | 2056974 |
|  SLM Student Loan Trust Series 2004-1, Class B<br>5.10% (90 day USD SOFR Average + 0.762%)<sup>(3)</sup> | 07/25/39 | 101516 | 95991 |
|  SLM Student Loan Trust Series 2008-5, Class A4<br>6.30% (90 day USD SOFR Average + 1.962%)<sup>(3)</sup> | 07/25/23 | 26520 | 26657 |
|  SLM Student Loan Trust Series 2008-7, Class A4<br>5.50% (90 day USD SOFR Average + 1.162%)<sup>(3)</sup> | 07/25/23 | 6663 | 6546 |
|  SLM Student Loan Trust Series 2008-7, Class B<br>6.45% (90 day USD SOFR Average + 2.112%)<sup>(3)</sup> | 07/26/83 | 10000 | 10039 |
|  Stratus CLO Ltd. Series 2021-3A, Class SUB<br>0.00%<sup>(1),(8)</sup> | 12/29/29 | 975000 | 146 |
|  Switch ABS Issuer LLC Series 2024-1A, Class B<br>6.50%<sup>(1)</sup> | 03/25/54 | 400000 | 402330 |
|  Switch ABS Issuer LLC Series 2024-2A, Class C<br>10.03%<sup>(1)</sup> | 06/25/54 | 2350000 | 2459022 |
|  Taco Bell Funding LLC Series 2016-1A, Class A23<br>4.97%<sup>(1)</sup> | 05/25/46 | 721875 | 721240 |
|  Taco Bell Funding LLC Series 2021-1A, Class A2I<br>1.95%<sup>(1)</sup> | 08/25/51 | 953025 | 909619 |
|  Textainer Marine Containers VII Ltd. Series 2021-1A, Class B<br>2.52%<sup>(1)</sup> | 02/20/46 | 496195 | 455970 |
|  Tricon Residential Trust Series 2022-SFR1, Class E2<br>5.74%<sup>(1)</sup> | 04/17/39 | 1600000 | 1590054 |
|  Tricon Residential Trust Series 2024-SFR4, Class D<br>5.35%<sup>(1)</sup> | 11/17/41 | 1480000 | 1464220 |
|  Trinitas CLO XXII Ltd. Series 2023-22A, Class D1R<br>4.31%<sup>(1),(2),(3)</sup> | 03/20/38 | 1740000 | 1746525 |
|  Vantage Data Centers Jersey Borrower SPV Ltd. Series 2024-1A, Class A2<br>6.17%<sup>(1)</sup> | 05/28/39 | 1550000 | 2106139 |
|  Vault DI Issuer LLC Series 2021-1A, Class A2<br>2.80%<sup>(1)</sup> | 07/15/46 | 1700000 | 1651611 |
|  VB-S1 Issuer LLC Series 2022-1A, Class F<br>5.27%<sup>(1)</sup> | 02/15/52 | 2075000 | 1960605 |
|  Vista Point Securitization Trust Series 2024-CES2, Class A3<br>5.91%<sup>(1)</sup> | 10/25/54 | 700000 | 698984 |
|  Vista Point Securitization Trust Series 2024-CES2, Class B1<br>7.50%<sup>(1),(9)</sup> | 10/25/54 | 1000000 | 1002922 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal**<br>**Amount** | **Value** |
|  **ASSET-BACKED SECURITIES (Continued)** |  |  |  |
|  Voya CLO Ltd. Series 2019-4A, Class ER<br>11.29% (3 mo. USD Term SOFR + 6.972%)<sup>(1),(3)</sup> | 01/15/35 | $1351000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354498 |
|  Wendy's Funding LLC Series 2019-1A, Class A2I<br>3.78%<sup>(1)</sup> | 06/15/49 | 1743226 | 1720412 |
|  Western Funding Auto Loan Trust Series 2025-1, Class D<br>5.79%<sup>(1)</sup> | 01/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | 2498780 |
|  Whetstone Park CLO Ltd. Series 2021-1A, Class SUB<br>0.00%<sup>(1),(8)</sup> | 01/20/35 | 2180000 | 1125580 |
|  Wingstop Funding LLC Series 2020-1A, Class A2<br>2.84%<sup>(1)</sup> | 12/05/50 | 1477500 | 1406208 |
|  Wireless PropCo Funding LLC Series 2025-1A, Class C<br>8.51%<sup>(1),(11)</sup> | 06/25/55 | 2250000 | 2265477 |
|  Ziply Fiber Issuer LLC Series 2024-1A, Class B<br>7.81%<sup>(1)</sup> | 04/20/54 | 825000 | 852233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-backed Securities** (Cost: $246,851,926) |  |  | 246421398 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES—AGENCY—0.1%** |  |  |  |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K037, Class X3 (I/O)<br>5.37%<sup>(9)</sup> | 01/25/42 | 14744 |  |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O)<br>1.55%<sup>(9)</sup> | 10/25/43 | 675585 | 7 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K056, Class X3 (I/O)<br>2.12%<sup>(9)</sup> | 06/25/44 | 6243936 | 105537 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K062, Class X3 (I/O)<br>2.08%<sup>(9)</sup> | 01/25/45 | 2999971 | 78731 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K106, Class X1 (I/O)<br>1.32%<sup>(9)</sup> | 01/25/30 | 9148991 | 454120 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K732, Class X3 (I/O)<br>2.54%<sup>(9)</sup> | 05/25/46 | 2995582 | 3626 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735, Class X3 (I/O)<br>2.16%<sup>(9)</sup> | 05/25/47 | 3160000 | 51237 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K736, Class X3 (I/O)<br>2.00%<sup>(9)</sup> | 09/25/47 | 2495000 | 44914 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O)<br>1.20%<sup>(9)</sup> | 06/25/27 | 595911 | 7151 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KLU1, Class X3 (I/O)<br>4.03%<sup>(9)</sup> | 01/25/31 | 157111 | 14694 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O)<br>1.81%<sup>(9)</sup> | 05/25/27 | 3520276 | 88503 |
|  Federal National Mortgage Association, Pool #462209<br>6.37% (1 yr. CMT + 2.176%)<sup>(3)</sup> | 04/01/36 | 41315 | 41014 |
|  Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O)<br>3.06%<sup>(9)</sup> | 07/25/39 | 198227 | 3593 |
|  Federal National Mortgage Association-ACES Series 2016-M2, Class X3 (I/O)<br>2.04%<sup>(9)</sup> | 04/25/36 | 58928 | 1 |
|  Federal National Mortgage Association-ACES Series 2016-M4, Class X2 (I/O)<br>2.70%<sup>(9)</sup> | 01/25/39 | 411907 | 15265 |
|  Government National Mortgage Association Series 2009-111, Class IO (I/O)<br>0.19%<sup>(9)</sup> | 09/16/51 | 850104 | 29376 |
|  Government National Mortgage Association Series 2011-119, Class IO (I/O)<br>0.13%<sup>(9)</sup> | 08/16/51 | 1050596 | 1084 |
|  Government National Mortgage Association Series 2012-123 (I/O)<br>0.61%<sup>(9)</sup> | 12/16/51 | 1368568 | 22324 |
|  Government National Mortgage Association Series 2012-135 (I/O)<br>0.34%<sup>(9)</sup> | 01/16/53 | 243414 | 2760 |
|  Government National Mortgage Association Series 2013-33, Class IO (I/O)<br>0.17%<sup>(9)</sup> | 04/16/54 | 297014 | 631 |
|  Government National Mortgage Association Series 2014-126, Class IO (I/O)<br>0.71%<sup>(9)</sup> | 02/16/55 | 4381895 | 132082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-backed Securities—Agency** (Cost: $2,441,708) |  |  | 1096650 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY—14.3%** |  |  |  |
|  1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2<br>3.90%<sup>(1)</sup> | 08/10/35 | 2715000 | 2619211 |
|  1211 Avenue of the Americas Trust Series 2015-1211, Class C<br>4.14%<sup>(1),(9)</sup> | 08/10/35 | 1080000 | 1015045 |
|  1345 Trust Series 2025-AOA, Class D<br>7.34% (1 mo. USD Term SOFR + 3.000%)<sup>(1),(3)</sup> | 06/15/30 | 3000000 | 3012472 |
|  245 Park Avenue Trust Series 2017-245P, Class E<br>3.66%<sup>(1),(9)</sup> | 06/05/37 | 4800000 | 4498779 |
|  280 Park Avenue Mortgage Trust Series 2017-280P, Class C<br>5.89% (1 mo. USD Term SOFR + 1.550%)<sup>(1),(3)</sup> | 09/15/34 | 1700000 | 1679941 |
|  280 Park Avenue Mortgage Trust Series 2017-280P, Class E<br>6.75% (1 mo. USD Term SOFR + 2.419%)<sup>(1),(3)</sup> | 09/15/34 | 3100000 | 3003401 |
|  ACRE Multifamily Housing Mortgage Loan Trust Series 2022-Q018, Class B<br>8.34% (30 day USD SOFR Average + 4.000%)<sup>(1),(3)</sup> | 06/25/27 | 3070725 | 3073860 |
|  AMSR Trust Series 2021-SFR1, Class G<br>4.61%<sup>(1)</sup> | 06/17/38 | 2500000 | 2365659 |
|  AMSR Trust Series 2021-SFR3, Class G<br>3.80%<sup>(1)</sup> | 10/17/38 | 2160000 | 2091750 |
|  AMSR Trust Series 2022-SFR1, Class F<br>6.02%<sup>(1)</sup> | 03/17/39 | 3150000 | 3123231 |
|  AOA Mortgage Trust Series 2021-1177, Class B<br>5.63% (1 mo. USD Term SOFR + 1.289%)<sup>(1),(3)</sup> | 10/15/38 | 1600000 | 1519156 |
|  Banc of America Commercial Mortgage Trust Series 2015- UBS7, Class XA (I/O)<br>0.62%<sup>(9)</sup> | 09/15/48 | 3752341 | 38 |
|  Banc of America Commercial Mortgage Trust Series 2015- UBS7, Class XE (I/O)<br>1.25%<sup>(1),(9)</sup> | 09/15/48 | 500000 | 505 |
|  Bank Series 2020-BN25, Class C<br>3.35%<sup>(9)</sup> | 01/15/63 | 1815000 | 1579850 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal**<br>**Amount** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)** |  |  |  |
|  BBCMS Trust Series 2015-SRCH, Class D<br>4.96%<sup>(1),(9)</sup> | 08/10/35 | $5000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677124 |
|  Benchmark Mortgage Trust Series 2024-V10, Class C<br>5.68%<sup>(9)</sup> | 09/15/57 | 1338000 | 1328631 |
|  Benchmark Mortgage Trust Series 2024-V8, Class C<br>6.95%<sup>(9)</sup> | 07/15/57 | 2000000 | 2081671 |
|  BFLD Commercial Mortgage Trust Series 2024-UNIV, Class D<br>7.03% (1 mo. USD Term SOFR + 2.691%)<sup>(1),(3)</sup> | 11/15/41 | 1850000 | 1859644 |
|  BGME Trust Series 2021-VR, Class C<br>2.99%<sup>(1),(9)</sup> | 01/10/43 | 1600000 | 1212308 |
|  BGME Trust Series 2021-VR, Class D<br>2.99%<sup>(1),(9)</sup> | 01/10/43 | 1700000 | 1227701 |
|  Blackstone Industrial Portfolio<br>6.77%<sup>(11)</sup> | 04/09/25 | 187581 | 185687 |
|  BPR Commercial Mortgage Trust Series 2024-PARK, Class E<br>9.69%<sup>(1),(9)</sup> | 11/05/39 | 2690000 | 2921235 |
|  BPR Trust Series 2021-TY, Class D<br>6.81% (1 mo. USD Term SOFR + 2.464%)<sup>(1),(3)</sup> | 09/15/38 | 1750000 | 1742639 |
|  BX Commercial Mortgage Trust Series 2020-VIV2, Class C<br>3.54%<sup>(1),(9)</sup> | 03/09/44 | 1100000 | 1012263 |
|  BX Commercial Mortgage Trust Series 2020-VIVA, Class E<br>3.55%<sup>(1),(9)</sup> | 03/11/44 | 1200000 | 1067566 |
|  BX Commercial Mortgage Trust Series 2024-BRBK, Class D<br>10.31% (1 mo. USD Term SOFR + 5.971%)<sup>(1),(3)</sup> | 10/15/41 | 1147000 | 1156821 |
|  BX Commercial Mortgage Trust Series 2025-BCAT, Class D<br>7.00% (1 mo. USD Term SOFR + 2.650%)<sup>(1),(2),(3)</sup> | 08/15/42 | 1380000 | 1380000 |
|  BX Commercial Mortgage Trust Series 2025-BCAT, Class E<br>7.85% (1 mo. USD Term SOFR + 3.500%)<sup>(1),(2),(3)</sup> | 08/15/42 | 3600000 | 3600000 |
|  BX Commercial Mortgage Trust Series 2025-SPOT, Class E<br>8.03% (1 mo. USD Term SOFR + 3.690%)<sup>(1),(3)</sup> | 04/15/40 | 2300000 | 2308660 |
|  BX Mortgage Trust Series 2021-PAC, Class G<br>7.40% (1 mo. USD Term SOFR + 3.061%)<sup>(1),(3)</sup> | 10/15/36 | 2059000 | 2048190 |
|  BX Trust Series 2021-ARIA, Class F<br>7.05% (1 mo. USD Term SOFR + 2.708%)<sup>(1),(3)</sup> | 10/15/36 | 1600000 | 1599259 |
|  BX Trust Series 2021-ARIA, Class G<br>7.60% (1 mo. USD Term SOFR + 3.257%)<sup>(1),(3)</sup> | 10/15/36 | 1500000 | 1495846 |
|  BX Trust Series 2021-VIEW, Class E<br>8.06% (1 mo. USD Term SOFR + 3.714%)<sup>(1),(3)</sup> | 06/15/36 | 1850000 | 1856997 |
|  BX Trust Series 2022-FOX2, Class E<br>7.30% (1 mo. USD Term SOFR + 2.959%)<sup>(1),(3)</sup> | 04/15/39 | 868000 | 865278 |
|  BX Trust Series 2022-LBA6, Class D<br>6.34% (1 mo. USD Term SOFR + 2.000%)<sup>(1),(3)</sup> | 01/15/39 | 1240000 | 1240649 |
|  BX Trust Series 2023-LIFE, Class C<br>5.88%<sup>(1)</sup> | 02/15/28 | 2200000 | 2104428 |
|  BX Trust Series 2024-BIO, Class B<br>6.28% (1 mo. USD Term SOFR + 1.941%)<sup>(1),(3)</sup> | 02/15/41 | 2000000 | 2000038 |
|  BX Trust Series 2024-BIO, Class C<br>6.98% (1 mo. USD Term SOFR + 2.640%)<sup>(1),(3)</sup> | 02/15/41 | 927000 | 926619 |
|  BX Trust Series 2024-BIO, Class D<br>7.98% (1 mo. USD Term SOFR + 3.639%)<sup>(1),(3)</sup> | 02/15/41 | 1530000 | 1511647 |
|  BX Trust Series 2025-ROIC, Class E<br>7.28% (1 mo. USD Term SOFR + 2.941%)<sup>(1),(3)</sup> | 03/15/30 | 1627652 | 1602333 |
|  BX Trust Series 2025-VLT6, Class E<br>7.53% (1 mo. USD Term SOFR + 3.191%)<sup>(1),(3)</sup> | 03/15/42 | 1400000 | 1401684 |
|  BX Trust Series 2025-VLT7, Class D<br>7.55% (1 mo. USD Term SOFR + 3.250%)<sup>(1),(3)</sup> | 07/15/44 | 4000000 | 4027554 |
|  BXHPP Trust Series 2021-FILM, Class E<br>6.46% (1 mo. USD Term SOFR + 2.114%)<sup>(1),(3)</sup> | 08/15/36 | 1200000 | 1023944 |
|  BXP Trust Series 2017-GM, Class D<br>3.42%<sup>(1),(9)</sup> | 06/13/39 | 1000000 | 948168 |
|  BXP Trust Series 2017-GM, Class E<br>3.42%<sup>(1),(9)</sup> | 06/13/39 | 750000 | 704215 |
|  BXSC Commercial Mortgage Trust Series 2022-WSS, Class B<br>6.43% (1 mo. USD Term SOFR + 2.092%)<sup>(1),(3)</sup> | 03/15/35 | 1809000 | 1812652 |
|  CD Mortgage Trust Series 2016-CD1, Class XA (I/O)<br>1.34%<sup>(9)</sup> | 08/10/49 | 8559443 | 41764 |
|  Century Plaza Towers Series 2019-CPT, Class F<br>3.00%<sup>(1),(9)</sup> | 11/13/39 | 450000 | 340566 |
|  CGMS Commercial Mortgage Trust Series 2017-B1, Class XF (I/O)<br>0.80%<sup>(1),(9)</sup> | 08/15/50 | 11628000 | 163744 |
|  CHI Commercial Mortgage Trust Series 2025-SFT, Class D<br>7.32%<sup>(1),(9)</sup> | 04/15/42 | 1920000 | 1961479 |
|  Citigroup Commercial Mortgage Trust Series 2016-GC36, Class XA (I/O)<br>1.20%<sup>(9)</sup> | 02/10/49 | 5023126 | 4958 |
|  Citigroup Commercial Mortgage Trust Series 2020-555, Class A<br>2.65%<sup>(1)</sup> | 12/10/41 | 1450000 | 1297545 |
|  COMM Mortgage Trust Series 2012-CR4, Class XA (I/O)<br>1.14%<sup>(9)</sup> | 10/15/45 | 160043 | 2518 |
|  COMM Mortgage Trust Series 2012-LC4, Class XB (I/O)<br>0.52%<sup>(1),(9),(12)</sup> | 12/10/44 | 980992 | 10 |
|  COMM Mortgage Trust Series 2014-CR19, Class XC (I/O)<br>0.71%<sup>(1),(9)</sup> | 08/10/47 | 1200000 | 4332 |
|  COMM Mortgage Trust Series 2014-UBS3, Class XA (I/O)<br>0.61%<sup>(9)</sup> | 06/10/47 | 88690 | 1 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal**<br>**Amount** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)** |  |  |  |
|  COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O)<br>0.53%<sup>(9)</sup> | 09/10/47 | $2070073 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
|  COMM Mortgage Trust Series 2015-CR22, Class XA (I/O)<br>0.16%<sup>(9)</sup> | 03/10/48 | 429373 | 4 |
|  COMM Mortgage Trust Series 2015-CR25, Class XA (I/O)<br>0.62%<sup>(9)</sup> | 08/10/48 | 532781 | 5 |
|  COMM Mortgage Trust Series 2015-LC21, Class XE (I/O)<br>1.07%<sup>(1),(9),(12)</sup> | 07/10/48 | 10015000 | 100 |
|  COMM Mortgage Trust Series 2016-787S, Class D<br>3.83%<sup>(1),(9)</sup> | 02/10/36 | 950000 | 914247 |
|  COMM Mortgage Trust Series 2016-CR28, Class XA (I/O)<br>0.65%<sup>(9)</sup> | 02/10/49 | 10506364 | 117 |
|  Commercial Mortgage Lease-Backed Certificates Series 2001-CMLB, Class X (I/O)<br>1.54%<sup>(1),(9)</sup> | 06/20/31 | 4045 | 6 |
|  CONE Trust Series 2024-DFW1, Class B<br>6.63% (1 mo. USD Term SOFR + 2.291%)<sup>(1),(3)</sup> | 08/15/41 | 1267000 | 1273618 |
|  CoreVest American Finance Ltd. Series 2019-3, Class XA (I/O)<br>2.00%<sup>(1),(9)</sup> | 10/15/52 | 81538 | 372 |
|  CSAIL Commercial Mortgage Trust Series 2015-C2, Class XA (I/O)<br>0.24%<sup>(9)</sup> | 06/15/57 | 1374661 | 74 |
|  CSAIL Commercial Mortgage Trust Series 2019-C16, Class XA (I/O)<br>1.53%<sup>(9)</sup> | 06/15/52 | 546931 | 25970 |
|  DBGS Mortgage Trust Series 2021-W52, Class C<br>6.76% (1 mo. USD Term SOFR + 2.414%)<sup>(1),(3)</sup> | 10/15/36 | 1350000 | 1309006 |
|  DBJPM Mortgage Trust Series 2016-C1, Class XA (I/O)<br>1.36%<sup>(9)</sup> | 05/10/49 | 8457591 | 11118 |
|  DBSG Mortgage Trust Series 2024-ALTA, Class D<br>7.06%<sup>(1),(9)</sup> | 06/10/37 | 500000 | 502608 |
|  Del Amo Fashion Center Trust Series 2017-AMO, Class D<br>3.64%<sup>(1),(9)</sup> | 06/05/35 | 1515000 | 1411754 |
|  DOLP Trust Series 2021-NYC, Class A<br>2.96%<sup>(1)</sup> | 05/10/41 | 1458000 | 1291241 |
|  DOLP Trust Series 2021-NYC, Class E<br>3.70%<sup>(1),(9)</sup> | 05/10/41 | 600000 | 479473 |
|  DOLP Trust Series 2021-NYC, Class G<br>3.70%<sup>(1),(9)</sup> | 05/10/41 | 2250000 | 1516651 |
|  Eleven Madison Trust Mortgage Trust Series 2015-11MD, Class A<br>3.55%<sup>(1),(9)</sup> | 09/10/35 | 1114500 | 1104229 |
|  Extended Stay America Trust Series 2021-ESH, Class F<br>8.16% (1 mo. USD Term SOFR + 3.814%)<sup>(1),(3)</sup> | 07/15/38 | 3281666 | 3289561 |
|  FirstKey Homes Trust Series 2020-SFR1, Class F2<br>4.28%<sup>(1)</sup> | 08/17/37 | 1688000 | 1681149 |
|  FirstKey Homes Trust Series 2021-SFR1, Class F1<br>3.24%<sup>(1)</sup> | 08/17/38 | 4000000 | 3901905 |
|  FirstKey Homes Trust Series 2021-SFR3, Class E1<br>2.99%<sup>(1)</sup> | 12/17/38 | 944000 | 906796 |
|  FirstKey Homes Trust Series 2022-SFR1, Class D<br>5.20%<sup>(1)</sup> | 05/19/39 | 1600000 | 1592401 |
|  Fontainebleau Miami Beach Mortgage Trust Series 2024- FBLU, Class E<br>7.49% (1 mo. USD Term SOFR + 3.150%)<sup>(1),(3)</sup> | 12/15/39 | 3887000 | 3894576 |
|  FS Commercial Mortgage Trust Series 2023-4SZN, Class E<br>10.42%<sup>(1),(9)</sup> | 11/10/39 | 1000000 | 1026187 |
|  Great Wolf Trust Series 2024-WOLF, Class F<br>8.78% (1 mo. USD Term SOFR + 4.438%)<sup>(1),(3)</sup> | 03/15/39 | 2610000 | 2632996 |
|  GS Mortgage Securities Corp. Trust Series 2017-375H, Class B<br>3.48%<sup>(1),(9)</sup> | 09/10/37 | 2920000 | 2739790 |
|  GS Mortgage Securities Corp. Trust Series 2021-DM, Class E<br>7.39% (1 mo. USD Term SOFR + 3.049%)<sup>(1),(3)</sup> | 11/15/36 | 3360000 | 3326732 |
|  GS Mortgage Securities Corp. Trust Series 2024-UPTN, Class E<br>10.04% (1 mo. USD Term SOFR + 5.700%)<sup>(1),(3)</sup> | 10/15/29 | 1450000 | 1419636 |
|  GS Mortgage Securities Trust Series 2010-C1, Class X (I/O)<br>0.42%<sup>(1),(9)</sup> | 08/10/43 | 2270554 | 276 |
|  GS Mortgage Securities Trust Series 2011-GC5, Class XA (I/O)<br>0.09%<sup>(1),(9)</sup> | 08/10/44 | 403268 | 248 |
|  GS Mortgage Securities Trust Series 2015-GC34, Class XA (I/O)<br>1.12%<sup>(9)</sup> | 10/10/48 | 3090493 | 31 |
|  GS Mortgage Securities Trust Series 2015-GS1, Class XA (I/O)<br>0.69%<sup>(9)</sup> | 11/10/48 | 6756323 | 7162 |
|  GS Mortgage Securities Trust Series 2016-GS2, Class XA (I/O)<br>1.72%<sup>(9)</sup> | 05/10/49 | 242699 | 915 |
|  GS Mortgage Securities Trust Series 2016-GS4, Class XA (I/O)<br>0.51%<sup>(9)</sup> | 11/10/49 | 13416123 | 50438 |
|  GSCG Trust Series 2019-600C, Class G<br>3.99%<sup>(1),(9)</sup> | 09/06/34 | 285000 | 3016 |
|  GWT Trust Series 2024-WLF2, Class B<br>6.48% (1 mo. USD Term SOFR + 2.141%)<sup>(1),(3)</sup> | 05/15/41 | 522000 | 525317 |
|  Hilton USA Trust Series 2016-HHV, Class F<br>4.19%<sup>(1),(9)</sup> | 11/05/38 | 1835000 | 1768330 |
|  Hilton USA Trust Series 2025-NVIL, Class E<br>9.63% (1 mo. USD Term SOFR + 5.288%)<sup>(1),(3)</sup> | 07/15/42 | 1010000 | 1018042 |
|  Hilton USA Trust Series 2025-NVIL, Class F<br>11.28% (1 mo. USD Term SOFR + 6.936%)<sup>(1),(3)</sup> | 07/15/42 | 1075000 | 1081712 |
|  Hudson Yards Mortgage Trust Series 2019-30HY, Class D<br>3.44%<sup>(1),(9)</sup> | 07/10/39 | 800000 | 725410 |
|  Hudson Yards Mortgage Trust Series 2025-SPRL, Class E<br>6.68%<sup>(1),(9)</sup> | 01/13/40 | 1000000 | 1031461 |
|  Hudson Yards Mortgage Trust Series 2025-SPRL, Class F<br>7.40%<sup>(1),(9)</sup> | 01/13/40 | 1550000 | 1598826 |
|  ILPT Commercial Mortgage Trust Series 2025-LPF2, Class E<br>8.20%<sup>(1),(9)</sup> | 07/13/42 | 2235000 | 2285273 |
|  IRV Trust Series 2025-200P, Class D<br>6.17%<sup>(1),(9)</sup> | 03/14/47 | 1370000 | 1353994 |
|  JPMBB Commercial Mortgage Securities Trust Series 2015- C30, Class XA (I/O)<br>0.27%<sup>(9)</sup> | 07/15/48 | 5438998 | 54 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal**<br>**Amount** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)** |  |  |
|  JPMBB Commercial Mortgage Securities Trust Series 2015- C30, Class XNR (I/O)<br>0.25%<sup>(1),(9),(12)</sup> | 07/15/48 | $4714625 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
|  JPMBB Commercial Mortgage Securities Trust Series 2015- C31, Class XA (I/O)<br>0.70%<sup>(9)</sup> | 08/15/48 | 1084226 | 11 |
|  JPMCC Commercial Mortgage Securities Trust Series 2017- JP5, Class XA (I/O)<br>0.76%<sup>(9)</sup> | 03/15/50 | 3700270 | 36781 |
|  JPMCC Commercial Mortgage Securities Trust Series 2019- COR4, Class A3<br>3.76% | 03/10/52 | 500000 | 482562 |
|  JPMDB Commercial Mortgage Securities Trust Series 2016- C2, Class XA (I/O)<br>1.47%<sup>(9)</sup> | 06/15/49 | 233298 | 1075 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class XB (I/O)<br>0.49%<sup>(1),(9)</sup> | 06/15/45 | 49111066 | 169782 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-LOOP, Class XB (I/O)<br>0.25%<sup>(1),(9)</sup> | 12/05/38 | 2010000 | 5732 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XAFX (I/O)<br>1.88%<sup>(1),(9)</sup> | 01/16/37 | 450000 | 12461 |
|  JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XBFX (I/O)<br>0.57%<sup>(1),(9)</sup> | 01/16/37 | 1450000 | 12841 |
|  Last Mile Logistics Pan Euro Finance DAC Series 1A, Class E<br>4.83% (3 mo. EUR EURIBOR + 2.700%)<sup>(1),(3)</sup> | 08/17/33 | 1004439 | 1146144 |
|  Last Mile Logistics Pan Euro Finance DAC Series 1A, Class F<br>5.78% (3 mo. EUR EURIBOR + 3.650%)<sup>(1),(3)</sup> | 08/17/33 | 490928 | 556798 |
|  Last Mile Securities PE DAC Series 2021-1A, Class F<br>7.13% (3 mo. EUR EURIBOR + 5.000%)<sup>(1),(3)</sup> | 08/17/31 | 754845 | 859315 |
|  Last Mile Securities PE DAC Series 2021-1X, Class E<br>5.63% (3 mo. EUR EURIBOR + 3.500%)<sup>(3),(4)</sup> | 08/17/31 | 1199753 | 1372271 |
|  MHC Trust Series 2021-MHC2, Class E<br>6.41% (1 mo. USD Term SOFR + 2.064%)<sup>(1),(3)</sup> | 05/15/38 | 808000 | 809549 |
|  Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XC (I/O)<br>0.10%<sup>(1),(9),(12)</sup> | 08/15/45 | 21620092 | 216 |
|  Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12, Class XC (I/O)<br>0.99%<sup>(1),(9)</sup> | 10/15/46 | 15985117 | 236701 |
|  Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O)<br>0.56%<sup>(9)</sup> | 04/15/48 | 204457 | 2 |
|  Morgan Stanley Capital I Trust Series 2011-C2, Class XB (I/O)<br>0.48%<sup>(1),(9)</sup> | 06/15/44 | 10316666 | 36951 |
|  Natixis Commercial Mortgage Securities Trust Series 2018-ALXA, Class E<br>4.32%<sup>(1),(9)</sup> | 01/15/43 | 100000 | 83945 |
|  NRTH Mortgage Trust Series 2024-PARK, Class A<br>5.98% (1 mo. USD Term SOFR + 1.641%)<sup>(1),(3)</sup> | 03/15/39 | 701000 | 701940 |
|  NXPT Commercial Mortgage Trust Series 2024-STOR, Class E<br>6.70%<sup>(1),(9)</sup> | 11/05/41 | 811000 | 814957 |
|  NYC Commercial Mortgage Trust Series 2021-909, Class D<br>3.21%<sup>(1),(9)</sup> | 04/10/43 | 1400000 | 1067393 |
|  NYC Commercial Mortgage Trust Series 2025-3BP, Class D<br>6.78% (1 mo. USD Term SOFR + 2.441%)<sup>(1),(3)</sup> | 02/15/42 | 2050000 | 2040215 |
|  NYCT Trust Series 2024-3ELV, Class C<br>7.18% (1 mo. USD Term SOFR + 2.840%)<sup>(1),(3)</sup> | 08/15/29 | 2050000 | 2040679 |
|  NYO Commercial Mortgage Trust Series 2021-1290, Class B<br>6.00% (1 mo. USD Term SOFR + 1.659%)<sup>(1),(3)</sup> | 12/15/38 | 1780000 | 1765081 |
|  NYO Commercial Mortgage Trust Series 2021-1290, Class C<br>6.45% (1 mo. USD Term SOFR + 2.109%)<sup>(1),(3)</sup> | 11/15/38 | 820000 | 809979 |
|  NYO Commercial Mortgage Trust Series 2021-1290, Class D<br>7.00% (1 mo. USD Term SOFR + 2.659%)<sup>(1),(3)</sup> | 11/15/38 | 2765000 | 2703184 |
|  PFP Ltd. Series 2025-12, Class C<br>6.89% (1 mo. USD Term SOFR + 2.542%)<sup>(1),(3)</sup> | 12/18/42 | 2840000 | 2844433 |
|  PFP Ltd. Series 2025-12, Class D<br>7.44% (1 mo. USD Term SOFR + 3.091%)<sup>(1),(3)</sup> | 12/18/42 | 1834000 | 1835722 |
|  Progress Residential Trust Series 2021-SFR11, Class F<br>4.42%<sup>(1)</sup> | 01/17/39 | 1250000 | 1200649 |
|  Progress Residential Trust Series 2021-SFR3, Class G<br>4.25%<sup>(1)</sup> | 05/17/26 | 1211000 | 1198994 |
|  Progress Residential Trust Series 2021-SFR4, Class F<br>3.41%<sup>(1)</sup> | 05/17/38 | 1530000 | 1516935 |
|  Progress Residential Trust Series 2021-SFR6, Class G<br>4.00%<sup>(1)</sup> | 07/17/38 | 1250000 | 1229348 |
|  Progress Residential Trust Series 2021-SFR8, Class G<br>4.01%<sup>(1)</sup> | 10/17/38 | 1488000 | 1448617 |
|  RIDE Series 2025-SHRE, Class E<br>7.81%<sup>(1),(9)</sup> | 02/14/47 | 2500000 | 2500681 |
|  ROCK Trust Series 2024-CNTR, Class E<br>8.82%<sup>(1)</sup> | 11/13/41 | 4175000 | 4404758 |
|  Sequoia Logistics DAC Series 2025-1A, Class E<br>5.93% (3 mo. EUR EURIBOR + 3.800%)<sup>(1),(3)</sup> | 02/17/37 | 3350000 | 3838572 |
|  Sequoia Logistics DAC Series 2025-1X, Class C<br>4.03% (3 mo. EUR EURIBOR + 1.900%)<sup>(3),(4)</sup> | 02/17/37 | 3840000 | 4378577 |
|  SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE, Class A2A<br>3.66%<sup>(1),(9)</sup> | 01/05/43 | 400000 | 336242 |
|  SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE, Class A2B<br>4.14%<sup>(1),(9)</sup> | 01/05/43 | 460000 | 394102 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal**<br>**Amount** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)** |  |  |
|  SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE, Class C<br>4.39%<sup>(1),(9)</sup> | 01/05/43 | $925000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748962 |
|  SFO Commercial Mortgage Trust Series 2021-555, Class A<br>5.61% (1 mo. USD Term SOFR + 1.264%)<sup>(1),(3)</sup> | 05/15/38 | 1040000 | 1036039 |
|  SFO Commercial Mortgage Trust Series 2021-555, Class D<br>6.86% (1 mo. USD Term SOFR + 2.514%)<sup>(1),(3)</sup> | 05/15/38 | 500000 | 497206 |
|  SMRT Commercial Mortgage Trust Series 2022-MINI, Class D<br>6.29% (1 mo. USD Term SOFR + 1.950%)<sup>(1),(3)</sup> | 01/15/39 | 1400000 | 1389818 |
|  SMRT Commercial Mortgage Trust Series 2022-MINI, Class F<br>7.69% (1 mo. USD Term SOFR + 3.350%)<sup>(1),(3)</sup> | 01/15/39 | 1000000 | 971746 |
|  SREIT Trust Series 2021-MFP2, Class C<br>5.83% (1 mo. USD Term SOFR + 1.485%)<sup>(1),(3)</sup> | 11/15/36 | 1060000 | 1060163 |
|  STWD Trust Series 2021-FLWR, Class F<br>7.13% (1 mo. USD Term SOFR + 2.787%)<sup>(1),(3)</sup> | 07/15/36 | 440000 | 440163 |
|  SWCH Commercial Mortgage Trust Series 2025-DATA, Class E<br>7.68% (1 mo. USD Term SOFR + 3.340%)<sup>(1),(3)</sup> | 02/15/42 | 4650000 | 4641732 |
|  Taurus U.K. DAC Series 2021-UK1A, Class D<br>6.84% (1 day GBP SONIA + 2.600%)<sup>(1),(3)</sup> | 05/17/31 | 1464245 | 1943710 |
|  TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D<br>7.43% (1 mo. USD Term SOFR + 3.091%)<sup>(1),(3)</sup> | 04/15/42 | 1325000 | 1328841 |
|  Tricon Residential Trust Series 2021-SFR1, Class F<br>3.69%<sup>(1)</sup> | 07/17/38 | 6690000 | 6549534 |
|  U.K. Logistics DAC Series 2024-2A, Class D<br>7.34% (1 day GBP SONIA + 3.100%)<sup>(1),(3)</sup> | 02/17/35 | 824943 | 1098332 |
|  U.K. Logistics DAC Series 2024-2X, Class E<br>8.49% (1 day GBP SONIA + 4.250%)<sup>(3),(4)</sup> | 02/17/35 | 1499896 | 1997792 |
|  U.K. Logistics DAC Series 2025-1A, Class E<br>9.82% (1 day GBP SONIA + 5.500%)<sup>(1),(3)</sup> | 05/17/35 | 1300000 | 1726463 |
|  UBS Commercial Mortgage Trust Series 2017-C4, Class XA (I/O)<br>1.08%<sup>(9)</sup> | 10/15/50 | 7874315 | 140673 |
|  VNDO Trust Series 2016-350P, Class D<br>3.90%<sup>(1),(9)</sup> | 01/10/35 | 1060000 | 1030974 |
|  WBHT Commercial Mortgage Trust Series 2025-WBM, Class B<br>6.53% (1 mo. USD Term SOFR + 2.192%)<sup>(1),(3)</sup> | 06/15/42 | 2650000 | 2659306 |
|  Wells Fargo Commercial Mortgage Trust Series 2015-C31, Class XA (I/O)<br>0.91%<sup>(9)</sup> | 11/15/48 | 9697007 | 97 |
|  Wells Fargo Commercial Mortgage Trust Series 2015-LC20, Class XF (I/O)<br>2.02%<sup>(1),(9)</sup> | 04/15/50 | 415000 | 11453 |
|  Wells Fargo Commercial Mortgage Trust Series 2015-NXS3, Class XA (I/O)<br>0.81%<sup>(9)</sup> | 09/15/57 | 5954201 | 60 |
|  Wells Fargo Commercial Mortgage Trust Series 2016-C34, Class XA (I/O)<br>2.03%<sup>(9)</sup> | 06/15/49 | 5459222 | 33193 |
|  Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS<br>4.67%<sup>(9)</sup> | 09/15/61 | 1100000 | 1083618 |
|  Wells Fargo Commercial Mortgage Trust Series 2021-SAVE, Class C<br>6.36% (1 mo. USD Term SOFR + 2.014%)<sup>(1),(3)</sup> | 02/15/40 | 1920000 | 1930404 |
|  Wells Fargo Commercial Mortgage Trust Series 2024-5C1, Class C<br>6.80%<sup>(9)</sup> | 07/15/57 | 847000 | 870304 |
|  WFRBS Commercial Mortgage Trust Series 2012-C10, Class XB (I/O)<br>0.34%<sup>(1),(9),(12)</sup> | 12/15/45 | 39359100 | 394 |
|  WFRBS Commercial Mortgage Trust Series 2014-C22, Class XA (I/O)<br>0.25%<sup>(9)</sup> | 09/15/57 | 207267 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-backed Securities—Non-agency** (Cost: $217,728,121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-backed Securities—Non-agency** (Cost: $217,728,121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-backed Securities—Non-agency** (Cost: $217,728,121) | 214119349 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY—23.7%** |  |  |  |
|  Federal Home Loan Mortgage Corp., Pool #SD8244<br>4.00% | 09/01/52 | 2176458 | 2013407 |
|  Federal Home Loan Mortgage Corp., Pool #SD8265<br>4.00% | 11/01/52 | 645887 | 597300 |
|  Federal Home Loan Mortgage Corp., Pool #SD5324<br>4.00% | 02/01/53 | 352953 | 326566 |
|  Federal Home Loan Mortgage Corp., Pool #SL1033<br>4.00% | 01/01/54 | 18006279 | 16618785 |
|  Federal Home Loan Mortgage Corp., Pool #SD8238<br>4.50% | 08/01/52 | 3323341 | 3169122 |
|  Federal Home Loan Mortgage Corp., Pool #SD8245<br>4.50% | 09/01/52 | 2474349 | 2359144 |
|  Federal Home Loan Mortgage Corp., Pool #SD8257<br>4.50% | 10/01/52 | 492478 | 469543 |
|  Federal Home Loan Mortgage Corp., Pool #SD8266<br>4.50% | 11/01/52 | 2777984 | 2647783 |
|  Federal Home Loan Mortgage Corp., Pool #SD8275<br>4.50% | 12/01/52 | 2875833 | 2741046 |
|  Federal Home Loan Mortgage Corp., Pool #SD8489<br>4.50%<sup>(2)</sup> | 12/01/54 | 18794994 | 17838873 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5460, Class AF<br>5.40% (30 day USD SOFR Average + 1.050%)<sup>(3)</sup> | 10/25/54 | 4609048 | 4574200 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5479, Class FA<br>5.55% (30 day USD SOFR Average + 1.200%)<sup>(3)</sup> | 12/25/54 | 3076145 | 3076079 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5492, Class SH (I/O) (I/F)<br>1.65% (-30 day USD SOFR Average + 6.000%)<sup>(3)</sup> | 01/25/55 | 6804701 | 569987 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal**<br>**Amount** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY (Continued)** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICS Series 5500, Class SJ (I/F)<br>1.40% (-30 day USD SOFR Average + 5.750%)<sup>(3)</sup> | 02/25/55 | $6615144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561937 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5503, Class FA<br>5.55% (30 day USD SOFR Average + 1.200%)<sup>(3)</sup> | 02/25/55 | 9517019 | 9499859 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5504, Class FC<br>5.50% (30 day USD SOFR Average + 1.150%)<sup>(3)</sup> | 02/25/55 | 5689779 | 5666637 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5508, Class FM<br>5.50% (30 day USD SOFR Average + 1.150%)<sup>(3)</sup> | 02/25/55 | 2926321 | 2919938 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5509, Class FB<br>5.50% (30 day USD SOFR Average + 1.150%)<sup>(3)</sup> | 02/25/55 | 6643302 | 6615160 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5534, Class FV<br>5.45% (30 day USD SOFR Average + 1.100%)<sup>(3)</sup> | 05/25/55 | 4793424 | 4764091 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5537, Class FC<br>5.50% (30 day USD SOFR Average + 1.150%)<sup>(3)</sup> | 05/25/55 | 4184161 | 4166353 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5537, Class FQ<br>5.50% (30 day USD SOFR Average + 1.150%)<sup>(3)</sup> | 05/25/55 | 4335171 | 4318809 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) (I/F)<br>0.70% (-30 day USD SOFR Average + 5.050%)<sup>(3)</sup> | 06/25/55 | 14082744 | 867283 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F)<br>3.98% (-30 day USD SOFR Average + 10.500%)<sup>(3)</sup> | 06/25/55 | 1606548 | 1493789 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F)<br>4.05% (-30 day USD SOFR Average + 10.575%)<sup>(3)</sup> | 06/25/55 | 1554239 | 1432215 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F)<br>4.42% (-30 day USD SOFR Average + 11.667%)<sup>(3)</sup> | 06/25/55 | 1560810 | 1463653 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS (I/F)<br>3.98% (-30 day USD SOFR Average + 10.500%)<sup>(3)</sup> | 06/25/55 | 534190 | 496219 |
|  Federal Home Loan Mortgage Corp. REMICS Series 5566, Class AS (I/F)<br>4.09% (-30 day USD SOFR Average + 10.575%)<sup>(3),(11)</sup> | 08/25/55 | 1650000 | 1526250 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 240 (I/O)<br>5.50% | 07/15/36 | 162122 | 30149 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O)<br>2.00% | 03/15/52 | 6257368 | 828813 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 389, Class C40 (I/O)<br>2.50% | 10/15/52 | 5506075 | 860765 |
|  Federal Home Loan Mortgage Corp. STRIPS Series 408, Class C37<br>2.00% | 03/25/52 | 15664278 | 2177627 |
|  Federal National Mortgage Association, Pool #MA4700<br>4.00% | 08/01/52 | 2986705 | 2763416 |
|  Federal National Mortgage Association, Pool #MA4783<br>4.00% | 10/01/52 | 1696500 | 1569143 |
|  Federal National Mortgage Association, Pool #MA4784<br>4.50% | 10/01/52 | 1090097 | 1039173 |
|  Federal National Mortgage Association, Pool #FS9508<br>4.50% | 03/01/54 | 4436060 | 4219376 |
|  Federal National Mortgage Association, Pool #FA0658<br>4.50% | 10/01/54 | 9632872 | 9161349 |
|  Federal National Mortgage Association, Pool #MA5584<br>4.50% | 01/01/55 | 17472648 | 16583796 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-HRP1, Class B1<br>13.71% (30 day USD SOFR Average + 9.364%)<sup>(1),(3)</sup> | 11/25/39 | 4100000 | 4424554 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C24 (I/O)<br>1.50% | 01/25/52 | 36805406 | 3983640 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C40 (I/O)<br>2.00% | 06/25/51 | 1359476 | 177089 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C41 (I/O)<br>2.00% | 03/25/51 | 4977021 | 648522 |
|  Federal National Mortgage Association Interest STRIPS Series 426, Class C42 (I/O)<br>2.00% | 11/25/50 | 3259504 | 418753 |
|  Federal National Mortgage Association Interest STRIPS Series 434, Class C29 (I/O)<br>2.00% | 10/25/52 | 7656159 | 997968 |
|  Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) (I/F)<br>1.54% (-30 day USD SOFR Average + 5.886%)<sup>(3)</sup> | 11/25/41 | 51076 | 3793 |
|  Federal National Mortgage Association REMICS Series 2012-139, Class AI (I/O)<br>3.00% | 12/25/27 | 52426 | 1187 |
|  Federal National Mortgage Association REMICS Series 2024-76, Class SY (I/O) (I/F)<br>1.15% (-30 day USD SOFR Average + 5.500%)<sup>(3)</sup> | 11/25/54 | 14897384 | 1116910 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal**<br>**Amount** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY (Continued)** |  |  |  |
|  Federal National Mortgage Association REMICS Series 2024-77, Class DF<br>5.55% (30 day USD SOFR Average + 1.200%)<sup>(3)</sup> | 10/25/53 | $7333915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7321643 |
|  Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) (I/F)<br>1.00% (-30 day USD SOFR Average + 5.350%)<sup>(3)</sup> | 07/25/54 | 11683918 | 635607 |
|  Federal National Mortgage Association REMICS Series 2024-87, Class FB<br>5.45% (30 day USD SOFR Average + 1.100%)<sup>(3)</sup> | 12/25/54 | 6994343 | 6960723 |
|  Federal National Mortgage Association REMICS Series 2024-91, Class SB (I/O) (I/F)<br>1.50% (-30 day USD SOFR Average + 5.850%)<sup>(3)</sup> | 12/25/54 | 6890698 | 548615 |
|  Federal National Mortgage Association REMICS Series 2024-98, Class SE (I/O) (I/F)<br>1.63% (-30 day USD SOFR Average + 5.980%)<sup>(3)</sup> | 12/25/54 | 2896052 | 277539 |
|  Federal National Mortgage Association REMICS Series 2024-98, Class SG (I/F)<br>1.65% (-30 day USD SOFR Average + 6.000%)<sup>(3)</sup> | 11/25/54 | 1062123 | 101952 |
|  Federal National Mortgage Association REMICS Series 2024-99, Class FB<br>5.50% (30 day USD SOFR Average + 1.150%)<sup>(3)</sup> | 01/25/55 | 5272446 | 5251718 |
|  Federal National Mortgage Association REMICS Series 2025-4, Class FA<br>5.55% (30 day USD SOFR Average + 1.200%)<sup>(3)</sup> | 07/25/54 | 7700908 | 7687397 |
|  Federal National Mortgage Association REMICS Series 2025-40, Class S (I/F)<br>4.42% (-30 day USD SOFR Average + 11.667%)<sup>(3)</sup> | 02/25/55 | 343285 | 324016 |
|  Federal National Mortgage Association REMICS Series 2025-49, Class SC (I/O) (I/F)<br>0.85% (-30 day USD SOFR Average + 5.200%)<sup>(3)</sup> | 06/25/55 | 10619822 | 562830 |
|  Government National Mortgage Association, Pool #MA8427<br>4.50% | 11/20/52 | 1671152 | 1602471 |
|  Government National Mortgage Association, Pool #MA9963<br>4.50% | 10/20/54 | 5973069 | 5683079 |
|  Government National Mortgage Association REMICS Series 2003-110, Class S (I/O) (I/F)<br>0.00% (-1 mo. USD Term SOFR + 6.486%)<sup>(8)</sup> | 10/20/33 | 170944 | 11369 |
|  Government National Mortgage Association REMICS Series 2018-124, Class NW<br>3.50% | 09/20/48 | 20859 | 18869 |
|  Government National Mortgage Association REMICS Series 2018-154, Class BP (PAC)<br>3.50% | 11/20/48 | 2072 | 1951 |
|  Government National Mortgage Association REMICS Series 2024-151, Class ES (I/O) (I/F)<br>1.05% (-30 day USD SOFR Average + 5.400%)<sup>(3)</sup> | 09/20/54 | 13631801 | 909717 |
|  Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) (I/F)<br>1.15% (-30 day USD SOFR Average + 5.500%)<sup>(3)</sup> | 10/20/54 | 11091023 | 895204 |
|  Government National Mortgage Association REMICS Series 2025-41, Class HS (I/F)<br>0.99% (-30 day USD SOFR Average + 5.340%)<sup>(3)</sup> | 03/20/55 | 12030591 | 848165 |
|  Government National Mortgage Association REMICS Series 2025-45, Class ST (I/O) (I/F)<br>0.95% (-30 day USD SOFR Average + 5.300%)<sup>(3)</sup> | 03/20/55 | 14211470 | 832433 |
|  Government National Mortgage Association, TBA, 30 Year<br>4.00% <sup>(14)</sup> | 04/01/52 | 14575000 | 13421309 |
|  Government National Mortgage Association, TBA<br>4.50% <sup>(14)</sup> | 07/01/54 | 7675000 | 7284699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(14)</sup> | 03/01/55 | 13900000 | 13569819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(14)</sup> | 03/01/55 | 17450000 | 17407169 |
|  Uniform Mortgage-Backed Security, TBA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(14)</sup> | 02/01/52 | 10900000 | 10054852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(14)</sup> | 02/01/52 | 48750000 | 44955056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% <sup>(14)</sup> | 05/01/54 | 36675000 | 34795150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00% <sup>(14)</sup> | 02/01/55 | 20400000 | 19858798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Residential Mortgage-backed Securities—Agency** (Cost: $354,982,084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Residential Mortgage-backed Securities—Agency** (Cost: $354,982,084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Residential Mortgage-backed Securities—Agency** (Cost: $354,982,084) | 355622201 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY—13.5%** |  |  |  |
|  ACRA Trust Series 2024-NQM1, Class M1A<br>6.19%<sup>(1),(9)</sup> | 10/25/64 | 1470000 | 1475055 |
|  Ajax Mortgage Loan Trust Series 2021-D, Class A<br>5.00%<sup>(1)</sup> | 03/25/60 | 2961929 | 2964385 |
|  American Home Mortgage Assets Trust Series 2006-6, Class XP (P/O)<br>0.04%<sup>(9)</sup> | 12/25/46 | 183068 | 1538 |
|  American Home Mortgage Assets Trust Series 2007-1, Class A1<br>4.67% (1 yr. MTA + 0.700%)<sup>(3)</sup> | 02/25/47 | 2229680 | 767669 |
|  American Home Mortgage Assets Trust Series 2007-5, Class XP (P/O)<br>0.07%<sup>(9)</sup> | 06/25/47 | 7250 | 101 |
|  Angel Oak Mortgage Trust Series 2024-11, Class M1A<br>6.58%<sup>(1),(9)</sup> | 08/25/69 | 1925000 | 1941877 |
|  AOMT Series 2024-6, Class A2<br>4.65%<sup>(1)</sup> | 11/25/67 | 2213953 | 2168165 |
|  Atlas Funding PLC Series 2023-1, Class F<br>13.95% (1 day GBP SONIA + 9.730%)<sup>(3),(4)</sup> | 01/20/61 | 725000 | 1029925 |
|  Banc of America Alternative Loan Trust Series 2006-5, Class CB8<br>4.78% (1 mo. USD Term SOFR + 0.424%)<sup>(3)</sup> | 06/25/46 | 1407089 | 1134189 |
|  Banc of America Alternative Loan Trust Series 2006-5, Class CB9 (I/O) (I/F)<br>2.22% (-1 mo. USD Term SOFR + 6.576%)<sup>(3)</sup> | 06/25/46 | 1407098 | 161518 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal**<br>**Amount** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)** |  |  |  |
|  Banc of America Funding Trust Series 2006-3, Class 5A3<br>5.50% | 03/25/36 | $4202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3793 |
|  Banc of America Funding Trust Series 2006-7, Class T2A5<br>6.54% | 10/25/36 | 589845 | 533543 |
|  Banc of America Funding Trust Series 2014-R5, Class 1A2<br>3.97% (6 mo. USD Term SOFR + 1.928%)<sup>(1),(3)</sup> | 09/26/45 | 977844 | 699895 |
|  BCAP LLC Trust Series 2007-AA2, Class 2A12<br>5.50% | 04/25/37 | 2358395 | 948207 |
|  BCMSC Trust Series 1999-B, Class A2<br>6.98%<sup>(9)</sup> | 12/17/29 | 997492 | 65792 |
|  BCMSC Trust Series 2000-A, Class A3<br>7.83%<sup>(9)</sup> | 06/15/30 | 1658345 | 117340 |
|  BCMSC Trust Series 2000-A, Class A4<br>8.29%<sup>(9)</sup> | 06/15/30 | 142144 | 10650 |
|  Bear Stearns ARM Trust Series 2004-3, Class 2A<br>4.56%<sup>(9)</sup> | 07/25/34 | 4574 | 4285 |
|  Bear Stearns ARM Trust Series 2005-10, Class A3<br>6.42%<sup>(9)</sup> | 10/25/35 | 92392 | 92198 |
|  Braccan Mortgage Funding PLC Series 2025-1A, Class X<br>8.16% (1 day GBP SONIA + 3.930%)<sup>(1)</sup> | 05/17/67 | 1725000 | 2292930 |
|  BRAVO Residential Funding Trust Series 2023-NQM5, Class B1<br>7.33%<sup>(1),(9)</sup> | 06/25/63 | 3210000 | 3218241 |
|  C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B<br>3.51% | 02/25/37 | 798063 | 462983 |
|  C-BASS Trust Series 2006-CB7, Class A4<br>4.79% (1 mo. USD Term SOFR + 0.434%)<sup>(3)</sup> | 10/25/36 | 31830 | 21817 |
|  C-BASS Trust Series 2007-CB1, Class AF3<br>3.11% | 01/25/37 | 927433 | 257121 |
|  C-BASS Trust Series 2007-CB1, Class AF6<br>3.11% | 01/25/37 | 1637310 | 453793 |
|  Cascade MH Asset Trust Series 2022-MH1, Class A<br>4.25%<sup>(1)</sup> | 08/25/54 | 1078504 | 1044808 |
|  CFMT LLC Series 2024-NR1, Class A1<br>6.41%<sup>(1)</sup> | 11/25/29 | 1500972 | 1506735 |
|  CFMT LLC Series 2024-R1, Class A3<br>4.00%<sup>(1)</sup> | 10/25/54 | 1500000 | 1415724 |
|  CHL Mortgage Pass-Through Trust Series 2007-20, Class A1<br>6.50% | 01/25/38 | 196389 | 83235 |
|  CHL Mortgage Pass-Through Trust Series 2007-7, Class A9<br>5.50% | 06/25/37 | 577416 | 251615 |
|  CHNGE Mortgage Trust Series 2023-1, Class M1<br>8.16%<sup>(1),(9)</sup> | 03/25/58 | 580000 | 586257 |
|  CIM Trust Series 2021-R5, Class A1B<br>2.00%<sup>(1),(9)</sup> | 08/25/61 | 681000 | 456642 |
|  CIM Trust Series 2025-R1, Class A1<br>5.00%<sup>(1)</sup> | 02/25/99 | 2180811 | 2154048 |
|  Citadel PLC Series 2024-1, Class X<br>8.22% (1 day GBP SONIA + 4.000%)<sup>(3),(4)</sup> | 04/28/60 | 364620 | 483040 |
|  Citigroup Mortgage Loan Trust Series 2006-WF1, Class A2C<br>6.10% | 03/25/36 | 26949 | 12409 |
|  Citigroup Mortgage Loan Trust Series 2009-10, Class 2A2<br>7.00%<sup>(1),(9)</sup> | 12/25/35 | 485519 | 344568 |
|  Citigroup Mortgage Loan Trust, Inc. Series 2005-WF2, Class AF6A<br>6.13% | 08/25/35 | 1335744 | 1227598 |
|  CitiMortgage Alternative Loan Trust Series 2005-A1, Class 1A5<br>5.50% | 07/25/35 | 1262823 | 1181197 |
|  CitiMortgage Alternative Loan Trust Series 2006-A1, Class 1A5<br>5.50% | 04/25/36 | 211901 | 193038 |
|  CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A1<br>6.00% | 01/25/37 | 89953 | 80374 |
|  CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A5<br>6.00% | 01/25/37 | 171704 | 153420 |
|  CitiMortgage Alternative Loan Trust Series 2007-A2, Class 1A13<br>5.75% | 02/25/37 | 203689 | 177681 |
|  CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A7<br>5.75% | 03/25/37 | 157269 | 136509 |
|  CitiMortgage Alternative Loan Trust Series 2007-A5, Class 1A1<br>6.00% | 05/25/37 | 687508 | 622525 |
|  COLT Mortgage Loan Trust Series 2022-7, Class B1<br>6.26%<sup>(1),(9)</sup> | 04/25/67 | 3020000 | 3001229 |
|  COLT Mortgage Loan Trust Series 2024-7, Class B1<br>7.16%<sup>(1),(9)</sup> | 12/26/69 | 1000000 | 1011774 |
|  COLT Mortgage Loan Trust Series 2025-7, Class B1<br>6.92%<sup>(1),(9)</sup> | 06/25/70 | 2000000 | 2000469 |
|  Conseco Finance Securitizations Corp. Series 2000-1, Class A5<br>8.06%<sup>(9)</sup> | 09/01/29 | 3422743 | 462877 |
|  Conseco Finance Securitizations Corp. Series 2000-4, Class A5<br>7.97% | 05/01/32 | 1992158 | 265214 |
|  Countrywide Alternative Loan Trust Series 2004-30CB, Class 1A6<br>5.50% | 02/25/35 | 746483 | 737093 |
|  Countrywide Alternative Loan Trust Series 2005-10CB, Class 1A8<br>5.50% | 05/25/35 | 1306000 | 1065047 |
|  Countrywide Alternative Loan Trust Series 2005-46CB, Class A3<br>5.50% | 10/25/35 | 219192 | 150038 |
|  Countrywide Alternative Loan Trust Series 2005-46CB, Class A4<br>5.25% | 10/25/35 | 165630 | 111174 |
|  Countrywide Alternative Loan Trust Series 2005-46CB, Class A7<br>5.50% | 10/25/35 | 467231 | 319821 |
|  Countrywide Alternative Loan Trust Series 2005-55CB, Class 1A1<br>5.50% | 11/25/35 | 179701 | 117550 |
|  Countrywide Alternative Loan Trust Series 2005-64CB, Class 2A1<br>6.00% | 11/25/35 | 2989072 | 409783 |
|  Countrywide Alternative Loan Trust Series 2005-65CB, Class 2A4<br>5.50% | 12/25/35 | 274030 | 186267 |
|  Countrywide Alternative Loan Trust Series 2005-67CB, Class A1<br>5.50% | 01/25/36 | 54351 | 39822 |
|  Countrywide Alternative Loan Trust Series 2005-74T1, Class A5<br>6.00% | 01/25/36 | 446089 | 251924 |
|  Countrywide Alternative Loan Trust Series 2005-7CB, Class 2A2 (I/O) (I/F)<br>0.58% (-1 mo. USD Term SOFR + 4.936%)<sup>(3)</sup> | 03/01/38 | 1148816 | 59577 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal**<br>**Amount** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)** |  |  |  |
|  Countrywide Alternative Loan Trust Series 2005-86CB, Class A1<br>5.50% | 02/25/36 | $505904 | $285873 |
|  Countrywide Alternative Loan Trust Series 2005-86CB, Class A8<br>5.50% | 02/25/36 | 231271 | 130685 |
|  Countrywide Alternative Loan Trust Series 2006-19CB, Class A15 (PAC)<br>6.00% | 08/25/36 | 112696 | 63229 |
|  Countrywide Alternative Loan Trust Series 2006-19CB, Class A17 (TAC)<br>4.87% (1 mo. USD Term SOFR + 0.514%)<sup>(3)</sup> | 08/25/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738267 | 1615313 |
|  Countrywide Alternative Loan Trust Series 2006-19CB, Class A18 (I/O) (I/F)<br>1.13% (-1 mo. USD Term SOFR + 5.486%)<sup>(3)</sup> | 08/25/36 | 3608302 | 390226 |
|  Countrywide Alternative Loan Trust Series 2006-32CB, Class A18<br>6.00% | 11/25/36 | 128312 | 72162 |
|  Countrywide Alternative Loan Trust Series 2006-34, Class A5<br>6.25% | 11/25/46 | 1255216 | 553108 |
|  Countrywide Alternative Loan Trust Series 2006-J1, Class 1A11<br>5.50% | 02/25/36 | 175468 | 117997 |
|  Countrywide Alternative Loan Trust Series 2007-13, Class A1 (PAC)<br>6.00% | 06/25/47 | 269059 | 134618 |
|  Countrywide Alternative Loan Trust Series 2007-15CB, Class A6<br>5.75% | 07/25/37 | 510834 | 290029 |
|  Countrywide Alternative Loan Trust Series 2007-15CB, Class A7<br>6.00% | 07/25/37 | 1819428 | 1068005 |
|  Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A7<br>6.00% | 08/25/37 | 6266 | 4577 |
|  Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A25<br>6.00% | 08/25/37 | 293796 | 169927 |
|  Countrywide Alternative Loan Trust Series 2007-22, Class 2A16<br>6.50% | 09/25/37 | 235530 | 82405 |
|  Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A3<br>6.00% | 04/25/37 | 169506 | 83694 |
|  Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A4<br>6.00% | 04/25/37 | 500069 | 246913 |
|  Credit-Based Asset Servicing & Securitization LLC Series 2006-MH1, Class B1<br>6.75%<sup>(1)</sup> | 10/25/36 | 23268 | 23080 |
|  Cross Mortgage Trust Series 2024-H5, Class B1B<br>8.12%<sup>(1),(9)</sup> | 08/26/69 | 3654000 | 3678528 |
|  Cross Mortgage Trust Series 2024-H6, Class A2<br>5.38%<sup>(1)</sup> | 09/25/69 | 889561 | 885141 |
|  Cross Mortgage Trust Series 2024-H6, Class A3<br>5.48%<sup>(1)</sup> | 09/25/69 | 800605 | 796227 |
|  Cross Mortgage Trust Series 2025-H5, Class B1B<br>7.64%<sup>(1),(9)</sup> | 07/25/70 | 3160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3139353 |
|  CSMC Mortgage-Backed Trust Series 2006-7, Class 10A6<br>6.50% | 08/25/36 | 1024153 | 490037 |
|  CSMC Mortgage-Backed Trust Series 2006-7, Class 8A11<br>6.50% | 08/25/36 | 390632 | 143044 |
|  CSMC Mortgage-Backed Trust Series 2007-5, Class 1A9<br>7.00%<sup>(9)</sup> | 08/25/37 | 722627 | 405065 |
|  CSMC Trust Series 2014-8R, Class 3A2<br>5.60%<sup>(1),(9)</sup> | 02/27/36 | 907906 | 755546 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2<br>4.69%<sup>(9)</sup> | 06/25/36 | 176739 | 161806 |
|  Deutsche Mortgage & Asset Receiving Corp. Series 2014- RS1, Class 1A2<br>6.50%<sup>(1),(9)</sup> | 07/27/37 | 272400 | 220509 |
|  EFMT Series 2024-NQM1, Class B1B<br>7.60%<sup>(1),(9)</sup> | 11/25/69 | 1300000 | 1294805 |
|  Ellington Financial Mortgage Trust Series 2022-4, Class B1<br>5.90%<sup>(1),(9)</sup> | 09/25/67 | 900000 | 887433 |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3, Class B2<br>10.60% (30 day USD SOFR Average + 6.250%)<sup>(1),(3)</sup> | 09/25/41 | 3220789 | 3359577 |
|  Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1, Class M2<br>6.85% (30 day USD SOFR Average + 2.500%)<sup>(1),(3)</sup> | 01/25/42 | 1000000 | 1019026 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R04, Class 2B1<br>9.71% (30 day USD SOFR Average + 5.364%)<sup>(1),(3)</sup> | 06/25/39 | 746200 | 770791 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1<br>8.21% (30 day USD SOFR Average + 3.864%)<sup>(1),(3)</sup> | 09/25/39 | 824338 | 844367 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R07, Class 1B1<br>7.86% (30 day USD SOFR Average + 3.514%)<sup>(1),(3)</sup> | 10/25/39 | 831041 | 848476 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2<br>10.35% (30 day USD SOFR Average + 6.000%)<sup>(1),(3)</sup> | 10/25/41 | 3900000 | 4073589 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2<br>9.85% (30 day USD SOFR Average + 5.500%)<sup>(1),(3)</sup> | 12/25/41 | 3620000 | 3777001 |
|  Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01, Class 1B2<br>10.35% (30 day USD SOFR Average + 6.000%)<sup>(1),(3)</sup> | 12/25/41 | 5710000 | 5995966 |
|  First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C<br>4.79% (1 mo. USD Term SOFR + 0.434%)<sup>(3)</sup> | 10/25/36 | 338773 | 220791 |
|  First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2D<br>4.91% (1 mo. USD Term SOFR + 0.554%)<sup>(3)</sup> | 03/25/37 | 635889 | 299955 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)** |  |  |  |
|  First Horizon Alternative Mortgage Securities Trust Series 2007-FA1, Class A4<br>6.25% | 03/25/37 | $535410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185363 |
|  First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A4<br>5.75% | 04/25/37 | 705769 | 218750 |
|  GCAT Trust Series 2021-NQM6, Class A1<br>1.86%<sup>(1),(9)</sup> | 08/25/66 | 1307291 | 1180618 |
|  GCAT Trust Series 2025-NQM4, Class B1<br>7.21%<sup>(1),(9)</sup> | 06/25/70 | 3356000 | 3368087 |
|  GSAA Home Equity Trust Series 2007-5, Class 1F3B<br>6.00%<sup>(9)</sup> | 05/25/37 | 4300000 | 293287 |
|  GSAA Home Equity Trust Series 2007-5, Class 1F5B<br>6.44% | 05/25/37 | 1987261 | 135884 |
|  GSAA Home Equity Trust Series 2007-5, Class 2A2A<br>4.93% (1 mo. USD Term SOFR + 0.574%)<sup>(3)</sup> | 04/25/47 | 722060 | 312226 |
|  GSAA Trust Series 2006-7, Class AF3<br>6.72% | 03/25/46 | 2703082 | 963450 |
|  GSAA Trust Series 2007-3, Class 2A1B<br>4.67% (1 mo. USD Term SOFR + 0.314%)<sup>(3)</sup> | 03/25/47 | 166316 | 7464 |
|  GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1<br>5.24%<sup>(9)</sup> | 09/25/35 | 2528 | 2435 |
|  HarborView Mortgage Loan Trust Series 2005-9, Class 2A1A<br>5.15% (1 mo. USD Term SOFR + 0.794%)<sup>(3)</sup> | 06/20/35 | 11642 | 11084 |
|  HarborView Mortgage Loan Trust Series 2005-9, Class 2X (I/O)<br>0.00%<sup>(1),(8),(12)</sup> | 06/20/35 | 853732 | 1 |
|  HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A<br>4.83% (1 mo. USD Term SOFR + 0.474%)<sup>(3)</sup> | 05/19/46 | 2373754 | 1171498 |
|  HarborView Mortgage Loan Trust Series 2006-5, Class X2 (I/O)<br>0.07%<sup>(9)</sup> | 07/19/46 | 2446764 | 24 |
|  HOMES Trust Series 2023-NQM1, Class B1<br>7.00%<sup>(1),(9)</sup> | 01/25/68 | 2900000 | 2892460 |
|  Homes Trust Series 2024-NQM2, Class B1<br>7.72%<sup>(1),(9)</sup> | 10/25/69 | 5461000 | 5499022 |
|  HOMES Trust Series 2025-NQM1, Class M1<br>6.52%<sup>(1),(9)</sup> | 01/25/70 | 3542000 | 3567988 |
|  Homeward Opportunities Fund Trust Series 2024-RRTL2, Class A2<br>6.37%<sup>(1)</sup> | 09/25/39 | 3800000 | 3805146 |
|  HSI Asset Loan Obligation Trust Series 2007-WF1, Class A5<br>6.72% | 12/25/36 | 239851 | 74023 |
|  IndyMac INDX Mortgage Loan Trust Series 2006-AR3, Class 2A1A<br>3.83%<sup>(9)</sup> | 03/25/36 | 67137 | 45913 |
|  JPMorgan Alternative Loan Trust Series 2006-S1, Class 3A4<br>6.18%<sup>(9)</sup> | 03/25/36 | 857979 | 764083 |
|  JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF3<br>5.46% | 09/25/29 | 414857 | 247120 |
|  JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF4<br>6.08% | 08/25/36 | 1343341 | 787787 |
|  JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF5<br>6.34% | 08/25/36 | 255277 | 149650 |
|  JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5<br>6.91% | 07/25/36 | 1591506 | 421136 |
|  JPMorgan Mortgage Acquisition Trust Series 2007-CH1, Class AF6<br>4.47% | 11/25/36 | 894 | 884 |
|  JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF2<br>4.21% | 01/25/37 | 364779 | 178936 |
|  JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF3<br>4.21% | 10/25/30 | 560033 | 274680 |
|  JPMorgan Mortgage Trust Series 2007-S1, Class 2A11<br>6.00% | 03/25/37 | 353682 | 128037 |
|  JPMorgan Mortgage Trust Series 2024-CES1, Class A1B<br>6.02%<sup>(1)</sup> | 06/25/54 | 945049 | 948184 |
|  JPMorgan Mortgage Trust Series 2024-CES1, Class A2<br>6.15%<sup>(1)</sup> | 06/25/54 | 532852 | 536064 |
|  JPMorgan Mortgage Trust Series 2025-CES1, Class A3<br>6.07%<sup>(1),(9)</sup> | 05/25/55 | 1539000 | 1551080 |
|  JPMorgan Mortgage Trust Series 2025-NQM1, Class M1A<br>6.35%<sup>(1),(9)</sup> | 06/25/65 | 3190000 | 3200345 |
|  Lehman ABS Manufactured Housing Contract Trust Series 2001-B, Class M1<br>6.63%<sup>(9)</sup> | 04/15/40 | 230164 | 231864 |
|  Lehman Mortgage Trust Series 2006-1, Class 1A5<br>5.50% | 02/25/36 | 128465 | 58325 |
|  Lehman Mortgage Trust Series 2006-7, Class 2A5 (I/O) (I/F)<br>2.08% (-1 mo. USD Term SOFR + 6.436%)<sup>(3)</sup> | 11/25/36 | 183299 | 19639 |
|  Lehman Mortgage Trust Series 2006-9, Class 3A2 (I/O) (I/F)<br>2.76% (-1 mo. USD Term SOFR + 7.116%)<sup>(3)</sup> | 01/25/37 | 5513241 | 314661 |
|  Lehman Mortgage Trust Series 2007-5, Class 10A2 (I/O) (I/F)<br>1.87% (-1 mo. USD Term SOFR + 6.226%)<sup>(3)</sup> | 06/25/37 | 8161146 | 873944 |
|  Lehman Mortgage Trust Series 2007-5, Class 7A3<br>7.50% | 10/25/36 | 482611 | 140832 |
|  Lehman XS Trust Series 2005-1, Class 3A4<br>5.37% | 07/25/35 | 24016 | 25251 |
|  Lehman XS Trust Series 2006-17, Class 1A (I/O)<br>0.60% | 08/25/46 | 6648367 | 130501 |
|  Lehman XS Trust Series 2006-17, Class 1A3<br>4.97% (1 mo. USD Term SOFR + 0.614%)<sup>(3)</sup> | 08/25/46 | 164020 | 147510 |
|  LHOME Mortgage Trust Series 2025-RTL1, Class A2<br>5.95%<sup>(1)</sup> | 01/25/40 | 2684000 | 2680566 |
|  MASTR Alternative Loan Trust Series 2005-2, Class 4A3<br>4.87% (1 mo. USD Term SOFR + 0.514%)<sup>(3)</sup> | 03/25/35 | 4594 | 4525 |
|  MASTR Asset-Backed Securities Trust Series 2006-NC2, Class A3<br>3.37% (1 mo. USD Term SOFR + 0.334%)<sup>(3)</sup> | 08/25/36 | 657986 | 231396 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)** |  |  |  |
|  Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A3<br>4.79% (1 mo. USD Term SOFR + 0.434%)<sup>(3)</sup> | 01/25/37 | $619708 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185871 |
|  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B<br>4.73% (1 mo. USD Term SOFR + 0.374%)<sup>(3)</sup> | 06/25/37 | 187161 | 186148 |
|  Merrill Lynch Mortgage Investors Trust Series 2004-B, Class A1<br>4.97% (1 mo. USD Term SOFR + 0.614%)<sup>(3)</sup> | 05/25/29 | 2863 | 2778 |
|  Merrill Lynch Mortgage Investors Trust Series 2006-HE6, Class A2B<br>4.26% (1 mo. USD Term SOFR + 0.414%)<sup>(3)</sup> | 11/25/37 | 728193 | 224920 |
|  Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A<br>4.84% (1 mo. USD Term SOFR + 0.484%)<sup>(3)</sup> | 05/25/37 | 3325209 | 924907 |
|  Mid-State Capital Corp. Trust Series 2005-1, Class A<br>5.75% | 01/15/40 | 1394 | 1392 |
|  Mid-State Capital Corp. Trust Series 2006-1, Class A<br>5.79%<sup>(1)</sup> | 10/15/40 | 22030 | 22062 |
|  Morgan Stanley Mortgage Loan Trust Series 2007-13, Class 6A1<br>6.00% | 10/25/37 | 172960 | 88666 |
|  Morgan Stanley Residential Mortgage Loan Trust Series 2024-INV3, Class A1<br>6.50%<sup>(1),(9)</sup> | 06/25/54 | 1516330 | 1544331 |
|  Morgan Stanley Residential Mortgage Loan Trust Series 2025-NQM5, Class M1<br>6.14%<sup>(1),(9)</sup> | 07/25/70 | 4055000 | 4078914 |
|  Nationstar Home Equity Loan Trust Series 2007-C, Class 2AV4<br>4.72% (1 mo. USD Term SOFR + 0.364%)<sup>(3)</sup> | 06/25/37 | 13288 | 12960 |
|  Oakwood Mortgage Investors, Inc. Series 1999-C, Class A2<br>7.48% | 08/15/27 | 202302 | 147982 |
|  OBX Trust Series 2022-NQM7, Class A3<br>5.70%<sup>(1)</sup> | 08/25/62 | 1187491 | 1182173 |
|  OBX Trust Series 2024-NQM16, Class M1<br>6.37%<sup>(1),(9)</sup> | 10/25/64 | 4000000 | 4020274 |
|  PMT Loan Trust Series 2024-INV1, Class A29<br>6.00%<sup>(1),(9)</sup> | 10/25/59 | 1168676 | 1169826 |
|  PRET LLC Series 2021-RN2, Class A1<br>4.74%<sup>(1)</sup> | 07/25/51 | 1232166 | 1227790 |
|  PRET LLC Series 2024-NPL4, Class A1<br>7.00%<sup>(1)</sup> | 07/25/54 | 1303917 | 1304489 |
|  PRET LLC Series 2025-NPL4, Class A1<br>6.37%<sup>(1),(9)</sup> | 04/25/55 | 4350852 | 4369202 |
|  PRET Trust Series 2025-NPL1, Class A1<br>6.06%<sup>(1)</sup> | 02/25/55 | 1776330 | 1779154 |
|  PRKCM Trust Series 2023-AFC1, Class B1<br>7.43%<sup>(1),(9)</sup> | 02/25/58 | 1200000 | 1204687 |
|  PRPM LLC Series 2024-5, Class A1<br>5.69%<sup>(1)</sup> | 09/25/29 | 1222758 | 1221641 |
|  PRPM LLC Series 2024-RCF4, Class A2<br>4.00%<sup>(1)</sup> | 07/25/54 | 1600000 | 1527208 |
|  PRPM LLC Series 2024-RPL1, Class B1<br>4.19%<sup>(1),(9)</sup> | 12/25/64 | 6911000 | 6290991 |
|  PRPM LLC Series 2024-RPL1, Class M1<br>4.19%<sup>(1),(9)</sup> | 12/25/64 | 1600000 | 1519212 |
|  PRPM LLC Series 2024-RPL3, Class A2<br>4.00%<sup>(1)</sup> | 11/25/54 | 1150000 | 1080510 |
|  PRPM LLC Series 2024-RPL4, Class M1<br>4.00%<sup>(1)</sup> | 12/25/54 | 1280000 | 1161079 |
|  PRPM LLC Series 2025-RCF1, Class A2<br>4.50%<sup>(1)</sup> | 02/25/55 | 3000000 | 2893571 |
|  PRPM Trust Series 2023-NQM2, Class B1<br>6.92%<sup>(1),(9)</sup> | 08/25/68 | 1250000 | 1249499 |
|  PRPM Trust Series 2023-NQM3, Class B2<br>7.44%<sup>(1),(9)</sup> | 11/25/68 | 850000 | 845880 |
|  PRPM Trust Series 2025-NQM1, Class M1B<br>7.14%<sup>(1),(9)</sup> | 11/25/69 | 2300000 | 2322828 |
|  RALI Trust Series 2005-QS14, Class 3A3<br>6.00% | 09/25/35 | 96692 | 84590 |
|  RALI Trust Series 2005-QS16, Class A7<br>5.50% | 11/25/35 | 309806 | 272346 |
|  RALI Trust Series 2006-QS15, Class A3<br>6.50% | 10/25/36 | 680649 | 588786 |
|  RALI Trust Series 2006-QS18, Class 2A2 (I/O) (I/F)<br>2.08% (-1 mo. USD Term SOFR + 6.436%)<sup>(3)</sup> | 12/25/36 | 3388268 | 398071 |
|  RALI Trust Series 2006-QS4, Class A2 (PAC)<br>6.00% | 04/25/36 | 244783 | 198513 |
|  RALI Trust Series 2006-QS4, Class A4<br>6.00% | 04/25/36 | 303232 | 245914 |
|  RALI Trust Series 2006-QS6, Class 1A15<br>6.00% | 06/25/36 | 120074 | 97571 |
|  RALI Trust Series 2006-QS6, Class 1A2<br>6.00% | 06/25/36 | 471693 | 383295 |
|  RALI Trust Series 2006-QS6, Class 1A4<br>6.00% | 06/25/36 | 787225 | 639694 |
|  RALI Trust Series 2007-QH9, Class X (P/O)<br>0.70%<sup>(9)</sup> | 11/25/37 | 9658162 | 325925 |
|  RALI Trust Series 2007-QO2, Class A1<br>4.62% (1 mo. USD Term SOFR + 0.264%)<sup>(3)</sup> | 02/25/47 | 502303 | 152357 |
|  RALI Trust Series 2007-QS1, Class 1A4<br>6.00% | 01/25/37 | 380305 | 301728 |
|  RALI Trust Series 2007-QS1, Class 2A1 (I/O) (I/F)<br>2.17% (-1 mo. USD Term SOFR + 6.526%)<sup>(3)</sup> | 01/25/37 | 5342539 | 685540 |
|  RALI Trust Series 2007-QS3, Class A1<br>6.50% | 02/25/37 | 362137 | 301977 |
|  RALI Trust Series 2007-QS7, Class 1A1 (PAC)<br>6.00% | 05/25/37 | 40941 | 33943 |
|  RCKT Mortgage Trust Series 2024-CES5, Class A3<br>6.44%<sup>(1)</sup> | 08/25/44 | 860000 | 865135 |
|  RCKT Mortgage Trust Series 2024-CES6, Class B1<br>7.23%<sup>(1)</sup> | 09/25/44 | 2300000 | 2314082 |
|  RCKT Mortgage Trust Series 2024-CES8, Class A2<br>5.66%<sup>(1)</sup> | 11/25/44 | 1560000 | 1556550 |
|  RCKT Mortgage Trust Series 2024-CES8, Class B1<br>7.40%<sup>(1)</sup> | 11/25/44 | 5010000 | 5041897 |
|  Residential Asset Mortgage Products Trust Series 2006- EFC2, Class A4<br>4.91% (1 mo. USD Term SOFR + 0.554%)<sup>(3)</sup> | 12/25/36 | 9831 | 9756 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued)** |  |  |  |
|  Residential Asset Securitization Trust Series 2003-A15, Class 1A3 (I/O) (I/F)<br>3.08% (-1 mo. USD Term SOFR + 7.436%)<sup>(3)</sup> | 02/25/34 | $324837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38279 |
|  Residential Asset Securitization Trust Series 2005-A8CB, Class A9<br>5.38% | 07/25/35 | 217801 | 118005 |
|  Residential Asset Securitization Trust Series 2006-A12, Class A1<br>6.25% | 11/25/36 | 505797 | 182182 |
|  Residential Asset Securitization Trust Series 2006-A15, Class A2<br>6.25% | 01/25/37 | 508006 | 165629 |
|  Residential Asset Securitization Trust Series 2006-A16, Class 1A3<br>6.00% | 02/25/37 | 333146 | 124896 |
|  Residential Asset Securitization Trust Series 2006-A5CB, Class A4<br>6.00% | 06/25/36 | 209389 | 78366 |
|  Residential Asset Securitization Trust Series 2007-A1, Class A1<br>6.00% | 03/25/37 | 326039 | 97683 |
|  Residential Asset Securitization Trust Series 2007-A3, Class 1A4<br>5.75% | 04/25/37 | 462468 | 205210 |
|  Residential Asset Securitization Trust Series 2007-A6, Class 1A3<br>6.00% | 06/25/37 | 138927 | 71192 |
|  RFMSI Trust Series 2006-S10, Class 1A1<br>6.00% | 10/25/36 | 571592 | 460925 |
|  RFMSI Trust Series 2006-S3, Class A7<br>5.50% | 03/25/36 | 379665 | 307945 |
|  RFMSI Trust Series 2006-S6, Class A10<br>6.00% | 07/25/36 | 183653 | 157121 |
|  RFMSI Trust Series 2006-S6, Class A14<br>6.00% | 07/25/36 | 58888 | 50381 |
|  RFMSI Trust Series 2007-S8, Class 1A1<br>6.00% | 09/25/37 | 132110 | 90059 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF4<br>2.84% | 01/25/36 | 227596 | 193004 |
|  Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B<br>4.77% (1 mo. USD Term SOFR + 0.414%)<sup>(3)</sup> | 12/25/36 | 804658 | 388213 |
|  Shamrock Residential DAC Series 2024-1A, Class C<br>4.10% (1 mo. EUR EURIBOR + 2.200%)<sup>(1),(3)</sup> | 12/24/78 | 1075000 | 1221100 |
|  Soundview Home Loan Trust Series 2007-OPT2, Class 2A4<br>4.72% (1 mo. USD Term SOFR + 0.364%)<sup>(3)</sup> | 07/25/37 | 221517 | 179942 |
|  Soundview Home Loan Trust Series 2007-OPT4, Class 1A1<br>5.47% (1 mo. USD Term SOFR + 1.114%)<sup>(3)</sup> | 09/25/37 | 355770 | 257588 |
|  Structured Adjustable Rate Mortgage Loan Trust Series 2004-1, Class 4A1<br>6.34%<sup>(9)</sup> | 02/25/34 | 638 | 618 |
|  Structured Asset Mortgage Investments II Trust Series 2006- AR2, Class A1<br>4.93% (1 mo. USD Term SOFR + 0.574%)<sup>(3)</sup> | 02/25/36 | 7430 | 6877 |
|  Towd Point Mortgage Trust Series 2024-CES1, Class A1B<br>6.05%<sup>(1),(9)</sup> | 01/25/64 | 773239 | 775081 |
|  VCAT LLC Series 2025-NPL1, Class A1<br>5.88%<sup>(1)</sup> | 01/25/55 | 5627543 | 5635153 |
|  Verus Securitization Trust Series 2022-2, Class A2<br>4.26%<sup>(1)</sup> | 02/25/67 | 825543 | 777439 |
|  Verus Securitization Trust Series 2022-INV2, Class M1<br>6.77%<sup>(1),(9)</sup> | 10/25/67 | 864000 | 861589 |
|  Verus Securitization Trust Series 2023-1, Class B1<br>6.87%<sup>(1),(9)</sup> | 12/25/67 | 1150000 | 1145821 |
|  Verus Securitization Trust Series 2023-INV1, Class B1<br>7.49%<sup>(1),(9)</sup> | 02/25/68 | 1120000 | 1119544 |
|  Verus Securitization Trust Series 2024-INV1, Class B2<br>8.46%<sup>(1),(9)</sup> | 03/25/69 | 3000000 | 3032360 |
|  Verus Securitization Trust Series 2024-INV2, Class B2<br>7.96%<sup>(1),(9)</sup> | 08/26/69 | 550000 | 553989 |
|  Verus Securitization Trust Series 2025-INV1, Class B1<br>6.95%<sup>(1),(9)</sup> | 02/25/70 | 1750000 | 1752736 |
|  Visio Trust Series 2023-1, Class B1<br>7.83%<sup>(1),(9)</sup> | 03/25/58 | 900000 | 902328 |
|  VOLT CIII LLC Series 2021-CF1, Class A1<br>4.99%<sup>(1)</sup> | 08/25/51 | 407061 | 407420 |
|  VOLT XCVI LLC Series 2021-NPL5, Class A2<br>8.83%<sup>(1)</sup> | 03/27/51 | 1016382 | 1016803 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-2, Class 1A6<br>6.00% | 03/25/36 | 17424 | 17118 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-AR3, Class X3 (I/O)<br>1.15% | 05/25/46 | 5434445 | 248499 |
|  Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 1A1<br>6.00% | 06/25/37 | 146979 | 133175 |
|  Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1<br>6.25% | 11/25/37 | 258296 | 230658 |
|  Wells Fargo Mortgage-Backed Securities Trust Series 2006- AR14, Class 2A3<br>7.38%<sup>(9)</sup> | 10/25/36 | 23699 | 21863 |
|  Wells Fargo Mortgage-Backed Securities Trust Series 2006- AR4, Class 2A1<br>6.14%<sup>(9)</sup> | 04/25/36 | 5064 | 5016 |
|  Wells Fargo Mortgage-Backed Securities Trust Series 2007- 7, Class A1<br>6.00% | 06/25/37 | 1273125 | 1177675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Residential Mortgage-backed Securities—Non-agency** (Cost: $220,796,037) |  |  | 202806786 |
|  **BANK LOANS—6.7%** |  |  |  |
|  **Advertising—0.1%** |  |  |  |
|  Advantage Sales & Marketing, Inc. 2024 Term Loan<br>8.55% (3 mo. USD Term SOFR + 4.250%)<sup>(3)</sup> | 10/28/27 | 1083292 | 847974 |
|  **Aerospace & Defense—0.1%** |  |  |  |
|  HDI Aerospace Intermediate Holding III Corp. Term Loan B<br>8.83% (3 mo. USD Term SOFR + 4.500%)<sup>(3)</sup> | 02/11/32 | 817950 | 821529 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Aerospace & Defense (Continued)** |  |  |  |
|  TransDigm, Inc. 2023 Term Loan J<br>6.80% (3 mo. USD Term SOFR + 2.500%)<sup>(3)</sup> | 02/28/31 | $723951 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726909 |
|  TransDigm, Inc. 2024 Term Loan I<br>7.05% (3 mo. USD Term SOFR + 2.750%)<sup>(3)</sup> | 08/24/28 | 427196 | 429240 |
|  |  |  | 1977678 |
|  **Apparel—0.1%** |  |  |  |
|  ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B<br>6.61% (1 mo. USD Term SOFR + 2.250%)<sup>(3)</sup> | 12/21/28 | 731903 | 731446 |
|  ABG Intermediate Holdings 2 LLC 2025 Delayed Draw Term Loan<br>6.61% (1 mo. USD Term SOFR + 2.250%)<sup>(3)</sup> | 02/13/32 | 498750 | 497737 |
|  |  |  | 1229183 |
|  **Beverages—0.3%** |  |  |  |
|  Arterra Wines Canada, Inc. 2020 Term Loan<br>8.06% (3 mo. USD Term SOFR + 3.500%)<sup>(3)</sup> | 11/24/27 | 496777 | 491601 |
|  Celsius Holdings, Inc. Term Loan<br>7.54% (3 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 04/01/32 | 538755 | 543919 |
|  Naked Juice LLC 2025 FLFO Term Loan<br>9.80% (3 mo. USD Term SOFR + 5.500%)<sup>(3)</sup> | 01/24/29 | 2226519 | 2222344 |
|  Naked Juice LLC 2025 FLSO Term Loan<br>7.65% (3 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 01/24/29 | 93637 | 71193 |
|  Naked Juice LLC 2025 FLTO Term Loan<br>10.40% (3 mo. USD Term SOFR + 6.000%)<sup>(3)</sup> | 01/24/30 | 73522 | 35106 |
|  Primo Brands Corp. 2025 Term Loan B<br>6.55% (3 mo. USD Term SOFR + 2.250%)<sup>(3)</sup> | 03/31/28 | 497500 | 499229 |
|  |  |  | 3863392 |
|  **Chemicals—0.1%** |  |  |  |
|  Chemours Co. 2023 USD Term Loan B<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(3)</sup> | 08/18/28 | 560057 | 560757 |
|  Mativ Holdings, Inc. Delayed Draw Term Loan A<br>6.96% (1 mo. USD Term SOFR + 2.500%)<sup>(3)</sup> | 05/06/27 | 84299 | 83878 |
|  SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B<br>7.20% (3 mo. USD Term SOFR + 3.000%)<sup>(3)</sup> | 01/31/29 | 497500 | 498885 |
|  |  |  | 1143520 |
|  **Commercial Services—0.6%** |  |  |  |
|  AlixPartners LLP 2021 USD Term Loan B<br>6.97% (1 mo. USD Term SOFR + 2.500%)<sup>(3)</sup> | 02/04/28 | 997395 | 998991 |
|  ASP Dream Acquisition Co. LLC Term Loan B<br>8.71% (1 mo. USD Term SOFR + 4.250%)<sup>(3)</sup> | 12/15/28 | 1125840 | 1080807 |
|  Belron Finance 2019 LLC 2024 USD Term Loan B<br>7.05% (3 mo. USD Term SOFR + 2.750%)<sup>(3)</sup> | 10/16/31 | 341200 | 343204 |
|  Boost Newco Borrower LLC 2025 USD Term Loan B<br>6.30% (3 mo. USD Term SOFR + 2.000%)<sup>(3)</sup> | 01/31/31 | 636342 | 638134 |
|  CCRR Parent, Inc. Term Loan B<br>8.70% (3 mo. USD Term SOFR + 4.250%)<sup>(3)</sup> | 03/06/28 | 134196 | 46969 |
|  CCRR Parent, Inc. US Acquisition Facility<br>8.68% (3 mo. USD Term SOFR + 4.250%)<sup>(3)</sup> | 03/06/28 | 404514 | 141580 |
|  Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan<br>8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(3)</sup> | 07/06/29 | 248229 | 249263 |
|  Ensemble RCM LLC 2024 Term Loan B<br>7.31% (3 mo. USD Term SOFR + 3.000%)<sup>(3)</sup> | 08/01/29 | 997475 | 1003225 |
|  Fugue Finance BV 2025 Term Loan B<br>0.00%<sup>(15)</sup> | 01/09/32 | 1204638 | 1210981 |
|  Kelso Industries LLC Term Loan<br>10.11% (1 mo. USD Term SOFR + 5.750%)<sup>(3),(16)</sup> | 12/30/29 | 101026 | 101784 |
|  Nuvei Technologies Corp. 2024 Term Loan B1<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(3)</sup> | 11/17/31 | 498750 | 499732 |
|  Priority Holdings LLC 2024 Term Loan B<br>9.11% (1 mo. USD Term SOFR + 4.750%)<sup>(3)</sup> | 05/16/31 | 345430 | 346563 |
|  Ryan LLC Term Loan<br>7.86% (1 mo. USD Term SOFR + 3.500%)<sup>(3)</sup> | 11/14/30 | 1125581 | 1127837 |
|  TruGreen LP 2020 Term Loan<br>8.46% (1 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 11/02/27 | 668109 | 645561 |
|  Valvoline, Inc. Term Loan B<br>0.00%<sup>(15)</sup> | 03/19/32 | 659040 | 662582 |
|  Veritiv Corp. Term Loan B<br>8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 11/30/30 | 566685 | 569697 |
|  |  |  | 9666910 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Computers—0.4%** |  |  |  |
|  Access CIG LLC 2023 Term Loan<br>8.38% (6 mo. USD Term SOFR + 4.250%)<sup>(3)</sup> | 08/18/28 | $997462 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003626 |
|  Amentum Government Services Holdings LLC 2024 Term Loan B<br>6.61% (1 mo. USD Term SOFR + 2.250%)<sup>(3)</sup> | 09/29/31 | 307125 | 307663 |
|  McAfee LLC 2024 USD 1st Lien Term Loan B<br>7.33% (1 mo. USD Term SOFR + 3.000%)<sup>(3)</sup> | 03/01/29 | 133966 | 129835 |
|  Nielsen Consumer, Inc. 2025 USD Term Loan<br>7.61% (1 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 03/06/28 | 498750 | 500558 |
|  Peraton Corp. Term Loan B<br>8.21% (1 mo. USD Term SOFR + 3.750%)<sup>(3)</sup> | 02/01/28 | 903439 | 806532 |
|  Tempo Acquisition LLC 2025 Repriced Term Loan B<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(3)</sup> | 08/31/28 | 997494 | 996013 |
|  Twitter, Inc. 2025 Fixed Term Loan<br>9.50% | 10/26/29 | 1041198 | 1011628 |
|  Twitter, Inc. Term Loan<br>10.96% (3 mo. USD Term SOFR + 6.500%)<sup>(3)</sup> | 10/26/29 | 832598 | 812757 |
|  |  |  | 5568612 |
|  **Cosmetics/personal Care—0.1%** |  |  |  |
|  Opal Bidco SAS USD Term Loan B<br>7.58% (3 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 04/28/32 | 858016 | 862791 |
|  **Distribution & wholesale—0.0%** |  |  |  |
|  BCPE Empire Holdings, Inc. 2025 Term Loan B<br>7.61% (1 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 12/11/30 | 58324 | 58368 |
|  Gloves Buyer, Inc. 2025 Term Loan<br>8.36% (1 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 01/17/32 | 525012 | 515299 |
|  |  |  | 573667 |
|  **Diversified Financial Services—0.3%** |  |  |  |
|  Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6<br>6.10% (1 mo. USD Term SOFR + 1.750%)<sup>(3)</sup> | 06/24/30 | 1145110 | 1146930 |
|  Blackhawk Network Holdings, Inc. 2025 Term Loan B<br>8.36% (1 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 03/12/29 | 818581 | 822866 |
|  Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B<br>7.45% (6 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 01/27/32 | 199500 | 200423 |
|  Deerfield Dakota Holding LLC 2020 USD Term Loan B<br>8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(3)</sup> | 04/09/27 | 499519 | 495863 |
|  Delos Aircraft DAC Term Loan<br>6.05% (3 mo. USD Term SOFR + 1.750%)<sup>(3)</sup> | 10/31/27 | 556667 | 559712 |
|  Guggenheim Partners LLC 2024 Term Loan B<br>6.80% (3 mo. USD Term SOFR + 2.500%)<sup>(3)</sup> | 11/26/31 | 218700 | 219602 |
|  Jane Street Group LLC 2024 Term Loan B1<br>6.33% (3 mo. USD Term SOFR + 2.000%)<sup>(3)</sup> | 12/15/31 | 466223 | 464724 |
|  Jefferies Finance LLC 2024 Term Loan<br>7.35% (1 mo. USD Term SOFR + 3.000%)<sup>(3)</sup> | 10/21/31 | 171216 | 171752 |
|  Setanta Aircraft Leasing DAC 2024 Term Loan B<br>0.00%<sup>(15)</sup> | 11/05/28 | 835000 | 840277 |
|  |  |  | 4922149 |
|  **Electric—0.5%** |  |  |  |
|  Alpha Generation LLC 2025 Term Loan B<br>0.00%<sup>(15)</sup> | 09/30/31 | 1781290 | 1781174 |
|  Alpha Generation LLC Term Loan B<br>6.36% (1 mo. USD Term SOFR + 2.000%)<sup>(3)</sup> | 09/30/31 | 1776815 | 1776699 |
|  Calpine Corp. 2024 Term Loan B10<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(3)</sup> | 01/31/31 | 179916 | 180146 |
|  Calpine Corp. 2024 Term Loan B5<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(3)</sup> | 02/15/32 | 1000000 | 1000835 |
|  Cornerstone Generation LLC Term Loan B<br>0.00%<sup>(15)</sup> | 10/28/31 | 181482 | 182979 |
|  Edgewater Generation LLC 2025 Repriced Term Loan<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(3)</sup> | 08/01/30 | 90282 | 90797 |
|  Kestrel Acquisition LLC 2024 Term Loan B<br>7.80% (3 mo. USD Term SOFR + 2.500%)<sup>(3)</sup> | 11/06/31 | 226341 | 227214 |
|  Potomac Energy Center LLC 2025 Term Loan<br>0.00%<sup>(15)</sup> | 03/14/32 | 253076 | 253551 |
|  Potomac Energy Center LLC Term Loan<br>10.56% (3 mo. USD Term SOFR + 6.000%)<sup>(3)</sup> | 11/12/26 | 318472 | 319666 |
|  South Field LLC 2025 Term Loan B<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 08/29/31 | 355508 | 357286 |
|  South Field LLC 2025 Term Loan C<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 08/29/31 | 22862 | 22976 |
|  Talen Energy Supply LLC 2023 Term Loan B<br>6.81% (3 mo. USD Term SOFR + 2.500%)<sup>(3)</sup> | 05/17/30 | 497462 | 499250 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Electric (Continued)** |  |  |  |
|  Vistra Operations Co. LLC 1st Lien Term Loan B3<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(3)</sup> | 12/20/30 | $186374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186876 |
|  |  |  | 6879449 |
|  **Electrical Components & Equipment—0.1%** |  |  |  |
|  Pelican Products, Inc. 2021 Term Loan<br>8.81% (3 mo. USD Term SOFR + 4.250%)<sup>(3)</sup> | 12/29/28 | 982842 | 861422 |
|  **Electronics—0.0%** |  |  |  |
|  Coherent Corp. 2025 1st Lien Term Loan B2<br>6.36% (1 mo. USD Term SOFR + 2.000%)<sup>(3)</sup> | 07/02/29 | 470883 | 472766 |
|  TCP Sunbelt Acquisition Co. 2024 Term Loan B<br>8.58% (3 mo. USD Term SOFR + 4.250%)<sup>(3)</sup> | 10/24/31 | 44775 | 44999 |
|  |  |  | 517765 |
|  **Energy-alternate Sources—0.0%** |  |  |  |
|  KAMC Holdings, Inc. 2019 Term Loan<br>8.59% (3 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 08/14/26 | 492126 | 472441 |
|  **Engineering & Construction—0.1%** |  |  |  |
|  Artera Services LLC 2024 Term Loan<br>8.80% (3 mo. USD Term SOFR + 4.500%)<sup>(3)</sup> | 02/15/31 | 56050 | 46756 |
|  DG Investment Intermediate Holdings 2, Inc. 2024 Delayed Draw Term Loan<br>3.50%<sup>(3)</sup> | 03/31/28 | 13948 | 13913 |
|  Legence Holdings LLC 2025 Term Loan B<br>7.61% (1 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 12/18/28 | 497416 | 499592 |
|  Wrench Group LLC 2019 Term Loan B<br>8.56% (3 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 10/30/28 | 997475 | 996857 |
|  |  |  | 1557118 |
|  **Entertainment—0.4%** |  |  |  |
|  DK Crown Holdings, Inc. 2025 Term Loan B<br>6.08% (1 mo. USD Term SOFR + 1.750%)<sup>(3)</sup> | 03/04/32 | 1125531 | 1125649 |
|  EOC Borrower LLC Term Loan A<br>0.00%<sup>(15)</sup> | 03/24/28 | 425000 | 426328 |
|  EOC Borrower LLC Term Loan B<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(3)</sup> | 03/24/32 | 500000 | 501798 |
|  Flutter Financing BV 2024 Term Loan B<br>6.05% (3 mo. USD Term SOFR + 1.750%)<sup>(3)</sup> | 11/30/30 | 248737 | 248302 |
|  Flutter Financing BV 2025 Term Loan B<br>6.30% (3 mo. USD Term SOFR + 2.000%)<sup>(3)</sup> | 06/04/32 | 165034 | 165308 |
|  Great Canadian Gaming Corp. 2024 Term Loan B<br>9.07% (3 mo. USD Term SOFR + 4.750%)<sup>(3)</sup> | 11/01/29 | 350000 | 342344 |
|  J&J Ventures Gaming LLC 2025 Repriced Term Loan B<br>7.86% (1 mo. USD Term SOFR + 3.500%)<sup>(3)</sup> | 04/26/30 | 498750 | 495401 |
|  Showtime Acquisition LLC 2024 1st Lien Term Loan<br>9.07% (3 mo. USD Term SOFR + 4.750%)<sup>(3)</sup> | 08/16/31 | 299907 | 301314 |
|  UFC Holdings LLC 2024 Term Loan B<br>6.57% (3 mo. USD Term SOFR + 2.250%)<sup>(3)</sup> | 11/21/31 | 280650 | 281753 |
|  Voyager Parent LLC Term Loan B<br>9.04% (3 mo. USD Term SOFR + 4.750%)<sup>(3)</sup> | 07/01/32 | 1431064 | 1434127 |
|  |  |  | 5322324 |
|  **Environmental Control—0.0%** |  |  |  |
|  GFL Environmental, Inc. 2025 Term Loan B<br>6.82% (3 mo. USD Term SOFR + 2.500%)<sup>(3)</sup> | 03/03/32 | 500000 | 501250 |
|  **Food—0.1%** |  |  |  |
|  1440 Food Topco LLC Term Loan B<br>9.36% (1 mo. USD Term SOFR + 5.000%)<sup>(3)</sup> | 10/31/31 | 747739 | 734653 |
|  BCPE North Star U.S. HoldCo 2, Inc. Term Loan<br>10.50% (3 mo. USD Term SOFR + 3.000%)<sup>(3)</sup> | 06/09/28 | 747786 | 749655 |
|  United Natural Foods, Inc. 2024 Term Loan<br>9.11% (1 mo. USD Term SOFR + 4.750%)<sup>(3)</sup> | 05/01/31 | 233281 | 235447 |
|  |  |  | 1719755 |
|  **Health Care-products—0.1%** |  |  |  |
|  Antylia Scientific Term Loan<br>8.29% (3 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 05/27/32 | 664322 | 653248 |
|  Bausch & Lomb Corp. 2023 Incremental Term Loan<br>8.36% (1 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 09/29/28 | 337571 | 338134 |
|  Medline Borrower LP 2024 USD Add-on Term Loan B<br>6.61% (1 mo. USD Term SOFR + 2.250%)<sup>(3)</sup> | 10/23/28 | 889096 | 890887 |
|  |  |  | 1882269 |
|  **Health Care-services—0.4%** |  |  |  |
|  ADMI Corp. 2021 Incremental Term Loan B3<br>8.22% (1 mo. USD Term SOFR + 3.750%)<sup>(3)</sup> | 12/23/27 | 497416 | 467778 |
|  ADMI Corp. 2023 Term Loan B5<br>10.11% (1 mo. USD Term SOFR + 5.750%)<sup>(3)</sup> | 12/23/27 | 83464 | 81002 |
|  Charlotte Buyer, Inc. 2025 Repriced Term Loan B<br>8.60% (1 mo. USD Term SOFR + 4.250%)<sup>(3)</sup> | 02/11/28 | 348250 | 348469 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Health Care-services (Continued)** |  |  |  |
|  Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B<br>0.00%<sup>(15)</sup> | 03/30/29 | $498718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441989 |
|  Heartland Dental LLC 2024 Term Loan<br>8.86% (1 mo. USD Term SOFR + 4.500%)<sup>(3)</sup> | 04/28/28 | 931649 | 934737 |
|  Help At Home, Inc. 2024 Term Loan B<br>9.36% (1 mo. USD Term SOFR + 5.000%)<sup>(3)</sup> | 09/24/31 | 348250 | 337803 |
|  IQVIA, Inc. 2025 Repriced Term Loan B<br>6.05% (3 mo. USD Term SOFR + 1.750%)<sup>(3)</sup> | 01/02/31 | 124195 | 125010 |
|  Modivcare, Inc. 2024 Term Loan B<br>9.05% (3 mo. USD Term SOFR + 4.750%)<sup>(3)</sup> | 07/01/31 | 795979 | 510756 |
|  Modivcare, Inc. 2025 Incremental Term Loan<br>11.78% (3 mo. USD Term SOFR + 7.500%)<sup>(3)</sup> | 01/12/26 | 271354 | 211402 |
|  NAPA Management Services Corp. Term Loan B<br>9.71% (1 mo. USD Term SOFR + 5.250%)<sup>(3)</sup> | 02/23/29 | 1381134 | 936409 |
|  Pediatric Associates Holding Co. LLC 2021 Term Loan B<br>7.82% (3 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 12/29/28 | 1257820 | 1105831 |
|  Star Parent, Inc. Term Loan B<br>8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 09/27/30 | 189888 | 188029 |
|  U.S. Anesthesia Partners, Inc. 2021 Term Loan<br>8.69% (1 mo. USD Term SOFR + 4.250%)<sup>(3)</sup> | 10/01/28 | 457188 | 453283 |
|  |  |  | 6142498 |
|  **Home Furnishings—0.1%** |  |  |  |
|  AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B<br>7.32% (1 mo. USD Term SOFR + 3.000%)<sup>(3)</sup> | 07/31/28 | 1142435 | 1143177 |
|  **Insurance—0.2%** |  |  |  |
|  AmWINS Group, Inc. 2025 Term Loan B<br>6.61% (1 mo. USD Term SOFR + 2.250%)<sup>(3)</sup> | 01/30/32 | 1201106 | 1203335 |
|  Asurion LLC 2021 Second Lien Term Loan B4<br>9.72% (1 mo. USD Term SOFR + 5.250%)<sup>(3)</sup> | 01/20/29 | 564175 | 531913 |
|  Asurion LLC 2021 Term Loan B9<br>7.72% (1 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 07/31/27 | 997396 | 998373 |
|  Asurion LLC 2024 Term Loan B12<br>8.61% (1 mo. USD Term SOFR + 4.250%)<sup>(3)</sup> | 09/19/30 | 181343 | 178705 |
|  |  |  | 2912326 |
|  **Internet—0.4%** |  |  |  |
|  Arches Buyer, Inc. 2021 Term Loan B<br>7.71% (1 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 12/06/27 | 122123 | 122209 |
|  Barracuda Networks, Inc. 2022 Term Loan<br>8.81% (3 mo. USD Term SOFR + 4.500%)<sup>(3)</sup> | 08/15/29 | 542024 | 441514 |
|  Delivery Hero SE 2024 USD Term Loan B<br>9.30% (3 mo. USD Term SOFR + 5.000%)<sup>(3)</sup> | 12/12/29 | 1092824 | 1103638 |
|  Magnite, Inc. 2025 Repriced Term Loan B<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(3)</sup> | 02/06/31 | 552879 | 555527 |
|  MH Sub I LLC 2023 Term Loan<br>8.61% (1 mo. USD Term SOFR + 4.250%)<sup>(3)</sup> | 05/03/28 | 806568 | 771333 |
|  MH Sub I LLC 2024 Term Loan B4<br>8.61% (1 mo. USD Term SOFR + 4.250%)<sup>(3)</sup> | 12/31/31 | 661894 | 593269 |
|  Plano HoldCo, Inc. Term Loan B<br>0.00%<sup>(15)</sup> | 10/02/31 | 249375 | 242517 |
|  PUG LLC 2024 Extended Term Loan B<br>9.11% (1 mo. USD Term SOFR + 4.750%)<sup>(3)</sup> | 03/15/30 | 99911 | 99318 |
|  Red Ventures LLC 2024 Term Loan B<br>7.11% (1 mo. USD Term SOFR + 2.750%)<sup>(3)</sup> | 03/04/30 | 979266 | 855633 |
|  Research Now Group, Inc. 2024 First Lien First Out Term Loan<br>9.59% (3 mo. USD Term SOFR + 5.000%)<sup>(3)</sup> | 07/15/28 | 601797 | 600482 |
|  TripAdvisor, Inc. Term Loan<br>7.11% (1 mo. USD Term SOFR + 2.750%)<sup>(3)</sup> | 07/08/31 | 381656 | 378793 |
|  |  |  | 5764233 |
|  **Investment Companies—0.0%** |  |  |  |
|  Intrado Corp. 2023 Term Loan B<br>7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(3)</sup> | 01/31/30 | 348232 | 348958 |
|  **Leisure Time—0.1%** |  |  |  |
|  City Football Group Ltd. 2024 Term Loan<br>7.97% (1 mo. USD Term SOFR + 3.500%)<sup>(3)</sup> | 07/22/30 | 958083 | 958984 |
|  Sabre GLBL, Inc. 2024 Term Loan B1<br>10.46% (1 mo. USD Term SOFR + 6.000%)<sup>(3)</sup> | 11/15/29 | 395096 | 395590 |
|  |  |  | 1354574 |
|  **Lodging—0.0%** |  |  |  |
|  Hilton Domestic Operating Co., Inc. 2023 Term Loan B4<br>6.10% (1 mo. USD Term SOFR + 1.750%)<sup>(3)</sup> | 11/08/30 | 424611 | 426055 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Machinery-construction & Mining—0.0%** | **Machinery-construction & Mining—0.0%** | **Machinery-construction & Mining—0.0%** |  |
|  WEC U.S. Holdings Ltd. 2024 Term Loan<br>6.58% (1 mo. USD Term SOFR + 2.250%)<sup>(3)</sup> | 01/27/31 | $366339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367011 |
|  **Machinery-diversified—0.1%** |  |  |  |
|  Arcline FM Holdings LLC 2024 Term Loan<br>7.58% (3 mo. USD Term SOFR + 3.500%)<sup>(3)</sup> | 06/23/28 | 349123 | 351851 |
|  Oregon Tool, Inc. 2025 1st Lien Term Loan<br>9.67% (3 mo. USD Term SOFR + 5.350%)<sup>(3)</sup> | 10/15/29 | 54649 | 55828 |
|  Oregon Tool, Inc. 2025 2nd Lien Term Loan<br>8.59% (3 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 10/15/29 | 715641 | 590629 |
|  |  |  | 998308 |
|  **Media—0.4%** |  |  |  |
|  Charter Communications Operating LLC 2024 Term Loan B5<br>6.54% (3 mo. USD Term SOFR + 2.250%)<sup>(3)</sup> | 12/15/31 | 3173385 | 3176955 |
|  NEP Group, Inc. 2023 Term Loan B<br>7.84% (3 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 08/19/26 | 984626 | 937364 |
|  Telenet Financing USD LLC 2020 USD Term Loan AR<br>6.46% (1 mo. USD Term SOFR + 2.000%)<sup>(3)</sup> | 04/30/28 | 500000 | 490875 |
|  Virgin Media Bristol LLC USD Term Loan N<br>6.96% (1 mo. USD Term SOFR + 2.500%)<sup>(3)</sup> | 01/31/28 | 187759 | 185804 |
|  Ziggo Financing Partnership Term Loan I<br>0.00%<sup>(15)</sup> | 04/30/28 | 750000 | 725730 |
|  |  |  | 5516728 |
|  **Mining—0.0%** |  |  |  |
|  American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan<br>11.59% (3 mo. USD Term SOFR + 7.000%)<sup>(3),(17)</sup> | 06/09/28 | 29518 | 29740 |
|  American Rock Salt Co. LLC 2024 First Out Term Loan<br>11.59% (3 mo. USD Term SOFR + 7.000%)<sup>(3)</sup> | 06/09/28 | 110709 | 111539 |
|  |  |  | 141279 |
|  **Miscellaneous Manufacturers—0.1%** |  |  |  |
|  Cleanova U.S. Holdings LLC 2025 Term Loan B<br>9.07% (3 mo. USD Term SOFR + 4.750%)<sup>(3)</sup> | 06/14/32 | 471435 | 469078 |
|  Technimark Holdings LLC 2024 Term Loan<br>7.60% (1 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 04/14/31 | 781970 | 784578 |
|  Technimark Holdings LLC Term Loan<br>0.00%<sup>(15)</sup> | 04/14/31 | 787879 | 790507 |
|  |  |  | 2044163 |
|  **Office/business Equipment—0.1%** |  |  |  |
|  Xerox Holdings Corp. 2023 Term Loan B<br>8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 11/17/29 | 1596926 | 1502444 |
|  **Packaging & Containers—0.1%** |  |  |  |
|  Balcan Innovations, Inc. Term Loan B<br>9.06% (3 mo. USD Term SOFR + 4.750%)<sup>(3)</sup> | 10/18/31 | 579612 | 533243 |
|  Plaze, Inc. 2020 Incremental Term Loan<br>8.22% (1 mo. USD Term SOFR + 3.750%)<sup>(3)</sup> | 08/03/26 | 669389 | 642928 |
|  Proampac PG Borrower LLC 2024 Term Loan<br>8.32% (3 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 09/15/28 | 145889 | 146527 |
|  |  |  | 1322698 |
|  **Pharmaceuticals—0.2%** |  |  |  |
|  Elanco Animal Health, Inc. Term Loan B<br>6.18% (1 mo. USD Term SOFR + 1.750%)<sup>(3)</sup> | 08/01/27 | 1383865 | 1384162 |
|  Grifols Worldwide Operations USA, Inc. 2019 USD Term Loan B<br>6.48% (3 mo. USD Term SOFR + 2.000%)<sup>(3)</sup> | 11/15/27 | 87976 | 87934 |
|  Jazz Financing Lux SARL 2024 1st Lien Term Loan B<br>6.61% (1 mo. USD Term SOFR + 2.250%)<sup>(3)</sup> | 05/05/28 | 886626 | 891131 |
|  Paradigm Parent LLC 2025 Term Loan B<br>0.00%<sup>(15)</sup> | 04/30/32 | 600000 | 546750 |
|  Pathway Vet Alliance LLC 2021 Term Loan<br>9.32% (1 mo. USD Term SOFR + 5.000%)<sup>(3)</sup> | 03/31/27 | 11816 | 9651 |
|  Pathway Vet Alliance LLC 2025 Tranche A Term Loan A<br>9.31% (3 mo. USD Term SOFR + 5.000%)<sup>(3)</sup> | 06/30/28 | 14538 | 14650 |
|  |  |  | 2934278 |
|  **Reit—0.1%** |  |  |  |
|  Healthpeak Properties, Inc. 2024 Term Loan A3<br>5.25% (3 mo. USD Term SOFR + 0.950%) | 03/01/29 | 223979 | 218380 |
|  Healthpeak Properties, Inc. Term Loan A1<br>5.30% (1 mo. USD Term SOFR + 0.840%)<sup>(3)</sup> | 08/20/27 | 110979 | 110146 |
|  Healthpeak Properties, Inc. Term Loan A2<br>5.30% (1 mo. USD Term SOFR + 0.840%)<sup>(3)</sup> | 02/22/27 | 110979 | 110146 |
|  Invitation Homes Operating Partnership LP 2024 Term Loan<br>5.29% (1 mo. USD Term SOFR + 0.850%)<sup>(3)</sup> | 09/09/28 | 739444 | 728353 |
|  Iron Mountain, Inc. 2022 Term Loan A<br>0.00%<sup>(15)</sup> | 03/18/30 | 1000000 | 995000 |
|  |  |  | 2162025 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Retail—0.3%** |  |  |  |
|  1011778 BC Unlimited Liability Co. 2024 Term Loan B6<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(3)</sup> | 09/20/30 | $912109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911183 |
|  BW Gas & Convenience Holdings LLC 2021 Term Loan B<br>7.97% (1 mo. USD Term SOFR + 3.500%)<sup>(3)</sup> | 03/31/28 | 506117 | 506327 |
|  Dave & Buster's, Inc. 2024 1st Lien Term Loan B<br>7.56% (3 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 11/01/31 | 500545 | 482913 |
|  Lakeshore Intermediate LLC Term Loan<br>7.97% (1 mo. USD Term SOFR + 3.500%)<sup>(3)</sup> | 09/29/28 | 496144 | 414903 |
|  Michaels Cos., Inc. 2021 Term Loan B<br>8.81% (3 mo. USD Term SOFR + 4.250%)<sup>(3)</sup> | 04/17/28 | 163200 | 139172 |
|  Pacific Bells LLC 2024 Repriced Term Loan B<br>8.56% (3 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 11/13/28 | 497423 | 499081 |
|  Peer Holding III BV 2025 Term Loan B5B<br>6.80% (3 mo. USD Term SOFR + 2.500%) | 07/01/31 | 1733873 | 1740652 |
|  |  |  | 4694231 |
|  **Software—0.6%** |  |  |  |
|  Athenahealth Group, Inc. 2025 Term Loan B<br>7.11% (1 mo. USD Term SOFR + 2.750%)<sup>(3)</sup> | 02/15/29 | 228475 | 228578 |
|  Cast & Crew Payroll LLC 2021 Incremental Term Loan<br>8.11% (1 mo. USD Term SOFR + 3.750%)<sup>(3)</sup> | 12/29/28 | 224784 | 214372 |
|  Castle U.S. Holding Corp. 2025 New Money FLFO Term Loan<br>9.33% (3 mo. USD Term SOFR + 5.000%)<sup>(3)</sup> | 04/29/30 | 39316 | 39795 |
|  Castle U.S. Holding Corp. 2025 USD FLSO Term Loan B1<br>8.84% (3 mo. USD Term SOFR + 4.250%)<sup>(3)</sup> | 05/31/30 | 261726 | 146379 |
|  Cloud Software Group, Inc. 2024 1st Lien Term Loan B<br>7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(3)</sup> | 03/29/29 | 519855 | 521332 |
|  Cloudera, Inc. 2021 Term Loan<br>8.21% (1 mo. USD Term SOFR + 3.750%)<sup>(3)</sup> | 10/08/28 | 997416 | 959699 |
|  Cotiviti Corp. 2025 2nd Amendment Term Loan<br>7.08% (1 mo. USD Term SOFR + 2.750%)<sup>(3)</sup> | 03/26/32 | 376690 | 376376 |
|  DTI Holdco, Inc. 2025 Term Loan B<br>8.36% (1 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 04/26/29 | 1021552 | 1009845 |
|  EagleView Technology Corp. 2025 Term Loan<br>9.80% (3 mo. USD Term SOFR + 5.500%)<sup>(3)</sup> | 08/14/28 | 522502 | 513765 |
|  ECI Macola Max Holding LLC 2024 Term Loan<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 05/09/30 | 282904 | 284043 |
|  Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B<br>6.86% (1 mo. USD Term SOFR + 2.500%)<sup>(3)</sup> | 01/30/32 | 1494994 | 1495390 |
|  Maverick Bidco, Inc. 2021 Term Loan<br>8.21% (3 mo. USD Term SOFR + 3.750%)<sup>(3)</sup> | 05/18/28 | 1000000 | 1004690 |
|  Modena Buyer LLC Term Loan<br>8.81% (3 mo. USD Term SOFR + 4.500%)<sup>(3)</sup> | 07/01/31 | 228713 | 224750 |
|  Renaissance Holdings Corp. 2024 1st Lien Term Loan<br>8.36% (1 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 04/05/30 | 2096202 | 1939364 |
|  SolarWinds Holdings, Inc. 2025 Term Loan<br>8.34% (1 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 04/16/32 | 467924 | 463244 |
|  |  |  | 9421622 |
|  **Telecommunications—0.1%** |  |  |  |
|  Frontier Communications Corp. 2025 Term Loan B<br>6.79% (6 mo. USD Term SOFR + 2.500%)<sup>(3)</sup> | 07/01/31 | 245832 | 246408 |
|  Zayo Group Holdings, Inc. 2022 USD Incremental Term Loan B<br>8.53% (1 mo. USD Term SOFR + 4.175%)<sup>(3)</sup> | 03/09/27 | 952819 | 929003 |
|  Zayo Group Holdings, Inc. USD Term Loan<br>7.47% (1 mo. USD Term SOFR + 3.000%)<sup>(3)</sup> | 03/09/27 | 500000 | 484033 |
|  |  |  | 1659444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Bank Loans** (Cost: $102,569,339) |  |  | 101225721 |
|  **U.S. TREASURY SECURITIES—12.8%** |  |  |  |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 07/31/27 | 147313000 | 147128859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 07/15/28 | 1760000 | 1759656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 07/31/30 | 42600000 | 42445242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Securities** (Cost: $191,396,511) |  |  | 191333757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income Securities** (Cost: $1,610,083,870) |  |  | 1589920297 |
|  **CONVERTIBLE SECURITIES**—**0.1%** |  |  |  |
|  **CONVERTIBLE CORPORATE BONDS**—**0.1%** |  |  |  |
|  **Beverages—0.0%** |  |  |  |
|  Davide Campari-Milano NV (Italy)<br>2.38%<sup>(4)</sup> | 01/17/29 | 100000 | 111985 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Commercial Services—0.1%** | **Commercial Services—0.1%** | **Commercial Services—0.1%** | **Commercial Services—0.1%** |  |
|  Worldline SA (France)<br>0.00%<sup>(4),(8)</sup> | 07/30/26 | EUR | 1627689 | $1810318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Corporate Bonds** (Cost: $1,824,236) |  |  |  | 1922303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Securities** (Cost: $1,824,236) |  |  |  | 1922303 |
| **Security** |  | **Shares** | **Shares** |  |
|  **MONEY MARKET INVESTMENTS**—**6.1%** |  |  |  |  |
|  State Street Institutional U.S. Government Money Market Fund—Premier Class,<br>4.25%<sup>(18)</sup> |  |  | 3108491 | 3108491 |
|  TCW Central Cash Fund,<br>4.34%<sup>(19),(18)</sup> |  |  | 88173167 | 88173167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Money Market Investments (Cost: $91,281,658)** |  |  |  | 91281658 |
|  **INVESTMENT COMPANIES—0.9%** |  |  |  |  |
|  TCW Private Asset Income Fund—I<br>Class<sup>(19)</sup> | TCW Private Asset Income Fund—I<br>Class<sup>(19)</sup> |  | 1315755 | 13170705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** (Cost: $13,154,700) |  |  |  | 13170705 |
|  **COMMON STOCK**—**0.0%** |  |  |  |  |
|  **Media—0.0%** |  |  |  |  |
|  SES SA<sup>(20)</sup> |  |  | 11053 | 128839 |
|  **Real Estate—0.0%** |  |  |  |  |
|  Aoyuan New Shares<sup>(11),(20)</sup> | Aoyuan New Shares<sup>(11),(20)</sup> |  | 30741 | 501 |
|  **REIT—0.0%** |  |  |  |  |
|  AGNC Investment Corp. | AGNC Investment Corp. |  | 25500 | 240465 |
|  |  |  |  | 240465 |
|  **Telecommunications—0.0%** |  |  |  |  |
|  Intelsat SA<sup>(11),(20)</sup> |  |  | 11053 | 6190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stock** (Cost: $313,141) |  |  |  | 375995 |
| **Issues** |  |  |  |  |
|  **WARRANTS**—**0.0%** |  |  |  |  |
|  Cineworld Group PLC<sup>(8),(11),(20)</sup> | Cineworld Group PLC<sup>(8),(11),(20)</sup> |  | 152713 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Warrants** (Cost $0) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments (113.1%)** (Cost: $1,716,657,605) |  |  |  | 1696670958 |
|  **Net Unrealized Appreciation/depreciation On Unfunded Commitments (0.0%)** |  |  |  | 837 |
|  **Liabilities In Excess Of Other Assets (-13.1%)** |  |  |  | (196178021) |
|  **Net Assets (100.0%)** |  |  |  | $1500493774 |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **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<br>for USD** | **Contracts at<br>Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **BUY<sup>(21)</sup>** |  |  |  |  |  |  |
|  Goldman Sachs & Co. | EUR | 2456425 | 10/10/25 | $2883806 | $2815707 | $(68099) |
|  |  |  |  | $2883806 | $2815707 | $(68099) |
|  **SELL<sup>(22)</sup>** |  |  |  |  |  |  |
|  Goldman Sachs & Co. | AUD | 3091158 | 10/10/25 | $2043313 | $1989005 | $54308 |
|  Goldman Sachs & Co. | CAD | 4740000 | 10/10/25 | 3487023 | 3432580 | 54443 |
|  Goldman Sachs & Co. | EUR | 56518199 | 10/10/25 | 66572068 | 64784657 | 1787411 |
|  Goldman Sachs & Co. | GBP | 2368786 | 10/10/25 | 3175372 | 3130365 | 45007 |
|  Bank of New York | GBP | 13568032 | 10/10/25 | 18427680 | 17930234 | 497446 |
|  |  |  |  | $93705456 | $91266841 | $2438615 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional<br>Contract Value** | **Value** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Futures** |  |  |  |  |  |
| 2289 | 5-Year U.S. Treasury Note Futures | 09/30/25 | $246137220 | $247605422 | $1468202 |
| 815 | 2-Year U.S. Treasury Note Futures | 09/30/25 | 168895523 | 168692266 | (203257) |
|  |  |  | $**415032743** | $**416297688** | $**1264945** |
|  **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** | **Short Futures** |
| 927 | 10-Year U.S. Treasury Note Futures | 09/19/25 | $(103224949) | $(104823423) | $(1598474) |
| 23 | 3 Year Australian Bond Futures | 09/15/25 | (1586260) | (1586171) | 89 |
| 13 | 30-Year Euro-Buxl Future | 09/8/25 | (1782331) | (1741403) | 40928 |
| 33 | 5-Year Canadian Bond Futures | 09/18/25 | (2694043) | (2696016) | (1973) |
| 17 | Euro SCHWATZ Futures | 09/8/25 | (2083676) | (2076812) | 6864 |
| 94 | Euro-Bobl Future | 09/8/25 | (12659437) | (12579875) | 79562 |
| 79 | Euro-Bund Future | 09/8/25 | (11800682) | (11693072) | 107611 |
| 19 | Long Gilt Futures | 09/26/25 | (2282630) | (2312511) | (29881) |
| 250 | U.S. Ultra Long Bond Futures | 09/19/25 | (28847502) | (29328125) | (480623) |
|  |  |  | $**(166961510)** | $**(168837408)** | $**(1875897)** |

---

---

| | |
|:---|:---|
| **Notes to the Schedule of Investments:** | **Notes to the Schedule of Investments:** |
| ABS | Asset-Backed Securities. |
| ACES | Alternative Credit Enhancement Securities. |
| AUD | Australian Dollar. |
| CAD | Canadian Dollar. |
| CLO | Collateralized Loan Obligation. |
| EUR | Euro Currency. |
| GBP | British Pound Sterling. |
| I/F | Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates. |
| I/O | Interest Only Security. |
| LIBOR | London Interbank Offered Rate. |
| PAC | Planned Amortization Class. |
| REIT | Real Estate Investment Trust. |
| REMIC | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STRIPS | Separate Trading of Registered Interest and Principal Securities. |
| TBA | To Be Announced. |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At July 31, 2025, the value of these securities amounted to $720,564,499 or 48.0% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company's Board of Directors. |
| (2) | This security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (3) | Floating or variable rate security. The interest shown reflects the rate in effect at July 31, 2025. |
| (4) | 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 July 31, 2025, the value of these securities amounted to $42,168,815 or 2.8% of net assets. |
| (5) | Perpetual maturity. |
| (6) | Payment-in-kind ("PIK") security. Income may be paid in additional securities or cash at the discretion of the issuer - 8.63% cash or 9.38% PIK interest. |

---

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

(7) 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.

(8) Security is not accruing interest.

(9) 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.

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

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

(12) Restricted security (Note 7).

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

(14) 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.

(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 $17,733, at an interest rate of 10.11% and a maturity of December 30, 2029. The investment is accruing an unused
commitment fee of 5.75% per annum.

(17) Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $88,708, at an interest rate of 11.59% 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 July 31, 2025.

(19) Affiliated issuer.

(20) Non-income producing security.

(21) Fund buys foreign currency, sells USD.

(22) Fund sells foreign currency, buys USD.

------

---

| |
|:---|
| **TCW Flexible Income ETF** |
| SCHEDULE OF INVESTMENTS (Continued) |

---

The summary of the TCW Flexible Income ETF transactions in the affiliated funds for the period ended July 31, 2025 is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Affiliated Fund** | **Value at<br>October 31,<br>2024** | **Purchases at**<br>**Cost** | **Proceeds from<br>Sales** | **Number of<br>Shares Held<br>July 31,**<br>**2025** | **Value at<br>July 31,**<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 | $— | $1147973167 | $1059800000 | 88173167 | $88173167 | $1893806 | $– $|  | $— |
|  TCW Private Asset Income Fund — I Class |  | 13154700 |  | 1315755 | 13170705 | 252826 | – |  | 16005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $101343872 | $2146632 | $– $|  | $16005 |

---

------

---

| | |
|:---|:---|
| **TCW Flexible Income ETF** |  |
| Investments by Sector (Unaudited) | July 31, 2025 |

---

---

| | |
|:---|:---|
| **Sector** | **Percentage of<br>Net Assets** |
|  Residential Mortgage-Backed Securities—Agency | 23.7 |
|  Corporate Bonds | 17.2 |
|  Asset-Backed Securities | 16.4 |
|  Commercial Mortgage-Backed Securities—Non-Agency | 14.3 |
|  Residential Mortgage-Backed Securities—Non-Agency | 13.5 |
|  U.S. Treasury Securities | 12.8 |
|  Bank Loans | 6.7 |
|  Money Market Investments | 6.1 |
|  Foreign Government Bonds | 1.1 |
|  Investment Companies | 0.9 |
|  Municipal Bonds | 0.2 |
|  Convertible Corporate Bonds | 0.1 |
|  Commercial Mortgage-Backed Securities—Agency | 0.1 |
|  Common Stock | 0.0 |
|  Unfunded Commitments | 0.0 |
|  Warrants | 0.0 |
|  Other\* | (13.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 100.0 |

---

\* *Includes futures, swap agreements, pending trades, interest receivable, fund share transactions and accrued expenses payable.*

\*\* *Amount rounds to less than 0.1%.* 

------

---

| | |
|:---|:---|
| **TCW Flexible Income ETF** |  |
| Fair Valuation Summary (Unaudited) | July 31, 2025 |

---

The following is a summary of the fair valuations according to the inputs used as of July 31, 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; Residential Mortgage-Backed Securities—Agency | $— | $354095951 | $1526250 | $355622201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 257538885 |  | 257538885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 225506036 | 20915362 | 246421398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities—Non-Agency |  | 213933662 | 185687 | 214119349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities—Non-Agency |  | 202806786 |  | 202806786 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 191333757 |  | 191333757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 101225721 |  | 101225721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds |  | 16814934 |  | 16814934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 2940616 |  | 2940616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities—Agency |  | 1096650 |  | 1096650 |
|  Total Fixed Income Securities |  | 1567292998 | 22627299 | 1589920297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 91281658 |  |  | 91281658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 13170705 |  |  | 13170705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Corporate Bonds |  | 1922303 |  | 1922303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock |  | 369304 | 6691 | 375995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | —\* |  |
|  Net Unrealized Appreciation (Depreciation) on Unfunded Commitments |  | 837 |  | 837 |
|  Total Investments | $104452363 | $1569585442 | $22633990 | $1696671795 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 2438615 |  | 2438615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 1703256 |  |  | 1703256 |
|  Total | $106155619 | $1572024057 | $22633990 | $1700813666 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk | $— | $(68099) | $— | $(68099) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | (2314208) |  |  | (2314208) |
|  Total | $(2314208) | $(68099) | $— | $(2382307) |

---

\* Amount is less than $1. 

------

---

| |
|:---|
| **TCW High Yield Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES—97.6% of Net Assets** | **FIXED INCOME SECURITIES—97.6% of Net Assets** | **FIXED INCOME SECURITIES—97.6% of Net Assets** |  |
|  **CORPORATE BONDS—86.5%** | **CORPORATE BONDS—86.5%** |  |  |
|  **Advertising**—**0.6%** |  |  |  |
|  Clear Channel Outdoor Holdings, Inc.<br>7.13%<sup>(1),(2)</sup> | 02/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;80000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79946 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%<sup>(1)</sup> | 03/15/30 | 105000 | 99751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%<sup>(1)</sup> | 02/15/31 | 57000 | 59886 |
|  |  |  | 239583 |
|  **Aerospace & Defense**—**1.8%** |  |  |  |
|  TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% | 01/15/29 | 135000 | 132078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%<sup>(1)</sup> | 03/01/29 | 277000 | 283709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%<sup>(1)</sup> | 05/31/33 | 205000 | 206509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%<sup>(1)</sup> | 08/15/28 | 18000 | 18379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%<sup>(1)</sup> | 12/15/30 | 70000 | 72610 |
|  |  |  | 713285 |
|  **Airlines**—**0.4%** |  |  |  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%<sup>(1)</sup> | 04/20/26 | 15250 | 15249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%<sup>(1)</sup> | 04/20/29 | 120000 | 120027 |
|  JetBlue Airways Corp./JetBlue Loyalty LP<br>9.88%<sup>(1)</sup> | 09/20/31 | 38000 | 36772 |
|  |  |  | 172048 |
|  **Apparel**—**0.6%** |  |  |  |
|  Crocs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%<sup>(1)</sup> | 08/15/31 | 229000 | 207094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%<sup>(1)</sup> | 03/15/29 | 40000 | 38101 |
|  |  |  | 245195 |
|  **Auto Manufacturers**—**0.2%** |  |  |  |
|  Allison Transmission, Inc.<br>3.75%<sup>(1)</sup> | 01/30/31 | 100000 | 91428 |
|  **Auto Parts & Equipment**—**0.9%** |  |  |  |
|  Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%<sup>(1)</sup> | 02/15/30 | 100000 | 103168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%<sup>(1)</sup> | 05/15/28 | 59000 | 60452 |
|  Forvia SE (France)<br>8.00%<sup>(1)</sup> | 06/15/30 | 58000 | 60545 |
|  ZF North America Capital, Inc. (Germany)<br>6.88%<sup>(1)</sup> | 04/23/32 | 140000 | 130840 |
|  |  |  | 355005 |
|  **Banks**—**0.4%** |  |  |  |
|  Citigroup, Inc.<br>6.88% (5 yr. CMT + 2.890%)<sup>(3),(4)</sup> | 08/15/30 | 165000 | 166805 |
|  **Beverages**—**0.5%** |  |  |  |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc.<br>6.25%<sup>(1)</sup> | 04/01/29 | 209000 | 209598 |
|  **Building Materials**—**0.7%** |  |  |  |
|  JH North America Holdings, Inc.<br>5.88%<sup>(1)</sup> | 01/31/31 | 80000 | 80372 |
|  Quikrete Holdings, Inc.<br>6.38%<sup>(1)</sup> | 03/01/32 | 155000 | 159151 |
|  Standard Building Solutions, Inc. 6.50%<sup>(1)</sup> | 08/15/32 | 59000 | 60291 |
|  |  |  | 299814 |
|  **Chemicals**—**2.3%** |  |  |  |
|  Axalta Coating Systems Dutch Holding B BV<br>7.25%<sup>(1)</sup> | 02/15/31 | 150000 | 156043 |
|  INEOS Finance PLC (Luxemburg)<br>7.50%<sup>(1)</sup> | 04/15/29 | 49000 | 48914 |
|  Olympus Water U.S. Holding Corp.<br>7.13%<sup>(1)</sup> | 10/01/27 | 125000 | 127224 |
|  SCIH Salt Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%<sup>(1)</sup> | 05/01/28 | 108000 | 104984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%<sup>(1)</sup> | 05/01/29 | 104000 | 102874 |
|  SCIL IV LLC/SCIL USA Holdings LLC<br>5.38%<sup>(1)</sup> | 11/01/26 | 102000 | 101439 |
|  SK Invictus Intermediate II SARL<br>5.00%<sup>(1)</sup> | 10/30/29 | 43000 | 41830 |
|  Tronox, Inc.<br>4.63%<sup>(1)</sup> | 03/15/29 | 110000 | 85479 |
|  WR Grace Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%<sup>(1)</sup> | 08/15/29 | 64000 | 59127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%<sup>(1)</sup> | 03/01/31 | 96000 | 99124 |
|  |  |  | 927038 |
|  **Commercial Services**—**7.5%** |  |  |  |
|  ADT Security Corp.<br>4.88%<sup>(1)</sup> | 07/15/32 | 107000 | 102004 |
|  Adtalem Global Education, Inc.<br>5.50%<sup>(1)</sup> | 03/01/28 | 141000 | 139387 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg)<br>7.00%<sup>(1)</sup> | 05/21/30 | 145000 | 149453 |
|  Allied Universal Holdco LLC<br>7.88%<sup>(1)</sup> | 02/15/31 | 79000 | 82900 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp.<br>6.88%<sup>(1)</sup> | 06/15/30 | 130000 | 133316 |
|  Block, Inc.<br>6.50% | 05/15/32 | 188000 | 193095 |
|  Brink's Co.<br>6.75%<sup>(1)</sup> | 06/15/32 | 97000 | 100011 |
|  Carriage Services, Inc.<br>4.25%<sup>(1)</sup> | 05/15/29 | 224000 | 209823 |
|  Deluxe Corp.<br>8.13%<sup>(1)</sup> | 09/15/29 | 60000 | 61722 |
|  EquipmentShare.com, Inc.<br>8.00%<sup>(1)</sup> | 03/15/33 | 39000 | 40774 |
|  Garda World Security Corp. (Canada)<br>8.38%<sup>(1)</sup> | 11/15/32 | 60000 | 61879 |
|  Grand Canyon University<br>5.13% | 10/01/28 | 150000 | 144917 |
|  Herc Holdings, Inc.<br>7.25%<sup>(1)</sup> | 06/15/33 | 202000 | 209421 |
|  OT Midco, Inc.<br>10.00%<sup>(1)</sup> | 02/15/30 | 171000 | 141070 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc.<br>6.25%<sup>(1)</sup> | 01/15/28 | 135000 | 135057 |
|  Raven Acquisition Holdings LLC<br>6.88%<sup>(1)</sup> | 11/15/31 | 65000 | 65709 |
|  Service Corp. International<br>5.75% | 10/15/32 | 203000 | 203605 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.<br>6.75%<sup>(1)</sup> | 08/15/32 | 95000 | 98180 |

---

------

---

| |
|:---|
| **TCW High Yield Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Commercial Services (Continued)** |  |  |  |
|  Sotheby's<br>7.38%<sup>(1)</sup> | 10/15/27 | $&nbsp;&nbsp;&nbsp;&nbsp;59000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58339 |
|  United Rentals North America, Inc.<br>6.13%<sup>(1)</sup> | 03/15/34 | 100000 | 102646 |
|  Upbound Group, Inc.<br>6.38%<sup>(1)</sup> | 02/15/29 | 120000 | 117091 |
|  Valvoline, Inc.<br>3.63%<sup>(1)</sup> | 06/15/31 | 160000 | 144243 |
|  Veritiv Operating Co.<br>10.50%<sup>(1)</sup> | 11/30/30 | 36000 | 39072 |
|  VT Topco, Inc.<br>8.50%<sup>(1)</sup> | 08/15/30 | 93000 | 99054 |
|  WEX, Inc.<br>6.50%<sup>(1)</sup> | 03/15/33 | 97000 | 98316 |
|  ZipRecruiter, Inc.<br>5.00%<sup>(1)</sup> | 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152000 | 115520 |
|  |  |  | 3046604 |
|  **Computers**—**0.8%** |  |  |  |
|  Insight Enterprises, Inc.<br>6.63%<sup>(1)</sup> | 05/15/32 | 139000 | 142240 |
|  McAfee Corp.<br>7.38%<sup>(1)</sup> | 02/15/30 | 106000 | 98417 |
|  NCR Voyix Corp.<br>5.13%<sup>(1)</sup> | 04/15/29 | 105000 | 103007 |
|  |  |  | 343664 |
|  **Cosmetics/Personal Care**—**1.3%** |  |  |  |
|  Edgewell Personal Care Co.<br>4.13%<sup>(1)</sup> | 04/01/29 | 140000 | 132601 |
|  Opal Bidco SAS (France)<br>6.50%<sup>(1)</sup> | 03/31/32 | 55000 | 55678 |
|  Perrigo Finance Unlimited Co.<br>6.13% | 09/30/32 | 142000 | 143201 |
|  Prestige Brands, Inc.<br>3.75%<sup>(1)</sup> | 04/01/31 | 215000 | 196951 |
|  |  |  | 528431 |
|  **Distribution & Wholesale**—**0.3%** |  |  |  |
|  RB Global Holdings, Inc. (Canada)<br>6.75%<sup>(1)</sup> | 03/15/28 | 137000 | 140418 |
|  **Diversified Financial Services**—**1.6%** |  |  |  |
|  EZCORP, Inc.<br>7.38%<sup>(1)</sup> | 04/01/32 | 135000 | 140843 |
|  GGAM Finance Ltd. (Ireland)<br>8.00%<sup>(1)</sup> | 02/15/27 | 115000 | 118535 |
|  Jane Street Group/JSG Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%<sup>(1)</sup> | 11/01/32 | 285000 | 283170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%<sup>(1)</sup> | 04/30/31 | 109000 | 112705 |
|  |  |  | 655253 |
|  **Electric**—**1.5%** |  |  |  |
|  Alpha Generation LLC<br>6.75%<sup>(1)</sup> | 10/15/32 | 105000 | 107572 |
|  Pike Corp.<br>8.63%<sup>(1)</sup> | 01/31/31 | 186000 | 200447 |
|  Southern Co.<br>6.38%(5 yr. CMT + 2.069%)<sup>(3)</sup> | 03/15/55 | 95000 | 98464 |
|  Vistra Operations Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%<sup>(1)</sup> | 04/15/32 | 137000 | 142487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%<sup>(1)</sup> | 10/15/31 | 70000 | 74147 |
|  |  |  | 623117 |
|  **Electrical Components & Equipment**—**0.3%** |  |  |  |
|  Energizer Holdings, Inc.<br>4.38%<sup>(1)</sup> | 03/31/29 | 125000 | 118649 |
|  **Electronics**—**0.5%** |  |  |  |
|  Coherent Corp. 5.00%<sup>(1)</sup> | 12/15/29 | 65000 | 63658 |
|  Sensata Technologies, Inc.<br>6.63%<sup>(1)</sup> | 07/15/32 | 136000 | 139401 |
|  |  |  | 203059 |
|  **Engineering & Construction**—**0.1%** |  |  |  |
|  Brand Industrial Services, Inc.<br>10.38%<sup>(1)</sup> | 08/01/30 | 37000 | 33725 |
|  **Entertainment**—**3.8%** |  |  |  |
|  Banijay Entertainment SAS (France)<br>8.13%<sup>(1)</sup> | 05/01/29 | 110000 | 114295 |
|  Caesars Entertainment, Inc.<br>6.50%<sup>(1)</sup> | 02/15/32 | 5000 | 5097 |
|  CCM Merger, Inc.<br>6.38%<sup>(1)</sup> | 05/01/26 | 101000 | 101072 |
|  Churchill Downs, Inc.<br>6.75%<sup>(1)</sup> | 05/01/31 | 139000 | 142129 |
|  Cinemark USA, Inc.<br>7.00%<sup>(1)</sup> | 08/01/32 | 97000 | 100196 |
|  Flutter Treasury DAC (Ireland)<br>5.88%<sup>(1),(2)</sup> | 06/04/31 | 245000 | 246980 |
|  Great Canadian Gaming Corp./Raptor LLC (Canada)<br>8.75%<sup>(1)</sup> | 11/15/29 | 130000 | 127497 |
|  Light & Wonder International, Inc.<br>7.50%<sup>(1)</sup> | 09/01/31 | 58000 | 60500 |
|  Live Nation Entertainment, Inc.<br>4.75%<sup>(1)</sup> | 10/15/27 | 115000 | 113305 |
|  Penn Entertainment, Inc.<br>5.63%<sup>(1)</sup> | 01/15/27 | 65000 | 64717 |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<br>6.63%<sup>(1)</sup> | 02/01/33 | 98000 | 99048 |
|  Voyager Parent LLC<br>9.25%<sup>(1)</sup> | 07/01/32 | 200000 | 211770 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<br>6.25%<sup>(1)</sup> | 03/15/33 | 141000 | 141451 |
|  |  |  | 1528057 |
|  **Environmental Control**—**0.7%** |  |  |  |
|  Madison IAQ LLC<br>5.88%<sup>(1)</sup> | 06/30/29 | 103000 | 100526 |
|  Waste Pro USA, Inc.<br>7.00%<sup>(1)</sup> | 02/01/33 | 195000 | 202552 |
|  |  |  | 303078 |
|  **Food**—**1.9%** |  |  |  |
|  Post Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%<sup>(1)</sup> | 09/15/31 | 222000 | 205392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%<sup>(1)</sup> | 04/15/30 | 210000 | 200747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%<sup>(1)</sup> | 03/01/33 | 201000 | 201565 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed<br>4.63%<sup>(1)</sup> | 03/01/29 | 108000 | 102316 |
|  TreeHouse Foods, Inc.<br>4.00% | 09/01/28 | 67000 | 61827 |
|  |  |  | 771847 |

---

------

---

| |
|:---|
| **TCW High Yield Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Gas**—**1.2%** |  |  |  |
|  AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%<sup>(1)</sup> | 06/01/28 | $192000 | $&nbsp;&nbsp;&nbsp;&nbsp;197845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%<sup>(1)</sup> | 06/01/30 | 40000 | 42028 |
|  Northwest Natural Holding Co.<br>7.00%(5 yr. CMT + 2.701%)<sup>(3)</sup> | 09/15/55 | 145000 | 147530 |
|  Venture Global Plaquemines LNG LLC<br>7.75%<sup>(1)</sup> | 05/01/35 | 90000 | 98747 |
|  |  |  | 486150 |
|  **Hand/Machine Tools**—**0.3%** | **Hand/Machine Tools**—**0.3%** |  |  |
|  IMA Industria Macchine Automatiche SpA (Italy)<br>5.78%(3 mo. EUR EURIBOR + 3.750%)<sup>(1),(3)</sup> | 04/15/29 | EUR 100,000 | 115335 |
|  **Health Care-Products**—**1.4%** | **Health Care-Products**—**1.4%** |  |  |
|  Bausch & Lomb Corp.<br>8.38%<sup>(1)</sup> | 10/01/28 | 185000 | 193441 |
|  Medline Borrower LP<br>5.25%<sup>(1)</sup> | 10/01/29 | 104000 | 102075 |
|  Medline Borrower LP/Medline Co-Issuer, Inc.<br>6.25%<sup>(1)</sup> | 04/01/29 | 99000 | 101193 |
|  Neogen Food Safety Corp.<br>8.63%<sup>(1)</sup> | 07/20/30 | 92000 | 92985 |
|  Sotera Health Holdings LLC<br>7.38%<sup>(1)</sup> | 06/01/31 | 95000 | 98448 |
|  |  |  | 588142 |
|  **Health Care-Services**—**5.4%** | **Health Care-Services**—**5.4%** |  |  |
|  CHS/Community Health Systems, Inc.<br>5.25%<sup>(1)</sup> | 05/15/30 | 209000 | 183120 |
|  DaVita, Inc.<br>6.88%<sup>(1)</sup> | 09/01/32 | 98000 | 100874 |
|  Fortrea Holdings, Inc.<br>7.50%<sup>(1)</sup> | 07/01/30 | 148000 | 135277 |
|  HAH Group Holding Co. LLC<br>9.75%<sup>(1)</sup> | 10/01/31 | 136000 | 131783 |
|  HealthEquity, Inc.<br>4.50%<sup>(1)</sup> | 10/01/29 | 62000 | 59811 |
|  Heartland Dental LLC/Heartland Dental Finance Corp.<br>10.50%<sup>(1)</sup> | 04/30/28 | 75000 | 79220 |
|  IQVIA, Inc.<br>6.50%<sup>(1)</sup> | 05/15/30 | 138000 | 142554 |
|  Kedrion SpA (Italy)<br>6.50%<sup>(1)</sup> | 09/01/29 | 310000 | 300641 |
|  ModivCare, Inc.<br>5.00%<sup>(5),(1)</sup> | 10/01/29 | 210000 | 57750 |
|  Molina Healthcare, Inc.<br>6.25%<sup>(1)</sup> | 01/15/33 | 276000 | 272437 |
|  Star Parent, Inc.<br>9.00%<sup>(1)</sup> | 10/01/30 | 155000 | 163274 |
|  Surgery Center Holdings, Inc.<br>7.25%<sup>(1)</sup> | 04/15/32 | 138000 | 142115 |
|  Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | 05/15/31 | 298000 | 306806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 11/15/31 | 96000 | 102358 |
|  |  |  | 2178020 |
|  **Home Furnishings**—**0.3%** | **Home Furnishings**—**0.3%** |  |  |
|  Tempur Sealy International, Inc.<br>3.88%<sup>(1)</sup> | 10/15/31 | 115000 | 103909 |
|  **Household Products/Wares**—**0.7%** | **Household Products/Wares**—**0.7%** |  |  |
|  Central Garden & Pet Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%<sup>(1)</sup> | 04/30/31 | 90000 | 83461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 10/15/30 | 65000 | 61182 |
|  Spectrum Brands, Inc.<br>3.88%<sup>(1)</sup> | 03/15/31 | 193000 | 154263 |
|  |  |  | 298906 |
|  **Housewares**—**0.3%** | **Housewares**—**0.3%** |  |  |
|  Newell Brands, Inc.<br>8.50%<sup>(1)</sup> | 06/01/28 | 100000 | 105002 |
|  **Insurance**—**2.6%** | **Insurance**—**2.6%** |  |  |
|  Acrisure LLC/Acrisure Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%<sup>(1)</sup> | 11/06/30 | 95000 | 98196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%<sup>(1)</sup> | 02/01/29 | 97000 | 100345 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%<sup>(1)</sup> | 01/15/31 | 139000 | 143094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%<sup>(1)</sup> | 10/01/32 | 100000 | 102880 |
|  AmWINS Group, Inc.<br>6.38%<sup>(1)</sup> | 02/15/29 | 60000 | 61150 |
|  Ardonagh Group Finance Ltd. (United Kingdom)<br>8.88%<sup>(1)</sup> | 02/15/32 | 60000 | 63214 |
|  Farmers Exchange Capital II<br>6.15%(3 mo. USD |  |  |  |
|  Term SOFR +<br>4.006%)<sup>(1),(3)</sup> | 11/01/53 | 160000 | 153139 |
|  HUB International Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%<sup>(1)</sup> | 06/15/30 | 115000 | 119977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%<sup>(1)</sup> | 01/31/32 | 136000 | 141705 |
|  Panther Escrow Issuer LLC<br>7.13%<sup>(1)</sup> | 06/01/31 | 70000 | 72417 |
|  |  |  | 1056117 |
|  **Internet**—**1.8%** | **Internet**—**1.8%** |  |  |
|  Arches Buyer, Inc.<br>6.13%<sup>(1)</sup> | 12/01/28 | 128000 | 122419 |
|  Cogent Communications Group LLC/Cogent Finance, Inc.<br>7.00%<sup>(1)</sup> | 06/15/27 | 100000 | 100273 |
|  Getty Images, Inc.<br>11.25%<sup>(1)</sup> | 02/21/30 | 102500 | 98277 |
|  ION Trading Technologies SARL (Luxembourg)<br>9.50%<sup>(1)</sup> | 05/30/29 | 38000 | 39712 |
|  Match Group Holdings II LLC<br>5.63%<sup>(1)</sup> | 02/15/29 | 143000 | 142618 |
|  Snap, Inc.<br>6.88%<sup>(1)</sup> | 03/01/33 | 226000 | 231720 |
|  |  |  | 735019 |
|  **Investment Companies**—**0.7%** | **Investment Companies**—**0.7%** |  |  |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% | 06/15/30 | 45000 | 43741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75% | 01/15/29 | 140000 | 141729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%<sup>(1)</sup> | 11/15/29 | 109000 | 110458 |
|  |  |  | 295928 |
|  **Iron & Steel**—**0.7%** | **Iron & Steel**—**0.7%** |  |  |
|  ATI, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | 10/01/31 | 74000 | 71745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25% | 08/15/30 | 30000 | 31388 |
|  Carpenter Technology Corp.<br>7.63% | 03/15/30 | 97000 | 100104 |
|  Cleveland-Cliffs, Inc.<br>7.38%<sup>(1)</sup> | 05/01/33 | 80000 | 78051 |
|  |  |  | 281288 |

---

------

---

| |
|:---|
| **TCW High Yield Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **Leisure Time**—**0.7%** |  |  |  |
|  MajorDrive Holdings IV LLC<br>6.38%<sup>(1)</sup> | 06/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | $&nbsp;&nbsp;&nbsp;&nbsp;103534 |
|  Sabre GLBL, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%<sup>(1)</sup> | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | 128831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.13%<sup>(1)</sup> | 07/15/30 | 57000 | 60243 |
|  |  |  | 292608 |
|  **Lodging**—**1.9%** |  |  |  |
|  Hilton Domestic Operating Co., Inc.<br>5.75%<sup>(1)</sup> | 09/15/33 | 82000 | 82100 |
|  Las Vegas Sands Corp.<br>6.00% | 06/14/30 | 100000 | 102987 |
|  MGM Resorts International<br>6.50% | 04/15/32 | 176000 | 178964 |
|  Studio City Finance Ltd.<br>5.00%<sup>(1)</sup> | 01/15/29 | 110000 | 103243 |
|  Wyndham Hotels & Resorts, Inc.<br>4.38%<sup>(1)</sup> | 08/15/28 | 237000 | 230321 |
|  Wynn Macau Ltd.<br>5.13%<sup>(1)</sup> | 12/15/29 | 64000 | 61636 |
|  |  |  | 759251 |
|  **Machinery-Construction & Mining**—**0.3%** |  |  |  |
|  BWX Technologies, Inc.<br>4.13%<sup>(1)</sup> | 06/30/28 | 104000 | 100774 |
|  **Machinery-Diversified**—**0.3%** |  |  |  |
|  Oregon Tool Lux LP<br>7.88%<sup>(1)</sup> | 10/15/29 | 10548 | 4641 |
|  SPX FLOW, Inc.<br>8.75%<sup>(1)</sup> | 04/01/30 | 97000 | 100534 |
|  |  |  | 105175 |
|  **Media**—**7.6%** |  |  |  |
|  AMC Networks, Inc.<br>10.25%<sup>(1)</sup> | 01/15/29 | 103000 | 105947 |
|  Cable One, Inc.<br>4.00%<sup>(1)</sup> | 11/15/30 | 175000 | 135110 |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>5.00%<sup>(1)</sup> | 02/01/28 | 545000 | 535381 |
|  CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%<sup>(1)</sup> | 01/15/30 | 158000 | 78115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%<sup>(1)</sup> | 02/01/29 | 725000 | 574686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%<sup>(1)</sup> | 01/31/29 | 14000 | 13107 |
|  DirectTV Financing LLC/DirectTV Financing Co-Obligor, Inc.<br>10.00%<sup>(1)</sup> | 02/15/31 | 107000 | 103255 |
|  DISH DBS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%<sup>(1)</sup> | 12/01/28 | 112000 | 100091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38% | 07/01/28 | 132000 | 101495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% | 07/01/26 | 30000 | 26708 |
|  DISH Network Corp.<br>11.75%<sup>(1)</sup> | 11/15/27 | 105000 | 109441 |
|  Gray Media, Inc.<br>10.50%<sup>(1)</sup> | 07/15/29 | 57000 | 61724 |
|  Midcontinent Communications<br>8.00%<sup>(1)</sup> | 08/15/32 | 38000 | 40113 |
|  Sinclair Television Group, Inc.<br>8.13%<sup>(1)</sup> | 02/15/33 | 143000 | 146312 |
|  Sirius XM Radio LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%<sup>(1)</sup> | 08/01/27 | 160000 | 158357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%<sup>(1)</sup> | 07/01/29 | 247000 | 244118 |
|  Univision Communications, Inc.<br>8.50%<sup>(1)</sup> | 07/31/31 | 139000 | 141353 |
|  Virgin Media Secured Finance PLC (United Kingdom)<br>5.50%<sup>(1)</sup> | 05/15/29 | 147000 | 143779 |
|  VZ Secured Financing BV (Netherlands)<br>5.00%<sup>(1)</sup> | 01/15/32 | 200000 | 176206 |
|  Ziggo Bond Co. BV (Netherlands)<br>5.13%<sup>(1)</sup> | 02/28/30 | 110000 | 96206 |
|  |  |  | 3091504 |
|  **Mining**—**0.7%** |  |  |  |
|  Compass Minerals International, Inc.<br>8.00%<sup>(1)</sup> | 07/01/30 | 100000 | 103680 |
|  Novelis Corp.<br>3.25%<sup>(1)</sup> | 11/15/26 | 177000 | 174232 |
|  |  |  | 277912 |
|  **Office/Business Equipment**—**0.6%** |  |  |  |
|  Xerox Corp.<br>10.25%<sup>(1)</sup> | 10/15/30 | 96000 | 98965 |
|  Zebra Technologies Corp.<br>6.50%<sup>(1)</sup> | 06/01/32 | 135000 | 138452 |
|  |  |  | 237417 |
|  **Oil & Gas**—**1.5%** |  |  |  |
|  Hilcorp Energy I LP/Hilcorp Finance Co.<br>6.88%<sup>(1)</sup> | 05/15/34 | 84000 | 80906 |
|  Matador Resources Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%<sup>(1)</sup> | 04/15/33 | 102000 | 101090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%<sup>(1)</sup> | 04/15/32 | 45000 | 45141 |
|  SM Energy Co.<br>6.75%<sup>(1)</sup> | 08/01/29 | 139000 | 139184 |
|  Transocean Poseidon Ltd.<br>6.88%<sup>(1)</sup> | 02/01/27 | 19950 | 19968 |
|  Transocean Titan Financing Ltd.<br>8.38%<sup>(1)</sup> | 02/01/28 | 190000 | 195066 |
|  Vital Energy, Inc.<br>7.75%<sup>(1)</sup> | 07/31/29 | 40000 | 36448 |
|  |  |  | 617803 |
|  **Oil & Gas Services**—**1.5%** |  |  |  |
|  Archrock Partners LP/Archrock Partners Finance Corp.<br>6.63%<sup>(1)</sup> | 09/01/32 | 200000 | 203144 |
|  Aris Water Holdings LLC<br>7.25%<sup>(1)</sup> | 04/01/30 | 150000 | 153990 |
|  USA Compression Partners LP/USA Compression Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 09/01/27 | 55000 | 55026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%<sup>(1)</sup> | 03/15/29 | 200000 | 204602 |
|  |  |  | 616762 |
|  **Packaging & Containers**—**1.9%** |  |  |  |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%<sup>(1)</sup> | 08/15/26 | 80000 | 79087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%<sup>(1)</sup> | 08/15/27 | 99000 | 49269 |
|  Clearwater Paper Corp.<br>4.75%<sup>(1)</sup> | 08/15/28 | 148000 | 139678 |
|  Graham Packaging Co., Inc.<br>7.13%<sup>(1)</sup> | 08/15/28 | 101000 | 100843 |
|  Graphic Packaging International LLC<br>6.38%<sup>(1)</sup> | 07/15/32 | 195000 | 197531 |
|  Sealed Air Corp.<br>6.50%<sup>(1)</sup> | 07/15/32 | 195000 | 201152 |
|  |  |  | 767560 |

---

------

---

| |
|:---|
| **TCW High Yield Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Value** |
|  **Pharmaceuticals**—**4.1%** |  |  |  |
|  1261229 BC Ltd.<br>10.00%<sup>(1)</sup> | 04/15/32 | $320000 | $&nbsp;&nbsp;&nbsp;&nbsp;326009 |
|  180 Medical, Inc. (United Kingdom)<br>3.88%<sup>(1)</sup> | 10/15/29 | 109000 | 103308 |
|  Amneal Pharmaceuticals LLC<br>6.88%<sup>(1),(2)</sup> | 08/01/32 | 121000 | 122877 |
|  CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (5 yr. CMT + 2.516%)<sup>(3)</sup> | 12/10/54 | 145000 | 145718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% (5 yr. CMT + 2.886%)<sup>(3)</sup> | 03/10/55 | 55000 | 56702 |
|  Grifols SA (Spain)<br>7.50%<sup>(6)</sup> | 05/01/30 | 135000 | 163058 |
|  Jazz Securities DAC<br>4.38%<sup>(1)</sup> | 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;212000 | 205239 |
|  Option Care Health, Inc.<br>4.38%<sup>(1)</sup> | 10/31/29 | 107000 | 102364 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV<br>6.75%<sup>(1)</sup> | 05/15/34 | 61000 | 57513 |
|  Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc.<br>8.75%<sup>(1)</sup> | 04/17/32 | 65000 | 62623 |
|  Teva Pharmaceutical Finance Netherlands III BV (Israel)<br>6.00% | 12/01/32 | 174000 | 177567 |
|  Teva Pharmaceutical Finance Netherlands IV BV (Israel)<br>5.75% | 12/01/30 | 154000 | 156447 |
|  |  |  | 1679425 |
|  **Pipelines**—**4.8%** |  |  |  |
|  Buckeye Partners LP<br>6.75% | 08/15/33 | 97000 | 98472 |
|  Energy Transfer LP<br>6.63% (3 mo. USD LIBOR + 4.155%)<sup>(3),(4)</sup> | 02/15/28 | 240000 | 239609 |
|  Global Partners LP/GLP Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%<sup>(1)</sup> | 07/01/33 | 120000 | 121950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%<sup>(1)</sup> | 01/15/32 | 192000 | 201368 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%<sup>(1)</sup> | 02/15/29 | 65000 | 64397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%<sup>(1)</sup> | 02/15/32 | 86000 | 84198 |
|  Rockies Express Pipeline LLC<br>4.95%<sup>(1)</sup> | 07/15/29 | 63000 | 61826 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<br>6.00%<sup>(1)</sup> | 09/01/31 | 106000 | 103923 |
|  TransMontaigne Partners LLC<br>8.50%<sup>(1)</sup> | 06/15/30 | 135000 | 141248 |
|  Venture Global LNG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%<sup>(1)</sup> | 01/15/30 | 273000 | 277109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (5 yr. CMT + 5.440%)<sup>(1),(3),(4)</sup> | 09/30/29 | 140000 | 140122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%<sup>(1)</sup> | 02/01/32 | 182000 | 196507 |
|  Venture Global Plaquemines LNG LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%<sup>(1)</sup> | 01/15/34 | 64000 | 65855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%<sup>(1)</sup> | 01/15/36 | 143000 | 147147 |
|  |  |  | 1943731 |
|  **Real Estate**—**0.3%** |  |  |  |
|  Cushman & Wakefield U.S. Borrower LLC<br>8.88%<sup>(1)</sup> | 09/01/31 | 129000 | 138458 |
|  **REIT**—**1.7%** |  |  |  |
|  Hudson Pacific Properties LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 11/01/27 | 105000 | 99413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95% | 02/15/28 | 120000 | 115175 |
|  Iron Mountain, Inc.<br>6.25%<sup>(1)</sup> | 01/15/33 | 205000 | 208548 |
|  RHP Hotel Properties LP/RHP Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%<sup>(1)</sup> | 06/15/33 | 113000 | 115767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%<sup>(1)</sup> | 04/01/32 | 130000 | 132954 |
|  |  |  | 671857 |
|  **Retail**—**7.6%** |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc. (Canada)<br>4.00%<sup>(1)</sup> | 10/15/30 | 111000 | 102917 |
|  Arcos Dorados BV (Brazil)<br>6.38%<sup>(1)</sup> | 01/29/32 | 98000 | 101621 |
|  Asbury Automotive Group, Inc.<br>5.00%<sup>(1)</sup> | 02/15/32 | 109000 | 103279 |
|  BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.<br>9.50%<sup>(1)</sup> | 07/01/32 | 205000 | 211367 |
|  Brinker International, Inc.<br>8.25%<sup>(1)</sup> | 07/15/30 | 93000 | 98727 |
|  eG Global Finance PLC (United Kingdom)<br>12.00%<sup>(1)</sup> | 11/30/28 | 35000 | 38768 |
|  Ferrellgas LP/Ferrellgas Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%<sup>(1)</sup> | 04/01/26 | 250000 | 248243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%<sup>(1)</sup> | 04/01/29 | 328000 | 303203 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%<sup>(1)</sup> | 01/15/29 | 64000 | 60874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%<sup>(1)</sup> | 01/15/30 | 79000 | 74394 |
|  FirstCash, Inc.<br>6.88%<sup>(1)</sup> | 03/01/32 | 236000 | 242426 |
|  Group 1 Automotive, Inc.<br>6.38%<sup>(1)</sup> | 01/15/30 | 98000 | 100122 |
|  LCM Investments Holdings II LLC<br>8.25%<sup>(1)</sup> | 08/01/31 | 133000 | 140719 |
|  Lithia Motors, Inc.<br>3.88%<sup>(1)</sup> | 06/01/29 | 95000 | 89928 |
|  Macy's Retail Holdings LLC<br>7.38%<sup>(1)</sup> | 08/01/33 | 82000 | 82349 |
|  Michaels Cos., Inc.<br>5.25%<sup>(1)</sup> | 05/01/28 | 360000 | 288202 |
|  Murphy Oil USA, Inc.<br>3.75%<sup>(1)</sup> | 02/15/31 | 160000 | 147280 |
|  Papa John's International, Inc.<br>3.88%<sup>(1)</sup> | 09/15/29 | 223000 | 214548 |
|  QXO Building Products, Inc.<br>6.75%<sup>(1)</sup> | 04/30/32 | 115000 | 118537 |
|  Sally Holdings LLC/Sally Capital, Inc.<br>6.75% | 03/01/32 | 98000 | 100688 |
|  Staples, Inc.<br>10.75%<sup>(1)</sup> | 09/01/29 | 101000 | 94723 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp.<br>5.00%<sup>(1)</sup> | 06/01/31 | 154000 | 144834 |
|  |  |  | 3107749 |
|  **Software**—**2.1%** |  |  |  |
|  Cloud Software Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%<sup>(1)</sup> | 06/30/32 | 160000 | 170485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%<sup>(1)</sup> | 09/30/29 | 60000 | 62149 |
|  Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL<br>8.75%<sup>(1)</sup> | 05/01/29 | 165000 | 168513 |
|  Pagaya U.S. Holdings Co. LLC<br>8.88%<sup>(1)</sup> | 08/01/30 | 140000 | 139156 |
|  RingCentral, Inc.<br>8.50%<sup>(1)</sup> | 08/15/30 | 133000 | 141919 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<br>3.88%<sup>(1)</sup> | 02/01/29 | 165000 | 155217 |
|  |  |  | 837439 |

---

------

---

| |
|:---|
| **TCW High Yield Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Telecommunications**—**4.8%** |  |  |  |
|  Altice Financing SA (Luxembourg) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%<sup>(1)</sup> | 08/15/29 | $206000 | $&nbsp;&nbsp;&nbsp;&nbsp;157895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%<sup>(1)</sup> | 07/15/27 | 288000 | 265032 |
|  CommScope LLC<br>9.50%<sup>(1)</sup> | 12/15/31 | 92000 | 96895 |
|  Consolidated Communications, Inc.<br>6.50%<sup>(1)</sup> | 10/01/28 | 193000 | 196194 |
|  EchoStar Corp.<br>10.75% | 11/30/29 | 220000 | 232129 |
|  Frontier Communications Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%<sup>(1)</sup> | 05/01/29 | 141000 | 142455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%<sup>(1)</sup> | 03/15/31 | 220000 | 233400 |
|  Global Switch Finance BV (United Kingdom)<br>1.38%<sup>(6)</sup> | 10/07/30 | 115000 | 122976 |
|  Level 3 Financing, Inc.<br>6.88%<sup>(1)</sup> | 06/30/33 | 145000 | 147217 |
|  Vmed O2 U.K. Financing I PLC (United Kingdom)<br>4.75%<sup>(1)</sup> | 07/15/31 | 106000 | 98207 |
|  Windstream Services LLC/Windstream Escrow Finance Corp.<br>8.25%<sup>(1)</sup> | 10/01/31 | 194000 | 203353 |
|  Zayo Group Holdings, Inc.<br>4.00%<sup>(1)</sup> | 03/01/27 | 65000 | 61919 |
|  |  |  | 1957672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** (Cost: $34,829,499) |  |  | 35162614 |
|  **BANK LOANS—11.1%** |  |  |  |
|  **Advertising**—**0.2%** |  |  |  |
|  Neptune Bidco U.S., Inc. 2022 USD Term Loan A<br>9.18% (3 mo. USD Term SOFR + 4.750%)<sup>(3)</sup> | 04/11/29 | 89450 | 85824 |
|  **Aerospace & Defense**—**0.2%** |  |  |  |
|  HDI Aerospace Intermediate Holding III Corp. Term Loan B<br>8.83% (3 mo. USD Term SOFR + 4.500%)<sup>(3)</sup> | 02/11/32 | 79800 | 80149 |
|  **Auto Parts & Equipment**—**0.5%** |  |  |  |
|  First Brands Group LLC 2021 Term Loan<br>9.57% (3 mo. USD Term SOFR + 5.000%)<sup>(3)</sup> | 03/30/27 | 192977 | 189738 |
|  **Beverages**—**1.0%** |  |  |  |
|  Celsius Holdings, Inc. Term Loan<br>7.54% (3 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 04/01/32 | 57000 | 57547 |
|  Naked Juice LLC 2025 FLFO Term Loan<br>9.80% (3 mo. USD Term SOFR + 5.500%)<sup>(3)</sup> | 01/24/29 | 250000 | 249531 |
|  Pegasus Bidco BV 2024 USD Term Loan B<br>7.58% (3 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 07/12/29 | 82745 | 83124 |
|  |  |  | 390202 |
|  **Commercial Services**—**1.4%** |  |  |  |
|  Belron Finance 2019 LLC 2024 USD Term Loan B<br>7.05% (3 mo. USD Term SOFR + 2.750%)<sup>(3)</sup> | 10/16/31 | 65505 | 65890 |
|  Kelso Industries LLC Delayed Draw Term Loan<br>10.11% (1 mo. USD Term SOFR + 5.750%)<sup>(3)</sup> | 12/30/29 | 2488 | 2507 |
|  Kelso Industries LLC Term Loan<br>10.11% (1 mo. USD Term SOFR + 5.750%)<sup>(7),(3)</sup> | 12/30/29 | 39525 | 39822 |
|  Ryan LLC Term Loan<br>7.86% (1 mo. USD Term SOFR + 3.500%)<sup>(3)</sup> | 11/14/30 | 148545 | 148843 |
|  Valvoline, Inc. Term Loan B<br>0.00% <sup>(8)</sup> | 03/19/32 | 100000 | 100537 |
|  Veritiv Corp. Term Loan B<br>8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 11/30/30 | 148875 | 149666 |
|  VT Topco, Inc. 2024 1st Lien Term Loan B<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(3)</sup> | 08/09/30 | 73880 | 74250 |
|  |  |  | 581515 |
|  **Computers**—**0.4%** |  |  |  |
|  Nielsen Consumer, Inc. 2025 USD Term Loan<br>7.61% (1 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 03/06/28 | 74625 | 74896 |
|  Twitter, Inc. 2025 Fixed Term Loan<br>9.50% | 10/26/29 | 100000 | 97160 |
|  |  |  | 172056 |
|  **Cosmetics/personal Care**—**0.1%** |  |  |  |
|  Opal Bidco SAS USD Term Loan B<br>7.58% (3 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 04/28/32 | 60000 | 60334 |
|  **Electric**—**0.6%** |  |  |  |
|  Edgewater Generation LLC 2025 Repriced Term Loan<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(3)</sup> | 08/01/30 | 106337 | 106945 |
|  Kestrel Acquisition LLC 2024 Term Loan B<br>7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(3)</sup> | 11/06/31 | 64785 | 65035 |
|  South Field LLC 2025 Term Loan B<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 08/29/31 | 59311 | 59607 |
|  South Field LLC 2025 Term Loan C<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 08/29/31 | 3814 | 3833 |
|  |  |  | 235420 |
|  **Electrical Components & Equipment**—**0.1%** |  |  |  |
|  Pelican Products, Inc. 2021 Term Loan<br>8.81% (3 mo. USD Term SOFR + 4.250%)<sup>(3)</sup> | 12/29/28 | 59845 | 52452 |
|  **Electronics**—**0.2%** |  |  |  |
|  TCP Sunbelt Acquisition Co. 2024 Term Loan B<br>8.58% (3 mo. USD Term SOFR + 4.250%)<sup>(3)</sup> | 10/24/31 | 64675 | 64998 |

---

------

---

| |
|:---|
| **TCW High Yield Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Engineering & Construction**—**0.2%** |  |  |  |
|  Astrion Group LLC 2024 Term Loan<br>9.29% (3 mo. USD Term SOFR + 5.000%)<sup>(3)</sup> | 08/29/31 | $65670 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64521 |
|  DG Investment Intermediate Holdings 2, Inc. 2024 Delayed Draw Term Loan<br>7.97% (1 mo. USD Term SOFR + 3.500%)<sup>(3)</sup> | 03/31/28 | 2455 | 2449 |
|  |  |  | 66970 |
|  **Entertainment**—**0.7%** | **Entertainment**—**0.7%** |  |  |
|  Light & Wonder International, Inc. 2024 Term Loan<br>6.59% (1 mo. USD Term SOFR + 2.250%)<sup>(3)</sup> | 04/14/29 | 138602 | 139087 |
|  Showtime Acquisition LLC 2024 1st Lien Term Loan<br>9.07% (3 mo. USD Term SOFR + 4.750%)<sup>(3)</sup> | 08/16/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153927 | 154648 |
|  |  |  | 293735 |
|  **Environmental Control**—**0.4%** | **Environmental Control**—**0.4%** |  |  |
|  Action Environmental Group, Inc. 2023 Term Loan B<br>8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(3)</sup> | 10/24/30 | 150000 | 150750 |
|  **Food**—**0.3%** | **Food**—**0.3%** |  |  |
|  United Natural Foods, Inc. 2024 Term Loan<br>9.11% (1 mo. USD Term SOFR + 4.750%)<sup>(3)</sup> | 05/01/31 | 118973 | 120078 |
|  **Health Care-products**—**0.1%** | **Health Care-products**—**0.1%** |  |  |
|  Sotera Health Holdings LLC 2024 Term Loan B<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(3)</sup> | 05/30/31 | 49625 | 49842 |
|  **Health Care-services**—**0.9%** | **Health Care-services**—**0.9%** |  |  |
|  ADMI Corp. 2023 Term Loan B5<br>10.11% (1 mo. USD Term SOFR + 5.750%)<sup>(3)</sup> | 12/23/27 | 64347 | 62448 |
|  Heartland Dental LLC 2024 Term Loan<br>8.86% (1 mo. USD Term SOFR + 4.500%)<sup>(3)</sup> | 04/28/28 | 74063 | 74308 |
|  Modivcare, Inc. 2024 Term Loan B<br>9.05% (3 mo. USD Term SOFR + 4.750%)<sup>(3)</sup> | 07/01/31 | 223869 | 143650 |
|  Modivcare, Inc. 2025 Incremental Term Loan<br>11.78% (3 mo. USD Term SOFR + 7.500%)<sup>(3)</sup> | 01/12/26 | 33811 | 26341 |
|  Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan<br>9.82% (3 mo. USD Term SOFR + 5.500%)<sup>(3)</sup> | 06/20/28 | 70000 | 70175 |
|  |  |  | 376922 |
|  **Internet**—**0.9%** | **Internet**—**0.9%** |  |  |
|  Barracuda Networks, Inc. 2022 Term Loan<br>8.81% (3 mo. USD Term SOFR + 4.500%)<sup>(3)</sup> | 08/15/29 | 69643 | 56729 |
|  Delivery Hero SE 2024 USD Term Loan B<br>9.30% (3 mo. USD Term SOFR + 5.000%)<sup>(3)</sup> | 12/12/29 | 69298 | 69984 |
|  Magnite, Inc. 2025 Repriced Term Loan B<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(3)</sup> | 02/06/31 | 189567 | 190475 |
|  MH Sub I LLC 2023 Term Loan<br>8.61% (1 mo. USD Term SOFR + 4.250%)<sup>(3)</sup> | 05/03/28 | 52280 | 49996 |
|  |  |  | 367184 |
|  **Leisure Time**—**0.1%** | **Leisure Time**—**0.1%** |  |  |
|  MajorDrive Holdings IV LLC Term Loan B<br>8.56% (3 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 06/01/28 | 31770 | 31298 |
|  **Machinery-diversified**—**0.4%** | **Machinery-diversified**—**0.4%** |  |  |
|  Oregon Tool, Inc. 2025 1st Lien Term Loan<br>9.67% (3 mo. USD Term SOFR + 5.350%)<sup>(3)</sup> | 10/15/29 | 38405 | 39233 |
|  Oregon Tool, Inc. 2025 2nd Lien Term Loan<br>8.59% (3 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 10/15/29 | 129440 | 106829 |
|  |  |  | 146062 |
|  **Media**—**0.2%** | **Media**—**0.2%** |  |  |
|  Virgin Media Bristol LLC 2023 USD Term Loan Y<br>7.37% (6 mo. USD Term SOFR + 3.175%)<sup>(3)</sup> | 03/31/31 | 66750 | 65599 |
|  **Oil & Gas**—**0.2%** | **Oil & Gas**—**0.2%** |  |  |
|  Waterbridge Midstream Operating LLC 2024 1st Lien Term Loan B<br>9.31% (3 mo. USD Term SOFR + 4.750%)<sup>(3)</sup> | 06/27/29 | 99250 | 99573 |
|  **Packaging & Containers**—**0.2%** | **Packaging & Containers**—**0.2%** |  |  |
|  Plaze, Inc. 2020 Incremental Term Loan<br>8.22% (1 mo. USD Term SOFR + 3.750%)<sup>(3)</sup> | 08/03/26 | 81427 | 78208 |
|  **Reit**—**0.4%** | **Reit**—**0.4%** |  |  |
|  OEG Borrower LLC 2024 Term Loan B<br>7.81% (3 mo. USD Term SOFR + 3.500%)<sup>(3)</sup> | 06/30/31 | 159099 | 160690 |
|  **Retail**—**0.3%** | **Retail**—**0.3%** |  |  |
|  Tacala LLC 2024 Term Loan<br>7.86% (1 mo. USD Term SOFR + 3.500%)<sup>(3)</sup> | 01/31/31 | 138255 | 139227 |
|  **Software**—**1.1%** | **Software**—**1.1%** |  |  |
|  Cloudera, Inc. 2021 Term Loan<br>8.21% (1 mo. USD Term SOFR + 3.750%)<sup>(3)</sup> | 10/08/28 | 80000 | 76975 |
|  DTI Holdco, Inc. 2025 Term Loan B<br>8.36% (1 mo. USD Term SOFR + 4.000%)<sup>(3)</sup> | 04/26/29 | 149625 | 147910 |

---

------

---

| |
|:---|
| **TCW High Yield Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Software (Continued)** |  |  |  |  |
|  EagleView Technology Corp. 2025 Term Loan<br>9.80% (3 mo. USD Term SOFR + 5.500%)<sup>(3)</sup> | 08/14/28 | $| 170939 | $&nbsp;&nbsp;&nbsp;&nbsp;168081 |
|  Planview Parent, Inc. 2024 1st Lien Term Loan<br>7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(3)</sup> | 12/17/27 |  | 64837 | 63570 |
|  |  |  |  | 456536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Bank Loans** (Cost: $4,602,139) |  |  |  | 4515362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income Securities** (Cost: $39,431,638) |  |  |  | 39677976 |
|  **CONVERTIBLE SECURITIES—0.2%** |  |  |  |  |
|  **CONVERTIBLE CORPORATE BONDS—0.2%** |  |  |  |  |
|  **Commercial Services — 0.2%** |  |  |  |  |
|  Worldline SA (France)<br>0.00%<sup>(6),(9)</sup> | 07/30/26 | EUR | 61920 | 68867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Corporate Bonds** (Cost: $64,123) |  |  |  | 68867 |
|  |  | **Shares** | **Shares** |  |
|  **WARRANTS—0.0%** |  |  |  |  |
|  Cineworld Group PLC<sup>(10),(11)</sup> |  |  | 42717 |  |
|  **Total Warrants** (Cost: $—) |  |  |  |  |
|  **MONEY MARKET INVESTMENTS**—**1.4%** |  |  |  |  |
|  State Street Institutional U.S. Government Money Market Fund—Premier Class, 4.25%<sup>(12)</sup> |  |  | 358849 | 358849 |
|  TCW Central Cash Fund, 4.34%<sup>(12),(13)</sup> |  |  | 215342 | 215342 |
|  **Total Money Market Investments** (Cost: $574,191) |  |  |  | 574191 |
|  **Total Investments (99.2%)** (Cost: $40,069,952) | **Total Investments (99.2%)** (Cost: $40,069,952) | **Total Investments (99.2%)** (Cost: $40,069,952) | **Total Investments (99.2%)** (Cost: $40,069,952) | 40321034 |
|  **Net Unrealized Appreciation/depreciation On Unfunded Commitments (0.0%)** |  |  |  | 56 |
|  **Liabilities In Excess Of Other Assets (0.8%)** |  |  |  | 341514 |
|  **Net Assets (100.0%)** |  |  |  | $40662604 |

---

------

---

| |
|:---|
| **TCW High Yield Bond ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD CURRENCY EXCHANGE CONTRACTS** | **FORWARD CURRENCY EXCHANGE CONTRACTS** | | | | | |
| **Counterparty** | **Contracts to<br>Deliver** | <br>**Units of<br>Currency** | <br>**Settlement<br>Date** | <br>**In Exchange<br>for USD** | <br>**Contracts<br>at Value** | <br>**Unrealized<br>Appreciation<br>(Depreciation)** |
|  **BUY<sup>(14)</sup>** |  |  |  |  |  |  |
|  Goldman Sachs & Co. | EUR | 198142 | 10/10/25 | $229947 | $227123 | $(2824) |
|  Citibank N.A. | EUR | 108867 | 10/10/25 | 128204 | 124791 | (3413) |
|  |  |  |  | $358151 | $351914 | $(6237) |
|  **SELL<sup>(15)</sup>** |  |  |  |  |  |  |
|  Goldman Sachs & Co. | EUR | 55257 | 10/10/25 | $63682 | $63339 | $343 |
|  Citibank N.A. | EUR | 689000 | 10/10/25 | 811745 | 789775 | 21970 |
|  |  |  |  | $875427 | $853114 | $22313 |

---

**Notes to the Schedule of Investments:** 

---

| | |
|:---|:---|
| ACES | Alternative Credit Enhancement Securities. |
| EUR | Euro Currency. |
| I/F | Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates. |
| I/O | Interest Only Security. |
| LIBOR | London Interbank Offered Rate. |
| PAC | Planned Amortization Class. |
| REMIC | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| (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 July 31, 2025, the value of these securities amounted to $30,838,905 or 75.8% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company's Board of Directors. |
| (2) | This security is purchased on a when-issued, delayed-delivery or forward commitment basis. |
| (3) | Floating or variable rate security. The interest shown reflects the rate in effect at July 31, 2025. |
| (4) | Perpetual maturity. |
| (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) | 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 July 31, 2025, the value of these securities amounted to $354,901 or 0.9% of net assets. |
| (7) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $13,889, at an interest rate of 10.06% and a maturity of December 30, 2029. The investment is accruing an unused commitment fee of 1.00% per annum. |
| (8) | This position represents an unsettled bank loan at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date. |
| (9) | 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 July 31, 2025. |
| (13) | Affiliated issuer. |
| (14) | Fund buys foreign currency, sells USD. |
| (15) | Fund sells foreign currency, buys USD. |

---

------

---

| |
|:---|
| **TCW High Yield Bond ETF** |
| Schedule of Investments (Continued) |

---

The summary of the TCW High Yield Bond ETF transactions in the affiliated funds for the period ended July 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Affiliated Fund** | **Value at<br>October 31,<br>2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Number of<br>Shares Held<br>July 31,<br>2025** | **Value at<br>July 31,<br>2025** | **Dividends and<br>Interest Income<br>Received** | **Distributions<br>Received from<br>Net Realized**<br>**Gain** | **Net change in<br>Unrealized Gain<br>(Loss) on<br>Investments** |
|  TCW Central Cash Fund | $— | $10530132 | $10314790 | 215342 | $215342 | $24604 | $– $– $|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $215342 | $24604 | $– $– $|  |

---

------

---

| | |
|:---|:---|
| **TCW High Yield Bond ETF** |  |
| Investments by Sector (Unaudited) | July 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| **Sector** | **Percentage of<br>Net Assets** |  |
|  Corporate Bonds | 86.5 | % |
|  Bank Loans | 11.1 |  |
|  Money Market Investments | 1.4 |  |
|  Convertible Corporate Bonds | 0.2 |  |
|  Unfunded Commitments | 0.0 | \*\* |
|  Warrants | 0.0 | \*\* |
|  Other\* | 0.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 100.0 | % |

---

*\** *Includes futures, swap agreements, pending trades, interest receivable, fund share transactions and accrued expenses payable.* 

*\*\** *Amount rounds to less than 0.1%.* 

------

---

| | |
|:---|:---|
| **TCW High Yield Bond ETF** |  |
| Fair Valuation Summary (Unaudited) | July 31, 2025 |

---

The following is a summary of the fair valuations according to the inputs used as of July 31, 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; Corporate Bonds | $— | $35162614 | $— | $35162614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 4515362 |  | 4515362 |
|  Total Fixed Income Securities |  | 39677976 |  | 39677976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 574191 |  |  | 574191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Corporate Bonds |  | 68867 |  | 68867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | — \* |  |
|  Net Unrealized Appreciation (Depreciation) on Unfunded Commitments | $— | $56 | $— | $56 |
|  Total Investments | $574191 | $39746899 | $— \* | $40321090 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 22313 |  | 22313 |
|  Total | $574191 | $39769212 | $— | $40343403 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk | $— | $(6237) | $— | $(6237) |
|  Total | $— | $(6237) | $— | $(6237) |

---

\* Amount is less than $1. 

------

---

| |
|:---|
| **TCW Multisector Credit Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES —97.3%** | **FIXED INCOME SECURITIES —97.3%** | **FIXED INCOME SECURITIES —97.3%** |  |
|  **ASSET-BACKED SECURITIES—3.9%** | **ASSET-BACKED SECURITIES—3.9%** |  |  |
|  AMMC CLO 30 Ltd. Series 2024-30A, Class A1<br>6.00% (3 mo. USD Term SOFR + 1.680%)<sup>(1),(2)</sup> | 01/15/37 | $250000 | $&nbsp;&nbsp;&nbsp;&nbsp;250718 |
|  Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR<br>6.07% (3 mo. USD Term SOFR + 1.750%)<sup>(1),(2)</sup> | 07/15/37 | 225000 | 226086 |
|  CIFC Funding Ltd. Series 2023-3A, Class B<br>6.63% (3 mo. USD Term SOFR + 2.300%)<sup>(1),(2)</sup> | 01/20/37 | 250000 | 251759 |
|  GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR<br>5.41% (3 mo. USD Term SOFR + 1.080%)<sup>(1),(2)</sup> | 10/20/34 | 250000 | 250011 |
|  OHA Credit Funding 1 Ltd. Series 2018-1A, Class B1R<br>6.33% (3 mo. USD Term SOFR + 2.000%)<sup>(1),(2)</sup> | 04/20/37 | 250000 | 251066 |
|  Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR<br>5.42% (3 mo. USD Term SOFR + 1.090%)<sup>(1),(2)</sup> | 01/20/36 | 250000 | 250067 |
|  Rockford Tower CLO Ltd. Series 2022-2A, Class BR<br>6.83% (3 mo. USD Term SOFR + 2.500%)<sup>(1),(2)</sup> | 10/20/35 | 250000 | 250996 |
|  Sixth Street CLO VIII Ltd. Series 2017-8A, Class A1R2<br>5.48% (3 mo. USD Term SOFR + 1.150%)<sup>(1),(2)</sup> | 10/20/34 | 250000 | 250366 |
|  **Total Asset-Backed Securities (Cost: $1,986,593)** |  |  | 1981069 |
|  **CORPORATE BONDS—49.9%** | **CORPORATE BONDS—49.9%** |  |  |
|  **Aerospace/Defense—0.3%** |  |  |  |
|  TransDigm, Inc. 6.88%<sup>(1)</sup> | 12/15/30 | 166000 | 172188 |
|  **Airlines**—**0.7%** | **Airlines**—**0.7%** |  |  |
|  Latam Airlines Group SA (Chile)<br>7.63%<sup>(1)</sup> | 01/07/31 | 330000 | 339577 |
|  **Apparel**—**0.2%** | **Apparel**—**0.2%** |  |  |
|  Crocs, Inc.<br>4.13%<sup>(1)</sup> | 08/15/31 | 85000 | 76869 |
|  **Auto Manufacturers**—**0.4%** | **Auto Manufacturers**—**0.4%** |  |  |
|  Allison Transmission, Inc.<br>3.75%<sup>(1)</sup> | 01/30/31 | 83000 | 75885 |
|  Volkswagen International Finance NV (Germany)<br>7.88% (9 yr. EUR Swap + 4.783%)<sup>(2),(3),(4)</sup> | 09/06/32 | 100000 | 130834 |
|  |  |  | 206719 |
|  **Auto Parts & Equipment**—**0.2%** | **Auto Parts & Equipment**—**0.2%** |  |  |
|  Clarios Global LP/Clarios U.S. Finance Co.<br>6.75%<sup>(1)</sup> | 02/15/30 | 120000 | 123802 |
|  **Banks**—**1.7%** | **Banks**—**1.7%** |  |  |
|  Akbank TAS<br>9.37% (5 yr. CMT + 5.270%)<sup>(1),(2),(4)</sup> | 03/14/29 | 253000 | 262948 |
|  Banco Mercantil del Norte SA (Mexico)<br>8.38% (5 yr. CMT + 4.072%)<sup>(1),(2),(4)</sup> | 05/20/31 | 204000 | 209008 |
|  BBVA Bancomer SA<br>5.13% (5 yr. CMT + 2.65%)<sup>(2),(3)</sup> | 01/18/33 | 214000 | 206705 |
|  Citigroup, Inc.<br>6.88% (5 yr. CMT + 2.890%)<sup>(2),(4)</sup> | 08/15/30 | 200000 | 202188 |
|  |  |  | 880849 |
|  **Beverages**—**0.3%** | **Beverages**—**0.3%** |  |  |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc.<br>6.25%<sup>(1)</sup> | 04/01/29 | 174000 | 174498 |
|  **Building Materials**—**0.5%** | **Building Materials**—**0.5%** |  |  |
|  Limak Cimento Sanayi ve Ticaret AS<br>9.75%<sup>(3)</sup> | 07/25/29 | 260000 | 266825 |
|  **Chemicals**—**1.3%** | **Chemicals**—**1.3%** |  |  |
|  Axalta Coating Systems Dutch Holding B BV<br>7.25%<sup>(1)</sup> | 02/15/31 | 119000 | 123795 |
|  OCP SA<br>6.75%<sup>(1)</sup> | 05/02/34 | 259000 | 270147 |
|  SCIH Salt Holdings, Inc.<br>4.88%<sup>(1)</sup> | 05/01/28 | 79000 | 76794 |
|  SK Invictus Intermediate II SARL<br>5.00%<sup>(1)</sup> | 10/30/29 | 128000 | 124518 |
|  WR Grace Holdings LLC<br>5.63%<sup>(1)</sup> | 08/15/29 | 80000 | 73909 |
|  |  |  | 669163 |
|  **Commercial Services**—**2.8%** | **Commercial Services**—**2.8%** |  |  |
|  Adtalem Global Education, Inc.<br>5.50%<sup>(1)</sup> | 03/01/28 | 75000 | 74142 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg)<br>7.00%<sup>(1)</sup> | 05/21/30 | 75000 | 77303 |
|  Block, Inc.<br>3.50% | 06/01/31 | 138000 | 126615 |
|  Carriage Services, Inc.<br>4.25%<sup>(1)</sup> | 05/15/29 | 135000 | 126456 |
|  Deluxe Corp.<br>8.13%<sup>(1)</sup> | 09/15/29 | 75000 | 77152 |
|  Grand Canyon University<br>5.13% | 10/01/28 | 185000 | 178730 |
|  OT Midco, Inc.<br>10.00%<sup>(1)</sup> | 02/15/30 | 125000 | 103121 |
|  Upbound Group, Inc.<br>6.38%<sup>(1)</sup> | 02/15/29 | 262000 | 255649 |
|  Veritiv Operating Co.<br>10.50%<sup>(1)</sup> | 11/30/30 | 157000 | 170397 |
|  VT Topco, Inc.<br>8.50%<sup>(1)</sup> | 08/15/30 | 116000 | 123552 |
|  WASH Multifamily Acquisition, Inc.<br>5.75%<sup>(1)</sup> | 04/15/26 | 75000 | 75048 |
|  WEX, Inc.<br>6.50%<sup>(1)</sup> | 03/15/33 | 50000 | 50679 |
|  |  |  | 1438844 |
|  **Computers**—**0.4%** | **Computers**—**0.4%** |  |  |
|  Amentum Holdings, Inc.<br>7.25%<sup>(1)</sup> | 08/01/32 | 72000 | 74516 |
|  NCR Voyix Corp.<br>5.13%<sup>(1)</sup> | 04/15/29 | 129000 | 126552 |
|  |  |  | 201068 |

---

------

---

| |
|:---|
| **TCW Multisector Credit Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Cosmetics/Personal Care**—**0.4%** | **Cosmetics/Personal Care**—**0.4%** | **Cosmetics/Personal Care**—**0.4%** |  |
|  Perrigo Finance Unlimited Co.<br>6.13% | 09/30/32 | $75000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75634 |
|  Prestige Brands, Inc.<br>3.75%<sup>(1)</sup> | 04/01/31 | 139000 | 127331 |
|  |  |  | 202965 |
|  **Diversified Financial Services**—**1.2%** |  |  |  |
|  Blackrock, Inc.<br>3.75% | 07/18/35 | 100000 | 116976 |
|  EZCORP, Inc.<br>7.38%<sup>(1)</sup> | 04/01/32 | 75000 | 78246 |
|  GGAM Finance Ltd. (Ireland)<br>8.00%<sup>(1)</sup> | 06/15/28 | 160000 | 169210 |
|  Jane Street Group/JSG Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%<sup>(1)</sup> | 11/01/32 | 125000 | 124197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%<sup>(1)</sup> | 04/30/31 | 119000 | 123045 |
|  |  |  | 611674 |
|  **Electric**—**4.4%** |  |  |  |
|  AES Andes SA<br>8.15% (5 yr. CMT + 3.835%)<sup>(1),(2)</sup> | 06/10/55 | 200000 | 209454 |
|  Alpha Generation LLC<br>6.75%<sup>(1)</sup> | 10/15/32 | 122000 | 124989 |
|  Black Hills Corp.<br>6.15% | 05/15/34 | 125000 | 131796 |
|  Continuum Green Energy India Pvt/Co-Issuers (India)<br>7.50%<sup>(3)</sup> | 06/26/33 | 241125 | 248819 |
|  EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU (Colombia)<br>8.50%<sup>(1)</sup> | 06/30/32 | 200000 | 203214 |
|  Eskom Holdings SOC Ltd.<br>8.45%<sup>(3)</sup> | 08/10/28 | 200000 | 211160 |
|  FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple<br>7.25%<sup>(1)</sup> | 01/31/41 | 198101 | 202910 |
|  Pike Corp.<br>8.63%<sup>(1)</sup> | 01/31/31 | 160000 | 172427 |
|  Southwestern Electric Power Co.<br>5.30% | 04/01/33 | 125000 | 126169 |
|  Termocandelaria Power SA<br>7.75%<sup>(1)</sup> | 09/17/31 | 263000 | 270916 |
|  Zorlu Enerji Elektrik Uretim AS<br>11.00%<sup>(1)</sup> | 04/23/30 | 334000 | 325907 |
|  |  |  | 2227761 |
|  **Electrical Components & Equipment**—**0.2%** |  |  |  |
|  Energizer Holdings, Inc.<br>4.38%<sup>(1)</sup> | 03/31/29 | 79000 | 74986 |
|  **Electronics**—**0.2%** |  |  |  |
|  Coherent Corp.<br>5.00%<sup>(1)</sup> | 12/15/29 | 76000 | 74431 |
|  **Energy-Alternate Sources**—**0.5%** |  |  |  |
|  Greenko Power II Ltd. (India)<br>4.30%<sup>(3)</sup> | 12/13/28 | 259985 | 246237 |
|  **Engineering & Construction**—**0.6%** |  |  |  |
|  Heathrow Funding Ltd. (United Kingdom)<br>1.13%<sup>(3)</sup> | 10/08/32 | 100000 | 103742 |
|  IRB Infrastructure Developers Ltd. (India)<br>7.11% <sup>(1)</sup> | 03/11/32 | 200000 | 202198 |
|  |  |  | 305940 |
|  **Entertainment**—**2.1%** |  |  |  |
|  Banijay Entertainment SAS (France)<br>8.13%<sup>(1)</sup> | 05/01/29 | 72000 | 74812 |
|  Caesars Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%<sup>(1)</sup> | 10/15/29 | 80000 | 75687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%<sup>(1)</sup> | 02/15/32 | 75000 | 76463 |
|  Churchill Downs, Inc.<br>6.75%<sup>(1)</sup> | 05/01/31 | 73000 | 74643 |
|  Cinemark USA, Inc.<br>7.00%<sup>(1)</sup> | 08/01/32 | 71000 | 73339 |
|  Great Canadian Gaming Corp./Raptor LLC (Canada)<br>8.75%<sup>(1)</sup> | 11/15/29 | 72000 | 70614 |
|  Light & Wonder International, Inc.<br>7.50%<sup>(1)</sup> | 09/01/31 | 71000 | 74060 |
|  Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada)<br>8.00%<sup>(1)</sup> | 08/01/30 | 118000 | 119413 |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<br>6.63%<sup>(1)</sup> | 02/01/33 | 125000 | 126336 |
|  Voyager Parent LLC<br>9.25%<sup>(1)</sup> | 07/01/32 | 125000 | 132356 |
|  WarnerMedia Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% | 03/15/32 | 76000 | 64022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14% | 03/15/52 | 7000 | 4335 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<br>6.25%<sup>(1)</sup> | 03/15/33 | 75000 | 75240 |
|  |  |  | 1041320 |
|  **Environmental Control**—**0.3%** |  |  |  |
|  Waste Pro USA, Inc.<br>7.00%<sup>(1)</sup> | 02/01/33 | 125000 | 129841 |
|  **Food**—**0.5%** |  |  |  |
|  Pilgrim's Pride Corp.<br>6.88% | 05/15/34 | 75000 | 82024 |
|  Post Holdings, Inc.<br>6.38%<sup>(1)</sup> | 03/01/33 | 174000 | 174489 |
|  |  |  | 256513 |
|  **Gas**—**1.1%** |  |  |  |
|  AmeriGas Partners LP/AmeriGas Finance Corp.<br>9.38%<sup>(1)</sup> | 06/01/28 | 55000 | 56674 |
|  Brooklyn Union Gas Co.<br>6.39%<sup>(1)</sup> | 09/15/33 | 150000 | 159260 |
|  China Oil & Gas Group Ltd.<br>4.70%<sup>(3)</sup> | 06/30/26 | 200000 | 198752 |
|  National Gas Transmission PLC (United Kingdom)<br>4.25% <sup>(3)</sup> | 04/05/30 | 100000 | 119625 |
|  |  |  | 534311 |
|  **Health Care-Products**—**0.6%** |  |  |  |
|  Bausch & Lomb Corp.<br>8.38%<sup>(1)</sup> | 10/01/28 | 117000 | 122339 |
|  Teleflex, Inc.<br>4.25%<sup>(1)</sup> | 06/01/28 | 77000 | 74686 |
|  Thermo Fisher Scientific, Inc.<br>0.50% | 03/01/28 | 100000 | 108692 |
|  |  |  | 305717 |
|  **Health Care-Services**—**1.7%** |  |  |  |
|  Centene Corp.<br>3.38% | 02/15/30 | 125000 | 112589 |
|  HAH Group Holding Co. LLC<br>9.75%<sup>(1)</sup> | 10/01/31 | 72000 | 69767 |
|  HealthEquity, Inc.<br>4.50%<sup>(1)</sup> | 10/01/29 | 78000 | 75247 |

---

------

---

| |
|:---|
| **TCW Multisector Credit Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Health Care-Services (Continued)** |  |  |  |
|  Kedrion SpA (Italy)<br>6.50%<sup>(1)</sup> | 09/01/29 | $180000 | $&nbsp;&nbsp;&nbsp;&nbsp;174566 |
|  ModivCare, Inc.<br>5.00%<sup>(5),(1)</sup> | 10/01/29 | 258300 | 71032 |
|  Molina Healthcare, Inc.<br>6.25%<sup>(1)</sup> | 01/15/33 | 125000 | 123386 |
|  Surgery Center Holdings, Inc.<br>7.25%<sup>(1)</sup> | 04/15/32 | 73000 | 75177 |
|  Tenet Healthcare Corp.<br>6.75% | 05/15/31 | 122000 | 125605 |
|  UnitedHealth Group, Inc.<br>5.15% | 07/15/34 | 50000 | 50169 |
|  |  |  | 877538 |
|  **Household Products/Wares**—**0.6%** | **Household Products/Wares**—**0.6%** |  |  |
|  Central Garden & Pet Co.<br>4.13%<sup>(1)</sup> | 04/30/31 | 222000 | 205872 |
|  Spectrum Brands, Inc.<br>3.88%<sup>(1)</sup> | 03/15/31 | 142000 | 113499 |
|  |  |  | 319371 |
|  **Insurance**—**1.8%** | **Insurance**—**1.8%** |  |  |
|  Acrisure LLC/Acrisure Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%<sup>(1)</sup> | 11/06/30 | 162000 | 167450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%<sup>(1)</sup> | 02/01/29 | 72000 | 74483 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%<sup>(1)</sup> | 01/15/31 | 120000 | 123534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%<sup>(1)</sup> | 10/01/32 | 74000 | 76131 |
|  AmWINS Group, Inc.<br>4.88%<sup>(1)</sup> | 06/30/29 | 78000 | 75817 |
|  AssuredPartners, Inc.<br>7.50%<sup>(1)</sup> | 02/15/32 | 72000 | 76933 |
|  Farmers Exchange Capital II<br>6.15% (3 mo. USD Term SOFR + 4.006%)<sup>(1),(2)</sup> | 11/01/53 | 200000 | 191424 |
|  HUB International Ltd.<br>7.38%<sup>(1)</sup> | 01/31/32 | 119000 | 123992 |
|  |  |  | 909764 |
|  **Internet**—**0.7%** | **Internet**—**0.7%** |  |  |
|  Cogent Communications Group LLC/Cogent Finance, Inc.<br>7.00%<sup>(1)</sup> | 06/15/27 | 72000 | 72302 |
|  Getty Images, Inc.<br>11.25%<sup>(1)</sup> | 02/21/30 | 175000 | 167790 |
|  Snap, Inc.<br>6.88%<sup>(1)</sup> | 03/01/33 | 125000 | 128164 |
|  |  |  | 368256 |
|  **Iron & Steel**—**1.2%** | **Iron & Steel**—**1.2%** |  |  |
|  CSN Resources SA<br>8.88%<sup>(1)</sup> | 12/05/30 | 255000 | 253034 |
|  Samarco Mineracao SA<br>9.50%<sup>(1),(6)</sup> | 06/30/31 | 368450 | 365318 |
|  |  |  | 618352 |
|  **Leisure Time**—**0.3%** | **Leisure Time**—**0.3%** |  |  |
|  MajorDrive Holdings IV LLC<br>6.38% <sup>(1)</sup> | 06/01/29 | 180000 | 149089 |
|  **Lodging**—**0.5%** | **Lodging**—**0.5%** |  |  |
|  Hilton Domestic Operating Co., Inc.<br>5.75% <sup>(1)</sup> | 09/15/33 | 100000 | 100122 |
|  MGM Resorts International<br>6.50% | 04/15/32 | 75000 | 76263 |
|  Wyndham Hotels & Resorts, Inc.<br>4.38%<sup>(1)</sup> | 08/15/28 | 77000 | 74830 |
|  |  |  | 251215 |
|  **Machinery-Diversified**—**0.2%** | **Machinery-Diversified**—**0.2%** |  |  |
|  TK Elevator U.S. Newco, Inc. (Germany)<br>5.25%<sup>(1)</sup> | 07/15/27 | 75000 | 74800 |
|  **Media**—**1.1%** | **Media**—**1.1%** |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>3.90% | 06/01/52 | 55000 | 36571 |
|  CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%<sup>(1)</sup> | 01/15/30 | 47000 | 23237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%<sup>(1)</sup> | 01/31/29 | 147000 | 137623 |
|  DISH Network Corp.<br>11.75%<sup>(1)</sup> | 11/15/27 | 164000 | 170937 |
|  VZ Secured Financing BV (Netherlands)<br>5.00%<sup>(1)</sup> | 01/15/32 | 226000 | 199113 |
|  |  |  | 567481 |
|  **Mining**—**1.5%** | **Mining**—**1.5%** |  |  |
|  Aris Mining Corp.<br>8.00%<sup>(1)</sup> | 10/31/29 | 174000 | 178893 |
|  First Quantum Minerals Ltd. (Zambia)<br>8.63%<sup>(3)</sup> | 06/01/31 | 320000 | 333558 |
|  Novelis Corp.<br>3.25%<sup>(1)</sup> | 11/15/26 | 80000 | 78749 |
|  Volcan Cia Minera SAA (Peru)<br>8.75%<sup>(3)</sup> | 01/24/30 | 173000 | 173919 |
|  |  |  | 765119 |
|  **Municipal Bonds**—**0.6%** | **Municipal Bonds**—**0.6%** |  |  |
|  Istanbul Metropolitan Municipality<br>10.50%<sup>(1)</sup> | 12/06/28 | 296000 | 321444 |
|  **Oil & Gas**—**3.2%** | **Oil & Gas**—**3.2%** |  |  |
|  Ecopetrol SA (Colombia)<br>5.88% | 11/02/51 | 530000 | 362425 |
|  Geopark Ltd. (Colombia)<br>8.75%<sup>(3)</sup> | 01/31/30 | 255000 | 222258 |
|  Gran Tierra Energy, Inc. (Colombia)<br>9.50%<sup>(3)</sup> | 10/15/29 | 355000 | 296890 |
|  Petroleos Mexicanos (Mexico)<br>5.95% | 01/28/31 | 386000 | 358633 |
|  SM Energy Co.<br>7.00%<sup>(1)</sup> | 08/01/32 | 73000 | 72305 |
|  Transocean Titan Financing Ltd.<br>8.38%<sup>(1)</sup> | 02/01/28 | 106762 | 109608 |
|  Uzbekneftegaz JSC<br>8.75%<sup>(1)</sup> | 05/07/30 | 205000 | 214727 |
|  |  |  | 1636846 |
|  **Oil & Gas Services**—**2.3%** | **Oil & Gas Services**—**2.3%** |  |  |
|  Archrock Partners LP/Archrock Partners Finance Corp.<br>6.63%<sup>(1)</sup> | 09/01/32 | 246000 | 249867 |
|  Aris Water Holdings LLC<br>7.25%<sup>(1)</sup> | 04/01/30 | 125000 | 128325 |
|  Kodiak Gas Services LLC<br>7.25%<sup>(1)</sup> | 02/15/29 | 71000 | 72956 |
|  USA Compression Partners LP/USA Compression Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 09/01/27 | 245000 | 245115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%<sup>(1)</sup> | 03/15/29 | 121000 | 123784 |
|  Yinson Boronia Production BV<br>8.95%<sup>(1)</sup> | 07/31/42 | 294327 | 317832 |
|  |  |  | 1137879 |

---

------

**TCW Multisector Credit Income ETF** 

SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Packaging & Containers**—**0.9%** | **Packaging & Containers**—**0.9%** | **Packaging & Containers**—**0.9%** |  |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.<br>4.13%<sup>(1)</sup> | 08/15/26 | $86000 | $85018 |
|  Clearwater Paper Corp.<br>4.75% <sup>(1)</sup> | 08/15/28 | 183000 | 172710 |
|  Graham Packaging Co., Inc.<br>7.13%<sup>(1)</sup> | 08/15/28 | 75000 | 74883 |
|  Sealed Air Corp./Sealed Air Corp. U.S.<br>7.25%<sup>(1)</sup> | 02/15/31 | 120000 | 124813 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457424 |
|  **Pharmaceuticals**—**2.0%** |  |  |  |
|  1261229 BC Ltd.<br>10.00%<sup>(1)</sup> | 04/15/32 | 125000 | 127348 |
|  Bayer U.S. Finance II LLC (Germany) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%<sup>(1)</sup> | 07/15/44 | 107000 | 83789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%<sup>(1)</sup> | 06/25/48 | 86000 | 70856 |
|  CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70% | 06/01/34 | 60000 | 61463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (5 yr. CMT + 2.516%)<sup>(2)</sup> | 12/10/54 | 75000 | 75371 |
|  Grifols SA (Spain)<br>4.75%<sup>(1)</sup> | 10/15/28 | 180000 | 173462 |
|  Jazz Securities DAC<br>4.38%<sup>(1)</sup> | 01/15/29 | 135000 | 130695 |
|  Option Care Health, Inc.<br>4.38%<sup>(1)</sup> | 10/31/29 | 81000 | 77490 |
|  Teva Pharmaceutical Finance Netherlands III BV (Israel)<br>6.00% | 12/01/32 | 188000 | 191854 |
|  |  |  | 992328 |
|  **Pipelines**—**2.8%** |  |  |  |
|  Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)<br>2.94%<sup>(3)</sup> | 09/30/40 | 313550 | 259952 |
|  Global Partners LP/GLP Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% | 01/15/29 | 122000 | 123841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%<sup>(1)</sup> | 07/01/33 | 100000 | 101625 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp.<br>8.38%<sup>(1)</sup> | 02/15/32 | 122000 | 119444 |
|  Rockies Express Pipeline LLC<br>4.80%<sup>(1)</sup> | 05/15/30 | 80000 | 77333 |
|  Venture Global LNG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (5 yr. CMT + 5.440%)<sup>(1),(2),(4)</sup> | 09/30/29 | 170000 | 170148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%<sup>(1)</sup> | 02/01/32 | 153000 | 165195 |
|  Venture Global Plaquemines LNG LLC<br>6.75%<sup>(1)</sup> | 01/15/36 | 372000 | 382788 |
|  |  |  | 1400326 |
|  **Real Estate**—**0.6%** |  |  |  |
|  Cushman & Wakefield U.S. Borrower LLC<br>8.88%<sup>(1)</sup> | 09/01/31 | 114000 | 122358 |
|  Port of Spain Waterfront Development<br>7.88%<sup>(1)</sup> | 02/19/40 | 200000 | 196832 |
|  |  |  | 319190 |
|  **REIT**—**0.9%** |  |  |  |
|  GLP Capital LP/GLP Financing II, Inc.<br>4.00% | 01/15/30 | 125000 | 119701 |
|  Hudson Pacific Properties LP<br>3.95% | 11/01/27 | 259000 | 245219 |
|  Iron Mountain, Inc. (REIT)<br>5.63%<sup>(1)</sup> | 07/15/32 | 76000 | 75076 |
|  |  |  | 439996 |
|  **Retail**—**2.6%** |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc. (Canada)<br>4.00%<sup>(1)</sup> | 10/15/30 | 83000 | 76956 |
|  Asbury Automotive Group, Inc.<br>5.00%<sup>(1)</sup> | 02/15/32 | 81000 | 76748 |
|  BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.<br>9.50%<sup>(1)</sup> | 07/01/32 | 175000 | 180436 |
|  Ferrellgas LP/Ferrellgas Finance Corp. 5.88%<sup>(1)</sup> | 04/01/29 | 186000 | 171939 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<br>6.75%<sup>(1)</sup> | 01/15/30 | 132000 | 124304 |
|  FirstCash, Inc.<br>6.88%<sup>(1)</sup> | 03/01/32 | 121000 | 124295 |
|  LCM Investments Holdings II LLC<br>8.25%<sup>(1)</sup> | 08/01/31 | 117000 | 123791 |
|  Lithia Motors, Inc.<br>3.88%<sup>(1)</sup> | 06/01/29 | 133000 | 125899 |
|  Michaels Cos., Inc.<br>5.25%<sup>(1)</sup> | 05/01/28 | 65000 | 52036 |
|  Papa John's International, Inc.<br>3.88%<sup>(1)</sup> | 09/15/29 | 146000 | 140467 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp.<br>5.00%<sup>(1)</sup> | 06/01/31 | 134000 | 126024 |
|  |  |  | 1322895 |
|  **Semiconductors**—**0.0%** |  |  |  |
|  Intel Corp.<br>3.73% | 12/08/47 | 15000 | 10272 |
|  **Software**—**0.8%** |  |  |  |
|  Cloud Software Group, Inc.<br>8.25%<sup>(1)</sup> | 06/30/32 | 70000 | 74587 |
|  Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL<br>8.75%<sup>(1)</sup> | 05/01/29 | 72000 | 73533 |
|  RingCentral, Inc.<br>8.50%<sup>(1)</sup> | 08/15/30 | 114000 | 121645 |
|  SS&C Technologies, Inc.<br>6.50%<sup>(1)</sup> | 06/01/32 | 71000 | 73118 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp.<br>3.88%<sup>(1)</sup> | 02/01/29 | 81000 | 76197 |
|  |  |  | 419080 |
|  **Telecommunications**—**2.3%** |  |  |  |
|  Altice Financing SA (Luxembourg) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%<sup>(1)</sup> | 08/15/29 | 235000 | 180123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%<sup>(1)</sup> | 07/15/27 | 76000 | 69939 |
|  Consolidated Communications, Inc.<br>6.50%<sup>(1)</sup> | 10/01/28 | 128000 | 130119 |
|  EchoStar Corp.<br>10.75% | 11/30/29 | 24000 | 25323 |
|  Frontier Communications Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%<sup>(1)</sup> | 05/01/29 | 173000 | 174785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%<sup>(1)</sup> | 03/15/31 | 65000 | 68959 |
|  Global Switch Finance BV (United Kingdom)<br>1.38%<sup>(3)</sup> | 10/07/30 | 100000 | 106936 |
|  Telecom Argentina SA (Argentina)<br>9.50%<sup>(1)</sup> | 07/18/31 | 251000 | 264863 |
|  Windstream Services LLC/Windstream Escrow Finance Corp.<br>8.25%<sup>(1)</sup> | 10/01/31 | 125000 | 131026 |
|  |  |  | 1152073 |

---

------

---

| |
|:---|
| **TCW Multisector Credit Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Water — 0.4%** |  |  |  |
|  Aegea Finance SARL (Brazil)<br>9.00%<sup>(3)</sup> | 01/20/31 | $200000 | $214304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** (Cost: $24,965,190) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25287140 |
|  **FOREIGN GOVERNMENT BONDS—12.2%** |  |  |  |
|  Angola Government International Bonds<br>8.75%<sup>(3)</sup> | 04/14/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | 336504 |
|  Argentina Republic Government International Bonds<br>4.13% | 07/09/35 | 266529 | 175664 |
|  Bahrain Government International Bonds<br>6.75%<sup>(1)</sup> | 09/20/29 | 328000 | 337256 |
|  Colombia Government International Bonds<br>4.13% | 05/15/51 | 460000 | 274845 |
|  Dominican Republic International Bonds<br>5.88%<sup>(3)</sup> | 01/30/60 | 305000 | 257179 |
|  Ecuador Government International Bonds<br>6.90%<sup>(3)</sup> | 07/31/35 | 239849 | 179115 |
|  Egypt Government International Bonds<br>7.30%<sup>(3)</sup> | 09/30/33 | 275000 | 246356 |
|  El Salvador Government International Bonds<br>9.50%<sup>(3)</sup> | 07/15/52 | 161000 | 163141 |
|  Gabon Government International Bonds<br>6.63%<sup>(1)</sup> | 02/06/31 | 203000 | 167008 |
|  Guatemala Government Bonds<br>6.60%<sup>(1)</sup> | 06/13/36 | 263000 | 269904 |
|  Israel Government International Bonds<br>5.75% | 03/12/54 | 289000 | 268995 |
|  Ivory Coast Government International Bonds<br>6.13%<sup>(1)</sup> | 06/15/33 | 288000 | 266348 |
|  Jordan Government International Bonds<br>7.75%<sup>(1)</sup> | 01/15/28 | 256000 | 266084 |
|  Mexico Government International Bonds<br>4.40% | 02/12/52 | 282000 | 197609 |
|  Nigeria Government International Bonds<br>7.70%<sup>(1)</sup> | 02/23/38 | 201000 | 178671 |
|  Oman Government International Bonds<br>6.25%<sup>(1)</sup> | 01/25/31 | 200000 | 214728 |
|  Pakistan Government International Bonds<br>7.38%<sup>(1)</sup> | 04/08/31 | 200000 | 187972 |
|  Panama Government International Bonds<br>6.40% | 02/14/35 | 210000 | 206709 |
|  Republic of Poland Government International Bonds<br>5.50% | 03/18/54 | 230000 | 215009 |
|  Republic of South Africa Government International Bonds<br>5.88% | 06/22/30 | 204000 | 203147 |
|  Romania Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%<sup>(3)</sup> | 01/30/34 | 348000 | 347374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%<sup>(3)</sup> | 01/17/53 | 186000 | 194463 |
|  Saudi Government International Bonds<br>5.00%<sup>(3)</sup> | 01/18/53 | 390000 | 336683 |
|  Senegal Government International Bonds<br>6.25%<sup>(1)</sup> | 05/23/33 | 387000 | 288273 |
|  Sri Lanka Government International Bonds<br>3.10%<sup>(3)</sup> | 01/15/30 | 215000 | 194577 |
|  Turkiye Government International Bonds<br>9.38% | 01/19/33 | 200000 | 227834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Bonds** (Cost: $6,054,572) |  |  | 6201448 |
|  **BANK LOANS—31.3%** |  |  |  |
|  **Aerospace & Defense—0.7%** |  |  |  |
|  Air Comm Corp. LLC 2024 Delayed Draw Term Loan<br>0.00%<sup>(7)</sup> | 12/11/31 | 4487 | 4498 |
|  Air Comm Corp. LLC 2024 Term Loan<br>7.31% (3 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 12/11/31 | 230192 | 230768 |
|  HDI Aerospace Intermediate Holding III Corp. Term Loan B<br>8.83% (3 mo. USD Term SOFR + 4.500%)<sup>(2)</sup> | 02/11/32 | 99750 | 100187 |
|  |  |  | 335453 |
|  **Airlines—0.5%** |  |  |  |
|  Air Canada 2024 Term Loan B<br>6.35% (1 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 03/21/31 | 248116 | 248426 |
|  **Auto Parts & Equipment—0.3%** |  |  |  |
|  First Brands Group LLC 2021 Term Loan<br>9.57% (3 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 03/30/27 | 173640 | 170725 |
|  **Beverages—0.5%** |  |  |  |
|  Celsius Holdings, Inc. Term Loan<br>7.54% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 04/01/32 | 125000 | 126198 |
|  Naked Juice LLC 2025 FLFO Term Loan<br>9.80% (3 mo. USD Term SOFR + 5.500%)<sup>(2)</sup> | 01/24/29 | 125000 | 124766 |
|  |  |  | 250964 |
|  **Commercial Services—3.8%** |  |  |  |
|  Archkey Solutions LLC 2024 Term Loan B<br>9.05% (3 mo. USD Term SOFR + 4.750%)<sup>(2),(8)</sup> | 11/01/31 | 223578 | 225256 |
|  ASP Dream Acquisition Co. LLC Term Loan B<br>8.71% (1 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 12/15/28 | 248715 | 238766 |
|  Crisis Prevention Institute, Inc. 2024 Term Loan B<br>8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 04/09/31 | 248750 | 248517 |
|  Fugue Finance BV 2025 Term Loan B 0.00% <sup>(9),(2)</sup> | 01/09/32 | 200000 | 201053 |
|  Holding Socotec SAS 2024 USD Term Loan B<br>0.00%<sup>(9),(2)</sup> | 06/30/28 | 123750 | 124253 |
|  Priority Holdings LLC 2024 Term Loan B<br>9.11% (1 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 05/16/31 | 246736 | 247545 |
|  Trans Union LLC 2024 Term Loan B9<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 06/24/31 | 124375 | 124632 |
|  TruGreen LP 2020 Term Loan<br>8.46% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 11/02/27 | 297662 | 287616 |
|  Veritiv Corp. Term Loan B<br>8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 11/30/30 | 248747 | 250069 |
|  |  |  | 1947707 |

---

------

---

| |
|:---|
| **TCW Multisector Credit Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Computers—0.4%** |  |  |  |
|  Peraton Corp. Term Loan B<br>8.21% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 02/01/28 | $248015 | $221411 |
|  **Cosmetics/personal Care—0.2%** |  |  |  |
|  Opal Bidco SAS USD Term Loan B<br>7.58% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 04/28/32 | 125000 | 125696 |
|  **Diversified Financial Services—1.8%** |  |  |  |
|  Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6<br>6.10% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 06/24/30 | 348250 | 348804 |
|  Blackhawk Network Holdings, Inc. 2025 Term Loan B<br>8.36% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 03/12/29 | 173689 | 174598 |
|  Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B<br>7.45% (6 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 01/27/32 | 124688 | 125264 |
|  Guggenheim Partners LLC 2024 Term Loan B<br>6.80% (3 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 11/26/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248750 | 249776 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898442 |
|  **Electric—2.5%** |  |  |  |
|  EFS Cogen Holdings I LLC 2020 Term Loan B<br>7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 10/03/31 | 247250 | 248531 |
|  Kestrel Acquisition LLC 2024 Term Loan B<br>10.00% (3 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 11/06/31 | 343557 | 344881 |
|  Potomac Energy Center LLC 2025 Term Loan 0.00% <sup>(9)</sup> | 03/14/32 | 125000 | 125234 |
|  Potomac Energy Center LLC Term Loan 0.00% <sup>(9),(2)</sup> | 11/12/26 | 250000 | 250938 |
|  South Field LLC 2025 Term Loan B<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 08/29/31 | 296564 | 298047 |
|  South Field LLC 2025 Term Loan C<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 08/29/31 | 19071 | 19166 |
|  |  |  | 1286797 |
|  **Electronics—0.7%** |  |  |  |
|  TCP Sunbelt Acquisition Co. 2024 Term Loan B<br>8.58% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 10/24/31 | 348250 | 349991 |
|  **Engineering & Construction—1.4%** |  |  |  |
|  Artera Services LLC 2024 Term Loan<br>8.80% (3 mo. USD Term SOFR + 4.500%)<sup>(2)</sup> | 02/15/31 | 119319 | 99534 |
|  Legence Holdings LLC 2025 Term Loan B<br>7.61% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 12/18/28 | 248067 | 249152 |
|  Wrench Group LLC 2019 Term Loan B<br>8.56% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 10/30/28 | 347362 | 347147 |
|  |  |  | 695833 |
|  **Entertainment—1.1%** |  |  |  |
|  Caesars Entertainment, Inc. Term Loan B<br>6.61% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 02/06/30 | 259524 | 259713 |
|  Showtime Acquisition LLC 2024 1st Lien Term Loan<br>9.07% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 08/16/31 | 174125 | 174942 |
|  Voyager Parent LLC Term Loan B<br>9.04% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 07/01/32 | 125000 | 125267 |
|  |  |  | 559922 |
|  **Food—0.9%** |  |  |  |
|  1440 Food Topco LLC Term Loan B<br>9.36% (1 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 10/31/31 | 124623 | 122442 |
|  BCPE North Star U.S. HoldCo 2, Inc. Term Loan<br>8.47% (3 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 06/09/28 | 148841 | 149213 |
|  United Natural Foods, Inc. 2024 Term Loan<br>9.11% (1 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 05/01/31 | 192857 | 194648 |
|  |  |  | 466303 |
|  **Forest Products & Paper—0.5%** |  |  |  |
|  Glatfelter Corp. Term Loan B<br>8.58% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 11/04/31 | 248750 | 247662 |
|  **Health Care-services —2.1%** |  |  |  |
|  Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B<br>9.81% (3 mo. USD Term SOFR + 5.500%)<sup>(2)</sup> | 03/30/29 | 248116 | 220823 |
|  Heartland Dental LLC 2024 Term Loan<br>8.86% (1 mo. USD Term SOFR + 4.500%)<sup>(2)</sup> | 04/28/28 | 347362 | 348513 |
|  Help At Home, Inc. 2024 Term Loan B<br>9.36% (1 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 09/24/31 | 348250 | 337803 |
|  Modivcare, Inc. 2025 Incremental Term Loan<br>11.78% (3 mo. USD Term SOFR + 7.500%)<sup>(2)</sup> | 01/12/26 | 43347 | 33770 |
|  NAPA Management Services Corp. Term Loan B<br>9.71% (1 mo. USD Term SOFR + 5.250%)<sup>(2)</sup> | 02/23/29 | 173654 | 117737 |
|  |  |  | 1058646 |

---

------

---

| |
|:---|
| **TCW Multisector Credit Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Insurance—1.2%** |  |  |  |
|  AmWINS Group, Inc. 2025 Term Loan B<br>6.61% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 01/30/32 | $249373 | $249836 |
|  Asurion LLC 2021 Second Lien Term Loan B4<br>9.72% (1 mo. USD Term SOFR + 5.250%)<sup>(2)</sup> | 01/20/29 | 125000 | 117852 |
|  Asurion LLC 2022 Term Loan B10<br>8.46% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 08/19/28 | 248087 | 246469 |
|  |  |  | 614157 |
|  **Internet—2.7%** |  |  |  |
|  Arches Buyer, Inc. 2021 Term Loan B<br>7.71% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 12/06/27 | 48698 | 48732 |
|  Barracuda Networks, Inc. 2022 Term Loan<br>8.81% (3 mo. USD Term SOFR + 4.500%)<sup>(2)</sup> | 08/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173664 | 141461 |
|  Delivery Hero SE 2024 USD Term Loan B<br>9.30% (3 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 12/12/29 | 347362 | 350799 |
|  Magnite, Inc. 2025 Repriced Term Loan B<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 02/06/31 | 374063 | 375854 |
|  MH Sub I LLC 2023 Term Loan<br>8.61% (1 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 05/03/28 | 207533 | 198467 |
|  Plano HoldCo, Inc. Term Loan B<br>0.00%<sup>(9)</sup> | 10/02/31 | 124688 | 121258 |
|  TripAdvisor, Inc. Term Loan<br>7.11% (1 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 07/08/31 | 124373 | 123441 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360012 |
|  **Leisure Time—0.2%** |  |  |  |
|  Sabre GLBL, Inc. 2022 1st Lien Term Loan B<br>9.46% (1 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 06/30/28 | 99774 | 99524 |
|  **Machinery-construction & Mining—0.5%** |  |  |  |
|  WEC U.S. Holdings Ltd. 2024 Term Loan<br>6.58% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 01/27/31 | 248120 | 248576 |
|  **Machinery-diversified—0.5%** |  |  |  |
|  Arcline FM Holdings LLC 2024 Term Loan<br>7.58% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 06/23/28 | 248750 | 250694 |
|  **Media—1.4%** |  |  |  |
|  Charter Communications Operating LLC 2024 Term Loan B5<br>6.54% (3 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 12/15/31 | 124375 | 124515 |
|  Telenet Financing USD LLC 2020 USD Term Loan AR<br>6.46% (1 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 04/30/28 | 300000 | 294525 |
|  Virgin Media Bristol LLC USD Term Loan N<br>6.96% (1 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 01/31/28 | 297138 | 294044 |
|  |  |  | 713084 |
|  **Miscellaneous Manufacturers—0.5%** |  |  |  |
|  Cleanova U.S. Holdings LLC 2025 Term Loan B<br>9.07% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 06/14/32 | 250000 | 248750 |
|  **Office/business Equipment—0.6%** |  |  |  |
|  Xerox Holdings Corp. 2023 Term Loan B<br>8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 11/17/29 | 297963 | 280334 |
|  **Oil & Gas—0.3%** |  |  |  |
|  Waterbridge Midstream Operating LLC 2024 1st Lien Term Loan B<br>9.31% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 06/27/29 | 173688 | 174252 |
|  **Packaging & Containers—0.3%** |  |  |  |
|  Balcan Innovations, Inc. Term Loan B<br>9.06% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 10/18/31 | 174563 | 160598 |
|  **Pharmaceuticals—0.5%** |  |  |  |
|  Covetrus, Inc. Term Loan<br>9.30% (3 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 10/13/29 | 248096 | 227010 |
|  **Retail—1.6%** |  |  |  |
|  Lakeshore Intermediate LLC Term Loan<br>7.97% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 09/29/28 | 248072 | 207451 |
|  Michaels Cos., Inc. 2021 Term Loan B<br>8.81% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 04/17/28 | 100000 | 85277 |
|  Thermostat Purchaser III, Inc. 2024 Incremental Delayed Draw Term Loan<br>0.00%<sup>(9)</sup> | 08/31/28 | 250000 | 251145 |
|  Thermostat Purchaser III, Inc. 2024 Term Loan B<br>8.55% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 08/31/28 | 250000 | 251145 |
|  |  |  | 795018 |
|  **Software—3.1%** |  |  |  |
|  Cast & Crew Payroll LLC 2021 Incremental Term Loan<br>8.11% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 12/29/28 | 124036 | 118290 |
|  Cloud Software Group, Inc. 2024 USD Term Loan<br>8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 03/21/31 | 248750 | 249924 |
|  Open Text Corp. 2023 Term Loan B<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 01/31/30 | 345746 | 346265 |

---

------

---

| |
|:---|
| **TCW Multisector Credit Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Value** |
|  **Software (Continued)** |  |  |  |  |
|  Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 10/26/30 | $| 249372 | $250276 |
|  Renaissance Holdings Corp. 2024 1st Lien Term Loan<br>8.36% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 04/05/30 |  | 248111 | 229547 |
|  SolarWinds Holdings, Inc. 2025 Term Loan<br>8.34% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 04/16/32 |  | 125000 | 123750 |
|  Surf Holdings LLC 2025 Incremental Term Loan<br>7.97% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 03/05/27 |  | 248692 | 249636 |
|  |  |  |  | 1567688 |
|  **Telecommunications—0.5%** |  |  |  |  |
|  Zayo Group Holdings, Inc. 2022 USD Incremental Term Loan B<br>8.53% (1 mo. USD Term SOFR + 4.175%)<sup>(2)</sup> | 03/09/27 |  | 248077 | 241876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Bank Loans** (Cost: $16,038,013) |  |  |  | 15845551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income Securities** (Cost: $49,044,368) |  |  |  | 49315208 |
|  **CONVERTIBLE SECURITIES—0.2%** |  |  |  |  |
|  **CONVERTIBLE CORPORATE BONDS—0.2%** |  |  |  |  |
|  **Commercial Services—0.2%** |  |  |  |  |
|  Worldline SA (France)<br>0.00%<sup>(3),(10)</sup> | 07/30/26 | EUR | 77400 | 86084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Corporate Bonds** (Cost: $77,752) |  |  |  | 86084 |
| **Security** |  | **Shares** | **Shares** |  |
|  **MONEY MARKET INVESTMENTS**—**2.9%** |  |  |  |  |
|  State Street Institutional U.S. Government Money Market Fund—Premier Class,<br>4.25%<sup>(11)</sup> |  |  | 48576 | 48576 |
|  TCW Central Cash Fund, 4.34%<sup>(11),(12)</sup> | TCW Central Cash Fund, 4.34%<sup>(11),(12)</sup> |  | 1395716 | $1395716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Money Market Investments** (Cost: $1,444,292) |  |  |  | 1444292 |
|  **Total Investments (100.4%)** (Cost: $50,566,412) | **Total Investments (100.4%)** (Cost: $50,566,412) | **Total Investments (100.4%)** (Cost: $50,566,412) | **Total Investments (100.4%)** (Cost: $50,566,412) | 50845584 |
|  **Net unrealized appreciation on unfunded commitments (0.0%)** |  |  |  | 119 |
|  **Liabilities In Excess Of Other Assets (-0.4%)** | **Liabilities In Excess Of Other Assets (-0.4%)** | **Liabilities In Excess Of Other Assets (-0.4%)** | **Liabilities In Excess Of Other Assets (-0.4%)** | (219099) |
|  **Net Assets (100.0%)** |  |  |  | $50626604 |

---

------

---

| |
|:---|
| **TCW Multisector Credit Income ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **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**<br>**for USD** | **Contracts**<br>**at Value** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **BUY<sup>(13)</sup>** |  |  |  |  |  |  |
|  Goldman Sachs & Co. | EUR | 114190 | 10/10/25 | $134587 | $130892 | $(3695) |
|  |  |  |  | $134587 | $130892 | $(3695) |
|  **SELL<sup>(14)</sup>** |  |  |  |  |  |  |
|  Goldman Sachs & Co. | EUR | 782000 | 10/10/25 | $920911 | $896377 | $24534 |
|  |  |  |  | $920911 | $896377 | $24534 |

---

---

| | |
|:---|:---|
| **Notes to the Schedule of Investments:** | **Notes to the Schedule of Investments:** |
| CLO | Collateralized Loan Obligation. |
| EUR | Euro Currency. |
| SOFR | Secured Overnight Financing Rate. |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At July 31, 2025, the value of these securities amounted to $22,666,342 or 44.8% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company's Board of Directors. |
| (2) | Floating or variable rate security. The interest shown reflects the rate in effect at July 31, 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 July 31, 2025, the value of these securities amounted to $5,681,992 or 11.2% of net assets. |
| (4) | Perpetual maturity. |
| (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) | Payment in kind. |
| (7) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $14,744, at an interest rate of 7.31% and a maturity of December 11, 2031. The investment is not accruing an unused commitment fee. |
| (8) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $25,862, at an interest rate of 9.05% and a maturity of November 1, 2031.The investment is accruing an unused commitment fee of 9.05% per annum. |
| (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 July 31, 2025. |
| (12) | Affiliated issuer. |
| (13) | Fund buys foreign currency, sells USD. |
| (14) | Fund sells foreign currency, buys USD. |

---

------

---

| |
|:---|
| **TCW Multisector Credit Income ETF** |
| Schedule of Investments (Continued) |

---

The summary of the TCW Multisector Credit Income ETF transactions in the affiliated funds for the period ended July 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Affiliated Fund** | **Value at**<br>**October 31,<br>2024** | **Purchases at**<br>**Cost** | **Proceeds from**<br>**Sales** | **Number of**<br>**Shares Held**<br>**July 31,**<br>**2025** | **Value at**<br>**July 31,**<br>**2025** | **Dividends and**<br>**Interest Income**<br>**Received** | **Distributions**<br>**Received from**<br>**Net Realized**<br>**Gain** | **Net change in**<br>**Unrealized Gain**<br>**(Loss) on**<br>**Investments** |
|  TCW Central Cash Fund | $— | $17630716 | $16235000 | 1395716 | $1395716 | $59321 | $– $– $|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $1395716 | $59321 | $– $– $|  |

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| | |
|:---|:---|
| **TCW Multisector Credit Income ETF** |  |
| Investments by Sector (Unaudited) | July 31, 2025 |

---

---

| | |
|:---|:---|
| **Sector** | **Percentage of**<br>**Net Assets** |
|  Corporate Bonds | 49.9 |
|  Bank Loans | 31.3 |
|  Foreign Government Bonds | 12.2 |
|  Asset-Backed Securities | 3.9 |
|  Money Market Investments | 2.9 |
|  Convertible Corporate Bonds | 0.2 |
|  Unfunded Commitments | 0.0 |
|  Other\* | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 100.0 |

---

*\** *Includes futures, pending trades, interest receivable, fund share transactions and accrued expenses payable.* 

*\*\** *Amount rounds to less than 0.1%.* 

------

---

| | |
|:---|:---|
| **TCW Multisector Credit Income ETF** |  |
| Fair Valuation Summary (Unaudited) | July 31, 2025 |

---

The following is a summary of the fair valuations according to the inputs used as of July 31, 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; Corporate Bonds\* | $— | $25287140 | $— | $25287140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans\* |  | 15845551 |  | 15845551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Bonds |  | 6201448 |  | 6201448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 1981069 |  | 1981069 |
|  Total Fixed Income Securities |  | 49315208 |  | 49315208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 1444292 |  |  | 1444292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Corporate Bonds\* |  | 86084 |  | 86084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Commitments Appreciation |  | 119 |  | 119 |
|  Total Investments | $1444292 | $49401411 | $— | $50845703 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk |  | 24534 |  | 24534 |
|  Total | $1444292 | $49425945 | $— | $50870237 |
|  Liability Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Risk | $— | $(3695) | $— | $(3695) |
|  Total | $— | $(3695) | $— | $(3695) |

---

\* See Schedule of Investments for corresponding industries.

------

**TCW Senior Loan ETF** 

SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **FIXED INCOME SECURITIES—95.8% of Net Assets** |  |  |  |
|  **ASSET-BACKED SECURITIES—0.7%** |  |  |  |
|  AMMC CLO 18 Ltd. Series 2016-18A, Class BR<br>6.19% (3 mo. USD Term SOFR + 1.862%)<sup>(1),(2)</sup> | 05/26/31 | $915000 | $916946 |
|  AMMC CLO 30 Ltd. Series 2024-30A, Class A1<br>6.00% (3 mo. USD Term SOFR + 1.680%)<sup>(1),(2)</sup> | 01/15/37 | 750000 | 752154 |
|  Golub Capital Partners CLO 69M Ltd. Series 2023-69A,<br>Class B1 7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(1),(2)</sup> | 11/09/36 | 500000 | 502760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-backed Securities** (Cost: $2,143,956) |  |  | 2171860 |
|  **BANK LOANS—92.4%** |  |  |  |
|  **Advertising**—**0.8%** |  |  |  |
|  Advantage Sales & Marketing, Inc. 2024 Term Loan<br>8.55% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 10/28/27 | 1599492 | 1252043 |
|  Neptune Bidco U.S., Inc. 2022 USD Term Loan A<br>9.18% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 04/11/29 | 1 |  |
|  Planet U.S. Buyer LLC 2024 Term Loan B<br>7.33% (3 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 02/07/31 | 649542 | 653277 |
|  Wasserman Media Group LLC Term Loan B<br>7.35% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 06/23/32 | 700000 | 703063 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2608383 |
|  **Aerospace & Defense**—**1.5%** |  |  |  |
|  Air Comm Corp. LLC 2024 Delayed Draw Term Loan<br>0.00%<sup>(3)</sup> | 12/11/31 | 6319 | 6334 |
|  Air Comm Corp. LLC 2024 Term Loan<br>7.31% (3 mo. USD Term SOFR + 3.000%)<sup>(2),(4)</sup> | 12/11/31 | 324148 | 324959 |
|  HDI Aerospace Intermediate Holding III Corp. Term Loan B<br>8.83% (3 mo. USD Term SOFR + 4.500%)<sup>(2)</sup> | 02/11/32 | 1236235 | 1241644 |
|  Novaria Holdings LLC 2024 Term Loan B<br>7.61% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 06/06/31 | 1444623 | 1448842 |
|  TransDigm, Inc. 2024 Term Loan I<br>7.05% (3 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 08/24/28 | 1716392 | 1724605 |
|  |  |  | 4746384 |
|  **Agriculture**—**0.2%** |  |  |  |
|  Alltech, Inc. 2025 Term Loan<br>8.72% (1 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 08/13/30 | 548230 | 551314 |
|  **Airlines**—**0.5%** |  |  |  |
|  Air Canada 2024 Term Loan B<br>6.35% (1 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 03/21/31 | 505793 | 506425 |
|  United Airlines, Inc. 2024 1st Lien Term Loan B<br>6.35% (1 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 02/22/31 | 1071366 | 1076856 |
|  |  |  | 1583281 |
|  **Apparel**—**0.7%** |  |  |  |
|  ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B<br>6.61% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 12/21/28 | 1178665 | 1177928 |
|  WH Borrower LLC 2025 Term Loan B<br>9.07% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 02/20/32 | 1000000 | 1001330 |
|  |  |  | 2179258 |
|  **Auto Parts & Equipment**—**0.3%** |  |  |  |
|  First Brands Group LLC 2021 Term Loan<br>9.57% (3 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 03/30/27 | 968971 | 952707 |
|  **Banks**—**0.1%** |  |  |  |
|  Chrysaor Bidco SARL USD Term Loan B<br>7.33% (3 mo. USD Term SOFR + 3.000%)<sup>(2),(5)</sup> | 10/30/31 | 288034 | 290118 |
|  **Beverages**—**1.1%** |  |  |  |
|  Arterra Wines Canada, Inc. 2020 Term Loan<br>8.06% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 11/24/27 | 416487 | 412148 |
|  Naked Juice LLC 2025 FLSO Term Loan<br>7.65% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 01/24/29 | 315845 | 240140 |
|  Naked Juice LLC 2025 FLTO Term Loan<br>10.40% (3 mo. USD Term SOFR + 6.000%)<sup>(2)</sup> | 01/24/30 | 3281 | 1567 |
|  Pegasus Bidco BV 2024 USD Term Loan B<br>7.58% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 07/12/29 | 1343671 | 1349832 |
|  Primo Brands Corp. 2025 Term Loan B<br>6.55% (3 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 03/31/28 | 1493747 | 1498937 |
|  |  |  | 3502624 |
|  **Building Materials**—**0.3%** |  |  |  |
|  PHRG Intermediate LLC 2025 Term Loan B<br>8.33% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 02/20/32 | 896226 | 896975 |

---

------

---

| |
|:---|
| **TCW Senior Loan ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Building Materials (Continued)** |  |  |  |
|  Standard Industries, Inc. 2021 Term Loan B<br>6.10% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 09/22/28 | $161219 | $161909 |
|  |  |  | 1058884 |
|  **Chemicals**—**1.0%** |  |  |  |
|  Archroma Finance SARL 2023 USD Term Loan B2A<br>9.61% (3 mo. USD Term SOFR + 5.500%)<sup>(2)</sup> | 06/30/27 | 1181692 | 1125934 |
|  Chemours Co. 2023 USD Term Loan B<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 08/18/28 | 494962 | 495581 |
|  Mativ Holdings, Inc. Delayed Draw Term Loan A<br>6.96% (1 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 05/06/27 | 1112320 | 1106759 |
|  SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B<br>7.20% (3 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 01/31/29 | 346534 | 347499 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3075773 |
|  **Commercial Services**—**15.0%** |  |  |  |
|  Albion Financing 3 SARL 2025 USD Term Loan B<br>7.32% (3 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 08/16/29 | 1535733 | 1545523 |
|  AlixPartners LLP 2021 USD Term Loan B<br>6.97% (1 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 02/04/28 | 1496093 | 1498487 |
|  Allied Universal Holdco LLC 2021 USD Incremental Term Loan B<br>8.21% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 05/12/28 | 388133 | 389416 |
|  Amspec Parent LLC 2024 Term Loan<br>7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(2),(6)</sup> | 12/22/31 | 1256667 | 1266092 |
|  Anticimex International AB 2024 Term Loan B6<br>7.66% (3 mo. USD Term SOFR + 3.400%)<sup>(2)</sup> | 11/16/28 | 1501574 | 1508459 |
|  APi Group DE, Inc. 2025 Term Loan<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 01/03/29 | 955701 | 956036 |
|  Archkey Solutions LLC 2024 Term Loan B<br>9.05% (3 mo. USD Term SOFR + 4.750%)<sup>(7),(2)</sup> | 11/01/31 | 1059923 | 1067878 |
|  ASP Dream Acquisition Co. LLC Term Loan B<br>8.71% (1 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 12/15/28 | 522301 | 501409 |
|  Belron Finance 2019 LLC 2024 USD Term Loan B<br>7.05% (3 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 10/16/31 | 975569 | 981301 |
|  Berkeley Research Group LLC Term Loan B<br>9.75% (3 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 05/01/32 | 480000 | 482251 |
|  BIFM U.S. Finance LLC 2024 Incremental Term Loan<br>8.11% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 05/31/28 | 1489140 | 1497516 |
|  Boost Newco Borrower LLC 2025 USD Term Loan B<br>6.30% (3 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 01/31/31 | 1245005 | 1248509 |
|  CCRR Parent, Inc. Term Loan B<br>8.70% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 03/06/28 | 834557 | 292095 |
|  Crisis Prevention Institute, Inc. 2024 Term Loan B<br>8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 04/09/31 | 1493123 | 1491727 |
|  Element Materials Technology Group U.S. Holdings, Inc.<br>2022 USD Term Loan 8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 07/06/29 | 1307567 | 1313013 |
|  Ensemble RCM LLC 2024 Term Loan B<br>7.31% (3 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 08/01/29 | 1544905 | 1553811 |
|  Fugue Finance BV 2025 Add-on Term Loan<br>7.10% (1 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 01/09/32 | 500000 | 502632 |
|  Fugue Finance BV 2025 Term Loan B<br>7.58% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 01/09/32 | 1697000 | 1705935 |
|  Herc Holdings, Inc. Term Loan B<br>6.32% (1 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 06/02/32 | 945946 | 951073 |
|  Holding Socotec SAS 2024 USD Term Loan B<br>8.04% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 06/30/28 | 1433942 | 1439771 |
|  Kelso Industries LLC Delayed Draw Term Loan<br>10.11% (1 mo. USD Term SOFR + 5.750%)<sup>(2)</sup> | 12/30/29 | 47084 | 47437 |
|  Kelso Industries LLC Term Loan<br>10.11% (1 mo. USD Term SOFR + 5.750%)<sup>(2),(8)</sup> | 12/30/29 | 743074 | 748648 |
|  KUEHG Corp. 2024 Term Loan<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 06/12/30 | 1637261 | 1640847 |
|  Learning Care Group U.S. No. 2, Inc. 2024 Term Loan B<br>8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 08/11/28 | 1214482 | 1217014 |
|  Lernen Bidco Ltd. 2024 USD Term Loan B2<br>8.27% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 10/27/31 | 1247500 | 1257374 |

---

------

---

| |
|:---|
| **TCW Senior Loan ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Commercial Services (Continued)** |  |  |  |
|  Nuvei Technologies Corp. 2024 Term Loan B1<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 11/17/31 | $1164764 | $1167058 |
|  Prime Security Services Borrower LLC 2024 1st Lien Term Loan B<br>6.13% (1 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 10/13/30 | 622404 | 623052 |
|  Prime Security Services Borrower LLC 2025 Add-on Term Loan B<br>0.00%<sup>(3)</sup> | 03/07/32 | 500000 | 498283 |
|  Priority Holdings LLC 2024 Term Loan B<br>9.11% (1 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 05/16/31 | 1486944 | 1491821 |
|  Prometric Holdings, Inc. 2025 Term Loan B<br>8.11% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 06/25/32 | 650000 | 655281 |
|  Raven Acquisition Holdings LLC Term Loan B<br>7.61% (1 mo. USD Term SOFR + 3.250%)<sup>(2),(9)</sup> | 11/19/31 | 791350 | 791983 |
|  Ryan LLC Term Loan<br>7.86% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 11/14/30 | 1236713 | 1239193 |
|  Sabert Corp. 2024 Term Loan B<br>7.47% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 12/10/26 | 1544951 | 1553642 |
|  Secretariat Advisors LLC 2025 Term Loan B<br>8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(2),(10)</sup> | 02/28/32 | 1236447 | 1245720 |
|  Spring Education Group, Inc. Term Loan<br>8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 10/04/30 | 997468 | 1005039 |
|  Teneo Holdings LLC 2024 Term Loan B<br>9.11% (1 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 03/13/31 | 1489946 | 1502305 |
|  Trans Union LLC 2024 Term Loan B8<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 06/24/31 | 417887 | 418775 |
|  Trans Union LLC 2024 Term Loan B9<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 06/24/31 | 543104 | 544226 |
|  TruGreen LP 2020 2nd Lien Term Loan<br>13.07% (3 mo. USD Term SOFR + 8.500%)<sup>(2)</sup> | 11/02/28 | 500000 | 417500 |
|  TruGreen LP 2020 Term Loan<br>8.46% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 11/02/27 | 208761 | 201715 |
|  TTF Holdings LLC 2024 Term Loan<br>8.00% (6 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 07/18/31 | 1375410 | 1366814 |
|  United Rentals, Inc. 2024 Term Loan B<br>0.00%<sup>(3)</sup> | 02/14/31 | 500000 | 502187 |
|  Valvoline, Inc. Term Loan B<br>0.00%<sup>(3)</sup> | 03/19/32 | 549580 | 552534 |
|  Veritiv Corp. Term Loan B<br>8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 11/30/30 | 990496 | 995760 |
|  Vistage Worldwide, Inc. Term Loan<br>8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 07/13/29 | 1243606 | 1244383 |
|  VT Topco, Inc. 2024 1st Lien Term Loan B<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 08/09/30 | 1160140 | 1165947 |
|  Xplor T1 LLC Term Loan B<br>7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 06/24/31 | 601043 | 604048 |
|  |  |  | 46891520 |
|  **Computers**—**4.4%** |  |  |  |
|  Access CIG LLC 2023 Term Loan<br>8.38% (6 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 08/18/28 | 1493036 | 1502263 |
|  Amentum Government Services Holdings LLC 2024 Term Loan B<br>6.61% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 09/29/31 | 557874 | 558850 |
|  Clover Holdings 2 LLC Term Loan B<br>8.06% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 12/09/31 | 1364946 | 1365226 |
|  Imprivata, Inc. 2024 Term Loan<br>7.81% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 12/01/27 | 1504343 | 1510255 |
|  NCR Atleos LLC 2024 Term Loan B<br>8.06% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 04/16/29 | 1189689 | 1202479 |
|  Nielsen Consumer, Inc. 2025 USD Term Loan<br>7.61% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 03/06/28 | 1417884 | 1423024 |
|  Peraton Corp. 2nd Lien Term Loan B1<br>12.18% (3 mo. USD Term SOFR + 7.750%)<sup>(2)</sup> | 02/01/29 | 248837 | 160256 |
|  Peraton Corp. Term Loan B<br>8.21% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 02/01/28 | 1553564 | 1386921 |
|  SMX Group LLC Term Loan<br>8.80% (3 mo. USD Term SOFR + 4.500%)<sup>(2)</sup> | 02/06/32 | 1496250 | 1501554 |
|  Tempo Acquisition LLC 2025 Repriced Term Loan B<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 08/31/28 | 1716168 | 1713619 |
|  Twitter, Inc. 2025 Fixed Term Loan<br>9.50% | 10/26/29 | 500000 | 485800 |

---

------

---

| |
|:---|
| **TCW Senior Loan ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Computers (Continued)** |  |  |  |
|  Twitter, Inc. Term Loan<br>10.96% (3 mo. USD Term SOFR + 6.500%)<sup>(2)</sup> | 10/26/29 | $996170 | $972432 |
|  |  |  | 13782679 |
|  **Cosmetics/Personal Care**—**0.4%** |  |  |  |
|  Opal Bidco SAS USD Term Loan B<br>7.58% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 04/28/32 | 1125000 | 1131261 |
|  **Distribution &Wholesale**—**0.6%** |  |  |  |
|  Formulations Parent Corp. 2025 Term Loan B<br>8.33% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 04/09/32 | 289474 | 292368 |
|  Gates Global LLC 2022 Term Loan B4<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 11/16/29 | 216759 | 216777 |
|  Gloves Buyer, Inc. 2025 Term Loan<br>8.36% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 01/17/32 | 1188679 | 1166689 |
|  Resideo Funding, Inc. 2024 1st Lien Term Loan B<br>6.09% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 02/11/28 | 292778 | 293695 |
|  |  |  | 1969529 |
|  **Diversified Financial Services**—**5.0%** |  |  |  |
|  Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6<br>6.10% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 06/24/30 | 987538 | 989108 |
|  Blackhawk Network Holdings, Inc. 2025 Term Loan B<br>8.36% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 03/12/29 | 1488769 | 1496562 |
|  CFC Bidco 2022 Ltd. Term Loan B<br>8.04% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 05/30/32 | 846373 | 846906 |
|  Colossus Acquireco LLC Term Loan B<br>0.00%<sup>(3)</sup> | 08/02/32 | 900000 | 896305 |
|  Corpay Technologies Operating Co. LLC Term Loan B5<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 04/28/28 | 1046122 | 1046414 |
|  Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B<br>7.45% (6 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 01/27/32 | 877431 | 881489 |
|  Delos Aircraft DAC Term Loan<br>6.05% (3 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 10/31/27 | 333333 | 335157 |
|  Focus Financial Partners LLC 2025 Fungible Add-On Term Loan B<br>0.00%<sup>(3)</sup> | 09/15/31 | 500000 | 496250 |
|  Focus Financial Partners LLC 2025 Incremental Term Loan B<br>7.11% (1 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 09/15/31 | 500000 | 500883 |
|  Guggenheim Partners LLC 2024 Term Loan B<br>6.80% (3 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 11/26/31 | 981941 | 985991 |
|  Jane Street Group LLC 2024 Term Loan B1<br>6.33% (3 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 12/15/31 | 1994778 | 1988365 |
|  Jefferies Finance LLC 2024 Term Loan<br>7.35% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 10/21/31 | 995000 | 998114 |
|  Mermaid Bidco, Inc. 2024 USD Term Loan B<br>7.51% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 07/03/31 | 1248111 | 1251581 |
|  Orion Advisor Solutions, Inc. 2024 Term Loan B<br>8.07% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 09/24/30 | 1341432 | 1349193 |
|  Setanta Aircraft Leasing DAC 2024 Term Loan B<br>6.05% (3 mo. USD Term SOFR + 1.750%) | 11/05/28 | 920583 | 926401 |
|  Summit Acquisition, Inc. 2024 Term Loan B<br>8.10% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 10/16/31 | 748125 | 751398 |
|  |  |  | 15740117 |
|  **Electric**—**3.9%** |  |  |  |
|  Alpha Generation LLC 2025 Term Loan B<br>0.00%<sup>(3)</sup> | 09/30/31 | 500000 | 499968 |
|  Alpha Generation LLC Term Loan B<br>6.36% (1 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 09/30/31 | 498744 | 498711 |
|  Astoria Energy LLC 2025 Term Loan B<br>7.11% (1 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 06/23/32 | 508444 | 510588 |
|  Calpine Corp. 2024 Term Loan B10<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 01/31/31 | 184576 | 184812 |
|  Calpine Corp. 2024 Term Loan B5<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 02/15/32 | 1214286 | 1215300 |
|  Carroll County Energy LLC 2024 Term Loan B<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 06/30/31 | 552088 | 555480 |
|  Compass Power Generation LLC 2025 Term Loan B<br>7.61% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 04/14/29 | 1555537 | 1564777 |
|  Cornerstone Generation LLC Term Loan B<br>0.00%<sup>(3)</sup> | 10/28/31 | 1250000 | 1260312 |
|  Edgewater Generation LLC 2025 Repriced Term Loan<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 08/01/30 | 1418286 | 1426384 |
|  EFS Cogen Holdings I LLC 2020 Term Loan B<br>7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 10/03/31 | 807934 | 812119 |

---

------

---

| |
|:---|
| **TCW Senior Loan ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Electric (Continued)** |  |  |  |
|  Potomac Energy Center LLC 2025 Term Loan<br>0.00%<sup>(3)</sup> | 03/14/32 | $750000 | $751406 |
|  Potomac Energy Center LLC Term Loan<br>10.56% (3 mo. USD Term SOFR + 6.000%)<sup>(2)</sup> | 11/12/26 | 746137 | 748935 |
|  South Field LLC 2025 Term Loan B<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 08/29/31 | 673984 | 677354 |
|  South Field LLC 2025 Term Loan C<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 08/29/31 | 43342 | 43558 |
|  Talen Energy Supply LLC 2024-1 Incremental Term Loan<br>6.81% (3 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 12/15/31 | 271357 | 272311 |
|  Vistra Operations Co. LLC 1st Lien Term Loan B3<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 12/20/30 | 997468 | 1000152 |
|  |  |  | 12022167 |
|  **Electrical Components & Equipment**—**0.4%** |  |  |  |
|  Pelican Products, Inc. 2021 Term Loan<br>8.81% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 12/29/28 | 1462345 | 1281687 |
|  **Electronics**—**1.4%** |  |  |  |
|  Coherent Corp. 2025 1st Lien Term Loan B2<br>6.36% (1 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 07/02/29 | 1334915 | 1340255 |
|  Mirion Technologies, Inc. 2025 Term Loan B<br>6.55% (3 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 06/04/32 | 1500000 | 1507312 |
|  TCP Sunbelt Acquisition Co. 2024 Term Loan B<br>8.58% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 10/24/31 | 1492500 | 1499963 |
|  |  |  | 4347530 |
|  **Energy-Alternate Sources**—**0.9%** |  |  |  |
|  KAMC Holdings, Inc. 2019 Term Loan<br>8.59% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 08/14/26 | 1765248 | 1694638 |
|  Oregon Clean Energy LLC 2024 1st Lien Term Loan B<br>7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 07/12/30 | 1151214 | 1159641 |
|  |  |  | 2854279 |
|  **Engineering & Construction**—**2.9%** |  |  |  |
|  Astrion Group LLC 2024 Term Loan<br>9.29% (3 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 08/29/31 | 1398152 | 1373685 |
|  DG Investment Intermediate Holdings 2, Inc. 2021 2nd Lien Term Loan<br>11.22% (1 mo. USD Term SOFR + 6.750%)<sup>(2)</sup> | 03/30/29 | 340000 | 339787 |
|  DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan<br>7.94% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 03/31/28 | 1557328 | 1563659 |
|  DG Investment Intermediate Holdings 2, Inc. 2024 Delayed Draw Term Loan<br>3.50%<sup>(2)</sup> | 03/31/28 | 7813 | 7793 |
|  ITG Communications LLC Term Loan B<br>8.95% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 07/01/31 | 1225000 | 1218875 |
|  Legence Holdings LLC 2025 Term Loan B<br>7.61% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 12/18/28 | 1621668 | 1628762 |
|  SBA Senior Finance II LLC 2024 Term Loan B<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 01/25/31 | 1744347 | 1752205 |
|  Wrench Group LLC 2019 Term Loan B<br>8.56% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 10/30/28 | 1238531 | 1237763 |
|  |  |  | 9122529 |
|  **Entertainment**—**4.3%** |  |  |  |
|  Banijay Entertainment SAS 2025 USD Term Loan B3<br>7.07% (1 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 03/01/28 | 964887 | 968206 |
|  Churchill Downs, Inc. 2021 Incremental Term Loan B1<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 03/17/28 | 497403 | 498437 |
|  Delta 2 Lux SARL 2024 Term Loan B1<br>6.30% (3 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 09/30/31 | 244444 | 244851 |
|  Delta 2 Lux SARL 2024 Term Loan B2<br>6.29% (3 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 09/30/31 | 122222 | 122426 |
|  DK Crown Holdings, Inc. 2025 Term Loan B<br>6.08% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 03/04/32 | 1246875 | 1247006 |
|  EOC Borrower LLC Term Loan A<br>0.00%<sup>(3)</sup> | 03/24/28 | 725000 | 727266 |
|  EOC Borrower LLC Term Loan B<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 03/24/32 | 900000 | 903235 |
|  Flutter Financing BV 2024 Term Loan B<br>6.05% (3 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 11/30/30 | 1742292 | 1739243 |
|  Flutter Financing BV 2025 Term Loan B<br>6.30% (3 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 06/04/32 | 300000 | 300500 |
|  GVC Holdings Gibraltar Ltd. 2021 USD Term Loan B4<br>6.67% (3 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 03/29/27 | 1680000 | 1682890 |

---

------

---

| |
|:---|
| **TCW Senior Loan ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Entertainment (Continued)** |  |  |  |
|  GVC Holdings Gibraltar Ltd. 2024 USD Term Loan B3<br>7.02% (3 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 10/31/29 | $248121 | $248846 |
|  Herschend Entertainment Co. LLC 2025 Term Loan B<br>7.60% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 05/27/32 | 344262 | 347669 |
|  J&J Ventures Gaming LLC 2025 Repriced Term Loan B<br>7.86% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 04/26/30 | 1241884 | 1233545 |
|  Light & Wonder International, Inc. 2024 Term Loan B2<br>6.59% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 04/14/29 | 775738 | 778453 |
|  Showtime Acquisition LLC 2024 1st Lien Term Loan<br>9.07% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 08/16/31 | 1386367 | 1392869 |
|  Voyager Parent LLC Term Loan B<br>9.04% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 07/01/32 | 825000 | 826765 |
|  |  |  | 13262207 |
|  **Environmental Control**—**1.8%** |  |  |  |
|  Action Environmental Group, Inc. 2023 Term Loan B<br>8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 10/24/30 | 1740088 | 1748789 |
|  ERM Emerald U.S., Inc. USD Term Loan B1<br>7.30% (3 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 07/12/28 | 976883 | 976770 |
|  Filtration Group Corp. 2025 USD Term Loan B<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 10/21/28 | 998269 | 1001778 |
|  GFL Environmental, Inc. 2025 Term Loan B<br>6.82% (3 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 03/03/32 | 153704 | 154088 |
|  Heritage-Crystal Clean, Inc. Term Loan B<br>8.07% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 10/17/30 | 1156743 | 1162526 |
|  Reworld Holding Corp. Term Loan B<br>6.59% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 11/30/28 | 444874 | 445986 |
|  Reworld Holding Corp. Term Loan C<br>6.59% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 11/30/28 | 34350 | 34436 |
|  |  |  | 5524373 |
|  **Food**—**2.9%** |  |  |  |
|  1440 Food Topco LLC Term Loan B<br>9.36% (1 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 10/31/31 | 635151 | 624036 |
|  BCPE North Star U.S. HoldCo 2, Inc. Term Loan<br>10.50% (3 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 06/09/28 | 1117253 | 1120046 |
|  Chobani LLC 2025 Repriced Term Loan B<br>6.86% (1 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 10/25/27 | 1206021 | 1212304 |
|  Nourish Buyer I, Inc. 2025 Term Loan B<br>8.82% (3 mo. USD Term SOFR + 4.500%)<sup>(2)</sup> | 07/09/32 | 1000000 | 1000000 |
|  Simply Good Foods USA, Inc. 2023 Term Loan B<br>6.36% (1 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 03/17/27 | 831125 | 837358 |
|  Snacking Investments Bidco Pty. Ltd. USD Term Loan<br>8.31% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 12/18/26 | 1667565 | 1680906 |
|  United Natural Foods, Inc. 2024 Term Loan<br>9.11% (1 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 05/01/31 | 1343249 | 1355721 |
|  Upfield BV 2025 USD Term Loan B12<br>8.30% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 01/03/28 | 1085890 | 1088947 |
|  |  |  | 8919318 |
|  **Food Service**—**0.5%** |  |  |  |
|  Aramark Services, Inc. 2024 Term Loan B7<br>6.36% (1 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 04/06/28 | 1000000 | 1002920 |
|  Gategroup U.S. Finance, Inc. Term Loan B<br>0.00%<sup>(3)</sup> | 05/28/32 | 600652 | 603844 |
|  |  |  | 1606764 |
|  **Forest Products & Paper**—**0.1%** |  |  |  |
|  Glatfelter Corp. Term Loan B<br>8.58% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 11/04/31 | 187880 | 187058 |
|  **Hand/Machine Tools**—**0.2%** |  |  |  |
|  Madison Safety & Flow LLC 2025 Term Loan B<br>7.11% (1 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 09/26/31 | 682554 | 686393 |
|  **Health Care-Products**—**1.4%** |  |  |  |
|  Antylia Scientific Term Loan<br>8.29% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 05/27/32 | 1050000 | 1032496 |
|  Bausch & Lomb Corp. 2023 Incremental Term Loan<br>8.36% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 09/29/28 | 236344 | 236739 |
|  Bausch & Lomb Corp. 2025 Term Loan B<br>8.56% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 01/15/31 | 895450 | 900375 |
|  Medline Borrower LP 2024 USD Add-on Term Loan B<br>6.61% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 10/23/28 | 997487 | 999497 |

---

------

---

| |
|:---|
| **TCW Senior Loan ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Health Care-Products (Continued)** |  |  |  |
|  NSM Top Holdings Corp. 2025 Term Loan B<br>11.25% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 05/14/29 | $1246875 | $&nbsp;&nbsp;&nbsp;&nbsp;1258328 |
|  |  |  | 4427435 |
|  **Health Care-Services**—**4.7%** |  |  |  |
|  ADMI Corp. 2023 Term Loan B5<br>10.11% (1 mo. USD Term SOFR + 5.750%)<sup>(2)</sup> | 12/23/27 | 1505961 | 1461535 |
|  Charlotte Buyer, Inc. 2025 Repriced Term Loan B<br>8.60% (1 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 02/11/28 | 892194 | 892755 |
|  Concentra Health Services, Inc. 2025 Repriced Term Loan B<br>6.36% (1 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 07/26/31 | 797044 | 802277 |
|  Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B<br>8.56% (3 mo. USD Term SOFR + 4.250%) | 03/30/29 | 886928 | 786039 |
|  Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B<br>9.81% (3 mo. USD Term SOFR + 5.500%)<sup>(2)</sup> | 03/30/29 | 197500 | 175775 |
|  Fortrea Holdings, Inc. Term Loan B<br>8.06% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 07/01/30 | 684041 | 628750 |
|  Heartland Dental LLC 2024 Term Loan<br>8.86% (1 mo. USD Term SOFR + 4.500%)<sup>(2)</sup> | 04/28/28 | 1712707 | 1718384 |
|  Help At Home, Inc. 2024 Term Loan B<br>9.36% (1 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 09/24/31 | 2506 | 2431 |
|  Inception Holdco SARL 2025 Fungible Term Loan<br>0.00%<sup>(3)</sup> | 04/18/31 | 200000 | 201376 |
|  Inception Holdco SARL 2025 USD Term Loan B<br>8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 04/09/31 | 1571987 | 1582803 |
|  Loire Finco Luxembourg SARL 2025 USD Term Loan B<br>8.31% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 01/21/30 | 551513 | 558175 |
|  Modivcare, Inc. 2024 Term Loan B<br>9.05% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 07/01/31 | 744984 | 478034 |
|  Modivcare, Inc. 2025 Incremental Term Loan<br>11.78% (3 mo. USD Term SOFR + 7.500%)<sup>(2)</sup> | 01/12/26 | 255749 | 199245 |
|  NAPA Management Services Corp. Term Loan B<br>9.71% (1 mo. USD Term SOFR + 5.250%)<sup>(2)</sup> | 02/23/29 | 1546197 | 1048322 |
|  Onex TSG Intermediate Corp. 2025 Term Loan B<br>0.00%<sup>(3)</sup> | 07/23/32 | 390000 | 391299 |
|  Parexel International Corp. 2025 Term Loan B<br>6.86% (1 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 11/15/28 | 1215893 | 1219011 |
|  Pediatric Associates Holding Co. LLC 2021 Term Loan B<br>7.82% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 12/29/28 | 1260406 | 1108105 |
|  Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan<br>9.82% (3 mo. USD Term SOFR + 5.500%)<sup>(2)</sup> | 06/20/28 | 1116653 | 1119445 |
|  Recovery Solutions Parent LLC Term Loan<br>11.80% (3 mo. USD Term SOFR + 7.500%)<sup>(2)</sup> | 01/28/30 | 178839 | 178839 |
|  |  |  | 14552600 |
|  **Holding Companies - Diversified**—**0.2%** |  |  |  |
|  Emerald X, Inc. 2025 Term Loan B<br>8.11% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 01/30/32 | 500000 | 504477 |
|  **Insurance**—**1.7%** |  |  |  |
|  AmWINS Group, Inc. 2025 Term Loan B<br>6.61% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 01/30/32 | 2241867 | 2246026 |
|  Asurion LLC 2021 Term Loan B9<br>7.72% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 07/31/27 | 1562219 | 1563750 |
|  Asurion LLC 2022 Term Loan B10<br>8.46% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 08/19/28 | 748089 | 743212 |
|  Asurion LLC 2024 Term Loan B12<br>8.61% (1 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 09/19/30 | 124686 | 122872 |
|  Sedgwick Claims Management Services, Inc. 2023 Term Loan B<br>6.86% (1 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 07/31/31 | 719563 | 721260 |
|  |  |  | 5397120 |
|  **Internet**—**4.1%** |  |  |  |
|  Arches Buyer, Inc. 2021 Term Loan B<br>7.71% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 12/06/27 | 1305 | 1306 |
|  Barracuda Networks, Inc. 2022 Term Loan<br>8.81% (3 mo. USD Term SOFR + 4.500%)<sup>(2)</sup> | 08/15/29 | 1511844 | 1231495 |
|  Delivery Hero SE 2024 USD Term Loan B<br>9.30% (3 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 12/12/29 | 1981019 | 2000621 |
|  Go Daddy Operating Co. LLC 2024 Term Loan B8<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 11/09/29 | 1394655 | 1397214 |

---

------

---

| |
|:---|
| **TCW Senior Loan ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Internet (Continued)** |  |  |  |
|  Hoya Midco LLC 2025 Term Loan B<br>6.56% (3 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 02/03/29 | $1600988 | $&nbsp;&nbsp;&nbsp;&nbsp;1409622 |
|  Magnite, Inc. 2025 Repriced Term Loan B<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 02/06/31 | 1222264 | 1228119 |
|  MH Sub I LLC 2023 Term Loan<br>8.61% (1 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 05/03/28 | 262007 | 250561 |
|  MH Sub I LLC 2024 Term Loan B4<br>8.61% (1 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 12/31/31 | 248848 | 223047 |
|  Plano HoldCo, Inc. Term Loan B<br>0.00%<sup>(3)</sup> | 10/02/31 | 899625 | 874885 |
|  Polaris Purchaser, Inc. 2025 Term Loan B<br>7.86% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 03/03/31 | 262051 | 262706 |
|  PUG LLC 2024 Extended Term Loan B<br>9.11% (1 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 03/15/30 | 1044 | 1038 |
|  Red Ventures LLC 2024 Term Loan B<br>7.11% (1 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 03/04/30 | 1496241 | 1307340 |
|  Research Now Group, Inc. 2024 First Lien First Out Term Loan<br>9.59% (3 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 07/15/28 | 1267075 | 1264307 |
|  WatchGuard Technologies, Inc. Term Loan<br>9.61% (1 mo. USD Term SOFR + 5.250%)<sup>(2)</sup> | 07/02/29 | 1470797 | 1467120 |
|  |  |  | 12919381 |
|  **Investment Companies**—**0.8%** |  |  |  |
|  AAL Delaware Holdco, Inc. 2025 Term Loan<br>0.00%<sup>(3)</sup> | 07/30/31 | 650000 | 652132 |
|  FinCo I LLC 2024 Term Loan B<br>6.58% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 06/27/29 | 732445 | 733288 |
|  Gryphon Debt Merger Sub, Inc. Term Loan B<br>0.00%<sup>(3)</sup> | 06/18/32 | 500000 | 501667 |
|  Intrado Corp. 2023 Term Loan B<br>7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 01/31/30 | 730689 | 732213 |
|  |  |  | 2619300 |
|  **Iron & Steel**—**0.2%** |  |  |  |
|  TMS International Corp. 2025 Term Loan B<br>7.81% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 03/02/30 | 679512 | 681214 |
|  **Leisure Time**—**1.3%** |  |  |  |
|  Alterra Mountain Co. 2024 Term Loan B6<br>6.86% (1 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 08/17/28 | 992513 | 997480 |
|  Alterra Mountain Co. 2024 Term Loan B7<br>6.85% (1 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 05/31/30 | 269889 | 271014 |
|  Arcis Golf LLC 2025 Term Loan B<br>7.11% (1 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 11/24/28 | 1621352 | 1626930 |
|  City Football Group Ltd. 2024 Term Loan<br>7.97% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 07/22/30 | 500002 | 500472 |
|  Lakeland Tours LLC 2020 HoldCo Term Loan<br>8.00% | 09/25/27 | 677334 | 27940 |
|  MajorDrive Holdings IV LLC Term Loan B<br>8.56% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 06/01/28 | 454 | 447 |
|  Sabre GLBL, Inc. 2021 Term Loan B1<br>7.97% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 12/17/27 | 114822 | 114559 |
|  Sabre GLBL, Inc. 2021 Term Loan B2<br>7.97% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 12/17/27 | 76647 | 76472 |
|  Sabre GLBL, Inc. 2022 Term Loan B<br>8.71% (1 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 06/30/28 | 212211 | 211892 |
|  Sabre GLBL, Inc. 2024 Term Loan B1<br>10.46% (1 mo. USD Term SOFR + 6.000%)<sup>(2)</sup> | 11/15/29 | 65251 | 65332 |
|  |  |  | 3892538 |
|  **Lodging**—**0.3%** |  |  |  |
|  Hilton Domestic Operating Co., Inc. 2023 Term Loan B4<br>6.10% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 11/08/30 | 1000000 | 1003400 |
|  **Machinery-Construction & Mining**—**0.3%** |  |  |  |
|  WEC U.S. Holdings Ltd. 2024 Term Loan<br>6.58% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 01/27/31 | 1044865 | 1046782 |
|  **Machinery-Diversified**—**1.0%** |  |  |  |
|  Arcline FM Holdings LLC 2024 Term Loan <br>7.58% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 06/23/28 | 1445358 | 1456653 |
|  Pro Mach Group, Inc. 2024 1st Lien Term Loan B<br>7.11% (1 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 08/31/28 | 383251 | 384744 |
|  SPX Flow, Inc. 2024 1st Lien Term Loan B<br>7.36% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 04/05/29 | 1172576 | 1177084 |

---

------

---

| |
|:---|
| **TCW Senior Loan ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Machinery-Diversified (Continued)** |  |  |  |
|  TK Elevator Midco GmbH 2025 USD Term Loan B<br>7.20% (6 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 04/30/30 | $3 | $3 |
|  |  |  | 3018484 |
|  **Media**—**2.0%** |  |  |  |
|  Charter Communications Operating LLC 2023 Term Loan B4<br>0.00% | 12/07/30 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499828 |
|  Charter Communications Operating LLC 2024 Term Loan B5<br>6.54% (3 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 12/15/31 | 1496241 | 1497924 |
|  NEP Group, Inc. 2023 Incremental Term Loan B<br>8.59% (3 mo. USD Term SOFR + 4.000%)<sup>(2),(11)</sup> | 08/19/26 | 504687 | 480714 |
|  NEP Group, Inc. 2023 Term Loan B<br>7.84% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 08/19/26 | 267430 | 254593 |
|  NEP/NCP Holdco, Inc. 2018 2nd Lien Term Loan<br>11.59% (3 mo. USD Term SOFR + 7.000%)<sup>(2)</sup> | 10/19/26 | 440000 | 240350 |
|  Nexstar Broadcasting, Inc. 2025 Term Loan B5<br>6.86% (1 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 06/28/32 | 500000 | 501437 |
|  United Talent Agency LLC 2025 Term Loan B<br>7.84% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 06/10/32 | 1479981 | 1491081 |
|  Ziggo Financing Partnership Term Loan I<br>0.00%<sup>(3)</sup> | 04/30/28 | 1350000 | 1306314 |
|  |  |  | 6272241 |
|  **Metal Fabricate & Hardware**—**0.2%** |  |  |  |
|  AZZ, Inc. Term Loan B<br>6.86% (1 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 05/13/29 | 679385 | 682411 |
|  **Mining**—**0.3%** |  |  |  |
|  American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan<br>11.59% (3 mo. USD Term SOFR + 7.000%)<sup>(2)</sup> | 06/09/28 | 87839 | 88498 |
|  American Rock Salt Co. LLC 2024 First Out Term Loan<br>11.59% (3 mo. USD Term SOFR + 7.000%)<sup>(2),(12)</sup> | 06/09/28 | 329665 | 332138 |
|  Novelis Corp. 2025 Term Loan B<br>6.30% (3 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 03/11/32 | 487151 | 489385 |
|  |  |  | 910021 |
|  **Miscellaneous Manufacturers**—**1.1%** |  |  |  |
|  Cleanova U.S. Holdings LLC 2025 Term Loan B<br>9.07% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 06/14/32 | 1675000 | 1666625 |
|  Rohm Holding GmbH USD Term Loan B<br>9.63% (3 mo. USD Term SOFR + 5.500%)<sup>(2)</sup> | 07/31/26 | 1687328 | 1677314 |
|  |  |  | 3343939 |
|  **Office/Business Equipment**—**0.4%** |  |  |  |
|  Xerox Holdings Corp. 2023 Term Loan B<br>8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 11/17/29 | 1238411 | 1165140 |
|  **Oil & Gas**—**0.4%** |  |  |  |
|  Apro LLC 2024 Term Loan B<br>8.09% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 07/09/31 | 703643 | 703790 |
|  Pasadena Performance Products LLC Term Loan B<br>7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 02/27/32 | 601940 | 607207 |
|  |  |  | 1310997 |
|  **Packaging & Containers**—**1.4%** |  |  |  |
|  Balcan Innovations, Inc. Term Loan B<br>9.06% (3 mo. USD Term SOFR + 4.750%)<sup>(2)</sup> | 10/18/31 | 1496250 | 1376550 |
|  Clydesdale Acquisition Holdings, Inc. 2025 Delayed Draw Term Loan<br>7.61% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 04/01/32 | 173 | 174 |
|  Clydesdale Acquisition Holdings, Inc. 2025 Term Loan B<br>7.61% (1 mo. USD Term SOFR + 3.250%)<sup>(2),(13)</sup> | 04/01/32 | 330668 | 330812 |
|  Graham Packaging Co., Inc. 2024 Term Loan B<br>6.86% (1 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 08/04/27 | 1178090 | 1181194 |
|  Plaze, Inc. 2020 Incremental Term Loan<br>8.22% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 08/03/26 | 1435049 | 1378321 |
|  Pretium Packaging LLC First Out Term Loan A<br>8.01% (3 mo. USD Term SOFR + 3.750%)<sup>(2),(11)</sup> | 10/02/28 | 1911 | 1914 |
|  |  |  | 4268965 |
|  **Pharmaceuticals**—**3.3%** |  |  |  |
|  Amneal Pharmaceuticals LLC 2025 Term Loan B<br>0.00%<sup>(3)</sup> | 08/01/32 | 550000 | 551260 |
|  Elanco Animal Health, Inc. Term Loan B<br>6.18% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 08/01/27 | 1881540 | 1881944 |
|  Grifols Worldwide Operations USA, Inc. 2019 USD Term Loan B<br>6.48% (3 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 11/15/27 | 1500000 | 1499295 |
|  IVC Acquisition Ltd. 2025 USD Repriced Term Loan B<br>8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 12/12/28 | 1306402 | 1314972 |

---

------

---

| |
|:---|
| **TCW Senior Loan ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Pharmaceuticals (Continued)** |  |  |  |
|  Jazz Financing Lux SARL 2024 1st Lien Term Loan B<br>6.61% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 05/05/28 | $&nbsp;&nbsp;&nbsp;&nbsp;743936 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747715 |
|  Option Care Health, Inc. 2021 Term Loan B<br>6.61% (1 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 10/27/28 | 536729 | 540419 |
|  Paradigm Parent LLC 2025 Term Loan B<br>0.00%<sup>(3)</sup> | 04/30/32 | 1275000 | 1161844 |
|  Perrigo Investments LLC 2024 Term Loan B<br>6.36% (1 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 04/20/29 | 1290651 | 1297376 |
|  Southern Veterinary Partners LLC 2024 1st Lien Term Loan<br>7.54% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 12/04/31 | 1277411 | 1279205 |
|  |  |  | 10274030 |
|  **Pipelines**—**0.3%** |  |  |  |
|  ITT Holdings LLC 2024 Term Loan B<br>7.07% (1 mo. USD Term SOFR + 2.725%)<sup>(2)</sup> | 10/11/30 | 1004434 | 1007734 |
|  **Real Estate**—**0.2%** |  |  |  |
|  Avison Young Canada, Inc. 2024 Second Out Term Loan<br>6.50% (3 mo. USD Term SOFR + 1.500%)<sup>(2)</sup> | 03/12/29 | 23726 | 12248 |
|  Hill Top Energy Center LLC Term Loan B<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 06/26/32 | 500000 | 503125 |
|  |  |  | 515373 |
|  **REIT**—**0.6%** |  |  |  |
|  Iron Mountain, Inc. 2023 Term Loan B<br>6.36% (1 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 01/31/31 | 534410 | 535191 |
|  OEG Borrower LLC 2024 Term Loan B<br>7.81% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 06/30/31 | 1225081 | 1237331 |
|  |  |  | 1772522 |
|  **Retail**—**5.2%** |  |  |  |
|  1011778 BC Unlimited Liability Co. 2024 Term Loan B6<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 09/20/30 | 997481 | 996469 |
|  Burlington Coat Factory Warehouse Corp. 2024 Term Loan B<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 09/24/31 | 498744 | 497559 |
|  BW Gas & Convenience Holdings LLC 2021 Term Loan B<br>7.97% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 03/31/28 | 897016 | 897389 |
|  Dave & Buster's, Inc. 2024 1st Lien Term Loan B<br>7.56% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 11/01/31 | 219678 | 211940 |
|  Dave & Buster's, Inc. 2024 Term Loan B<br>7.56% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 06/29/29 | 302153 | 296205 |
|  K-Mac Holdings Corp. 2025 Term Loan<br>7.61% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 07/21/28 | 1625518 | 1631996 |
|  KFC Holding Co. 2021 Term Loan B<br>6.21% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 03/15/28 | 1214451 | 1221434 |
|  Michaels Cos., Inc. 2021 Term Loan B<br>8.81% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 04/17/28 | 496800 | 423656 |
|  Murphy USA, Inc. Term Loan B<br>6.08% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 04/07/32 | 750000 | 757500 |
|  Pacific Bells LLC 2024 Repriced Term Loan B<br>8.56% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 11/13/28 | 1325929 | 1330351 |
|  Peer Holding III BV 2025 USD Term Loan B4B<br>6.80% (3 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 10/28/30 | 1759129 | 1765172 |
|  QXO, Inc. Term Loan B<br>7.30% (3 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 04/30/32 | 226667 | 228888 |
|  Splat Super Holdco LLC 2025 Term Loan<br>9.36% (1 mo. USD Term SOFR + 5.000%)<sup>(2),(14)</sup> | 07/02/32 | 1110891 | 1085340 |
|  Tacala LLC 2024 Term Loan B<br>7.86% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 01/31/31 | 987538 | 994480 |
|  Thermostat Purchaser III, Inc. 2024 Incremental Delayed Draw Term Loan<br>0.00%<sup>(3)</sup> | 08/31/28 | 1500000 | 1506870 |
|  Thermostat Purchaser III, Inc. 2024 Term Loan B<br>8.55% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 08/31/28 | 1500000 | 1506870 |
|  Whatabrands LLC 2024 1st Lien Term Loan B<br>6.86% (1 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 08/03/28 | 808182 | 809261 |
|  |  |  | 16161380 |
|  **Semiconductors**—**0.1%** |  |  |  |
|  Ultra Clean Holdings, Inc. 2024 1st Lien Term Loan B<br>7.61% (1 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 02/25/28 | 403598 | 405679 |
|  **Software**—**8.6%** |  |  |  |
|  AQA Acquisition Holding, Inc. 2024 Term Loan<br>8.31% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 03/03/28 | 197500 | 198093 |

---

------

---

| |
|:---|
| **TCW Senior Loan ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **Software (Continued)** |  |  |  |
|  Avison Young Canada, Inc. 2024 Third Out Term Loan<br>12.57% (3 mo. USD Term SOFR + 8.000%)<sup>(2)</sup> | 03/12/29 | $&nbsp;&nbsp;&nbsp;&nbsp;168829 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36650 |
|  Boxer Parent Co., Inc. 2025 USD Term Loan B<br>7.33% (3 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 07/30/31 | 143387 | 143555 |
|  Cast & Crew Payroll LLC 2021 Incremental Term Loan<br>8.11% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 12/29/28 | 900144 | 858449 |
|  Castle U.S. Holding Corp. 2025 New Money FLFO Term Loan<br>9.33% (3 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 04/29/30 | 130676 | 132269 |
|  Castle U.S. Holding Corp. 2025 USD FLSO Term Loan B1<br>8.84% (3 mo. USD Term SOFR + 4.250%)<sup>(2)</sup> | 05/31/30 | 869903 | 486524 |
|  Clearwater Analytics LLC 2025 Term Loan B<br>6.46% (3 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 04/21/32 | 1350000 | 1355069 |
|  Cloud Software Group, Inc. 2024 1st Lien Term Loan B<br>7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 03/29/29 | 522674 | 524158 |
|  Cloud Software Group, Inc. 2024 USD Term Loan<br>8.05% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 03/21/31 | 516162 | 518598 |
|  Cloudera, Inc. 2021 Term Loan<br>8.21% (1 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 10/08/28 | 1566881 | 1507630 |
|  DTI Holdco, Inc. 2025 Term Loan B<br>8.36% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 04/26/29 | 1721041 | 1701318 |
|  EagleView Technology Corp. 2025 Term Loan<br>9.80% (3 mo. USD Term SOFR + 5.500%)<sup>(2)</sup> | 08/14/28 | 163040 | 160314 |
|  Ellucian Holdings, Inc. 2024 1st Lien Term Loan B<br>7.11% (1 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 10/09/29 | 479186 | 480384 |
|  EP Purchaser LLC 2023 Term Loan B<br>9.06% (3 mo. USD Term SOFR + 4.500%)<sup>(2)</sup> | 11/06/28 | 1068697 | 1067698 |
|  Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B<br>6.86% (1 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 01/30/32 | 641042 | 641212 |
|  IGT Holding IV AB 2025 USD Term Loan B5<br>7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 09/01/31 | 744898 | 752816 |
|  Maverick Bidco, Inc. 2021 Term Loan<br>8.21% (3 mo. USD Term SOFR + 3.750%)<sup>(2)</sup> | 05/18/28 | 1743540 | 1751717 |
|  Maverick Bidco, Inc. 2023 Incremental Term Loan<br>0.00%<sup>(3)</sup> | 05/18/28 | 1250000 | 1255469 |
|  Open Text Corp. 2023 Term Loan B<br>6.11% (1 mo. USD Term SOFR + 1.750%)<sup>(2)</sup> | 01/31/30 | 1078433 | 1080050 |
|  Planview Parent, Inc. 2024 1st Lien Term Loan<br>7.80% (3 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 12/17/27 | 1564187 | 1533638 |
|  Playtika Holding Corp. 2021 Term Loan B1<br>7.22% (1 mo. USD Term SOFR + 2.750%)<sup>(2)</sup> | 03/13/28 | 1532023 | 1521575 |
|  Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B<br>7.55% (3 mo. USD Term SOFR + 3.250%)<sup>(2)</sup> | 10/26/30 | 1595355 | 1601138 |
|  PushPay USA, Inc. 2025 Term Loan<br>8.30% (3 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 08/15/31 | 1341829 | 1355247 |
|  Quartz Acquireco LLC 2025 Term Loan B<br>6.55% (3 mo. USD Term SOFR + 2.250%)<sup>(2)</sup> | 06/28/30 | 1445588 | 1446795 |
|  Renaissance Holdings Corp. 2024 1st Lien Term Loan<br>8.36% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 04/05/30 | 1438552 | 1330920 |
|  SolarWinds Holdings, Inc. 2025 Term Loan<br>8.34% (1 mo. USD Term SOFR + 4.000%)<sup>(2)</sup> | 04/16/32 | 1125000 | 1113750 |
|  SS&C Technologies, Inc. 2024 Term Loan B8<br>6.36% (1 mo. USD Term SOFR + 2.000%)<sup>(2)</sup> | 05/09/31 | 610852 | 613622 |
|  Surf Holdings LLC 2025 Incremental Term Loan<br>7.97% (1 mo. USD Term SOFR + 3.500%)<sup>(2)</sup> | 03/05/27 | 1492804 | 1498469 |
|  |  |  | 26667127 |
|  **Telecommunications**—**1.1%** |  |  |  |
|  Altice Financing SA 2022 USD Term Loan<br>9.32% (3 mo. USD Term SOFR + 5.000%)<sup>(2)</sup> | 10/31/27 | 914751 | 799035 |
|  Cyxtera DC Holdings, Inc. Term Loan B<br>0.00%<sup>(15)</sup> | 01/16/26 | 292034 |  |
|  Frontier Communications Corp. 2025 Term Loan B<br>6.79% (6 mo. USD Term SOFR + 2.500%)<sup>(2)</sup> | 07/01/31 | 1493133 | 1496634 |
|  Zayo Group Holdings, Inc. USD Term Loan<br>7.47% (1 mo. USD Term SOFR + 3.000%)<sup>(2)</sup> | 03/09/27 | 1147175 | 1110541 |
|  |  |  | 3406210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Bank Loans** (Cost: $290,230,760) |  |  | 288104637 |

---

------

---

| |
|:---|
| **TCW Senior Loan ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Issues** | **Maturity<br>Date** | **Principal<br>Amount** | **Value** |
|  **CORPORATE BONDS—2.2%** |  |  |  |
|  **Commercial Services—0.3%** |  |  |  |
|  Block, Inc.<br>6.50% | 05/15/32 | $500000 | $513550 |
|  OT Midco, Inc.<br>10.00%<sup>(1)</sup> | 02/15/30 | 500000 | 412485 |
|  |  |  | 926035 |
|  **Entertainment—0.1%** |  |  |  |
|  WMG Acquisition Corp.<br>3.88%<sup>(1)</sup> | 07/15/30 | 500000 | 467420 |
|  **Environmental Control—0.2%** |  |  |  |
|  Waste Pro USA, Inc.<br>7.00%<sup>(1)</sup> | 02/01/33 | 500000 | 519365 |
|  **Health Care-Services—0.2%** |  |  |  |
|  UnitedHealth Group, Inc.<br>4.50% | 04/15/33 | 500000 | 484635 |
|  **Household Products/Wares—0.0%** |  |  |  |
|  Spectrum Brands, Inc.<br>3.88%<sup>(1)</sup> | 03/15/31 | 141000 | 112700 |
|  **Internet—0.5%** |  |  |  |
|  Getty Images, Inc.<br>11.25%<sup>(1)</sup> | 02/21/30 | 1000000 | 958800 |
|  Uber Technologies, Inc.<br>4.80% | 09/15/34 | 750000 | 736665 |
|  |  |  | 1695465 |
|  **Packaging & Containers—0.2%** |  |  |  |
|  Berry Global, Inc.<br>5.65% | 01/15/34 | 500000 | 517705 |
|  **Pharmaceuticals—0.2%** |  |  |  |
|  Grifols SA (Spain)<br>4.75%<sup>(1)</sup> | 10/15/28 | 50000 | 48184 |
|  Teva Pharmaceutical Finance Netherlands IV BV (Israel)<br>5.75% | 12/01/30 | 500000 | 507945 |
|  |  |  | 556129 |
|  **REIT—0.1%** |  |  |  |
|  Hudson Pacific Properties LP<br>3.95% | 11/01/27 | 500000 | 473395 |
|  **Retail—0.2%** |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc. (Canada)<br>3.50%<sup>(1)</sup> | 02/15/29 | 500000 | 474255 |
|  Ferrellgas LP/Ferrellgas Finance Corp.<br>5.38%<sup>(1)</sup> | 04/01/26 | 200000 | 198594 |
|  |  |  | 672849 |
|  **Software—0.2%** |  |  |  |
|  Constellation Software, Inc. (Canada)<br>5.46%<sup>(1)</sup> | 02/16/34 | 500000 | 506895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** (Cost: $6,876,827) |  |  | 6932593 |
|  **U.S. TREASURY SECURITIES—0.5%** |  |  |  |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | 07/31/30 | 1360000 | 1355060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Securities** (Cost: $1,354,018) |  |  | 1355060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income Securities** (Cost: $300,605,561) |  |  | 298564150 |
| **Security** |  | **Shares** |  |
|  **COMMON STOCK**—**0.1%** |  |  |  |
|  **Health Care-Services — 0.1%** |  |  |  |
|  Wellpath Holdings, Inc. |  | 54662 | 327974 |
|  **Real Estate—0.0%** |  |  |  |
|  Avison Young Canada, Inc.<sup>(16)</sup> |  | 370 | 20 |
|  **Telecommunications—0.0%** |  |  |  |
|  Intelsat SA<sup>(15),(16)</sup> |  | 9683 | 5422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Common Stock** (Cost: $617,205) |  |  | 333416 |
|  **MONEY MARKET INVESTMENTS—5.9%** |  |  |  |
|  TCW Central Cash Fund,<br>4.34%<sup>(17),(18)</sup> |  | 18358118 | 18358118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Money Market Investments** (Cost: $18,358,118) |  |  | 18358118 |
|  **Preferred Stock (0.0%)** |  |  |  |
|  **Real Estate— 0.0%** |  |  |  |
|  Avison Young Canada, Inc. |  | 1054697 | 58008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Preferred Stock** (Cost: $697,797) |  |  | 58008 |
|  **WARRANTS**—**0.0%** |  |  |  |
|  Cineworld Group PLC<sup>(15),(16)</sup> |  | 229579 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Warrants** (Cost: $—) |  |  | 3 |
|  **Total Investments (101.8%)** (Cost: $320,278,681) |  |  | 317313695 |
|  **Net Unrealized Appreciation/depreciation On Unfunded Commitments (0.0%)** |  |  | 3551 |
|  **Liabilities In Excess Of Other Assets (-1.8%)** |  |  | (5485676) |
|  **Net Assets (100.0%)** |  |  | $311831570 |

---

------

---

| |
|:---|
| **TCW Senior Loan ETF** |
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Number of<br>Contracts** | **Type** | **Expiration<br>Date** | **Notional<br>Contract<br>Value** | **Value** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Short Futures |  |  |  |  |  |
| 1 | Euro-Bund Future | 09/08/25 | $(149393) | $(148014) | $1379 |
|  |  |  | $**(149393)** | $**(148014)** | $**1379** |

---

**Notes to the Schedule of Investments:** 

---

| | |
|:---|:---|
| CLO | Collateralized Loan Obligation. |
| REIT | Real Estate Investment Trust. |
| SOFR | Secured Overnight Financing Rate. |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At July 31, 2025, the value of these securities amounted to $5,870,558 or 1.9% of net assets. These securities are determined to be liquid by the Fund's investment advisor, unless otherwise noted, under procedures established by and under the general supervision of the Company's Board of Directors. |
| (2) | Floating or variable rate security. The interest shown reflects the rate in effect at July 31, 2025. |
| (3) | 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. |
| (4) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $20,761, at an interest rate of 7.30% and a maturity of December 11, 2031.The investment is accruing an unused commitment fee of 1.00% per annum |
| (5) | 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 7.33% and a maturity of October 23, 2031. The investment is accruing an unused commitment fee of 3.00% per annum |
| (6) | 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 7.80% and a maturity of December 22, 2031. The investment is accruing an unused commitment fee of 1.00% per annum |
| (7) | 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 9.05% and a maturity of November 1, 2031. The investment is not accruing an unused commitment fee of 4.75% per annum. |
| (8) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $140,436, at an interest rate of 5.70% and a maturity of December 30, 2029. The investment is accruing an unused commitment fee of 1.01% per annum. |
| (9) | 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 7.61% and a maturity of November 19, 2031. The investment is accruing an unused commitment fee of 3.25% per annum. |
| (10) | 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 8.30% and a maturity of February 28, 2032. The investment is not accruing an unused commitment fee of 4.00% per annum. |
| (11) | Payment in kind. |
| (12) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $263,973, at an interest rate of 11.59% and a maturity of June 9, 2028. The investment is accruing an unused commitment fee of 2.00% per annum. |
| (13) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $5,607, at an interest rate of 7.61% and a maturity of April 1, 2032. The investment is accruing an unused commitment fee of 1.63% per annum. |
| (14) | Excluded from the investment total above is an unfunded delayed draw term loan commitment in an amount not to exceed $209,109, at an interest rate of 9.36% and a maturity of July 2, 2032. The investment is accruing an unused commitment fee |
| (15) | For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs. |
| (16) | Non-income producing security. |
| (17) | Rate disclosed is the 7-day net yield as of July 31, 2025. |
| (18) | Affiliated issuer. |

---

------

---

| |
|:---|
| **TCW Senior Loan ETF** |
| Schedule of Investments (Continued) |

---

The summary of the TCW Senior Loan ETF transactions in the affiliated funds for the period ended July 31, 2025 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Affiliated Fund** | **Value at<br>October 31,<br>2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Number of<br>Shares Held<br>July 31,**<br>**2025** | **Value at<br>July 31,**<br>**2025** | **Dividends and<br>Interest Income<br>Received** | **Distributions<br>Received from<br>Net Realized<br>Gain** | **Net change in<br>Unrealized Gain<br>(Loss) on<br>Investments** |
|  TCW Central Cash Fund | $— | $151558118 | $133200000 | 18358118 | $18358118 | $807448 | $– $– $|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $18358118 | $807448 | $– $– $|  |

---

------

---

| | |
|:---|:---|
| **TCW Senior Loan ETF** |  |
| Investments by Sector (Unaudited) | July 31, 2025 |

---

---

| | |
|:---|:---|
| **Sector** | **Percentage of<br>Net Assets** |
|  Bank Loans | 92.4 |
|  Money Market Investments | 5.9 |
|  Corporate Bonds | 2.2 |
|  Asset-Backed Securities | 0.7 |
|  U.S. Treasury Securities | 0.5 |
|  Common Stock | 0.1 |
|  Preferred Stock | 0.0 |
|  Unfunded Commitments | 0.0 |
|  Warrants | 0.0 |
|  Other\* | (1.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 100.0 |

---

*\** *Includes futures, swap agreements, pending trades, interest receivable, fund share transactions and accrued expenses payable.* 

*\*\** *Amount rounds to less than 0.1%.* 

------

---

| | |
|:---|:---|
| **TCW Senior Loan ETF** |  |
| Fair Valuation Summary (Unaudited) | July 31, 2025 |

---

The following is a summary of the fair valuations according to the inputs used as of July 31, 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; Bank Loans | $— | $287608387 | $496250 | $288104637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 6932593 |  | 6932593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 2171860 |  | 2171860 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 1355060 |  | 1355060 |
|  Total Fixed Income Securities |  | 298067900 | 496250 | 298564150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Investments | 18358118 |  |  | 18358118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock |  | 327994 | 5422 | 333416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock |  | 58008 |  | 58008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | 3 | 3 |
|  Net Unrealized Appreciation (Depreciation) on Unfunded Commitments |  | 3551 |  | 3551 |
|  Total Investments | $18358118 | $298457453 | $501675 | $317317246 |
|  Asset Derivatives |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Risk | 1379 |  |  | 1379 |
|  Total | $18359497 | $298457453 | $501675 | $317318625 |

---

------

**Note 1 – Security 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 Fund's 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.

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.

*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.

*Options and Swaptions contracts.* Exchange-listed options contracts are traded on securities exchanges and are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied, they are categorized as Level 1. If valuation adjustments are applied and such adjustments are observable and timely, the fair values of exchange-listed options contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3. Options and swaptions contracts traded over-the-counter ("OTC") are fair valued based on pricing models and incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair values of OTC options and swaptions contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

------

*Restricted securities*. Restricted securities, 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 inputs used as of July 31, 2025 in valuing the Funds' investments is listed after the Schedule of Investments for each Fund.

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

---

| | | |
|:---|:---|:---|
| **TCW AAA CLO ETF** | **Asset-Backed<br>Securities** | **Total** |
|  Balance as of April 30, 2025 | $— | $— |
|  Accrued Discounts (Premiums) |  |  |
|  Realized Gain (Loss) |  |  |
|  Change in Unrealized Appreciation (Depreciation) | (7) | (7) |
|  Purchases | 3400000 | 3400000 |
|  Sales |  |  |
|  Transfers in to Level 3  |  |  |
|  Transfers out of Level 3 |  |  |
|  Balance as of July 31, 2025 | $3399993 | $3399993 |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at July 31, 2025 | $(7) | $(7) |

---

---

| | | | |
|:---|:---|:---|:---|
| **TCW Core Plus Bond ETF** | **Asset-Backed<br>Securities** | **Common Stock** | **Total** |
|  Balance as of April 30, 2025 | $— | $— | $— |
|  Accrued Discounts (Premiums) |  |  |  |
|  Realized Gain (Loss) |  | 45901 | 45901 |
|  Change in Unrealized Appreciation (Depreciation) | (125729) | 11514 | (114215) |
|  Purchases | 1721376 | 668558 | 2389934 |
|  Sales | (11939) | (714460) | (726399) |
|  Transfers in to Level 3  |  |  |  |
|  Transfers out of Level 3 |  |  |  |
|  Balance as of July 31, 2025 | $1583708 | $11513 | $1595221 |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at July 31, 2025 | $(125729) | $11514 | $(114215) |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **TCW Corporate Bond ETF** | **Asset-Backed<br>Securities** | **Commercial Mortgage-**<br>**Backed Securities—**<br>**Non-Agency** | **Total** |
|  Balance as of April 30, 2025 | $31848 | $1 | $31849 |
|  Accrued Discounts (Premiums) |  |  |  |
|  Realized Gain (Loss) |  |  |  |
|  Change in Unrealized Appreciation (Depreciation) | (163) |  | (163) |
|  Purchases |  |  |  |
|  Sales | (699) |  | (699) |
|  Transfers in to Level 3  |  |  |  |
|  Transfers out of Level 3 |  | (1)<sup>(1)</sup> | (1) |
|  Balance as of July 31, 2025 | $30986 | $— | $30986 |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at July 31, 2025 | $(163) | $— | $(163) |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TCW FLEXIBLE INCOME ETF** | **Asset-Backed<br>Securities** | **Bank**<br>**Loans** | **Commercial<br>Mortgage-<br>Backed<br>Securities—**<br>**Non-Agency** | **Common<br>Stock** | **Convertible<br>Corporate<br>Bonds** | **Corporate<br>Bonds** | **Residential<br>Mortgage-<br>Backed<br>Securities<br>—Agency** | **Residential<br>Mortgage-<br>Backed<br>Securities<br>—Non-Agency** | **Warrants** | **Total** |
|  Balance as of October 31, 2024 | $395664 | $127519 | $686890 | $336156 | $2504 | $39562 | $— | $3493797 | $— | $5082092 |
|  Accrued Discounts (Premiums) | 2378 | 2109 | 114 |  | 201 | 2481 |  |  |  | 7283 |
|  Realized Gain (Loss) | 8193 | (199715) | 1144 | 14097 | (2216) | (33322) |  |  |  | (211819) |
|  Change in Unrealized Appreciation (Depreciation) | (257310) | 108448 | (1689) | 40529 | 1213 | 11117 | (9539) |  | 0 \* | (107231) |
|  Purchases | 20820184 | 2062 |  |  |  |  | 1535789 |  |  | 22358035 |
|  Sales | (522226) | (40423) | (500772) | (384091) | (1702) | (19838) |  |  |  | (1469052) |
|  Transfers in to Level 3  | 468479 <sup>(1)</sup> |  |  |  |  |  |  |  |  | 468479 |
|  Transfers out of Level 3 |  |  |  |  |  |  |  | (3493797)<sup>(1)</sup> |  | (3493797) |
|  Balance as of July 31, 2025 | $20915362 | $— | $185687 | $6691 | $— | $— | $1526250 | $— | $0 \* | $22633990 |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at July 31, 2025 | $(257310) | $— | $1296 | $40529 | $— | $— | $(9539) | $— | $— | $(225024) |

---

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

*\** *Amount is less than $1.* 

---

| | | |
|:---|:---|:---|
| **TCW High Yield Bond ETF** | **Warrants** | **Total** |
|  Balance as of April 30, 2025 | $— | $— |
|  Accrued Discounts (Premiums) |  |  |
|  Realized Gain (Loss) |  |  |
|  Change in Unrealized Appreciation (Depreciation) | 0 \* | 0 |
|  Purchases |  |  |
|  Sales |  |  |
|  Transfers in to Level 3  |  |  |
|  Transfers out of Level 3 |  |  |
|  Balance as of July 31, 2025 | $0 \* | $0 |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at July 31, 2025 | $0 | $0 |

---

*\** *Amount is less than $1.* 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TCW Senior Loan ETF** | **Bank Loans** | **Common<br>Stock** | **Preferred<br>Stock** | **Warrants** | **Total** |
|  Balance as of April 30, 2025 | $1899654 | $260230 | $474614 | $— | $2634498 |
|  Accrued Discounts (Premiums) | 151731 |  |  |  | 151731 |
|  Realized Gain (Loss) | (336879) | 12360 |  |  | (324519) |
|  Change in Unrealized Appreciation (Depreciation) | (487970) | 69316 | (211940) | 3 | (630591) |
|  Purchases | 916676 |  |  |  | 916676 |
|  Sales | (146639) | (336484) |  |  | (483123) |
|  Transfers in to Level 3  | 239099<sup>(1)</sup> |  |  |  | 239099 |
|  Transfers out of Level 3 | (1739422)<sup>(1)</sup> |  | (262674)<sup>(1)</sup> |  | (2002096) |
|  Balance as of July 31, 2025 | $496250 | $5422 | $— | $3 | $501675 |
|  Change in Unrealized Appreciation (Depreciation) from Investments Still Held at July 31, 2025 | $(487970) | $69316 | $— | $3 | $(418651) |

---

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

Significant unobservable valuation inputs for Level 3 investments as of July 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fair Value**<br>**at July 31,<br>2025** | **Valuation**<br>**Techniques** | **Unobservable**<br>**Input** | **Price or Price**<br>**Range** | **Average**<br>**Weighted**<br>**Price** | **Impact to**<br>**Valuation**<br>**If Input**<br>**Increases** |
|  **TCW AAA CLO ETF** | **TCW AAA CLO ETF** |  |  |  |  |  |
|  Asset-Backed Securities | $3399993 | Broker Quote | Offered Quote | $99.999 | $99.999 | Increase |
|  **TCW Core Plus Bond ETF** | **TCW Core Plus Bond ETF** |  |  |  |  |  |
|  Asset-Backed Securities | $1583708 | Broker Quote | Offered Quote | $92.645 | $92.645 | Increase |
|  Common Stock | $11513 | Fair Value | Broker Pricing | $0.560 | $0.560 | Increase |
|  **TCW Corporate Bond ETF** | **TCW Corporate Bond ETF** |  |  |  |  |  |
|  Asset-Backed Securities | $30986 | Broker Quote | Offered Quote | $92.645 | $92.645 | Increase |
|  **TCW Flexible Income ETF** | **TCW Flexible Income ETF** |  |  |  |  |  |
|  Asset-Backed Securities | $20915362 | Broker Quote | Offered Quote | $0.000 - $100.688 | $88.844 | Increase |
|  Residential Mortgage-Backed Securities—Agency | $1526250 | Broker Quote | Offered Quote | $92.500 | $92.500 | Increase |
|  Commercial Mortgage-Backed Securities—Non-Agency | $185687 | Broker Quote | Offered Quote | $98.990 | $98.990 | Increase |
|  Common Stock | $6691 | Fair Value | Broker Pricing | $0.016 - 0.560 | $0.160 | Increase |
|  Warrants | $0 | Fair Value | Zero Market Value | $0.000 | $0.000 | Increase |
|  **TCW High Yield Bond ETF** | **TCW High Yield Bond ETF** |  |  |  |  |  |
|  Warrant | $0 | Fair Value | Zero Market value | $0.000 | $0.000 | Increase |
|  **TCW Senior Loan ETF** | **TCW Senior Loan ETF** |  |  |  |  |  |
|  Bank Loans | $496250 | Fair Value | Broker Pricing | $0.000 - $99.250 | $62.655 | Increase |
|  Common Stock | $5422 | Fair Value | Broker Pricing | $0.560 | $0.560 | Increase |
|  Warrants | $3 | Fair Value | Broker Pricing | $0.000 | $0.000 | Increase |

---

------

**Note 2 – Portfolio Investments** 

**Mortgage-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 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, the Funds may not fully recoup their initial investment in IOs. Mortgage-backed and other asset-backed securities held by the Funds at July 31, 2025 are listed in each Fund's 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, the Funds commit to purchase or sell particular securities, with payment and delivery to take place at a future date. Although the Funds do 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 Funds may have missed an opportunity to make an alternative investment.

Prior to settlement of these transactions, the value of the subject securities will fluctuate with market conditions. In addition, because the Funds are 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 Funds do not set aside liquid assets to cover the commitment. To guard against this deemed leverage, the Funds monitors the obligations under these transactions on a daily basis and ensures that the Funds have 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, the Funds 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 the Funds 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 July 31, 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 the Funds, 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 the Funds. 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, the Funds receive securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, the Funds recognize a liability with respect to such excess collateral to reflect a Fund's obligation under bankruptcy law to return the excess to the counterparty. There were no repurchase agreements outstanding as of July 31, 2025.

**Reverse Repurchase Agreements:** The Funds may enter into reverse repurchase agreements. Under a reverse repurchase agreement, the Funds sell portfolio assets subject to an agreement by the Funds 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 July 31, 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 its securities by investing the cash collateral in short-term investments. The Funds did not lend any securities during the period ended July 31, 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, the Funds record 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 July 31, 2025 are disclosed in the Schedule of Investments.

**Futures Contracts:** The Funds may enter into futures contracts. The Funds 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. The Funds 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 the Funds 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 the Funds that is the subject of the hedge. It may not always be possible for the Funds to enter into a closing transaction with respect to a futures contract it has entered into at a favorable time or price. When the Funds enter into a futures transaction, they are subject to the risk that the value of the futures contract will move in a direction unfavorable to it.

When the Funds use futures contracts for hedging purposes, it is likely that the Funds 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 Funds record 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 July 31, 2025, the Funds utilized futures to help manage interest rate duration and credit market exposure. Futures contracts outstanding at July 31, 2025 are listed in each Fund's 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. The Funds may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. The Funds may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Funds hold the security underlying the option, the option premium and any transaction costs will reduce any profit the Funds might have realized had it sold the underlying security instead of buying the put option. The Funds may purchase call options to hedge against an increase in the price of securities that the Funds ultimately want to buy. The Funds 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 the Funds might have realized had it bought the underlying security at the time it purchased the call option.

------

Purchasing foreign currency options gives the Funds 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 a 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, a 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 the Funds 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 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 the Funds and the counterparty to the option. In the case of an OTC option purchased by the Funds, the value of the option to the Funds will depend on the willingness and ability of the option writer to perform its obligations to the Funds. 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 the Funds 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. The Funds may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. The Funds 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 the 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. The Funds 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. The 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, the Funds will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When the Funds purchase 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 the Funds write swaption, upon exercise of the option the Funds will become obligated according to the terms of the underlying agreement. During the period ended July 31, 2025, the TCW Core Plus Bond ETF entered into written swaptions.

------

The Funds 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 the Funds buy protection, they may or may not own securities of the reference entity. When the Funds sell 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 to the issuer or securities on which the swap is written. When the Funds sell protection, they may do so either to earn additional income or to create such a "synthetic" long position.

Whenever the Funds enter 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. The Funds also take 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 the Funds enter into any type of swap for hedging purposes, it is likely that the Funds 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 the Funds 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, the Funds 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 the Funds, 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 the 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. There were no swap agreements outstanding during the period ended July 31, 2025.

**Note 3 – 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. Restricted securities held by the Funds at July 31, 2025 are listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TCW Flexible Income ETF** | | | | |
| **Issuer Description** | <br>**Acquisition<br>Date** | <br>**Acquisition<br>Cost** | <br>**Aggregate<br>Value** | <br>**Percentage<br>of Net Assets** |
|  COMM Mortgage Trust Series 2012-LC4, Class XB (I/O), 0.52%, due 12/10/44 | 1/22/19 | $15035 | $10 | 0.00% |
|  COMM Mortgage Trust Series 2015-LC21, Class XE (I/O), 1.07%, due 07/10/48 | 5/19/21 | $352293 | $100 | 0.00% |
|  HarborView Mortgage Loan Trust Series 2005-9, Class 2X, (I/O), due 06/20/35 | 3/4/19 | $19009 | $1 | 0.00% |
|  HOA Funding LLC Series 2021-1A, Class A2, 4.72%, due 08/20/51 | 5/25/22 | $709748 | $187294 | 0.01% |
|  Invesco CLO Ltd. Series 2021-2A, Class Y, 0.00%, due 07/15/34 | 3/27/25 | $5 | $0 | 0.00% |
|  Invesco U.S. CLO Ltd. Series 2024-4A, Class Y, 0.05%, due 01/15/38 | 11/25/24 | $0 | $0 | 0.00% |
|  JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XNR (I/O), 0.25%, due 07/15/48 | 4/19/21 | $30739 | $23 | 0.00% |
|  Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XC (I/O), 0.10%, due 08/15/45 | 4/14/20 | $45303 | $216 | 0.00% |
|  WFRBS Commercial Mortgage Trust Series 2012-C10, Class XB (I/O), 0.34%, due 12/15/45 | 4/21/20 | $348977 | $394 | 0.00% |
|  |  | $1521109 | $188038 | 0.01% |

---

------

**Note 4 – Commitments and Contingencies** 

The following Funds had unfunded commitments and unrealized gain (loss) by investment as of July 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  **TCW Core Plus Bond ETF** | | | |
| **UNFUNDED COMMITMENTS** | <br>**MATURITY** | <br>**AMOUNT** | <br>**UNREALIZED**<br>**GAIN (LOSS)** |
|  Kelso Industries LLC Term Loan | 12/30/29 | $13300 | $104 |
|  |  | 13300 | 104 |
|  **TCW Flexible Income ETF** |  |  |  |
| **UNFUNDED COMMITMENTS** | **MATURITY** | **AMOUNT** | **UNREALIZED**<br>**GAIN (LOSS)** |
|  American Rock Salt Co. LLC 2024 First Out Term Loan | 06/09/28 | $88708 | $704 |
|  Kelso Industries LLC Term Loan | 12/30/29 | 17733 | 133 |
|  |  | 106441 | 837 |
|  **TCW High Yield Bond ETF** |  |  |  |
| **UNFUNDED COMMITMENTS** | **MATURITY** | **AMOUNT** | **UNREALIZED**<br>**GAIN (LOSS)** |
|  Kelso Industries LLC Term Loan | 12/30/29 | $13889 | $56 |
|  |  | 13889 | 56 |
|  **TCW Multisector Credit Income ETF** |  |  |  |
| **UNFUNDED COMMITMENTS** | **MATURITY** | **AMOUNT** | **UNREALIZED**<br>**GAIN (LOSS)** |
|  Air Comm Corp. LLC 2024 Term Loan | 12/11/31 | $14744 | $74 |
|  Archkey Solutions LLC 2024 Term Loan B | 11/01/31 | 25862 | 45 |
|  |  | 40606 | 119 |
|  **TCW Senior Loan ETF** |  |  |  |
| **UNFUNDED COMMITMENTS** | **MATURITY** | **AMOUNT** | **UNREALIZED**<br>**GAIN (LOSS)** |
|  Air Comm Corp. LLC 2024 Term Loan | 12/11/31 | $20761 | $104 |
|  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 | 929 |
|  Archkey Solutions LLC 2024 Term Loan B | 11/01/31 | 122605 | 1533 |
|  Chrysaor Bidco Sarl | 10/30/31 | 21408 | 155 |
|  Clydesdale Acquisition Holdings, Inc. 2025 Term Loan B | 04/01/32 | 5607 | 2 |
|  Kelso Industries LLC Term Loan | 12/30/29 | 140436 | 1053 |
|  Raven Acquisition Holdings LLC Term Loan B | 11/19/31 | 56667 | 677 |
|  Secretariat Advisors, LLC | 02/28/32 | 149343 | 1927 |
|  Splat Super Holdco LLC 2025 Term Loan | 07/02/32 | 209109 | (4809) |
|  |  | 1183242 | 3551 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** TCW ETF Trust

- **b. Investment Company Act file number:** 811-23617

- **c. CIK number of Registrant:** 0001831313

- **d. LEI of Registrant:** 549300NV06RWMAEJ2V61

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

  - **Street Address 1:** 515 South Flower Street

  - **City:** Los Angeles

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90071

  - **Telephone number:** 213-244-0000

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

- **a. Name of Series:** TCW Flexible Income ETF

- **b. EDGAR series identifier (if any):** S000085545

- **c. LEI of Series:** 5493004ZM793OILX8W61

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1740395626.37

**Total Liabilities:** $261136883.39

**Net Assets:** $1479258742.98

**Delayed Delivery Securities:** $70882408.25

**Cash Not Reported:** $3485505.56

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1207.43000000 | **1-Year:** -21278.61000000 | **5-Year:** -62884.06000000 | **10-Year:** -49168.50000000 | **30-Year:** -10383.32000000

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

- **3-Month:** -1881.39000000 | **1-Year:** -40588.72000000 | **5-Year:** -90479.44000000 | **10-Year:** -53474.94000000 | **30-Year:** -14465.32000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000250838 | 0.54%                | 1.24%                | 0.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-739727.27              | $2128748.00                                |
| Month 2  | $590805.44               | $11810826.52                               |
| Month 3  | $-642893.27              | $-5860101.13                               |

### Schedule of Portfolio Investments

| Name                                                                                | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Progress Residential Trust                                                          | Progress Residential 2021-SFR3                                                   | CUSIP: 74333VAQ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1211000 | PA      | $1198993.54   | 0.08%             | 2026-05-17      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                                             | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $92208.60     | 0.01%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                                                                | Matador Resources Co                                                             | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   1033000 | PA      | $1036243.62   | 0.07%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                                                            | Volkswagen Group of America Finance LLC                                          | CUSIP: 928668CR1<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70879.20     | 0.00%             | 2032-03-25      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                                                             | GSR Mortgage Loan Trust 2005-AR6                                                 | CUSIP: 362341RX9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2528 | PA      | $2434.60      | 0.00%             | 2035-09-25      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                                              | Rockford Tower CLO 2021-3 Ltd                                                    | CUSIP: 77341NBA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2850000 | PA      | $2821762.20   | 0.19%             | 2038-01-15      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust                                        | Wells Fargo Mortgage Backed Securities 2006-AR14 Trust                           | CUSIP: 94984MAP9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23699 | PA      | $21862.66     | 0.00%             | 2036-10-25      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| J.G. Wentworth XLII LLC                                                             | JG Wentworth XLII LLC                                                            | CUSIP: 46590UAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    144206 | PA      | $130042.87    | 0.01%             | 2077-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                                                           | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12                      | CUSIP: 61762XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15985117 | PA      | $236701.22    | 0.02%             | 2046-10-15      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| COTIVITI CORPORATION                                                                | Cotiviti Corporation 2025 2nd Amendment Term Loan                                | CUSIP: 22164MAF4<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |    376690 | PA      | $376375.51    | 0.03%             | 2032-03-26      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| LUNA 2 5SARL                                                                        | Luna 2 5SARL                                                                     | CUSIP: 000000000<br>LEI: 894500N8J2QVEYP0UI86 | Long             | DBT              | CORP              | LU        |   1100000 | PA      | $1299268.15   | 0.09%             | 2032-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wrench Group LLC                                                                    | Wrench Group LLC 2019 Term Loan B                                                | CUSIP: 98215PAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    997475 | PA      | $996856.32    | 0.07%             | 2028-10-30      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2004-30CB                                                 | CUSIP: 12667FG41<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    746483 | PA      | $737092.67    | 0.05%             | 2035-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                                 | JPMorgan Chase & Co                                                              | CUSIP: 46647PCB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    700000 | PA      | $685034.00    | 0.05%             | 2027-04-22      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| TACO BELL FUNDING, LLC                                                              | Taco Bell Funding LLC                                                            | CUSIP: 87342RAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    953025 | PA      | $909619.10    | 0.06%             | 2051-08-25      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                    | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137FRUV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   9148991 | PA      | $454120.26    | 0.03%             | 2030-01-25      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                                 | American Tower Corp                                                              | CUSIP: 03027XBC3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |   1050000 | PA      | $932358.00    | 0.06%             | 2030-06-15      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd                                                       | Corevest American Finance 2019-3 Trust                                           | CUSIP: 21872NAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     81538 | PA      | $371.72       | 0.00%             | 2052-10-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                                | Cross 2025-H5 Mortgage Trust                                                     | CUSIP: 227920AH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3160000 | PA      | $3139353.19   | 0.21%             | 2070-07-25      | Variable      | 7.64%                 | No            |                  2 | On Loan: No      |
| Amentum Government Services Holdings LLC                                            | Amentum Government Services Holdings LLC 2024 Term Loan B                        | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |    307125 | PA      | $307662.47    | 0.02%             | 2031-09-29      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                              | Residential Asset Securitization Trust 2007-A1                                   | CUSIP: 761136AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    326039 | PA      | $97683.41     | 0.01%             | 2037-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                                                            | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    382000 | PA      | $377637.56    | 0.03%             | 2026-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                        | GS Mortgage Securities Corp Trust 2021-DM                                        | CUSIP: 36265AAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3360000 | PA      | $3326731.63   | 0.22%             | 2036-11-15      | Floating      | 7.39%                 | No            |                  2 | On Loan: No      |
| ITELYUM REGENERATION SPA                                                            | Itelyum Regeneration Spa                                                         | CUSIP: 000000000<br>LEI: 815600051FBC23AA8A45 | Long             | DBT              | CORP              | IT        |    250000 | PA      | $293042.91    | 0.02%             | 2030-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                    | RALI Series 2007-QS1 Trust                                                       | CUSIP: 74922KAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    380305 | PA      | $301727.90    | 0.02%             | 2037-01-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC                                                                 | Spectrum Brands Inc                                                              | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |   1695000 | PA      | $1354796.55   | 0.09%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CCRR PARENT INC                                                                     | CCRR Parent Inc US Acquisition Facility                                          | CUSIP: 12510MAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    404514 | PA      | $141579.88    | 0.01%             | 2028-03-06      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                | CUSIP: 3136AAKX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     52426 | PA      | $1186.98      | 0.00%             | 2027-12-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                    | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754AAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3620000 | PA      | $3777000.49   | 0.26%             | 2041-12-25      | Floating      | 9.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                 | CUSIP: 3132DS4H2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    352953 | PA      | $326565.94    | 0.02%             | 2053-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Home Mortgage Assets                                                       | American Home Mortgage Assets Trust 2007-5                                       | CUSIP: 026936AU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7250 | PA      | $100.96       | 0.00%             | 2047-06-25      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                              | Residential Asset Securitization Trust 2006-A15                                  | CUSIP: 76114DAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    508006 | PA      | $165628.76    | 0.01%             | 2037-01-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                                                   | PRPM 2023-NQM3 Trust                                                             | CUSIP: 69380TAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $845880.31    | 0.06%             | 2068-11-25      | Variable      | 7.44%                 | No            |                  2 | On Loan: No      |
| CHNGE Mortgage Trust                                                                | CHNGE Mortgage Trust 2023-1                                                      | CUSIP: 12547QAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    580000 | PA      | $586256.87    | 0.04%             | 2058-03-25      | Variable      | 8.16%                 | No            |                  2 | On Loan: No      |
| Flutter Financing BV                                                                | Flutter Financing BV 2024 Term Loan B                                            | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |    248737 | PA      | $248302.09    | 0.02%             | 2030-11-30      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                                 | COMM 2015-CCRE25 Mortgage Trust                                                  | CUSIP: 12593PAX0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    532781 | PA      | $5.33         | 0.00%             | 2048-08-10      | Variable      | 0.62%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                                      | Carvana Auto Receivables Trust 2023-P2                                           | CUSIP: 14686TAK4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2000 | PA      | $198520.69    | 0.01%             | 2030-06-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                         | RCKT Mortgage Trust 2024-CES5                                                    | CUSIP: 74938KAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    860000 | PA      | $865135.23    | 0.06%             | 2044-08-25      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS CORP                                                        | Frontier Communications Corp 2025 Term Loan B                                    | CUSIP: 35906EAU4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    245832 | PA      | $246408.10    | 0.02%             | 2031-07-01      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Romania Government International Bonds                                              | Romania Government International Bonds                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    990000 | PA      | $938569.50    | 0.06%             | 2035-03-24      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                   | HSBC Holdings PLC                                                                | CUSIP: 404280DF3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     45000 | PA      | $45114.75     | 0.00%             | 2028-06-09      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                                                                   | DISH Network Corp                                                                | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   1277000 | PA      | $1331017.10   | 0.09%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| DELUXE CORP                                                                         | Deluxe Corp                                                                      | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |     52000 | PA      | $53492.40     | 0.00%             | 2029-09-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Santander Consumer Auto Receivables Trust                                           | Santander Consumer Auto Receivables Trust 2021-C                                 | CUSIP: 80281HAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5150 | PA      | $534325.36    | 0.04%             | 2028-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                                                          | Intel Corp                                                                       | CUSIP: 458140CJ7<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    130000 | PA      | $117240.50    | 0.01%             | 2053-02-10      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                               | Mexico Government International Bonds                                            | CUSIP: 91087BAT7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1166000 | PA      | $1097602.44   | 0.07%             | 2033-05-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Cloudera Inc                                                                        | Cloudera Inc 2021 Term Loan                                                      | CUSIP: 74339VAB4<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |    997416 | PA      | $959698.73    | 0.06%             | 2028-10-08      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                                                               | Athene Global Funding                                                            | CUSIP: 04685A3C3<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13918.65     | 0.00%             | 2028-08-19      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Fidelity Grand Harbour CLO                                                          | Fidelity Grand Harbour Clo 2023-1 DAC                                            | CUSIP: 000000000<br>LEI: 635400GMXFDXRDDHLG52 | Long             | ABS-CBDO         | CORP              | IE        |   2140000 | PA      | $2441190.00   | 0.17%             | 2038-02-15      | Floating      | 3.89%                 | No            |                  2 | On Loan: No      |
| Mid-State Trust                                                                     | Mid-State Capital Corp 2005-1 Trust                                              | CUSIP: 595481AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1394 | PA      | $1392.33      | 0.00%             | 2040-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                                            | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    517000 | PA      | $516648.44    | 0.03%             | 2031-02-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                                                                  | Tricon Residential 2024-SFR4 Trust                                               | CUSIP: 895975AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1480000 | PA      | $1464219.50   | 0.10%             | 2041-11-17      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                                              | Venture Global LNG Inc                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    779000 | PA      | $841094.09    | 0.06%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIE                                                            | Hudson Pacific Properties LP                                                     | CUSIP: 44409MAA4<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              |  | US        |    576000 | PA      | $545351.04    | 0.04%             | 2027-11-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Inc                                                               | SS&C Technologies Inc                                                            | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     52000 | PA      | $52011.44     | 0.00%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                                                    | Bain Capital Credit CLO 2021-3 Ltd                                               | CUSIP: 05683NAN2<br>LEI: 254900XV68IP5ZAT0548 | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1201798.80   | 0.08%             | 2034-07-24      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| RAISING CANE'S RESTAURAN                                                            | Raising Cane's Restaurants LLC                                                   | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |    320000 | PA      | $338265.60    | 0.02%             | 2029-05-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                                            | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    196000 | PA      | $121390.64    | 0.01%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                                              | SLM Student Loan Trust 2004-1                                                    | CUSIP: 78442GKV7<br>LEI: 549300UECCCKC4WVNL14 | Long             | ABS-O            | CORP              | US        |    101516 | PA      | $95991.38     | 0.01%             | 2039-07-25      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust                                             | Saluda Grade Alternative Mortgage Trust 2024-FIG5                                | CUSIP: 79582MAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2784873 | PA      | $2859722.76   | 0.19%             | 2054-04-25      | Variable      | 8.49%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                                               | Molina Healthcare Inc                                                            | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |   2330000 | PA      | $2299919.70   | 0.16%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| JDE PEET'S NV                                                                       | JDE Peet's NV                                                                    | CUSIP: 47216QAC7<br>LEI: 724500EHG519SE5ZRT89 | Long             | DBT              | CORP              | NL        |    750000 | PA      | $640672.50    | 0.04%             | 2031-09-24      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                                         | Oracle Corp                                                                      | CUSIP: 68389XCY9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    880000 | PA      | $889785.60    | 0.06%             | 2028-08-03      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Citimortgage Alternative Loan Trust                                                 | CitiMortgage Alternative Loan Trust Series 2006-A1                               | CUSIP: 17309AAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    211901 | PA      | $193038.30    | 0.01%             | 2036-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RENAISSANCE HOLDING CORP                                                            | Renaissance Holding Corp 2024 1st Lien Term Loan                                 | CUSIP: 75972JAK0<br>LEI: 549300UKKEC0Y6TXNF09 | Long             | LON              | CORP              | US        |   2096202 | PA      | $1939363.98   | 0.13%             | 2030-04-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Gloves Buyer Inc                                                                    | Gloves Buyer Inc 2025 Term Loan                                                  | CUSIP: 37987UAG7<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |    525012 | PA      | $515299.45    | 0.03%             | 2032-01-17      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                                                 | American Express Co                                                              | CUSIP: 025816EK1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1680000 | PA      | $1685947.20   | 0.11%             | 2033-07-20      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| ILPT Commercial Mortgage Trust                                                      | ILPT Commercial Mortgage Trust 2025-LPF2                                         | CUSIP: 451955AJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2235000 | PA      | $2285272.53   | 0.15%             | 2042-07-13      | Variable      | 8.20%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                                                   | PRPM 2024-5 LLC                                                                  | CUSIP: 69381KAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1222758 | PA      | $1221640.58   | 0.08%             | 2029-09-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| JETBLUE 2019-1 CLASS AA                                                             | JetBlue 2019-1 Class AA Pass Through Trust                                       | CUSIP: 477143AH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     22318 | PA      | $19491.42     | 0.00%             | 2032-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                                                                      | NCR Voyix Corp                                                                   | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    675000 | PA      | $664375.50    | 0.04%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                                                   | PRPM 2024-RPL1 LLC                                                               | CUSIP: 69380XAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1600000 | PA      | $1519211.68   | 0.10%             | 2064-12-25      | Variable      | 4.19%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                                            | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $55176.00     | 0.00%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HAH GROUP HOLDING CO LLC                                                            | HAH Group Holding Co LLC                                                         | CUSIP: 40518JAA7<br>LEI: 254900FFJQHW9R90FL74 | Long             | DBT              | CORP              | US        |    299000 | PA      | $289728.01    | 0.02%             | 2031-10-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                                                                  | Realty Income Corp                                                               | CUSIP: 000000000<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |    450000 | PA      | $513663.01    | 0.03%             | 2031-06-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SARTORIUS FINANCE BV                                                                | Sartorius Finance BV                                                             | CUSIP: 000000000<br>LEI: 529900JCAKTMRXK9EA58 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $119643.35    | 0.01%             | 2032-09-14      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Merrill Lynch First Franklin Mortgage Loan Trust                                    | Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3                   | CUSIP: 59024VAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    187161 | PA      | $186147.76    | 0.01%             | 2037-06-25      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| CITY FOOTBALL GROUP LIMITED                                                         | City Football Group Limited 2024 Term Loan                                       | CUSIP: 17781XAD8<br>LEI: 213800K6VVWALRH9UJ69 | Long             | LON              | CORP              | GB        |    958083 | PA      | $958983.65    | 0.06%             | 2030-07-22      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| ABG Intermediate Holdings 2 LLC                                                     | ABG Intermediate Holdings 2 LLC 2025 Delayed Draw Term Loan                      | CUSIP: 00076VBM1<br>LEI: 54930020NXD0RJB64985 | Long             | LON              | CORP              | US        |    498750 | PA      | $497737.54    | 0.03%             | 2032-02-13      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES 2020-AA                                                             | Delta Air Lines 2020-1 Class AA Pass Through Trust                               | CUSIP: 247361ZV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     17526 | PA      | $16608.82     | 0.00%             | 2028-06-10      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                  | CUSIP: 31381JN24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     41315 | PA      | $41014.46     | 0.00%             | 2036-04-01      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corporation                                                 | Banc of America Funding 2006-3 Trust                                             | CUSIP: 058931BF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4202 | PA      | $3793.11      | 0.00%             | 2036-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2005-86CB                                                 | CUSIP: 12668BFH1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    231270 | PA      | $130684.90    | 0.01%             | 2036-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                             | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYG3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4832.20      | 0.00%             | 2027-09-10      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                                                      | Golub Capital Partners Clo 42M-R                                                 | CUSIP: 381742AC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    800000 | PA      | $805024.80    | 0.05%             | 2036-01-20      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| UK Logisitics                                                                       | UK Logistics 2024-2 DAC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |   1499896 | PA      | $1997791.98   | 0.14%             | 2035-02-17      | Floating      | 8.49%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Logistics                                                                   | Sequoia Logistics 2025-1 DAC                                                     | CUSIP: 000000000<br>LEI: 635400SNUE4YGPESHU40 | Long             | ABS-MBS          | CORP              | IE        |   3350000 | PA      | $3838572.13   | 0.26%             | 2037-02-17      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                                               | GFL Environmental Inc 2025 Term Loan B                                           | CUSIP: 36257SAB8<br>LEI: 254900PGDQWC19PRP053 | Long             | LON              | CORP              | US        |    500000 | PA      | $501250.00    | 0.03%             | 2032-03-03      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| SolarWinds Holdings Inc                                                             | SolarWinds Holdings Inc 2025 Term Loan                                           | CUSIP: 85554UAB0<br>LEI: 254900ZM34IBOK68V949 | Long             | LON              | CORP              | US        |    467924 | PA      | $463244.49    | 0.03%             | 2032-04-16      | Floating      | 8.34%                 | No            |                  2 | On Loan: No      |
| AURIZON NETWORK PTY LTD                                                             | Aurizon Network Pty Ltd                                                          | CUSIP: 000000000<br>LEI: 549300FNL9A7DVZKZ444 | Long             | DBT              | CORP              | AU        |   1700000 | PA      | $983462.05    | 0.07%             | 2030-09-02      | Fixed         | 2.90%                 | Yes           |                  2 | On Loan: No      |
| PROLOGIS EURO FINANCE                                                               | Prologis Euro Finance LLC                                                        | CUSIP: 000000000<br>LEI: 549300MI5D1784PRQH06 | Long             | DBT              |  | US        |    290000 | PA      | $340959.02    | 0.02%             | 2034-05-05      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers Jersey Borrower SPV Limited                                    | Vantage Data Centers Jersey Borrower Spv Ltd                                     | CUSIP: 000000000<br>LEI: 213800S5S638C9IBQ379 | Long             | ABS-O            | CORP              | JE        |   1550000 | PA      | $2106139.11   | 0.14%             | 2039-05-28      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2005-55CW                                                 | CUSIP: 12668AMX0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    179701 | PA      | $117549.63    | 0.01%             | 2035-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                              | UnitedHealth Group Inc                                                           | CUSIP: 91324PFQ0<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1295206.40   | 0.09%             | 2035-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                    | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137FWGL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3520276 | PA      | $88502.74     | 0.01%             | 2027-05-25      | Variable      | 1.81%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2005-65CB                                                 | CUSIP: 12668AZ40<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    274030 | PA      | $186267.40    | 0.01%             | 2035-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HRT DNT / HRT DNT FIN                                                               | Heartland Dental LLC / Heartland Dental Finance Corp                             | CUSIP: 42239PAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     49000 | PA      | $51757.23     | 0.00%             | 2028-04-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Bayer US Finance II LLC                                                             | Bayer US Finance II LLC                                                          | CUSIP: 07274NBF9<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |    245000 | PA      | $191852.15    | 0.01%             | 2044-07-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| AMCOR FINANCE USA INC                                                               | Amcor Finance USA Inc                                                            | CUSIP: 02343UAH8<br>LEI: 549300ZMT7FVT8R77U18 | Long             | DBT              | CORP              | US        |    245000 | PA      | $244679.05    | 0.02%             | 2028-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| 1011778 BC Unlimited Liability Company                                              | 1011778 BC Unlimited Liability Company 2024 Term Loan B6                         | CUSIP: 000000000<br>LEI: 549300RHSHNRWI5LLA86 | Long             | LON              | CORP              | CA        |    912109 | PA      | $911182.78    | 0.06%             | 2030-09-20      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| CURRENTA GROUP HOLDINGS                                                             | Currenta Group Holdings Sarl                                                     | CUSIP: 000000000<br>LEI: 222100SF79KCJKYUPE47 | Long             | DBT              | CORP              | LU        |   1400000 | PA      | $1644619.07   | 0.11%             | 2030-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Residential Funding Mtg Sec I                                                       | RFMSI Series 2006-S6 Trust                                                       | CUSIP: 74957VAK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    183653 | PA      | $157121.17    | 0.01%             | 2036-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                                                            | Boost Newco Borrower LLC 2025 USD Term Loan B                                    | CUSIP: 92943EAG1<br>LEI: 254900S8RE1OL7TTCU64 | Long             | LON              | CORP              | US        |    636342 | PA      | $638133.69    | 0.04%             | 2031-01-31      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| FARMERS EXCHANGE CAP II                                                             | Farmers Exchange Capital II                                                      | CUSIP: 30958PAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $526416.00    | 0.04%             | 2053-11-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                    | RALI Series 2007-QS3 Trust                                                       | CUSIP: 75116BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    362137 | PA      | $301977.48    | 0.02%             | 2037-02-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Invesco U.S. CLO 2025-2, Ltd.                                                       | Invesco US CLO 2024-4 Ltd                                                        | CUSIP: 46151DAC5<br>LEI: 2138006HTEY9GGW6XF50 | Long             | ABS-CBDO         | CORP              | KY        |   1400000 | PA      | $0.14         | 0.00%             | 2038-01-15      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| NYO Commercial Mortgage Trust                                                       | NYO Commercial Mortgage Trust 2021-1290                                          | CUSIP: 62955HAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2765000 | PA      | $2703184.28   | 0.18%             | 2038-11-15      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                                               | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $374569.50    | 0.03%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust 2022-INV2                                             | CUSIP: 924923AD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    864000 | PA      | $861589.18    | 0.06%             | 2067-10-25      | Variable      | 6.77%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds                             | Republic of South Africa Government International Bonds                          | CUSIP: 836205AY0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   1115000 | PA      | $1110339.30   | 0.08%             | 2030-06-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NUVEI TECHNOLOGIES CORP                                                             | Nuvei Technologies Corp 2024 Term Loan B1                                        | CUSIP: 69425BAB3<br>LEI: 254900L3D6CI0XH2P605 | Long             | LON              | CORP              | US        |    498750 | PA      | $499732.54    | 0.03%             | 2031-11-17      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                                 | COMM 2016-787S Mortgage Trust                                                    | CUSIP: 12635WAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    950000 | PA      | $914247.13    | 0.06%             | 2036-02-10      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| FARMERS EXCHANGE CAP III                                                            | Farmers Exchange Capital III                                                     | CUSIP: 30958QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $77373.80     | 0.01%             | 2054-10-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC                                                                  | Voyager Parent LLC                                                               | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |    803000 | PA      | $850256.55    | 0.06%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL                                                            | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl              | CUSIP: 42329HAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    678000 | PA      | $692434.62    | 0.05%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Arches Buyer Inc                                                                    | Arches Buyer Inc 2021 Term Loan B                                                | CUSIP: 03952HAD6<br>LEI: 2549009ADY4208OH2Y47 | Long             | LON              | CORP              | US        |    122123 | PA      | $122208.86    | 0.01%             | 2027-12-06      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| FORVIA SE                                                                           | Forvia SE                                                                        | CUSIP: 31209DAA3<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |    385000 | PA      | $401893.80    | 0.03%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                             | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     45000 | PA      | $39315.60     | 0.00%             | 2032-07-21      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Lease-Backed Certificates                                       | Commercial Mortgage Lease-Backed Certificates Series 2001-CMLB-1                 | CUSIP: 201736AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4045 | PA      | $6.29         | 0.00%             | 2031-06-20      | Variable      | 1.54%                 | No            |                  2 | On Loan: No      |
| ZI TECH LLC/ZI FIN CORP                                                             | ZoomInfo Technologies LLC/ZoomInfo Finance Corp                                  | CUSIP: 98981BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    282000 | PA      | $265280.22    | 0.02%             | 2029-02-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                                                                    | Freddie Mac Strips                                                               | CUSIP: 31282YJ42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    162122 | PA      | $30149.15     | 0.00%             | 2036-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Transferee                                               | VOLT XCVI LLC                                                                    | CUSIP: 92873FAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1016382 | PA      | $1016803.26   | 0.07%             | 2051-03-27      | Variable      | 8.83%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                                              | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    940000 | PA      | $923409.00    | 0.06%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mid-State Trust                                                                     | Mid-State Trust XI                                                               | CUSIP: 59549WAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       787 | PA      | $784.53       | 0.00%             | 2038-07-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd                                                       | Corevest American Finance 2021-1 Trust                                           | CUSIP: 21873LAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4459000 | PA      | $202647.73    | 0.01%             | 2053-04-15      | Variable      | 1.44%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Notes                                                              | CUSIP: 91282CNP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 133528000 | PA      | $133361090.00 | 9.02%             | 2027-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AMPRION GMBH                                                                        | Amprion GmbH                                                                     | CUSIP: 000000000<br>LEI: 529900ZIV0ETYHYZM863 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $110383.66    | 0.01%             | 2044-05-21      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| LEGENCE HOLDINGS LLC                                                                | Legence Holdings LLC 2025 Term Loan B                                            | CUSIP: 75865HAK4<br>LEI: 2549003DYOLJRQR9G070 | Long             | LON              | CORP              | US        |    497416 | PA      | $499592.22    | 0.03%             | 2028-12-18      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                                | Bank of America Corp                                                             | CUSIP: 06051GJB6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    270000 | PA      | $246888.00    | 0.02%             | 2031-04-29      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                    | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754PAD2<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |   4100000 | PA      | $4424554.36   | 0.30%             | 2039-11-25      | Floating      | 13.71%                | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                                                               | Athene Global Funding                                                            | CUSIP: 04685A3G4<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |     95000 | PA      | $88651.15     | 0.01%             | 2029-01-07      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| MCAFEE LLC                                                                          | McAfee LLC 2024 USD 1st Lien Term Loan B                                         | CUSIP: 57906HAF4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | LON              | CORP              | US        |    133966 | PA      | $129835.13    | 0.01%             | 2029-03-01      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                | CUSIP: 3136BWAH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10619822 | PA      | $562829.87    | 0.04%             | 2055-06-25      | Floating      | 0.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                | CUSIP: 3136BUDM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2896052 | PA      | $277538.87    | 0.02%             | 2054-12-25      | Floating      | 1.63%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Alternative Note Asset                                                | Merrill Lynch Alternative Note Asset Trust Series 2007-A1                        | CUSIP: 59023MAT7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    619708 | PA      | $185871.17    | 0.01%             | 2037-01-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                                                      | Golub Capital Partners CLO 69M                                                   | CUSIP: 38179UAD0<br>LEI: 2549004WBNSFGOX1MY52 | Long             | ABS-CBDO         | CORP              | US        |   1200000 | PA      | $1206624.00   | 0.08%             | 2036-11-09      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                            | Avis Budget Rental Car Funding AESOP LLC 2021                                    | CUSIP: 05377REU4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   3682000 | PA      | $3556518.18   | 0.24%             | 2028-02-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                                | Bank of America Corp                                                             | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    235000 | PA      | $241098.25    | 0.02%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                       | JPMCC Commercial Mortgage Securities Trust 2019-COR4                             | CUSIP: 48128YAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $482562.45    | 0.03%             | 2052-03-10      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Acquisition Corp                                                 | JP Morgan Mortgage Acquisition Trust 2006-CH2                                    | CUSIP: 46629QAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    414857 | PA      | $247119.91    | 0.02%             | 2029-09-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP                                                              | Extra Space Storage LP                                                           | CUSIP: 30225VAQ0<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              |  | US        |     71000 | PA      | $61457.60     | 0.00%             | 2031-10-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| PEER HOLDING III BV                                                                 | Peer Holding III BV 2025 USD Term Loan B5B                                       | CUSIP: 000000000<br>LEI: 7245002S0K5Q59JCVQ03 | Long             | LON              | CORP              | NL        |   1733873 | PA      | $1740652.47   | 0.12%             | 2031-07-01      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| CPT MORTGAGE TRUST                                                                  | Century Plaza Towers 2019-CPT                                                    | CUSIP: 12654YAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $340566.35    | 0.02%             | 2039-11-13      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Potomac Energy Center, LLC                                                          | Potomac Energy Center, LLC 2025 Term Loan                                        | CUSIP: 73767TAB2<br>LEI: 549300BHYFK6M9HVNA29 | Long             | LON              | CORP              | US        |    253076 | PA      | $253550.84    | 0.02%             | 2032-03-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BECLE SA DE CV                                                                      | Becle SAB de CV                                                                  | CUSIP: 07586PAA9<br>LEI: 529900JY55CZKMJLCE09 | Long             | DBT              | CORP              | MX        |   1790000 | PA      | $1488868.30   | 0.10%             | 2031-10-14      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                            | Avis Budget Rental Car Funding AESOP LLC                                         | CUSIP: 05377RKH6<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   2830000 | PA      | $2847667.12   | 0.19%             | 2028-02-20      | Fixed         | 7.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                  | CUSIP: 3140XRR64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4436060 | PA      | $4219376.11   | 0.29%             | 2054-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                               | CUSIP: 3137HLBG6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4184161 | PA      | $4166352.49   | 0.28%             | 2055-05-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                                                            | Santander UK Group Holdings PLC                                                  | CUSIP: 80281LAQ8<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    290000 | PA      | $282457.10    | 0.02%             | 2027-06-14      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                                                                 | General Electric Co                                                              | CUSIP: 36962GX74<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |     52000 | PA      | $48573.20     | 0.00%             | 2036-08-15      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                        | GS Mortgage Securities Trust 2015-GS1                                            | CUSIP: 36252AAE6<br>LEI: 549300WZ62L3Y22NOZ64 | Long             | ABS-MBS          | CORP              | US        |   6756323 | PA      | $7161.70      | 0.00%             | 2048-11-10      | Variable      | 0.69%                 | No            |                  2 | On Loan: No      |
| Citimortgage Alternative Loan Trust                                                 | CitiMortgage Alternative Loan Trust Series 2007-A5                               | CUSIP: 12566WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    687508 | PA      | $622524.81    | 0.04%             | 2037-05-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SFAVE Commercial Mortgage Securities Trust                                          | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                             | CUSIP: 78413MAC2<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $336242.08    | 0.02%             | 2043-01-05      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| American Home Mortgage Assets                                                       | American Home Mortgage Assets Trust 2007-1                                       | CUSIP: 02660BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2229680 | PA      | $767668.53    | 0.05%             | 2047-02-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Lakeshore Intermediate LLC                                                          | Lakeshore Intermediate LLC Term Loan                                             | CUSIP: 51207KAB5<br>LEI: 9845007F777G13ADC933 | Long             | LON              | CORP              | US        |    496144 | PA      | $414902.86    | 0.03%             | 2028-09-29      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| BAYER US FINANCE LLC                                                                | Bayer US Finance LLC                                                             | CUSIP: 07274EAM5<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |    345000 | PA      | $367290.45    | 0.02%             | 2053-11-21      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                          | Progress Residential 2022-SFR1 Trust                                             | CUSIP: 74333YAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5160000 | PA      | $4992453.25   | 0.34%             | 2041-02-17      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO III Ltd                                                                 | Elmwood CLO III Ltd                                                              | CUSIP: 29002JAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1900000 | PA      | $1906638.60   | 0.13%             | 2037-07-18      | Floating      | 10.28%                | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                                               | Caesars Entertainment Inc                                                        | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    820000 | PA      | $835990.00    | 0.06%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                                              | Rockford Tower CLO 2019-2 Ltd                                                    | CUSIP: 77341GAU4<br>LEI: 549300IG5M07NI4QKK80 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2004548.00   | 0.14%             | 2032-08-20      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                          | Progress Residential 2024-SFR5 Trust                                             | CUSIP: 74332HAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2050000 | PA      | $1859192.36   | 0.13%             | 2029-08-09      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                                               | Lehman Mortgage Trust 2007-5                                                     | CUSIP: 52521RCJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8161146 | PA      | $873944.46    | 0.06%             | 2037-06-25      | Floating      | 1.87%                 | No            |                  2 | On Loan: No      |
| AGNC Investment Corp                                                                | AGNC Investment Corp                                                             | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               |  | US        |     25500 | NS      | $240465.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Shamrock Residential                                                                | Shamrock Residential 2024-1 DAC                                                  | CUSIP: 000000000<br>LEI: 635400DULOLZBZ1GY715 | Long             | ABS-MBS          | CORP              | IE        |   1075000 | PA      | $1221099.58   | 0.08%             | 2078-12-24      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                                                                    | MGM Resorts International                                                        | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    527000 | PA      | $535874.68    | 0.04%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                                     | Csail 2015-C2 Commercial Mortgage Trust                                          | CUSIP: 12634NAV0<br>LEI: 549300D5DIOOMKWXVZ20 | Long             | ABS-MBS          | CORP              | US        |   1374661 | PA      | $73.68        | 0.00%             | 2057-06-15      | Variable      | 0.24%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                               | CUSIP: 3137HHMQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3076145 | PA      | $3076079.44   | 0.21%             | 2054-12-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                                | Bank of America Corp                                                             | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    885000 | PA      | $793995.45    | 0.05%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                                                                        | MH Sub I LLC 2023 Term Loan                                                      | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |    806568 | PA      | $771332.69    | 0.05%             | 2028-05-03      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                                               | Guatemala Government Bond                                                        | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    707000 | PA      | $604209.27    | 0.04%             | 2033-10-07      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust 2021-ARIA                                                               | CUSIP: 05608RAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1600000 | PA      | $1599258.88   | 0.11%             | 2036-10-15      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| LOTTOMATICA GROUP SPA                                                               | Lottomatica Group Spa                                                            | CUSIP: 000000000<br>LEI: 549300R72LKEGT4EX026 | Long             | DBT              | CORP              | IT        |    430000 | PA      | $507930.08    | 0.03%             | 2031-01-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PFP III                                                                             | PFP 2025-12 Ltd                                                                  | CUSIP: 69382JAD3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2840000 | PA      | $2844432.96   | 0.19%             | 2042-12-18      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| 522 Funding CLO Ltd                                                                 | 522 Funding CLO 2020-6 Ltd                                                       | CUSIP: 33835ABE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1100000 | PA      | $1100982.30   | 0.07%             | 2034-10-23      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| VB-S1 Issuer LLC                                                                    | VB-S1 Issuer LLC - VBTEL                                                         | CUSIP: 91823ABA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2075000 | PA      | $1960605.04   | 0.13%             | 2052-02-15      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| United Natural Foods Inc                                                            | United Natural Foods Inc 2024 Term Loan                                          | CUSIP: 91116KAD7<br>LEI: 549300GKGW6WPZ282D40 | Long             | LON              | CORP              | US        |    233281 | PA      | $235446.63    | 0.02%             | 2031-05-01      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust 2023-LIFE                                                               | CUSIP: 05609DAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2200000 | PA      | $2104427.82   | 0.14%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                               | Wells Fargo Commercial Mortgage Trust 2016-C34                                   | CUSIP: 95000DBG5<br>LEI: 549300FWFHJGIW2B2U59 | Long             | ABS-MBS          | CORP              | US        |   5459222 | PA      | $33192.62     | 0.00%             | 2049-06-15      | Variable      | 2.03%                 | No            |                  2 | On Loan: No      |
| MODIVCARE INC                                                                       | Modivcare Inc 2024 Term Loan B                                                   | CUSIP: 60783LAC4<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | LON              | CORP              | US        |    795979 | PA      | $510755.88    | 0.03%             | 2031-07-01      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                                                               | Panther Escrow Issuer LLC                                                        | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    375000 | PA      | $387948.75    | 0.03%             | 2031-06-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Adjustable Rate Mortgage Trust                                         | Bear Stearns ARM Trust 2005-10                                                   | CUSIP: 07387AET8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     92392 | PA      | $92197.59     | 0.01%             | 2035-10-25      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                                         | Hertz Vehicle Financing III LP                                                   | CUSIP: 42806MAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    950000 | PA      | $913105.23    | 0.06%             | 2027-12-27      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                                               | Lehman Mortgage Trust 2006-7                                                     | CUSIP: 52520QAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    183299 | PA      | $19639.46     | 0.00%             | 2036-11-25      | Floating      | 2.08%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)                                                              | Pertamina Persero PT                                                             | CUSIP: 69370PAH4<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    600000 | PA      | $553626.00    | 0.04%             | 2030-08-27      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Securities                                              | Natixis Commercial Mortgage Securities Trust 2018-ALXA                           | CUSIP: 63874GAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $83944.79     | 0.01%             | 2043-01-15      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $25342.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $240181.22    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2005-74T1                                                 | CUSIP: 12668AL78<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    446089 | PA      | $251923.85    | 0.02%             | 2036-01-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2007-16CB                                                 | CUSIP: 02152AAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6266 | PA      | $4576.78      | 0.00%             | 2037-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                                                        | Ecopetrol SA                                                                     | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    856000 | PA      | $900666.08    | 0.06%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                                                   | PRPM 2024-RPL1 LLC                                                               | CUSIP: 69380XAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6911000 | PA      | $6290990.69   | 0.43%             | 2064-12-25      | Variable      | 4.19%                 | No            |                  2 | On Loan: No      |
| JAZZ FINANCING LUX SARL                                                             | Jazz Financing Lux Sarl 2024 1st Lien Term Loan B                                | CUSIP: 000000000<br>LEI: 635400WUEO2NSG5OIU34 | Long             | LON              | CORP              | LU        |    886626 | PA      | $891130.34    | 0.06%             | 2028-05-05      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC                                               | Charter Communications Operating LLC 2024 Term Loan B5                           | CUSIP: 16117LCE7<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |   3173385 | PA      | $3176955.34   | 0.21%             | 2031-12-15      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| Mativ Holdings Inc                                                                  | Mativ Holdings Inc Delayed Draw Term Loan A                                      | CUSIP: 80854EAJ7<br>LEI: 549300Z1FU4IDULG1R21 | Long             | LON              | CORP              | US        |     84299 | PA      | $83877.73     | 0.01%             | 2027-05-06      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                                      | Fannie Mae-Aces                                                                  | CUSIP: 3136ARP44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    411906 | PA      | $15265.01     | 0.00%             | 2039-01-25      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                                               | Level 3 Financing Inc                                                            | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    380000 | PA      | $385810.20    | 0.03%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corporation                                                 | Banc of America Funding 2006-7 Trust                                             | CUSIP: 05951KBB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    589845 | PA      | $533542.68    | 0.04%             | 2036-10-25      | Variable      | 6.54%                 | No            |                  2 | On Loan: No      |
| FRTKL                                                                               | FRTKL 2021-SFR1                                                                  | CUSIP: 30322DAL3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1779000 | PA      | $1693041.74   | 0.11%             | 2038-09-17      | Fixed         | 3.17%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    123000 | PA      | $119800.77    | 0.01%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| WASTE PRO USA INC                                                                   | Waste Pro USA Inc                                                                | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1121828.40   | 0.08%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| American Money Management Corporation                                               | AMMC CLO 23 Ltd                                                                  | CUSIP: 00177JCC7<br>LEI: 549300ICO4ZE2FVC2Y46 | Long             | ABS-CBDO         | CORP              | KY        |   3200000 | PA      | $3209120.00   | 0.22%             | 2038-07-17      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust 2025-INV1                                             | CUSIP: 924929AG7<br>LEI: 213800YO7QOQOFRSRN78 | Long             | ABS-MBS          | CORP              | US        |   1750000 | PA      | $1752736.13   | 0.12%             | 2070-02-25      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                                 | Citigroup Commercial Mortgage Trust 2020-555                                     | CUSIP: 17328EAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1450000 | PA      | $1297544.97   | 0.09%             | 2041-12-10      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                                               | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    705000 | PA      | $773518.95    | 0.05%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                          | Progress Residential 2021-SFR10 Trust                                            | CUSIP: 74333WAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1150062 | PA      | $1114556.15   | 0.08%             | 2040-12-17      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                                | Cross 2024-H6 Mortgage Trust                                                     | CUSIP: 227919AB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    889561 | PA      | $885141.34    | 0.06%             | 2069-09-25      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| MHC Commercial Mortgage Trust                                                       | MHC Trust 2021-MHC2                                                              | CUSIP: 55293AAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    808000 | PA      | $809549.02    | 0.05%             | 2038-05-15      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Costa Rica Government International Bonds                                           | Costa Rica Government International Bonds                                        | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |   1014000 | PA      | $1059883.50   | 0.07%             | 2034-04-03      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| LHMC FINCO 2 SARL                                                                   | LHMC Finco 2 Sarl                                                                | CUSIP: 000000000<br>LEI: 254900VNJ7A4DAOPXL60 | Long             | DBT              | CORP              | LU        |    990000 | PA      | $1190796.00   | 0.08%             | 2030-05-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Arbour CLO                                                                          | Arbour Clo VII DAC                                                               | CUSIP: 000000000<br>LEI: 635400S59B1EE8UDJW07 | Long             | ABS-CBDO         | CORP              | IE        |   1350000 | PA      | $1542468.03   | 0.10%             | 2038-12-15      | Floating      | 4.03%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                    | Crown Castle Inc                                                                 | CUSIP: 22822VAW1<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |   1250000 | PA      | $1076500.00   | 0.07%             | 2031-04-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                                                                  | Tricon Residential 2021-SFR1 Trust                                               | CUSIP: 89614YAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6690000 | PA      | $6549534.08   | 0.44%             | 2038-07-17      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                                      | Carvana Auto Receivables Trust 2023-N3                                           | CUSIP: 14686RAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  16629823 | PA      | $301149.46    | 0.02%             | 2030-09-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                                                        | Hudson Yards 2019-30HY Mortgage Trust                                            | CUSIP: 44421GAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $725409.92    | 0.05%             | 2039-07-10      | Variable      | 3.44%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                                                            | International Flavors & Fragrances Inc                                           | CUSIP: 459506AP6<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    405000 | PA      | $380853.90    | 0.03%             | 2027-10-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                          | Progress Residential 2022-SFR3 Trust                                             | CUSIP: 74331UAL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1646000 | PA      | $1631903.49   | 0.11%             | 2039-04-17      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Del Amo Fashion Center Trust                                                        | Del Amo Fashion Center Trust 2017-AMO                                            | CUSIP: 24500EAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1515000 | PA      | $1411753.81   | 0.10%             | 2035-06-05      | Variable      | 3.64%                 | No            |                  2 | On Loan: No      |
| Peraton Corp                                                                        | Peraton Corp Term Loan B                                                         | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |    903439 | PA      | $806531.76    | 0.05%             | 2028-02-01      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FNC NL II                                                                | Teva Pharmaceutical Finance Netherlands II BV                                    | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |   1946000 | PA      | $2234787.25   | 0.15%             | 2031-06-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                                                                | Boston Properties LP                                                             | CUSIP: 10112RAY0<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              |  | US        |     10000 | PA      | $9782.60      | 0.00%             | 2026-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                        | CSMC Series 2014-8R                                                              | CUSIP: 12648VAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    907906 | PA      | $755545.67    | 0.05%             | 2036-02-27      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                                                | PRET 2021-RN3 LLC                                                                | CUSIP: 74143JAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3474201 | PA      | $3467708.21   | 0.23%             | 2051-09-25      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| PFP III                                                                             | PFP 2025-12 Ltd                                                                  | CUSIP: 69382JAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1834000 | PA      | $1835721.94   | 0.12%             | 2042-12-18      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                                     | CVS Health Corp                                                                  | CUSIP: 126650DZ0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    212000 | PA      | $201463.60    | 0.01%             | 2053-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN INTL FIN NV                                                              | Volkswagen International Finance NV                                              | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |   1200000 | PA      | $1570007.45   | 0.11%             | 2032-09-06      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Eurex Deutschland                                                                   | EURO-SCHATZ FUT SEP25                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -17 | NC      | $6864.44      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ASURION LLC                                                                         | Asurion LLC 2024 Term Loan B12                                                   | CUSIP: 04649VBD1<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    181343 | PA      | $178704.85    | 0.01%             | 2030-09-19      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| Harriman Park CLO                                                                   | Harriman Park CLO LTD                                                            | CUSIP: 413718AL1<br>LEI: 549300BI9STOGTECXV18 | Long             | ABS-CBDO         | CORP              | KY        |   1950000 | PA      | $1935180.00   | 0.13%             | 2038-07-20      | Floating      | 10.33%                | No            |                  2 | On Loan: No      |
| RIDE 2025-SHRE                                                                      | RIDE 2025-SHRE                                                                   | CUSIP: 765692AJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2500681.00   | 0.17%             | 2047-02-14      | Variable      | 7.81%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Acquisition Corp                                                 | JP Morgan Mortgage Acquisition Trust 2006-WF1                                    | CUSIP: 46628SAH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1591506 | PA      | $421135.64    | 0.03%             | 2036-07-25      | Variable      | 6.91%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                             | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AQ2<br>LEI: N/A                  | Long             | DBT              |  | US        |     73000 | PA      | $68851.41     | 0.00%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                            | JP Morgan Mortgage Trust Series 2024-CES1                                        | CUSIP: 46658CAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    532852 | PA      | $536064.09    | 0.04%             | 2054-06-25      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| Consolidated Communications LLC, Fidium Fiber Finance Holdco LLC                    | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC                  | CUSIP: 209031AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2890000 | PA      | $3018226.99   | 0.20%             | 2055-05-20      | Fixed         | 9.41%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through CTFS                                        | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-2 Trust   | CUSIP: 93934FLW0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17424 | PA      | $17117.89     | 0.00%             | 2036-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HEARTLAND DENTAL LLC                                                                | Heartland Dental LLC 2024 Term Loan                                              | CUSIP: 42236WAW7<br>LEI: 5493008FRC0GRKBN1075 | Long             | LON              | CORP              | US        |    931649 | PA      | $934737.29    | 0.06%             | 2028-04-28      | Floating      | 8.86%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                                     | PHEAA Student Loan Trust 2014-3                                                  | CUSIP: 69340JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14183 | PA      | $14055.22     | 0.00%             | 2040-08-25      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                                                      | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1427000 | PA      | $1453799.06   | 0.10%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| XEROX CORPORATION                                                                   | Xerox Corp                                                                       | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |    826000 | PA      | $851515.14    | 0.06%             | 2030-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Dechra Pharmaceuticals Holdings Ltd                                                 | Dechra Pharmaceuticals Holdings Ltd USD Term Loan B                              | CUSIP: 24343EAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    199500 | PA      | $200422.69    | 0.01%             | 2032-01-27      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                               | Wells Fargo Commercial Mortgage Trust 2021-SAVE                                  | CUSIP: 95003LAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1920000 | PA      | $1930404.10   | 0.13%             | 2040-02-15      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                                                       | EchoStar Corp                                                                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    688000 | PA      | $725929.44    | 0.05%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| BGME Trust                                                                          | BGME Trust 2021-VR                                                               | CUSIP: 05551XAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1700000 | PA      | $1227700.90   | 0.08%             | 2043-01-10      | Variable      | 2.99%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                                                                | Michaels Cos Inc/The                                                             | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    210000 | PA      | $140632.80    | 0.01%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                                                      | Sabre GLBL Inc                                                                   | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    447000 | PA      | $460700.55    | 0.03%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                          | Progress Residential 2021-SFR8 Trust                                             | CUSIP: 74333TAQ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1488000 | PA      | $1448616.66   | 0.10%             | 2038-10-17      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| Pediatric Associates Holding Company LLC                                            | Pediatric Associates Holding Company LLC 2021 Term Loan B                        | CUSIP: 70533DAF7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1257820 | PA      | $1105831.43   | 0.07%             | 2028-12-29      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                                             | Dell International LLC / EMC Corp                                                | CUSIP: 24703TAL0<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |   1135000 | PA      | $1144534.00   | 0.08%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                                 | American Tower Corp                                                              | CUSIP: 03027XCN8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |    500000 | PA      | $504970.00    | 0.03%             | 2030-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Alternative Loan Trust                                                  | Wells Fargo Alternative Loan 2007-PA5 Trust                                      | CUSIP: 949922AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    258296 | PA      | $230658.21    | 0.02%             | 2037-11-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                                                | Flutter Treasury DAC                                                             | CUSIP: 000000000<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    100000 | PA      | $118479.33    | 0.01%             | 2029-04-29      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust                                      | Structured Adjustable Rate Mortgage Loan Trust                                   | CUSIP: 86359BGF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       638 | PA      | $618.01       | 0.00%             | 2034-02-25      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                                                   | PRPM 2025-NQM1 Trust                                                             | CUSIP: 74391EAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2300000 | PA      | $2322827.96   | 0.16%             | 2069-11-25      | Variable      | 7.14%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                                                         | PRKCM 2023-AFC1 Trust                                                            | CUSIP: 693981AE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $1204686.84   | 0.08%             | 2058-02-25      | Variable      | 7.43%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                       | NEW YORK ST URBAN DEV CORP SALES TAX REVENUE                                     | CUSIP: 64985TEX5<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     40000 | PA      | $33756.52     | 0.00%             | 2034-03-15      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust 2022-LBA6                                                               | CUSIP: 12433EAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1240000 | PA      | $1240648.52   | 0.08%             | 2039-01-15      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Digital Dutch Finco BV                                                              | Digital Dutch Finco BV                                                           | CUSIP: 000000000<br>LEI: 549300ONZ5IS6B6IMJ70 | Long             | DBT              |  | NL        |    220000 | PA      | $224551.54    | 0.02%             | 2031-02-01      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Adagio CLO                                                                          | Adagio IV CLO Ltd                                                                | CUSIP: 000000000<br>LEI: 635400LSWYRCKPZTOJ42 | Long             | ABS-CBDO         | CORP              | IE        |    975000 | PA      | $1108093.24   | 0.07%             | 2034-04-15      | Floating      | 3.68%                 | Yes           |                  2 | On Loan: No      |
| GEN DIGITAL INC                                                                     | Gen Digital Inc                                                                  | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    328000 | PA      | $333897.44    | 0.02%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CTEC II GMBH                                                                        | CTEC II GmbH                                                                     | CUSIP: 000000000<br>LEI: 98450044C9BACG3DA974 | Long             | DBT              | CORP              | DE        |    846000 | PA      | $835118.36    | 0.06%             | 2030-02-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Access CIG LLC                                                                      | Access CIG LLC 2023 Term Loan                                                    | CUSIP: 00435CAS7<br>LEI: 5493002EU9Z6IQMPAN35 | Long             | LON              | CORP              | US        |    997462 | PA      | $1003626.24   | 0.07%             | 2028-08-18      | Floating      | 8.38%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                                                         | STWD Trust 2021-FLWR                                                             | CUSIP: 78485GAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    440000 | PA      | $440162.71    | 0.03%             | 2036-07-15      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | XX        |         1 | NC      | $-11242.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wingstop Funding LLC                                                                | Wingstop Funding LLC                                                             | CUSIP: 974153AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1477500 | PA      | $1406207.97   | 0.10%             | 2050-12-05      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                                      | Carvana Auto Receivables Trust 2022-P2                                           | CUSIP: 14686JAM2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3050 | PA      | $363065.83    | 0.02%             | 2029-05-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Coherent Corp                                                                       | Coherent Corp 2025 1st Lien Term Loan B2                                         | CUSIP: 45173JAS3<br>LEI: 549300O5C25A0MMHHU33 | Long             | LON              | CORP              | US        |    470883 | PA      | $472766.34    | 0.03%             | 2029-07-02      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Residential Asset Mortgage Products, INC.                                           | RAMP Series 2006-EFC2 Trust                                                      | CUSIP: 749238AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9831 | PA      | $9756.04      | 0.00%             | 2036-12-25      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Dermatology Intermediate Holdings III Inc                                           | Dermatology Intermediate Holdings III Inc 2022 Term Loan B                       | CUSIP: 24982LAB1<br>LEI: 254900GUIR9SP64DNR96 | Long             | LON              | CORP              | US        |    498718 | PA      | $441988.78    | 0.03%             | 2029-03-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EQUINIX EU 2 FINANCING C                                                            | Equinix Europe 2 Financing Corp LLC                                              | CUSIP: 000000000<br>LEI: 254900FSZR46BPMCKI50 | Long             | DBT              |  | US        |    490000 | PA      | $544866.94    | 0.04%             | 2034-11-22      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| HEALTHPEAK PROPERTIES INC                                                           | Healthpeak Properties Inc 2024 Term Loan A3                                      | CUSIP: 42250UAF9<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | LON              |  | US        |    223979 | PA      | $218379.74    | 0.01%             | 2029-03-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Residential Funding Mtg Sec I                                                       | RFMSI Series 2006-S6 Trust                                                       | CUSIP: 74957VAP4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     58888 | PA      | $50380.59     | 0.00%             | 2036-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                    | RALI Series 2005-QS14 Trust                                                      | CUSIP: 761118JL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     96692 | PA      | $84590.25     | 0.01%             | 2035-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                                                       | ZF North America Capital Inc                                                     | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    760000 | PA      | $710273.20    | 0.05%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                | CUSIP: 3136BUS35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7700908 | PA      | $7687396.90   | 0.52%             | 2054-07-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Wireless PropCo Funding LLC                                                         | Wireless PropCo Funding LLC                                                      | CUSIP: 97655EAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2265476.63   | 0.15%             | 2055-06-25      | Fixed         | 8.51%                 | No            |                  3 | On Loan: No      |
| ALPHA GENERATION LLC                                                                | Alpha Generation LLC Term Loan B                                                 | CUSIP: 02072UAC6<br>LEI: 254900K5V62L4YGVKF49 | Long             | LON              | CORP              | US        |   1776815 | PA      | $1776699.03   | 0.12%             | 2031-09-30      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| CERBA HEALTHCARE SASU                                                               | Cerba Healthcare SACA                                                            | CUSIP: 000000000<br>LEI: 9845000C1FYE89DC8677 | Long             | DBT              | CORP              | FR        |    385000 | PA      | $315685.84    | 0.02%             | 2028-05-31      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                        | GS Mortgage Securities Trust 2010-C1                                             | CUSIP: 36249KAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2270554 | PA      | $275.65       | 0.00%             | 2043-08-10      | Variable      | 0.42%                 | No            |                  2 | On Loan: No      |
| AGL CLO 13 Ltd                                                                      | AGL CLO 13 Ltd                                                                   | CUSIP: 00120JAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $600030.00    | 0.04%             | 2034-10-20      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing and Securitization                                     | C-BASS 2007-CB1 TRUST                                                            | CUSIP: 1248MGAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    927433 | PA      | $257120.94    | 0.02%             | 2037-01-25      | Variable      | 3.11%                 | No            |                  2 | On Loan: No      |
| NYO Commercial Mortgage Trust                                                       | NYO Commercial Mortgage Trust 2021-1290                                          | CUSIP: 62955HAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    820000 | PA      | $809979.27    | 0.05%             | 2038-11-15      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Lehman ABS Manufactured Housing Contract                                            | Lehman ABS Manufactured Housing Contract Trust 2001-B                            | CUSIP: 52519SAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    230164 | PA      | $231864.40    | 0.02%             | 2040-04-15      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                                                    | CSC Holdings LLC                                                                 | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2434000 | PA      | $2278735.14   | 0.15%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| TWITTER INC                                                                         | Twitter Inc Term Loan                                                            | CUSIP: 90184NAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    832598 | PA      | $812757.16    | 0.05%             | 2029-10-26      | Floating      | 10.96%                | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                                  | Ellington Financial Mortgage Trust 2022-4                                        | CUSIP: 268432AE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $887433.30    | 0.06%             | 2067-09-25      | Variable      | 5.90%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                                             | Colombia Government International Bonds                                          | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   1110000 | PA      | $1140114.30   | 0.08%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                                                     | Gen Digital Inc                                                                  | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255182.50    | 0.02%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing and Securitization                                     | C-BASS 2006-CB7 TRUST                                                            | CUSIP: 12479DAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     31830 | PA      | $21816.66     | 0.00%             | 2036-10-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                    | CIFC Funding 2017-IV Ltd                                                         | CUSIP: 12551JAN6<br>LEI: 254900JEH56UBUEZJW15 | Long             | ABS-CBDO         | CORP              | KY        |    575000 | PA      | $575315.68    | 0.04%             | 2030-10-24      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                                                                | Michaels Cos Inc/The                                                             | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   2299000 | PA      | $1840487.44   | 0.12%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                              | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BU8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     70000 | PA      | $78223.60     | 0.01%             | 2034-10-20      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                | CUSIP: 3136BTNR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  14897384 | PA      | $1116910.36   | 0.08%             | 2054-11-25      | Floating      | 1.15%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                             | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYN8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    535000 | PA      | $471629.25    | 0.03%             | 2032-10-21      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                                         | OCP CLO Ltd                                                                      | CUSIP: 671025AC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4395000 | PA      | $2215734.86   | 0.15%             | 2037-01-17      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                                 | COMM 2012-CCRE4 Mortgage Trust                                                   | CUSIP: 12624QAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    160043 | PA      | $2517.70      | 0.00%             | 2045-10-15      | Variable      | 1.14%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                                                 | Medline Borrower LP 2024 USD Add-on Term Loan B                                  | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    889096 | PA      | $890887.13    | 0.06%             | 2028-10-23      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                                                                 | LCM 35 Ltd                                                                       | CUSIP: 50202QAQ6<br>LEI: 549300KLSB4ZQ2S3TJ95 | Long             | ABS-CBDO         | CORP              | KY        |   1700000 | PA      | $1701870.00   | 0.12%             | 2034-10-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| PARADIGM PARENT LLC                                                                 | PARADIGM PARENT LLC 2025 TERM LOAN B                                             | CUSIP: 000000000<br>LEI: 254900EDT9YE5UFH3458 | Long             | LON              | CORP              | US        |    600000 | PA      | $546750.00    | 0.04%             | 2032-04-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NCFA LLC LOAN PARTICIPATION 3                                                       | NCFA LLC LOAN PARTICIPATION 3                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3800000 | PA      | $3800000.00   | 0.26%             | 2030-04-11      | Variable      | 1.00%                 | No            |                  3 | On Loan: No      |
| Cleanova US Holdings LLC                                                            | Cleanova US Holdings LLC 2025 Term Loan B                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    471435 | PA      | $469077.71    | 0.03%             | 2032-06-14      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                      | Morgan Stanley Capital I Trust 2011-C2                                           | CUSIP: 617459AF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10316666 | PA      | $36951.20     | 0.00%             | 2044-06-15      | Variable      | 0.48%                 | No            |                  2 | On Loan: No      |
| SUEZ                                                                                | Suez SACA                                                                        | CUSIP: 000000000<br>LEI: 5493007LKZ37MXEN5D79 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $214566.04    | 0.01%             | 2034-05-24      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Alternative Loan Trust                                                  | JP Morgan Alternative Loan Trust 2006-S1                                         | CUSIP: 46627MFV4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    857979 | PA      | $764083.23    | 0.05%             | 2036-03-25      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| Romania Government International Bonds                                              | Romania Government International Bonds                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    910000 | PA      | $795522.00    | 0.05%             | 2032-03-27      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                                                          | Progress Residential 2021-SFR11 Trust                                            | CUSIP: 74333XAN0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1200648.63   | 0.08%             | 2039-01-17      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| Arbour CLO                                                                          | Arbour CLO VI DAC                                                                | CUSIP: 000000000<br>LEI: 635400HEJB8VLV1GBH66 | Long             | ABS-CBDO         | CORP              | IE        |   1500000 | PA      | $1713425.41   | 0.12%             | 2037-11-15      | Floating      | 4.04%                 | No            |                  2 | On Loan: No      |
| STRYKER CORP                                                                        | Stryker Corp                                                                     | CUSIP: 863667BK6<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   1465000 | PA      | $1478932.15   | 0.10%             | 2028-02-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                            | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $124150.60    | 0.01%             | 2031-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $11340.09     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| US BANCORP                                                                          | US Bancorp                                                                       | CUSIP: 91159HJL5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148140.00    | 0.01%             | 2034-02-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                                                           | Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5                       | CUSIP: 61761AAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  21620092 | PA      | $216.20       | 0.00%             | 2045-08-15      | Variable      | 0.10%                 | No            |                  2 | On Loan: No      |
| Elanco Animal Health Incorporated                                                   | Elanco Animal Health Inc Term Loan B                                             | CUSIP: 28414BAF3<br>LEI: 549300SHPNDCE059M934 | Long             | LON              | CORP              | US        |   1383865 | PA      | $1384162.11   | 0.09%             | 2027-08-01      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                                                                 | Churchill Downs Inc                                                              | CUSIP: 12511VAA6<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    798000 | PA      | $797098.26    | 0.05%             | 2030-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                                             | Dryden 45 Senior Loan Fund                                                       | CUSIP: 26244MBC5<br>LEI: 54930046L20VLJKPVV31 | Long             | ABS-CBDO         | CORP              | KY        |   1300000 | PA      | $1301344.20   | 0.09%             | 2030-10-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                                                           | BPR Trust 2021-TY                                                                | CUSIP: 05592AAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1750000 | PA      | $1742639.50   | 0.12%             | 2038-09-15      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                                 | Citigroup Commercial Mortgage Trust 2016-GC36                                    | CUSIP: 17324TAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5023126 | PA      | $4958.33      | 0.00%             | 2049-02-10      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| Residential Funding Mtg Sec I                                                       | RFMSI Series 2007-S8 Trust                                                       | CUSIP: 76200QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    132110 | PA      | $90058.86     | 0.01%             | 2037-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TWITTER INC                                                                         | Twitter Inc 2025 Fixed Term Loan                                                 | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1041198 | PA      | $1011628.44   | 0.07%             | 2029-10-26      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NAKED JUICE LLC                                                                     | Naked Juice LLC 2025 FLTO Term Loan                                              | CUSIP: 62984CAN3<br>LEI: 549300Y5TU1XQ1KVLJ64 | Long             | LON              | CORP              | US        |     73522 | PA      | $35106.54     | 0.00%             | 2030-01-24      | Floating      | 10.40%                | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust 2025-VLT7                                                               | CUSIP: 123913AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $4027553.60   | 0.27%             | 2044-07-15      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                                                             | HCA Inc                                                                          | CUSIP: 404121AH8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1265720.40   | 0.09%             | 2026-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Dave & Buster's, Inc.                                                               | Dave & Buster's Inc 2024 1st Lien Term Loan B                                    | CUSIP: 23833EAY0<br>LEI: 549300JAVWTAY1FT5Z45 | Long             | LON              | CORP              | US        |    500545 | PA      | $482912.83    | 0.03%             | 2031-11-01      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                            | JP Morgan Mortgage Trust Series 2024-CES1                                        | CUSIP: 46658CAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    945049 | PA      | $948183.71    | 0.06%             | 2054-06-25      | Variable      | 6.02%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $35808.08     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                                                               | NGL Energy Operating LLC / NGL Energy Finance Corp                               | CUSIP: 62922LAD0<br>LEI: 5299005YSRP46BE8Z459 | Long             | DBT              | CORP              | US        |    942000 | PA      | $922265.10    | 0.06%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| First Horizon Alternative Mortgage Securities                                       | First Horizon Alternative Mortgage Securities Trust 2007-FA2                     | CUSIP: 32053LAD4<br>LEI: 549300PO80CHJL6XUB79 | Long             | ABS-MBS          | CORP              | US        |    705769 | PA      | $218749.81    | 0.01%             | 2037-04-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UK Logisitics                                                                       | UK Logistics 2025-1 DAC                                                          | CUSIP: 000000000<br>LEI: 635400LLQ82YFJBFFU27 | Long             | ABS-MBS          | CORP              | GB        |   1300000 | PA      | $1726462.52   | 0.12%             | 2035-05-17      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                            | JP Morgan Mortgage Trust Series 2025-CES1                                        | CUSIP: 46658XAE5<br>LEI: 5299003TKRYXBBT76K08 | Long             | ABS-MBS          | CORP              | US        |   1539000 | PA      | $1551080.23   | 0.10%             | 2055-05-25      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                    | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20753WAE6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    831041 | PA      | $848475.95    | 0.06%             | 2039-10-25      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through CTFS                                        | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR3 Trust | CUSIP: 93934FQU9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5434445 | PA      | $248499.24    | 0.02%             | 2046-05-25      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| GLOBAL SWITCH FINANCE                                                               | Global Switch Finance BV                                                         | CUSIP: 000000000<br>LEI: 635400GVJAKOJNEUMF33 | Long             | DBT              | CORP              | NL        |    725000 | PA      | $775286.70    | 0.05%             | 2030-10-07      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| EUROGRID GMBH                                                                       | Eurogrid GmbH                                                                    | CUSIP: 000000000<br>LEI: 967600Q53854Z2NBCC81 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $229600.20    | 0.02%             | 2031-09-05      | Fixed         | 3.28%                 | Yes           |                  2 | On Loan: No      |
| BFLD Trust                                                                          | BFLD Commercial Mortgage Trust 2024-UNIV                                         | CUSIP: 08861RAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1850000 | PA      | $1859643.87   | 0.13%             | 2041-11-15      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                                               | Lehman Mortgage Trust 2006-1                                                     | CUSIP: 52520MFB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    128465 | PA      | $58324.81     | 0.00%             | 2036-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank Commercial Mortgage Trust                                             | DBJPM 16-C1 Mortgage Trust                                                       | CUSIP: 23312LAW8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8457591 | PA      | $11118.35     | 0.00%             | 2049-05-10      | Variable      | 1.36%                 | No            |                  2 | On Loan: No      |
| GUGGENHEIM PARTNERS LLC                                                             | Guggenheim Partners LLC 2024 Term Loan B                                         | CUSIP: 36173YAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    218700 | PA      | $219602.55    | 0.01%             | 2031-11-26      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| WF-RBS COMMERCIAL MORTGAGE TRUST                                                    | WFRBS Commercial Mortgage Trust 2012-C10                                         | CUSIP: 92890NAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  39359100 | PA      | $393.59       | 0.00%             | 2045-12-15      | Variable      | 0.34%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                         | CUSIP: 38376G3S7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1050596 | PA      | $1084.01      | 0.00%             | 2051-08-16      | Variable      | 0.13%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                    | RALI Series 2007-QH9 Trust                                                       | CUSIP: 749241AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9658162 | PA      | $325925.29    | 0.02%             | 2037-11-25      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust 2025-ROIC                                                               | CUSIP: 05593VAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1627652 | PA      | $1602332.65   | 0.11%             | 2030-03-15      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                                                    | AMC Networks Inc                                                                 | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    385000 | PA      | $396014.85    | 0.03%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                                     | CVS Health Corp                                                                  | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1597957.00   | 0.11%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NATL GAS TRANSMISSION                                                               | National Gas Transmission PLC                                                    | CUSIP: 000000000<br>LEI: FPCHGTHKVH9ZWXS7S453 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $239250.19    | 0.02%             | 2030-04-05      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                               | Wells Fargo & Co                                                                 | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    770000 | PA      | $788641.70    | 0.05%             | 2031-01-24      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                             | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AH2<br>LEI: N/A                  | Long             | DBT              |  | US        |   1040000 | PA      | $1040353.60   | 0.07%             | 2026-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MCAFEE CORP                                                                         | McAfee Corp                                                                      | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |    301000 | PA      | $279466.46    | 0.02%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                    | RALI Series 2006-QS18 Trust                                                      | CUSIP: 74922RAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3388268 | PA      | $398070.69    | 0.03%             | 2036-12-25      | Floating      | 2.08%                 | No            |                  2 | On Loan: No      |
| Setanta Aircraft Leasing Designated Activity Company                                | Setanta Aircraft Leasing Designated Activity Company 2024 Term Loan B            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | IE        |    835000 | PA      | $840277.20    | 0.06%             | 2028-11-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Xerox Holdings Corp                                                                 | Xerox Holdings Corp 2023 Term Loan B                                             | CUSIP: 98415LAY2<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | LON              | CORP              | US        |   1146926 | PA      | $1079068.06   | 0.07%             | 2029-11-17      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO III Ltd                                                                 | Elmwood CLO III Ltd                                                              | CUSIP: 29002JAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $1962478.00   | 0.13%             | 2037-07-18      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| PATHWAY VET ALLIANCE LLC                                                            | Pathway Vet Alliance LLC 2025 Tranche A Term Loan A                              | CUSIP: 000000000<br>LEI: 2549001HRKTHAW7MOH74 | Long             | LON              | CORP              | US        |     14538 | PA      | $14650.23     | 0.00%             | 2028-06-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AI AQUA MERGER SUB INC                                                              | AI Aqua Merger Sub Inc 2024 1st Lien Term Loan B                                 | CUSIP: 00132UAP9<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |   1142435 | PA      | $1143177.17   | 0.08%             | 2028-07-31      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                                                                | WR Grace Holdings LLC                                                            | CUSIP: 92943GAE1<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    882000 | PA      | $910700.28    | 0.06%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Benchmark 2024-V8 Mortgage Trust                                                    | Benchmark 2024-V8 Mortgage Trust                                                 | CUSIP: 08190AAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2081671.20   | 0.14%             | 2057-07-15      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| EFS Cogen Holdings I LLC                                                            | EFS Cogen Holdings I LLC 2020 Term Loan B                                        | CUSIP: 26844HAJ6<br>LEI: 549300KDKPYR8NXXKI52 | Long             | LON              | CORP              | US        |    349713 | PA      | $351524.42    | 0.02%             | 2031-10-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                          | AMSR 2021-SFR3 Trust                                                             | CUSIP: 00180UAH8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2160000 | PA      | $2091750.26   | 0.14%             | 2038-10-17      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                               | Wells Fargo & Co                                                                 | CUSIP: 95000U3N1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    390000 | PA      | $391205.10    | 0.03%             | 2035-12-03      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| LXP INDUSTRIAL TRUST                                                                | LXP Industrial Trust                                                             | CUSIP: 529043AE1<br>LEI: 549300S4MH2ICXDBFV43 | Long             | DBT              |  | US        |    160000 | PA      | $142971.20    | 0.01%             | 2030-09-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Barracuda Networks Inc                                                              | Barracuda Networks Inc 2022 Term Loan                                            | CUSIP: 06832FAB3<br>LEI: 549300CXGRZWNMPU8080 | Long             | LON              | CORP              | US        |    542024 | PA      | $441514.09    | 0.03%             | 2029-08-15      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Company LLC                                                       | Vistra Operations Company LLC 1st Lien Term Loan B3                              | CUSIP: 88233FAK6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | LON              | CORP              | US        |    186374 | PA      | $186875.45    | 0.01%             | 2030-12-20      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                                                | Paraguay Government International Bond                                           | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    400000 | PA      | $397600.00    | 0.03%             | 2031-04-28      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Bombardier Capital Mortgage Securitization Corp.                                    | BCMSC Trust 2000-A                                                               | CUSIP: 09774XBQ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    142144 | PA      | $10650.00     | 0.00%             | 2030-06-15      | Variable      | 8.29%                 | No            |                  2 | On Loan: No      |
| Potomac Energy Center LLC                                                           | Potomac Energy Center LLC Term Loan                                              | CUSIP: 000000000<br>LEI: 549300BHYFK6M9HVNA29 | Long             | LON              | CORP              | US        |    318472 | PA      | $319666.35    | 0.02%             | 2026-11-12      | Floating      | 10.56%                | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Ginnie Mae                                                                       | CUSIP: 21H042687<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   7675000 | PA      | $7284699.39   | 0.49%             | 2054-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO VI Ltd.                                                                 | Elmwood CLO VI Ltd                                                               | CUSIP: 29001VBA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3400000 | PA      | $3413991.00   | 0.23%             | 2037-07-18      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                               | CUSIP: 3137HJUY1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2926321 | PA      | $2919938.31   | 0.20%             | 2055-02-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                               | CUSIP: 3137HLMB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1606548 | PA      | $1493789.21   | 0.10%             | 2055-06-25      | Floating      | 3.97%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                                            | Mars Inc                                                                         | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1636491.60   | 0.11%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Ginnie Mae                                                                       | CUSIP: 21H052686<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  17450000 | PA      | $17407168.98  | 1.18%             | 2054-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                                         | Asurion LLC 2021 Second Lien Term Loan B4                                        | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    564175 | PA      | $531913.01    | 0.04%             | 2029-01-20      | Floating      | 9.72%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                           | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F040693<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  46275000 | PA      | $42672722.63  | 2.88%             | 2055-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                  | CUSIP: 31418EJ68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1090096 | PA      | $1039173.43   | 0.07%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Grifols Worldwide Operations USA Inc                                                | Grifols Worldwide Operations USA Inc 2019 USD Term Loan B                        | CUSIP: 39843PAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     87976 | PA      | $87934.24     | 0.01%             | 2027-11-15      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| Last Mile Securities                                                                | Last Mile Securities PE 2021 DAC                                                 | CUSIP: 000000000<br>LEI: 635400UJZKP57EXKMQ33 | Long             | ABS-MBS          | CORP              | IE        |    754845 | PA      | $859315.19    | 0.06%             | 2031-08-17      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| VONOVIA SE                                                                          | Vonovia SE                                                                       | CUSIP: 000000000<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $94728.69     | 0.01%             | 2032-09-01      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                             | GLP Capital LP / GLP Financing II Inc                                            | CUSIP: 361841AK5<br>LEI: N/A                  | Long             | DBT              |  | US        |     10000 | PA      | $10221.20     | 0.00%             | 2028-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| eStruxture Issuer Limited Partnership                                               | eStruxture Issuer LP                                                             | CUSIP: 000000000<br>LEI: 8945009YAF8AMRRYIY30 | Long             | ABS-O            | CORP              | CA        |   4740000 | PA      | $3437594.69   | 0.23%             | 2055-07-20      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| IndyMac INDX Mortgage Loan Trust                                                    | IndyMac INDX Mortgage Loan Trust 2006-AR3                                        | CUSIP: 45660L5S4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     67137 | PA      | $45913.28     | 0.00%             | 2036-03-25      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2006-34                                                   | CUSIP: 02148AAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1255216 | PA      | $553108.22    | 0.04%             | 2046-11-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| INTELSAT EMERGENCE SA                                                               | INTELSAT EMERGENCE SA                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |     11053 | NS      | $6189.68      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Zayo Group Holdings Inc                                                             | Zayo Group Holdings Inc USD Term Loan                                            | CUSIP: 98919XAB7<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | LON              | CORP              | US        |    500000 | PA      | $484032.50    | 0.03%             | 2027-03-09      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| LA FRANCAISE DES JEUX SA                                                            | La Francaise des Jeux SACA                                                       | CUSIP: 000000000<br>LEI: 969500R4CLSQFTYYI535 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $563290.35    | 0.04%             | 2033-11-21      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Notes                                                              | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  39005000 | PA      | $38863302.25  | 2.63%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                    | COLT 2022-7 Mortgage Loan Trust                                                  | CUSIP: 12663GAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3020000 | PA      | $3001228.59   | 0.20%             | 2067-04-25      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                                                            | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 03969AAR1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    305000 | PA      | $151789.35    | 0.01%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                        | CSMC Mortgage-Backed Trust 2007-5                                                | CUSIP: 22944BAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    722627 | PA      | $405064.81    | 0.03%             | 2037-08-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                                                                  | Bausch + Lomb Corp                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |    320000 | PA      | $334601.60    | 0.02%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| GREAT CAN GAMING/RAPTOR                                                             | Great Canadian Gaming Corp/Raptor LLC                                            | CUSIP: 389925AA6<br>LEI: 549300FU60SSFLTE0M84 | Long             | DBT              | CORP              | XX        |    745000 | PA      | $730658.75    | 0.05%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                                               | Palmer Square CLO 2015-1 Ltd                                                     | CUSIP: 69689ACC2<br>LEI: 5493006ZPBFJJGSXB826 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2499912.50   | 0.17%             | 2034-05-21      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                                                             | VZ Secured Financing BV                                                          | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |   1475000 | PA      | $1299519.25   | 0.09%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Media Bristol LLC                                                            | Virgin Media Bristol LLC USD Term Loan N                                         | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |    187759 | PA      | $185803.36    | 0.01%             | 2028-01-31      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| EOC Borrower LLC                                                                    | EOC Borrower LLC Term Loan B                                                     | CUSIP: 26875YAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    500000 | PA      | $501797.50    | 0.03%             | 2032-03-24      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| SOUTH FIELD LLC                                                                     | South Field LLC 2025 Term Loan C                                                 | CUSIP: 83783XAE6<br>LEI: 549300M3RBW5ZIH20760 | Long             | LON              | CORP              | US        |     22862 | PA      | $22975.90     | 0.00%             | 2031-08-29      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp                                                           | Gainwell Acquisition Corp Term Loan B                                            | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2027-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                                                        | Hudson Yards 2025-SPRL Mortgage Trust                                            | CUSIP: 44855PAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1031461.40   | 0.07%             | 2040-01-13      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| Invesco CLO LTD                                                                     | Invesco CLO 2021-2 Ltd                                                           | CUSIP: 46091AAB6<br>LEI: 54930008KRIBK4JIR608 | Long             | ABS-CBDO         | CORP              | KY        |   5000000 | PA      | $1669805.00   | 0.11%             | 2034-07-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| American Money Management Corporation                                               | AMMC CLO 24 Ltd                                                                  | CUSIP: 00177LAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $700774.20    | 0.05%             | 2035-01-20      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Great Canadian Gaming Corporation                                                   | Great Canadian Gaming Corporation 2024 Term Loan B                               | CUSIP: 000000000<br>LEI: 549300FU60SSFLTE0M84 | Long             | LON              | CORP              | CA        |    350000 | PA      | $342343.75    | 0.02%             | 2029-11-01      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| Veritiv Corporation                                                                 | Veritiv Corporation Term Loan B                                                  | CUSIP: 92338TAB2<br>LEI: 5493004G8OK5L1UTIY12 | Long             | LON              | CORP              | US        |    566685 | PA      | $569696.60    | 0.04%             | 2030-11-30      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                                                                | Pilgrim's Pride Corp                                                             | CUSIP: 72147KAJ7<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1367380.30   | 0.09%             | 2031-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WORLDLINE SA/FRANCE                                                                 | Worldline SA/France                                                              | CUSIP: 000000000<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |   1627689 | PA      | $1810318.08   | 0.12%             | 2026-07-30      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| CASTLE US HOLDING CORPORATION                                                       | Castle US Holding Corporation 2025 New Money FLFO Term Loan                      | CUSIP: 14852DAG6<br>LEI: 254900VXLMLPIE9ID612 | Long             | LON              | CORP              | US        |     39316 | PA      | $39795.42     | 0.00%             | 2030-04-29      | Floating      | 9.33%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                                                              | Switch ABS Issuer LLC                                                            | CUSIP: 871044AJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2350000 | PA      | $2459021.67   | 0.17%             | 2054-06-25      | Fixed         | 10.03%                | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                         | CUSIP: 38384YEE7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  11091023 | PA      | $895203.84    | 0.06%             | 2054-10-20      | Floating      | 1.15%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2006-19CB                                                 | CUSIP: 02147QAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    112696 | PA      | $63229.32     | 0.00%             | 2036-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                                                      | NewDay Funding                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |   2500000 | PA      | $3309370.14   | 0.22%             | 2033-07-15      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                          | US Bancorp                                                                       | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155566.50    | 0.01%             | 2035-01-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes 2021-SFR3 Trust                                                      | FirstKey Homes 2021-SFR3 Trust                                                   | CUSIP: 33768JAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    944000 | PA      | $906795.92    | 0.06%             | 2038-12-17      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                               | Mexico Government International Bonds                                            | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    810000 | PA      | $824580.00    | 0.06%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| WF-RBS Commercial Mortgage Trust                                                    | WFRBS Commercial Mortgage Trust 2014-C22                                         | CUSIP: 92890KBD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    207267 | PA      | $39.55        | 0.00%             | 2057-09-15      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Acquisition Corp                                                 | JP Morgan Mortgage Acquisition Trust 2006-CW2                                    | CUSIP: 46629BAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1343341 | PA      | $787787.07    | 0.05%             | 2036-08-25      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                    | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137BLN38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    675585 | PA      | $6.76         | 0.00%             | 2043-10-25      | Variable      | 1.55%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                          | JPMBB Commercial Mortgage Securities Trust 2015-C31                              | CUSIP: 46644YAX8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1084226 | PA      | $10.84        | 0.00%             | 2048-08-15      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                         | CUSIP: 38378B7K9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    297014 | PA      | $631.10       | 0.00%             | 2054-04-16      | Variable      | 0.17%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                       | NEW YORK ST URBAN DEV CORP SALES TAX REVENUE                                     | CUSIP: 64985TEY3<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    135000 | PA      | $113514.08    | 0.01%             | 2034-03-15      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                 | CUSIP: 3132DWFF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2777984 | PA      | $2647783.36   | 0.18%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SHOWTIME ACQUISITION LLC                                                            | Showtime Acquisition LLC 2024 1st Lien Term Loan                                 | CUSIP: 82540EAC8<br>LEI: 54930002EOYTEFEJFW69 | Long             | LON              | CORP              | US        |    299907 | PA      | $301313.98    | 0.02%             | 2031-08-16      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                      | Morgan Stanley                                                                   | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    650000 | PA      | $667719.00    | 0.05%             | 2036-01-18      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                                                | Enel Finance International NV                                                    | CUSIP: 000000000<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    290000 | PA      | $336355.53    | 0.02%             | 2043-02-20      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| MASTR Alternative Loans Trust                                                       | MASTR Alternative Loan Trust 2005-2                                              | CUSIP: 576434J70<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4594 | PA      | $4525.34      | 0.00%             | 2035-03-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                               | Wells Fargo & Co                                                                 | CUSIP: 95000U2S1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    560000 | PA      | $539173.60    | 0.04%             | 2028-06-02      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| BCAP LLC Trust                                                                      | BCAP LLC Trust 2007-AA2                                                          | CUSIP: 05530NBA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2358395 | PA      | $948207.26    | 0.06%             | 2037-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BXP Trust                                                                           | BXP Trust 2017-GM                                                                | CUSIP: 056083AN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $704215.13    | 0.05%             | 2039-06-13      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                      | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM5                         | CUSIP: 61779BAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4055000 | PA      | $4078914.12   | 0.28%             | 2070-07-25      | Variable      | 6.14%                 | No            |                  2 | On Loan: No      |
| TEAMSYSTEM SPA                                                                      | TeamSystem SpA                                                                   | CUSIP: 000000000<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |    800000 | PA      | $913772.11    | 0.06%             | 2032-07-01      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| OREGON TOOL INC                                                                     | Oregon Tool Inc 2025 2nd Lien Term Loan                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |    715641 | PA      | $590629.00    | 0.04%             | 2029-10-15      | Floating      | 8.59%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                                    | Vista Point Securitization Trust Series 2024-CES2                                | CUSIP: 92841YAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1002922.10   | 0.07%             | 2054-10-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Capital Street Master Trust                                                         | Capital Street Master Trust                                                      | CUSIP: 14051LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | PA      | $1100210.98   | 0.07%             | 2028-10-16      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                               | Wells Fargo Commercial Mortgage Trust 2015-C31                                   | CUSIP: 94989WAV9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9697007 | PA      | $96.97        | 0.00%             | 2048-11-15      | Variable      | 0.91%                 | No            |                  2 | On Loan: No      |
| BCPE FLAVOR DEBT/ISSUER                                                             | BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer Inc                       | CUSIP: 072933AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1990000 | PA      | $2051809.40   | 0.14%             | 2032-07-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                                                                    | Hilton USA Trust                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1075000 | PA      | $1081712.30   | 0.07%             | 2042-07-15      | Floating      | 11.28%                | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2007-13                                                   | CUSIP: 02150MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    269059 | PA      | $134617.69    | 0.01%             | 2047-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                             | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GXM1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2910000 | PA      | $2872315.50   | 0.19%             | 2026-12-09      | Fixed         | 1.09%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                             | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC44<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    170000 | PA      | $173967.80    | 0.01%             | 2036-01-28      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Acquisition Corp                                                 | JP Morgan Mortgage Acquisition Trust 2006-CW2                                    | CUSIP: 46629BAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    255277 | PA      | $149649.59    | 0.01%             | 2036-08-25      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                                              | SLM Student Loan Trust 2008-7                                                    | CUSIP: 78445FAE5<br>LEI: 54930067BGNOZYMNWK87 | Long             | ABS-O            | CORP              | US        |     10000 | PA      | $10039.17     | 0.00%             | 2083-07-26      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                                              | Rockford Tower CLO 2017-3 Ltd                                                    | CUSIP: 77341DAA5<br>LEI: 549300V5ZF7112UGSH89 | Long             | ABS-CBDO         | CORP              | KY        |    166506 | PA      | $166791.36    | 0.01%             | 2030-10-20      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| ALLO Issuer, LLC                                                                    | ALLO Issuer LLC                                                                  | CUSIP: 01983KAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2734000 | PA      | $2965031.48   | 0.20%             | 2054-07-20      | Fixed         | 11.19%                | No            |                  2 | On Loan: No      |
| Allegro CLO Ltd                                                                     | Allegro CLO XVI Ltd                                                              | CUSIP: 01749FAE0<br>LEI: 213800XPKDKUTQ6UKE25 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1007648.00   | 0.07%             | 2037-04-25      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                | CUSIP: 3136BTWY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7333915 | PA      | $7321643.42   | 0.49%             | 2053-10-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                                             | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1351000 | PA      | $1433289.41   | 0.10%             | 2031-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| MVM ENERGETIKA ZRT                                                                  | MVM Energetika Zrt                                                               | CUSIP: 000000000<br>LEI: 529900ELI5AQ9F74PF85 | Long             | DBT              | CORP              | HU        |    400000 | PA      | $414108.00    | 0.03%             | 2031-03-13      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                                            | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAC7<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    750000 | PA      | $654952.50    | 0.04%             | 2033-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing and Securitization                                     | Credit-Based Asset Servicing and Securitization LLC                              | CUSIP: 1248P8AK5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     23268 | PA      | $23079.56     | 0.00%             | 2036-10-25      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Bank                                                                                | BANK 2020-BNK25                                                                  | CUSIP: 06539WBG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1815000 | PA      | $1579850.05   | 0.11%             | 2063-01-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Commercial Mortgage Trust 2020-VIVA                                           | CUSIP: 12433XAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $1067565.60   | 0.07%             | 2044-03-11      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                                               | Guatemala Government Bond                                                        | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    310000 | PA      | $308756.90    | 0.02%             | 2029-08-10      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                                  | Energy Transfer LP                                                               | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    733000 | PA      | $731805.21    | 0.05%             | 2028-02-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| 280 Park Avenue Mortgage Trust                                                      | 280 Park Avenue 2017-280P Mortgage Trust                                         | CUSIP: 90205FAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3100000 | PA      | $3003401.52   | 0.20%             | 2034-09-15      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                                                                | BAT International Finance PLC                                                    | CUSIP: 05530QAN0<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |     83000 | PA      | $81469.48     | 0.01%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| DBGS Mortgage Trust                                                                 | DBGS 2021-W52 Mortgage Trust                                                     | CUSIP: 23308LAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1350000 | PA      | $1309006.17   | 0.09%             | 2036-10-15      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                                                            | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $281327.75    | 0.02%             | 2029-03-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                              | US 2YR NOTE (CBT) SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       815 | NC      | $-203257.02   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CSC HOLDINGS LLC                                                                    | CSC Holdings LLC                                                                 | CUSIP: 126307BD8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    300000 | PA      | $140673.00    | 0.01%             | 2030-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                              | Philip Morris International Inc                                                  | CUSIP: 000000000<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    635000 | PA      | $719081.77    | 0.05%             | 2029-06-06      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Lehman XS Trust                                                                     | Lehman XS Trust 2006-17                                                          | CUSIP: 52523KAQ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    164020 | PA      | $147510.38    | 0.01%             | 2046-08-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| BXHPP Trust                                                                         | BXHPP Trust 2021-FILM                                                            | CUSIP: 05609JAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $1023943.68   | 0.07%             | 2036-08-15      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                                       | UBS Commercial Mortgage Trust 2017-C4                                            | CUSIP: 90276RBF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7874315 | PA      | $140673.05    | 0.01%             | 2050-10-15      | Variable      | 1.08%                 | No            |                  2 | On Loan: No      |
| CCRR Parent Inc                                                                     | CCRR Parent Inc Term Loan B                                                      | CUSIP: 12510MAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    134196 | PA      | $46968.67     | 0.00%             | 2028-03-06      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| UFC HOLDINGS LLC                                                                    | UFC Holdings LLC 2024 Term Loan B                                                | CUSIP: 90266UAK9<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |    280650 | PA      | $281752.89    | 0.02%             | 2031-11-21      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                                                            | Live Nation Entertainment Inc                                                    | CUSIP: 538034AN9<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    355000 | PA      | $355205.90    | 0.02%             | 2026-03-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| VONOVIA SE                                                                          | Vonovia SE                                                                       | CUSIP: 000000000<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | DBT              | CORP              | DE        |    600000 | PA      | $460501.37    | 0.03%             | 2041-06-14      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| BLACKROCK INC                                                                       | Blackrock Inc                                                                    | CUSIP: 000000000<br>LEI: 529900VBK42Y5HHRMD23 | Long             | DBT              | CORP              | US        |    730000 | PA      | $853927.50    | 0.06%             | 2035-07-18      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Intel Corp                                                                          | Intel Corp                                                                       | CUSIP: 458140BG4<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $684830.00    | 0.05%             | 2047-12-08      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| Madison Avenue Trust                                                                | Eleven Madison Trust 2015-11MD Mortgage Trust                                    | CUSIP: 556227AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1114500 | PA      | $1104228.99   | 0.07%             | 2035-09-10      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| Great Wolf Trust                                                                    | Great Wolf Trust 2024-WOLF                                                       | CUSIP: 39152MAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2610000 | PA      | $2632995.67   | 0.18%             | 2039-03-15      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY FINANCE                                                              | Alliant Energy Finance LLC                                                       | CUSIP: 01882YAD8<br>LEI: 54930033ER6EOI5DL570 | Long             | DBT              | CORP              | US        |    655000 | PA      | $594582.80    | 0.04%             | 2032-03-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| RINGCENTRAL INC                                                                     | RingCentral Inc                                                                  | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |    336000 | PA      | $358532.16    | 0.02%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                                                                        | VT Topco Inc                                                                     | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |    560000 | PA      | $596456.00    | 0.04%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust 2024-INV1                                             | CUSIP: 92540FAF7<br>LEI: 9845000FE754F4AE7E70 | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3032359.50   | 0.20%             | 2069-03-25      | Variable      | 8.46%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing and Securitization                                     | C-BASS Mortgage Loan Trust 2007-CB2                                              | CUSIP: 1248MBAH8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    798063 | PA      | $462983.42    | 0.03%             | 2037-02-25      | Variable      | 3.51%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                                               | Foundry JV Holdco LLC                                                            | CUSIP: 350930AF0<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    185000 | PA      | $189012.65    | 0.01%             | 2031-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp                                                                    | BAT Capital Corp                                                                 | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     44000 | PA      | $43201.84     | 0.00%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| AlixPartners LLP                                                                    | AlixPartners LLP 2021 USD Term Loan B                                            | CUSIP: 01642PBB1<br>LEI: 5493005G2MHUFTGARL57 | Long             | LON              | CORP              | US        |    997395 | PA      | $998991.19    | 0.07%             | 2028-02-04      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| ELIA GROUP SA/NV                                                                    | Elia Group SA/NV                                                                 | CUSIP: 000000000<br>LEI: 549300S1MP1NFDIKT460 | Long             | DBT              | CORP              | BE        |    100000 | PA      | $116618.03    | 0.01%             | 2031-06-11      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| E.ON SE                                                                             | E.ON SE                                                                          | CUSIP: 000000000<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | DBT              | CORP              | DE        |    300000 | PA      | $343164.39    | 0.02%             | 2038-09-05      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                                           | Nelnet Student Loan Trust 2007-1                                                 | CUSIP: 64032EAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    785000 | PA      | $700376.45    | 0.05%             | 2037-08-25      | Variable      | 5.96%                 | No            |                  3 | On Loan: No      |
| DTI HOLDCO INC                                                                      | DTI Holdco Inc 2025 Term Loan B                                                  | CUSIP: 23358EAK5<br>LEI: 549300QQVMUL3P8XVJ27 | Long             | LON              | CORP              | US        |   1021552 | PA      | $1009844.70   | 0.07%             | 2029-04-26      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                               | CUSIP: 3137HJC54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6615144 | PA      | $561937.04    | 0.04%             | 2055-02-25      | Floating      | 1.40%                 | No            |                  2 | On Loan: No      |
| IRV Trust                                                                           | IRV Trust 2025-200P                                                              | CUSIP: 45006HAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1370000 | PA      | $1353993.88   | 0.09%             | 2047-03-14      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                                                 | Altice Financing SA                                                              | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |   2393000 | PA      | $1834186.64   | 0.12%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM                                                            | Amcor Flexibles North America Inc                                                | CUSIP: 02344AAC2<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |   2225000 | PA      | $2237571.25   | 0.15%             | 2028-03-17      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Cologix Data Centers Issuer LLC                                                     | Cologix Data Centers US Issuer LLC                                               | CUSIP: 19521UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1933694.60   | 0.13%             | 2051-12-26      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| STAR PARENT INC                                                                     | Star Parent Inc                                                                  | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |    810000 | PA      | $853237.80    | 0.06%             | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Cologix Data Centers Issuer LLC                                                     | Cologix Data Centers US Issuer LLC                                               | CUSIP: 19521UAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3400000 | PA      | $3332265.20   | 0.23%             | 2051-12-26      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| 280 Park Avenue Mortgage Trust                                                      | 280 Park Avenue 2017-280P Mortgage Trust                                         | CUSIP: 90205FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1700000 | PA      | $1679941.36   | 0.11%             | 2034-09-15      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| NAPA Management Services Corporation                                                | NAPA Management Services Corporation Term Loan B                                 | CUSIP: 63035HAC3<br>LEI: 549300C5SN85QZ48R870 | Long             | LON              | CORP              | US        |   1381134 | PA      | $936408.93    | 0.06%             | 2029-02-23      | Floating      | 9.71%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2005-46CB                                                 | CUSIP: 12667G6W8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    219192 | PA      | $150038.04    | 0.01%             | 2035-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                                                        | Centene Corp                                                                     | CUSIP: 15135BAZ4<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $835890.00    | 0.06%             | 2031-08-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $25845.41     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Element Materials Technology Group US Holdings Inc                                  | Element Materials Technology Group US Holdings Inc 2022 USD Term Loan            | CUSIP: 000000000<br>LEI: 213800EGOJGGUKUGEZ30 | Long             | LON              | CORP              | US        |    248229 | PA      | $249263.01    | 0.02%             | 2029-07-06      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Acquisition Corp                                                 | JP Morgan Mortgage Acquisition Trust 2007-CH2                                    | CUSIP: 46630MAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    560033 | PA      | $274679.61    | 0.02%             | 2030-10-25      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                                                      | HarborView Mortgage Loan Trust 2005-9                                            | CUSIP: 41161PSP9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    853732 | PA      | $0.94         | 0.00%             | 2035-06-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                                                   | PRPM 2023-NQM2 Trust                                                             | CUSIP: 74390KAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $1249499.13   | 0.08%             | 2068-08-25      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| SMRT                                                                                | SMRT 2022-MINI                                                                   | CUSIP: 78457JAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $971746.20    | 0.07%             | 2039-01-15      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                            | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $239374.80    | 0.02%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| First Franklin Mtg Loan Asset Backed Certificates                                   | First Franklin Mortgage Loan Trust Series 2007-FF2                               | CUSIP: 32029GAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    635889 | PA      | $299955.17    | 0.02%             | 2037-03-25      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust 2022-2                                                | CUSIP: 92538XAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    825543 | PA      | $777438.53    | 0.05%             | 2067-02-25      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                                 | COMM 2014-UBS5 Mortgage Trust                                                    | CUSIP: 12592KBD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2070073 | PA      | $20.70        | 0.00%             | 2047-09-10      | Variable      | 0.53%                 | No            |                  2 | On Loan: No      |
| bmo sba coof trust                                                                  | BMO SBA COOF Trust 2019-1                                                        | CUSIP: 05588XAA4<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |   1736205 | PA      | $65100.82     | 0.00%             | 2045-10-25      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Ginnie Mae II Pool                                                               | CUSIP: 36180AB85<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5973069 | PA      | $5683079.41   | 0.38%             | 2054-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                                 | COMM 2016-CR28 Mortgage Trust                                                    | CUSIP: 12593YBH5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10506364 | PA      | $116.62       | 0.00%             | 2049-02-10      | Variable      | 0.65%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                                                          | Grifols SA                                                                       | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    827000 | PA      | $998878.81    | 0.07%             | 2030-05-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| BGME Trust                                                                          | BGME Trust 2021-VR                                                               | CUSIP: 05551XAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1600000 | PA      | $1212308.32   | 0.08%             | 2043-01-10      | Variable      | 2.99%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                                 | Freddie Mac STACR REMIC Trust 2021-HQA3                                          | CUSIP: 35564KKL2<br>LEI: 5493000ISHRHX47NOH65 | Long             | ABS-MBS          | USGSE             | US        |   3220789 | PA      | $3359576.66   | 0.23%             | 2041-09-25      | Floating      | 10.60%                | No            |                  2 | On Loan: No      |
| BAE Systems Holdings Inc                                                            | BAE Systems Holdings Inc                                                         | CUSIP: 05523UAP5<br>LEI: MF62XBVMNYTYMC18DL76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249372.50    | 0.02%             | 2025-12-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                | CUSIP: 3136BTE66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6994343 | PA      | $6960722.76   | 0.47%             | 2054-12-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| OT MIDCO LTD                                                                        | OT Midco Ltd                                                                     | CUSIP: 68877AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1743000 | PA      | $1437922.71   | 0.10%             | 2030-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Time Warner Cable LLC                                                               | Time Warner Cable LLC                                                            | CUSIP: 88732JBB3<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    535000 | PA      | $482254.35    | 0.03%             | 2041-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Structured Asset Mortgage Investments Inc                                           | Structured Asset Mortgage Investments II Trust 2006-AR2                          | CUSIP: 86359LSM2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7430 | PA      | $6876.70      | 0.00%             | 2036-02-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                    | T-Mobile USA Inc                                                                 | CUSIP: 87264ADS1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $1090888.50   | 0.07%             | 2032-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                        | GS Mortgage Securities Corp Trust 2017-375H                                      | CUSIP: 36254JAG0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | ABS-MBS          | CORP              | US        |   2920000 | PA      | $2739789.86   | 0.19%             | 2037-09-10      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                                               | Palmer Square CLO 2015-1 Ltd                                                     | CUSIP: 69689ACA6<br>LEI: 5493006ZPBFJJGSXB826 | Long             | ABS-CBDO         | CORP              | KY        |   1300000 | PA      | $1304728.10   | 0.09%             | 2034-05-21      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                                                                        | Hudson Yards 2025-SPRL Mortgage Trust                                            | CUSIP: 44855PAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1550000 | PA      | $1598825.93   | 0.11%             | 2040-01-13      | Variable      | 7.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                 | CUSIP: 3132DWE66<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    492478 | PA      | $469543.36    | 0.03%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                          | AMSR 2021-SFR2 Trust                                                             | CUSIP: 00179VAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1225000 | PA      | $1193059.60   | 0.08%             | 2038-08-17      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| FS Commerical Mortgage Trust 2023-4SZN                                              | FS Commercial Mortgage Trust 2023-4SZN                                           | CUSIP: 30334RAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1026187.30   | 0.07%             | 2039-11-10      | Variable      | 10.42%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                 | CUSIP: 31427NEF2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  18006279 | PA      | $16618784.52  | 1.12%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                          | AMSR 2022-SFR1 Trust                                                             | CUSIP: 00179WAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3150000 | PA      | $3123230.99   | 0.21%             | 2039-03-17      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                                            | Madison Park Funding XLVIII Ltd                                                  | CUSIP: 55821UAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    900141 | PA      | $903742.00    | 0.06%             | 2033-04-19      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| Vault DI Issuer LLC                                                                 | Vault DI Issuer LLC                                                              | CUSIP: 92243JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1700000 | PA      | $1651611.37   | 0.11%             | 2046-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                         | CUSIP: 38381AYA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2072 | PA      | $1950.50      | 0.00%             | 2048-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ACRA Trust 2024-NQM1                                                                | ACRA Trust 2024-NQM1                                                             | CUSIP: 00112EAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1470000 | PA      | $1475055.33   | 0.10%             | 2064-10-25      | Variable      | 6.19%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                                                            | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAM9<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    216000 | PA      | $218481.84    | 0.01%             | 2040-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                                      | Carvana Auto Receivables Trust 2023-P1                                           | CUSIP: 14688EAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3100 | PA      | $257594.30    | 0.02%             | 2030-03-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                                      | CFMT 2024-NR1 LLC                                                                | CUSIP: 12531DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500972 | PA      | $1506734.51   | 0.10%             | 2029-11-25      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| VERITIV OPERATING CO                                                                | Veritiv Operating Co                                                             | CUSIP: 92339LAA0<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |     49000 | PA      | $53181.17     | 0.00%             | 2030-11-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                                                | Las Vegas Sands Corp                                                             | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   1825000 | PA      | $1854364.25   | 0.13%             | 2028-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| AMSPEC PARENT LLC                                                                   | Amspec Parent LLC 2024 Delayed Draw Term Loan                                    | CUSIP: 03218AAC3<br>LEI: 254900LUGRP5Z7OOV477 | Long             | LON              | CORP              | US        |     25030 | PA      | $25217.44     | 0.00%             | 2031-12-22      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                                                | PRET 2025-NPL1 Trust                                                             | CUSIP: 74143VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1776330 | PA      | $1779154.46   | 0.12%             | 2055-02-25      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2007-22                                                   | CUSIP: 02151BBG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    235530 | PA      | $82404.68     | 0.01%             | 2037-09-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2005-67CB                                                 | CUSIP: 12668AJ89<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     54351 | PA      | $39821.74     | 0.00%             | 2036-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Banc of America Alternative Loan Trust                                              | Banc of America Alternative Loan Trust 2006-5                                    | CUSIP: 05950BAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1407089 | PA      | $1134188.48   | 0.08%             | 2046-06-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| TEXAS Commercial Mortgage Trust                                                     | TEXAS Commercial Mortgage Trust 2025-TWR                                         | CUSIP: 88231WAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1325000 | PA      | $1328840.65   | 0.09%             | 2042-04-15      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                                               | Panama Government International Bonds                                            | CUSIP: 698299BT0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |   1014000 | PA      | $998110.62    | 0.07%             | 2035-02-14      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                            | Avis Budget Rental Car Funding AESOP LLC                                         | CUSIP: 05377RKJ2<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1530000 | PA      | $1547083.77   | 0.10%             | 2028-04-20      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Flexential Issuer, LLC                                                              | Flexential Issuer 2021-1                                                         | CUSIP: 33938MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2174019.75   | 0.15%             | 2051-11-27      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                                             | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $155124.00    | 0.01%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust                                                    | Vista Point Securitization Trust Series 2024-CES2                                | CUSIP: 92841YAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $698984.23    | 0.05%             | 2054-10-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC                                                                    | Getty Images Inc                                                                 | CUSIP: 374276AM5<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |   1400097 | PA      | $1342413.00   | 0.09%             | 2030-02-21      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| E.ON SE                                                                             | E.ON SE                                                                          | CUSIP: 000000000<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | DBT              | CORP              | DE        |    525000 | PA      | $606978.32    | 0.04%             | 2033-04-16      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Freddiemac Strip                                                                    | Freddie Mac Strips                                                               | CUSIP: 3142G6FR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  15664278 | PA      | $2177627.22   | 0.15%             | 2052-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AA BOND CO LTD                                                                      | AA Bond Co Ltd                                                                   | CUSIP: 000000000<br>LEI: 2138002EPF6QVRZBMC58 | Long             | DBT              | CORP              | JE        |    210000 | PA      | $295662.85    | 0.02%             | 2028-01-31      | Fixed         | 8.45%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                                                           | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22                      | CUSIP: 61690FAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    204457 | PA      | $2.04         | 0.00%             | 2048-04-15      | Variable      | 0.56%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                    | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137FMCP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    157111 | PA      | $14693.93     | 0.00%             | 2031-01-25      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| BXP Trust                                                                           | BXP Trust 2017-GM                                                                | CUSIP: 056083AL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $948167.80    | 0.06%             | 2039-06-13      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                                                        | State Street Institutional U.S. Government Money Market Fund                     | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   3108491 | NS      | $3108490.65   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| OPEN TEXT INC                                                                       | Open Text Holdings Inc                                                           | CUSIP: 683720AC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2350000 | PA      | $2141907.50   | 0.14%             | 2031-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                                      | Carvana Auto Receivables Trust 2021-N3                                           | CUSIP: 14687GAH8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1500 | PA      | $96089.74     | 0.01%             | 2028-06-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                           | Towd Point Mortgage Trust 2024-CES1                                              | CUSIP: 89183CAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    773239 | PA      | $775080.60    | 0.05%             | 2064-01-25      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                          | Progress Residential 2021-SFR9 Trust                                             | CUSIP: 74333QAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1531000 | PA      | $1427544.82   | 0.10%             | 2040-11-17      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2005-46CB                                                 | CUSIP: 12667G6X6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    165630 | PA      | $111173.75    | 0.01%             | 2035-10-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROLLINS INC                                                                         | Rollins Inc                                                                      | CUSIP: 775711AC8<br>LEI: 549300F2A0BXT4SGWD84 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1090196.20   | 0.07%             | 2035-02-24      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                                               | Tenet Healthcare Corp                                                            | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1943974.50   | 0.13%             | 2027-11-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                                               | Palmer Square CLO 2021-1 Ltd                                                     | CUSIP: 69701UAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2212000 | PA      | $1541385.75   | 0.10%             | 2038-04-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                                                | PRET 2025-NPL6 LLC                                                               | CUSIP: 740936AA7<br>LEI: 2549004EWBYQ3J21FL07 | Long             | ABS-O            | CORP              | US        |   3644578 | PA      | $3629613.91   | 0.25%             | 2055-06-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| Smithfield Foods Inc                                                                | Smithfield Foods Inc                                                             | CUSIP: 832248BB3<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5025.30      | 0.00%             | 2029-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                        | GS Mortgage Securities Trust 2016-GS4                                            | CUSIP: 36251XAT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13416123 | PA      | $50437.91     | 0.00%             | 2049-11-10      | Variable      | 0.51%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                                                         | Extended Stay America Trust 2021-ESH                                             | CUSIP: 30227FAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3281666 | PA      | $3289560.76   | 0.22%             | 2038-07-15      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                    | RALI Series 2007-QS1 Trust                                                       | CUSIP: 74922KAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5342539 | PA      | $685540.24    | 0.05%             | 2037-01-25      | Floating      | 2.17%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                    | RALI Series 2006-QS6 Trust                                                       | CUSIP: 74922EAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    787225 | PA      | $639694.15    | 0.04%             | 2036-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                                                             | HCA Inc                                                                          | CUSIP: 404121AJ4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    275000 | PA      | $281985.00    | 0.02%             | 2028-09-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                                                                 | Hotwire Funding LLC                                                              | CUSIP: 44148JAM1<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2356308.00   | 0.16%             | 2054-06-20      | Fixed         | 9.19%                 | No            |                  2 | On Loan: No      |
| WP CAREY INC                                                                        | WP Carey Inc                                                                     | CUSIP: 000000000<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              |  | US        |    200000 | PA      | $236760.09    | 0.02%             | 2032-07-23      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                                              | SLM Student Loan Trust 2008-5                                                    | CUSIP: 78444YAD7<br>LEI: 549300SRMXHPGI3BJ386 | Long             | ABS-O            | CORP              | US        |     26520 | PA      | $26656.54     | 0.00%             | 2023-07-25      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                            | OBX 2024-NQM16 Trust                                                             | CUSIP: 67120GAF5<br>LEI: 254900AIRPH5Q5COT575 | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $4020273.60   | 0.27%             | 2064-10-25      | Variable      | 6.37%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                               | Wells Fargo Commercial Mortgage Trust 2015-LC20                                  | CUSIP: 94989EAQ0<br>LEI: 549300W6NRTMFPYUPG47 | Long             | ABS-MBS          | CORP              | US        |    415000 | PA      | $11453.21     | 0.00%             | 2050-04-15      | Variable      | 2.02%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                                                   | PRPM 2024-RPL4 LLC                                                               | CUSIP: 74448MAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1280000 | PA      | $1161078.91   | 0.08%             | 2054-12-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Calpine Corporation                                                                 | Calpine Corporation 2024 Term Loan B10                                           | CUSIP: 13134MBW2<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | LON              | CORP              | US        |    179916 | PA      | $180146.05    | 0.01%             | 2031-01-31      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| BCRED CLO LLC                                                                       | BCRED CLO 2023-1 LLC                                                             | CUSIP: 055978AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1200000 | PA      | $1204076.40   | 0.08%             | 2036-01-20      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                               | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CBK9<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    195000 | PA      | $186006.60    | 0.01%             | 2053-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                               | CUSIP: 3137HLPB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  14082744 | PA      | $867283.10    | 0.06%             | 2055-06-25      | Floating      | 0.70%                 | No            |                  2 | On Loan: No      |
| American Rock Salt Company LLC                                                      | American Rock Salt Company LLC 2024 First Out Term Loan                          | CUSIP: 02932JAT4<br>LEI: 549300FBKBNV4GSVVR46 | Long             | LON              | CORP              | US        |    110709 | PA      | $111539.53    | 0.01%             | 2028-06-09      | Floating      | 11.59%                | No            |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                                               | Lehman Mortgage Trust 2006-9                                                     | CUSIP: 52521HBT9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5513241 | PA      | $314661.08    | 0.02%             | 2037-01-25      | Floating      | 2.76%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                                            | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   1604000 | PA      | $1351193.56   | 0.09%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                                               | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1224000 | PA      | $1259496.00   | 0.09%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| 1440 FOOD TOPCO LLC                                                                 | 1440 Food Topco LLC Term Loan B                                                  | CUSIP: 68239HAB8<br>LEI: 25490024DAA5SE6DQ846 | Long             | LON              | CORP              | US        |    747739 | PA      | $734653.12    | 0.05%             | 2031-10-31      | Floating      | 9.36%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                          | AMSR 2024-SFR1 Trust                                                             | CUSIP: 00179CAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4653000 | PA      | $4380336.53   | 0.30%             | 2041-07-17      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| Pacific Bells LLC                                                                   | Pacific Bells LLC 2024 Repriced Term Loan B                                      | CUSIP: 69403HAN0<br>LEI: 549300VGOQXINYVBJF37 | Long             | LON              | CORP              | US        |    497423 | PA      | $499081.64    | 0.03%             | 2028-11-13      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| CENTRAL GARDEN & PET CO                                                             | Central Garden & Pet Co                                                          | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     58000 | PA      | $53786.30     | 0.00%             | 2031-04-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Zayo Group Holdings Inc                                                             | Zayo Group Holdings Inc 2022 USD Incremental Term Loan B                         | CUSIP: 98919XAE1<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | LON              | CORP              | US        |    952819 | PA      | $929003.09    | 0.06%             | 2027-03-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                               | Wells Fargo Commercial Mortgage Trust 2024-5C1                                   | CUSIP: 95003VAH1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    847000 | PA      | $870303.68    | 0.06%             | 2057-07-15      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| ABG Intermediate Holdings 2 LLC                                                     | ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B                        | CUSIP: 00076VBL3<br>LEI: 54930020NXD0RJB64985 | Long             | LON              | CORP              | US        |    731903 | PA      | $731445.93    | 0.05%             | 2028-12-21      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                      | Morgan Stanley                                                                   | CUSIP: 61747YEL5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1065000 | PA      | $952397.55    | 0.06%             | 2033-01-21      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                                     | CVS Health Corp                                                                  | CUSIP: 126650ED8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1165000 | PA      | $1193414.35   | 0.08%             | 2034-06-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust                                                              | GSAA Home Equity Trust 2007-5                                                    | CUSIP: 3622ECAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    722060 | PA      | $312226.45    | 0.02%             | 2047-04-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                               | CUSIP: 3137HFQP3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4609048 | PA      | $4574200.31   | 0.31%             | 2054-10-25      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                                               | Panama Government International Bonds                                            | CUSIP: 698299BN3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |   1014000 | PA      | $777119.46    | 0.05%             | 2032-09-29      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                                                    | GGAM Finance Ltd                                                                 | CUSIP: 36170JAA4<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    892000 | PA      | $943343.52    | 0.06%             | 2028-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                                 | COMM 2014-CCRE19 Mortgage Trust                                                  | CUSIP: 12592GAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $4331.94      | 0.00%             | 2047-08-10      | Variable      | 0.71%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                              | Residential Asset Securitization Trust 2005-A8CB                                 | CUSIP: 45660LSX8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    217801 | PA      | $118005.08    | 0.01%             | 2035-07-25      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                                                         | Corp Nacional del Cobre de Chile                                                 | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    207000 | PA      | $202437.72    | 0.01%             | 2033-02-02      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Deerfield Dakota Holding LLC                                                        | Deerfield Dakota Holding LLC 2020 USD Term Loan B                                | CUSIP: 24440EAB3<br>LEI: 549300FDREJLOIGXY104 | Long             | LON              | CORP              | US        |    499519 | PA      | $495862.57    | 0.03%             | 2027-04-09      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Soundview Home Equity Loan Trust                                                    | Soundview Home Loan Trust 2007-OPT2                                              | CUSIP: 83613DAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    221517 | PA      | $179942.02    | 0.01%             | 2037-07-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                          | ROCK Trust 2024-CNTR                                                             | CUSIP: 74970WAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4175000 | PA      | $4404758.18   | 0.30%             | 2041-11-13      | Fixed         | 8.82%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                              | Residential Asset Securitization Trust 2006-A12                                  | CUSIP: 76113XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    505797 | PA      | $182181.83    | 0.01%             | 2036-11-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                    | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137FNX21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2495000 | PA      | $44913.74     | 0.00%             | 2047-09-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                | CUSIP: 3136BUDT4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1062123 | PA      | $101951.63    | 0.01%             | 2054-11-25      | Floating      | 1.65%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust 2023-1                                                | CUSIP: 92539BAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1150000 | PA      | $1145820.79   | 0.08%             | 2067-12-25      | Variable      | 6.87%                 | No            |                  2 | On Loan: No      |
| Palmer Square European Loan Funding                                                 | Palmer Square European Loan Funding 2024-3 DAC                                   | CUSIP: 000000000<br>LEI: 254900IYUKLJNYNCCC63 | Long             | ABS-CBDO         | CORP              | IE        |   1400000 | PA      | $1598158.56   | 0.11%             | 2034-05-15      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| American Home Mortgage Assets                                                       | American Home Mortgage Assets Trust 2006-6                                       | CUSIP: 008684AF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    183068 | PA      | $1538.02      | 0.00%             | 2046-12-25      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust                                                              | GSAA Trust                                                                       | CUSIP: 362334NC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2703082 | PA      | $963449.67    | 0.07%             | 2046-03-25      | Variable      | 6.72%                 | No            |                  2 | On Loan: No      |
| MASTR Asset Backed Securities Trust                                                 | Mastr Asset Backed Securities Trust 2006-NC2                                     | CUSIP: 55275BAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    657986 | PA      | $231395.62    | 0.02%             | 2036-08-25      | Floating      | 3.37%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                                               | Guatemala Government Bond                                                        | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    300000 | PA      | $298797.00    | 0.02%             | 2029-08-10      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Davis Park CLO                                                                      | Davis Park CLO Ltd                                                               | CUSIP: 239086AU5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   3500000 | PA      | $3479875.00   | 0.24%             | 2038-07-20      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                                                        | Novelis Corp                                                                     | CUSIP: 670001AG1<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    275000 | PA      | $270699.00    | 0.02%             | 2026-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NORTHWEST NATURAL HOLDI                                                             | Northwest Natural Holding Co                                                     | CUSIP: 66765NAA3<br>LEI: 254900PSJL6ZEC8FR782 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2034900.00   | 0.14%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | XX        |         1 | NC      | $-3092.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                       | JP Morgan Chase Commercial Mortgage Securities Trust 2020-NNN                    | CUSIP: 46652BBA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $12461.13     | 0.00%             | 2037-01-16      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                         | CUSIP: 38378BT58<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    243414 | PA      | $2759.90      | 0.00%             | 2053-01-16      | Variable      | 0.34%                 | No            |                  2 | On Loan: No      |
| US Anesthesia Partners Inc                                                          | US Anesthesia Partners Inc 2021 Term Loan                                        | CUSIP: 90350HAL3<br>LEI: 549300J001GMNRO7SQ51 | Long             | LON              | CORP              | US        |    457188 | PA      | $453283.12    | 0.03%             | 2028-10-01      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| ALLO Issuer, LLC                                                                    | ALLO Issuer LLC                                                                  | CUSIP: 01983KAS3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1764211.93   | 0.12%             | 2055-04-20      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                               | Wells Fargo & Co                                                                 | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    410000 | PA      | $422234.40    | 0.03%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Alinea CLO LTD                                                                      | Alinea CLO 2018-1 Ltd                                                            | CUSIP: 016269AL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $751011.75    | 0.05%             | 2031-07-20      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| SES S A                                                                             | SES S A                                                                          | CUSIP: 000000000<br>LEI: 5493008JPA4HYMH1HX51 | Long             | EC               | CORP              | LU        |     11053 | NS      | $128839.29    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                                | Bank of America Corp                                                             | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    685000 | PA      | $669087.45    | 0.05%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Avolon TLB Borrower 1 (US) LLC                                                      | Avolon TLB Borrower 1 (US) LLC 2023 Term Loan B6                                 | CUSIP: 05400KAJ9<br>LEI: 635400O84AGITYFZQB55 | Long             | LON              | CORP              | US        |   1145110 | PA      | $1146930.32   | 0.08%             | 2030-06-24      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| BAYER US FINANCE LLC                                                                | Bayer US Finance LLC                                                             | CUSIP: 07274EAL7<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |    500000 | PA      | $534355.00    | 0.04%             | 2033-11-21      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                              | Residential Asset Securitization Trust 2006-A16                                  | CUSIP: 76114GAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    333146 | PA      | $124896.24    | 0.01%             | 2037-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                                                              | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    909000 | PA      | $955086.30    | 0.06%             | 2030-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                          | Navient Student Loan Trust 2018-4                                                | CUSIP: 63941NAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    850000 | PA      | $797282.83    | 0.05%             | 2067-06-27      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                                                            | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1420000 | PA      | $1420667.40   | 0.10%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                                                       | TransDigm Inc 2023 Term Loan J                                                   | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    723951 | PA      | $726908.82    | 0.05%             | 2031-02-28      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                                                             | Global Partners LP / GLP Finance Corp                                            | CUSIP: 37954FAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    430000 | PA      | $436488.70    | 0.03%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS D                                                            | Axalta Coating Systems Dutch Holding B BV                                        | CUSIP: 05455JAA5<br>LEI: 5493007DMEBZH3CQ5E51 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $52014.50     | 0.00%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                     | CVS Health Corp                                                                  | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    330000 | PA      | $284123.40    | 0.02%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Pathway Vet Alliance LLC                                                            | Pathway Vet Alliance LLC 2021 Term Loan                                          | CUSIP: 70323KAE8<br>LEI: 2549001HRKTHAW7MOH74 | Long             | LON              | CORP              | US        |     11816 | PA      | $9650.90      | 0.00%             | 2027-03-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust                                                              | GSAA Trust                                                                       | CUSIP: 3622EAAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    166316 | PA      | $7463.99      | 0.00%             | 2047-03-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                                                              | Energizer Holdings Inc                                                           | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    925000 | PA      | $878000.75    | 0.06%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DIGITAL DUTCH FINCO BV                                                              | Digital Dutch Finco BV                                                           | CUSIP: 000000000<br>LEI: 549300ONZ5IS6B6IMJ70 | Long             | DBT              |  | NL        |    500000 | PA      | $563575.65    | 0.04%             | 2035-03-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| American Money Management Corporation                                               | AMMC CLO 27 Ltd                                                                  | CUSIP: 00173UAY0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3003681.00   | 0.20%             | 2037-01-20      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC                                                      | VCAT 2025-NPL1 LLC                                                               | CUSIP: 921962AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5627543 | PA      | $5635152.67   | 0.38%             | 2055-01-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| GCAT                                                                                | GCAT 2021-NQM6 Trust                                                             | CUSIP: 36167KAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1307291 | PA      | $1180618.46   | 0.08%             | 2066-08-25      | Variable      | 1.86%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                                                          | Intel Corp                                                                       | CUSIP: 458140BU3<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    560000 | PA      | $476140.00    | 0.03%             | 2031-08-12      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Citimortgage Alternative Loan Trust                                                 | CitiMortgage Alternative Loan Trust Series 2007-A2                               | CUSIP: 12566UAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    203689 | PA      | $177681.45    | 0.01%             | 2037-02-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes 2020-SFR1 Trust                                                      | FirstKey Homes 2020-SFR1 Trust                                                   | CUSIP: 33767MAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1688000 | PA      | $1681148.75   | 0.11%             | 2037-08-17      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| MEHILAINEN YHTIOT OY                                                                | Mehilainen Yhtiot Oy                                                             | CUSIP: 000000000<br>LEI: 2138006X78HGYRHS5865 | Long             | DBT              | CORP              | FI        |   1145000 | PA      | $1317636.38   | 0.09%             | 2032-06-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Santander Consumer Auto Receivables Trust                                           | Santander Consumer Auto Receivables Trust 2020-B                                 | CUSIP: 802830BD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2000 | PA      | $594915.06    | 0.04%             | 2028-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Aurium CLO                                                                          | Aurium Clo XIII DAC                                                              | CUSIP: 000000000<br>LEI: 635400NUJFLZMWBUGF89 | Long             | ABS-CBDO         | CORP              | IE        |   1775000 | PA      | $2017931.67   | 0.14%             | 2038-04-15      | Floating      | 4.07%                 | No            |                  2 | On Loan: No      |
| EDGEWATER GENERATION LLC                                                            | Edgewater Generation LLC 2025 Repriced Term Loan                                 | CUSIP: 28031FAM2<br>LEI: 5493004PLDT1L28SWG83 | Long             | LON              | CORP              | US        |     90282 | PA      | $90797.11     | 0.01%             | 2030-08-01      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| KEDRION SPA                                                                         | Kedrion SpA                                                                      | CUSIP: 49272YAB9<br>LEI: 81560047FA58E1BEDF67 | Long             | DBT              | CORP              | IT        |    669000 | PA      | $648802.89    | 0.04%             | 2029-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                                       | NEW YORK ST URBAN DEV CORP REVENUE                                               | CUSIP: 650036EB8<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    100000 | PA      | $82275.50     | 0.01%             | 2033-03-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                               | CUSIP: 3137HJEZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6643302 | PA      | $6615160.42   | 0.45%             | 2055-02-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| NGPL PipeCo LLC                                                                     | NGPL PipeCo LLC                                                                  | CUSIP: 62912XAF1<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39816.40     | 0.00%             | 2027-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust                                                              | GSAA Home Equity Trust 2007-5                                                    | CUSIP: 3622ECAH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4300000 | PA      | $293286.66    | 0.02%             | 2037-05-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                                                | Lockheed Martin Corp                                                             | CUSIP: 539830CD9<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54616.65     | 0.00%             | 2034-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                                 | COMM 2015-LC21 Mortgage Trust                                                    | CUSIP: 12593FAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10015000 | PA      | $100.15       | 0.00%             | 2048-07-10      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust 2021-VIEW                                                               | CUSIP: 05606GAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1850000 | PA      | $1856996.89   | 0.13%             | 2036-06-15      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| Bombardier Capital Mortgage Securitization Corp.                                    | BCMSC Trust 1999-B                                                               | CUSIP: 09774XBC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    997492 | PA      | $65792.37     | 0.00%             | 2029-12-17      | Variable      | 6.98%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                                                    | Berry Global Inc                                                                 | CUSIP: 08576PAQ4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155311.50    | 0.01%             | 2034-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                                      | Carvana Auto Receivables Trust 2020-P1                                           | CUSIP: 14687AAK4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1300 | PA      | $98376.81     | 0.01%             | 2027-09-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                               | CUSIP: 3137HLVW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1554239 | PA      | $1432214.78   | 0.10%             | 2055-06-25      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                                                              | AmeriGas Partners LP / AmeriGas Finance Corp                                     | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1176000 | PA      | $1211797.44   | 0.08%             | 2028-06-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| GRAND CANYON UNIVERSITY                                                             | Grand Canyon University                                                          | CUSIP: 38528UAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $966110.00    | 0.07%             | 2028-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                                 | JPMorgan Chase & Co                                                              | CUSIP: 46647PEH5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    560000 | PA      | $587591.20    | 0.04%             | 2035-04-22      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| HSI Asset Loan Obligation                                                           | HSI Asset Loan Obligation Trust 2007-WF1                                         | CUSIP: 40431KAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    239851 | PA      | $74022.74     | 0.01%             | 2036-12-25      | Variable      | 6.72%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                           | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F050684<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  18825000 | PA      | $18325582.16  | 1.24%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC                                                             | Sotera Health Holdings LLC                                                       | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |    356000 | PA      | $368919.24    | 0.02%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                                 | JPMorgan Chase & Co                                                              | CUSIP: 46647PDA1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3491600.00   | 0.24%             | 2028-04-26      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| MEDTRONIC GLOBAL HLDINGS                                                            | Medtronic Global Holdings SCA                                                    | CUSIP: 000000000<br>LEI: 549300JXMTTP8GKYIX14 | Long             | DBT              | CORP              | LU        |    115000 | PA      | $93381.04     | 0.01%             | 2040-10-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                                    | T-Mobile USA Inc                                                                 | CUSIP: 87264ACB9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    996000 | PA      | $890384.16    | 0.06%             | 2031-02-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                                                        | Voya CLO 2019-4 Ltd                                                              | CUSIP: 92917UAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1351000 | PA      | $1354497.74   | 0.09%             | 2035-01-15      | Floating      | 11.29%                | No            |                  2 | On Loan: No      |
| Banc of America Funding Corporation                                                 | Banc of America Funding 2014-R5 Trust                                            | CUSIP: 05990PAB1<br>LEI: 549300LENCFK8RITKD65 | Long             | ABS-MBS          | CORP              | US        |    977844 | PA      | $699895.33    | 0.05%             | 2045-09-26      | Floating      | 3.97%                 | No            |                  2 | On Loan: No      |
| Planet US Buyer LLC                                                                 | Planet US Buyer LLC 2024 Term Loan B                                             | CUSIP: 72706RAB2<br>LEI: 254900ZE51SEX2EFFH74 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2031-02-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                                                                | ALPHA GENERATION LLC 2025 TERM LOAN B                                            | CUSIP: 000000000<br>LEI: 254900K5V62L4YGVKF49 | Long             | LON              | CORP              | US        |   1781290 | PA      | $1781174.34   | 0.12%             | 2031-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                                            | Neuberger Berman Loan Advisers Clo 40 Ltd                                        | CUSIP: 64134KAC4<br>LEI: 549300Y2YE54ON4DJE28 | Long             | ABS-CBDO         | CORP              | KY        |    275000 | PA      | $132383.63    | 0.01%             | 2033-04-16      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| 180 MEDICAL INC                                                                     | 180 Medical Inc                                                                  | CUSIP: 682357AA6<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |    269000 | PA      | $254952.82    | 0.02%             | 2029-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                       | Citigroup Inc                                                                    | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2955000 | PA      | $2987327.70   | 0.20%             | 2030-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CABLE ONE INC                                                                       | Cable One Inc                                                                    | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |   1205000 | PA      | $930332.30    | 0.06%             | 2030-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                                              | Cloud Software Group Inc                                                         | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    440000 | PA      | $455760.80    | 0.03%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PUG LLC                                                                             | PUG LLC 2024 Extended Term Loan B                                                | CUSIP: 74530DAH8<br>LEI: 549300NL9JUFIOARLW93 | Long             | LON              | CORP              | US        |     99911 | PA      | $99317.90     | 0.01%             | 2030-03-15      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                                   | HSBC Holdings PLC                                                                | CUSIP: 404280CK3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     60000 | PA      | $53395.80     | 0.00%             | 2031-08-18      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                 | CUSIP: 3132DWER0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2176458 | PA      | $2013407.08   | 0.14%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BXSC Commercial Mortgage Trust                                                      | BXSC Commercial Mortgage Trust 2022-WSS                                          | CUSIP: 05610BAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1809000 | PA      | $1812652.37   | 0.12%             | 2035-03-15      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                          | AMSR 2022-SFR1 Trust                                                             | CUSIP: 00179WAH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3290000 | PA      | $3213889.47   | 0.22%             | 2039-03-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                                   | Post Holdings Inc                                                                | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    675000 | PA      | $645259.50    | 0.04%             | 2030-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Ziply Fiber Issuer, LLC                                                             | Ziply Fiber Issuer LLC                                                           | CUSIP: 98979QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    825000 | PA      | $852232.59    | 0.06%             | 2054-04-20      | Fixed         | 7.81%                 | No            |                  2 | On Loan: No      |
| Michaels Companies Inc                                                              | Michaels Companies Inc 2021 Term Loan B                                          | CUSIP: 59408UAB3<br>LEI: 549300H9LWMBP7HYLR98 | Long             | LON              | CORP              | US        |    163200 | PA      | $139172.06    | 0.01%             | 2028-04-17      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| Red Ventures LLC                                                                    | Red Ventures LLC 2024 Term Loan B                                                | CUSIP: 75703UAL9<br>LEI: 9845004G68FBD7FP1585 | Long             | LON              | CORP              | US        |    979266 | PA      | $855633.34    | 0.06%             | 2030-03-04      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                                                                 | General Electric Co                                                              | CUSIP: 36962GW75<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |     57000 | PA      | $57106.59     | 0.00%             | 2026-05-05      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                                                       | FirstCash Inc                                                                    | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    320000 | PA      | $328713.60    | 0.02%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| American Rock Salt Company LLC                                                      | American Rock Salt Company LLC 2024 First Out Delayed Draw Term Loan             | CUSIP: 02932JAU1<br>LEI: 549300FBKBNV4GSVVR46 | Long             | LON              | CORP              | US        |    118226 | PA      | $119112.37    | 0.01%             | 2028-06-09      | Floating      | 11.59%                | No            |                  2 | On Loan: No      |
| BARDOT CLO LTD                                                                      | Bardot CLO Ltd                                                                   | CUSIP: 06744NBU0<br>LEI: 549300KP12IHV6MTDK86 | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1193292.00   | 0.08%             | 2032-10-22      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Avenue of Americas                                                                  | AOA 2021-1177 Mortgage Trust                                                     | CUSIP: 00192NAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1600000 | PA      | $1519155.68   | 0.10%             | 2038-10-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                                            | Duke Energy Progress LLC                                                         | CUSIP: 26442UAU8<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    695000 | PA      | $695959.10    | 0.05%             | 2035-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CLI Funding LLC                                                                     | CLI Funding VIII LLC                                                             | CUSIP: 12565KAF4<br>LEI: 254900Z4P82YK31RVL27 | Long             | ABS-O            | CORP              | US        |    234784 | PA      | $212037.96    | 0.01%             | 2047-01-18      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                         | RCKT Mortgage Trust 2024-CES8                                                    | CUSIP: 749421AF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5010000 | PA      | $5041896.67   | 0.34%             | 2044-11-25      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                                                          | Humana Inc                                                                       | CUSIP: 444859CD2<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    570000 | PA      | $571715.70    | 0.04%             | 2035-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                                               | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    128000 | PA      | $131710.72    | 0.01%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                                | Bank of America Corp                                                             | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97942.00     | 0.01%             | 2027-01-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                 | CUSIP: 3132DWNE9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  18794994 | PA      | $17838873.30  | 1.21%             | 2054-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                                | Bank of America Corp                                                             | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1395000 | PA      | $1248901.65   | 0.08%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                                                | PRET 2025-NPL8 LLC                                                               | CUSIP: 69392EAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4790000 | PA      | $4789989.94   | 0.32%             | 2055-07-25      | Variable      | 5.73%                 | No            |                  3 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                    | RALI Series 2005-QS16 Trust                                                      | CUSIP: 761118MG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    309806 | PA      | $272345.61    | 0.02%             | 2035-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FUGUE FINANCE BV                                                                    | Fugue Finance BV 2025 Term Loan B                                                | CUSIP: 000000000<br>LEI: 254900Y4DWBRGAFENC88 | Long             | LON              | CORP              | US        |   1204638 | PA      | $1210980.90   | 0.08%             | 2032-01-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DK CROWN HOLDINGS INC                                                               | DK Crown Holdings Inc 2025 Term Loan B                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1125531 | PA      | $1125649.30   | 0.08%             | 2032-03-04      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| HDI Aerospace Intermediate Holding III Corporation                                  | HDI Aerospace Intermediate Holding III Corporation Term Loan B                   | CUSIP: 40415WAB0<br>LEI: 254900LKRYAGKIYOHW04 | Long             | LON              | CORP              | US        |    817950 | PA      | $821528.53    | 0.06%             | 2032-02-11      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | XX        |         1 | NC      | $-12913.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                                                    | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     69000 | PA      | $63927.12     | 0.00%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PARADIGM PRNT/CO-ISSUER                                                             | Paradigm Parent LLC and Paradigm Parent CO-Issuer Inc                            | CUSIP: 69902PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    932000 | PA      | $897916.76    | 0.06%             | 2032-04-17      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FIN DEPT GOVT SHARJAH                                                               | Finance Department Government of Sharjah                                         | CUSIP: 38381CAE2<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |    200000 | PA      | $211906.00    | 0.01%             | 2032-11-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                      | Morgan Stanley                                                                   | CUSIP: 6174468U6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    120000 | PA      | $102712.80    | 0.01%             | 2032-02-13      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                        | CSMC Mortgage-Backed Trust 2006-7                                                | CUSIP: 22942KBV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    390632 | PA      | $143044.42    | 0.01%             | 2036-08-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                                               | Lehman Mortgage Trust 2007-5                                                     | CUSIP: 52521RBU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    482611 | PA      | $140832.46    | 0.01%             | 2036-10-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Banc of America Commercial Mortgage Trust                                           | Banc of America Commercial Mortgage Trust 2015-UBS7                              | CUSIP: 06054AAY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3752341 | PA      | $37.52        | 0.00%             | 2048-09-15      | Variable      | 0.62%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                                            | FHF Issuer Trust 2025-1                                                          | CUSIP: 30340RAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    890000 | PA      | $899443.43    | 0.06%             | 2032-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                    | RALI Series 2007-QO2 Trust                                                       | CUSIP: 75116AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    502303 | PA      | $152356.50    | 0.01%             | 2047-02-25      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                               | Wells Fargo & Co                                                                 | CUSIP: 95000U2J1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2385000 | PA      | $2188165.95   | 0.15%             | 2031-02-11      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                            | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    246000 | PA      | $260718.18    | 0.02%             | 2034-02-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                              | Residential Asset Securitization Trust 2003-A15                                  | CUSIP: 45660NWU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    324837 | PA      | $38279.02     | 0.00%             | 2034-02-25      | Floating      | 3.08%                 | No            |                  2 | On Loan: No      |
| Whetstone Park CLO Ltd                                                              | Whetstone Park CLO Ltd                                                           | CUSIP: 96330AAC0<br>LEI: 549300M54M5QSBMB3780 | Long             | ABS-CBDO         | CORP              | KY        |   2180000 | PA      | $1125579.78   | 0.08%             | 2035-01-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                           | IQVIA Inc 2025 Repriced Term Loan B                                              | CUSIP: 44969CBP4<br>LEI: 549300PLWY28YB00C717 | Long             | LON              | CORP              | US        |    124195 | PA      | $125010.14    | 0.01%             | 2031-01-02      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| SFO Commerical Mortgage Trust                                                       | SFO Commercial Mortgage Trust 2021-555                                           | CUSIP: 78432WAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $497206.45    | 0.03%             | 2038-05-15      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE INDUSTRIAL PORTFOLI                                                      | BLACKSTONE INDUSTRIAL PORTFOLI                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    187581 | PA      | $185686.91    | 0.01%             | 2025-04-09      | Fixed         | 6.77%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                                      | CFMT 2024-R1 LLC                                                                 | CUSIP: 12530YAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1415723.55   | 0.10%             | 2054-10-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                                              | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 00489LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $167125.00    | 0.01%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS CORP                                                                | JetBlue 2020-1 Class A Pass Through Trust                                        | CUSIP: 477164AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     52915 | PA      | $49400.41     | 0.00%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                         | CUSIP: 38378BQ77<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1368568 | PA      | $22323.94     | 0.00%             | 2051-12-16      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                                                    | Trinitas CLO XXII Ltd                                                            | CUSIP: 89640HAU5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   1740000 | PA      | $1746525.00   | 0.12%             | 2038-03-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                                                                     | Fannie Mae Interest Strip                                                        | CUSIP: 31422M2C9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1359476 | PA      | $177088.82    | 0.01%             | 2051-06-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                                                                    | Freddie Mac Strips                                                               | CUSIP: 31325YBW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6257368 | PA      | $828812.65    | 0.06%             | 2052-03-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                                 | CGMS Commercial Mortgage Trust 2017-B1                                           | CUSIP: 17326CAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11628000 | PA      | $163744.33    | 0.01%             | 2050-08-15      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                             | Romanian Government International Bond                                           | CUSIP: 77586RAX8<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    700000 | PA      | $699048.00    | 0.05%             | 2036-05-16      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Stratus CLO                                                                         | Stratus CLO 2021-3 Ltd                                                           | CUSIP: 86315XAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    975000 | PA      | $146.25       | 0.00%             | 2029-12-29      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                          | AMSR 2021-SFR1 Trust                                                             | CUSIP: 00179DAH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2365659.25   | 0.16%             | 2038-06-17      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co LLC                                                   | Sierra Timeshare 2024-2 Receivables Funding LLC                                  | CUSIP: 82650DAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    544355 | PA      | $547703.33    | 0.04%             | 2041-06-20      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                       | Citigroup Inc                                                                    | CUSIP: 172967NE7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    510000 | PA      | $445286.10    | 0.03%             | 2032-11-03      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| GCAT                                                                                | GCAT 2025-NQM4 Trust                                                             | CUSIP: 367923AG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3356000 | PA      | $3368087.31   | 0.23%             | 2070-06-25      | Variable      | 7.21%                 | No            |                  2 | On Loan: No      |
| Securitized Asset Backed Receivables LLC Trust                                      | Securitized Asset Backed Receivables LLC Trust 2007-NC1                          | CUSIP: 81378AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    804658 | PA      | $388212.77    | 0.03%             | 2036-12-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| VISA INC                                                                            | Visa Inc                                                                         | CUSIP: 000000000<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |    150000 | PA      | $171970.77    | 0.01%             | 2044-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                                                | PRET 2024-NPL4 LLC                                                               | CUSIP: 74143RAA1<br>LEI: 254900OXVJK5CT5B2O86 | Long             | ABS-O            | CORP              | US        |   1303917 | PA      | $1304488.52   | 0.09%             | 2054-07-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                                              | Rockford Tower CLO 2023-1 Ltd                                                    | CUSIP: 77341RAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    850000 | PA      | $854330.75    | 0.06%             | 2036-01-20      | Floating      | 9.65%                 | No            |                  2 | On Loan: No      |
| AMCOR GROUP FINANCE                                                                 | Amcor Group Finance PLC                                                          | CUSIP: 02344BAA4<br>LEI: 2549008XHB8M1L64J275 | Long             | DBT              | CORP              | GB        |    670000 | PA      | $689517.10    | 0.05%             | 2029-05-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                    | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3900000 | PA      | $4073589.00   | 0.28%             | 2041-10-25      | Floating      | 10.35%                | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust                                              | Merrill Lynch Mortgage Investors Trust Series 2006-RM2                           | CUSIP: 590216AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3325209 | PA      | $924907.28    | 0.06%             | 2037-05-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                                            | Univision Communications Inc                                                     | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55931.15     | 0.00%             | 2031-07-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                       | JP Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP                   | CUSIP: 46651WAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2010000 | PA      | $5732.42      | 0.00%             | 2038-12-05      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                                            | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     65000 | PA      | $43478.50     | 0.00%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NAKED JUICE LLC                                                                     | Naked Juice LLC 2025 FLFO Term Loan                                              | CUSIP: 62984CAK9<br>LEI: 549300Y5TU1XQ1KVLJ64 | Long             | LON              | CORP              | US        |   2226519 | PA      | $2222344.09   | 0.15%             | 2029-01-24      | Floating      | 9.80%                 | No            |                  2 | On Loan: No      |
| KELSO INDUSTRIES LLC                                                                | Kelso Industries LLC Term Loan                                                   | CUSIP: 48825CAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    101026 | PA      | $101783.62    | 0.01%             | 2029-12-30      | Floating      | 10.11%                | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                                                      | Open Text Corp                                                                   | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |    760000 | PA      | $785011.60    | 0.05%             | 2027-12-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2007-15CB                                                 | CUSIP: 02151CAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1819428 | PA      | $1068005.04   | 0.07%             | 2037-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LONZA FINANCE INTL NV                                                               | Lonza Finance International NV                                                   | CUSIP: 000000000<br>LEI: 549300AS6XQBD4ETT379 | Long             | DBT              | CORP              | BE        |    229000 | PA      | $260323.31    | 0.02%             | 2034-09-04      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                            | MIAMI-DADE CNTY FL AVIATION REVENUE                                              | CUSIP: 59333P6H6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $87428.10     | 0.01%             | 2032-10-01      | Fixed         | 2.61%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                                            | Ferrellgas LP / Ferrellgas Finance Corp                                          | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    926000 | PA      | $855994.40    | 0.06%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                                                         | Homes 2024-Nqm2 Trust                                                            | CUSIP: 43761CAH5<br>LEI: 254900MQRASV1D1NGZ28 | Long             | ABS-MBS          | CORP              | US        |   5461000 | PA      | $5499022.21   | 0.37%             | 2069-10-25      | Variable      | 7.72%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                                            | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    580000 | PA      | $535978.00    | 0.04%             | 2031-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                                                            | Archrock Partners LP / Archrock Partners Finance Corp                            | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    103000 | PA      | $103454.23    | 0.01%             | 2028-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Advantage Sales & Marketing Inc                                                     | Advantage Sales & Marketing Inc 2024 Term Loan                                   | CUSIP: 00769EBA7<br>LEI: 549300T4O24KQDED1182 | Long             | LON              | CORP              | US        |   1083292 | PA      | $847974.04    | 0.06%             | 2027-10-28      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| SMRT                                                                                | SMRT 2022-MINI                                                                   | CUSIP: 78457JAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1389817.52   | 0.09%             | 2039-01-15      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                                                     | BRAVO Residential Funding Trust 2023-NQM5                                        | CUSIP: 10569UAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3210000 | PA      | $3218240.71   | 0.22%             | 2063-06-25      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                                                | PRET 2021-RN2 LLC                                                                | CUSIP: 74143FAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1232166 | PA      | $1227790.47   | 0.08%             | 2051-07-25      | Variable      | 4.74%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                                | Bank of America Corp                                                             | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2625000 | PA      | $2550843.75   | 0.17%             | 2028-02-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| SPRINT SPECTRUM / SPEC I                                                            | Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC  | CUSIP: 85208NAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370150 | PA      | $371541.76    | 0.03%             | 2028-03-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                                            | Avolon Holdings Funding Ltd                                                      | CUSIP: 05401AAR2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1083000 | PA      | $1031286.75   | 0.07%             | 2027-11-18      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Banc of America Commercial Mortgage Trust                                           | Banc of America Commercial Mortgage Trust 2015-UBS7                              | CUSIP: 06054AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $505.40       | 0.00%             | 2048-09-15      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| Bausch & Lomb Corporation                                                           | Bausch & Lomb Corporation 2023 Incremental Term Loan                             | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |    337571 | PA      | $338134.58    | 0.02%             | 2028-09-29      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                               | Wells Fargo Commercial Mortgage Trust 2015-NXS3                                  | CUSIP: 94989VAG4<br>LEI: 549300ZVNWG0TX42H716 | Long             | ABS-MBS          | CORP              | US        |   5954201 | PA      | $59.54        | 0.00%             | 2057-09-15      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| Vericrest Opportunity Loan Transferee                                               | VOLT CIII LLC                                                                    | CUSIP: 92873JAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    407061 | PA      | $407420.38    | 0.03%             | 2051-08-25      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Commercial Mortgage Trust 2024-BRBK                                           | CUSIP: 05613NAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1147000 | PA      | $1156821.07   | 0.08%             | 2041-10-15      | Floating      | 10.31%                | No            |                  2 | On Loan: No      |
| ZIGGO BOND CO BV                                                                    | Ziggo Bond Co BV                                                                 | CUSIP: 98953GAD7<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |     53000 | PA      | $46353.80     | 0.00%             | 2030-02-28      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                               | Wells Fargo Commercial Mortgage Trust 2018-C47                                   | CUSIP: 95002DBR9<br>LEI: 549300VHRKFNCWVN9Y77 | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1083618.47   | 0.07%             | 2061-09-15      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| MLCC Mortgage Investors Inc                                                         | Merrill Lynch Mortgage Investors Trust Series MLCC 2004-B                        | CUSIP: 59020UBU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2863 | PA      | $2777.53      | 0.00%             | 2029-05-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                                                             | Global Partners LP / GLP Finance Corp                                            | CUSIP: 37954FAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    425000 | PA      | $445735.75    | 0.03%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| WENDYS FUNDING LLC                                                                  | Wendy's Funding LLC                                                              | CUSIP: 95058XAG3<br>LEI: 5493009DRVSTWJOXUL48 | Long             | ABS-O            | CORP              | US        |   1743226 | PA      | $1720411.73   | 0.12%             | 2049-06-15      | Fixed         | 3.78%                 | No            |                  2 | On Loan: No      |
| CELSIUS HOLDINGS INC                                                                | Celsius Holdings Inc Term Loan                                                   | CUSIP: 15118XAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    538755 | PA      | $543918.74    | 0.04%             | 2032-04-01      | Floating      | 7.54%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                                                            | Virgin Media Secured Finance PLC                                                 | CUSIP: 92769XAP0<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |   1842000 | PA      | $1801641.78   | 0.12%             | 2029-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| 1211 Avenue of the Americas Trust                                                   | 1211 Avenue of the Americas Trust 2015-1211                                      | CUSIP: 90117PAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1080000 | PA      | $1015044.70   | 0.07%             | 2035-08-10      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC                                         | BBCMS Trust 2015-SRCH                                                            | CUSIP: 05547HAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4677124.00   | 0.32%             | 2035-08-10      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| NIELSEN CONSUMER INC                                                                | Nielsen Consumer Inc 2025 USD Term Loan                                          | CUSIP: 45674PAR5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    498750 | PA      | $500557.97    | 0.03%             | 2028-03-06      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| Chemours Company (The)                                                              | Chemours Company (The) 2023 USD Term Loan B                                      | CUSIP: 16384YAJ6<br>LEI: 549300M1BOLNXL8DOV14 | Long             | LON              | CORP              | US        |    560057 | PA      | $560756.95    | 0.04%             | 2028-08-18      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                                      | Carvana Auto Receivables Trust 2023-N3                                           | CUSIP: 14686RAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2200 | PA      | $453295.90    | 0.03%             | 2030-09-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust 2024-INV2                                             | CUSIP: 92540NAF0<br>LEI: 2138002Y4WGHSN8NFF24 | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $553988.93    | 0.04%             | 2069-08-26      | Variable      | 7.96%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust 2025-HB1                                                | CUSIP: 034936AD6<br>LEI: 254900ZFKOWCY24MSQ94 | Long             | ABS-O            | CORP              | US        |   1832000 | PA      | $1847722.22   | 0.12%             | 2055-02-25      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                    | CIFC Funding 2018-I Ltd                                                          | CUSIP: 12547WAC8<br>LEI: 635400VBVF8AYJQBI411 | Long             | ABS-CBDO         | CORP              | KY        |    575000 | PA      | $224757.73    | 0.02%             | 2038-01-18      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Delos Aircraft Designated Activity Co                                               | Delos Aircraft Designated Activity Co Term Loan                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | IE        |    556667 | PA      | $559711.64    | 0.04%             | 2027-10-31      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                                                                    | AmWINS Group Inc 2025 Term Loan B                                                | CUSIP: 03234TBA5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | LON              | CORP              | US        |   1201106 | PA      | $1203334.48   | 0.08%             | 2032-01-30      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| LOAN PARTICIPATION 2                                                                | LOAN PARTICIPATION 2                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4042586 | PA      | $4042585.93   | 0.27%             | 2027-12-19      | Fixed         | 3.14%                 | No            |                  3 | On Loan: No      |
| JP Morgan Mortgage Trust                                                            | JP Morgan Mortgage Trust Series 2025-NQM1                                        | CUSIP: 46593QAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3190000 | PA      | $3200345.17   | 0.22%             | 2065-06-25      | Variable      | 6.35%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                                                            | Volkswagen Group of America Finance LLC                                          | CUSIP: 928668CS9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200788.00    | 0.01%             | 2035-03-27      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| GSCG Trust                                                                          | GSCG Trust 2019-600C                                                             | CUSIP: 36260TAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    285000 | PA      | $3016.44      | 0.00%             | 2034-09-06      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                                                               | Uber Technologies Inc                                                            | CUSIP: 90353TAN0<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    700000 | PA      | $694680.00    | 0.05%             | 2030-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                                         | Visio 2023-1 Trust                                                               | CUSIP: 927958AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $902327.85    | 0.06%             | 2058-03-25      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| Basswood Park CLO Ltd                                                               | Basswood Park CLO Ltd                                                            | CUSIP: 07025AAC7<br>LEI: 5493005HSAGIQZIVAS94 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $1651251.00   | 0.11%             | 2034-04-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | XX        |         1 | NC      | $-10052.76    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD AUD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $28965.11     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                                                            | American Airlines Inc/AAdvantage Loyalty IP Ltd                                  | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1563000 | PA      | $1563343.86   | 0.11%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                               | Wells Fargo & Co                                                                 | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    345000 | PA      | $315961.35    | 0.02%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2007-5CB                                                  | CUSIP: 02150EAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500069 | PA      | $246913.08    | 0.02%             | 2037-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bourzou Issuer LLC, Jamshid Issuer LLC, Cristobal Issuer LLC & COPT DC-6 Issuer LLC | Cloud Capital Holdco LP                                                          | CUSIP: 102104AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1860000 | PA      | $1883600.05   | 0.13%             | 2049-11-22      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /                                                            | Albion Financing 1 SARL / Aggreko Holdings Inc                                   | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    960000 | PA      | $989481.60    | 0.07%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division                                    | LONG GILT FUTURE SEP25                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |       -19 | NC      | $-29881.14    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                                               | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    233000 | PA      | $236117.54    | 0.02%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                                                 | Altice Financing SA                                                              | CUSIP: 02154CAJ2<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |   1321000 | PA      | $1215650.25   | 0.08%             | 2027-07-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                                                         | SREIT Trust 2021-MFP2                                                            | CUSIP: 85236WCJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1060000 | PA      | $1060162.60   | 0.07%             | 2036-11-15      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| HEALTHPEAK PROPERTIES INC                                                           | Healthpeak Properties Inc Term Loan A1                                           | CUSIP: 42250UAD4<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | LON              |  | US        |    110979 | PA      | $110146.49    | 0.01%             | 2027-08-20      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| ACRE Multifamily Housing Mortgage Loan Trust                                        | ACRE Multifamily Housing Mortgage Loan Trust 2022-Q018                           | CUSIP: 00091WAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3070725 | PA      | $3073860.16   | 0.21%             | 2027-06-25      | Floating      | 8.34%                 | No            |                  2 | On Loan: No      |
| Last Mile Logistics Pan Euro Finance DAC                                            | Last Mile Logistics Pan Euro Finance DAC                                         | CUSIP: 000000000<br>LEI: 635400NOPX1IKIAX7N90 | Long             | ABS-MBS          | CORP              | IE        |   1004439 | PA      | $1146143.66   | 0.08%             | 2033-08-17      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                                                    | Berry Global Inc                                                                 | CUSIP: 08576PAF8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38373.20     | 0.00%             | 2027-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                                              | Taco Bell Funding LLC                                                            | CUSIP: 87342RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    721875 | PA      | $721240.04    | 0.05%             | 2046-05-25      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                                             | Imperial Brands Finance PLC                                                      | CUSIP: 45262BAJ2<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |   2955000 | PA      | $2949887.85   | 0.20%             | 2028-06-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                                                   | PRPM 2024-RCF4 LLC                                                               | CUSIP: 74448JAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1600000 | PA      | $1527208.16   | 0.10%             | 2054-07-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SFAVE Commercial Mortgage Securities Trust                                          | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                             | CUSIP: 78413MAN8<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |    925000 | PA      | $748962.33    | 0.05%             | 2043-01-05      | Variable      | 4.39%                 | No            |                  2 | On Loan: No      |
| LINEAGE OP LP                                                                       | Lineage OP LP                                                                    | CUSIP: 53567YAA7<br>LEI: 254900CSRDL1G4SRQE89 | Long             | DBT              |  | US        |   1160000 | PA      | $1165231.60   | 0.08%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust                                                        | CD 2016-CD1 Mortgage Trust                                                       | CUSIP: 12514MBD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8559443 | PA      | $41764.09     | 0.00%             | 2049-08-10      | Variable      | 1.34%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                                                              | SCIH Salt Holdings Inc                                                           | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    608000 | PA      | $591018.56    | 0.04%             | 2028-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MODIVCARE INC                                                                       | Modivcare Inc 2025 Incremental Term Loan                                         | CUSIP: 60783LAD2<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | LON              | CORP              | US        |    271354 | PA      | $211402.16    | 0.01%             | 2026-01-12      | Floating      | 11.78%                | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                    | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137FPJQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    595911 | PA      | $7150.63      | 0.00%             | 2027-06-25      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| HLDNG D'INFRA METIERS                                                               | Holding d'Infrastructures des Metiers de l'Environnement                         | CUSIP: 000000000<br>LEI: 969500I3QVK40XEORU25 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $238070.19    | 0.02%             | 2029-10-24      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                                   | Post Holdings Inc                                                                | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    950000 | PA      | $951662.50    | 0.06%             | 2034-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| KEYSPAN GAS EAST CORP                                                               | KeySpan Gas East Corp                                                            | CUSIP: 49338CAD5<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |    385000 | PA      | $399241.15    | 0.03%             | 2033-03-06      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Soundview Home Equity Loan Trust                                                    | Soundview Home Loan Trust 2007-OPT4                                              | CUSIP: 83613AAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    355770 | PA      | $257588.04    | 0.02%             | 2037-09-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                                                                 | Hotwire Funding LLC                                                              | CUSIP: 44148JAC3<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2924360.10   | 0.20%             | 2051-11-20      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                     | CVS Health Corp                                                                  | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     75000 | PA      | $68706.00     | 0.00%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| AOYUAN NEW SHARES                                                                   | AOYUAN NEW SHARES                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |     30741 | NS      | $501.25       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GS Mortgage Securities Trust                                                        | GS Mortgage Securities Trust 2016-GS2                                            | CUSIP: 36252TAT2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    242699 | PA      | $915.36       | 0.00%             | 2049-05-10      | Variable      | 1.72%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                         | CUSIP: 38378XMU2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4381895 | PA      | $132082.59    | 0.01%             | 2055-02-16      | Variable      | 0.71%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                         | Citibank NA                                                                      | CUSIP: 17325FBP2<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    140000 | PA      | $142249.80    | 0.01%             | 2030-05-29      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                                             | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780000 | PA      | $774992.40    | 0.05%             | 2032-11-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Bayard Park CLO, Ltd                                                                | Bayard Park CLO Ltd                                                              | CUSIP: 072716AC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2150000 | PA      | $1973485.00   | 0.13%             | 2038-07-24      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                               | CUSIP: 3137HLD58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4335171 | PA      | $4318808.53   | 0.29%             | 2055-05-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                                                                  | VICI Properties LP                                                               | CUSIP: 925650AE3<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              |  | US        |     50000 | PA      | $45834.00     | 0.00%             | 2052-05-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2005-64CB                                                 | CUSIP: 12668AA62<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2989072 | PA      | $409783.26    | 0.03%             | 2035-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TripAdvisor Inc                                                                     | TripAdvisor Inc Term Loan                                                        | CUSIP: 89677NAE4<br>LEI: 549300XVG45PT5BART17 | Long             | LON              | CORP              | US        |    381656 | PA      | $378793.22    | 0.03%             | 2031-07-08      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Sequoia Logistics                                                                   | Sequoia Logistics 2025-1 DAC                                                     | CUSIP: 000000000<br>LEI: 635400SNUE4YGPESHU40 | Long             | ABS-MBS          | CORP              | IE        |   3840000 | PA      | $4378577.49   | 0.30%             | 2037-02-17      | Floating      | 4.03%                 | Yes           |                  2 | On Loan: No      |
| Boxer Parent Company Inc                                                            | Boxer Parent Company Inc 2025 USD Term Loan B                                    | CUSIP: 05988HAQ0<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2031-07-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PRIORITY HOLDINGS LLC                                                               | Priority Holdings LLC 2024 Term Loan B                                           | CUSIP: 74275TAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    345430 | PA      | $346563.50    | 0.02%             | 2031-05-16      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                               | CUSIP: 3137HLK35<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1560810 | PA      | $1463652.81   | 0.10%             | 2055-06-25      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| Last Mile Securities                                                                | Last Mile Securities PE 2021 DAC                                                 | CUSIP: 000000000<br>LEI: 635400UJZKP57EXKMQ33 | Long             | ABS-MBS          | CORP              | IE        |   1199753 | PA      | $1372270.98   | 0.09%             | 2031-08-17      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| NYC Trust                                                                           | NYCT Trust 2024-3ELV                                                             | CUSIP: 62956HAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2050000 | PA      | $2040678.86   | 0.14%             | 2029-08-15      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                                                         | Corp Nacional del Cobre de Chile                                                 | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $195592.00    | 0.01%             | 2033-02-02      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust                                        | Wells Fargo Mortgage Backed Securities 2006-AR4 Trust                            | CUSIP: 94983PAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5064 | PA      | $5015.96      | 0.00%             | 2036-04-25      | Variable      | 6.14%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                       | JPMCC Commercial Mortgage Securities Trust 2017-JP5                              | CUSIP: 46647TAU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3700270 | PA      | $36780.68     | 0.00%             | 2050-03-15      | Variable      | 0.76%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                                                            | Sinclair Television Group Inc                                                    | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     53000 | PA      | $54227.48     | 0.00%             | 2033-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                                                               | Athene Global Funding                                                            | CUSIP: 04685A3L3<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    130000 | PA      | $126727.90    | 0.01%             | 2027-03-08      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Commercial Mortgage Trust 2025-SPOT                                           | CUSIP: 12433FAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2300000 | PA      | $2308660.42   | 0.16%             | 2040-04-15      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| Pipeline Funding Co LLC                                                             | Pipeline Funding Co LLC                                                          | CUSIP: 724060AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136675 | PA      | $140624.91    | 0.01%             | 2030-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| First Franklin Mtg Loan Asset Backed Certificates                                   | First Franklin Mortgage Loan Trust 2006-FF13                                     | CUSIP: 30247DAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    338773 | PA      | $220790.96    | 0.01%             | 2036-10-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                                 | JPMorgan Chase & Co                                                              | CUSIP: 46647PCR5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    270000 | PA      | $237392.10    | 0.02%             | 2032-11-08      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Ginnie Mae II Pool                                                               | CUSIP: 36179XLG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1671152 | PA      | $1602471.06   | 0.11%             | 2052-11-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP                                                               | Clearwater Paper Corp                                                            | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |    822000 | PA      | $775778.94    | 0.05%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Sabey Data Center Issuer LLC                                                        | Sabey Data Center Issuer LLC                                                     | CUSIP: 78520EAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $175419.28    | 0.01%             | 2048-04-20      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | AOMT 2024-6                                                                      | CUSIP: 034944AB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2213953 | PA      | $2168165.12   | 0.15%             | 2067-11-25      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                          | JPMBB Commercial Mortgage Securities Trust 2015-C30                              | CUSIP: 46644UBC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5438998 | PA      | $54.39        | 0.00%             | 2048-07-15      | Variable      | 0.27%                 | No            |                  2 | On Loan: No      |
| Park Avenue Trust                                                                   | 245 Park Avenue Trust 2017-245P                                                  | CUSIP: 90187LAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4800000 | PA      | $4498778.88   | 0.30%             | 2037-06-05      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| ARIZONA PUBLIC SERVICE                                                              | Arizona Public Service Co                                                        | CUSIP: 040555DE1<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |    135000 | PA      | $145386.90    | 0.01%             | 2032-12-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                                                      | HarborView Mortgage Loan Trust 2006-5                                            | CUSIP: 41161MAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2446764 | PA      | $24.47        | 0.00%             | 2046-07-19      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| VNO Mortgage Trust                                                                  | VNDO Trust 2016-350P                                                             | CUSIP: 91831UAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1060000 | PA      | $1030974.44   | 0.07%             | 2035-01-10      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Arterra Wines Canada Inc                                                            | Arterra Wines Canada Inc 2020 Term Loan                                          | CUSIP: 000000000<br>LEI: 5493000SZ7NOM4G34E58 | Long             | LON              | CORP              | CA        |    496777 | PA      | $491600.64    | 0.03%             | 2027-11-24      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                        | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                                       | CUSIP: 64972JPT9<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1710101.40   | 0.12%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bayer US Finance II LLC                                                             | Bayer US Finance II LLC                                                          | CUSIP: 07274NAQ6<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |     80000 | PA      | $65912.80     | 0.00%             | 2048-06-25      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                                | Cross 2024-H5 Mortgage Trust                                                     | CUSIP: 22757HAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3654000 | PA      | $3678528.21   | 0.25%             | 2069-08-26      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD CAD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $4709.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2007-5CB                                                  | CUSIP: 02150EAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    169506 | PA      | $83694.35     | 0.01%             | 2037-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Cordatus CLO PLC                                                                    | CVC Cordatus Loan Fund XXI DAC                                                   | CUSIP: 000000000<br>LEI: 549300830IXOSQG2RQ34 | Long             | ABS-CBDO         | CORP              | IE        |   1200000 | PA      | $1369982.41   | 0.09%             | 2034-09-22      | Floating      | 3.71%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $18444.36     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                          | JPMBB Commercial Mortgage Securities Trust 2015-C30                              | CUSIP: 46644UAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4714625 | PA      | $22.63        | 0.00%             | 2048-07-15      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                | CUSIP: 3136BTYZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6890698 | PA      | $548614.60    | 0.04%             | 2054-12-25      | Floating      | 1.50%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                   | EURO-BUND FUTURE SEP25                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -79 | NC      | $107610.44    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal                                          | CAN 5YR BOND FUT SEP25                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |       -33 | NC      | $-1973.43     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                    | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137BUX94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2999971 | PA      | $78730.64     | 0.01%             | 2045-01-25      | Variable      | 2.08%                 | No            |                  2 | On Loan: No      |
| Bayer US Finance II LLC                                                             | Bayer US Finance II LLC                                                          | CUSIP: 07274NAL7<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |    510000 | PA      | $504114.60    | 0.03%             | 2028-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                                 | COMM 2014-UBS3 Mortgage Trust                                                    | CUSIP: 12591YBE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88690 | PA      | $0.89         | 0.00%             | 2047-06-10      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                               | CUSIP: 3137HLT85<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    534190 | PA      | $496218.63    | 0.03%             | 2055-06-25      | Floating      | 3.97%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT                                                               | Banijay Entertainment SAS                                                        | CUSIP: 060335AB2<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |    350000 | PA      | $363667.50    | 0.02%             | 2029-05-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Pelican Products Inc                                                                | Pelican Products Inc 2021 Term Loan                                              | CUSIP: 70468BAC7<br>LEI: 5493008CRWH2WFODTF44 | Long             | LON              | CORP              | US        |    982842 | PA      | $861421.91    | 0.06%             | 2028-12-29      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIE                                                            | Hudson Pacific Properties LP                                                     | CUSIP: 44409MAC0<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              |  | US        |    422000 | PA      | $338059.98    | 0.02%             | 2030-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                                                    | Altria Group Inc                                                                 | CUSIP: 02209SBS1<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    490000 | PA      | $494733.40    | 0.03%             | 2028-02-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                                    | CSC Holdings LLC                                                                 | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     77000 | PA      | $61035.59     | 0.00%             | 2029-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                       | JP Morgan Chase Commercial Mortgage Securities Trust 2020-NNN                    | CUSIP: 46652BBC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1450000 | PA      | $12840.98     | 0.00%             | 2037-01-16      | Variable      | 0.57%                 | No            |                  2 | On Loan: No      |
| Ensemble RCM LLC                                                                    | Ensemble RCM LLC 2024 Term Loan B                                                | CUSIP: 29359BAE1<br>LEI: 254900PDXJVVI20WAQ37 | Long             | LON              | CORP              | US        |    997475 | PA      | $1003225.19   | 0.07%             | 2029-08-01      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                                       | TransDigm Inc                                                                    | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1665000 | PA      | $1675805.85   | 0.11%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                                             | Oncor Electric Delivery Co LLC                                                   | CUSIP: 000000000<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    220000 | PA      | $252650.61    | 0.02%             | 2034-06-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP INC                                                            | Cloud Software Group Inc 2024 1st Lien Term Loan B                               | CUSIP: 88632NBF6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    519855 | PA      | $521331.49    | 0.04%             | 2029-03-29      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                                            | FirstEnergy Transmission LLC                                                     | CUSIP: 33767BAD1<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |    418000 | PA      | $397990.34    | 0.03%             | 2028-09-15      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| Braccan Mortgage Funding                                                            | Braccan Mortgage Funding 2025-1 PLC                                              | CUSIP: 000000000<br>LEI: 6354003DBF3NI8QJRR63 | Long             | ABS-MBS          | CORP              | GB        |   1725000 | PA      | $2292930.09   | 0.16%             | 2067-05-17      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| OCP Aegis CLO Ltd                                                                   | OCP Aegis CLO 2023-29 Ltd                                                        | CUSIP: 67118BAW3<br>LEI: 2138009EGVOGD3J5GI42 | Long             | ABS-CBDO         | CORP              | JE        |   1100000 | PA      | $1101519.10   | 0.07%             | 2036-01-20      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                                                                   | Hyatt Hotels Corp                                                                | CUSIP: 448579AU6<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    905000 | PA      | $914538.70    | 0.06%             | 2028-03-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| DOLP Trust                                                                          | DOLP Trust 2021-NYC                                                              | CUSIP: 23345LAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $479473.20    | 0.03%             | 2041-05-10      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Homeward Opportunities Fund I Trust                                                 | Homeward Opportunities Fund Trust 2024-RRTL2                                     | CUSIP: 43789GAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3800000 | PA      | $3805145.96   | 0.26%             | 2039-09-25      | Variable      | 6.37%                 | No            |                  2 | On Loan: No      |
| Cast and Crew Payroll LLC                                                           | Cast and Crew Payroll LLC 2021 Incremental Term Loan                             | CUSIP: 14835JAQ3<br>LEI: 549300XE7OZGFGN5F466 | Long             | LON              | CORP              | US        |    224784 | PA      | $214372.24    | 0.01%             | 2028-12-29      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| J.G. Wentworth XXXIX LLC                                                            | J.G. Wentworth XXXIX LLC                                                         | CUSIP: 46620VAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    268427 | PA      | $241113.98    | 0.02%             | 2074-09-17      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| CENTRAL GARDEN & PET CO                                                             | Central Garden & Pet Co                                                          | CUSIP: 153527AN6<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |    575000 | PA      | $541224.50    | 0.04%             | 2030-10-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| AMERICAN ASSETS TRUST LP                                                            | American Assets Trust LP                                                         | CUSIP: 02401LAA2<br>LEI: 549300V1TI0SMG9Z6U69 | Long             | DBT              |  | US        |    500000 | PA      | $447500.00    | 0.03%             | 2031-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MONITCHEM HOLDCO 3 S.A.                                                             | Monitchem HoldCo 3 SA                                                            | CUSIP: 000000000<br>LEI: 222100SJHJ1CNJMSW162 | Long             | DBT              | CORP              | LU        |    500000 | PA      | $576305.73    | 0.04%             | 2028-05-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                                 | JPMorgan Chase & Co                                                              | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    115000 | PA      | $113315.25    | 0.01%             | 2026-06-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FIN IV                                                                   | Teva Pharmaceutical Finance Netherlands IV BV                                    | CUSIP: 881937AA4<br>LEI: 549300GKSD1RG56QRY33 | Long             | DBT              | CORP              | NL        |    274000 | PA      | $278353.86    | 0.02%             | 2030-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN MEDICAL SYST EU                                                            | American Medical Systems Europe BV                                               | CUSIP: 000000000<br>LEI: 549300AA2JE6ZQ5D2493 | Long             | DBT              | CORP              | NL        |    700000 | PA      | $798679.86    | 0.05%             | 2031-03-08      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                                           | CIM TRUST 2025-R1                                                                | CUSIP: 12575LAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2180811 | PA      | $2154048.07   | 0.15%             | 2099-02-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Citimortgage Alternative Loan Trust                                                 | CitiMortgage Alternative Loan Trust Series 2007-A3                               | CUSIP: 12567AAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    157269 | PA      | $136509.37    | 0.01%             | 2037-03-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Corp. Nacional del Cobre de Chile                                                   | Corp. Nacional del Cobre de Chile                                                | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    407000 | PA      | $416202.27    | 0.03%             | 2034-01-08      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust 2021-909                                              | NYC Commercial Mortgage Trust 2021-909                                           | CUSIP: 67076XAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1067393.18   | 0.07%             | 2043-04-10      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                                            | Neuberger Berman CLO XVII Ltd                                                    | CUSIP: 64129VAQ6<br>LEI: 549300XVEYZNG956Y145 | Long             | ABS-CBDO         | CORP              | KY        |   1800000 | PA      | $1833039.00   | 0.12%             | 2038-07-22      | Floating      | 11.08%                | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX 2021-LBA3 Mortgage Trust                                                      | CUSIP: 05609PAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2059000 | PA      | $2048190.46   | 0.14%             | 2036-10-15      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| VALVOLINE INC                                                                       | VALVOLINE INC TERM LOAN B                                                        | CUSIP: 92048DAF9<br>LEI: 549300CMHPBEY6VPOT75 | Long             | LON              | CORP              | US        |    659040 | PA      | $662582.39    | 0.04%             | 2032-03-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EDGEWELL PERSONAL CARE                                                              | Edgewell Personal Care Co                                                        | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    860000 | PA      | $814549.00    | 0.06%             | 2029-04-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Blue Stream Issuer, LLC                                                             | Blue Stream Issuer LLC                                                           | CUSIP: 09606BAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2430000 | PA      | $2564187.03   | 0.17%             | 2054-11-20      | Fixed         | 8.71%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                                             | Dryden XXVI Senior Loan Fund                                                     | CUSIP: 26250UAQ8<br>LEI: 549300ENU7ZZLTPT3E22 | Long             | ABS-CBDO         | CORP              | KY        |     14776 | PA      | $14807.05     | 0.00%             | 2029-04-15      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                                               | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780000 | PA      | $758175.60    | 0.05%             | 2030-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CITADEL PLC                                                                         | Citadel 2024-1 PLC                                                               | CUSIP: 000000000<br>LEI: 213800XKX6NBEB5W9Z43 | Long             | ABS-MBS          | CORP              | GB        |    364620 | PA      | $483040.45    | 0.03%             | 2060-04-28      | Floating      | 8.22%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                                                          | AMSR 2020-SFR5 Trust                                                             | CUSIP: 03217JAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4968379.50   | 0.34%             | 2037-11-17      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| WEC US Holdings Ltd                                                                 | WEC US Holdings Ltd 2024 Term Loan                                               | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |    366339 | PA      | $367011.19    | 0.02%             | 2031-01-27      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Alternative Loan Trust                                                  | Wells Fargo Alternative Loan 2007-PA2 Trust                                      | CUSIP: 94985FAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    146979 | PA      | $133174.71    | 0.01%             | 2037-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| 321 Henderson Receivables LLC                                                       | JGWPT XXXII LLC                                                                  | CUSIP: 46618AAA2<br>LEI: 549300LO0ZO1XMWP1R84 | Long             | ABS-O            | CORP              | US        |     31685 | PA      | $28470.78     | 0.00%             | 2073-01-17      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| MURPHY OIL USA INC                                                                  | Murphy Oil USA Inc                                                               | CUSIP: 626738AF5<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |     58000 | PA      | $53389.00     | 0.00%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BCPE EMPIRE HOLDINGS INC                                                            | BCPE Empire Holdings Inc 2025 Term Loan B                                        | CUSIP: 05550HAQ8<br>LEI: 549300O2G0VI2955B626 | Long             | LON              | CORP              | US        |     58324 | PA      | $58367.64     | 0.00%             | 2030-12-11      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIE                                                            | Hudson Pacific Properties LP                                                     | CUSIP: 44409MAD8<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              |  | US        |    638000 | PA      | $612346.02    | 0.04%             | 2028-02-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN TITAN FIN LTD                                                            | Transocean Titan Financing Ltd                                                   | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    356476 | PA      | $365979.85    | 0.02%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co LLC                                                   | Sierra Timeshare 2025-2 Receivables Funding LLC                                  | CUSIP: 82653HAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1890000 | PA      | $1894060.10   | 0.13%             | 2044-04-20      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                                              | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAL9<br>LEI: N/A                  | Long             | DBT              |  | US        |     30000 | PA      | $29048.40     | 0.00%             | 2029-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HEATHROW FUNDING LTD                                                                | Heathrow Funding Ltd                                                             | CUSIP: 000000000<br>LEI: 7TI96JO3DYEIQWZ7Z726 | Long             | DBT              | CORP              | JE        |    565000 | PA      | $586141.62    | 0.04%             | 2030-10-08      | Fixed         | 1.13%                 | Yes           |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                              | Residential Asset Securitization Trust 2007-A6                                   | CUSIP: 76114CAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    138927 | PA      | $71192.47     | 0.00%             | 2037-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TruGreen Limited Partnership                                                        | TruGreen Limited Partnership 2020 Term Loan                                      | CUSIP: 89787RAH5<br>LEI: 549300QNRP2MNHR3QM19 | Long             | LON              | CORP              | US        |    668109 | PA      | $645560.77    | 0.04%             | 2027-11-02      | Floating      | 8.46%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                                                                      | PMT Loan Trust 2024-INV1                                                         | CUSIP: 73015BBE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1168676 | PA      | $1169825.83   | 0.08%             | 2059-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| BPR Trust                                                                           | BPR Commercial Mortgage Trust 2024-PARK                                          | CUSIP: 05593UAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2690000 | PA      | $2921234.79   | 0.20%             | 2039-11-05      | Variable      | 9.69%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I                                                             | Metropolitan Life Global Funding I                                               | CUSIP: 59217GEG0<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14023.95     | 0.00%             | 2030-04-09      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| FORTREA HOLDINGS INC                                                                | Fortrea Holdings Inc                                                             | CUSIP: 34965KAA5<br>LEI: 5493000FIVFABOVCDU97 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1233940.50   | 0.08%             | 2030-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Banc of America Alternative Loan Trust                                              | Banc of America Alternative Loan Trust 2006-5                                    | CUSIP: 05950BAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1407098 | PA      | $161517.80    | 0.01%             | 2046-06-25      | Floating      | 2.22%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                                                                    | Hilton USA Trust 2016-HHV                                                        | CUSIP: 43300LAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1835000 | PA      | $1768330.41   | 0.12%             | 2038-11-05      | Variable      | 4.19%                 | No            |                  2 | On Loan: No      |
| SOLRR Aircraft 2021-1 Limited                                                       | Lunar 2021-1 Structured Aircraft Portfolio Notes                                 | CUSIP: 83438LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IE        |   1398781 | PA      | $1306215.25   | 0.09%             | 2046-10-15      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| GRAHAM PACKAGING/GPC CAP                                                            | Graham Packaging Co Inc                                                          | CUSIP: 384701AA6<br>LEI: 549300YS0ZFT826HIK72 | Long             | DBT              | CORP              | US        |     53000 | PA      | $52917.32     | 0.00%             | 2028-08-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Invesco CLO LTD                                                                     | Invesco CLO 2021-2 Ltd                                                           | CUSIP: 46091AAC4<br>LEI: 54930008KRIBK4JIR608 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $0.05         | 0.00%             | 2034-07-15      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| BLOCK INC                                                                           | Block Inc                                                                        | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     51000 | PA      | $52382.10     | 0.00%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                                                                     | Fannie Mae Interest Strip                                                        | CUSIP: 31422M2E5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3259504 | PA      | $418752.94    | 0.03%             | 2050-11-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                              | UnitedHealth Group Inc                                                           | CUSIP: 91324PFJ6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   1540000 | PA      | $1545205.20   | 0.10%             | 2034-07-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                                                                | FirstKey Homes 2021-SFR1 Trust                                                   | CUSIP: 33767WAN3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3901905.20   | 0.26%             | 2038-08-17      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                                | Bank of America Corp                                                             | CUSIP: 06051GJP5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    225000 | PA      | $201892.50    | 0.01%             | 2032-03-11      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                                                              | Athenahealth Group Inc 2025 Term Loan B                                          | CUSIP: 000000000<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |    228475 | PA      | $228577.93    | 0.02%             | 2029-02-15      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                                                  | EFMT 2024-NQM1                                                                   | CUSIP: 26845DAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1300000 | PA      | $1294805.33   | 0.09%             | 2069-11-25      | Variable      | 7.60%                 | No            |                  2 | On Loan: No      |
| EOC BORROWER LLC                                                                    | EOC Borrower LLC Term Loan A                                                     | CUSIP: 26875YAC6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    425000 | PA      | $426328.13    | 0.03%             | 2028-03-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                    | RALI Series 2006-QS6 Trust                                                       | CUSIP: 74922EAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120074 | PA      | $97571.41     | 0.01%             | 2036-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                      | Morgan Stanley                                                                   | CUSIP: 6174468V4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    145000 | PA      | $143104.85    | 0.01%             | 2026-12-10      | Fixed         | 0.99%                 | No            |                  2 | On Loan: No      |
| NYO Commercial Mortgage Trust                                                       | NYO Commercial Mortgage Trust 2021-1290                                          | CUSIP: 62955HAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1780000 | PA      | $1765081.11   | 0.12%             | 2038-12-15      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                    | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137BQYW1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6243936 | PA      | $105536.88    | 0.01%             | 2044-06-25      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| Oregon Tool, Inc.                                                                   | Oregon Tool Inc 2025 1st Lien Term Loan                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |     54649 | PA      | $55827.69     | 0.00%             | 2029-10-15      | Floating      | 9.67%                 | No            |                  2 | On Loan: No      |
| BW Gas & Convenience Holdings LLC                                                   | BW Gas & Convenience Holdings LLC 2021 Term Loan B                               | CUSIP: 05604YAE4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    506117 | PA      | $506326.69    | 0.03%             | 2028-03-31      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                                                            | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                       | CUSIP: 47214BAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    172000 | PA      | $187082.68    | 0.01%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                                              | SLM Student Loan Trust 2008-7                                                    | CUSIP: 78445FAD7<br>LEI: 54930067BGNOZYMNWK87 | Long             | ABS-O            | CORP              | US        |      6663 | PA      | $6545.71      | 0.00%             | 2023-07-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                                                        | Centene Corp                                                                     | CUSIP: 15135BAW1<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   1323000 | PA      | $1152161.01   | 0.08%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SLAM LLC                                                                            | Slam Ltd                                                                         | CUSIP: 83100AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2055587 | PA      | $2056973.67   | 0.14%             | 2049-09-15      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| BALCAN INNOVATIONS INC                                                              | Balcan Innovations Inc Term Loan B                                               | CUSIP: 000000000<br>LEI: 549300C2CLNRVCUDIH93 | Long             | LON              | CORP              | CA        |    579612 | PA      | $533243.01    | 0.04%             | 2031-10-18      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                                      | Morgan Stanley Residential Mortgage Loan Trust 2024-INV3                         | CUSIP: 61776GAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1516330 | PA      | $1544331.34   | 0.10%             | 2054-06-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                          | Progress Residential Trust                                                       | CUSIP: 74333HAQ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1229348.25   | 0.08%             | 2038-07-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                    | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20753TAC7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    746200 | PA      | $770791.19    | 0.05%             | 2039-06-25      | Floating      | 9.71%                 | No            |                  2 | On Loan: No      |
| DOLP Trust                                                                          | DOLP Trust 2021-NYC                                                              | CUSIP: 23345LAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $1516651.43   | 0.10%             | 2041-05-10      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                                 | Freddie Mac STACR REMIC Trust 2022-DNA1                                          | CUSIP: 35564KQC6<br>LEI: 5493000ISBDRXIMCHZ70 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $1019025.60   | 0.07%             | 2042-01-25      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| Citimortgage Alternative Loan Trust                                                 | CitiMortgage Alternative Loan Trust Series 2007-A1                               | CUSIP: 12566QAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    171704 | PA      | $153419.75    | 0.01%             | 2037-01-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lehman XS Trust                                                                     | Lehman XS Trust Series 2005-1                                                    | CUSIP: 86359DKV8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24016 | PA      | $25251.30     | 0.00%             | 2035-07-25      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| TCW Central Cash Fund                                                               | TCW Central Cash Fund                                                            | CUSIP: 872365671<br>LEI: 2549003KPNUIFJCJM366 | Long             | EC               | RF                | US        |  88173167 | NS      | $88173167.11  | 5.96%             |  |  |  | No            |                  1 | On Loan: No      |
| GRIFOLS SA                                                                          | Grifols SA                                                                       | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    410000 | PA      | $395108.80    | 0.03%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                                                            | LCM Investments Holdings II LLC                                                  | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52902.00     | 0.00%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Paraguay Government International Bonds                                             | Paraguay Government International Bonds                                          | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    414000 | PA      | $411516.00    | 0.03%             | 2031-04-28      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2005-7CB                                                  | CUSIP: 12667F4M4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1148816 | PA      | $59577.23     | 0.00%             | 2038-03-01      | Floating      | 0.58%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                                              | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAJ4<br>LEI: N/A                  | Long             | DBT              |  | US        |     65000 | PA      | $65709.80     | 0.00%             | 2027-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                                                | PRET 2025-NPL4 LLC                                                               | CUSIP: 74136UAA3<br>LEI: 2549006327OOFEDCTX76 | Long             | ABS-O            | CORP              | US        |   4350852 | PA      | $4369202.47   | 0.30%             | 2055-04-25      | Variable      | 6.37%                 | No            |                  2 | On Loan: No      |
| UNITED UTILITIES WAT FIN                                                            | United Utilities Water Finance PLC                                               | CUSIP: 000000000<br>LEI: 213800313INX42GDLR44 | Long             | DBT              | CORP              | GB        |    420000 | PA      | $482721.21    | 0.03%             | 2034-05-23      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                 | CUSIP: 3132DWEK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3323341 | PA      | $3169121.61   | 0.21%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Aimco                                                                               | Aimco CLO 14 Ltd                                                                 | CUSIP: 00144FAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $475353.90    | 0.03%             | 2034-04-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                                                             | Macy's Retail Holdings LLC                                                       | CUSIP: 55617LAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    676000 | PA      | $678873.00    | 0.05%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                                       | JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX                   | CUSIP: 46637WAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  49111066 | PA      | $169781.87    | 0.01%             | 2045-06-15      | Variable      | 0.49%                 | No            |                  2 | On Loan: No      |
| Primo Brands Corporation                                                            | Primo Brands Corporation 2025 Term Loan B                                        | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |    497500 | PA      | $499228.81    | 0.03%             | 2028-03-31      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| PACIFIC NATIONAL FINANCE                                                            | Pacific National Finance Pty Ltd                                                 | CUSIP: 000000000<br>LEI: 213800SSTRDXLWWVF948 | Long             | DBT              | CORP              | AU        |   1650000 | PA      | $982488.11    | 0.07%             | 2029-09-24      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FINANCE LLC                                                               | Jefferies Finance LLC 2024 Term Loan                                             | CUSIP: 000000000<br>LEI: 549300SKVB18YSSIDT75 | Long             | LON              | CORP              | US        |    171216 | PA      | $171751.84    | 0.01%             | 2031-10-21      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                                             | Talen Energy Supply LLC 2023 Term Loan B                                         | CUSIP: 87422LAV2<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | LON              | CORP              | US        |    497462 | PA      | $499250.30    | 0.03%             | 2030-05-17      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                                         | Asurion LLC 2021 Term Loan B9                                                    | CUSIP: 04649VAY6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    997396 | PA      | $998373.28    | 0.07%             | 2027-07-31      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                    | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137FG7J8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2995582 | PA      | $3626.45      | 0.00%             | 2046-05-25      | Variable      | 2.54%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                | CUSIP: 3136A1L60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     51076 | PA      | $3793.04      | 0.00%             | 2041-11-25      | Floating      | 1.54%                 | No            |                  2 | On Loan: No      |
| OREGON TOOL LUX LP                                                                  | Oregon Tool Lux LP                                                               | CUSIP: 68610BAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    549538 | PA      | $241796.72    | 0.02%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                              | US ULTRA BOND CBT SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -245 | NC      | $-482176.59   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| RESEARCH NOW GROUP INC                                                              | Research Now Group Inc 2024 First Lien First Out Term Loan                       | CUSIP: 76100MAB6<br>LEI: 549300XTHJNIVC5Q8K50 | Long             | LON              | CORP              | US        |    601797 | PA      | $600482.35    | 0.04%             | 2028-07-15      | Floating      | 9.59%                 | No            |                  2 | On Loan: No      |
| Castle US Holding Corporation                                                       | Castle US Holding Corporation 2025 USD FLSO Term Loan B1                         | CUSIP: 14852DAJ0<br>LEI: 254900VXLMLPIE9ID612 | Long             | LON              | CORP              | US        |    261726 | PA      | $146379.23    | 0.01%             | 2030-05-31      | Floating      | 8.84%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                                                                    | Freddie Mac Strips                                                               | CUSIP: 31325YRU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5506075 | PA      | $860765.34    | 0.06%             | 2052-10-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                                                            | Ajax Mortgage Loan Trust 2021-D                                                  | CUSIP: 009723AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2961929 | PA      | $2964385.00   | 0.20%             | 2060-03-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Ginnie Mae                                                                       | CUSIP: 21H040681<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  14575000 | PA      | $13421308.59  | 0.91%             | 2054-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                                                            | Snap Inc                                                                         | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   1258000 | PA      | $1289839.98   | 0.09%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                                                   | Post Holdings Inc                                                                | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     53000 | PA      | $52579.18     | 0.00%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| 1211 Avenue of the Americas Trust                                                   | 1211 Avenue of the Americas Trust 2015-1211                                      | CUSIP: 90117PAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2715000 | PA      | $2619211.27   | 0.18%             | 2035-08-10      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Flexential Issuer, LLC                                                              | Flexential Issuer 2021-1                                                         | CUSIP: 33938MAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2887286.70   | 0.20%             | 2051-11-27      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| Aqueduct European CLO                                                               | Aqueduct European CLO 9 DAC                                                      | CUSIP: 000000000<br>LEI: 254900Q94MU3Y11VO655 | Long             | ABS-CBDO         | CORP              | IE        |   1775000 | PA      | $2022590.61   | 0.14%             | 2038-04-15      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| PLANO HOLDCO INC                                                                    | Plano HoldCo Inc Term Loan B                                                     | CUSIP: 72712EAB3<br>LEI: 254900C53JLEP3CCOQ10 | Long             | LON              | CORP              | US        |    249375 | PA      | $242517.19    | 0.02%             | 2031-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                      | Morgan Stanley                                                                   | CUSIP: 61747YED3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    425000 | PA      | $368534.50    | 0.02%             | 2032-07-21      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| Atlas Funding                                                                       | Atlas Funding 2023-1 PLC                                                         | CUSIP: 000000000<br>LEI: 635400GE1FMJVQH5B467 | Long             | ABS-MBS          | CORP              | GB        |    725000 | PA      | $1029924.58   | 0.07%             | 2061-01-20      | Floating      | 13.95%                | Yes           |                  2 | On Loan: No      |
| HOA Funding LLC                                                                     | HOA Funding LLC - HOA                                                            | CUSIP: 40390GAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    814278 | PA      | $187294.48    | 0.01%             | 2051-08-20      | Fixed         | 4.72%                 | No            |                  3 | On Loan: No      |
| Textainer Marine Containers Limited                                                 | Textainer Marine Containers VII Ltd                                              | CUSIP: 88315LAN8<br>LEI: 549300X48KLHDDGPK024 | Long             | ABS-O            | CORP              | BM        |    496195 | PA      | $455969.78    | 0.03%             | 2046-02-20      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust                                            | Castlelake Aircraft Structured Trust 2025-1                                      | CUSIP: 14856VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3433851 | PA      | $3467331.86   | 0.23%             | 2050-02-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2006-19CB                                                 | CUSIP: 02147QAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3738267 | PA      | $1615312.48   | 0.11%             | 2036-08-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                               | CUSIP: 3137HLEU2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4793424 | PA      | $4764091.41   | 0.32%             | 2055-05-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                                                      | Transocean Inc                                                                   | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    252000 | PA      | $261444.96    | 0.02%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust                                            | Castlelake Aircraft Structured Trust 2025-2                                      | CUSIP: 14855XAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2135000 | PA      | $2134946.41   | 0.14%             | 2050-08-15      | Fixed         | 5.47%                 | No            |                  3 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2007-18CB                                                 | CUSIP: 02151NBH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    293796 | PA      | $169927.00    | 0.01%             | 2037-08-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ECI MACOLA MAX HOLDING LLC                                                          | ECI Macola Max Holding LLC 2024 Term Loan                                        | CUSIP: 26825UAM3<br>LEI: 549300MZ2LKM75L5EI42 | Long             | LON              | CORP              | US        |    282904 | PA      | $284042.53    | 0.02%             | 2030-05-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FLUTTER FINANCING BV                                                                | Flutter Financing BV 2025 Term Loan B                                            | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |    165034 | PA      | $165308.40    | 0.01%             | 2032-06-04      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDIN                                                            | Raven Acquisition Holdings LLC                                                   | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    425000 | PA      | $429632.50    | 0.03%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| 1345 Trust                                                                          | 1345T 2025-AOA                                                                   | CUSIP: 68271CAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3012471.60   | 0.20%             | 2030-06-15      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| WEX INC                                                                             | WEX Inc                                                                          | CUSIP: 96208TAD6<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | DBT              | CORP              | US        |    350000 | PA      | $354749.50    | 0.02%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                                                            | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                       | CUSIP: 46590XAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    385000 | PA      | $358042.30    | 0.02%             | 2031-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                                                   | Citigroup Mortgage Loan Trust Inc                                                | CUSIP: 17307GVL9<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-O            | CORP              | US        |   1335744 | PA      | $1227598.03   | 0.08%             | 2035-08-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                                            | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     52000 | PA      | $53531.40     | 0.00%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                                                      | Air Lease Corp                                                                   | CUSIP: 00914AAJ1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    380000 | PA      | $376770.00    | 0.03%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                                 | JPMorgan Chase & Co                                                              | CUSIP: 46647PBW5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    375000 | PA      | $368467.50    | 0.02%             | 2027-02-04      | Fixed         | 1.04%                 | No            |                  2 | On Loan: No      |
| SFO Commerical Mortgage Trust                                                       | SFO Commercial Mortgage Trust 2021-555                                           | CUSIP: 78432WAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1040000 | PA      | $1036038.64   | 0.07%             | 2038-05-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                            | Angel Oak Mortgage Trust 2024-11                                                 | CUSIP: 03463QAD8<br>LEI: 2549009VFCBSE99NTJ29 | Long             | ABS-MBS          | CORP              | US        |   1925000 | PA      | $1941877.25   | 0.13%             | 2069-08-25      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY RES                                                              | CenterPoint Energy Resources Corp                                                | CUSIP: 15189YAH9<br>LEI: 2JADVB0458J06WCD4N56 | Long             | DBT              | CORP              | US        |    765000 | PA      | $780950.25    | 0.05%             | 2033-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                                                   | PRPM 2024-RPL3 LLC                                                               | CUSIP: 69381LAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1150000 | PA      | $1080510.10   | 0.07%             | 2054-11-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Waikiki Beach Hotel Trust                                                           | WBHT Commercial Mortgage Trust 2025-WBM                                          | CUSIP: 92943QAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2650000 | PA      | $2659305.74   | 0.18%             | 2042-06-15      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| Deutsche Mortgage and Asset Receiving Corp.                                         | Deutsche Mortgage & Asset Receiving Corp                                         | CUSIP: 25160HAC9<br>LEI: 529900JBPP7HAVCM8C23 | Long             | ABS-MBS          | CORP              | US        |    272400 | PA      | $220508.58    | 0.01%             | 2037-07-27      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                               | CUSIP: 3137HJD46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   9517019 | PA      | $9499859.05   | 0.64%             | 2055-02-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV SA/                                                            | Anheuser-Busch InBev SA/NV                                                       | CUSIP: 000000000<br>LEI: 5493008H3828EMEXB082 | Long             | DBT              | CORP              | BE        |    970000 | PA      | $1077385.42   | 0.07%             | 2044-03-22      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                                                   | Herc Holdings Inc                                                                | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    486000 | PA      | $503855.64    | 0.03%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust                                                              | GSAA Home Equity Trust 2007-5                                                    | CUSIP: 3622ECAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1987261 | PA      | $135883.74    | 0.01%             | 2037-05-25      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                        | GS Mortgage Securities Trust 2011-GC5                                            | CUSIP: 36191YAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    403268 | PA      | $247.69       | 0.00%             | 2044-08-10      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| First Horizon Alternative Mortgage Securities                                       | First Horizon Alternative Mortgage Securities Trust 2007-FA1                     | CUSIP: 32053DAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    535410 | PA      | $185363.23    | 0.01%             | 2037-03-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                             | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GWV2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2075000 | PA      | $2037629.25   | 0.14%             | 2029-04-23      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust                                        | Wells Fargo Mortgage Backed Securities 2007-7 Trust                              | CUSIP: 94985JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1273125 | PA      | $1177674.85   | 0.08%             | 2037-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO SAS                                                                      | Opal Bidco SAS USD Term Loan B                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    858016 | PA      | $862791.05    | 0.06%             | 2032-04-28      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                                                                     | Fannie Mae Interest Strip                                                        | CUSIP: 31423XZ61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7656159 | PA      | $997968.18    | 0.07%             | 2052-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fontainebleau Miami Beach Trust                                                     | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU                               | CUSIP: 34461WAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3887000 | PA      | $3894575.76   | 0.26%             | 2039-12-15      | Floating      | 7.49%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS                                                             | TransMontaigne Partners LLC                                                      | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $680082.00    | 0.05%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                                              | Venture Global LNG Inc                                                           | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   3220000 | PA      | $3222801.40   | 0.22%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BLACKHAWK NETWORK HOLDINGS INC                                                      | Blackhawk Network Holdings Inc 2025 Term Loan B                                  | CUSIP: 09238FAM3<br>LEI: 549300LFU3K8UIR03132 | Long             | LON              | CORP              | US        |    818581 | PA      | $822866.36    | 0.06%             | 2029-03-12      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| Bombardier Capital Mortgage Securitization Corp.                                    | BCMSC Trust 2000-A                                                               | CUSIP: 09774XBP6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1658345 | PA      | $117339.87    | 0.01%             | 2030-06-15      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                                                        | Huntington Bank Auto Credit-Linked Notes Series 2025-1                           | CUSIP: 446438TA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1084051 | PA      | $1084890.10   | 0.07%             | 2033-03-21      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                                      | Fannie Mae-Aces                                                                  | CUSIP: 3136AT5H3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    198227 | PA      | $3593.59      | 0.00%             | 2039-07-25      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY FINANCE                                                              | Alliant Energy Finance LLC                                                       | CUSIP: 01882YAC0<br>LEI: 54930033ER6EOI5DL570 | Long             | DBT              | CORP              | US        |    245000 | PA      | $239852.55    | 0.02%             | 2026-03-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS                                                            | Suburban Propane Partners LP/Suburban Energy Finance Corp                        | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    435000 | PA      | $409108.80    | 0.03%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ISRAEL                                                                     | Israel Government International Bond                                             | CUSIP: 46514Y8A8<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    440000 | PA      | $449680.00    | 0.03%             | 2030-02-19      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                              | Residential Asset Securitization Trust 2007-A3                                   | CUSIP: 76113WAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    462468 | PA      | $205209.54    | 0.01%             | 2037-04-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                         | CUSIP: 38385EFG4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  14211470 | PA      | $832432.46    | 0.06%             | 2055-03-20      | Floating      | 0.95%                 | No            |                  2 | On Loan: No      |
| NEP Group Inc                                                                       | NEP Group Inc 2023 Term Loan B                                                   | CUSIP: 62908HAM7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    984626 | PA      | $937364.02    | 0.06%             | 2026-08-19      | Floating      | 7.84%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                                                    | CIFC Funding 2022-II Ltd                                                         | CUSIP: 12567VAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    475000 | PA      | $342591.85    | 0.02%             | 2035-04-19      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                        | GS Mortgage Securities Trust 2015-GC34                                           | CUSIP: 36250VAF9<br>LEI: 54930070360RBP384M53 | Long             | ABS-MBS          | CORP              | US        |   3090493 | PA      | $30.90        | 0.00%             | 2048-10-10      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      5000 | PA      | $4920.00      | 0.00%             | 2028-01-23      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                                                                   | Lithia Motors Inc                                                                | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    325000 | PA      | $307648.25    | 0.02%             | 2029-06-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Artera Services LLC                                                                 | Artera Services LLC 2024 Term Loan                                               | CUSIP: 73937UAL2<br>LEI: 549300J2G34D0WX8Z443 | Long             | LON              | CORP              | US        |     56050 | PA      | $46756.10     | 0.00%             | 2031-02-15      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE BUYER INC                                                                 | Charlotte Buyer Inc 2025 Repriced Term Loan B                                    | CUSIP: 12568YAH7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    348250 | PA      | $348469.40    | 0.02%             | 2028-02-11      | Floating      | 8.60%                 | No            |                  2 | On Loan: No      |
| NAKED JUICE LLC                                                                     | Naked Juice LLC 2025 FLSO Term Loan                                              | CUSIP: 62984CAM5<br>LEI: 549300Y5TU1XQ1KVLJ64 | Long             | LON              | CORP              | US        |     93637 | PA      | $71193.50     | 0.00%             | 2029-01-24      | Floating      | 7.65%                 | No            |                  2 | On Loan: No      |
| TCP Sunbelt Acquisition Co                                                          | TCP Sunbelt Acquisition Co 2024 Term Loan B                                      | CUSIP: 87233DAB3<br>LEI: 549300P5GYKSLPTV1Y23 | Long             | LON              | CORP              | US        |     44775 | PA      | $44998.88     | 0.00%             | 2031-10-24      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                            | Benchmark 2024-V10 Mortgage Trust                                                | CUSIP: 08163UAH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1338000 | PA      | $1328630.79   | 0.09%             | 2057-09-15      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                                             | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $341216.70    | 0.02%             | 2031-04-30      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2007-15CB                                                 | CUSIP: 02151CAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    510834 | PA      | $290028.92    | 0.02%             | 2037-07-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                           | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F042681<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  33550000 | PA      | $31830327.65  | 2.15%             | 2054-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Citimortgage Alternative Loan Trust                                                 | CitiMortgage Alternative Loan Trust Series 2007-A1                               | CUSIP: 12566QAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89953 | PA      | $80374.02     | 0.01%             | 2037-01-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                          | Verus Securitization Trust 2023-INV1                                             | CUSIP: 92539FAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1120000 | PA      | $1119543.49   | 0.08%             | 2068-02-25      | Variable      | 7.49%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust 2022-FOX2                                                               | CUSIP: 05610AAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    868000 | PA      | $865278.47    | 0.06%             | 2039-04-15      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                                                                | WR Grace Holdings LLC                                                            | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |     63000 | PA      | $58203.18     | 0.00%             | 2029-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                         | CUSIP: 38380Y2X2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     20859 | PA      | $18868.62     | 0.00%             | 2048-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FARMERS INS EXCH                                                                    | Farmers Insurance Exchange                                                       | CUSIP: 309601AG7<br>LEI: 549300UWG2TLX1GZVT44 | Long             | DBT              | CORP              | US        |    265000 | PA      | $272422.65    | 0.02%             | 2064-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                            | OBX 2022-NQM7 Trust                                                              | CUSIP: 67117DAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1187491 | PA      | $1182173.18   | 0.08%             | 2062-08-25      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                                                      | Sabre GLBL Inc                                                                   | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1078027.80   | 0.07%             | 2030-07-15      | Fixed         | 11.13%                | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                      | Morgan Stanley                                                                   | CUSIP: 61747YFR1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    120000 | PA      | $125950.80    | 0.01%             | 2035-04-19      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                                      | Fannie Mae-Aces                                                                  | CUSIP: 3136AQ5K2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     58928 | PA      | $0.59         | 0.00%             | 2036-04-25      | Variable      | 2.04%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                                 | JPMorgan Chase & Co                                                              | CUSIP: 46647PER3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    625000 | PA      | $618306.25    | 0.04%             | 2035-10-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Last Mile Logistics Pan Euro Finance DAC                                            | Last Mile Logistics Pan Euro Finance DAC                                         | CUSIP: 000000000<br>LEI: 635400NOPX1IKIAX7N90 | Long             | ABS-MBS          | CORP              | IE        |    490928 | PA      | $556798.03    | 0.04%             | 2033-08-17      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                  | CUSIP: 31418EJ50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1696500 | PA      | $1569142.82   | 0.11%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                              | U.S. Treasury Notes                                                              | CUSIP: 91282CNM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1760000 | PA      | $1759656.25   | 0.12%             | 2028-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitization Trust                                              | Residential Asset Securitization Trust 2006-A5CB                                 | CUSIP: 76112FAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    209389 | PA      | $78365.73     | 0.01%             | 2036-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NCFA1                                                                               | NCFA1                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2615980 | PA      | $2615980.08   | 0.18%             | 2028-06-12      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                                                                     | Fannie Mae Interest Strip                                                        | CUSIP: 31422M2D7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4977021 | PA      | $648521.69    | 0.04%             | 2051-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust 2021-ARIA                                                               | CUSIP: 05608RAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1495846.50   | 0.10%             | 2036-10-15      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                         | CUSIP: 38374EP35<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    170944 | PA      | $11368.76     | 0.00%             | 2033-10-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 17 Ltd                                                                  | Elmwood CLO 17 Ltd                                                               | CUSIP: 29003GAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $2712468.00   | 0.18%             | 2037-07-17      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                         | CUSIP: 38384WFA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  13631801 | PA      | $909717.00    | 0.06%             | 2054-09-20      | Floating      | 1.05%                 | No            |                  2 | On Loan: No      |
| TEMPO ACQUISITION LLC                                                               | Tempo Acquisition LLC 2025 Repriced Term Loan B                                  | CUSIP: 88023HAJ9<br>LEI: 549300VV0B2RPMHQGA61 | Long             | LON              | CORP              | US        |    997494 | PA      | $996012.45    | 0.07%             | 2028-08-31      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                                              | Venture Global LNG Inc                                                           | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152257.50    | 0.01%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD EUR                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $1492978.91   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Acquisition Corp                                                 | JP Morgan Mortgage Acquisition Trust 2007-CH1                                    | CUSIP: 46630LAG9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | ABS-O            | CORP              | US        |       894 | PA      | $884.42       | 0.00%             | 2036-11-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                                                    | Colt 2024-7 Mortgage Loan Trust                                                  | CUSIP: 19688YAE4<br>LEI: 213800EA95GXXC9AJO50 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1011773.80   | 0.07%             | 2069-12-26      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                          | Progress Residential 2021-SFR4                                                   | CUSIP: 74333EAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1530000 | PA      | $1516935.02   | 0.10%             | 2038-05-17      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| Oakwood Mortgage Investors Inc.                                                     | Oakwood Mortgage Investors Inc                                                   | CUSIP: 67087TAK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    202302 | PA      | $147982.34    | 0.01%             | 2027-08-15      | Fixed         | 7.48%                 | No            |                  2 | On Loan: No      |
| TECHNIMARK HOLDINGS LLC                                                             | Technimark Holdings LLC 2024 Term Loan                                           | CUSIP: 87854HAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    781970 | PA      | $784578.02    | 0.05%             | 2031-04-14      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                                                   | PRPM 2025-RCF1 LLC                                                               | CUSIP: 74390RAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2893570.80   | 0.20%             | 2055-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| CHI Commercial Mortgage Trust                                                       | CHI Commercial Mortgage Trust 2025-SFT                                           | CUSIP: 16706GAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1920000 | PA      | $1961479.16   | 0.13%             | 2042-04-15      | Variable      | 7.32%                 | No            |                  2 | On Loan: No      |
| Mid-State Trust                                                                     | Mid-State Capital Corp 2006-1 Trust                                              | CUSIP: 59548PAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22030 | PA      | $22061.52     | 0.00%             | 2040-10-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC                                                                | Amentum Holdings Inc                                                             | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |    261000 | PA      | $270121.95    | 0.02%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Technimark Holdings LLC                                                             | Technimark Holdings LLC 2021 Term Loan                                           | CUSIP: 87854HAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    787879 | PA      | $790506.83    | 0.05%             | 2031-04-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                                                            | International Flavors & Fragrances Inc                                           | CUSIP: 459506AQ4<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    505000 | PA      | $445879.65    | 0.03%             | 2030-11-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| ZAYO GROUP HOLDINGS INC                                                             | Zayo Group Holdings Inc                                                          | CUSIP: 98919VAA3<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |    850000 | PA      | $809710.00    | 0.05%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                            | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $343471.80    | 0.02%             | 2051-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| EagleView Technology Corporation                                                    | EagleView Technology Corporation 2025 Term Loan                                  | CUSIP: 000000000<br>LEI: 549300HLIL8HO4PPLG50 | Long             | LON              | CORP              | US        |    522502 | PA      | $513765.38    | 0.03%             | 2028-08-14      | Floating      | 9.80%                 | No            |                  2 | On Loan: No      |
| MAGNITE INC                                                                         | Magnite Inc 2025 Repriced Term Loan B                                            | CUSIP: 55955NAG3<br>LEI: 54930018FR2YX1HHSB02 | Long             | LON              | CORP              | US        |    552879 | PA      | $555526.88    | 0.04%             | 2031-02-06      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| DAVIDE CAMPARI-MILANO SP                                                            | Davide Campari-Milano NV                                                         | CUSIP: 000000000<br>LEI: 213800ED5AN2J56N6Z02 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $111984.76    | 0.01%             | 2029-01-17      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                  | CUSIP: 31418EGJ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2986705 | PA      | $2763416.19   | 0.19%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                             | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    325000 | PA      | $314795.00    | 0.02%             | 2027-10-21      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| PFIZER NETHERLANDS INTL                                                             | Pfizer Netherlands International Finance BV                                      | CUSIP: 000000000<br>LEI: 254900YI79T8NMNA4349 | Long             | DBT              | CORP              | NL        |    340000 | PA      | $390844.16    | 0.03%             | 2032-05-19      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SFAVE Commercial Mortgage Securities Trust                                          | SFAVE Commercial Mortgage Securities Trust 2015-5AVE                             | CUSIP: 78413MAE8<br>LEI: 549300FIGODFFTOAAU64 | Long             | ABS-MBS          | CORP              | US        |    460000 | PA      | $394102.06    | 0.03%             | 2043-01-05      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| SOUTHERN NATURAL GAS                                                                | Southern Natural Gas Co LLC                                                      | CUSIP: 84346LAA8<br>LEI: 254900KDLS1X42SY7037 | Long             | DBT              | CORP              | US        |     65000 | PA      | $55572.40     | 0.00%             | 2047-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| RAC BOND CO PLC                                                                     | RAC Bond Co PLC                                                                  | CUSIP: 000000000<br>LEI: 2138008FCM2SUNLC7B21 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $143352.58    | 0.01%             | 2028-11-06      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                                                               | American Homes 4 Rent LP                                                         | CUSIP: 02666TAD9<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              |  | US        |    675000 | PA      | $443994.75    | 0.03%             | 2051-07-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ADMI CORP                                                                           | ADMI Corp 2023 Term Loan B5                                                      | CUSIP: 00709LAL1<br>LEI: 5493008U1LYGMQWO7N12 | Long             | LON              | CORP              | US        |     83464 | PA      | $81001.99     | 0.01%             | 2027-12-23      | Floating      | 10.11%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                  | CUSIP: 31418FF28<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  17472648 | PA      | $16583796.05  | 1.12%             | 2055-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                                                   | Citigroup Mortgage Loan Trust 2006-WF1                                           | CUSIP: 17307G4H8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     26949 | PA      | $12409.45     | 0.00%             | 2036-03-25      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust                                                      | SWCH Commercial Mortgage Trust 2025-DATA                                         | CUSIP: 78489CAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4650000 | PA      | $4641731.84   | 0.31%             | 2042-02-15      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                                                       | NYC Commercial Mortgage Trust 2025-3BP                                           | CUSIP: 67120UAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2050000 | PA      | $2040214.94   | 0.14%             | 2042-02-15      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                 | CUSIP: 3132DWFQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2875833 | PA      | $2741046.07   | 0.19%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                    | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137B8G68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     14744 | PA      | $0.15         | 0.00%             | 2042-01-25      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                                                    | GGAM Finance Ltd                                                                 | CUSIP: 36170JAC0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    115000 | PA      | $118535.10    | 0.01%             | 2027-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES/ESCR                                                            | Windstream Services LLC / Windstream Escrow Finance Corp                         | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    417000 | PA      | $437103.57    | 0.03%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                                   | IRON MOUNTAIN INC 2022 TERM LOAN A                                               | CUSIP: 46284NAU3<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | LON              | CORP              | US        |   1000000 | PA      | $995000.00    | 0.07%             | 2030-03-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                                                                     | Fannie Mae Interest Strip                                                        | CUSIP: 31422MZL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  36805406 | PA      | $3983639.71   | 0.27%             | 2052-01-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust 2024-BIO                                                                | CUSIP: 05612AAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2000038.00   | 0.14%             | 2041-02-15      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                            | JP Morgan Mortgage Trust 2007-S1                                                 | CUSIP: 46630RAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    353682 | PA      | $128037.24    | 0.01%             | 2037-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD CAD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $49734.17     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Belron Finance 2019 LLC                                                             | Belron Finance 2019 LLC 2024 USD Term Loan B                                     | CUSIP: 08078UAM5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    341200 | PA      | $343204.30    | 0.02%             | 2031-10-16      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Perusahaan Penerbit SBSN Indonesia III                                              | Perusahaan Penerbit SBSN Indonesia III                                           | CUSIP: 71567RAP1<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $185444.00    | 0.01%             | 2030-06-23      | Fixed         | 2.80%                 | Yes           |                  2 | On Loan: No      |
| Calpine Corporation                                                                 | Calpine Corporation 2024 Term Loan B5                                            | CUSIP: 13134MBX0<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | LON              | CORP              | US        |   1000000 | PA      | $1000835.00   | 0.07%             | 2032-02-15      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                                | LHOME Mortgage Trust 2025-RTL1                                                   | CUSIP: 50205UAB7<br>LEI: 5299002NGIWITLMXOH85 | Long             | ABS-MBS          | CORP              | US        |   2684000 | PA      | $2680566.36   | 0.18%             | 2040-01-25      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                                                            | International Flavors & Fragrances Inc                                           | CUSIP: 459506AR2<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |     55000 | PA      | $40397.50     | 0.00%             | 2040-11-15      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| UK Logisitics                                                                       | UK Logistics 2024-2 DAC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |    824943 | PA      | $1098332.38   | 0.07%             | 2035-02-17      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                                                                | FirstKey Homes 2022-SFR1 Trust                                                   | CUSIP: 33768NAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1592400.64   | 0.11%             | 2039-05-19      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                                               | Mexico Government International Bonds                                            | CUSIP: 91087BAM2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    814000 | PA      | $705046.10    | 0.05%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                    | RALI Series 2006-QS4 Trust                                                       | CUSIP: 749228AB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    244783 | PA      | $198512.59    | 0.01%             | 2036-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                                            | Neuberger Berman Loan Advisers CLO 26 Ltd                                        | CUSIP: 64131NAA5<br>LEI: 549300P0MOXZPIM3AS61 | Long             | ABS-CBDO         | CORP              | KY        |   5540000 | PA      | $2357679.96   | 0.16%             | 2038-10-18      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                                           | CIM Trust 2021-R5                                                                | CUSIP: 12592SAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    681000 | PA      | $456642.23    | 0.03%             | 2061-08-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| 321 Henderson Receivables LLC                                                       | JGWPT XXX LLC                                                                    | CUSIP: 46617LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     31383 | PA      | $29410.86     | 0.00%             | 2073-01-17      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                                        | CSMC Mortgage-Backed Trust 2006-7                                                | CUSIP: 22942KCH1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1024153 | PA      | $490037.29    | 0.03%             | 2036-08-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Prologis Euro Finance LLC                                                           | Prologis Euro Finance LLC                                                        | CUSIP: 000000000<br>LEI: 549300MI5D1784PRQH06 | Long             | DBT              |  | US        |    150000 | PA      | $184824.67    | 0.01%             | 2033-05-23      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                                              | CHL Mortgage Pass-Through Trust 2007-20                                          | CUSIP: 12544QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    196389 | PA      | $83235.46     | 0.01%             | 2038-01-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HPS Loan Management Ltd                                                             | HPS Loan Management 2024-19 Ltd                                                  | CUSIP: 442924AN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1005367.00   | 0.07%             | 2037-04-15      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Citimortgage Alternative Loan Trust                                                 | CitiMortgage Alternative Loan Trust Series 2005-A1                               | CUSIP: 17308FAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1262823 | PA      | $1181196.83   | 0.08%             | 2035-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                       | OHIO ST HOSP FAC REVENUE                                                         | CUSIP: 677561LK6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $90084.10     | 0.01%             | 2032-01-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                       | Citigroup Inc                                                                    | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $907150.00    | 0.06%             | 2031-06-03      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| EUROGRID GMBH                                                                       | Eurogrid GmbH                                                                    | CUSIP: 000000000<br>LEI: 967600Q53854Z2NBCC81 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $198103.10    | 0.01%             | 2032-05-15      | Fixed         | 1.11%                 | Yes           |                  2 | On Loan: No      |
| DBSG 2024-ALTA Mortgage Trust                                                       | DBSG 2024-ALTA Mortgage Trust                                                    | CUSIP: 239918AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $502608.50    | 0.03%             | 2037-06-10      | Variable      | 7.06%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                                                                    | Allied Universal Holdco LLC / Allied Universal Finance Corp                      | CUSIP: 019576AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $148698.95    | 0.01%             | 2030-06-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                          | US Bancorp                                                                       | CUSIP: 91159HJJ0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52449.50     | 0.00%             | 2033-10-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                              | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BR5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1412702.90   | 0.10%             | 2029-06-12      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| ANTYLIA SCIENTIFIC                                                                  | Antylia Scientific Term Loan                                                     | CUSIP: 12592HAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    664322 | PA      | $653247.72    | 0.04%             | 2032-05-27      | Floating      | 8.29%                 | No            |                  2 | On Loan: No      |
| Conseco Finance Securitizations Corp.                                               | Conseco Finance Securitizations Corp                                             | CUSIP: 20846QDU9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1992158 | PA      | $265214.14    | 0.02%             | 2032-05-01      | Fixed         | 7.97%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2006-19CB                                                 | CUSIP: 02147QAT9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3608302 | PA      | $390225.99    | 0.03%             | 2036-08-25      | Floating      | 1.13%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE ALT-B SECURITIES INC MORTGAGE L                                            | Deutsche Alt-B Securities Inc Mortgage Loan Trust Series 2006-AB2                | CUSIP: 251511AB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    176739 | PA      | $161806.43    | 0.01%             | 2036-06-25      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                                                                 | AUST 3YR BOND FUT SEP25                                                          | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |       -23 | NC      | $88.98        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                | CUSIP: 3136BWGP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    343285 | PA      | $324015.93    | 0.02%             | 2055-02-25      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                                                                   | Upbound Group Inc                                                                | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |    889000 | PA      | $867450.64    | 0.06%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                            | Avis Budget Rental Car Funding AESOP LLC                                         | CUSIP: 05377REL4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1540000 | PA      | $1506389.96   | 0.10%             | 2027-08-20      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| SKYLINE CL A TR 2020 1                                                              | SKYLINE CL A TR 2020 1                                                           | CUSIP: 83084RAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    408778 | PA      | $378712.73    | 0.03%             | 2038-07-03      | Fixed         | 3.23%                 | No            |                  3 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2006-J1                                                   | CUSIP: 12668BKH5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    175468 | PA      | $117997.43    | 0.01%             | 2036-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Acquisition Corp                                                 | JP Morgan Mortgage Acquisition Trust 2007-CH2                                    | CUSIP: 46630MAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    364779 | PA      | $178936.20    | 0.01%             | 2037-01-25      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| Residential Funding Mtg Sec I                                                       | RFMSI Series 2006-S10 Trust                                                      | CUSIP: 74958DAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    571592 | PA      | $460925.23    | 0.03%             | 2036-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $7820.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                    | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754LAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5710000 | PA      | $5995965.94   | 0.41%             | 2041-12-25      | Floating      | 10.35%                | No            |                  2 | On Loan: No      |
| J&J Ventures Gaming, LLC                                                            | J&J Ventures Gaming LLC 2025 Repriced Term Loan B                                | CUSIP: 46604BAH1<br>LEI: 549300BYPH8FLKS5ZS70 | Long             | LON              | CORP              | US        |    498750 | PA      | $495400.89    | 0.03%             | 2030-04-26      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| HEALTHCARE RLTY HLDGS LP                                                            | Healthcare Realty Holdings LP                                                    | CUSIP: 42225UAK0<br>LEI: 549300IYGAS4GE6VDL07 | Long             | DBT              |  | US        |    150000 | PA      | $145786.50    | 0.01%             | 2028-01-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Aimco                                                                               | AIMCO CLO Series 2017-A                                                          | CUSIP: 00900DAE2<br>LEI: 549300MMTPNJGGRMPB33 | Long             | ABS-CBDO         | CORP              | KY        |   4250000 | PA      | $2513139.75   | 0.17%             | 2038-01-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                                 | COMM 2012-LC4 Mortgage Trust                                                     | CUSIP: 126192AJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    980992 | PA      | $9.81         | 0.00%             | 2044-12-10      | Variable      | 0.52%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                                                        | Ecopetrol SA                                                                     | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |   2100000 | PA      | $2080617.00   | 0.14%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ALLO Issuer, LLC                                                                    | ALLO Issuer LLC                                                                  | CUSIP: 01983KAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    469000 | PA      | $503257.45    | 0.03%             | 2053-06-20      | Fixed         | 12.18%                | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                                              | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    105000 | PA      | $101398.50    | 0.01%             | 2026-09-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| TMS ISSUER SARL                                                                     | TMS Issuer Sarl                                                                  | CUSIP: 256834367<br>LEI: 21380092DY1X4BHPMA32 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $413592.00    | 0.03%             | 2032-08-23      | Fixed         | 5.78%                 | Yes           |                  2 | On Loan: No      |
| KELSO INDUSTRIES LLC                                                                | Kelso Industries LLC Delayed Draw Term Loan                                      | CUSIP: 48825CAC9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     17733 | PA      | $17866.33     | 0.00%             | 2029-12-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Maverick Bidco Inc                                                                  | Maverick Bidco Inc 2021 Term Loan                                                | CUSIP: 57767KAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1000000 | PA      | $1004690.00   | 0.07%             | 2028-05-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                                                           | Uniform Mortgage-Backed Security, TBA                                            | CUSIP: 01F040685<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  10900000 | PA      | $10054852.15  | 0.68%             | 2054-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Intrado Corporation                                                                 | Intrado Corporation 2023 Term Loan B                                             | CUSIP: 40147EAB5<br>LEI: 254900OSYC6XQ21DY128 | Long             | LON              | CORP              | US        |    348232 | PA      | $348958.38    | 0.02%             | 2030-01-31      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                         | CUSIP: 38385ENN0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  12030591 | PA      | $848165.11    | 0.06%             | 2055-03-20      | Floating      | 0.99%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                                              | CHL Mortgage Pass-Through Trust 2007-7                                           | CUSIP: 12544TAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    577416 | PA      | $251615.31    | 0.02%             | 2037-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                                               | HUB International Ltd                                                            | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    417000 | PA      | $435047.76    | 0.03%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                   | EURO-BOBL FUTURE SEP25                                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -94 | NC      | $79562.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                    | RALI Series 2006-QS4 Trust                                                       | CUSIP: 749228AD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    303232 | PA      | $245913.80    | 0.02%             | 2036-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                                          | GLS Auto Receivables Issuer Trust 2023-2                                         | CUSIP: 379928AJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1110000 | PA      | $1133696.06   | 0.08%             | 2029-03-15      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                                                 | Sirius XM Radio LLC                                                              | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   1820000 | PA      | $1801308.60   | 0.12%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Mortgage Loan Trust                                                  | Morgan Stanley Mortgage Loan Trust 2007-13                                       | CUSIP: 61756HBN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    172960 | PA      | $88665.99     | 0.01%             | 2037-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CART                                                                                | CONE Trust 2024-DFW1                                                             | CUSIP: 20682AAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1267000 | PA      | $1273617.54   | 0.09%             | 2041-08-15      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                         | RCKT Mortgage Trust 2024-CES6                                                    | CUSIP: 749410AF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2300000 | PA      | $2314082.44   | 0.16%             | 2044-09-25      | Fixed         | 7.23%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                                                         | HOMES 2025-NQM1 Trust                                                            | CUSIP: 43761DAF7<br>LEI: 254900LUV7YA0N50XT86 | Long             | ABS-MBS          | CORP              | US        |   3542000 | PA      | $3567987.65   | 0.24%             | 2070-01-25      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                                                                         | Paychex Inc                                                                      | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |   2380000 | PA      | $2432455.20   | 0.16%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| GALDERMA FINANCE EUROPE                                                             | Galderma Finance Europe BV                                                       | CUSIP: 000000000<br>LEI: 7245004RN4I1ORSTHY93 | Long             | DBT              | CORP              | NL        |   1040000 | PA      | $1209421.29   | 0.08%             | 2030-03-20      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                                                   | Citigroup Mortgage Loan Trust 2009-10                                            | CUSIP: 17316AAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    485519 | PA      | $344568.04    | 0.02%             | 2035-12-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                                                      | Newday Funding Master Issuer PLC - Series 2024-2                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |   1600000 | PA      | $2138518.73   | 0.14%             | 2032-07-15      | Floating      | 8.12%                 | Yes           |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                                                             | KazMunayGas National Co JSC                                                      | CUSIP: 48126PAA0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    815000 | PA      | $711951.40    | 0.05%             | 2033-04-14      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ADTALEM GLOBAL EDUCATION                                                            | Adtalem Global Education Inc                                                     | CUSIP: 00737WAA7<br>LEI: 549300Z467EZLMODV621 | Long             | DBT              | CORP              | US        |   1142000 | PA      | $1128935.52   | 0.08%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing and Securitization                                     | C-BASS 2007-CB1 TRUST                                                            | CUSIP: 1248MGAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1637310 | PA      | $453792.69    | 0.03%             | 2037-01-25      | Variable      | 3.11%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Government National Mortgage Association                                         | CUSIP: 38376GBQ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    850104 | PA      | $29376.21     | 0.00%             | 2051-09-16      | Variable      | 0.19%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                                                                    | Boyd Gaming Corp                                                                 | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    700000 | PA      | $667212.00    | 0.05%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                                                      | HarborView Mortgage Loan Trust 2006-4                                            | CUSIP: 41161PL27<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2373754 | PA      | $1171497.51   | 0.08%             | 2046-05-19      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| Conseco Finance Securitizations Corp.                                               | Conseco Finance Securitizations Corp                                             | CUSIP: 20846QBP2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3422743 | PA      | $462877.40    | 0.03%             | 2029-09-01      | Variable      | 8.06%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                                     | CSAIL 2019-C16 Commercial Mortgage Trust                                         | CUSIP: 12596WAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    546931 | PA      | $25969.58     | 0.00%             | 2052-06-15      | Variable      | 1.53%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Company Inc                                               | Hilton Domestic Operating Company Inc 2023 Term Loan B4                          | CUSIP: 43289DAK9<br>LEI: 5493003EG7H0N1E4XV50 | Long             | LON              | CORP              | US        |    424611 | PA      | $426054.88    | 0.03%             | 2030-11-08      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae Pool                                                                  | CUSIP: 3140W0WU5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9632872 | PA      | $9161349.09   | 0.62%             | 2054-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                                              | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 00489LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $395263.80    | 0.03%             | 2029-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Kamc Holdings Inc                                                                   | KAMC Holdings Inc 2019 Term Loan                                                 | CUSIP: 48238YAC2<br>LEI: 549300XJEBQG5WGJBZ22 | Long             | LON              | CORP              | US        |    492126 | PA      | $472441.06    | 0.03%             | 2026-08-14      | Floating      | 8.59%                 | No            |                  2 | On Loan: No      |
| Brazil Government International Bonds                                               | Brazil Government International Bonds                                            | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   1420000 | PA      | $1404337.40   | 0.09%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LONZA FINANCE INTL NV                                                               | Lonza Finance International NV                                                   | CUSIP: 000000000<br>LEI: 549300AS6XQBD4ETT379 | Long             | DBT              | CORP              | BE        |    210000 | PA      | $243531.85    | 0.02%             | 2036-04-24      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                | CUSIP: 3136BULR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5272446 | PA      | $5251718.19   | 0.36%             | 2055-01-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                                                                  | Tricon Residential 2022-SFR1 Trust                                               | CUSIP: 89616QAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1590054.24   | 0.11%             | 2039-04-17      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| YORKSHIRE WATER FINANCE                                                             | Yorkshire Water Finance PLC                                                      | CUSIP: 000000000<br>LEI: 213800O8BDOGHJMTCP32 | Long             | DBT              | CORP              | GB        |   1550000 | PA      | $2108294.61   | 0.14%             | 2034-11-18      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| City of New York NY                                                                 | NEW YORK NY                                                                      | CUSIP: 64966MYR4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    155000 | PA      | $148851.62    | 0.01%             | 2031-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                    | RALI Series 2006-QS15 Trust                                                      | CUSIP: 74922YAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    680649 | PA      | $588786.37    | 0.04%             | 2036-10-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Delivery Hero SE                                                                    | Delivery Hero SE 2024 USD Term Loan B                                            | CUSIP: 000000000<br>LEI: 529900KR9IO53KSCSQ67 | Long             | LON              | CORP              | US        |   1092824 | PA      | $1103637.50   | 0.07%             | 2029-12-12      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                                                      | Carvana Auto Receivables Trust 2023-P3                                           | CUSIP: 14688GAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2000 | PA      | $238928.89    | 0.02%             | 2030-08-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Indonesia Government International Bonds                                            | Indonesia Government International Bonds                                         | CUSIP: 455780DX1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $196674.00    | 0.01%             | 2034-09-10      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Star Parent Inc                                                                     | Star Parent Inc Term Loan B                                                      | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |    189888 | PA      | $188028.63    | 0.01%             | 2030-09-27      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| AMERICOLD REALTY OPER PA                                                            | Americold Realty Operating Partnership LP                                        | CUSIP: 03063UAB7<br>LEI: 549300FKD9KVWNHSUU79 | Long             | DBT              |  | US        |   1120000 | PA      | $1121444.80   | 0.08%             | 2032-05-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| DG Investment Intermediate Holdings 2, Inc.                                         | DG Investment Intermediate Holdings 2 Inc 2024 Delayed Draw Term Loan            | CUSIP: 23344MAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     13948 | PA      | $13913.05     | 0.00%             | 2028-03-31      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                                                 | JPMorgan Chase & Co                                                              | CUSIP: 46647PAR7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    255000 | PA      | $252161.85    | 0.02%             | 2029-04-23      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| DOLP Trust                                                                          | DOLP Trust 2021-NYC                                                              | CUSIP: 23345LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1458000 | PA      | $1291241.40   | 0.09%             | 2041-05-10      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Western Funding Auto Loan Trust                                                     | Western Funding Auto Loan Trust 2025-1                                           | CUSIP: 958250AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2498780.23   | 0.17%             | 2036-01-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC                                                                  | VOYAGER PARENT LLC TERM LOAN B                                                   | CUSIP: 92921HAC9<br>LEI: 2549002DYVI4ACSV4V71 | Long             | LON              | CORP              | US        |   1431064 | PA      | $1434126.72   | 0.10%             | 2032-07-01      | Floating      | 9.04%                 | No            |                  2 | On Loan: No      |
| Credit-Based Asset Servicing and Securitization                                     | Securitized Asset Backed Receivables LLC Trust 2006-CB1                          | CUSIP: 81375WHK5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    227596 | PA      | $193004.36    | 0.01%             | 2036-01-25      | Variable      | 2.84%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds                             | Republic of South Africa Government International Bonds                          | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   1014000 | PA      | $991022.76    | 0.07%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Great Wolf Trust                                                                    | GWT 2024-WLF2                                                                    | CUSIP: 362414AC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    522000 | PA      | $525317.31    | 0.04%             | 2041-05-15      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                                                      | HarborView Mortgage Loan Trust 2005-9                                            | CUSIP: 41161PSK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11642 | PA      | $11084.24     | 0.00%             | 2035-06-20      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Bayer US Finance II LLC                                                             | Bayer US Finance II LLC                                                          | CUSIP: 07274NAJ2<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |    255000 | PA      | $254347.20    | 0.02%             | 2025-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                           | Amgen Inc                                                                        | CUSIP: 031162CR9<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    100000 | PA      | $76785.00     | 0.01%             | 2040-02-21      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust                                              | Merrill Lynch Mortgage Investors Trust Series 2006-HE6                           | CUSIP: 59023XAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    728193 | PA      | $224920.13    | 0.02%             | 2037-11-25      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ELEC POWER                                                             | Southwestern Electric Power Co                                                   | CUSIP: 845437BU5<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |    600000 | PA      | $605610.00    | 0.04%             | 2033-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| HEALTHCARE RLTY HLDGS LP                                                            | Healthcare Realty Holdings LP                                                    | CUSIP: 42225UAG9<br>LEI: 549300IYGAS4GE6VDL07 | Long             | DBT              |  | US        |     35000 | PA      | $32507.65     | 0.00%             | 2030-02-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| KESTREL ACQUISITION LLC                                                             | Kestrel Acquisition LLC 2024 Term Loan B                                         | CUSIP: 44579UAB8<br>LEI: 549300ER0JUHJLPPMH08 | Long             | LON              | CORP              | US        |    226341 | PA      | $227213.38    | 0.02%             | 2031-11-06      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                                                            | Host Hotels & Resorts LP                                                         | CUSIP: 44107TBD7<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |   1475000 | PA      | $1497198.75   | 0.10%             | 2032-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Lehman XS Trust                                                                     | Lehman XS Trust 2006-17                                                          | CUSIP: 52523KAM6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6648367 | PA      | $130501.45    | 0.01%             | 2046-08-25      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                                                   | Magnetite Xlii Ltd                                                               | CUSIP: 55955YAE4<br>LEI: 5299008QF7XUGQ5EZC63 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $862972.00    | 0.06%             | 2038-01-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| FARMERS INS EXCH                                                                    | Farmers Insurance Exchange                                                       | CUSIP: 309601AE2<br>LEI: 549300UWG2TLX1GZVT44 | Long             | DBT              | CORP              | US        |    135000 | PA      | $110529.90    | 0.01%             | 2057-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SCIH Salt Holdings Inc                                                              | SCIH Salt Holdings Inc 2021 Incremental Term Loan B                              | CUSIP: 78397GAF8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    497500 | PA      | $498885.54    | 0.03%             | 2029-01-31      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| HELP AT HOME INC                                                                    | Help At Home Inc 2024 Term Loan B                                                | CUSIP: 40467AAN9<br>LEI: 254900FFJQHW9R90FL74 | Long             | LON              | CORP              | US        |    348250 | PA      | $337802.50    | 0.02%             | 2031-09-24      | Floating      | 9.36%                 | No            |                  2 | On Loan: No      |
| Ryan LLC                                                                            | Ryan LLC Term Loan                                                               | CUSIP: 78350LAZ8<br>LEI: 549300TG86D8HZC6TE67 | Long             | LON              | CORP              | US        |   1125581 | PA      | $1127837.49   | 0.08%             | 2030-11-14      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| Modena Buyer LLC                                                                    | Modena Buyer LLC Term Loan                                                       | CUSIP: 60753DAC8<br>LEI: 254900B0G2IU0VBDOY26 | Long             | LON              | CORP              | US        |    228713 | PA      | $224750.49    | 0.02%             | 2031-07-01      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MAG0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    110000 | PA      | $109970.30    | 0.01%             | 2025-10-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Uruguay Government International Bonds                                              | Uruguay Government International Bonds                                           | CUSIP: 760942BH4<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    200000 | PA      | $204364.00    | 0.01%             | 2037-02-14      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                                                 | Elevance Health Inc                                                              | CUSIP: 036752BD4<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    185000 | PA      | $184975.95    | 0.01%             | 2035-02-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Aveanna Healthcare LLC                                                              | Aveanna Healthcare LLC 2021 Term Loan B                                          | CUSIP: 05549DAJ7<br>LEI: 5493006D6JRLPIY8YV18 | Long             | LON              | CORP              | US        |         0 | PA      | $0.46         | 0.00%             | 2028-07-17      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                                                   | Iron Mountain Inc                                                                | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    335000 | PA      | $340798.85    | 0.02%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                                                              | Switch ABS Issuer LLC                                                            | CUSIP: 871044AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $402329.80    | 0.03%             | 2054-03-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Residential Funding Mtg Sec I                                                       | RFMSI Series 2006-S3 Trust                                                       | CUSIP: 76111XP56<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    379665 | PA      | $307944.98    | 0.02%             | 2036-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Adjustable Rate Mortgage Trust                                         | Bear Stearns ARM Trust 2004-3                                                    | CUSIP: 07384MQ88<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4574 | PA      | $4285.16      | 0.00%             | 2034-07-25      | Variable      | 4.56%                 | No            |                  2 | On Loan: No      |
| Sabey Data Center Issuer LLC                                                        | Sabey Data Center Issuer LLC                                                     | CUSIP: 78520EAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1325000 | PA      | $1286346.17   | 0.09%             | 2046-06-20      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                                       | Citigroup Inc                                                                    | CUSIP: 172967LS8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    435000 | PA      | $425677.95    | 0.03%             | 2028-10-27      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| MH SUB I LLC                                                                        | MH Sub I LLC 2024 Term Loan B4                                                   | CUSIP: 000000000<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |    661894 | PA      | $593268.60    | 0.04%             | 2031-12-31      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| Telenet Financing USD LLC                                                           | Telenet Financing USD LLC 2020 USD Term Loan AR                                  | CUSIP: 000000000<br>LEI: 213800BMPOX34U6DWN81 | Long             | LON              | CORP              | US        |    500000 | PA      | $490875.00    | 0.03%             | 2028-04-30      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Proampac PG Borrower LLC                                                            | Proampac PG Borrower LLC 2024 Term Loan                                          | CUSIP: 74274NAL7<br>LEI: 549300ZI6LTXYFEY1578 | Long             | LON              | CORP              | US        |    145889 | PA      | $146526.87    | 0.01%             | 2028-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SK INVICTUS INTERMEDIATE                                                            | SK Invictus Intermediate II Sarl                                                 | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    431000 | PA      | $419276.80    | 0.03%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TUCSON ELECTRIC POWER CO                                                            | Tucson Electric Power Co                                                         | CUSIP: 898813AV2<br>LEI: YLF139GXSRKPBBTNZL03 | Long             | DBT              | CORP              | US        |    305000 | PA      | $286864.70    | 0.02%             | 2053-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                               | Wells Fargo & Co                                                                 | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    225000 | PA      | $230670.00    | 0.02%             | 2035-01-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Taurus CMBS                                                                         | Taurus 2021-1 UK DAC                                                             | CUSIP: 000000000<br>LEI: 635400SG2ZVJCYHITE32 | Long             | ABS-MBS          | CORP              | IE        |   1464245 | PA      | $1943710.50   | 0.13%             | 2031-05-17      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                                                   | EURO-BUXL 30Y BND SEP25                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -13 | NC      | $40928.58     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                                                                | Bank of America Corp                                                             | CUSIP: 06051GJL4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1085000 | PA      | $947389.45    | 0.06%             | 2031-10-24      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                              | US 5YR NOTE (CBT) SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      2289 | NC      | $1468202.38   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                               | CUSIP: 3137HJE60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5689779 | PA      | $5666636.87   | 0.38%             | 2055-02-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE GENERATION LLC                                                          | CORNERSTONE GENERATION LLC TERM LOAN B                                           | CUSIP: 21924NAB4<br>LEI: 254900JBGAU2N55LVN75 | Long             | LON              | CORP              | US        |    181482 | PA      | $182979.29    | 0.01%             | 2031-10-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BCPE North Star US Holdco 2 Inc                                                     | BCPE North Star US HoldCo 2 Inc Term Loan                                        | CUSIP: 05552DAD4<br>LEI: 254900AGB0JDUDNIJC95 | Long             | LON              | CORP              | US        |    747786 | PA      | $749655.07    | 0.05%             | 2028-06-09      | Floating      | 8.47%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust 2024-BIO                                                                | CUSIP: 05612AAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    927000 | PA      | $926618.82    | 0.06%             | 2041-02-15      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| TRONOX INC                                                                          | Tronox Inc                                                                       | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |     63000 | PA      | $48956.04     | 0.00%             | 2029-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2005-86CB                                                 | CUSIP: 12668BFA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    505904 | PA      | $285872.96    | 0.02%             | 2036-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                                                                | Pilgrim's Pride Corp                                                             | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    950000 | PA      | $998573.50    | 0.07%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                                      | Morgan Stanley                                                                   | CUSIP: 61747YEH4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    635000 | PA      | $556082.20    | 0.04%             | 2032-10-20      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                    | RALI Series 2006-QS6 Trust                                                       | CUSIP: 74922EAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    471693 | PA      | $383295.14    | 0.03%             | 2036-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2005-10CB                                                 | CUSIP: 12667GBD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1306000 | PA      | $1065046.53   | 0.07%             | 2035-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                             | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    920000 | PA      | $907276.40    | 0.06%             | 2035-10-23      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                 | CUSIP: 3132DWFE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    645887 | PA      | $597299.88    | 0.04%             | 2052-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN FINANCIAL SER                                                            | Volkswagen Financial Services AG                                                 | CUSIP: 000000000<br>LEI: 529900SSGT49ZZSWYE62 | Long             | DBT              | CORP              | DE        |   1100000 | PA      | $1278768.78   | 0.09%             | 2031-11-19      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust 2025-VLT6                                                               | CUSIP: 12433KAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1401683.64   | 0.09%             | 2042-03-15      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                            | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $194505.00    | 0.01%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                       | Citigroup Inc                                                                    | CUSIP: 172967PL9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    115000 | PA      | $117375.90    | 0.01%             | 2035-06-11      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HEATHROW FUNDING LTD                                                                | Heathrow Funding Ltd                                                             | CUSIP: 000000000<br>LEI: 7TI96JO3DYEIQWZ7Z726 | Long             | DBT              | CORP              | JE        |    250000 | PA      | $284834.83    | 0.02%             | 2036-01-16      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                                                            | Graphic Packaging International LLC                                              | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    325000 | PA      | $329218.50    | 0.02%             | 2032-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.                                    | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137FMU91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3160000 | PA      | $51236.87     | 0.00%             | 2047-05-25      | Variable      | 2.16%                 | No            |                  2 | On Loan: No      |
| JOHNSON & JOHNSON                                                                   | Johnson & Johnson                                                                | CUSIP: 000000000<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |    265000 | PA      | $294137.66    | 0.02%             | 2045-02-26      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                                 | JPMorgan Chase & Co                                                              | CUSIP: 46647PCJ3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    120000 | PA      | $112490.40    | 0.01%             | 2029-06-01      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| Plaze Inc                                                                           | Plaze Inc 2020 Incremental Term Loan                                             | CUSIP: 72819QAN2<br>LEI: 54930069WJQSNERFIV02 | Long             | LON              | CORP              | US        |    669389 | PA      | $642928.04    | 0.04%             | 2026-08-03      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                                             | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAT8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    274000 | PA      | $279617.00    | 0.02%             | 2032-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                                                            | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 03969AAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    510000 | PA      | $254398.20    | 0.02%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                                 | COMM 2015-CCRE22 Mortgage Trust                                                  | CUSIP: 12592XBE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    429373 | PA      | $4.29         | 0.00%             | 2048-03-10      | Variable      | 0.16%                 | No            |                  2 | On Loan: No      |
| NRTH PARK Mortgage Trust                                                            | NRTH 2024-PARK Mortgage Trust                                                    | CUSIP: 67021HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    701000 | PA      | $701939.90    | 0.05%             | 2039-03-15      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                                                | Cross 2024-H6 Mortgage Trust                                                     | CUSIP: 227919AC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800605 | PA      | $796226.58    | 0.05%             | 2069-09-25      | Variable      | 5.48%                 | No            |                  2 | On Loan: No      |
| PAPA JOHN'S INTERNATIONA                                                            | Papa John's International Inc                                                    | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |    695000 | PA      | $668659.50    | 0.05%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                                         | RCKT Mortgage Trust 2024-CES8                                                    | CUSIP: 749421AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1560000 | PA      | $1556550.06   | 0.11%             | 2044-11-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                                        | GS Mortgage Securities Corp Trust 2024-UPTN                                      | CUSIP: 36256SAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1450000 | PA      | $1419636.45   | 0.10%             | 2029-10-15      | Floating      | 10.04%                | No            |                  2 | On Loan: No      |
| Cascade MH Asset Trust                                                              | Cascade MH Asset Trust 2022-MH1                                                  | CUSIP: 14732KAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1078504 | PA      | $1044807.74   | 0.07%             | 2054-08-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                                 | JPMorgan Chase & Co                                                              | CUSIP: 46647PBT2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    420000 | PA      | $415426.20    | 0.03%             | 2026-11-19      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                                                    | RALI Series 2007-QS7 Trust                                                       | CUSIP: 74923WAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     40941 | PA      | $33942.71     | 0.00%             | 2037-05-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                       | Citigroup Inc                                                                    | CUSIP: 17327CBA0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1276515.10   | 0.09%             | 2036-03-27      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                                                       | TransDigm Inc 2024 Term Loan I                                                   | CUSIP: 89364MCC6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    427196 | PA      | $429240.23    | 0.03%             | 2028-08-24      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| ZIPRECRUITER INC                                                                    | ZipRecruiter Inc                                                                 | CUSIP: 98980BAA1<br>LEI: 549300HLOVNNFCY2IV80 | Long             | DBT              | CORP              | US        |     59000 | PA      | $44840.00     | 0.00%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                                                         | HOMES 2023-NQM1 Trust                                                            | CUSIP: 43761JAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2900000 | PA      | $2892460.29   | 0.20%             | 2068-01-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                                             | Imperial Brands Finance PLC                                                      | CUSIP: 45262BAF0<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    195000 | PA      | $200522.40    | 0.01%             | 2027-07-27      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue             | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE                                   | CUSIP: 64971XQW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $62724.90     | 0.00%             | 2032-08-01      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                          | Progress Residential 2021-SFR10 Trust                                            | CUSIP: 74333WAS1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4235789 | PA      | $4033636.01   | 0.27%             | 2040-12-17      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Brazil Government International Bonds                                               | Brazil Government International Bonds                                            | CUSIP: 105756CH1<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   1014000 | PA      | $1004691.48   | 0.07%             | 2034-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| JANE STREET GROUP LLC                                                               | Jane Street Group LLC 2024 Term Loan B1                                          | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |    466223 | PA      | $464724.29    | 0.03%             | 2031-12-15      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| MODIVCARE INC                                                                       | ModivCare Inc                                                                    | CUSIP: 60783XAC8<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | DBT              | CORP              | US        |    744450 | PA      | $204723.75    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DailyPay Securitization Trust                                                       | DailyPay Securitization Trust 2025-1                                             | CUSIP: 233824AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2920000 | PA      | $2930723.99   | 0.20%             | 2028-06-26      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                                 | JPMorgan Chase & Co                                                              | CUSIP: 46647PCC8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    760000 | PA      | $678596.40    | 0.05%             | 2032-04-22      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                                             | PURCHASED USD / SOLD GBP                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | US        |         1 | NC      | $497446.02    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                          | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                                        | CUSIP: 544445BD0<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    100000 | PA      | $89862.00     | 0.01%             | 2038-05-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                                    | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 20754JAC8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    824338 | PA      | $844366.71    | 0.06%             | 2039-09-25      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI                                                            | Consolidated Communications Inc                                                  | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |   1363000 | PA      | $1385557.65   | 0.09%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SCOTTISH HYDRO ELECTRIC                                                             | Scottish Hydro Electric Transmission PLC                                         | CUSIP: 000000000<br>LEI: 549300ECJZDA7203MK64 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $286734.93    | 0.02%             | 2032-09-04      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC SERVICE CO OF NEW                                                            | Public Service Co of New Mexico                                                  | CUSIP: 744542AC5<br>LEI: OFZN1UT56PNG1CGSR346 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40000.00     | 0.00%             | 2025-08-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | Ginnie Mae                                                                       | CUSIP: 21H050680<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  12425000 | PA      | $12129856.55  | 0.82%             | 2054-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Invesco U.S. CLO 2025-2, Ltd.                                                       | Invesco US CLO 2024-4 Ltd                                                        | CUSIP: 46151DAE1<br>LEI: 2138006HTEY9GGW6XF50 | Long             | ABS-CBDO         | CORP              | KY        |   1400000 | PA      | $1142120.00   | 0.08%             | 2038-01-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| TCW Private Asset Income Fund                                                       | TCW Private Asset Income Fund                                                    | CUSIP: 87807Y206<br>LEI: 254900JOZ7KOHWZ5ZD02 | Long             | EC               | RF                | US        |   1315755 | NS      | $13170704.95  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                              | US 10YR ULTRA FUT SEP25                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -907 | NC      | $-1602816.15  | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                                          | Fannie Mae REMICS                                                                | CUSIP: 3136BTLG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  11683918 | PA      | $635606.63    | 0.04%             | 2054-07-25      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| SOUTH FIELD LLC                                                                     | South Field LLC 2025 Term Loan B                                                 | CUSIP: 83783XAD8<br>LEI: 549300M3RBW5ZIH20760 | Long             | LON              | CORP              | US        |    355508 | PA      | $357285.87    | 0.02%             | 2031-08-29      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| NXPT Commercial Mortgage Trust                                                      | NXPT Commercial Mortgage Trust 2024-STOR                                         | CUSIP: 67119YAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    811000 | PA      | $814956.54    | 0.06%             | 2041-11-05      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                                                                          | EZCORP Inc                                                                       | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |    855000 | PA      | $892004.40    | 0.06%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| THERMO FISHER SCIENTIFIC                                                            | Thermo Fisher Scientific Inc                                                     | CUSIP: 000000000<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |    735000 | PA      | $798889.16    | 0.05%             | 2028-03-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                                                      | Sabre GLBL Inc 2024 Term Loan B1                                                 | CUSIP: 78571YBK5<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |    395096 | PA      | $395590.09    | 0.03%             | 2029-11-15      | Floating      | 10.46%                | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                                            | Ferrellgas LP / Ferrellgas Finance Corp                                          | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    810000 | PA      | $804305.70    | 0.05%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac Pool                                                                 | CUSIP: 3132DWES8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2474349 | PA      | $2359143.89   | 0.16%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                                                                    | Hilton USA Trust                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1010000 | PA      | $1018041.92   | 0.07%             | 2042-07-15      | Floating      | 9.63%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                            | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    141000 | PA      | $119452.38    | 0.01%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JPMDB Commercial Mortgage Securities Trust                                          | JPMDB Commercial Mortgage Securities Trust 2016-C2                               | CUSIP: 46590LAV4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    233298 | PA      | $1075.39      | 0.00%             | 2049-06-15      | Variable      | 1.47%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Trust 2024-BIO                                                                | CUSIP: 05612AAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1530000 | PA      | $1511646.89   | 0.10%             | 2041-02-15      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                                                     | CVS Health Corp                                                                  | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1296385.50   | 0.09%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2006-32CB                                                 | CUSIP: 02147XAT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    128312 | PA      | $72162.31     | 0.00%             | 2036-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TENNET HOLDING BV                                                                   | TenneT Holding BV                                                                | CUSIP: 000000000<br>LEI: 724500LTUWK3JQG63903 | Long             | DBT              | CORP              | NL        |    435000 | PA      | $542509.57    | 0.04%             | 2042-10-28      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| BLACKSTONE PP EUR HOLD                                                              | Blackstone Property Partners Europe Holdings Sarl                                | CUSIP: 000000000<br>LEI: 213800Y3B5GQFBGVHP79 | Long             | DBT              | CORP              | LU        |    195000 | PA      | $212275.08    | 0.01%             | 2028-05-04      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                                                          | AMSR 2021-SFR2 Trust                                                             | CUSIP: 00179VAH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3850000 | PA      | $3753564.43   | 0.25%             | 2038-08-17      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| ADMI Corp                                                                           | ADMI Corp 2021 Incremental Term Loan B3                                          | CUSIP: 00709LAJ6<br>LEI: 5493008U1LYGMQWO7N12 | Long             | LON              | CORP              | US        |    497416 | PA      | $467777.49    | 0.03%             | 2027-12-23      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                               | CUSIP: 3137HMHD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1650000 | PA      | $1526250.00   | 0.10%             | 2055-08-25      | Floating      | 4.09%                 | No            |                  3 | On Loan: No      |
| Genesys Cloud Services Holdings II LLC                                              | Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B                      | CUSIP: 39479UAY9<br>LEI: 254900CRMBG6WX4HX396 | Long             | LON              | CORP              | US        |   1494994 | PA      | $1495389.90   | 0.10%             | 2032-01-30      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| CROCS INC                                                                           | Crocs Inc                                                                        | CUSIP: 227046AB5<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |    980000 | PA      | $886253.20    | 0.06%             | 2031-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| JOHNSON & JOHNSON                                                                   | Johnson & Johnson                                                                | CUSIP: 000000000<br>LEI: 549300G0CFPGEF6X2043 | Long             | DBT              | CORP              | US        |    260000 | PA      | $298008.49    | 0.02%             | 2033-02-26      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                                                  | Alternative Loan Trust 2005-46CB                                                 | CUSIP: 12667G7A5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    467231 | PA      | $319821.38    | 0.02%             | 2035-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                                                                           | Pike Corp                                                                        | CUSIP: 721283AB5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |    775000 | PA      | $835194.25    | 0.06%             | 2031-01-31      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Invitation Homes Operating Partnership LP                                           | Invitation Homes Operating Partnership LP 2024 Term Loan                         | CUSIP: 46187CAJ0<br>LEI: 549300147YMUQB3GW319 | Long             | LON              |  | US        |    739444 | PA      | $728352.55    | 0.05%             | 2028-09-09      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| American Money Management Corporation                                               | AMMC CLO 24 Ltd                                                                  | CUSIP: 00177MAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002532.00   | 0.07%             | 2035-01-20      | Floating      | 10.83%                | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                                             | Dell International LLC / EMC Corp                                                | CUSIP: 24703TAM8<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    840000 | PA      | $852314.40    | 0.06%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARCLINE FM HOLDINGS LLC                                                             | Arcline FM Holdings LLC 2024 Term Loan                                           | CUSIP: 03960DAG8<br>LEI: 2549000HKCEC1E8UTO17 | Long             | LON              | CORP              | US        |    349123 | PA      | $351851.20    | 0.02%             | 2028-06-23      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| HEALTHPEAK PROPERTIES INC                                                           | Healthpeak Properties Inc Term Loan A2                                           | CUSIP: 42250UAE2<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | LON              |  | US        |    110979 | PA      | $110146.49    | 0.01%             | 2027-02-22      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Nationstar Home Equity Loan Trust                                                   | Nationstar Home Equity Loan Trust 2007-C                                         | CUSIP: 63860KAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13288 | PA      | $12959.63     | 0.00%             | 2037-06-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| CINEWORLD WARRANTS WTS                                                              | CINEWORLD WARRANTS WTS                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | GB        |    152713 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| RIVERS ENTERPRISE                                                                   | Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp                  | CUSIP: 76883NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    803000 | PA      | $811584.07    | 0.05%             | 2033-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ASP Dream Acquisition Co LLC                                                        | ASP Dream Acquisition Co LLC Term Loan B                                         | CUSIP: 00217BAB0<br>LEI: 254900DH5Q9BDS6KS803 | Long             | LON              | CORP              | US        |   1125840 | PA      | $1080806.78   | 0.07%             | 2028-12-15      | Floating      | 8.71%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                                                         | PURCHASED EUR / SOLD USD                                                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | XX        |         1 | NC      | $-30798.59    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                                                    | Berry Global Inc                                                                 | CUSIP: 08576PAL5<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    255000 | PA      | $261209.25    | 0.02%             | 2028-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                                         | Freddie Mac REMICS                                                               | CUSIP: 3137HJ2B2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6804701 | PA      | $569987.45    | 0.04%             | 2055-01-25      | Floating      | 1.65%                 | No            |                  2 | On Loan: No      |
| CENTRIENT HOLDING BV                                                                | Centrient Holding BV                                                             | CUSIP: 000000000<br>LEI: 549300QHIYIRIMCM2345 | Long             | DBT              | CORP              | NL        |    900000 | PA      | $1054862.02   | 0.07%             | 2030-05-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MAJORDRIVE HOLDINGS IV L                                                            | MajorDrive Holdings IV LLC                                                       | CUSIP: 56085RAA8<br>LEI: 25490044R1FR5N8FIT62 | Long             | DBT              | CORP              | US        |   1024000 | PA      | $848148.48    | 0.06%             | 2029-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                                                                         | Staples Inc                                                                      | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    175000 | PA      | $164123.75    | 0.01%             | 2029-09-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| BX Trust                                                                            | BX Commercial Mortgage Trust 2020-VIV2                                           | CUSIP: 05605NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1012262.57   | 0.07%             | 2044-03-09      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** TCW ETF Trust

**Signature:** Richard Villa

**Name of Signer:** Richard Villa

**Title:** Treasurer