TCW AAA CLO ETF
SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited)
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| FIXED INCOME SECURITIES—98.1% of Net Assets |
||||||||||||
| ASSET-BACKED SECURITIES—98.1% |
||||||||||||
| AGL CLO 13 Ltd. Series 2021-13A, Class A1 |
10/20/34 | $ | 1,780,000 | $ | 1,782,670 | |||||||
| AGL CLO 13 Ltd. Series 2021-13A, Class A1R |
10/20/34 | 1,900,000 | 1,899,996 | |||||||||
| AGL CLO 16 Ltd. Series 2021-16A, Class AR |
01/20/35 | 5,000,000 | 5,006,240 | |||||||||
| AIMCO CLO 11 Ltd. Series 2020-11A,
Class A2R2 |
07/17/37 | 850,000 | 850,405 | |||||||||
| AIMCO CLO 22 Ltd. Series 2024-22A, Class A |
04/19/37 | 250,000 | 250,960 | |||||||||
| Alinea CLO Ltd. Series 2018-1A, Class BR |
07/20/31 | 2,000,000 | 1,991,462 | |||||||||
| AMMC CLO 24 Ltd. Series 2021-24A, Class AR |
01/20/35 | 1,405,000 | 1,405,726 | |||||||||
| AMMC CLO 27 Ltd. Series 2022-27A, Class A2R |
01/20/37 | 5,500,000 | 5,470,938 | |||||||||
| AMMC CLO 30 Ltd. Series 2024-30A, Class A1 |
01/15/37 | 825,000 | 827,369 | |||||||||
| Apidos CLO XII Ltd. Series 2013-12A,
Class CRR |
04/15/31 | 1,150,000 | 1,154,042 | |||||||||
| Apidos CLO XIIX Ltd. Series 2024-49A,
Class A2 |
10/24/37 | 400,000 | 401,420 | |||||||||
| Apidos CLO XLVII Ltd. Series 2024-47A,
Class A1 |
04/26/37 | 500,000 | 501,337 | |||||||||
| Apidos CLO XX Ltd. Series 2015-20A,
Class A1RA |
07/16/31 | 2,349,180 | 2,353,139 | |||||||||
| Apidos CLO XXV Ltd. Series 2016-25A,
Class A1R3 |
01/20/37 | 1,000,000 | 997,808 | |||||||||
| Apidos CLO XXVIII Ltd. Series 2017-28A,
Class A1B |
01/20/31 | 430,000 | 430,022 | |||||||||
| Apidos CLO XXXI Ltd. Series 2019-31A,
Class A1R |
04/15/31 | 1,890,041 | 1,894,765 | |||||||||
| Apidos CLO XXXII Ltd. Series 2019-32A,
Class A1R |
01/20/33 | 1,710,892 | 1,712,904 | |||||||||
| Apidos Loan Fund Ltd. Series 2024-1A,
Class A1 |
04/25/35 | 3,000,000 | 3,000,825 | |||||||||
| Aqueduct European CLO 10 DAC Series 2024-10A,
Class B |
01/18/39 | EUR | 1,000,000 | 1,144,052 | ||||||||
| Arbour CLO V DAC Series 5A, Class BR |
06/15/38 | EUR | 850,000 | 974,676 | ||||||||
| ARES LI CLO Ltd. Series 2019-51A, Class A1R2 |
10/15/37 | 660,000 | 662,392 | |||||||||
| ARES Loan Funding IV Ltd. Series 2023-ALF4A, Class A1 |
10/15/36 | 180,000 | 180,394 | |||||||||
| ARES XLIV CLO Ltd. Series 2017-44A,
Class A1R |
04/15/34 | 1,610,000 | 1,610,080 | |||||||||
| ARES XLIV CLO Ltd. Series 2017-44A,
Class A2RR |
04/15/34 | 2,000,000 | 2,001,500 | |||||||||
| ARES XLVII CLO Ltd. Series 2018-47A, Class B |
04/15/30 | 825,000 | 826,336 | |||||||||
| ARES XXVII CLO Ltd. Series 2013-2A,
Class AR3 |
10/28/34 | 1,000,000 | 1,000,301 | |||||||||
| ARES XXXIV CLO Ltd. Series 2015-2A,
Class AR3 |
04/17/33 | 1,536,842 | 1,537,758 | |||||||||
| Aurium CLO VIII DAC Series 8X, Class B1 |
06/23/34 | EUR | 850,000 | 964,288 | ||||||||
| Bain Capital Credit CLO Ltd. Series 2020-3A,
Class A1RR |
10/23/34 | 190,000 | 190,523 | |||||||||
| Bain Capital Credit CLO Ltd. Series 2020-4A,
Class BR |
10/20/36 | 2,000,000 | 2,009,152 | |||||||||
| Bain Capital Credit CLO Ltd. Series 2021-1A,
Class AR |
04/18/34 | 5,500,000 | 5,501,765 | |||||||||
| Bain Capital Credit CLO Ltd. Series 2021-3A,
Class AR |
07/24/34 | 1,000,000 | 1,001,802 | |||||||||
| TCW AAA CLO ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| ASSET-BACKED SECURITIES (Continued) |
||||||||||||
| Bain Capital Credit CLO Ltd. Series 2021-6A,
Class A1R |
10/21/34 | $ | 1,000,000 | $ | 1,001,986 | |||||||
| Ballyrock CLO Ltd. Series 2020-2A, Class A1R |
10/20/31 | 1,257,267 | 1,258,109 | |||||||||
| Barings CLO Ltd. Series 2019-3A, Class A1RR |
01/20/36 | 1,000,000 | 1,000,971 | |||||||||
| Barings CLO Ltd. Series 2022-2A, Class A1R |
07/15/39 | 675,000 | 677,380 | |||||||||
| Barings CLO Ltd. Series 2023-4A, Class A |
01/20/37 | 250,000 | 250,876 | |||||||||
| Barings CLO Ltd. Series 2024-1A, Class A |
01/20/37 | 250,000 | 250,751 | |||||||||
| Beechwood Park CLO Ltd. Series 2019-1A,
Class A1R |
01/17/35 | 500,000 | 501,569 | |||||||||
| BlueMountain CLO XXII Ltd. Series 2018-22A,
Class A1 |
07/15/31 | 543,881 | 544,349 | |||||||||
| BlueMountain CLO XXXI Ltd. Series 2021-31A,
Class A2 |
04/19/34 | 1,200,000 | 1,201,126 | |||||||||
| Buttermilk Park CLO Ltd. Series 2018-1A,
Class A2R |
10/15/31 | 275,000 | 274,633 | |||||||||
| Captree Park CLO Ltd. Series 2024-1A,
Class B1 |
07/20/37 | 250,000 | 250,941 | |||||||||
| Cayuga Park CLO Ltd. Series 2020-1A,
Class AR |
07/17/34 | 810,000 | 811,517 | |||||||||
| Cedar Funding IX CLO Ltd. Series 2018-9A,
Class AR |
07/20/37 | 500,000 | 501,666 | |||||||||
| Cedar Funding VII CLO Ltd. Series 2018-7A,
Class AR |
01/20/31 | 969,554 | 969,258 | |||||||||
| Cedar Funding XI CLO Ltd. Series 2019-11A,
Class A2R2 |
05/29/32 | 1,200,000 | 1,201,360 | |||||||||
| Cedar Funding XII CLO Ltd. Series 2020-12A,
Class ARR |
01/25/38 | 3,000,000 | 3,002,100 | |||||||||
| Cedar Funding XIV CLO Ltd. Series 2021-14A,
Class AR |
10/15/37 | 850,000 | 853,459 | |||||||||
| CIFC Funding Ltd. Series 2013-3RA, Class A2R |
04/24/31 | 3,000,000 | 3,002,400 | |||||||||
| CIFC Funding Ltd. Series 2014-4RA,
Class A1B2 |
01/17/35 | 4,000,000 | 4,004,800 | |||||||||
| CIFC Funding Ltd. Series 2015-1A, Class ARR |
01/22/31 | 362,439 | 362,945 | |||||||||
| CIFC Funding Ltd. Series 2016-1A, Class BR3 |
10/21/31 | 800,000 | 798,014 | |||||||||
| CIFC Funding Ltd. Series 2021-1A, Class A1R |
07/25/37 | 830,000 | 833,356 | |||||||||
| CIFC Funding Ltd. Series 2024-1A, Class A |
04/18/37 | 250,000 | 250,719 | |||||||||
| Clover CLO LLC Series 2021-3A, Class AR |
01/25/35 | 1,000,000 | 1,000,701 | |||||||||
| Contego CLO VI DAC Series 6X, Class B2R |
04/15/34 | EUR | 1,200,000 | 1,362,181 | ||||||||
| Danby Park CLO Ltd. Series 2022-1A, Class AR |
10/21/37 | 400,000 | 402,158 | |||||||||
| Dryden 108 CLO Ltd. Series 2022-108A, Class A2R |
07/18/37 | 600,000 | 601,625 | |||||||||
| Dryden 40 Senior Loan Fund Series 2015-40A,
Class AR2 |
08/15/31 | 3,529,522 | 3,529,596 | |||||||||
| Dryden 43 Senior Loan Fund Series 2016-43A,
Class AR3 |
04/20/34 | 1,000,000 | 1,001,372 | |||||||||
| Dryden 45 Senior Loan Fund Series 2016-45A,
Class A1RR |
10/15/30 | 120,339 | 120,324 | |||||||||
| Dryden 55 CLO Ltd. Series 2018-55A, Class A1 |
04/15/31 | 1,919,912 | 1,921,385 | |||||||||
| Dryden 68 CLO Ltd. Series 2019-68A,
Class ARR |
07/15/35 | 5,163,000 | 5,168,767 | |||||||||
| TCW AAA CLO ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| ASSET-BACKED SECURITIES (Continued) |
||||||||||||
| Dryden 72 CLO Ltd. Series 2019-72A,
Class ARR |
05/15/32 | $ | 2,346,940 | $ | 2,348,627 | |||||||
| Dryden 77 CLO Ltd. Series 2020-77A, Class AR |
05/20/34 | 2,500,000 | 2,501,370 | |||||||||
| Dryden 80 CLO Ltd. Series 2019-80A, Class AR |
01/17/33 | 2,794,254 | 2,795,129 | |||||||||
| Dryden 93 CLO Ltd. Series 2021-93A,
Class A1R |
01/15/38 | 620,000 | 621,801 | |||||||||
| Dryden 94 CLO Ltd. Series 2022-94A, Class AR |
10/15/37 | 400,000 | 401,565 | |||||||||
| Dryden 95 CLO Ltd. Series 2021-95A, Class BR |
08/20/34 | 4,000,000 | 4,004,800 | |||||||||
| Eaton Vance CLO Ltd. Series 2013-1A,
Class A13R |
01/15/34 | 3,130,000 | 3,130,156 | |||||||||
| Elmwood CLO 15 Ltd. Series 2022-2A,
Class A1R |
04/22/35 | 2,000,000 | 2,003,000 | |||||||||
| Elmwood CLO 36 Ltd. Series 2024-12RA, Class AR |
10/20/37 | 850,000 | 853,113 | |||||||||
| Elmwood CLO III Ltd. Series 2019-3A,
Class A2RR |
07/18/37 | 850,000 | 851,321 | |||||||||
| Elmwood CLO IX Ltd. Series 2021-2A, Class AR |
04/20/38 | 2,500,000 | 2,495,750 | |||||||||
| Flatiron CLO 20 Ltd. Series 2020-1A,
Class AR |
05/20/36 | 482,000 | 482,904 | |||||||||
| Flatiron CLO 25 Ltd. Series 2024-2A, Class A |
10/17/37 | 850,000 | 852,973 | |||||||||
| Galaxy XXII CLO Ltd. Series 2016-22A,
Class ARRR |
04/16/34 | 3,000,000 | 3,004,113 | |||||||||
| GoldenTree Loan Management U.S. CLO 11 Ltd. Series
2021-11A, Class AR |
10/20/34 | 250,000 | 250,011 | |||||||||
| GoldenTree Loan Management U.S. CLO 12 Ltd. Series
2022-12A, Class B1R |
07/20/37 | 250,000 | 250,894 | |||||||||
| GoldenTree Loan Management U.S. CLO 19 Ltd. Series
2024-19A, Class A |
04/20/37 | 500,000 | 502,260 | |||||||||
| GoldenTree Loan Management U.S. CLO 7 Ltd. Series 2020-7A, Class ARR |
04/20/34 | 2,850,000 | 2,848,789 | |||||||||
| GoldenTree Loan Management U.S. CLO 8 Ltd. Series 2020-8A, Class ARR |
10/20/34 | 1,130,000 | 1,132,096 | |||||||||
| GoldenTree Loan Management U.S. CLO 9 Ltd. Series 2021-9A, Class AR |
04/20/37 | 550,000 | 552,906 | |||||||||
| Golub Capital Partners CLO 53B Ltd. Series 2021-53A,
Class AR |
07/20/34 | 5,500,000 | 5,503,300 | |||||||||
| Golub Capital Partners CLO 60B Ltd. Series 2022-60A,
Class AR |
10/25/34 | 500,000 | 500,480 | |||||||||
| Golub Capital Partners CLO 76 B Ltd. Series 2024-76A,
Class B |
10/25/37 | 750,000 | 751,946 | |||||||||
| Harbor Park CLO 18-1 Ltd. Series 2018-1A, Class B1R |
01/20/31 | 840,000 | 841,611 | |||||||||
| Hartwick Park CLO Ltd. Series 2023-1A,
Class AR |
01/20/37 | 1,000,000 | 999,087 | |||||||||
| Henley CLO I DAC Series 1X, Class B1R |
07/25/34 | EUR | 850,000 | 968,016 | ||||||||
| HPS Loan Management Ltd. Series 15A-19,
Class A1R |
01/22/35 | 530,000 | 530,452 | |||||||||
| HPS Loan Management Ltd. Series 2021-16A,
Class A1 |
01/23/35 | 650,000 | 650,032 | |||||||||
| HPS Loan Management Ltd. Series 2021-16A,
Class BR |
01/23/35 | 1,500,000 | 1,499,997 | |||||||||
| Invesco CLO Ltd. Series 2021-2A, Class A |
07/15/34 | 595,000 | 596,518 | |||||||||
| TCW AAA CLO ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| ASSET-BACKED SECURITIES (Continued) |
||||||||||||
| Invesco U.S. CLO Ltd. Series 2023-1A,
Class BR |
04/22/37 | $ | 250,000 | $ | 251,014 | |||||||
| Invesco U.S. CLO Ltd. Series 2024-4A,
Class A1 |
01/15/38 | 1,000,000 | 1,001,700 | |||||||||
| Kings Park CLO Ltd. Series 2021-1A, Class A |
01/21/35 | 550,000 | 551,515 | |||||||||
| LCM 29 Ltd. Series 29A, Class AR |
04/15/31 | 1,339,175 | 1,340,839 | |||||||||
| LCM 33 Ltd. Series 33A, Class AR |
07/20/34 | 2,250,000 | 2,251,350 | |||||||||
| LCM 34 Ltd. Series 34A, Class A2R |
10/20/34 | 3,000,000 | 3,003,000 | |||||||||
| LCM 35 Ltd. Series 35A, Class BR |
10/15/34 | 1,000,000 | 1,001,100 | |||||||||
| LCM 37 Ltd. Series 37A, Class A1R |
04/15/34 | 2,259,826 | 2,259,794 | |||||||||
| LCM 40 Ltd. Series 40A, Class A1R |
01/15/38 | 1,000,000 | 1,002,188 | |||||||||
| LCM 41 Ltd. Series 41A, Class A2R |
04/15/36 | 2,500,000 | 2,506,500 | |||||||||
| Madison Park Funding LIX Ltd. Series 2021-59A, Class
A1R |
04/18/37 | 395,000 | 396,635 | |||||||||
| Madison Park Funding LXVII Ltd. Series 2024-67A, Class
A1 |
04/25/37 | 850,000 | 852,458 | |||||||||
| Madison Park Funding XLIX Ltd. Series 2021-49A, Class
AR |
10/19/34 | 5,500,000 | 5,500,506 | |||||||||
| Madison Park Funding XLV Ltd. Series 2020-45A, Class
ARR |
07/15/34 | 1,000,000 | 1,001,406 | |||||||||
| Madison Park Funding XLVI Ltd. Series 2020-46A, Class
ARR |
10/15/34 | 5,000,000 | 4,995,000 | |||||||||
| Madison Park Funding XXIII Ltd. Series 2017-23A, Class
AR |
07/27/31 | 2,712,356 | 2,717,208 | |||||||||
| Madison Park Funding XXVII Ltd. Series 2018-27A, Class
A2R |
04/20/38 | 2,250,000 | 2,259,225 | |||||||||
| Madison Park Funding XXXVII Ltd. Series 2019-37A, Class
AR2 |
04/15/37 | 2,275,000 | 2,286,100 | |||||||||
| Madison Park Funding XXXVIII Ltd. Series 2021-38A,
Class A |
07/17/34 | 1,000,000 | 1,001,369 | |||||||||
| Magnetite XIX Ltd. Series 2017-19A,
Class B1RR |
04/17/34 | 500,000 | 500,283 | |||||||||
| Magnetite XXV Ltd. Series 2020-25A, Class A |
01/25/32 | 545,323 | 545,488 | |||||||||
| Magnetite XXVII Ltd. Series 2020-27A,
Class AR |
10/20/34 | 278,000 | 278,685 | |||||||||
| Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class
AR3 |
07/22/38 | 400,000 | 401,332 | |||||||||
| Neuberger Berman Loan Advisers CLO 36 Ltd. Series 2020-36A, Class BR2 |
04/20/33 | 2,000,000 | 2,003,686 | |||||||||
| Neuberger Berman Loan Advisers CLO 45Ltd. Series 2021-45A, Class AR |
10/14/36 | 500,000 | 499,850 | |||||||||
| Neuberger Berman Loan Advisers CLO 52 Ltd. Series 2022-52A, Class AR |
10/24/38 | 850,000 | 853,527 | |||||||||
| Neuberger Berman Loan Advisers CLO Ltd. Series 2022-49A, Class AR |
07/25/35 | 250,000 | 250,233 | |||||||||
| OCP Aegis CLO Ltd. Series 2023-29A, Class BR |
01/20/36 | 500,000 | 500,490 | |||||||||
| OCP CLO Ltd. Series 2021-22A, Class AR |
10/20/37 | 850,000 | 853,244 | |||||||||
| TCW AAA CLO ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| ASSET-BACKED SECURITIES (Continued) |
||||||||||||
| OCP CLO Ltd. Series 2021-23A, Class AR |
01/17/37 | $ | 1,000,000 | $ | 996,276 | |||||||
| Octagon 66 Ltd. Series 2022-1A, Class A1R |
11/16/36 | 300,000 | 300,785 | |||||||||
| Octagon Investment Partners 18-R Ltd. Series 2018-18A, Class A1A |
04/16/31 | 603,644 | 604,003 | |||||||||
| Octagon Investment Partners 26 Ltd. Series 2016-1A, Class
A2R |
07/15/30 | 250,000 | 250,205 | |||||||||
| Octagon Investment Partners 29 Ltd. Series 2016-1A, Class
A1R2 |
07/18/37 | 850,000 | 852,818 | |||||||||
| Octagon Investment Partners 36 Ltd. Series 2018-1A, Class
A2 |
04/15/31 | 250,000 | 250,081 | |||||||||
| Octagon Investment Partners 40 Ltd. Series 2019-1A, Class
A2RR |
01/20/35 | 2,000,000 | 1,984,056 | |||||||||
| Octagon Investment Partners 41 Ltd. Series 2019-2A, Class
A2R2 |
10/15/33 | 2,000,000 | 2,005,400 | |||||||||
| Octagon Investment Partners 44 Ltd. Series 2019-1A, Class
AR2 |
10/15/34 | 2,500,000 | 2,502,147 | |||||||||
| Octagon Investment Partners 45 Ltd. Series 2019-1A, Class
BR |
04/15/35 | 770,000 | 770,038 | |||||||||
| Octagon Investment Partners 51 Ltd. Series 2021-1A, Class
AR |
07/20/34 | 5,500,000 | 5,506,495 | |||||||||
| Octagon Investment Partners XVI Ltd. Series 2013-1A, Class
A2R |
07/17/30 | 350,000 | 351,093 | |||||||||
| Octagon Investment Partners XXI Ltd. Series 2014-1A, Class
A2R4 |
02/14/31 | 5,500,000 | 5,503,850 | |||||||||
| OHA Credit Funding 1 Ltd. Series 2018-1A,
Class B1R |
04/20/37 | 250,000 | 251,066 | |||||||||
| OHA Credit Funding 4 Ltd. Series 2019-4A,
Class AR2 |
01/22/38 | 1,000,000 | 1,003,691 | |||||||||
| OHA Credit Funding 5 Ltd. Series 2020-5A,
Class AR |
10/18/37 | 400,000 | 401,112 | |||||||||
| Palmer Square CLO Ltd. Series 2019-1A,
Class A1R |
11/14/34 | 3,500,000 | 3,502,831 | |||||||||
| Palmer Square CLO Ltd. Series 2022-1A,
Class A |
04/20/35 | 1,180,000 | 1,183,082 | |||||||||
| Palmer Square CLO Ltd. Series 2024-2A,
Class A1 |
07/20/37 | 500,000 | 501,726 | |||||||||
| Palmer Square CLO Ltd. Series 2024-4A,
Class A2 |
01/15/38 | 1,000,000 | 1,001,205 | |||||||||
| Palmer Square European Loan Funding DAC Series 2025-2A, Class B |
02/15/35 | EUR | 850,000 | 971,960 | ||||||||
| Palmer Square Loan Funding Ltd. Series 2022-3A, Class
A1BR |
04/15/31 | 720,000 | 721,574 | |||||||||
| Palmer Square Loan Funding Ltd. Series 2023-2A, Class
A2R |
01/25/32 | 4,000,000 | 4,006,000 | |||||||||
| Point Au Roche Park CLO Ltd. Series 2021-1A,
Class A |
07/20/34 | 1,100,000 | 1,100,663 | |||||||||
| Providus CLO III DAC Series 3X, Class B1R |
07/18/34 | EUR | 400,000 | 455,645 | ||||||||
| RAD CLO 21 Ltd. Series 2023-21A, Class A1R |
01/25/37 | 5,500,000 | 5,485,920 | |||||||||
| RAD CLO 22 Ltd. Series 2023-22A, Class A1 |
01/20/37 | 400,000 | 401,247 | |||||||||
| RAD CLO 26 Ltd. Series 2024-26A, Class A |
10/20/37 | 400,000 | 401,465 | |||||||||
| TCW AAA CLO ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| ASSET-BACKED SECURITIES (Continued) |
||||||||||||
| Recette CLO Ltd. Series 2015-1A, Class ARR |
04/20/34 | $ | 600,000 | $ | 601,247 | |||||||
| Regatta XIII Funding Ltd. Series 2018-2A,
Class A2R |
07/15/31 | 2,750,000 | 2,754,931 | |||||||||
| Regatta XVI Funding Ltd. Series 2019-2A,
Class A1R |
01/15/33 | 1,764,322 | 1,767,480 | |||||||||
| Regatta XXVII Funding Ltd. Series 2024-1A,
Class A1 |
04/26/37 | 250,000 | 250,726 | |||||||||
| Rockford Tower CLO Ltd. Series 2018-1A,
Class A |
05/20/31 | 3,549,719 | 3,552,321 | |||||||||
| Rockford Tower CLO Ltd. Series 2019-2A,
Class AR2 |
08/20/32 | 1,037,384 | 1,037,696 | |||||||||
| Rockford Tower CLO Ltd. Series 2020-1A,
Class A1RR |
01/20/36 | 1,600,000 | 1,600,430 | |||||||||
| Rockford Tower CLO Ltd. Series 2025-1A,
Class A1 |
03/31/38 | 5,500,000 | 5,503,300 | |||||||||
| Rockford Tower Europe CLO DAC Series 2019-1A, Class
B1R |
01/20/38 | EUR | 750,000 | 859,066 | ||||||||
| RR 26 Ltd. Series 2023-26A, Class A1R |
04/15/38 | 5,500,000 | 5,500,550 | |||||||||
| RR 27 Ltd. Series 2023-27A, Class A1B |
10/15/35 | 500,000 | 501,023 | |||||||||
| RR 8 Ltd. Series 2020-8A, Class A2R |
07/15/37 | 500,000 | 500,547 | |||||||||
| Sixth Street CLO VIII Ltd. Series 2017-8A,
Class A1R2 |
10/20/34 | 1,000,000 | 1,001,465 | |||||||||
| Sixth Street CLO XXI Ltd. Series 2022-21A,
Class AR |
10/21/37 | 2,000,000 | 2,007,338 | |||||||||
| Symphony CLO 35 Ltd. Series 2022-35A,
Class AR |
10/24/36 | 400,000 | 400,542 | |||||||||
| Symphony CLO 43 Ltd. Series 2024-43A,
Class A1 |
04/15/37 | 850,000 | 853,381 | |||||||||
| Symphony CLO XVIII Ltd. Series 2016-18A,
Class A1R3 |
07/23/33 | 2,768,418 | 2,765,057 | |||||||||
| Symphony CLO XXII Ltd. Series 2020-22A,
Class A1AR |
04/18/33 | 754,568 | 754,804 | |||||||||
| Symphony CLO XXIII Ltd. Series 2020-23A,
Class BR2 |
01/15/34 | 2,000,000 | 1,986,520 | |||||||||
| Symphony CLO XXIV Ltd. Series 2020-24A,
Class AR |
01/23/32 | 879,724 | 880,067 | |||||||||
| Symphony CLO XXV Ltd. Series 2021-25A,
Class A |
04/19/34 | 2,000,000 | 2,001,790 | |||||||||
| Symphony CLO XXVIII Ltd. Series 2021-28A,
Class A |
10/23/34 | 1,000,000 | 1,000,864 | |||||||||
| TCI-Symphony CLO Ltd. Series 2016-1A, Class AR2 |
10/13/32 | 2,089,059 | 2,092,516 | |||||||||
| Trestles CLO IV Ltd. Series 2021-4A, Class A |
07/21/34 | 3,000,000 | 3,002,418 | |||||||||
| Trestles CLO V Ltd. Series 2021-5A,
Class A1R |
10/20/34 | 2,500,000 | 2,509,500 | |||||||||
| Trestles CLO VIII Ltd. Series 2025-8A,
Class A1 |
06/11/35 | 2,475,000 | 2,483,662 | |||||||||
| Voya CLO Ltd. Series 2013-3A, Class A2RR |
10/18/31 | 327,073 | 327,807 | |||||||||
| Voya CLO Ltd. Series 2015-3A, Class A1R3 |
10/20/31 | 1,028,718 | 1,029,108 | |||||||||
| Voya CLO Ltd. Series 2017-3A, Class AAR2 |
04/20/34 | 2,000,000 | 2,002,400 | |||||||||
| Voya CLO Ltd. Series 2019-1A, Class A2RR |
10/15/37 | 850,000 | 851,386 | |||||||||
| Voya CLO Ltd. Series 2019-2A, Class AR |
07/20/32 | 1,315,998 | 1,319,288 | |||||||||
|
|
|
|||||||||||
| Total Asset-Backed Securities (Cost: $274,348,808) |
275,005,847 | |||||||||||
|
|
|
|||||||||||
| Total Fixed Income Securities (Cost: $274,348,808) |
275,005,847 | |||||||||||
|
|
|
|||||||||||
| 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, |
1,382,794 | $ | 1,382,794 | |||||||||
| TCW Central Cash Fund, |
7,926,923 | 7,926,923 | ||||||||||
|
|
|
|||||||||||
| Total Money Market Investments (Cost: $9,309,717) |
9,309,717 | |||||||||||
|
|
|
|||||||||||
| Total Investments (101.4%) (Cost: $283,658,525) |
284,315,564 | |||||||||||
| Liabilities In Excess Of Other Assets (-1.4%) |
|
(3,845,561 | ) | |||||||||
|
|
|
|||||||||||
| Net Assets (100.0%) |
$ | 280,470,003 | ||||||||||
|
|
|
|||||||||||
| TCW AAA CLO ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| FORWARD CURRENCY EXCHANGE CONTRACTS |
| |||||||||||||||||||||||
|
|
||||||||||||||||||||||||
| Counterparty |
Contracts to Deliver |
Units of Currency |
Settlement Date |
In Exchange for USD |
Contracts at Value |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||
| SELL(8) |
||||||||||||||||||||||||
| Goldman Sachs & Co. |
EUR | 8,777,000 | 10/10/25 | $ | 10,343,845 | $ | 10,060,741 | $ | 283,104 | |||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 10,343,845 | $ | 10,060,741 | $ | 283,104 | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| 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 October 31, 2024 |
Purchases at Cost |
Proceeds from Sales |
Number of Shares Held July 31, 2025 |
Value at July 31, 2025 |
Dividends and Interest Income Received |
Distributions Received from Net Realized Gain |
Net Realized Gain (Loss) on Investments |
Net change in Unrealized Gain (Loss) on Investments |
|||||||||||||||||||||||||||
| TCW Central Cash Fund |
$ | — | $ | 212,926,923 | $ | 205,000,000 | 7,926,923 | $ | 7,926,923 | $ | 457,335 | $ | — | $ | — | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total |
$ | 7,926,923 | $ | 457,335 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| TCW AAA CLO ETF | ||||
| Investments by Sector (Unaudited) | July 31, 2025 | |||
| Sector |
Percentage of Net Assets |
|||
| Asset-Backed Securities |
98.1 | % | ||
| Money Market Investments |
3.3 | |||
| Other* |
(1.4 | ) | ||
|
|
|
|||
| 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 Active Markets for Identical Assets (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | ||||||||||||
| Fixed Income Securities |
||||||||||||||||
| Asset-Backed Securities |
$ | — | $ | 271,605,854 | $ | 3,399,993 | $ | 275,005,847 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Fixed Income Securities |
— | 271,605,854 | 3,399,993 | 275,005,847 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Money Market Investments |
9,309,717 | — | — | 9,309,717 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments |
$ | 9,309,717 | $ | 271,605,854 | $ | 3,399,993 | $ | 284,315,564 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Asset Derivatives |
||||||||||||||||
| Forward Currency Contracts |
||||||||||||||||
| Foreign Currency Risk |
— | 283,104 | — | 283,104 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | 9,309,717 | $ | 271,888,958 | $ | 3,399,993 | $ | 284,598,668 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
TCW Core Plus Bond ETF
SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited)
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| FIXED INCOME SECURITIES—107.9% of Net Assets |
| |||||||||||
| ASSET-BACKED SECURITIES—10.6% |
| |||||||||||
| ACE Securities Corp. Home Equity Loan Trust Series 2005- HE2, Class M5 |
04/25/35 | $ | 947,333 | $ | 933,216 | |||||||
| AMMC CLO 30 Ltd. Series 2024-30A, Class A1 |
01/15/37 | 2,000,000 | 2,005,744 | |||||||||
| Asset-Backed Securities Corp. Home Equity Loan Trust Series 2004-HE9, Class M1 |
12/25/34 | 241,933 | 225,652 | |||||||||
| Buttermilk Park CLO Ltd. Series 2018-1A, Class A2R |
10/15/31 | 2,000,000 | 1,997,330 | |||||||||
| C-BASS Trust Series 2007-CB5, Class A1 |
04/25/37 | 85,994 | 50,367 | |||||||||
| C-BASS Trust Series 2007-CB5, Class A3 |
04/25/37 | 1,021,838 | 598,725 | |||||||||
| Citigroup Mortgage Loan Trust, Inc. Series 2005-OPT1, Class M1 |
02/25/35 | 2,716,349 | 2,524,106 | |||||||||
| Citigroup Mortgage Loan Trust, Inc. Series 2006-WFH1, Class M5 |
01/25/36 | 103,712 | 107,265 | |||||||||
| Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class A2 |
05/20/55 | 570,000 | 582,256 | |||||||||
| Countrywide Asset-Backed Certificates Trust Series 2005-7, Class MV5 |
11/25/35 | 2,844,386 | 2,813,309 | |||||||||
| Credit-Based Asset Servicing & Securitization LLC Series 2003-CB3, Class
AF1 |
12/25/32 | 268,461 | 259,760 | |||||||||
| Credit-Based Asset Servicing & Securitization LLC Series 2006-CB2, Class
AF4 |
12/25/36 | 300,660 | 242,679 | |||||||||
| DailyPay Securitization Trust Series 2025-1A, Class A |
06/26/28 | 375,000 | 376,162 | |||||||||
| Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR |
04/15/29 | 412,098 | 412,977 | |||||||||
| HSI Asset Securitization Corp. Trust Series 2005-OPT1, Class M1 |
11/25/35 | 11,592 | 11,550 | |||||||||
| IndyMac Manufactured Housing Contract Pass-Through Certificates Series 1997-1,
Class A3 |
02/25/28 | 16,441 | 16,466 | |||||||||
| IndyMac Manufactured Housing Contract Pass-Through Certificates Series 1997-1,
Class A4 |
02/25/28 | 4,377 | 4,385 | |||||||||
| JGWPT XXX LLC Series 2013-3A,
Class A |
01/17/73 | 262,836 | 246,316 | |||||||||
| JGWPT XXXII LLC Series 2014-2A,
Class A |
01/17/73 | 485,837 | 436,552 | |||||||||
| Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2C |
06/25/37 | 116,407 | 116,121 | |||||||||
| Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2D |
06/25/37 | 215,117 | 215,070 | |||||||||
| Mid-State Trust XI Series 11, Class A1 |
07/15/38 | 108,450 | 108,069 | |||||||||
| Morgan Stanley ABS Capital I, Inc. Trust Series 2004-NC7, Class M2 |
07/25/34 | 92,715 | 95,743 | |||||||||
| Morgan Stanley ABS Capital I, Inc. Trust Series 2005-HE3, Class M5 |
07/25/35 | 2,187,738 | 2,142,291 | |||||||||
| Octagon Investment Partners 46 Ltd. Series 2020-2A, Class AR |
07/15/36 | 2,000,000 | 2,003,570 | |||||||||
| Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR |
04/15/31 | 2,500,000 | 2,505,465 | |||||||||
| Palmer Square Loan Funding Ltd. Series 2023-2A, Class A2R |
01/25/32 | 1,750,000 | 1,752,625 | |||||||||
| Progress Residential Trust Series 2021-SFR8, Class D |
10/17/38 | 1,150,000 | 1,112,002 | |||||||||
| Recette CLO Ltd. Series 2015-1A, Class ARR |
04/20/34 | 1,875,000 | 1,878,898 | |||||||||
| Rockford Tower Europe CLO DAC Series 2023-1A, Class BR |
04/15/37 | EUR | 750,000 | 858,125 | ||||||||
| Skyline Aviation, Inc.
Class A |
07/03/38 | 1,709,437 | 1,583,708 | |||||||||
| SLC Student Loan Trust Series 2004-1, Class B |
08/15/31 | 73,166 | 64,576 | |||||||||
| SLC Student Loan Trust Series 2008-1, Class A4A |
12/15/32 | 86,638 | 87,161 | |||||||||
| TCW Core Plus Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| ASSET-BACKED SECURITIES (Continued) |
| |||||||||||
| SLM Student Loan Trust Series 2004-2, Class B |
07/25/39 | $ | 71,283 | $ | 67,956 | |||||||
| SLM Student Loan Trust Series 2006-8, Class A6 |
01/25/41 | 529,507 | 505,281 | |||||||||
| SLM Student Loan Trust Series 2008-2, Class B |
01/25/83 | 185,000 | 187,395 | |||||||||
| SLM Student Loan Trust Series 2008-3, Class B |
04/26/83 | 185,000 | 186,246 | |||||||||
| SLM Student Loan Trust Series 2008-4, Class B |
04/25/73 | 185,000 | 189,113 | |||||||||
| SLM Student Loan Trust Series 2008-5, Class B |
07/25/73 | 2,235,000 | 2,256,558 | |||||||||
| SLM Student Loan Trust Series 2008-6, Class A4 |
07/26/83 | 466,496 | 461,289 | |||||||||
| SLM Student Loan Trust Series 2008-6, Class B |
07/26/83 | 185,000 | 185,959 | |||||||||
| SLM Student Loan Trust Series 2008-7, Class B |
07/26/83 | 185,000 | 185,725 | |||||||||
| SLM Student Loan Trust Series 2012-7, Class A3 |
05/26/26 | 318,947 | 309,633 | |||||||||
| Structured Receivables Finance LLC Series 2010-A, Class B |
01/16/46 | 315,367 | 318,569 | |||||||||
| Vantage Data Centers Issuer LLC Series 2020-1A, Class A2 |
09/15/45 | 1,750,000 | 1,741,916 | |||||||||
| VOLT XCIX LLC Series 2021-NPL8, Class
A1 |
04/25/51 | 49,171 | 49,172 | |||||||||
| VOLT XCVI LLC Series 2021-NPL5, Class
A1 |
03/27/51 | 10,396 | 10,398 | |||||||||
| Voya CLO Ltd. Series 2014-4A, Class A2RA |
07/14/31 | 1,650,000 | 1,655,890 | |||||||||
| Voya CLO Ltd. Series 2017-3A, Class AAR2 |
04/20/34 | 1,500,000 | 1,501,800 | |||||||||
|
|
|
|||||||||||
| Total Asset-Backed Securities (Cost: $38,434,415) |
38,181,141 | |||||||||||
|
|
|
|||||||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY—36.2% |
||||||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8204 |
04/01/52 | 2,094,354 | 1,645,165 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8219 |
06/01/52 | 5,239,602 | 4,304,947 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD3124 |
04/01/53 | 5,335,737 | 4,383,933 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8220 |
06/01/52 | 5,359,819 | 4,597,527 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8225 |
07/01/52 | 4,994,058 | 4,283,786 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #C03813 |
04/01/42 | 412,759 | 384,643 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD7503 |
08/01/49 | 1,964,105 | 1,788,081 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8297 |
02/01/53 | 3,484,985 | 3,221,747 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD5323 |
01/01/54 | 2,527,706 | 2,337,559 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD6706 |
01/01/54 | 1,341,170 | 1,275,659 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #G08844 |
10/01/48 | 112,526 | 111,782 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8491 |
12/01/54 | 3,347,471 | 3,260,133 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #G01644 |
02/01/34 | 22,302 | 22,854 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #A25162 |
05/01/34 | 36,430 | 37,330 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #A33262 |
02/01/35 | 17,440 | 17,990 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #A68781 |
10/01/37 | 2,282 | 2,348 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #RQ0013 |
06/01/55 | 1,054,737 | 1,049,795 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #G02366 |
10/01/36 | 17,412 | 18,608 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #G01548 |
07/01/32 | 108,648 | 116,566 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 2174, Class PN (PAC) (I/F) |
07/15/29 | 6,294 | 6,383 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 3460, Class SA (I/O) |
06/15/38 | 321,844 | 21,833 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 4030, Class HS (I/O) (I/F) |
04/15/42 | 311,430 | 34,199 | |||||||||
| Federal National Mortgage Association, Pool #MA4333 |
05/01/41 | 552,255 | 470,208 | |||||||||
| Federal National Mortgage Association, Pool #MA4547 |
02/01/52 | 2,511,394 | 1,973,138 | |||||||||
| Federal National Mortgage Association, Pool #MA4562 |
03/01/52 | 5,948,318 | 4,668,494 | |||||||||
| Federal National Mortgage Association, Pool #FS1598 |
04/01/52 | 1,042,672 | 819,044 | |||||||||
| Federal National Mortgage Association, Pool #MA4512 |
01/01/52 | 124,713 | 102,675 | |||||||||
| Federal National Mortgage Association, Pool #FS4919 |
05/01/53 | 2,613,938 | 2,147,657 | |||||||||
| Federal National Mortgage Association, Pool #MA1527 |
08/01/33 | 8,449 | 8,056 | |||||||||
| Federal National Mortgage Association, Pool #MA1561 |
09/01/33 | 472,841 | 450,943 | |||||||||
| Federal National Mortgage Association, Pool #MA3811 |
10/01/49 | 360,645 | 308,869 | |||||||||
| Federal National Mortgage Association, Pool #FS2646 |
06/01/52 | 2,771,789 | 2,388,214 | |||||||||
| TCW Core Plus Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY (Continued) |
| |||||||||||
| Federal National Mortgage Association, Pool #MA1608 |
10/01/33 | $ | 409,558 | $ | 395,894 | |||||||
| Federal National Mortgage Association, Pool #FM2318 |
09/01/49 | 744,582 | 677,852 | |||||||||
| Federal National Mortgage Association, Pool #AL0209 |
05/01/41 | 134,463 | 132,535 | |||||||||
| Federal National Mortgage Association, Pool #CA1710 |
05/01/48 | 6,165 | 5,961 | |||||||||
| Federal National Mortgage Association, Pool #CA1711 |
05/01/48 | 427,226 | 413,136 | |||||||||
| Federal National Mortgage Association, Pool #CA2208 |
08/01/48 | 5,589 | 5,405 | |||||||||
| Federal National Mortgage Association, Pool #MA3537 |
12/01/48 | 385,152 | 372,378 | |||||||||
| Federal National Mortgage Association, Pool #MA4733 |
09/01/52 | 4,435,179 | 4,228,679 | |||||||||
| Federal National Mortgage Association, Pool #FS9508 |
03/01/54 | 1,508,866 | 1,435,163 | |||||||||
| Federal National Mortgage Association, Pool #MA5584 |
01/01/55 | 2,652,358 | 2,517,429 | |||||||||
| Federal National Mortgage Association, Pool #776708 |
05/01/34 | 43,219 | 43,675 | |||||||||
| Federal National Mortgage Association, Pool #890221 |
12/01/33 | 44,867 | 45,921 | |||||||||
| Federal National Mortgage Association, Pool #889184 |
09/01/36 | 32,897 | 33,670 | |||||||||
| Federal National Mortgage Association, Pool #764388 |
03/01/34 | 5,455 | 5,463 | |||||||||
| Federal National Mortgage Association, Pool #939419 |
05/01/37 | 17,477 | 17,404 | |||||||||
| Federal National Mortgage Association, Pool #844773 |
12/01/35 | 2,294 | 2,304 | |||||||||
| Federal National Mortgage Association, Pool #549740 |
10/01/27 | 525 | 526 | |||||||||
| Federal National Mortgage Association, Pool #735861 |
09/01/33 | 19,609 | 20,498 | |||||||||
| Federal National Mortgage Association, Pool #253974 |
08/01/31 | 255 | 268 | |||||||||
| Federal National Mortgage Association, Pool #545191 |
09/01/31 | 271 | 285 | |||||||||
| Federal National Mortgage Association, Pool #630599 |
05/01/32 | 1,353 | 1,434 | |||||||||
| Federal National Mortgage Association, Pool #655928 |
08/01/32 | 728 | 772 | |||||||||
| Federal National Mortgage Association, Pool #735207 |
04/01/34 | 399 | 419 | |||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01,
Class 1M1 |
12/25/41 | 332,016 | 332,055 | |||||||||
| Federal National Mortgage Association REMICS Series 2001-52, Class YZ (PAC) |
10/25/31 | 46,820 | 48,278 | |||||||||
| Federal National Mortgage Association REMICS Series 2003-124, Class TS (I/F) |
01/25/34 | 1,402 | 1,442 | |||||||||
| Federal National Mortgage Association REMICS Series 2007-64, Class FA |
07/25/37 | 22,694 | 22,603 | |||||||||
| Federal National Mortgage Association REMICS Series 2008-50, Class SA (I/O) (I/F) |
11/25/36 | 343,743 | 27,244 | |||||||||
| Federal National Mortgage Association REMICS Series 2018-38, Class PA (PAC) |
06/25/47 | 2,145 | 2,078 | |||||||||
| Federal National Mortgage Association REMICS Series 2018-43, Class CT |
06/25/48 | 150,330 | 132,803 | |||||||||
| Federal National Mortgage Association REMICS Series 2018-86, Class JA (PAC) |
05/25/47 | 68,929 | 68,260 | |||||||||
| Federal National Mortgage Association Trust Series 2003- W6, Class 5T (I/O) (I/F) |
09/25/42 | 4,539,049 | 54,002 | |||||||||
| Government National Mortgage Association, Pool #MA6080 |
08/20/49 | 18,135 | 15,672 | |||||||||
| Government National Mortgage Association, Pool #MA6209 |
10/20/49 | 310,240 | 268,116 | |||||||||
| Government National Mortgage Association, Pool #MA6030 |
07/20/49 | 34,061 | 30,462 | |||||||||
| Government National Mortgage Association, Pool #MA4511 |
06/20/47 | 2,607 | 2,443 | |||||||||
| Government National Mortgage Association, Pool #MA4838 |
11/20/47 | 236,837 | 221,899 | |||||||||
| Government National Mortgage Association, Pool #MA4901 |
12/20/47 | 192,577 | 180,431 | |||||||||
| Government National Mortgage Association, Pool #782810 |
11/15/39 | 255,170 | 252,352 | |||||||||
| Government National Mortgage Association, Pool #MA4588 |
07/20/47 | 90,988 | 88,580 | |||||||||
| Government National Mortgage Association, Pool #MA5399 |
08/20/48 | 233,004 | 225,670 | |||||||||
| Government National Mortgage Association, Pool #MA8347 |
10/20/52 | 1,217,158 | 1,167,135 | |||||||||
| Government National Mortgage Association, Pool #MA9963 |
10/20/54 | 1,966,742 | 1,871,258 | |||||||||
| Government National Mortgage Association, Pool #MB0024 |
11/20/54 | 881,807 | 838,859 | |||||||||
| Government National Mortgage Association, Pool #80968 |
07/20/34 | 6,234 | 6,325 | |||||||||
| Government National Mortgage Association, Pool #MA4454 |
05/20/47 | 10,450 | 10,462 | |||||||||
| Government National Mortgage Association, Pool #MA4589 |
07/20/47 | 498,653 | 499,232 | |||||||||
| Government National Mortgage Association, Pool #MA5530 |
10/20/48 | 2,791 | 2,765 | |||||||||
| Government National Mortgage Association REMICS Series 2023-134, Class F |
08/20/53 | 535,935 | 535,000 | |||||||||
| TCW Core Plus Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY (Continued) |
| |||||||||||
| Government National Mortgage Association REMICS Series 2024-30, Class AF |
02/20/54 | $ | 540,028 | $ | 542,379 | |||||||
| Government National Mortgage Association REMICS Series 2024-30, Class CF |
02/20/54 | 1,322,745 | 1,327,251 | |||||||||
| Government National Mortgage Association, TBA |
11/01/51 | 5,500,000 | 4,625,044 | |||||||||
| Government National Mortgage Association, TBA, 30 Year |
04/01/52 | 2,425,000 | 2,233,048 | |||||||||
| Government National Mortgage Association, TBA |
||||||||||||
| 4.50%(5) |
07/01/54 | 1,950,000 | 1,850,836 | |||||||||
| 4.50% |
08/01/54 | 1,625,000 | 1,542,522 | |||||||||
| 5.00%(5) |
03/01/55 | 4,600,000 | 4,490,732 | |||||||||
| 5.00% |
04/01/55 | 1,925,000 | 1,879,697 | |||||||||
| 5.50%(5) |
03/01/55 | 3,275,000 | 3,266,962 | |||||||||
| Uniform Mortgage-Backed Security, TBA |
||||||||||||
| 2.00%(5) |
09/01/51 | 11,875,000 | 9,296,071 | |||||||||
| 2.50%(5) |
10/01/51 | 1,725,000 | 1,414,143 | |||||||||
| 3.00%(5) |
11/01/51 | 1,800,000 | 1,541,199 | |||||||||
| 3.50%(5) |
12/01/51 | 3,625,000 | 3,240,146 | |||||||||
| 3.50%(5) |
12/01/51 | 7,400,000 | 6,605,702 | |||||||||
| 4.00%(5) |
02/01/52 | 450,000 | 415,109 | |||||||||
| 4.00%(5) |
02/01/52 | 10,250,000 | 9,452,089 | |||||||||
| 4.50%(5) |
05/01/54 | 5,950,000 | 5,645,021 | |||||||||
| 5.00%(5) |
02/01/55 | 3,550,000 | 3,455,820 | |||||||||
| 5.50%(5) |
02/01/55 | 3,800,000 | 3,780,191 | |||||||||
|
|
|
|||||||||||
| Total Residential Mortgage-backed Securities—Agency (Cost: $131,633,059) |
130,126,625 | |||||||||||
|
|
|
|||||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY—3.3% |
||||||||||||
| BAMLL Commercial Mortgage Securities Trust Series 2018- PARK, Class A |
08/10/38 | 1,095,000 | 1,060,334 | |||||||||
| CHI Commercial Mortgage Trust Series 2025-SFT, Class A |
04/15/42 | 1,750,000 | 1,775,447 | |||||||||
| Credit Suisse First Boston Mortgage Securities Corp. Series 98-1, Class A4 |
09/25/28 | 12,915 | 12,846 | |||||||||
| DC Office Trust Series 2019-MTC, Class A |
09/15/45 | 765,000 | 690,774 | |||||||||
| Frost CMBS DAC Series 2021-1X, Class EUA |
11/20/33 | EUR | 1,292,776 | 1,473,572 | ||||||||
| GPMT Ltd. Series 2021-FL4, Class AS |
12/15/36 | 2,380,000 | 2,352,408 | |||||||||
| Hudson Yards Mortgage Trust Series 2019-30HY, Class A |
07/10/39 | 760,000 | 715,295 | |||||||||
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class A |
06/05/39 | 740,000 | 692,184 | |||||||||
| MKT Mortgage Trust Series 2020-525M, Class A |
02/12/40 | 520,000 | 455,859 | |||||||||
| One Bryant Park Trust Series 2019-OBP, Class A |
09/15/54 | 960,000 | 870,503 | |||||||||
| SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE, Class A2B |
01/05/43 | 45,000 | 38,553 | |||||||||
| Taurus U.K. DAC Series 2021-UK4X, Class D |
08/17/31 | GBP | 447,596 | 592,332 | ||||||||
| Velocity Commercial Capital Loan Trust Series 2019-1, Class A |
03/25/49 | 1,049,901 | 1,001,789 | |||||||||
|
|
|
|||||||||||
| Total Commercial Mortgage-backed Securities—Non-agency (Cost: $11,989,526) |
11,731,896 | |||||||||||
|
|
|
|||||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES AGENCY—0.4% |
||||||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KJ42,
Class A1 |
07/25/29 | 1,354,472 | 1,335,629 | |||||||||
|
|
|
|||||||||||
| Total Commercial Mortgage-backed Securities—Agency (Cost: $1,354,450) |
1,335,629 | |||||||||||
|
|
|
|||||||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY—5.6% |
||||||||||||
| Banc of America Funding Trust Series 2003-2, Class 1A1 |
06/25/32 | 3,134 | 3,163 | |||||||||
| Banc of America Funding Trust Series 2014-R6, Class 2A11 |
07/26/36 | 1,700,000 | 1,487,901 | |||||||||
| Bear Stearns ALT-A Trust Series 2004-12, Class 1M1 |
01/25/35 | 303,796 | 304,117 | |||||||||
| Chase Home Lending Mortgage Trust Series 2024-3, Class A4 |
02/25/55 | 3,572,772 | 3,599,035 | |||||||||
| Chase Home Lending Mortgage Trust Series 2025-2, Class A4A |
12/25/55 | 926,661 | 928,266 | |||||||||
| Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2005-2A, Class A1 |
05/25/36 | 22,913 | 21,806 | |||||||||
| CHL Mortgage Pass-Through Trust Series 2004-14, Class 4A1 |
08/25/34 | 45,004 | 42,186 | |||||||||
| CIM Trust Series 2021-R3, Class
A1A |
06/25/57 | 1,489,224 | 1,374,968 | |||||||||
| Cross Mortgage Trust Series 2025-H5, Class A3 |
07/25/70 | 1,595,237 | 1,600,745 | |||||||||
| CSMC Trust Series 2022-ATH2, Class
A1 |
05/25/67 | 1,390,349 | 1,385,964 | |||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R08, Class
1M1 |
10/25/43 | 2,107,721 | 2,115,602 | |||||||||
| First Horizon Alternative Mortgage Securities Trust Series 2004-AA3, Class A1 |
09/25/34 | 18,600 | 18,840 | |||||||||
| GCAT Trust Series 2025-NQM3, Class
A1 |
05/25/70 | 1,189,273 | 1,191,842 | |||||||||
| GS Mortgage-Backed Securities Trust Series 2025-PJ6, Class A5 |
11/25/55 | 1,201,778 | 1,200,859 | |||||||||
| GSR Mortgage Loan Trust Series 2004-9, Class 5A7 |
08/25/34 | 762 | 760 | |||||||||
| HarborView Mortgage Loan Trust Series 2007-7, Class 2A1A |
10/25/37 | 1,119,514 | 1,036,451 | |||||||||
| TCW Core Plus Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued) |
| |||||||||||
| IndyMac INDX Mortgage Loan Trust Series 2004-AR7, Class A2 |
09/25/34 | $ | 5,785 | $ | 5,003 | |||||||
| IndyMac INDX Mortgage Loan Trust Series 2004-AR8, Class 2A2A |
11/25/34 | 17,743 | 16,391 | |||||||||
| IndyMac INDX Mortgage Loan Trust Series 2007-AR11, Class 1A1 |
06/25/37 | 411,616 | 367,877 | |||||||||
| JPMorgan Mortgage Trust Series 2007-A3, Class 3A2 |
05/25/37 | 78,847 | 68,953 | |||||||||
| JPMorgan Mortgage Trust Series 2021-INV5, Class A3 |
12/25/51 | 2,496,684 | 2,287,846 | |||||||||
| MASTR Adjustable Rate Mortgages Trust Series 2003-6, Class 4A2 |
01/25/34 | 20,852 | 20,388 | |||||||||
| MASTR Seasoned Securitization Trust Series 2004-1, Class 4A1 |
10/25/32 | 3,386 | 3,325 | |||||||||
| New York Mortgage Trust Series 2005-3, Class A1 |
02/25/36 | 146,021 | 145,273 | |||||||||
| RBSSP Resecuritization Trust Series 2009-12, Class 17A2 |
10/25/35 | 98,453 | 98,458 | |||||||||
| Residential Asset Mortgage Products Trust Series 2003-SL1, Class A41 |
04/25/31 | 15,201 | 6,789 | |||||||||
| Residential Asset Mortgage Products Trust Series 2004-SL1, Class A7 |
11/25/31 | 4,542 | 3,933 | |||||||||
| Residential Asset Securitization Trust Series 2004-IP2, Class 2A1 |
12/25/34 | 9,727 | 8,837 | |||||||||
| Structured Adjustable Rate Mortgage Loan Trust Series 2004-15, Class A |
10/25/34 | 408,676 | 392,486 | |||||||||
| Structured Asset Mortgage Investments II Trust Series 2005- AR1, Class A1 |
04/19/35 | 193,818 | 190,079 | |||||||||
| Structured Asset Mortgage Investments II Trust Series 2005- AR8, Class A2 |
02/25/36 | 174,652 | 148,610 | |||||||||
| WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR13, Class A1A3 |
10/25/45 | 260,817 | 263,013 | |||||||||
|
|
|
|||||||||||
| Total Residential Mortgage-backed Securities—Non-agency (Cost: $20,389,584) |
|
20,339,766 | ||||||||||
|
|
|
|||||||||||
| CORPORATE BONDS—27.4% |
||||||||||||
| Agriculture—0.5% |
||||||||||||
| Altria Group, Inc. |
02/04/28 | 1,050,000 | 1,060,143 | |||||||||
| BAT Capital Corp. (United Kingdom) |
08/15/27 | 145,000 | 142,370 | |||||||||
| BAT International Finance PLC (United Kingdom) |
03/25/26 | 330,000 | 323,915 | |||||||||
| Imperial Brands Finance PLC (United
Kingdom) |
07/27/27 | 385,000 | 395,903 | |||||||||
|
|
|
|||||||||||
| 1,922,331 | ||||||||||||
|
|
|
|||||||||||
| Airlines—0.1% |
||||||||||||
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
04/20/29 | 225,000 | 225,049 | |||||||||
|
|
|
|||||||||||
| Auto Manufacturers—0.3% |
||||||||||||
| Volkswagen Financial Services AG
(Germany) |
11/19/31 | EUR | 500,000 | 581,258 | ||||||||
| Volkswagen Group of America Finance LLC (Germany) |
03/25/32 | 100,000 | 101,256 | |||||||||
| Volkswagen International Finance NV (Germany) |
09/06/32 | EUR | 200,000 | 261,668 | ||||||||
|
|
|
|||||||||||
| 944,182 | ||||||||||||
|
|
|
|||||||||||
| Banks—8.0% |
||||||||||||
| Bank of America Corp. |
||||||||||||
| 1.66% (1 day USD SOFR + 0.910%)(1) |
03/11/27 | 1,775,000 | 1,743,316 | |||||||||
| 1.92% (1 day USD SOFR + 1.370%)(1) |
10/24/31 | 1,135,000 | 991,048 | |||||||||
| 2.09% (1 day USD SOFR + 1.060%)(1) |
06/14/29 | 3,175,000 | 2,972,689 | |||||||||
| 2.55% (1 day USD SOFR + 1.050%)(1) |
02/04/28 | 160,000 | 155,480 | |||||||||
| 2.69% (1 day USD SOFR + 1.320%)(1) |
04/22/32 | 130,000 | 116,632 | |||||||||
| 3.42% (3 mo. USD Term SOFR + 1.302%)(1) |
12/20/28 | 360,000 | 351,637 | |||||||||
| Citibank NA |
05/29/30 | 280,000 | 284,500 | |||||||||
| Citigroup, Inc. |
||||||||||||
| 2.52% (SOFR + 1.177%)(1) |
11/03/32 | 525,000 | 458,383 | |||||||||
| 2.67% (1 day USD SOFR + 1.146%)(1) |
01/29/31 | 115,000 | 105,410 | |||||||||
| 3.52% (3 mo. USD Term SOFR + 1.413%)(1) |
10/27/28 | 1,505,000 | 1,472,748 | |||||||||
| Goldman Sachs Group, Inc. |
||||||||||||
| 2.38% (SOFR + 1.248%)(1) |
07/21/32 | 35,000 | 30,579 | |||||||||
| 2.65% (1 day USD SOFR + 1.264%)(1) |
10/21/32 | 774,000 | 682,320 | |||||||||
| 3.75% |
02/25/26 | 20,000 | 19,914 | |||||||||
| 3.81% (3.814% to 04/23/28 then 3 mo. USD LIBOR + 1.158%)(1) |
04/23/29 | 2,480,000 | 2,435,335 | |||||||||
| HSBC Holdings PLC (United Kingdom) |
06/09/28 | 395,000 | 396,007 | |||||||||
| JPMorgan Chase & Co. |
||||||||||||
| 1.04% (3 mo. USD Term SOFR + 0.695%)(1) |
02/04/27 | 2,405,000 | 2,363,105 | |||||||||
| 1.05% (SOFR + 0.800%)(1) |
11/19/26 | 275,000 | 272,005 | |||||||||
| 1.58% (1 day USD SOFR + 0.885%)(1) |
04/22/27 | 1,035,000 | 1,012,872 | |||||||||
| 2.07% (1 day USD SOFR + 1.015%)(1) |
06/01/29 | 30,000 | 28,123 | |||||||||
| TCW Core Plus Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Banks (Continued) |
||||||||||||
| 2.55% (1 day USD SOFR + 1.180%)(1) |
11/08/32 | $ | 740,000 | $ | 650,630 | |||||||
| 4.01% (3 mo. USD Term SOFR + 1.382%)(1) |
04/23/29 | 3,055,000 | 3,020,998 | |||||||||
| Lloyds Banking Group PLC (United Kingdom) |
08/11/26 | 1,036,000 | 1,035,927 | |||||||||
| Morgan Stanley |
||||||||||||
| 2.51% (1 day USD SOFR + 1.200%)(1) |
10/20/32 | 290,000 | 253,959 | |||||||||
| 2.94% (1 day USD SOFR + 1.290%)(1) |
01/21/33 | 865,000 | 773,543 | |||||||||
| PNC Financial Services Group, Inc. |
10/20/34 | 160,000 | 178,797 | |||||||||
| Santander U.K. Group Holdings PLC (United Kingdom) |
01/11/28 | 645,000 | 624,566 | |||||||||
| Wells Fargo & Co. |
||||||||||||
| 2.39% (1 day USD SOFR + 2.100%)(1) |
06/02/28 | 4,555,000 | 4,385,599 | |||||||||
| 2.57% (3 mo. USD Term SOFR + 1.262%)(1) |
02/11/31 | 495,000 | 454,148 | |||||||||
| 5.24% (1 day USD SOFR + 1.110%)(1) |
01/24/31 | 470,000 | 481,379 | |||||||||
| 5.57% (1 day USD SOFR + 1.740%)(1) |
07/25/29 | 895,000 | 921,707 | |||||||||
|
|
|
|||||||||||
| 28,673,356 | ||||||||||||
|
|
|
|||||||||||
| Chemicals—0.4% |
||||||||||||
| International Flavors & Fragrances, Inc. |
||||||||||||
| 1.23%(2) |
10/01/25 | 391,000 | 388,349 | |||||||||
| 2.30%(2) |
11/01/30 | 975,000 | 860,857 | |||||||||
|
|
|
|||||||||||
| 1,249,206 | ||||||||||||
|
|
|
|||||||||||
| Commercial Services—0.2% |
||||||||||||
| AA Bond Co. Ltd. (United
Kingdom) |
07/31/50 | GBP | 185,000 | 260,465 | ||||||||
| Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg) |
05/21/30 | 181,000 | 186,559 | |||||||||
| OT Midco, Inc. |
02/15/30 | 330,000 | 272,240 | |||||||||
|
|
|
|||||||||||
| 719,264 | ||||||||||||
|
|
|
|||||||||||
| Computers—0.2% |
||||||||||||
| Dell International LLC/EMC Corp. |
||||||||||||
| 4.75% |
04/01/28 | 470,000 | 473,948 | |||||||||
| 5.00% |
04/01/30 | 390,000 | 395,717 | |||||||||
|
|
|
|||||||||||
| 869,665 | ||||||||||||
|
|
|
|||||||||||
| Diversified Financial Services—0.8% |
||||||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |
10/29/26 | 1,295,000 | 1,261,317 | |||||||||
| Air Lease Corp. |
||||||||||||
| 3.25% |
10/01/29 | 525,000 | 498,923 | |||||||||
| 3.63% |
12/01/27 | 355,000 | 348,120 | |||||||||
| American Express Co. |
07/20/33 | 300,000 | 301,062 | |||||||||
| Avolon Holdings Funding Ltd.
(Ireland) |
11/18/27 | 308,000 | 293,293 | |||||||||
| Jane Street Group/JSG Finance,
Inc. |
11/01/32 | 311,000 | 309,004 | |||||||||
|
|
|
|||||||||||
| 3,011,719 | ||||||||||||
|
|
|
|||||||||||
| Electric—1.5% |
||||||||||||
| Alliant Energy Finance
LLC |
03/01/32 | 175,000 | 158,858 | |||||||||
| Amprion GmbH (Germany) |
09/23/33 | EUR | 100,000 | 90,972 | ||||||||
| Appalachian Power Co. |
06/01/27 | 410,000 | 401,714 | |||||||||
| Duke Energy Corp. |
09/01/26 | 30,000 | 29,409 | |||||||||
| Elia Group SA (Belgium) |
06/11/31 | EUR | 200,000 | 233,236 | ||||||||
| Eurogrid GmbH (Germany) |
04/21/33 | EUR | 400,000 | 372,789 | ||||||||
| Eversource Energy |
07/01/27 | 595,000 | 595,952 | |||||||||
| FirstEnergy Pennsylvania Electric
Co. |
03/30/26 | 500,000 | 501,520 | |||||||||
| FirstEnergy Transmission
LLC |
09/15/28 | 853,000 | 812,167 | |||||||||
| Public Service Co. of New Mexico |
08/01/25 | 1,405,000 | 1,405,000 | |||||||||
| Scottish Hydro Electric Transmission PLC (United Kingdom) |
09/04/32 | EUR | 290,000 | 332,612 | ||||||||
| TenneT Holding BV
(Netherlands) |
10/28/42 | EUR | 110,000 | 137,186 | ||||||||
| Trans-Allegheny Interstate Line
Co. |
01/15/31 | 130,000 | 131,795 | |||||||||
|
|
|
|||||||||||
| 5,203,210 | ||||||||||||
|
|
|
|||||||||||
| Engineering & Construction—0.1% |
||||||||||||
| Heathrow Funding Ltd. (United
Kingdom) |
10/08/32 | EUR | 435,000 | 451,277 | ||||||||
|
|
|
|||||||||||
| Entertainment—0.3% |
||||||||||||
| FDJ UNITED (France) |
11/21/33 | EUR | 300,000 | 337,974 | ||||||||
| Flutter Treasury DAC
(Ireland) |
04/29/29 | EUR | 190,000 | 225,111 | ||||||||
| Great Canadian Gaming Corp./Raptor LLC (Canada) |
11/15/29 | 114,000 | 111,805 | |||||||||
| WarnerMedia Holdings, Inc. |
03/15/32 | 472,000 | 397,608 | |||||||||
|
|
|
|||||||||||
| 1,072,498 | ||||||||||||
|
|
|
|||||||||||
| Food—0.4% |
||||||||||||
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |
||||||||||||
| 3.00% |
02/02/29 | 195,000 | 185,113 | |||||||||
| 6.75% |
03/15/34 | 885,000 | 962,606 | |||||||||
| Pilgrim’s Pride Corp. |
03/01/32 | 510,000 | 458,184 | |||||||||
|
|
|
|||||||||||
| 1,605,903 | ||||||||||||
|
|
|
|||||||||||
| Foreign Government Bonds—0.8% |
||||||||||||
| Brazil Government International Bonds |
03/15/35 | 500,000 | 502,660 | |||||||||
| Colombia Government International Bonds |
11/07/36 | 500,000 | 499,315 | |||||||||
| Hungary Government International
Bonds |
06/16/34 | 336,000 | 332,324 | |||||||||
| Mexico Government International Bonds |
02/09/35 | 850,000 | 865,300 | |||||||||
| TCW Core Plus Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Foreign Government Bonds (Continued) |
||||||||||||
| Panama Government International Bonds |
02/14/35 | $ | 379,000 | $ | 373,061 | |||||||
| Republic of South Africa Government International Bonds |
04/20/32 | 267,000 | 260,950 | |||||||||
|
|
|
|||||||||||
| 2,833,610 | ||||||||||||
|
|
|
|||||||||||
| Gas—0.6% |
||||||||||||
| AmeriGas Partners LP/AmeriGas Finance
Corp. |
06/01/28 | 170,000 | 175,175 | |||||||||
| Boston Gas Co. |
03/16/32 | 1,400,000 | 1,296,022 | |||||||||
| National Gas Transmission PLC (United Kingdom) |
04/05/30 | EUR | 645,000 | 771,582 | ||||||||
|
|
|
|||||||||||
| 2,242,779 | ||||||||||||
|
|
|
|||||||||||
| Health Care-Products—0.7% |
||||||||||||
| Alcon Finance Corp. |
09/23/26 | 700,000 | 684,509 | |||||||||
| American Medical Systems Europe BV |
03/08/31 | EUR | 700,000 | 798,680 | ||||||||
| Medtronic Global Holdings SCA |
07/02/31 | EUR | 210,000 | 214,115 | ||||||||
| Medtronic, Inc. |
10/15/29 | EUR | 185,000 | 218,748 | ||||||||
| Sartorius Finance BV
(Germany) |
09/14/32 | EUR | 100,000 | 119,643 | ||||||||
| Stryker Corp. |
09/11/32 | EUR | 450,000 | 516,816 | ||||||||
|
|
|
|||||||||||
| 2,552,511 | ||||||||||||
|
|
|
|||||||||||
| Health Care-Services—2.5% |
||||||||||||
| Baylor Scott & White Holdings |
11/15/26 | 1,530,000 | 1,498,895 | |||||||||
| Centene Corp. |
10/15/30 | 905,000 | 788,137 | |||||||||
| Elevance Health, Inc. |
02/15/35 | 335,000 | 334,956 | |||||||||
| Fortrea Holdings, Inc. |
07/01/30 | 119,000 | 108,770 | |||||||||
| HCA, Inc. |
02/15/26 | 2,230,000 | 2,231,650 | |||||||||
| Humana, Inc. |
05/01/35 | 780,000 | 782,348 | |||||||||
| IQVIA, Inc. |
05/15/28 | 725,000 | 743,060 | |||||||||
| Kedrion SpA (Italy) |
09/01/29 | 188,000 | 182,324 | |||||||||
| ModivCare, Inc. |
10/01/29 | 877,800 | 241,395 | |||||||||
| UnitedHealth Group, Inc. |
07/15/34 | 1,905,000 | 1,911,439 | |||||||||
|
|
|
|||||||||||
| 8,822,974 | ||||||||||||
|
|
|
|||||||||||
| Insurance—0.5% |
||||||||||||
| Farmers Exchange Capital |
07/15/28 | 1,245,000 | 1,309,703 | |||||||||
| Trinity Acquisition PLC |
03/15/26 | 535,000 | 534,235 | |||||||||
|
|
|
|||||||||||
| 1,843,938 | ||||||||||||
|
|
|
|||||||||||
| Internet—0.1% |
||||||||||||
| Snap, Inc. |
03/01/33 | 359,000 | 368,086 | |||||||||
|
|
|
|||||||||||
| Investment Companies—0.1% |
|
|||||||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
06/15/30 | 299,000 | 290,634 | |||||||||
|
|
|
|||||||||||
| Lodging—0.4% |
||||||||||||
| Hilton Domestic Operating Co.,
Inc. |
09/15/33 | 215,000 | 215,262 | |||||||||
| Hyatt Hotels Corp. |
03/30/28 | 720,000 | 727,589 | |||||||||
| Las Vegas Sands Corp. |
06/14/30 | 485,000 | 499,487 | |||||||||
|
|
|
|||||||||||
| 1,442,338 | ||||||||||||
|
|
|
|||||||||||
| Machinery-Diversified—0.0% |
||||||||||||
| Oregon Tool Lux LP |
10/15/29 | 3,127 | 1,376 | |||||||||
|
|
|
|||||||||||
| Media—0.7% |
||||||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital |
04/01/31 | 1,470,000 | 1,303,581 | |||||||||
| CSC Holdings LLC |
||||||||||||
| 5.75%(2) |
01/15/30 | 129,000 | 63,778 | |||||||||
| 11.75%(2) |
01/31/29 | 755,000 | 706,839 | |||||||||
| DISH Network Corp. |
11/15/27 | 55,000 | 57,327 | |||||||||
| Virgin Media Secured Finance PLC (United Kingdom) |
05/15/29 | 360,000 | 352,112 | |||||||||
| VZ Secured Financing BV
(Netherlands) |
01/15/32 | 208,000 | 183,254 | |||||||||
|
|
|
|||||||||||
| 2,666,891 | ||||||||||||
|
|
|
|||||||||||
| Mining—0.1% |
||||||||||||
| Corp. Nacional del Cobre de
Chile |
01/08/34 | 500,000 | 511,305 | |||||||||
|
|
|
|||||||||||
| Office/Business Equipment—0.1% |
||||||||||||
| Xerox Corp. |
10/15/30 | 176,000 | 181,437 | |||||||||
|
|
|
|||||||||||
| Oil & Gas—0.2% |
||||||||||||
| KazMunayGas National Co. JSC
(Kazakhstan) |
04/14/33 | 650,000 | 567,814 | |||||||||
|
|
|
|||||||||||
| Oil & Gas Services—0.1% |
||||||||||||
| USA Compression Partners LP/USA Compression Finance Corp. |
03/15/29 | 358,000 | 366,238 | |||||||||
|
|
|
|||||||||||
| Packaging & Containers—0.5% |
||||||||||||
| Amcor Finance USA, Inc. |
04/28/26 | 1,450,000 | 1,438,415 | |||||||||
| Berry Global, Inc. |
07/15/26 | 491,000 | 490,867 | |||||||||
|
|
|
|||||||||||
| 1,929,282 | ||||||||||||
|
|
|
|||||||||||
| Pharmaceuticals—0.7% |
||||||||||||
| 1261229 BC Ltd. |
04/15/32 | 304,000 | 309,709 | |||||||||
| Bayer U.S. Finance II LLC
(Germany) |
08/15/25 | 1,100,000 | 1,100,066 | |||||||||
| CVS Health Corp. |
||||||||||||
| 5.30% |
06/01/33 | 472,000 | 474,997 | |||||||||
| 5.70% |
06/01/34 | 335,000 | 343,171 | |||||||||
| TCW Core Plus Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Pharmaceuticals (Continued) |
||||||||||||
| Teva Pharmaceutical Finance Netherlands II BV (Israel) |
06/01/31 | EUR | 344,000 | $ | 395,050 | |||||||
|
|
|
|||||||||||
| 2,622,993 | ||||||||||||
|
|
|
|||||||||||
| Pipelines—0.3% |
||||||||||||
| Venture Global LNG, Inc. |
||||||||||||
| 9.00% (5 yr. CMT + 5.440%)(1),(2),(8) |
09/30/29 | $ | 185,000 | 185,161 | ||||||||
| 9.88%(2) |
02/01/32 | 222,000 | 239,696 | |||||||||
| Venture Global Plaquemines LNG LLC |
||||||||||||
| 6.50%(2) |
01/15/34 | 372,000 | 382,784 | |||||||||
| 6.75%(2) |
01/15/36 | 190,000 | 195,510 | |||||||||
|
|
|
|||||||||||
| 1,003,151 | ||||||||||||
|
|
|
|||||||||||
| Real Estate—0.3% |
||||||||||||
| Blackstone Property Partners Europe Holdings SARL (Luxembourg) |
05/04/28 | EUR | 325,000 | 353,792 | ||||||||
| LEG Immobilien SE
(Germany) |
03/30/33 | EUR | 200,000 | 185,100 | ||||||||
| Vonovia SE (Germany) |
09/01/32 | EUR | 500,000 | 473,644 | ||||||||
|
|
|
|||||||||||
| 1,012,536 | ||||||||||||
|
|
|
|||||||||||
| REIT—3.3% |
||||||||||||
| American Assets Trust LP (REIT) |
10/01/34 | 420,000 | 420,563 | |||||||||
| American Tower Corp. |
01/15/28 | 1,260,000 | 1,236,110 | |||||||||
| Crown Castle, Inc. (REIT) |
07/15/31 | 633,000 | 554,033 | |||||||||
| CubeSmart LP |
02/15/29 | 673,000 | 666,728 | |||||||||
| Digital Dutch Finco BV |
||||||||||||
| 1.00% (7) |
01/15/32 | EUR | 160,000 | 155,767 | ||||||||
| 1.25% (7) |
02/01/31 | EUR | 255,000 | 260,276 | ||||||||
| DOC Dr. LLC (REIT) |
01/15/28 | 423,000 | 418,051 | |||||||||
| Equinix Europe 2 Financing Corp. LLC (REIT) |
11/22/34 | EUR | 400,000 | 444,789 | ||||||||
| Extra Space Storage LP |
04/01/29 | 385,000 | 376,707 | |||||||||
| GLP Capital LP/GLP Financing II, Inc. |
06/01/28 | 915,000 | 935,240 | |||||||||
| Healthcare Realty Holdings LP |
||||||||||||
| 3.50% |
08/01/26 | 225,000 | 222,244 | |||||||||
| 3.63% |
01/15/28 | 911,000 | 885,410 | |||||||||
| Host Hotels & Resorts LP |
||||||||||||
| 3.38% |
12/15/29 | 758,000 | 711,080 | |||||||||
| 5.70% |
06/15/32 | 425,000 | 431,396 | |||||||||
| Hudson Pacific Properties LP |
||||||||||||
| 3.95% |
11/01/27 | 220,000 | 208,294 | |||||||||
| 4.65% |
04/01/29 | 418,000 | 364,835 | |||||||||
| Kilroy Realty LP (REIT) |
08/15/29 | 221,000 | 213,331 | |||||||||
| Lineage OP LP |
07/15/30 | 350,000 | 351,578 | |||||||||
| LXP Industrial Trust |
11/15/28 | 975,000 | 1,030,438 | |||||||||
| Prologis Euro Finance LLC (REIT) |
05/23/33 | EUR | 120,000 | 147,860 | ||||||||
| Realty Income Corp. (REIT) |
07/06/30 | EUR | 820,000 | 1,009,505 | ||||||||
| VICI Properties LP/VICI Note Co., Inc. |
||||||||||||
| 3.88%(2) |
02/15/29 | 90,000 | 87,145 | |||||||||
| 5.75%(2) |
02/01/27 | 350,000 | 353,822 | |||||||||
| WP Carey, Inc. (REIT) |
07/23/32 | EUR | 250,000 | 295,950 | ||||||||
|
|
|
|||||||||||
| 11,781,152 | ||||||||||||
|
|
|
|||||||||||
| Retail—0.3% |
||||||||||||
| AutoZone, Inc. |
06/15/30 | 205,000 | 209,666 | |||||||||
| BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. |
07/01/32 | 300,000 | 309,318 | |||||||||
| Ferrellgas LP/Ferrellgas Finance Corp. |
||||||||||||
| 5.38%(2) |
04/01/26 | 246,000 | 244,270 | |||||||||
| 5.88%(2) |
04/01/29 | 272,000 | 251,437 | |||||||||
| Michaels Cos., Inc. |
05/01/28 | 238,000 | 190,533 | |||||||||
|
|
|
|||||||||||
| 1,205,224 | ||||||||||||
|
|
|
|||||||||||
| Semiconductors—0.4% |
||||||||||||
| Foundry JV Holdco LLC |
01/25/31 | 1,400,000 | 1,430,366 | |||||||||
|
|
|
|||||||||||
| Software—0.6% |
||||||||||||
| Open Text Corp. (Canada) |
12/01/27 | 1,380,000 | 1,425,416 | |||||||||
| Oracle Corp. |
08/03/28 | 600,000 | 606,672 | |||||||||
|
|
|
|||||||||||
| 2,032,088 | ||||||||||||
|
|
|
|||||||||||
| Telecommunications—1.0% |
||||||||||||
| Altice Financing SA
(Luxembourg) |
07/15/27 | 145,000 | 133,436 | |||||||||
| EchoStar Corp. |
11/30/29 | 30,000 | 31,654 | |||||||||
| Global Switch Finance BV (United
Kingdom) |
10/07/30 | EUR | 925,000 | 989,159 | ||||||||
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |
09/20/29 | 981,750 | 985,441 | |||||||||
| T-Mobile USA, Inc. |
||||||||||||
| 2.25% |
02/15/26 | 700,000 | 690,536 | |||||||||
| 3.75% |
04/15/27 | 875,000 | 865,060 | |||||||||
|
|
|
|||||||||||
| 3,695,286 | ||||||||||||
|
|
|
|||||||||||
| Transportation—0.1% |
||||||||||||
| Aurizon Network Pty. Ltd.
(Australia) |
09/02/30 | AUD | 310,000 | 179,337 | ||||||||
| Pacific National Finance Pty. Ltd. (Australia) |
09/24/29 | AUD | 290,000 | 172,680 | ||||||||
|
|
|
|||||||||||
| 352,017 | ||||||||||||
|
|
|
|||||||||||
| Water—0.2% |
||||||||||||
| Holding d’Infrastructures des Metiers de l’Environnement (France) |
10/24/29 | EUR | 100,000 | 119,035 | ||||||||
| Suez SACA (France) |
05/24/34 | EUR | 300,000 | 321,849 | ||||||||
| United Utilities Water Finance PLC (United Kingdom) |
05/23/34 | EUR | 215,000 | 247,107 | ||||||||
| Yorkshire Water Finance PLC (United
Kingdom) |
11/18/34 | GBP | 135,000 | 183,626 | ||||||||
|
|
|
|||||||||||
| 871,617 | ||||||||||||
|
|
|
|||||||||||
| Total Corporate Bonds (Cost: $97,276,802) |
98,575,303 | |||||||||||
|
|
|
|||||||||||
| TCW Core Plus Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| MUNICIPAL BONDS—0.6% |
||||||||||||
| City of New York, General Obligation Unlimited |
03/01/29 | $ | 250,000 | $ | 229,223 | |||||||
| Commonwealth of Massachusetts, Revenue Bonds |
07/15/31 | 453,994 | 452,350 | |||||||||
| County of Miami-Dade Aviation Revenue, Series D |
10/01/31 | 245,000 | 231,169 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue
Bonds |
02/01/51 | 350,000 | 351,134 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Series F-3 |
||||||||||||
| 5.13% |
02/01/35 | 3,000 | 3,045 | |||||||||
| 5.15% |
02/01/36 | 3,000 | 3,033 | |||||||||
| New York City Transitional Finance Authority, Revenue Bonds |
11/01/53 | 85,000 | 85,505 | |||||||||
| New York State Dormitory Authority, Revenue Bonds |
||||||||||||
| 1.95% |
03/15/29 | 590,000 | 547,769 | |||||||||
| 5.50% |
03/15/30 | 53,822 | 54,496 | |||||||||
| New York State Thruway Authority, Revenue Bonds |
03/15/53 | 180,000 | 180,400 | |||||||||
|
|
|
|||||||||||
| Total Municipal Bonds (Cost: $2,209,677) |
2,138,124 | |||||||||||
|
|
|
|||||||||||
| FOREIGN GOVERNMENT BONDS—0.4% |
||||||||||||
| Guatemala Government
Bonds |
06/13/36 | 551,000 | 565,464 | |||||||||
| Israel Government International Bonds |
02/19/30 | 450,000 | 459,900 | |||||||||
| Romania Government International
Bonds |
01/30/34 | 562,000 | 560,988 | |||||||||
|
|
|
|||||||||||
| Total Foreign Government Bonds (Cost: $1,553,430) |
1,586,352 | |||||||||||
|
|
|
|||||||||||
| U.S. TREASURY SECURITIES—20.9% |
||||||||||||
| U.S. Treasury Bonds |
||||||||||||
| 4.75% |
05/15/55 | 29,260,000 | 28,619,938 | |||||||||
| 4.75%(4) |
08/15/55 | 1,165,000 | 1,142,171 | |||||||||
| U.S. Treasury Inflation-Indexed Notes |
07/15/35 | 3,984,298 | 3,949,669 | |||||||||
| U.S. Treasury Notes |
||||||||||||
| 3.88% |
07/31/27 | 2,115,000 | 2,112,356 | |||||||||
| 3.88% |
07/31/30 | 8,065,000 | 8,035,701 | |||||||||
| 4.00% |
07/31/32 | 19,365,000 | 19,200,095 | |||||||||
| 4.25% |
05/15/35 | 12,081,000 | 11,976,235 | |||||||||
|
|
|
|||||||||||
| Total U.S. Treasury Securities (Cost: $74,783,617) |
75,036,165 | |||||||||||
|
|
|
|||||||||||
| BANK LOANS—2.5% |
||||||||||||
| Advertising—0.0% |
||||||||||||
| Advantage Sales & Marketing, Inc. 2024 Term Loan |
10/28/27 | 53,454 | 41,842 | |||||||||
|
|
|
|||||||||||
| 41,842 | ||||||||||||
|
|
|
|||||||||||
| Aerospace & Defense—0.0% |
||||||||||||
| HDI Aerospace Intermediate Holding III Corp. Term Loan B |
02/11/32 | 29,925 | 30,056 | |||||||||
| TransDigm, Inc. 2023 Term Loan J |
02/28/31 | 36,571 | 36,720 | |||||||||
| TransDigm, Inc. 2024 Term Loan I |
08/24/28 | 22,303 | 22,410 | |||||||||
|
|
|
|||||||||||
| 89,186 | ||||||||||||
|
|
|
|||||||||||
| Apparel—0.0% |
||||||||||||
| ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B |
12/21/28 | 43,412 | 43,384 | |||||||||
|
|
|
|||||||||||
| 43,384 | ||||||||||||
|
|
|
|||||||||||
| Beverages—0.1% |
||||||||||||
| Celsius Holdings, Inc. Term Loan |
04/01/32 | 44,044 | 44,466 | |||||||||
| City Brewing Co. LLC 2024 1st Out New Money Term Loan |
04/05/28 | 1 | — | |||||||||
| Naked Juice LLC 2025 FLFO Term Loan |
01/24/29 | 245,112 | 244,653 | |||||||||
| Naked Juice LLC 2025 FLSO Term Loan |
01/24/29 | 62,062 | 47,186 | |||||||||
| Naked Juice LLC 2025 FLTO Term Loan |
01/24/30 | 370 | 177 | |||||||||
| Primo Brands Corp. 2025 Term Loan B |
03/31/28 | 11,396 | 11,435 | |||||||||
|
|
|
|||||||||||
| 347,917 | ||||||||||||
|
|
|
|||||||||||
| Commercial Services—0.1% |
||||||||||||
| Belron Finance 2019 LLC 2024 USD Term Loan B |
10/16/31 | 32,350 | 32,540 | |||||||||
| Boost Newco Borrower LLC 2025 USD Term Loan B |
01/31/31 | 52,022 | 52,168 | |||||||||
| CCRR Parent, Inc. Term Loan B |
03/06/28 | 18,120 | 6,342 | |||||||||
| CCRR Parent, Inc. US Acquisition Facility |
03/06/28 | 51,085 | 17,880 | |||||||||
| Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan |
07/06/29 | 30,750 | 30,878 | |||||||||
| Kelso Industries LLC Term Loan |
12/30/29 | 75,799 | 76,367 | |||||||||
| TCW Core Plus Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Commercial Services (Continued) |
||||||||||||
| KUEHG Corp. 2024 Term Loan |
06/12/30 | $ | 16,523 | $ | 16,559 | |||||||
| Ryan LLC Term Loan |
11/14/30 | 36,090 | 36,163 | |||||||||
| TruGreen LP 2020 Term Loan |
11/02/27 | 182,376 | 176,221 | |||||||||
|
|
|
|||||||||||
| 445,118 | ||||||||||||
|
|
|
|||||||||||
| Computers—0.1% |
||||||||||||
| McAfee LLC 2024 USD 1st Lien Term Loan B |
03/01/29 | 10,952 | 10,614 | |||||||||
| Peraton Corp. Term Loan B |
02/01/28 | 66,967 | 59,784 | |||||||||
| Tempo Acquisition LLC 2025 Repriced Term Loan B |
08/31/28 | 250,000 | 249,629 | |||||||||
| Twitter, Inc. Term Loan |
10/26/29 | 66,794 | 65,202 | |||||||||
|
|
|
|||||||||||
| 385,229 | ||||||||||||
|
|
|
|||||||||||
| Cosmetics/personal Care—0.0% |
||||||||||||
| Opal Bidco SAS USD Term Loan B |
04/28/32 | 41,781 | 42,013 | |||||||||
|
|
|
|||||||||||
| 42,013 | ||||||||||||
|
|
|
|||||||||||
| Distribution & wholesale—0.0% |
||||||||||||
| BCPE Empire Holdings, Inc. 2025 Term Loan B |
12/11/30 | 70,838 | 70,892 | |||||||||
|
|
|
|||||||||||
| 70,892 | ||||||||||||
|
|
|
|||||||||||
| Diversified Financial Services—0.2% |
|
|||||||||||
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 |
06/24/30 | 445,608 | 446,317 | |||||||||
| Blackhawk Network Holdings, Inc. 2025 Term Loan B |
03/12/29 | 47,667 | 47,916 | |||||||||
| Deerfield Dakota Holding LLC 2020 USD Term Loan B |
04/09/27 | 126,854 | 125,925 | |||||||||
| Jane Street Group LLC 2024 Term Loan B1 |
12/15/31 | 64,137 | 63,931 | |||||||||
|
|
|
|||||||||||
| 684,089 | ||||||||||||
|
|
|
|||||||||||
| Electric—0.2% |
||||||||||||
| Alpha Generation LLC Term Loan B |
09/30/31 | 59,629 | 59,626 | |||||||||
| Calpine Corp. 2024 Term Loan B10 |
01/31/31 | 108,371 | 108,509 | |||||||||
| Calpine Corp. 2024 Term Loan B5 |
02/15/32 | 80,689 | 80,756 | |||||||||
| Cornerstone Generation LLC Term Loan B |
10/28/31 | 22,915 | 23,105 | |||||||||
| Edgewater Generation LLC 2025 Repriced Term Loan |
08/01/30 | 29,932 | 30,103 | |||||||||
| Kestrel Acquisition LLC 2024 Term Loan B |
11/06/31 | 26,269 | 26,370 | |||||||||
| Potomac Energy Center LLC 2025 Term Loan |
03/14/32 | 24,557 | 24,603 | |||||||||
| Potomac Energy Center LLC Term Loan |
11/12/26 | 28,509 | 28,616 | |||||||||
| South Field LLC 2025 Term Loan B |
08/29/31 | 25,374 | 25,501 | |||||||||
| South Field LLC 2025 Term Loan C |
08/29/31 | 1,632 | 1,640 | |||||||||
| Vistra Operations Co. LLC 1st Lien Term Loan B3 |
12/20/30 | 152,247 | 152,656 | |||||||||
|
|
|
|||||||||||
| 561,485 | ||||||||||||
|
|
|
|||||||||||
| Electrical Components & Equipment—0.0% |
||||||||||||
| Pelican Products, Inc. 2021 Term Loan |
12/29/28 | 59,824 | 52,433 | |||||||||
|
|
|
|||||||||||
| 52,433 | ||||||||||||
|
|
|
|||||||||||
| Electronics—0.0% |
||||||||||||
| TCP Sunbelt Acquisition Co. 2024 Term Loan B |
10/24/31 | 94,525 | 94,998 | |||||||||
|
|
|
|||||||||||
| 94,998 | ||||||||||||
|
|
|
|||||||||||
| TCW Core Plus Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Engineering & Construction—0.0% |
|
|||||||||||
| Artera Services LLC 2024 Term Loan |
02/15/31 | $ | 73,970 | $ | 61,705 | |||||||
|
|
|
|||||||||||
| 61,705 | ||||||||||||
|
|
|
|||||||||||
| Entertainment—0.1% |
||||||||||||
| DK Crown Holdings, Inc. 2025 Term Loan B |
03/04/32 | 29,872 | 29,875 | |||||||||
| Flutter Financing BV 2025 Term Loan B |
06/04/32 | 87,598 | 87,744 | |||||||||
| GVC Holdings Gibraltar Ltd. 2024 USD Term Loan B3 |
10/31/29 | 29,679 | 29,766 | |||||||||
| Showtime Acquisition LLC 2024 1st Lien Term Loan |
08/16/31 | 95,237 | 95,684 | |||||||||
| UFC Holdings LLC 2024 Term Loan B |
11/21/31 | 28,564 | 28,676 | |||||||||
| Voyager Parent LLC Term Loan B |
07/01/32 | 62,881 | 63,016 | |||||||||
|
|
|
|||||||||||
| 334,761 | ||||||||||||
|
|
|
|||||||||||
| Food—0.1% |
||||||||||||
| BCPE North Star U.S. HoldCo 2, Inc. Term Loan |
06/09/28 | 53,373 | 53,507 | |||||||||
| United Natural Foods, Inc. 2024 Term Loan |
05/01/31 | 83,598 | 84,374 | |||||||||
|
|
|
|||||||||||
| 137,881 | ||||||||||||
|
|
|
|||||||||||
| Health Care-products—0.0% |
||||||||||||
| Antylia Scientific Term Loan |
05/27/32 | 41,343 | 40,654 | |||||||||
|
|
|
|||||||||||
| 40,654 | ||||||||||||
|
|
|
|||||||||||
| Health Care-services—0.1% |
||||||||||||
| Heartland Dental LLC 2024 Term Loan |
04/28/28 | 28,833 | 28,929 | |||||||||
| IQVIA, Inc. 2025 Repriced Term Loan B |
01/02/31 | 118,924 | 119,705 | |||||||||
| Modivcare, Inc. 2024 Term Loan B |
07/01/31 | 258,791 | 166,059 | |||||||||
| Modivcare, Inc. 2025 Incremental Term Loan |
01/12/26 | 62,420 | 48,629 | |||||||||
| Pediatric Associates Holding Co. LLC 2021 Term Loan B |
12/29/28 | 25,784 | 22,668 | |||||||||
| Star Parent, Inc. Term Loan B |
09/27/30 | 17,318 | 17,148 | |||||||||
|
|
|
|||||||||||
| 403,138 | ||||||||||||
|
|
|
|||||||||||
| Home Furnishings—0.0% |
||||||||||||
| AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B |
07/31/28 | 45,810 | 45,840 | |||||||||
|
|
|
|||||||||||
| 45,840 | ||||||||||||
|
|
|
|||||||||||
| Insurance—0.1% |
||||||||||||
| AmWINS Group, Inc. 2025 Term Loan B |
01/30/32 | 253,615 | 254,086 | |||||||||
| Asurion LLC 2021 Second Lien Term Loan B4 |
01/20/29 | 36,215 | 34,144 | |||||||||
|
|
|
|||||||||||
| 288,230 | ||||||||||||
|
|
|
|||||||||||
| Internet—0.1% |
||||||||||||
| Arches Buyer, Inc. 2021 Term Loan B |
12/06/27 | 51,007 | 51,043 | |||||||||
| Barracuda Networks, Inc. 2022 Term Loan |
08/15/29 | 28,150 | 22,930 | |||||||||
| Delivery Hero SE 2024 USD Term Loan B |
12/12/29 | 83,611 | 84,439 | |||||||||
| Magnite, Inc. 2025 Repriced Term Loan B |
02/06/31 | 55,746 | 56,013 | |||||||||
| MH Sub I LLC 2023 Term Loan |
05/03/28 | 46,757 | 44,714 | |||||||||
| MH Sub I LLC 2024 Term Loan B4 |
12/31/31 | 73,215 | 65,624 | |||||||||
| Red Ventures LLC 2024 Term Loan B |
03/04/30 | 47,685 | 41,665 | |||||||||
| TCW Core Plus Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Internet (Continued) |
||||||||||||
| Research Now Group, Inc. 2024 First Lien First Out Term Loan |
07/15/28 | $ | 20,425 | $ | 20,380 | |||||||
| TripAdvisor, Inc. Term Loan |
07/08/31 | 37,527 | 37,246 | |||||||||
|
|
|
|||||||||||
| 424,054 | ||||||||||||
|
|
|
|||||||||||
| Leisure Time—0.0% |
||||||||||||
| Sabre GLBL, Inc. 2022 1st Lien Term Loan B |
06/30/28 | 15,806 | 15,766 | |||||||||
| Sabre GLBL, Inc. 2024 Term Loan B1 |
11/15/29 | 15,085 | 15,104 | |||||||||
|
|
|
|||||||||||
| 30,870 | ||||||||||||
|
|
|
|||||||||||
| Lodging—0.1% |
||||||||||||
| Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 |
11/08/30 | 343,841 | 345,010 | |||||||||
| Station Casinos LLC 2024 Term Loan B |
03/14/31 | 22,849 | 22,900 | |||||||||
|
|
|
|||||||||||
| 367,910 | ||||||||||||
|
|
|
|||||||||||
| Machinery-construction & Mining—0.1% |
||||||||||||
| WEC U.S. Holdings Ltd. 2024 Term Loan |
01/27/31 | 249,370 | 249,828 | |||||||||
|
|
|
|||||||||||
| 249,828 | ||||||||||||
|
|
|
|||||||||||
| Machinery-diversified—0.0% |
||||||||||||
| Oregon Tool, Inc. 2025 1st Lien Term Loan |
10/15/29 | 11,385 | 11,631 | |||||||||
| Oregon Tool, Inc. 2025 2nd Lien Term Loan |
10/15/29 | 38,469 | 31,749 | |||||||||
|
|
|
|||||||||||
| 43,380 | ||||||||||||
|
|
|
|||||||||||
| Media—0.1% |
||||||||||||
| Charter Communications Operating LLC 2024 Term Loan B5 |
12/15/31 | 141,675 | 141,834 | |||||||||
| NEP Group, Inc. 2023 Term Loan B |
08/19/26 | 30,859 | 29,378 | |||||||||
| Virgin Media Bristol LLC USD Term Loan N |
01/31/28 | 23,431 | 23,187 | |||||||||
|
|
|
|||||||||||
| 194,399 | ||||||||||||
|
|
|
|||||||||||
| Miscellaneous Manufacturers—0.1% |
||||||||||||
| Cleanova U.S. Holdings LLC 2025 Term Loan B |
06/14/32 | 176,017 | 175,137 | |||||||||
|
|
|
|||||||||||
| 175,137 | ||||||||||||
|
|
|
|||||||||||
| Office/business Equipment—0.0% |
||||||||||||
| Xerox Holdings Corp. 2023 Term Loan B |
11/17/29 | 60,321 | 56,752 | |||||||||
|
|
|
|||||||||||
| 56,752 | ||||||||||||
|
|
|
|||||||||||
| Packaging & Containers—0.0% |
||||||||||||
| Balcan Innovations, Inc. Term Loan B |
10/18/31 | 44,601 | 41,033 | |||||||||
|
|
|
|||||||||||
| 41,033 | ||||||||||||
|
|
|
|||||||||||
| Pharmaceuticals—0.0% |
||||||||||||
| Grifols Worldwide Operations USA, Inc. 2019 USD Term Loan B |
11/15/27 | 2 | 2 | |||||||||
| Jazz Financing Lux SARL 2024 1st Lien Term Loan B |
05/05/28 | 45,518 | 45,749 | |||||||||
|
|
|
|||||||||||
| 45,751 | ||||||||||||
|
|
|
|||||||||||
| Reit—0.6% |
||||||||||||
| Healthpeak Properties, Inc. 2024 Term Loan A3 |
03/01/29 | 565,051 | 550,925 | |||||||||
| Healthpeak Properties, Inc. Term Loan A1 |
08/20/27 | 279,976 | 277,876 | |||||||||
| Healthpeak Properties, Inc. Term Loan A2 |
02/22/27 | 279,976 | 277,876 | |||||||||
| Invitation Homes Operating Partnership LP 2024 Term Loan |
09/09/28 | 796,510 | 784,562 | |||||||||
| Iron Mountain, Inc. 2022 Term Loan A |
03/18/30 | 350,000 | 348,250 | |||||||||
|
|
|
|||||||||||
| 2,239,489 | ||||||||||||
|
|
|
|||||||||||
| Retail—0.1% |
||||||||||||
| 1011778 BC Unlimited Liability Co. 2024 Term Loan B6 |
09/20/30 | 20,053 | 20,033 | |||||||||
| Dave & Buster’s, Inc. 2024 1st Lien Term Loan B |
11/01/31 | 51,586 | 49,769 | |||||||||
| KFC Holding Co. 2021 Term Loan B |
03/15/28 | 79,872 | 80,331 | |||||||||
| Peer Holding III BV 2025 Term Loan B5B |
07/01/31 | 95,758 | 96,132 | |||||||||
|
|
|
|||||||||||
| 246,265 | ||||||||||||
|
|
|
|||||||||||
| TCW Core Plus Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Software—0.2% |
||||||||||||
| Cast & Crew Payroll LLC 2021 Incremental Term Loan |
12/29/28 | $ | 21,312 | $ | 20,325 | |||||||
| Castle U.S. Holding Corp. USD Term Loan B |
01/29/27 | 29,868 | 16,704 | |||||||||
| Cloud Software Group, Inc. 2024 1st Lien Term Loan B |
03/29/29 | 42,058 | 42,178 | |||||||||
| DTI Holdco, Inc. 2025 Term Loan B |
04/26/29 | 27,728 | 27,411 | |||||||||
| EagleView Technology Corp. 2025 Term Loan |
08/14/28 | 226,550 | 222,762 | |||||||||
| ECI Macola Max Holding LLC 2024 Term Loan |
05/09/30 | 28,444 | 28,559 | |||||||||
| Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B |
01/30/32 | 29,837 | 29,845 | |||||||||
| Modena Buyer LLC Term Loan |
07/01/31 | 15,778 | 15,504 | |||||||||
| Renaissance Holdings Corp. 2024 1st Lien Term Loan |
04/05/30 | 74,319 | 68,759 | |||||||||
|
|
|
|||||||||||
| 472,047 | ||||||||||||
|
|
|
|||||||||||
| Telecommunications—0.0% |
||||||||||||
| Frontier Communications Corp. 2025 Term Loan B |
07/01/31 | 24,779 | 24,837 | |||||||||
| Zayo Group Holdings, Inc. 2022 USD Incremental Term Loan B |
03/09/27 | 61,874 | 60,328 | |||||||||
|
|
|
|||||||||||
| 85,165 | ||||||||||||
|
|
|
|||||||||||
| Total Bank Loans (Cost: $8,993,730) |
8,842,875 | |||||||||||
|
|
|
|||||||||||
| Total Fixed Income Securities (Cost: $388,618,290) |
|
387,893,876 | ||||||||||
|
|
|
|||||||||||
| CONVERTIBLE SECURITIES—0.2% |
| |||||||||||
| CONVERTIBLE CORPORATE BONDS—0.2% |
| |||||||||||
| Beverages—0.1% |
||||||||||||
| Davide Campari-Milano NV (Italy) |
01/17/29 | EUR | 200,000 | 223,970 | ||||||||
|
|
|
|||||||||||
| Commercial Services—0.1% |
| |||||||||||
| Worldline SA (France) |
07/30/26 | EUR | 610,000 | 678,443 | ||||||||
|
|
|
|||||||||||
| Total Convertible Corporate Bonds (Cost: $836,502) |
|
902,413 | ||||||||||
|
|
|
|||||||||||
| Total Convertible Securities (Cost: $836,502) |
|
902,413 | ||||||||||
|
|
|
|||||||||||
| COMMON STOCK—0.1% |
| |||||||||||
| Security |
Shares | |||||||||||
| Media—0.1% |
||||||||||||
| SES SA(13) |
20,560 | 239,658 | ||||||||||
|
|
|
|||||||||||
| Telecommunications—0.0% |
||||||||||||
| Intelsat SA(3),(13) |
20,560 | 11,513 | ||||||||||
|
|
|
|||||||||||
| Total Common Stock (Cost: $—) |
|
251,171 | ||||||||||
|
|
|
|||||||||||
| INVESTMENT COMPANIES—0.9% |
||||||||||||
| TCW Private Asset Income Fund—I Class(13),(14) |
329,139 | 3,294,682 | ||||||||||
|
|
|
|||||||||||
| Total Investment Companies (Cost: $3,290,749) |
3,294,682 | |||||||||||
|
|
|
|||||||||||
| MONEY MARKET INVESTMENTS—9.2% |
||||||||||||
| TCW Central Cash Fund, 4.34%(14),(15) |
32,983,145 | 32,983,145 | ||||||||||
|
|
|
|||||||||||
| Total Money Market Investments (Cost: $32,983,145) |
|
32,983,145 | ||||||||||
|
|
|
|||||||||||
| PURCHASED OPTIONS(16) (0.0%) (Cost: $162,434) |
|
136,470 | ||||||||||
|
|
|
|||||||||||
| Total Investments (118.3%) (Cost: $425,891,120) |
|
425,461,757 | ||||||||||
| Net Unrealized Appreciation/depreciation On Unfunded Commitments (0.0%) |
|
104 | ||||||||||
| Liabilities In Excess Of Other Assets (-18.3%) |
|
(65,827,006 | ) | |||||||||
|
|
|
|||||||||||
| Net Assets (100.0%) |
|
$ | 359,634,855 | |||||||||
|
|
|
|||||||||||
| TCW Core Plus Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| FUTURES CONTRACTS |
| |||||||||||||||||
| Number
of |
Type |
Expiration Date |
Notional Contract Value |
Value | Net Unrealized Appreciation (Depreciation) |
|||||||||||||
| Long Futures |
||||||||||||||||||
| 286 |
5-Year U.S. Treasury Note Futures |
09/30/25 | $ | 30,954,086 | $ | 30,937,156 | $ | (16,930 | ) | |||||||||
| 88 |
U.S. Long Bond Futures |
09/19/25 | 9,985,250 | 10,048,500 | 63,250 | |||||||||||||
| 375 |
2-Year U.S. Treasury Note Futures |
09/30/25 | 77,713,127 | 77,619,141 | (93,986 | ) | ||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| $ | 118,652,463 | $ | 118,604,797 | $ | (47,666 | ) | ||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Short Futures |
| |||||||||||||||||
| 3 |
3 Year Australian Bond Futures |
09/15/25 | $ | (206,551 | ) | $ | (206,892 | ) | $ | (341 | ) | |||||||
| 7 |
Euro-Bobl Future |
09/8/25 | (943,190 | ) | (936,799 | ) | 6,391 | |||||||||||
| 50 |
Euro-Bund Future |
09/8/25 | (7,469,309 | ) | (7,400,679 | ) | 68,630 | |||||||||||
| 1 |
Long Gilt Futures |
09/26/25 | (120,508 | ) | (121,711 | ) | (1,203 | ) | ||||||||||
| 2 |
U.S. Ultra Long Bond Futures |
09/19/25 | (238,372 | ) | (234,625 | ) | 3,747 | |||||||||||
|
|
|
|
|
|
|
|||||||||||||
| $ | (8,977,930 | ) | $ | (8,900,706 | ) | $ | 77,224 | |||||||||||
|
|
|
|
|
|
|
|||||||||||||
| FORWARD CURRENCY EXCHANGE CONTRACTS |
| |||||||||||||||||||||||
|
|
||||||||||||||||||||||||
| Counterparty |
Contracts to Deliver |
Units of Currency |
Settlement Date |
In Exchange for USD |
Contracts at Value |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||
| BUY(17) |
||||||||||||||||||||||||
| Goldman Sachs & Co. |
AUD | 4,697 | 10/10/25 | $ | 3,027 | $ | 3,028 | $ | 1 | |||||||||||||||
| Goldman Sachs & Co. |
EUR | 1,399,233 | 10/10/25 | 1,648,300 | 1,608,599 | (39,701 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 1,651,327 | $ | 1,611,627 | $ | (39,700 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| SELL(18) |
||||||||||||||||||||||||
| Goldman Sachs & Co. |
AUD | 375,506 | 10/10/25 | $ | 247,852 | $ | 242,071 | $ | 5,781 | |||||||||||||||
| JP Morgan Chase Bank |
AUD | 183,191 | 10/10/25 | 119,543 | 118,095 | 1,448 | ||||||||||||||||||
| Goldman Sachs & Co. |
EUR | 878,667 | 10/10/25 | 1,032,246 | 1,010,141 | 22,105 | ||||||||||||||||||
| JP Morgan Chase Bank |
EUR | 13,082,656 | 10/10/25 | 15,408,417 | 15,040,200 | 368,217 | ||||||||||||||||||
| Goldman Sachs & Co. |
GBP | 139,058 | 10/10/25 | 186,686 | 184,142 | 2,544 | ||||||||||||||||||
| Citibank N.A. |
GBP | 648,000 | 10/10/25 | 880,493 | 858,085 | 22,408 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 17,875,237 | $ | 17,452,734 | $ | 422,503 | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
PURCHASED SWAPTIONS—OTC
| Description |
Counterparty |
Exercise Price |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value | Premiums Paid (Received) by Fund |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||
| 2-Year Interest Rate Swap |
Morgan Stanley & Co. | 4.05 | 1/30/26 | 18,252,000 | $ | 18,252,000 | $ | 18,267 | $ | 20,990 | $ | (2,723 | ) | |||||||||||||||||
| 2-Year Interest Rate Swap |
Morgan Stanley & Co. | 4.03 | 2/27/26 | 18,252,000 | 18,252,000 | 23,178 | 23,728 | (550 | ) | |||||||||||||||||||||
| 2-Year Interest Rate Swap |
Morgan Stanley & Co. | 4.00 | 3/31/26 | 18,252,000 | 18,252,000 | 29,215 | 30,608 | (1,393 | ) | |||||||||||||||||||||
| 5-Year Interest Rate Swap |
Bank Of America | 4.22 | 1/30/26 | 7,627,000 | 7,627,000 | 17,518 | 23,644 | (6,126 | ) | |||||||||||||||||||||
| 5-Year Interest Rate Swap |
Goldman Sachs International | 4.22 | 2/27/26 | 7,627,000 | 7,627,000 | 21,722 | 29,371 | (7,649 | ) | |||||||||||||||||||||
| 5-Year Interest Rate Swap |
Goldman Sachs International | 4.22 | 3/31/26 | 7,627,000 | 7,627,000 | 26,570 | 34,093 | (7,523 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Total Swaptions |
$ | 136,470 | $ | 162,434 | $ | (25,964 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| TCW Core Plus Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| 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 October 31, 2024 |
Purchases at Cost |
Proceeds from Sales |
Number of Shares Held July 31, 2025 |
Value at July 31, 2025 |
Dividends and Interest Income Received |
Distributions Received from Net Realized Gain |
Net Realized Gain (Loss) on Investments |
Net change in Unrealized Gain (Loss) on Investments |
|||||||||||||||||||||||||||
| TCW Central Cash Fund |
$ | — | $ | 144,083,145 | $ | 111,100,000 | 32,983,145 | $ | 32,983,145 | $ | 465,014 | $ | — | $ | — | $ | — | |||||||||||||||||||
| TCW Private Asset Income Fund—I Class |
— | 3,290,749 | — | 329,139 | 3,294,682 | 46,181 | — | — | 3,933 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total |
$ | 36,277,827 | $ | 511,195 | $ | — | $ | — | $ | 3,933 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| TCW Core Plus Bond ETF | ||
| Investments by Sector (Unaudited) | July 31, 2025 | |
| Sector |
Percentage of 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 | |||
|
|
|
|||
| 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 Active Markets for Identical Assets (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | ||||||||||||
| Fixed Income Securities |
||||||||||||||||
| Residential Mortgage-Backed Securities—Agency |
$ | — | $ | 130,126,625 | $ | — | $ | 130,126,625 | ||||||||
| Corporate Bonds |
— | 98,575,303 | — | 98,575,303 | ||||||||||||
| U.S. Treasury Securities |
— | 75,036,165 | — | 75,036,165 | ||||||||||||
| Asset-Backed Securities |
— | 36,597,433 | 1,583,708 | 38,181,141 | ||||||||||||
| Residential Mortgage-Backed Securities—Non-Agency |
— | 20,339,766 | — | 20,339,766 | ||||||||||||
| Commercial Mortgage-Backed Securities—Non-Agency |
— | 11,731,896 | — | 11,731,896 | ||||||||||||
| Bank Loans |
— | 8,842,875 | — | 8,842,875 | ||||||||||||
| Municipal Bonds |
— | 2,138,124 | — | 2,138,124 | ||||||||||||
| Foreign Government Bonds |
— | 1,586,352 | — | 1,586,352 | ||||||||||||
| Commercial Mortgage-Backed Securities—Agency |
— | 1,335,629 | — | 1,335,629 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Fixed Income Securities |
— | 386,310,168 | 1,583,708 | 387,893,876 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Money Market Investments |
32,983,145 | — | — | 32,983,145 | ||||||||||||
| Investment Companies |
3,294,682 | — | — | 3,294,682 | ||||||||||||
| Convertible Corporate Bonds |
— | 902,413 | — | 902,413 | ||||||||||||
| Common Stock |
— | 239,658 | 11,513 | 251,171 | ||||||||||||
| Purchased Swaptions—OTC |
— | 136,470 | — | 136,470 | ||||||||||||
| Net Unrealized Appreciation (Depreciation) on Unfunded Commitments |
— | 104 | — | 104 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments |
$ | 36,277,827 | $ | 387,588,813 | $ | 1,595,221 | $ | 425,461,861 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Asset Derivatives |
||||||||||||||||
| Forward Currency Contracts |
||||||||||||||||
| Foreign Currency Risk |
— | 422,504 | — | 422,504 | ||||||||||||
| Futures Contracts |
||||||||||||||||
| Interest Rate Risk |
142,018 | — | — | 142,018 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | 36,419,845 | $ | 388,011,317 | $ | 1,595,221 | $ | 426,026,383 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liability Derivatives |
||||||||||||||||
| Futures Contracts |
||||||||||||||||
| Interest Rate Risk |
$ | (112,460 | ) | $ | — | $ | — | $ | (112,460 | ) | ||||||
| Forward Currency Contracts |
||||||||||||||||
| Foreign Currency Risk |
— | (39,701 | ) | — | (39,701 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | (112,460 | ) | $ | (39,701 | ) | $ | — | $ | (152,161 | ) | |||||
|
|
|
|
|
|
|
|
|
|||||||||
| TCW Corporate Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| FIXED INCOME SECURITIES—97.7% of Net Assets |
||||||||||||
| ASSET-BACKED SECURITIES—0.1% |
||||||||||||
| Skyline Aviation, Inc. Class A |
07/03/38 | $ | 33,446 | $ | 30,986 | |||||||
|
|
|
|||||||||||
| Total Asset-backed Securities (Cost: $33,445) |
|
30,986 | ||||||||||
|
|
|
|||||||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY—0.0% |
||||||||||||
| Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) (I/F) |
11/25/41 | 17,025 | 1,265 | |||||||||
| Federal National Mortgage Association REMICS Series 2012-128, Class UA |
06/25/42 | 6,926 | 5,989 | |||||||||
|
|
|
|||||||||||
| Total Residential Mortgage-backed Securities—Agency (Cost: $15,494) |
|
7,254 | ||||||||||
|
|
|
|||||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY—0.0% |
||||||||||||
| COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O) |
09/10/47 | 40,191 | — | |||||||||
| GS Mortgage Securities Trust Series 2010-C1, Class X (I/O) |
08/10/43 | 539,593 | 66 | |||||||||
|
|
|
|||||||||||
| 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) |
09/16/51 | 478,184 | 16,524 | |||||||||
| Government National Mortgage Association Series 2012- 144, Class IO (I/O) |
01/16/53 | 122,438 | 1,389 | |||||||||
|
|
|
|||||||||||
| Total Commercial Mortgage-backed Securities—Agency (Cost: $18,975) |
|
17,913 | ||||||||||
|
|
|
|||||||||||
| CORPORATE BONDS—86.0% |
||||||||||||
| Aerospace & Defense—1.6% |
|
|||||||||||
| BAE Systems Holdings, Inc. (United
Kingdom) |
12/15/25 | 20,000 | 19,950 | |||||||||
| Boeing Co. |
||||||||||||
| 5.81% |
05/01/50 | 5,000 | 4,821 | |||||||||
| 5.93% |
05/01/60 | 12,000 | 11,506 | |||||||||
| 6.53% |
05/01/34 | 58,000 | 63,146 | |||||||||
| Lockheed Martin Corp. |
||||||||||||
| 4.80% |
08/15/34 | 185,000 | 183,711 | |||||||||
| 5.20% |
02/15/55 | 5,000 | 4,665 | |||||||||
| Northrop Grumman Corp. |
||||||||||||
| 5.15% |
05/01/40 | 5,000 | 4,867 | |||||||||
| 5.20% |
06/01/54 | 30,000 | 27,823 | |||||||||
| RTX Corp. |
03/15/54 | 80,000 | 87,378 | |||||||||
|
|
|
|||||||||||
| 407,867 | ||||||||||||
|
|
|
|||||||||||
| Agriculture—1.5% |
||||||||||||
| Altria Group, Inc. |
||||||||||||
| 3.70% |
02/04/51 | 5,000 | 3,449 | |||||||||
| 4.88% |
02/04/28 | 45,000 | 45,435 | |||||||||
| BAT Capital Corp. (United Kingdom) |
||||||||||||
| 4.39% |
08/15/37 | 210,000 | 187,713 | |||||||||
| Imperial Brands Finance PLC (United Kingdom) |
||||||||||||
| 4.50%(4) |
06/30/28 | 30,000 | 29,948 | |||||||||
| Philip Morris International, Inc. |
||||||||||||
| 2.75% |
06/06/29 | EUR | 100,000 | 113,241 | ||||||||
|
|
|
|||||||||||
| 379,786 | ||||||||||||
|
|
|
|||||||||||
| Airlines—0.6% |
||||||||||||
| Delta Air Lines Pass-Through Trust Series 2020-1, Class AA |
12/10/29 | 17,526 | 16,609 | |||||||||
| JetBlue Pass-Through Trust Series 2019-1, Class AA |
11/15/33 | 11,159 | 9,746 | |||||||||
| JetBlue Pass-Through Trust Series 2020-1, Class A |
05/15/34 | 21,166 | 19,760 | |||||||||
| United Airlines Pass-Through Trust Series 2016-2, Class AA |
04/07/30 | 6,236 | 5,890 | |||||||||
| United Airlines Pass-Through Trust Series 2023-1, Class A |
07/15/37 | 111,957 | 113,902 | |||||||||
|
|
|
|||||||||||
| 165,907 | ||||||||||||
|
|
|
|||||||||||
| Auto Manufacturers—0.2% |
||||||||||||
| Volkswagen Group of America Finance LLC (Germany) |
||||||||||||
| 5.65%(4) |
03/25/32 | 17,000 | 17,213 | |||||||||
| 5.80%(4) |
03/27/35 | 40,000 | 40,158 | |||||||||
|
|
|
|||||||||||
| 57,371 | ||||||||||||
|
|
|
|||||||||||
| Banks—16.3% |
||||||||||||
| Bank of America Corp. |
||||||||||||
| 1.66% (1 day USD SOFR + 0.910%)(2) |
03/11/27 | 8,000 | 7,857 | |||||||||
| 1.92% (1 day USD SOFR + 1.370%)(2) |
10/24/31 | 30,000 | 26,195 | |||||||||
| 2.09% (1 day USD SOFR + 1.060%)(2) |
06/14/29 | 125,000 | 117,035 | |||||||||
| 2.69% (1 day USD SOFR + 1.320%)(2) |
04/22/32 | 630,000 | 565,217 | |||||||||
| Bank of New York Mellon Corp. |
10/25/33 | 235,000 | 249,079 | |||||||||
| Citigroup, Inc. |
||||||||||||
| 1.46% (1 day USD SOFR + 0.770%)(2) |
06/09/27 | 15,000 | 14,594 | |||||||||
| 2.52% (SOFR + 1.177%)(2) |
11/03/32 | 270,000 | 235,740 | |||||||||
| 2.57% (1 day USD SOFR + 2.107%)(2) |
06/03/31 | 50,000 | 45,357 | |||||||||
| 2.98% (1 day USD SOFR + 1.422%)(2) |
11/05/30 | 1,000 | 934 | |||||||||
| 5.33% (1 day USD SOFR + 1.465%)(2) |
03/27/36 | 135,000 | 135,692 | |||||||||
| Goldman Sachs Group, Inc. |
||||||||||||
| 1.99% (1 day USD SOFR + 1.090%)(2) |
01/27/32 | 485,000 | 420,650 | |||||||||
| 2.60% |
02/07/30 | 80,000 | 73,938 | |||||||||
| HSBC Holdings PLC (United Kingdom) |
||||||||||||
| 2.80% (1 day USD SOFR + 1.187%)(2) |
05/24/32 | 70,000 | 62,345 | |||||||||
| JPMorgan Chase & Co. |
||||||||||||
| 1.04% (3 mo. USD Term SOFR + 0.695%)(2) |
02/04/27 | 5,000 | 4,913 | |||||||||
| 1.05% (1 day USD SOFR + 0.800%)(2) |
11/19/26 | 40,000 | 39,564 | |||||||||
| 1.58% (1 day USD SOFR + 0.885%)(2) |
04/22/27 | 5,000 | 4,893 | |||||||||
| 1.95% (1 day USD SOFR + 1.065%)(2) |
02/04/32 | 20,000 | 17,359 | |||||||||
| TCW Corporate Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Banks (Continued) |
||||||||||||
| 2.07% (1 day USD SOFR + 1.015%)(2) |
06/01/29 | $ | 115,000 | $ | 107,803 | |||||||
| 2.55% (1 day USD SOFR + 1.180%)(2) |
11/08/32 | 550,000 | 483,576 | |||||||||
| 3.90% (3 mo. USD Term SOFR + 1.482%)(2) |
01/23/49 | 48,000 | 37,675 | |||||||||
| Lloyds Banking Group PLC (United Kingdom) |
05/11/27 | 10,000 | 9,770 | |||||||||
| Morgan Stanley |
||||||||||||
| 1.59% (1 day USD SOFR + 0.879%)(2) |
05/04/27 | 25,000 | 24,438 | |||||||||
| 1.93% (1 day USD SOFR + 1.020%)(2) |
04/28/32 | 240,000 | 205,764 | |||||||||
| 2.24% (1 day USD SOFR + 1.178%)(2) |
07/21/32 | 335,000 | 290,492 | |||||||||
| 5.59% (1 day USD SOFR + 1.418%)(2) |
01/18/36 | 45,000 | 46,227 | |||||||||
| Morgan Stanley Private Bank NA |
07/06/28 | 20,000 | 19,992 | |||||||||
| PNC Financial Services Group, Inc. |
||||||||||||
| 5.22% (1 day USD SOFR + 1.072%)(2) |
01/29/31 | 75,000 | 76,929 | |||||||||
| 6.88% (1 day USD SOFR + 2.284%)(2) |
10/20/34 | 150,000 | 167,622 | |||||||||
| U.S. Bancorp |
||||||||||||
| 4.84% (1 day USD SOFR + 1.600%)(2) |
02/01/34 | 140,000 | 138,264 | |||||||||
| 5.42% (1 day USD SOFR + 1.411%)(2) |
02/12/36 | 10,000 | 10,176 | |||||||||
| Wells Fargo & Co. |
||||||||||||
| 2.39% (1 day USD SOFR + 2.100%)(2) |
06/02/28 | 30,000 | 28,884 | |||||||||
| 3.35% (1 day USD SOFR + 1.500%)(2) |
03/02/33 | 490,000 | 448,757 | |||||||||
| 5.24% (1 day USD SOFR + 1.110%)(2) |
01/24/31 | 20,000 | 20,484 | |||||||||
| 5.50% (1 day USD SOFR + 1.780%)(2) |
01/23/35 | 10,000 | 10,252 | |||||||||
|
|
|
|||||||||||
| 4,148,467 | ||||||||||||
|
|
|
|||||||||||
| Beverages—3.0% |
||||||||||||
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
02/01/46 | 205,000 | 187,548 | |||||||||
| Bacardi Ltd. |
||||||||||||
| 4.70%(4) |
05/15/28 | 50,000 | 50,213 | |||||||||
| 5.30%(4) |
05/15/48 | 25,000 | 22,117 | |||||||||
| Becle SAB de CV (Mexico) |
10/14/31 | 70,000 | 58,224 | |||||||||
| Coca-Cola Co. |
08/14/34 | 170,000 | 170,275 | |||||||||
| Constellation Brands, Inc. |
08/01/31 | 45,000 | 39,029 | |||||||||
| Diageo Investment Corp. (United Kingdom) |
04/15/35 | 200,000 | 208,696 | |||||||||
| JDE Peet’s NV
(Netherlands) |
09/24/31 | 25,000 | 21,356 | |||||||||
|
|
|
|||||||||||
| 757,458 | ||||||||||||
|
|
|
|||||||||||
| Biotechnology—1.9% |
||||||||||||
| Amgen, Inc. |
||||||||||||
| 4.40% |
05/01/45 | 5,000 | 4,230 | |||||||||
| 4.88% |
03/01/53 | 10,000 | 8,673 | |||||||||
| 5.65% |
03/02/53 | 145,000 | 140,392 | |||||||||
| 5.75% |
03/02/63 | 10,000 | 9,623 | |||||||||
| Biogen, Inc. |
||||||||||||
| 5.75% |
05/15/35 | 65,000 | 66,815 | |||||||||
| Gilead Sciences, Inc. |
||||||||||||
| 2.60% |
10/01/40 | 80,000 | 57,051 | |||||||||
| 5.10% |
06/15/35 | 90,000 | 90,662 | |||||||||
| Illumina, Inc. |
||||||||||||
| 2.55% |
03/23/31 | 20,000 | 17,581 | |||||||||
| Royalty Pharma PLC |
09/02/27 | 95,000 | 89,922 | |||||||||
|
|
|
|||||||||||
| 484,949 | ||||||||||||
|
|
|
|||||||||||
| Chemicals—0.2% |
||||||||||||
| International Flavors & Fragrances, Inc. |
||||||||||||
| 1.23%(4) |
10/01/25 | 15,000 | 14,898 | |||||||||
| 5.00% |
09/26/48 | 40,000 | 34,200 | |||||||||
| Solvay Finance America LLC
(Belgium) |
06/04/34 | 10,000 | 10,252 | |||||||||
|
|
|
|||||||||||
| 59,350 | ||||||||||||
|
|
|
|||||||||||
| Commercial Services—0.5% |
||||||||||||
| Global Payments, Inc. |
06/01/28 | 30,000 | 29,879 | |||||||||
| RELX Capital, Inc. (United Kingdom) |
03/18/29 | 10,000 | 9,897 | |||||||||
| Rollins, Inc. |
02/24/35 | 90,000 | 90,016 | |||||||||
|
|
|
|||||||||||
| 129,792 | ||||||||||||
|
|
|
|||||||||||
| Computers—1.8% |
||||||||||||
| Apple, Inc. |
02/08/51 | 230,000 | 142,025 | |||||||||
| Booz Allen Hamilton, Inc. |
04/15/35 | 55,000 | 56,298 | |||||||||
| Dell International LLC/EMC Corp. |
04/01/30 | 105,000 | 106,539 | |||||||||
| International Business Machines Corp. |
02/10/35 | 155,000 | 156,663 | |||||||||
|
|
|
|||||||||||
| 461,525 | ||||||||||||
|
|
|
|||||||||||
| Cosmetics/Personal Care—0.3% |
||||||||||||
| Kenvue, Inc. |
03/22/33 | 70,000 | 70,834 | |||||||||
|
|
|
|||||||||||
| Diversified Financial Services—2.9% |
||||||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |
||||||||||||
| 3.00% |
10/29/28 | 15,000 | 14,280 | |||||||||
| 3.30% |
01/30/32 | 128,000 | 115,960 | |||||||||
| 3.88% |
01/23/28 | 4,000 | 3,936 | |||||||||
| Air Lease Corp. |
12/01/27 | 34,000 | 33,341 | |||||||||
| American Express Co. |
||||||||||||
| 4.92% (1 day USD SOFR + 1.220%)(2) |
07/20/33 | 40,000 | 40,142 | |||||||||
| 6.49% (1 day USD SOFR + 1.940%)(2) |
10/30/31 | 90,000 | 97,718 | |||||||||
| Avolon Holdings Funding Ltd. (Ireland) |
||||||||||||
| 2.53%(4) |
11/18/27 | 3,000 | 2,857 | |||||||||
| 2.75%(4) |
02/21/28 | 10,000 | 9,490 | |||||||||
| Blackrock, Inc. |
07/18/35 | EUR | 100,000 | 116,976 | ||||||||
| Capital One Financial Corp. |
||||||||||||
| 3.27% (1 day USD SOFR + 1.790%)(2) |
03/01/30 | 10,000 | 9,559 | |||||||||
| 6.70% |
11/29/32 | 10,000 | 10,932 | |||||||||
| TCW Corporate Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Diversified Financial Services (Continued) |
||||||||||||
| LSEGA Financing PLC (United
Kingdom) |
04/06/28 | $ | 20,000 | $ | 18,771 | |||||||
| Mastercard, Inc. |
01/15/35 | 140,000 | 136,822 | |||||||||
| Raymond James Financial, Inc. |
04/01/51 | 10,000 | 7,310 | |||||||||
| Visa, Inc. |
05/15/33 | EUR | 100,000 | 114,563 | ||||||||
|
|
|
|||||||||||
| 732,657 | ||||||||||||
|
|
|
|||||||||||
| Electric—7.4% |
||||||||||||
| AEP Transmission Co. LLC |
||||||||||||
| 2.75% |
08/15/51 | 190,000 | 116,115 | |||||||||
| 3.65% |
04/01/50 | 5,000 | 3,670 | |||||||||
| Alabama Power Co. |
||||||||||||
| 5.10% |
04/02/35 | 190,000 | 191,187 | |||||||||
| 5.50% |
03/15/41 | 9,000 | 9,012 | |||||||||
| Alliant Energy Finance
LLC |
03/15/26 | 60,000 | 58,739 | |||||||||
| Appalachian Power Co. |
06/01/45 | 10,000 | 8,150 | |||||||||
| Arizona Public Service Co. |
||||||||||||
| 3.35% |
05/15/50 | 15,000 | 10,161 | |||||||||
| 6.35% |
12/15/32 | 110,000 | 118,463 | |||||||||
| Baltimore Gas & Electric Co. |
06/15/50 | 48,000 | 29,962 | |||||||||
| Black Hills Corp. |
05/01/33 | 15,000 | 14,170 | |||||||||
| CenterPoint Energy Houston Electric LLC |
03/01/34 | 130,000 | 131,121 | |||||||||
| Commonwealth Edison Co. |
01/15/38 | 5,000 | 5,498 | |||||||||
| Consolidated Edison Co. of New York, Inc. |
06/15/47 | 35,000 | 26,739 | |||||||||
| Duke Energy Carolinas LLC |
||||||||||||
| 3.75% |
06/01/45 | 70,000 | 54,223 | |||||||||
| 3.88% |
03/15/46 | 10,000 | 7,781 | |||||||||
| Duke Energy Progress LLC |
03/15/35 | 230,000 | 230,317 | |||||||||
| Evergy Kansas Central, Inc. |
03/15/53 | 10,000 | 9,873 | |||||||||
| FirstEnergy Transmission
LLC |
07/15/44 | 95,000 | 90,490 | |||||||||
| Florida Power & Light Co. |
||||||||||||
| 5.30% |
06/15/34 | 320,000 | 328,707 | |||||||||
| 5.60% |
06/15/54 | 15,000 | 14,957 | |||||||||
| Indianapolis Power & Light
Co. |
04/01/54 | 5,000 | 4,908 | |||||||||
| International Transmission Co. |
08/15/43 | 105,000 | 89,945 | |||||||||
| Interstate Power & Light Co. |
06/01/30 | 30,000 | 27,043 | |||||||||
| MidAmerican Energy Co. |
09/15/54 | 5,000 | 5,123 | |||||||||
| Narragansett Electric
Co. |
04/09/30 | 10,000 | 9,513 | |||||||||
| Oncor Electric Delivery Co. LLC |
||||||||||||
| 4.60% |
06/01/52 | 50,000 | 41,967 | |||||||||
| 5.35%(4) |
04/01/35 | 85,000 | 86,717 | |||||||||
| PacifiCorp |
01/15/49 | 40,000 | 30,410 | |||||||||
| Public Service Co. of New Mexico |
08/01/25 | 20,000 | 20,000 | |||||||||
| Tucson Electric Power Co. |
05/01/51 | 10,000 | 6,487 | |||||||||
| Virginia Electric & Power Co. |
||||||||||||
| 2.45% |
12/15/50 | 102,000 | 57,418 | |||||||||
| 3.80% |
09/15/47 | 10,000 | 7,505 | |||||||||
| Xcel Energy, Inc. |
09/15/41 | 35,000 | 30,586 | |||||||||
|
|
|
|||||||||||
| 1,876,957 | ||||||||||||
|
|
|
|||||||||||
| Engineering & Construction—0.0% |
||||||||||||
| Sydney Airport Finance Co. Pty. Ltd. (Australia) |
04/28/26 | 5,000 | 4,959 | |||||||||
|
|
|
|||||||||||
| Entertainment—0.4% |
||||||||||||
| Flutter Treasury DAC
(Ireland) |
06/04/31 | 65,000 | 65,525 | |||||||||
| WarnerMedia Holdings, Inc. |
||||||||||||
| 4.28% |
03/15/32 | 23,000 | 19,375 | |||||||||
| 5.05% |
03/15/42 | 12,000 | 8,027 | |||||||||
|
|
|
|||||||||||
| 92,927 | ||||||||||||
|
|
|
|||||||||||
| Environmental Control—1.5% |
||||||||||||
| Republic Services, Inc. |
03/15/35 | 180,000 | 182,684 | |||||||||
| Waste Management, Inc. |
03/15/35 | 195,000 | 194,723 | |||||||||
|
|
|
|||||||||||
| 377,407 | ||||||||||||
|
|
|
|||||||||||
| Food—1.6% |
||||||||||||
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |
||||||||||||
| 4.38% |
02/02/52 | 52,000 | 39,560 | |||||||||
| 5.75% |
04/01/33 | 50,000 | 51,290 | |||||||||
| Kraft Heinz Foods Co. |
10/01/39 | 10,000 | 8,775 | |||||||||
| Mars, Inc. |
03/01/30 | 200,000 | 202,036 | |||||||||
| Pilgrim’s Pride Corp. |
03/01/32 | 80,000 | 71,872 | |||||||||
| Smithfield Foods, Inc. |
09/13/31 | 25,000 | 21,575 | |||||||||
|
|
|
|||||||||||
| 395,108 | ||||||||||||
|
|
|
|||||||||||
| Gas—1.2% |
||||||||||||
| Boston Gas Co. |
03/16/32 | 80,000 | 74,058 | |||||||||
| KeySpan Gas East Corp. |
04/01/41 | 15,000 | 14,525 | |||||||||
| NiSource, Inc. |
06/30/33 | 140,000 | 143,034 | |||||||||
| Northwest Natural Holding Co. |
09/15/55 | 50,000 | 50,873 | |||||||||
| Southern Co. Gas Capital Corp. |
||||||||||||
| 4.40% |
06/01/43 | 10,000 | 8,394 | |||||||||
| 5.88% |
03/15/41 | 15,000 | 15,284 | |||||||||
|
|
|
|||||||||||
| 306,168 | ||||||||||||
|
|
|
|||||||||||
| Health Care-Products—3.7% |
||||||||||||
| Alcon Finance Corp. |
05/27/30 | 115,000 | 105,527 | |||||||||
| Baxter International, Inc. |
04/01/30 | 110,000 | 107,001 | |||||||||
| GE HealthCare Technologies, Inc. |
03/15/30 | 175,000 | 184,235 | |||||||||
| Medtronic Global Holdings SCA |
03/30/33 | 150,000 | 148,026 | |||||||||
| Revvity, Inc. |
03/15/31 | 25,000 | 21,952 | |||||||||
| Smith & Nephew PLC (United Kingdom) |
10/14/30 | 30,000 | 26,283 | |||||||||
| TCW Corporate Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Health Care-Products (Continued) |
||||||||||||
| STERIS Irish FinCo UnLtd Co. |
03/15/31 | $ | 15,000 | $ | 13,433 | |||||||
| Stryker Corp. |
02/10/28 | 150,000 | 151,426 | |||||||||
| Thermo Fisher Scientific, Inc. |
08/10/33 | 170,000 | 173,798 | |||||||||
|
|
|
|||||||||||
| 931,681 | ||||||||||||
|
|
|
|||||||||||
| Health Care-Services—4.9% |
||||||||||||
| Barnabas Health, Inc. |
07/01/28 | 5,000 | 4,954 | |||||||||
| Centene Corp. |
10/15/30 | 123,000 | 107,117 | |||||||||
| Children’s Hospital Medical Center |
11/15/50 | 20,000 | 12,170 | |||||||||
| Cigna Group |
03/15/33 | 85,000 | 87,383 | |||||||||
| CommonSpirit Health |
10/01/30 | 15,000 | 13,703 | |||||||||
| Elevance Health, Inc. |
02/15/35 | 205,000 | 204,973 | |||||||||
| HCA, Inc. |
||||||||||||
| 3.50% |
07/15/51 | 100,000 | 65,830 | |||||||||
| 5.25% |
06/15/49 | 5,000 | 4,424 | |||||||||
| Health Care Service Corp. A Mutual Legal Reserve Co. |
06/15/34 | 20,000 | 20,197 | |||||||||
| Humana, Inc. |
04/15/31 | 160,000 | 163,237 | |||||||||
| IQVIA, Inc. |
02/01/29 | 10,000 | 10,461 | |||||||||
| Mass General Brigham, Inc. |
07/01/60 | 10,000 | 6,516 | |||||||||
| Roche Holdings, Inc. |
11/13/33 | 15,000 | 15,841 | |||||||||
| Sharp HealthCare |
08/01/50 | 50,000 | 30,336 | |||||||||
| UnitedHealth Group, Inc. |
||||||||||||
| 3.70% |
08/15/49 | 10,000 | 7,180 | |||||||||
| 4.25% |
04/15/47 | 15,000 | 11,995 | |||||||||
| 5.15% |
07/15/34 | 395,000 | 396,335 | |||||||||
| 5.63% |
07/15/54 | 10,000 | 9,531 | |||||||||
| Universal Health Services, Inc. |
09/01/26 | 40,000 | 38,666 | |||||||||
| West Virginia United Health System Obligated Group |
06/01/50 | 35,000 | 21,651 | |||||||||
|
|
|
|||||||||||
| 1,232,500 | ||||||||||||
|
|
|
|||||||||||
| Insurance—2.8% |
|
|||||||||||
| Allstate Corp. |
08/10/49 | 20,000 | 15,113 | |||||||||
| Aon Corp./Aon Global Holdings PLC |
02/28/52 | 115,000 | 84,601 | |||||||||
| Arthur J Gallagher & Co. |
||||||||||||
| 3.05% |
03/09/52 | 15,000 | 9,340 | |||||||||
| 6.50% |
02/15/34 | 10,000 | 10,919 | |||||||||
| Athene Global Funding |
||||||||||||
| 1.61%(4) |
06/29/26 | 15,000 | 14,614 | |||||||||
| 1.99%(4) |
08/19/28 | 10,000 | 9,279 | |||||||||
| Farmers Insurance Exchange |
11/01/57 | 35,000 | 28,656 | |||||||||
| Guardian Life Insurance Co. of
America |
01/22/70 | 45,000 | 30,015 | |||||||||
| Metropolitan Life Global Funding
I |
03/21/29 | 230,000 | 221,230 | |||||||||
| MMI Capital Trust I |
12/15/27 | 25,000 | 26,417 | |||||||||
| New York Life Global
Funding |
01/28/33 | 225,000 | 221,171 | |||||||||
| New York Life Insurance
Co. |
05/15/50 | 15,000 | 11,004 | |||||||||
| Willis North America, Inc. |
05/15/33 | 20,000 | 20,412 | |||||||||
|
|
|
|||||||||||
| 702,771 | ||||||||||||
|
|
|
|||||||||||
| Internet—1.8% |
|
|||||||||||
| Alphabet, Inc. |
05/06/33 | EUR | 100,000 | 114,093 | ||||||||
| Amazon.com, Inc. |
04/13/52 | 135,000 | 106,312 | |||||||||
| Meta Platforms, Inc. |
||||||||||||
| 5.40% |
08/15/54 | 20,000 | 19,349 | |||||||||
| 5.60% |
05/15/53 | 90,000 | 89,195 | |||||||||
| Uber Technologies, Inc. |
09/15/34 | 130,000 | 127,689 | |||||||||
|
|
|
|||||||||||
| 456,638 | ||||||||||||
|
|
|
|||||||||||
| Lodging—0.5% |
|
|||||||||||
| Choice Hotels International, Inc. |
08/01/34 | 10,000 | 10,085 | |||||||||
| Hyatt Hotels Corp. |
||||||||||||
| 5.05% |
03/30/28 | 50,000 | 50,527 | |||||||||
| 5.50% |
06/30/34 | 10,000 | 10,010 | |||||||||
| Las Vegas Sands Corp. |
06/14/30 | 50,000 | 51,494 | |||||||||
|
|
|
|||||||||||
| 122,116 | ||||||||||||
|
|
|
|||||||||||
| Media—1.8% |
||||||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital |
||||||||||||
| 3.90% |
06/01/52 | 185,000 | 123,012 | |||||||||
| 5.38% |
05/01/47 | 37,000 | 31,346 | |||||||||
| Comcast Corp. |
||||||||||||
| 4.00% |
11/01/49 | 90,000 | 67,951 | |||||||||
| 4.40% |
08/15/35 | 130,000 | 122,708 | |||||||||
| Cox Communications, Inc. |
06/15/31 | 85,000 | 74,469 | |||||||||
| Fox Corp. |
10/13/33 | 15,000 | 16,203 | |||||||||
| Time Warner Cable LLC |
09/01/41 | 18,000 | 16,225 | |||||||||
|
|
|
|||||||||||
| 451,914 | ||||||||||||
|
|
|
|||||||||||
| Office/Business Equipment—0.1% |
|
|||||||||||
| CDW LLC/CDW Finance Corp. |
12/01/28 | 25,000 | 23,884 | |||||||||
|
|
|
|||||||||||
| Oil & Gas—0.1% |
|
|||||||||||
| Aker BP ASA (Norway) |
07/15/31 | 30,000 | 26,787 | |||||||||
|
|
|
|||||||||||
| Packaging & Containers—0.9% |
||||||||||||
| Amcor Finance USA, Inc. |
05/26/33 | 80,000 | 83,017 | |||||||||
| Amcor Flexibles North America, Inc. |
||||||||||||
| 2.63% |
06/19/30 | 5,000 | 4,545 | |||||||||
| 5.50%(4) |
03/17/35 | 65,000 | 66,196 | |||||||||
| Berry Global, Inc. |
01/15/26 | 13,000 | 12,804 | |||||||||
| CCL Industries, Inc.
(Canada) |
06/01/30 | 25,000 | 23,130 | |||||||||
| TCW Corporate Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Packaging & Containers (Continued) |
||||||||||||
| Sealed Air Corp. |
10/15/26 | $ | 20,000 | $ | 19,208 | |||||||
| Sonoco Products Co. |
05/01/30 | 25,000 | 23,264 | |||||||||
|
|
|
|||||||||||
| 232,164 | ||||||||||||
|
|
|
|||||||||||
| Pharmaceuticals—5.5% |
||||||||||||
| AbbVie, Inc. |
||||||||||||
| 4.40% |
11/06/42 | 50,000 | 43,814 | |||||||||
| 5.20% |
03/15/35 | 150,000 | 152,601 | |||||||||
| Bayer U.S. Finance II LLC (Germany) |
||||||||||||
| 4.38%(4) |
12/15/28 | 10,000 | 9,885 | |||||||||
| 4.88%(4) |
06/25/48 | 77,000 | 63,441 | |||||||||
| Bristol-Myers Squibb Co. |
02/22/34 | 175,000 | 178,724 | |||||||||
| CVS Health Corp. |
||||||||||||
| 5.05% |
03/25/48 | 113,000 | 97,291 | |||||||||
| 5.30% |
06/01/33 | 178,000 | 179,130 | |||||||||
| Elanco Animal Health, Inc. |
08/28/28 | 5,000 | 5,181 | |||||||||
| Eli Lilly & Co. |
02/12/30 | 255,000 | 259,932 | |||||||||
| Johnson & Johnson |
||||||||||||
| 3.40% |
01/15/38 | 75,000 | 64,095 | |||||||||
| 5.00% |
03/01/35 | 130,000 | 132,673 | |||||||||
| Merck & Co., Inc. |
05/17/53 | 120,000 | 109,351 | |||||||||
| Pfizer Investment Enterprises Pte. Ltd. |
05/19/33 | 45,000 | 44,774 | |||||||||
| Teva Pharmaceutical Finance Netherlands IV BV (Israel) |
12/01/30 | 40,000 | 40,635 | |||||||||
| Zoetis, Inc. |
11/16/32 | 10,000 | 10,521 | |||||||||
|
|
|
|||||||||||
| 1,392,048 | ||||||||||||
|
|
|
|||||||||||
| Pipelines—2.4% |
||||||||||||
| Columbia Pipelines Operating Co. LLC 6.04% (4) |
11/15/33 | 135,000 | 141,993 | |||||||||
| Energy Transfer LP |
||||||||||||
| 5.00% |
05/15/50 | 195,000 | 163,039 | |||||||||
| 6.13% |
12/15/45 | 7,000 | 6,898 | |||||||||
| Kinder Morgan Energy Partners LP |
01/15/38 | 5,000 | 5,516 | |||||||||
| Kinder Morgan, Inc. |
08/01/31 | 5,000 | 5,742 | |||||||||
| NGPL PipeCo LLC |
||||||||||||
| 3.25%(4) |
07/15/31 | 20,000 | 17,776 | |||||||||
| 4.88%(4) |
08/15/27 | 10,000 | 9,954 | |||||||||
| Pipeline Funding Co. LLC |
01/15/30 | 23,430 | 24,107 | |||||||||
| Plains All American Pipeline LP/PAA Finance Corp. |
12/15/26 | 13,000 | 12,998 | |||||||||
| Sabine Pass Liquefaction LLC |
03/15/28 | 103,000 | 102,231 | |||||||||
| Southern Natural Gas Co.
LLC |
03/15/47 | 15,000 | 12,824 | |||||||||
| TransCanada PipeLines Ltd. (Canada) |
03/01/34 | 110,000 | 105,114 | |||||||||
| Williams Cos., Inc. |
10/15/51 | 15,000 | 10,223 | |||||||||
|
|
|
|||||||||||
| 618,415 | ||||||||||||
|
|
|
|||||||||||
| REIT—4.3% |
||||||||||||
| American Assets Trust LP |
02/01/31 | 30,000 | 26,850 | |||||||||
| American Homes 4 Rent LP |
07/15/31 | 55,000 | 47,786 | |||||||||
| American Tower Corp. |
||||||||||||
| 2.70% |
04/15/31 | 211,000 | 188,834 | |||||||||
| 5.55% |
07/15/33 | 70,000 | 72,191 | |||||||||
| Americold Realty Operating Partnership LP |
09/12/34 | 70,000 | 68,102 | |||||||||
| Boston Properties LP |
04/01/32 | 10,000 | 8,479 | |||||||||
| Crown Castle, Inc. |
07/01/30 | 105,000 | 98,496 | |||||||||
| CubeSmart LP |
02/15/29 | 15,000 | 14,860 | |||||||||
| Digital Realty Trust LP |
07/01/29 | 15,000 | 14,464 | |||||||||
| DOC Dr. LLC |
11/01/31 | 10,000 | 8,777 | |||||||||
| Equinix, Inc. |
05/15/31 | 45,000 | 39,903 | |||||||||
| Essex Portfolio LP |
||||||||||||
| 2.65% |
03/15/32 | 5,000 | 4,372 | |||||||||
| 5.50% |
04/01/34 | 15,000 | 15,339 | |||||||||
| Extra Space Storage LP |
10/15/30 | 25,000 | 22,135 | |||||||||
| GLP Capital LP/GLP Financing II, Inc. |
||||||||||||
| 3.25% |
01/15/32 | 2,000 | 1,770 | |||||||||
| 4.00% |
01/15/30 | 25,000 | 23,940 | |||||||||
| Healthcare Realty Holdings LP |
01/15/28 | 30,000 | 29,157 | |||||||||
| Host Hotels & Resorts LP |
||||||||||||
| 3.50% |
09/15/30 | 30,000 | 27,837 | |||||||||
| 5.70% |
06/15/32 | 35,000 | 35,527 | |||||||||
| Hudson Pacific Properties LP |
11/01/27 | 10,000 | 9,468 | |||||||||
| Invitation Homes Operating Partnership LP |
08/15/33 | 5,000 | 5,081 | |||||||||
| Lineage OP LP |
07/15/30 | 25,000 | 25,113 | |||||||||
| LXP Industrial Trust |
||||||||||||
| 2.38% |
10/01/31 | 15,000 | 12,680 | |||||||||
| 2.70% |
09/15/30 | 10,000 | 8,936 | |||||||||
| NNN REIT, Inc. |
10/15/33 | 35,000 | 36,129 | |||||||||
| Piedmont Operating Partnership LP |
04/01/32 | 30,000 | 25,154 | |||||||||
| Realty Income Corp. |
04/15/35 | 60,000 | 60,114 | |||||||||
| VICI Properties LP |
05/15/32 | 75,000 | 74,879 | |||||||||
| Weyerhaeuser Co. |
03/09/33 | 10,000 | 8,939 | |||||||||
| WP Carey, Inc. |
07/15/30 | 75,000 | 74,554 | |||||||||
|
|
|
|||||||||||
| 1,089,866 | ||||||||||||
|
|
|
|||||||||||
| Retail—2.3% |
||||||||||||
| AutoZone, Inc. |
06/15/30 | 35,000 | 35,796 | |||||||||
| Home Depot, Inc. |
06/25/34 | 260,000 | 262,272 | |||||||||
| Lowe’s Cos., Inc. |
07/01/53 | 10,000 | 9,695 | |||||||||
| McDonald’s Corp. |
||||||||||||
| 4.20% |
04/01/50 | 70,000 | 55,583 | |||||||||
| 4.95% |
03/03/35 | 130,000 | 129,635 | |||||||||
| Starbucks Corp. |
05/15/30 | 100,000 | 101,078 | |||||||||
|
|
|
|||||||||||
| 594,059 | ||||||||||||
|
|
|
|||||||||||
| TCW Corporate Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Semiconductors—1.4% |
||||||||||||
| Broadcom, Inc. |
02/15/33 | $ | 275,000 | $ | 235,392 | |||||||
| Intel Corp. |
||||||||||||
| 2.00% |
08/12/31 | 5,000 | 4,251 | |||||||||
| 3.05% |
08/12/51 | 91,000 | 52,710 | |||||||||
| 3.25% |
11/15/49 | 40,000 | 24,459 | |||||||||
| 5.70% |
02/10/53 | 13,000 | 11,724 | |||||||||
| Micron Technology, Inc. |
04/15/32 | 25,000 | 21,692 | |||||||||
|
|
|
|||||||||||
| 350,228 | ||||||||||||
|
|
|
|||||||||||
| Software—2.7% |
||||||||||||
| AppLovin Corp. |
12/01/34 | 65,000 | 65,788 | |||||||||
| Atlassian Corp. |
05/15/34 | 20,000 | 20,323 | |||||||||
| Cadence Design Systems, Inc. |
09/10/34 | 20,000 | 19,706 | |||||||||
| Constellation Software, Inc.
(Canada) |
02/16/34 | 45,000 | 45,621 | |||||||||
| Fiserv, Inc. |
06/01/30 | 25,000 | 22,799 | |||||||||
| Microsoft Corp. |
03/17/52 | 150,000 | 99,110 | |||||||||
| Open Text Corp. (Canada) |
12/01/27 | 17,000 | 17,559 | |||||||||
| Oracle Corp. |
||||||||||||
| 3.60% |
04/01/50 | 45,000 | 30,960 | |||||||||
| 3.95% |
03/25/51 | 277,000 | 201,271 | |||||||||
| Paychex, Inc. |
04/15/35 | 125,000 | 128,567 | |||||||||
| Synopsys, Inc. |
04/01/35 | 30,000 | 30,115 | |||||||||
| Take-Two Interactive Software, Inc. |
04/14/32 | 15,000 | 14,206 | |||||||||
|
|
|
|||||||||||
| 696,025 | ||||||||||||
|
|
|
|||||||||||
| Telecommunications—5.6% |
||||||||||||
| AT&T, Inc. |
||||||||||||
| 3.55% |
09/15/55 | 85,000 | 57,088 | |||||||||
| 3.80% |
12/01/57 | 128,000 | 89,184 | |||||||||
| Cisco Systems, Inc. |
02/26/34 | 230,000 | 234,225 | |||||||||
| Sprint Capital Corp. |
03/15/32 | 25,000 | 30,215 | |||||||||
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |
09/20/29 | 261,250 | 262,232 | |||||||||
| T-Mobile USA, Inc. |
||||||||||||
| 2.55% |
02/15/31 | 448,000 | 400,494 | |||||||||
| 5.05% |
07/15/33 | 5,000 | 5,015 | |||||||||
| 5.13% |
05/15/32 | 60,000 | 60,887 | |||||||||
| Verizon Communications, Inc. |
08/10/33 | 300,000 | 290,277 | |||||||||
|
|
|
|||||||||||
| 1,429,617 | ||||||||||||
|
|
|
|||||||||||
| Transportation—2.1% |
||||||||||||
| Aurizon Network Pty. Ltd.
(Australia) |
09/02/30 | AUD | 40,000 | 23,140 | ||||||||
| Burlington Northern Santa Fe LLC |
||||||||||||
| 4.05% |
06/15/48 | 15,000 | 12,022 | |||||||||
| 5.50% |
03/15/55 | 120,000 | 117,244 | |||||||||
| CSX Corp. |
03/15/55 | 130,000 | 115,437 | |||||||||
| Pacific National Finance Pty. Ltd. (Australia) |
09/24/29 | AUD | 30,000 | 17,863 | ||||||||
| Union Pacific Corp. |
||||||||||||
| 2.97% |
09/16/62 | 25,000 | 14,451 | |||||||||
| 5.10% |
02/20/35 | 225,000 | 227,480 | |||||||||
|
|
|
|||||||||||
| 527,637 | ||||||||||||
|
|
|
|||||||||||
| Water—0.2% |
||||||||||||
| Essential Utilities, Inc. |
05/01/52 | 50,000 | 45,192 | |||||||||
|
|
|
|||||||||||
| Total Corporate Bonds (Cost: $21,783,697) |
21,833,031 | |||||||||||
|
|
|
|||||||||||
| MUNICIPAL BONDS —1.1% |
||||||||||||
| City of Los Angeles Department of Airports, Revenue Bond |
05/15/38 | 15,000 | 13,479 | |||||||||
| County of Miami-Dade Aviation Revenue, Series D |
10/01/31 | 15,000 | 14,153 | |||||||||
| Empire State Development Corp., Revenue Bond |
||||||||||||
| 2.54% |
03/15/34 | 5,000 | 4,204 | |||||||||
| 2.54% |
03/15/34 | 5,000 | 4,220 | |||||||||
| 2.59% |
03/15/35 | 20,000 | 16,580 | |||||||||
| Maryland Economic Development Corp., Revenue Bond |
05/31/56 | 10,000 | 9,450 | |||||||||
| Massachusetts School Building Authority, Series B |
10/15/32 | 10,000 | 9,050 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue
Bonds |
02/01/51 | 60,000 | 60,194 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue,
Series A-3 |
08/01/29 | 5,000 | 4,903 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue,
Series E-3 |
02/01/33 | 20,000 | 16,621 | |||||||||
| New York City Transitional Finance Authority, Revenue Bonds |
05/01/54 | 50,000 | 50,172 | |||||||||
| New York State Thruway Authority, Revenue Bonds |
03/15/59 | 30,000 | 30,116 | |||||||||
| San Francisco City & County Airport Comm-San Francisco International Airport,
Series C |
05/01/34 | 35,000 | 30,683 | |||||||||
|
|
|
|||||||||||
| Total Municipal Bonds (Cost: $278,956) |
|
263,825 | ||||||||||
|
|
|
|||||||||||
| U.S. TREASURY SECURITIES—10.4% |
||||||||||||
| U.S. Treasury Bonds |
||||||||||||
| 4.75% |
05/15/55 | 1,472,000 | 1,439,800 | |||||||||
| 4.75%(5) |
08/15/55 | 60,000 | 58,824 | |||||||||
| U.S. Treasury Notes |
05/15/35 | 1,149,000 | 1,139,036 | |||||||||
|
|
|
|||||||||||
| Total U.S. Treasury Securities (Cost: $2,635,092) |
|
2,637,660 | ||||||||||
|
|
|
|||||||||||
| Total Fixed Income Securities (Cost: $24,800,841) |
|
24,790,735 | ||||||||||
|
|
|
|||||||||||
| CONVERTIBLE SECURITIES (0.1%) |
||||||||||||
| CONVERTIBLE CORPORATE BONDS—0.1% |
||||||||||||
| Commercial Services—0.1% |
||||||||||||
| Worldline SA
(France) |
07/30/26 | EUR | 29,562 | 32,878 | ||||||||
|
|
|
|||||||||||
| Total Convertible Corporate Bonds (Cost: $31,506) |
|
32,878 | ||||||||||
|
|
|
|||||||||||
| 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, |
5,374 | $ | 5,374 | |||||||||||
|
|
|
|||||||||||||
| TCW Central Cash
Fund, |
221,109 | 221,109 | ||||||||||||
|
|
|
|||||||||||||
| Total Money Market Investments (Cost: $226,483) |
226,483 | |||||||||||||
|
|
|
|||||||||||||
| Total Investments (98.7%) (Cost: $25,058,830) |
25,050,096 | |||||||||||||
| Liabilities In Excess Of Other Assets (1.3%) |
339,099 | |||||||||||||
|
|
|
|||||||||||||
| Net Assets (100.0%) |
$ | 25,389,195 | ||||||||||||
|
|
|
|||||||||||||
| TCW Corporate Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| FUTURES CONTRACTS |
| |||||||||||||||||
| Number
of |
Type |
Expiration Date |
Notional Contract Value |
Value | Net Unrealized Appreciation (Depreciation) |
|||||||||||||
| Long Futures |
||||||||||||||||||
| 1 |
U.S. Long Bond Futures |
09/19/25 | $ | 112,931 | $ | 114,187 | $ | 1,256 | ||||||||||
| 59 |
2-Year U.S. Treasury Note Futures |
09/30/25 | 12,225,199 | 12,212,078 | (13,121 | ) | ||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| $ | 12,338,130 | $ | 12,326,265 | $ | (11,865 | ) | ||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Short Futures |
| |||||||||||||||||
| 13 |
10-Year U.S. Treasury Note Futures |
09/19/25 | $ | (1,443,272 | ) | $ | (1,470,016 | ) | $ | (26,744 | ) | |||||||
| 1 |
3 Year Australian Bond Futures |
09/15/25 | (68,968 | ) | (68,964 | ) | 4 | |||||||||||
| 56 |
5-Year U.S. Treasury Note Futures |
09/30/25 | (6,051,290 | ) | (6,057,625 | ) | (6,335 | ) | ||||||||||
| 1 |
Euro-Bobl Future |
09/8/25 | (134,614 | ) | (133,828 | ) | 786 | |||||||||||
| 2 |
Euro-Bund Future |
09/8/25 | (298,786 | ) | (296,027 | ) | 2,759 | |||||||||||
|
|
|
|
|
|
|
|||||||||||||
| $ | (7,996,930 | ) | $ | (8,026,460 | ) | $ | (29,530 | ) | ||||||||||
|
|
|
|
|
|
|
|||||||||||||
| FORWARD CURRENCY EXCHANGE CONTRACTS |
| |||||||||||||||||||||||
|
|
||||||||||||||||||||||||
| Counterparty |
Contracts to Deliver |
Units of Currency |
Settlement Date |
In Exchange for USD |
Contracts at Value |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||
| SELL(10) |
||||||||||||||||||||||||
| Goldman Sachs & Co. |
AUD | 64,464 | 10/10/25 | $ | 42,614 | $ | 41,479 | $ | 1,135 | |||||||||||||||
| Goldman Sachs & Co. |
EUR | 426,333 | 10/10/25 | 502,069 | 488,689 | 13,380 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 544,683 | $ | 530,168 | $ | 14,515 | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| 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 October 31, 2024 |
Purchases at Cost |
Proceeds from Sales |
Number of Shares Held July 31, 2025 |
Value at July 31, 2025 |
Dividends and Interest Income Received |
Distributions Received from Net Realized Gain |
Net Realized Gain (Loss) on Investments |
Net change in Unrealized Gain (Loss) on Investments |
|||||||||||||||||||||||||||
| TCW Central Cash Fund |
$ | — | $ | 20,284,418 | $ | 20,063,309 | 221,109 | $ | 221,109 | $ | 15,412 | $ | — | $ | — | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total |
$ | 221,109 | $ | 15,412 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| TCW Corporate Bond ETF | ||||
| Investments by Sector (Unaudited) | July 31, 2025 | |||
| Sector |
Percentage of 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 | |||
|
|
|
|||
| 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) | 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 Active Markets for Identical Assets (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | ||||||||||||
| Fixed Income Securities |
||||||||||||||||
| Corporate Bonds |
$ | — | $ | 21,833,031 | $ | — | $ | 21,833,031 | ||||||||
| U.S. Treasury Securities |
— | 2,637,660 | — | 2,637,660 | ||||||||||||
| Municipal Bonds |
— | 263,825 | — | 263,825 | ||||||||||||
| Asset-Backed Securities |
— | — | 30,986 | 30,986 | ||||||||||||
| Commercial Mortgage-Backed Securities—Agency |
— | 17,913 | — | 17,913 | ||||||||||||
| Residential Mortgage-Backed Securities—Agency |
— | 7,254 | — | 7,254 | ||||||||||||
| Commercial Mortgage-Backed Securities—Non-Agency |
— | 66 | — | 66 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Fixed Income Securities |
— | 24,759,749 | 30,986 | 24,790,735 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Money Market Investments |
226,483 | — | — | 226,483 | ||||||||||||
| Convertible Corporate Bonds |
— | 32,878 | — | 32,878 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments |
$ | 226,483 | $ | 24,792,627 | $ | 30,986 | $ | 25,050,096 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Asset Derivatives |
||||||||||||||||
| Forward Currency Contracts |
||||||||||||||||
| Foreign Currency Risk |
— | 14,515 | — | 14,515 | ||||||||||||
| Futures Contracts |
||||||||||||||||
| Interest Rate Risk |
4,805 | — | — | 4,805 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | 231,288 | $ | 24,807,142 | $ | 30,986 | $ | 25,069,416 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liability Derivatives |
||||||||||||||||
| Futures Contracts |
||||||||||||||||
| Interest Rate Risk |
$ | (46,200 | ) | $ | — | $ | — | $ | (46,200 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | (46,200 | ) | $ | — | $ | — | $ | (46,200 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
TCW Flexible Income ETF
SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited)
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| FIXED INCOME SECURITIES—106.0% of Net Assets |
||||||||||||
| CORPORATE BONDS—17.2% |
||||||||||||
| Advertising—0.0% |
||||||||||||
| Clear Channel Outdoor Holdings,
Inc. |
02/15/31 | $ | 517,000 | $ | 516,648 | |||||||
|
|
|
|||||||||||
| Aerospace & Defense—0.1% |
||||||||||||
| BAE Systems Holdings, Inc. (United
Kingdom) |
12/15/25 | 250,000 | 249,372 | |||||||||
| General Electric Co. |
||||||||||||
| 4.90% (3 mo. USD Term SOFR + 0.642%)(3) |
05/05/26 | 57,000 | 57,107 | |||||||||
| 5.07% (3 mo. USD Term SOFR + 0.742%)(3) |
08/15/36 | 52,000 | 48,573 | |||||||||
| Lockheed Martin Corp. |
08/15/34 | 55,000 | 54,617 | |||||||||
| TransDigm, Inc. |
01/15/33 | 1,665,000 | 1,675,806 | |||||||||
|
|
|
|||||||||||
| 2,085,475 | ||||||||||||
|
|
|
|||||||||||
| Agriculture—0.3% |
||||||||||||
| Altria Group, Inc. |
02/04/28 | 490,000 | 494,733 | |||||||||
| BAT Capital Corp. (United Kingdom) |
08/15/27 | 44,000 | 43,202 | |||||||||
| BAT International Finance PLC (United Kingdom) |
03/25/26 | 83,000 | 81,470 | |||||||||
| Imperial Brands Finance PLC (United Kingdom) |
||||||||||||
| 4.50%(1) |
06/30/28 | 2,955,000 | 2,949,888 | |||||||||
| 6.13%(1) |
07/27/27 | 195,000 | 200,522 | |||||||||
| Philip Morris International, Inc. |
06/06/29 | EUR | 635,000 | 719,082 | ||||||||
|
|
|
|||||||||||
| 4,488,897 | ||||||||||||
|
|
|
|||||||||||
| Airlines—0.1% |
||||||||||||
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
04/20/29 | 1,563,000 | 1,563,344 | |||||||||
| Delta Air Lines Pass-Through Trust Series 2020-1, Class AA |
12/10/29 | 17,526 | 16,609 | |||||||||
| JetBlue Pass-Through Trust Series 2019-1, Class AA |
11/15/33 | 22,319 | 19,492 | |||||||||
| JetBlue Pass-Through Trust Series 2020-1, Class A |
05/15/34 | 52,915 | 49,400 | |||||||||
|
|
|
|||||||||||
| 1,648,845 | ||||||||||||
|
|
|
|||||||||||
| Apparel—0.1% |
||||||||||||
| Crocs, Inc. |
08/15/31 | 980,000 | 886,253 | |||||||||
|
|
|
|||||||||||
| Auto Manufacturers—0.2% |
||||||||||||
| Volkswagen Financial Services AG
(Germany) |
11/19/31 | EUR | 1,100,000 | 1,278,769 | ||||||||
| Volkswagen Group of America Finance LLC (Germany) |
||||||||||||
| 5.65%(1) |
03/25/32 | 70,000 | 70,879 | |||||||||
| 5.80%(1) |
03/27/35 | 200,000 | 200,788 | |||||||||
| Volkswagen International Finance NV (Germany) |
09/06/32 | EUR | 1,200,000 | 1,570,007 | ||||||||
|
|
|
|||||||||||
| 3,120,443 | ||||||||||||
|
|
|
|||||||||||
| Auto Parts & Equipment—0.1% |
||||||||||||
| Forvia SE (France) |
06/15/30 | 385,000 | 401,894 | |||||||||
| ZF North America Capital, Inc.
(Germany) |
04/23/32 | 760,000 | 710,273 | |||||||||
|
|
|
|||||||||||
| 1,112,167 | ||||||||||||
|
|
|
|||||||||||
| Banks—2.5% |
||||||||||||
| Bank of America Corp. |
||||||||||||
| 1.92% (1 day USD SOFR + 1.370%)(3) |
10/24/31 | 1,085,000 | 947,389 | |||||||||
| 2.55% (1 day USD SOFR + 1.050%)(3) |
02/04/28 | 2,625,000 | 2,550,844 | |||||||||
| 2.59% (1 day USD SOFR + 2.150%)(3) |
04/29/31 | 270,000 | 246,888 | |||||||||
| 2.65% (1 day USD SOFR + 1.220%)(3) |
03/11/32 | 225,000 | 201,893 | |||||||||
| 2.69% (1 day USD SOFR + 1.320%)(3) |
04/22/32 | 885,000 | 793,995 | |||||||||
| 2.97% (1 day USD SOFR + 1.330%)(3) |
02/04/33 | 1,395,000 | 1,248,902 | |||||||||
| 3.42% (3 mo. USD Term SOFR + 1.302%)(3) |
12/20/28 | 685,000 | 669,087 | |||||||||
| 4.38% (5 yr. CMT + 2.760%)(3),(5) |
01/27/27 | 100,000 | 97,942 | |||||||||
| 5.47% (1 day USD SOFR + 1.650%)(3) |
01/23/35 | 235,000 | 241,098 | |||||||||
| Citibank NA |
05/29/30 | 140,000 | 142,250 | |||||||||
| Citigroup, Inc. |
||||||||||||
| 2.52% (1 day USD SOFR + 1.177%)(3) |
11/03/32 | 510,000 | 445,286 | |||||||||
| 2.57% (1 day USD SOFR + 2.107%)(3) |
06/03/31 | 1,000,000 | 907,150 | |||||||||
| 3.52% (3 mo. USD Term SOFR + 1.413%)(3) |
10/27/28 | 435,000 | 425,678 | |||||||||
| 5.33% (1 day USD SOFR + 1.465%)(3) |
03/27/36 | 1,270,000 | 1,276,515 | |||||||||
| 5.45% (1 day USD SOFR + 1.447%)(3) |
06/11/35 | 115,000 | 117,376 | |||||||||
| 6.88% (5 yr. CMT + 2.890%)(3),(5) |
08/15/30 | 2,955,000 | 2,987,328 | |||||||||
| Goldman Sachs Group, Inc. |
||||||||||||
| 1.09% (1 day USD SOFR + 0.789%)(3) |
12/09/26 | 2,910,000 | 2,872,315 | |||||||||
| 1.54% (1 day USD SOFR + 0.818%)(3) |
09/10/27 | 5,000 | 4,832 | |||||||||
| 1.95% (1 day USD SOFR + 0.913%)(3) |
10/21/27 | 325,000 | 314,795 | |||||||||
| 2.38% (1 day USD SOFR + 1.248%)(3) |
07/21/32 | 45,000 | 39,316 | |||||||||
| 2.65% (1 day USD SOFR + 1.264%)(3) |
10/21/32 | 535,000 | 471,629 | |||||||||
| 3.81% (3 mo. USD Term SOFR + 1.420%)(3) |
04/23/29 | 2,075,000 | 2,037,629 | |||||||||
| 5.02% (1 day USD SOFR + 1.420%)(3) |
10/23/35 | 920,000 | 907,276 | |||||||||
| 5.54% (1 day USD SOFR + 1.380%)(3) |
01/28/36 | 170,000 | 173,968 | |||||||||
| HSBC Holdings PLC (United Kingdom) |
||||||||||||
| 2.36% (1 day USD SOFR + 1.947%)(3) |
08/18/31 | 60,000 | 53,396 | |||||||||
| 4.76% (1 day USD SOFR + 2.110%)(3) |
06/09/28 | 45,000 | 45,115 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Banks (Continued) |
||||||||||||
| JPMorgan Chase & Co. |
||||||||||||
| 1.04% (3 mo. USD Term SOFR + 0.695%)(3) |
02/04/27 | $ | 375,000 | $ | 368,468 | |||||||
| 1.05% (1 day USD SOFR + 0.800%)(3) |
11/19/26 | 420,000 | 415,426 | |||||||||
| 1.58% (1 day USD SOFR + 0.885%)(3) |
04/22/27 | 700,000 | 685,034 | |||||||||
| 2.07% (1 day USD SOFR + 1.015%)(3) |
06/01/29 | 120,000 | 112,490 | |||||||||
| 2.55% (1 day USD SOFR + 1.180%)(3) |
11/08/32 | 270,000 | 237,392 | |||||||||
| 2.58% (3 mo. USD Term SOFR + 1.250%)(3) |
04/22/32 | 760,000 | 678,596 | |||||||||
| 3.65% (5 yr. CMT + 2.850%)(3),(5) |
06/01/26 | 115,000 | 113,315 | |||||||||
| 4.01% (3 mo. USD Term SOFR + 1.382%)(3) |
04/23/29 | 255,000 | 252,162 | |||||||||
| 4.32% (1 day USD SOFR + 1.560%)(3) |
04/26/28 | 3,500,000 | 3,491,600 | |||||||||
| 4.95% (1 day USD SOFR + 1.340%)(3) |
10/22/35 | 625,000 | 618,306 | |||||||||
| 5.77% (1 day USD SOFR + 1.490%)(3) |
04/22/35 | 560,000 | 587,591 | |||||||||
| Morgan Stanley |
||||||||||||
| 0.99% (1 day USD SOFR + 0.720%)(3) |
12/10/26 | 145,000 | 143,105 | |||||||||
| 1.79% (1 day USD SOFR + 1.034%)(3) |
02/13/32 | 120,000 | 102,713 | |||||||||
| 2.24% (1 day USD SOFR + 1.178%)(3) |
07/21/32 | 425,000 | 368,534 | |||||||||
| 2.51% (1 day USD SOFR + 1.200%)(3) |
10/20/32 | 635,000 | 556,082 | |||||||||
| 2.94% (1 day USD SOFR + 1.290%)(3) |
01/21/33 | 1,065,000 | 952,398 | |||||||||
| 5.59% (1 day USD SOFR + 1.418%)(3) |
01/18/36 | 650,000 | 667,719 | |||||||||
| 5.83% (1 day USD SOFR + 1.580%)(3) |
04/19/35 | 120,000 | 125,951 | |||||||||
| PNC Financial Services Group, Inc. |
||||||||||||
| 3.40% (5 yr. CMT + 2.595%)(3),(5) |
09/15/26 | 105,000 | 101,399 | |||||||||
| 5.58% (1 day USD SOFR + 1.841%)(3) |
06/12/29 | 1,370,000 | 1,412,703 | |||||||||
| 6.88% (1 day USD SOFR + 2.284%)(3) |
10/20/34 | 70,000 | 78,224 | |||||||||
| Santander U.K. Group Holdings PLC (United Kingdom) |
06/14/27 | 290,000 | 282,457 | |||||||||
| U.S. Bancorp |
||||||||||||
| 4.84% (1 day USD SOFR + 1.600%)(3) |
02/01/34 | 150,000 | 148,140 | |||||||||
| 5.68% (1 day USD SOFR + 1.860%)(3) |
01/23/35 | 150,000 | 155,567 | |||||||||
| 5.85% (1 day USD SOFR + 2.090%)(3) |
10/21/33 | 50,000 | 52,450 | |||||||||
| Wells Fargo & Co. |
||||||||||||
| 2.39% (1 day USD SOFR + 2.100%)(3) |
06/02/28 | 560,000 | 539,174 | |||||||||
| 2.57% (3 mo. USD Term SOFR + 1.262%)(3) |
02/11/31 | 2,385,000 | 2,188,166 | |||||||||
| 3.35% (1 day USD SOFR + 1.500%)(3) |
03/02/33 | 345,000 | 315,961 | |||||||||
| 5.21% (1 day USD SOFR + 1.380%)(3) |
12/03/35 | 390,000 | 391,205 | |||||||||
| 5.24% (1 day USD SOFR + 1.110%)(3) |
01/24/31 | 770,000 | 788,642 | |||||||||
| 5.50% (1 day USD SOFR + 1.780%)(3) |
01/23/35 | 225,000 | 230,670 | |||||||||
| 5.57% (1 day USD SOFR + 1.740%)(3) |
07/25/29 | 410,000 | 422,234 | |||||||||
|
|
|
|||||||||||
| 37,803,766 | ||||||||||||
|
|
|
|||||||||||
| Beverages—0.2% |
||||||||||||
| Anheuser-Busch InBev SA
(Belgium) |
03/22/44 | EUR | 970,000 | 1,077,385 | ||||||||
| Becle SAB de CV (Mexico) |
10/14/31 | 1,790,000 | 1,488,868 | |||||||||
| JDE Peet’s NV
(Netherlands) |
09/24/31 | 750,000 | 640,673 | |||||||||
|
|
|
|||||||||||
| 3,206,926 | ||||||||||||
|
|
|
|||||||||||
| Biotechnology—0.0% |
||||||||||||
| Amgen, Inc. |
02/21/40 | 100,000 | 76,785 | |||||||||
|
|
|
|||||||||||
| Chemicals—0.2% |
||||||||||||
| Axalta Coating Systems Dutch Holding B
BV |
02/15/31 | 50,000 | 52,014 | |||||||||
| International Flavors & Fragrances, Inc. |
||||||||||||
| 1.83%(1) |
10/15/27 | 405,000 | 380,854 | |||||||||
| 2.30%(1) |
11/01/30 | 505,000 | 445,880 | |||||||||
| 3.27%(1) |
11/15/40 | 55,000 | 40,397 | |||||||||
| Itelyum Regeneration SpA
(Italy) |
04/15/30 | EUR | 250,000 | 293,043 | ||||||||
| Monitchem HoldCo 3 SA
(Luxembourg) |
05/01/28 | EUR | 500,000 | 576,306 | ||||||||
| SCIH Salt Holdings, Inc. |
05/01/28 | 608,000 | 591,019 | |||||||||
| SK Invictus Intermediate II
SARL |
10/30/29 | 431,000 | 419,277 | |||||||||
| Tronox, Inc. |
03/15/29 | 63,000 | 48,956 | |||||||||
| WR Grace Holdings LLC |
||||||||||||
| 5.63%(1) |
08/15/29 | 63,000 | 58,203 | |||||||||
| 7.38%(1) |
03/01/31 | 882,000 | 910,700 | |||||||||
|
|
|
|||||||||||
| 3,816,649 | ||||||||||||
|
|
|
|||||||||||
| Commercial Services—0.7% |
||||||||||||
| AA Bond Co. Ltd. (United
Kingdom) |
07/31/50 | GBP | 210,000 | 295,663 | ||||||||
| Adtalem Global Education,
Inc. |
03/01/28 | 1,142,000 | 1,128,935 | |||||||||
| Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg) |
05/21/30 | 960,000 | 989,482 | |||||||||
| Allied Universal Holdco LLC/Allied Universal Finance Corp. |
06/15/30 | 145,000 | 148,699 | |||||||||
| Block, Inc. |
05/15/32 | 51,000 | 52,382 | |||||||||
| Currenta Group Holdings SARL
(Luxembourg) |
05/15/30 | EUR | 1,400,000 | 1,644,619 | ||||||||
| Deluxe Corp. |
09/15/29 | 52,000 | 53,492 | |||||||||
| Grand Canyon University |
10/01/28 | 1,000,000 | 966,110 | |||||||||
| Herc Holdings, Inc. |
06/15/33 | 486,000 | 503,856 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Commercial Services (Continued) |
||||||||||||
| OT Midco, Inc. |
02/15/30 | $ | 1,743,000 | $ | 1,437,923 | |||||||
| RAC Bond Co. PLC (United
Kingdom) |
05/06/46 | GBP | 100,000 | 143,353 | ||||||||
| Raven Acquisition Holdings
LLC |
11/15/31 | 425,000 | 429,632 | |||||||||
| Rollins, Inc. |
02/24/35 | 1,090,000 | 1,090,196 | |||||||||
| Upbound Group, Inc. |
02/15/29 | 889,000 | 867,451 | |||||||||
| Veritiv Operating Co. |
11/30/30 | 49,000 | 53,181 | |||||||||
| VT Topco, Inc. |
08/15/30 | 560,000 | 596,456 | |||||||||
| WEX, Inc. |
03/15/33 | 350,000 | 354,749 | |||||||||
| ZipRecruiter, Inc. |
01/15/30 | 59,000 | 44,840 | |||||||||
|
|
|
|||||||||||
| 10,801,019 | ||||||||||||
|
|
|
|||||||||||
| Computers—0.2% |
||||||||||||
| Amentum Holdings, Inc. |
08/01/32 | 261,000 | 270,122 | |||||||||
| Dell International LLC/EMC Corp. |
||||||||||||
| 4.75% |
04/01/28 | 1,135,000 | 1,144,534 | |||||||||
| 5.00% |
04/01/30 | 840,000 | 852,314 | |||||||||
| McAfee Corp. |
02/15/30 | 301,000 | 279,466 | |||||||||
| NCR Voyix Corp. |
10/01/28 | 675,000 | 664,376 | |||||||||
|
|
|
|||||||||||
| 3,210,812 | ||||||||||||
|
|
|
|||||||||||
| Cosmetics/Personal Care—0.1% |
||||||||||||
| Edgewell Personal Care
Co. |
04/01/29 | 860,000 | 814,549 | |||||||||
|
|
|
|||||||||||
| Diversified Financial Services—0.5% |
||||||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |
||||||||||||
| 2.45% |
10/29/26 | 123,000 | 119,801 | |||||||||
| 3.88% |
01/23/28 | 5,000 | 4,920 | |||||||||
| 4.45% |
10/01/25 | 110,000 | 109,970 | |||||||||
| Air Lease Corp. |
01/15/26 | 380,000 | 376,770 | |||||||||
| American Express Co. |
07/20/33 | 1,680,000 | 1,685,947 | |||||||||
| Avolon Holdings Funding Ltd.
(Ireland) |
11/18/27 | 1,083,000 | 1,031,287 | |||||||||
| Blackrock, Inc. |
07/18/35 | EUR | 730,000 | 853,927 | ||||||||
| EZCORP, Inc. |
04/01/32 | 855,000 | 892,004 | |||||||||
| GGAM Finance Ltd. (Ireland) |
||||||||||||
| 8.00%(1) |
02/15/27 | 115,000 | 118,535 | |||||||||
| 8.00%(1) |
06/15/28 | 892,000 | 943,344 | |||||||||
| Jane Street Group/JSG Finance, Inc. |
||||||||||||
| 6.13%(1) |
11/01/32 | 780,000 | 774,992 | |||||||||
| 6.75%(1) |
05/01/33 | 90,000 | 92,209 | |||||||||
| 7.13%(1) |
04/30/31 | 330,000 | 341,217 | |||||||||
| Visa, Inc. |
05/15/44 | EUR | 150,000 | 171,971 | ||||||||
|
|
|
|||||||||||
| 7,516,894 | ||||||||||||
|
|
|
|||||||||||
| Electric—0.5% |
||||||||||||
| Alliant Energy Finance LLC |
||||||||||||
| 1.40%(1) |
03/15/26 | 245,000 | 239,853 | |||||||||
| 3.60%(1) |
03/01/32 | 655,000 | 594,583 | |||||||||
| Amprion GmbH (Germany) |
05/21/44 | EUR | 100,000 | 110,384 | ||||||||
| Arizona Public Service Co. |
12/15/32 | $ | 135,000 | 145,387 | ||||||||
| Duke Energy Carolinas LLC |
01/15/53 | 195,000 | 186,007 | |||||||||
| Duke Energy Progress LLC |
03/15/35 | 695,000 | 695,959 | |||||||||
| E.ON SE (Germany) |
||||||||||||
| 3.50%(4) |
04/16/33 | EUR | 525,000 | 606,978 | ||||||||
| 3.88%(4) |
09/05/38 | EUR | 300,000 | 343,164 | ||||||||
| Elia Group SA (Belgium) |
06/11/31 | EUR | 100,000 | 116,618 | ||||||||
| Enel Finance International NV
(Italy) |
02/20/43 | EUR | 290,000 | 336,355 | ||||||||
| Eurogrid GmbH (Germany) |
||||||||||||
| 1.11%(4) |
05/15/32 | EUR | 200,000 | 198,103 | ||||||||
| 3.28%(4) |
09/05/31 | EUR | 200,000 | 229,600 | ||||||||
| FirstEnergy Transmission
LLC |
09/15/28 | 418,000 | 397,990 | |||||||||
| MVM Energetika Zrt
(Hungary) |
03/13/31 | 400,000 | 414,108 | |||||||||
| Oncor Electric Delivery Co.
LLC |
06/15/34 | EUR | 220,000 | 252,651 | ||||||||
| Pike Corp. |
01/31/31 | 775,000 | 835,194 | |||||||||
| Public Service Co. of New Mexico |
08/01/25 | 40,000 | 40,000 | |||||||||
| Scottish Hydro Electric Transmission PLC (United Kingdom) |
09/04/32 | EUR | 250,000 | 286,735 | ||||||||
| Southwestern Electric Power Co. |
04/01/33 | 600,000 | 605,610 | |||||||||
| TenneT Holding BV
(Netherlands) |
10/28/42 | EUR | 435,000 | 542,510 | ||||||||
| Tucson Electric Power Co. |
04/15/53 | 305,000 | 286,865 | |||||||||
|
|
|
|||||||||||
| 7,464,654 | ||||||||||||
|
|
|
|||||||||||
| Electrical Components & Equipment—0.1% |
||||||||||||
| Energizer Holdings, Inc. |
03/31/29 | 925,000 | 878,001 | |||||||||
|
|
|
|||||||||||
| Engineering & Construction—0.1% |
||||||||||||
| Heathrow Funding Ltd. (United Kingdom) |
||||||||||||
| 1.13%(4) |
10/08/32 | EUR | 565,000 | 586,142 | ||||||||
| 3.88%(4) |
01/16/38 | EUR | 250,000 | 284,835 | ||||||||
|
|
|
|||||||||||
| 870,977 | ||||||||||||
|
|
|
|||||||||||
| Entertainment—0.6% |
||||||||||||
| Banijay Entertainment SAS
(France) |
05/01/29 | 350,000 | 363,667 | |||||||||
| Caesars Entertainment,
Inc. |
02/15/32 | 820,000 | 835,990 | |||||||||
| Churchill Downs, Inc. |
04/01/30 | 798,000 | 797,098 | |||||||||
| FDJ UNITED (France) |
11/21/33 | EUR | 500,000 | 563,290 | ||||||||
| Flutter Treasury DAC
(Ireland) |
04/29/29 | EUR | 100,000 | 118,479 | ||||||||
| Great Canadian Gaming Corp./Raptor LLC (Canada) |
11/15/29 | 745,000 | 730,659 | |||||||||
| LHMC Finco 2 SARL
(Luxemburg) |
05/15/30 | EUR | 990,000 | 1,190,796 | ||||||||
| Live Nation Entertainment,
Inc. |
03/15/26 | 355,000 | 355,206 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Entertainment (Continued) |
||||||||||||
| Lottomatica Group SpA
(Italy) |
01/31/31 | EUR | 430,000 | $ | 507,930 | |||||||
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. |
02/01/33 | $ | 803,000 | 811,584 | ||||||||
| Voyager Parent LLC |
07/01/32 | 803,000 | 850,257 | |||||||||
| WarnerMedia Holdings, Inc. |
||||||||||||
| 4.28% |
03/15/32 | 1,604,000 | 1,351,194 | |||||||||
| 5.05% |
03/15/42 | 65,000 | 43,479 | |||||||||
| 5.14% |
03/15/52 | 196,000 | 121,391 | |||||||||
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
03/15/33 | 55,000 | 55,176 | |||||||||
|
|
|
|||||||||||
| 8,696,196 | ||||||||||||
|
|
|
|||||||||||
| Environmental Control—0.2% |
||||||||||||
| Luna 2 5SARL (Luxemburg) |
07/01/32 | EUR | 1,100,000 | 1,299,268 | ||||||||
| Waste Pro USA, Inc. |
02/01/33 | 1,080,000 | 1,121,829 | |||||||||
|
|
|
|||||||||||
| 2,421,097 | ||||||||||||
|
|
|
|||||||||||
| Food—0.4% |
||||||||||||
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |
||||||||||||
| 3.75% |
12/01/31 | 385,000 | 358,042 | |||||||||
| 6.75% |
03/15/34 | 172,000 | 187,083 | |||||||||
| Mars, Inc. |
03/01/30 | 1,620,000 | 1,636,492 | |||||||||
| Pilgrim’s Pride Corp. |
||||||||||||
| 4.25% |
04/15/31 | 1,430,000 | 1,367,380 | |||||||||
| 6.25% |
07/01/33 | 950,000 | 998,573 | |||||||||
| Post Holdings, Inc. |
||||||||||||
| 4.63%(1) |
04/15/30 | 675,000 | 645,260 | |||||||||
| 5.50%(1) |
12/15/29 | 53,000 | 52,579 | |||||||||
| 6.25%(1) |
10/15/34 | 950,000 | 951,663 | |||||||||
| Smithfield Foods, Inc. |
04/01/29 | 5,000 | 5,025 | |||||||||
|
|
|
|||||||||||
| 6,202,097 | ||||||||||||
|
|
|
|||||||||||
| Gas—0.4% |
||||||||||||
| AmeriGas Partners LP/AmeriGas Finance Corp. |
||||||||||||
| 9.38%(1) |
06/01/28 | 1,176,000 | 1,211,798 | |||||||||
| 9.50%(1) |
06/01/30 | 909,000 | 955,086 | |||||||||
| CenterPoint Energy Resources Corp. |
03/01/33 | 765,000 | 780,950 | |||||||||
| KeySpan Gas East Corp. |
03/06/33 | 385,000 | 399,241 | |||||||||
| National Gas Transmission PLC (United Kingdom) |
04/05/30 | EUR | 200,000 | 239,250 | ||||||||
| Northwest Natural Holding Co. |
09/15/55 | 2,000,000 | 2,034,900 | |||||||||
| Venture Global Plaquemines LNG
LLC |
05/01/35 | 705,000 | 773,519 | |||||||||
|
|
|
|||||||||||
| 6,394,744 | ||||||||||||
|
|
|
|||||||||||
| Health Care-Products—0.3% |
||||||||||||
| American Medical Systems Europe BV |
03/08/31 | EUR | 700,000 | 798,680 | ||||||||
| Bausch & Lomb Corp. |
10/01/28 | 320,000 | 334,602 | |||||||||
| Medtronic Global Holdings SCA |
10/15/40 | EUR | 115,000 | 93,381 | ||||||||
| Sartorius Finance BV
(Germany) |
09/14/32 | EUR | 100,000 | 119,643 | ||||||||
| Sotera Health Holdings
LLC |
06/01/31 | 356,000 | 368,919 | |||||||||
| Stryker Corp. |
02/10/28 | 1,465,000 | 1,478,932 | |||||||||
| Thermo Fisher Scientific, Inc. |
03/01/28 | EUR | 735,000 | 798,889 | ||||||||
|
|
|
|||||||||||
| 3,993,046 | ||||||||||||
|
|
|
|||||||||||
| Health Care-Services—1.1% |
||||||||||||
| Centene Corp. |
||||||||||||
| 2.63% |
08/01/31 | 1,000,000 | 835,890 | |||||||||
| 3.00% |
10/15/30 | 1,323,000 | 1,152,161 | |||||||||
| Cerba Healthcare SACA
(France) |
05/31/28 | EUR | 385,000 | 315,686 | ||||||||
| Elevance Health, Inc. |
02/15/35 | 185,000 | 184,976 | |||||||||
| Fortrea Holdings, Inc. |
07/01/30 | 1,350,000 | 1,233,941 | |||||||||
| HAH Group Holding Co.
LLC |
10/01/31 | 299,000 | 289,728 | |||||||||
| HCA, Inc. |
||||||||||||
| 5.38% |
09/01/26 | 1,260,000 | 1,265,720 | |||||||||
| 5.63% |
09/01/28 | 275,000 | 281,985 | |||||||||
| Heartland Dental LLC/Heartland Dental Finance Corp. |
04/30/28 | 49,000 | 51,757 | |||||||||
| Humana, Inc. |
05/01/35 | 570,000 | 571,716 | |||||||||
| Kedrion SpA (Italy) |
09/01/29 | 669,000 | 648,803 | |||||||||
| Lonza Finance International NV (Switzerland) |
||||||||||||
| 3.50%(4) |
09/04/34 | EUR | 229,000 | 260,323 | ||||||||
| 3.88%(4) |
04/24/36 | EUR | 210,000 | 243,532 | ||||||||
| Mehilainen Yhtiot OYJ
(Finland) |
06/30/32 | EUR | 1,145,000 | 1,317,636 | ||||||||
| ModivCare, Inc. |
10/01/29 | 744,450 | 204,724 | |||||||||
| Molina Healthcare, Inc. |
01/15/33 | 2,330,000 | 2,299,920 | |||||||||
| Star Parent, Inc. |
10/01/30 | 810,000 | 853,238 | |||||||||
| Tenet Healthcare Corp. |
11/01/27 | 1,950,000 | 1,943,974 | |||||||||
| UnitedHealth Group, Inc. |
||||||||||||
| 5.15% |
07/15/34 | 1,540,000 | 1,545,205 | |||||||||
| 5.30% |
06/15/35 | 1,280,000 | 1,295,206 | |||||||||
|
|
|
|||||||||||
| 16,796,121 | ||||||||||||
|
|
|
|||||||||||
| Household Products/Wares—0.1% |
||||||||||||
| Central Garden & Pet Co. |
||||||||||||
| 4.13% |
10/15/30 | 575,000 | 541,224 | |||||||||
| 4.13%(1) |
04/30/31 | 58,000 | 53,786 | |||||||||
| Spectrum Brands, Inc. |
03/15/31 | 1,695,000 | 1,354,797 | |||||||||
|
|
|
|||||||||||
| 1,949,807 | ||||||||||||
|
|
|
|||||||||||
| Insurance—0.2% |
||||||||||||
| Acrisure LLC/Acrisure Finance, Inc. |
||||||||||||
| 4.25%(1) |
02/15/29 | 175,000 | 167,125 | |||||||||
| 6.00%(1) |
08/01/29 | 405,000 | 395,264 | |||||||||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
01/15/31 | 52,000 | 53,531 | |||||||||
| Athene Global Funding |
||||||||||||
| 1.99%(1) |
08/19/28 | 15,000 | 13,919 | |||||||||
| 2.72%(1) |
01/07/29 | 95,000 | 88,651 | |||||||||
| 3.21%(1) |
03/08/27 | 130,000 | 126,728 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Insurance (Continued) |
||||||||||||
| Farmers Exchange Capital II |
11/01/53 | $ | 550,000 | $ | 526,416 | |||||||
| Farmers Exchange Capital III |
10/15/54 | 85,000 | 77,374 | |||||||||
| Farmers Insurance Exchange |
||||||||||||
| 4.75% (3 mo. USD LIBOR + 3.231%)(1),(3) |
11/01/57 | 135,000 | 110,530 | |||||||||
| 7.00% (10 yr. CMT + 3.864%)(1),(3) |
10/15/64 | 265,000 | 272,422 | |||||||||
| HUB International Ltd. |
06/15/30 | 417,000 | 435,048 | |||||||||
| Metropolitan Life Global Funding
I |
04/09/30 | 15,000 | 14,024 | |||||||||
| Panther Escrow Issuer
LLC |
06/01/31 | 375,000 | 387,949 | |||||||||
|
|
|
|||||||||||
| 2,668,981 | ||||||||||||
|
|
|
|||||||||||
| Internet—0.2% |
||||||||||||
| Gen Digital, Inc. |
||||||||||||
| 6.25%(1) |
04/01/33 | 250,000 | 255,183 | |||||||||
| 6.75%(1) |
09/30/27 | 328,000 | 333,897 | |||||||||
| Getty Images, Inc. |
02/21/30 | 1,400,097 | 1,342,413 | |||||||||
| Snap, Inc. |
03/01/33 | 1,258,000 | 1,289,840 | |||||||||
| Uber Technologies, Inc. |
01/15/30 | 700,000 | 694,680 | |||||||||
|
|
|
|||||||||||
| 3,916,013 | ||||||||||||
|
|
|
|||||||||||
| Investment Companies—0.1% |
||||||||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
||||||||||||
| 9.00% |
06/15/30 | 780,000 | 758,176 | |||||||||
| 9.75% |
01/15/29 | 370,000 | 374,569 | |||||||||
| 10.00%(1) |
11/15/29 | 233,000 | 236,118 | |||||||||
|
|
|
|||||||||||
| 1,368,863 | ||||||||||||
|
|
|
|||||||||||
| Leisure Time—0.1% |
||||||||||||
| MajorDrive Holdings IV
LLC |
06/01/29 | 1,024,000 | 848,148 | |||||||||
| Sabre GLBL, Inc. |
||||||||||||
| 10.75%(1) |
11/15/29 | 447,000 | 460,701 | |||||||||
| 11.13%(1) |
07/15/30 | 1,020,000 | 1,078,028 | |||||||||
|
|
|
|||||||||||
| 2,386,877 | ||||||||||||
|
|
|
|||||||||||
| Lodging—0.3% |
||||||||||||
| Boyd Gaming Corp. |
06/15/31 | 700,000 | 667,212 | |||||||||
| Hyatt Hotels Corp. |
03/30/28 | 905,000 | 914,539 | |||||||||
| Las Vegas Sands Corp. |
06/15/28 | 1,825,000 | 1,854,364 | |||||||||
| MGM Resorts International |
04/15/32 | 527,000 | 535,875 | |||||||||
|
|
|
|||||||||||
| 3,971,990 | ||||||||||||
|
|
|
|||||||||||
| Machinery-Diversified—0.0% |
||||||||||||
| Oregon Tool Lux LP |
10/15/29 | 549,538 | 241,797 | |||||||||
|
|
|
|||||||||||
| Media—0.8% |
||||||||||||
| AMC Networks, Inc. |
01/15/29 | 385,000 | 396,015 | |||||||||
| Cable One, Inc. |
11/15/30 | 1,205,000 | 930,332 | |||||||||
| CCO Holdings LLC/CCO Holdings Capital
Corp. |
02/01/28 | 940,000 | 923,409 | |||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital |
||||||||||||
| 2.80% |
04/01/31 | 140,000 | 124,151 | |||||||||
| 3.70% |
04/01/51 | 530,000 | 343,472 | |||||||||
| 3.90% |
06/01/52 | 360,000 | 239,375 | |||||||||
| 4.80% |
03/01/50 | 250,000 | 194,505 | |||||||||
| 5.38% |
05/01/47 | 141,000 | 119,452 | |||||||||
| 6.65% |
02/01/34 | 246,000 | 260,718 | |||||||||
| CSC Holdings LLC |
||||||||||||
| 4.63%(1) |
12/01/30 | 300,000 | 140,673 | |||||||||
| 6.50%(1) |
02/01/29 | 77,000 | 61,036 | |||||||||
| 11.75%(1) |
01/31/29 | 2,434,000 | 2,278,735 | |||||||||
| DISH Network Corp. |
11/15/27 | 1,277,000 | 1,331,017 | |||||||||
| Sinclair Television Group,
Inc. |
02/15/33 | 53,000 | 54,227 | |||||||||
| Sirius XM Radio LLC |
08/01/27 | 1,820,000 | 1,801,309 | |||||||||
| Time Warner Cable LLC |
09/01/41 | 535,000 | 482,254 | |||||||||
| Univision Communications,
Inc. |
07/31/31 | 55,000 | 55,931 | |||||||||
| Virgin Media Secured Finance PLC (United Kingdom) |
05/15/29 | 1,842,000 | 1,801,642 | |||||||||
| VZ Secured Financing BV
(Netherlands) |
01/15/32 | 1,475,000 | 1,299,519 | |||||||||
| Ziggo Bond Co. BV
(Netherlands) |
02/28/30 | 53,000 | 46,354 | |||||||||
|
|
|
|||||||||||
| 12,884,126 | ||||||||||||
|
|
|
|||||||||||
| Mining—0.1% |
||||||||||||
| Corp. Nacional del Cobre de Chile |
||||||||||||
| 5.13%(4) |
02/02/33 | 207,000 | 202,438 | |||||||||
| 5.95%(4) |
01/08/34 | 407,000 | 416,202 | |||||||||
| Corp. Nacional del Cobre de Chile
(Chile) |
02/02/33 | 200,000 | 195,592 | |||||||||
| Novelis Corp. |
11/15/26 | 275,000 | 270,699 | |||||||||
|
|
|
|||||||||||
| 1,084,931 | ||||||||||||
|
|
|
|||||||||||
| Miscellaneous Manufacturers—0.1% |
||||||||||||
| CTEC II GmbH (Germany) |
02/15/30 | EUR | 846,000 | 835,118 | ||||||||
|
|
|
|||||||||||
| Office/Business Equipment—0.1% |
||||||||||||
| Xerox Corp. |
10/15/30 | 826,000 | 851,515 | |||||||||
|
|
|
|||||||||||
| Oil & Gas—0.4% |
||||||||||||
| Ecopetrol SA |
01/19/36 | 2,100,000 | 2,080,617 | |||||||||
| Ecopetrol SA (Colombia) |
01/13/33 | 856,000 | 900,666 | |||||||||
| KazMunayGas National Co. JSC
(Kazakhstan) |
04/14/33 | 815,000 | 711,951 | |||||||||
| Matador Resources Co. |
04/15/32 | 1,033,000 | 1,036,244 | |||||||||
| Pertamina Persero PT
(Indonesia) |
08/27/30 | 600,000 | 553,626 | |||||||||
| Transocean Titan Financing
Ltd. |
02/01/28 | 356,476 | 365,980 | |||||||||
| Transocean, Inc. |
02/15/30 | 252,000 | 261,445 | |||||||||
|
|
|
|||||||||||
| 5,910,529 | ||||||||||||
|
|
|
|||||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Oil & Gas Services—0.1% |
||||||||||||
| Archrock Partners LP/Archrock Partners Finance Corp. |
04/01/28 | $ | 103,000 | $ | 103,454 | |||||||
| USA Compression Partners LP/USA Compression Finance Corp. |
||||||||||||
| 6.88% |
09/01/27 | 1,420,000 | 1,420,667 | |||||||||
| 7.13%(1) |
03/15/29 | 275,000 | 281,328 | |||||||||
|
|
|
|||||||||||
| 1,805,449 | ||||||||||||
|
|
|
|||||||||||
| Packaging & Containers—0.4% |
||||||||||||
| Amcor Finance USA, Inc. |
05/15/28 | 245,000 | 244,679 | |||||||||
| Amcor Flexibles North America,
Inc. |
03/17/28 | 2,225,000 | 2,237,571 | |||||||||
| Amcor Group Finance PLC |
05/23/29 | 670,000 | 689,517 | |||||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
||||||||||||
| 4.13%(1) |
08/15/26 | 382,000 | 377,638 | |||||||||
| 5.25%(1) |
08/15/27 | 305,000 | 151,789 | |||||||||
| 5.25%(1) |
08/15/27 | 510,000 | 254,398 | |||||||||
| Berry Global, Inc. |
||||||||||||
| 1.65% |
01/15/27 | 40,000 | 38,373 | |||||||||
| 5.50% |
04/15/28 | 255,000 | 261,209 | |||||||||
| 5.65% |
01/15/34 | 150,000 | 155,312 | |||||||||
| Clearwater Paper Corp. |
08/15/28 | 822,000 | 775,779 | |||||||||
| Graham Packaging Co.,
Inc. |
08/15/28 | 53,000 | 52,917 | |||||||||
| Graphic Packaging International
LLC |
07/15/32 | 325,000 | 329,219 | |||||||||
|
|
|
|||||||||||
| 5,568,401 | ||||||||||||
|
|
|
|||||||||||
| Pharmaceuticals—1.1% |
||||||||||||
| 1261229 BC Ltd. |
04/15/32 | 1,427,000 | 1,453,799 | |||||||||
| 180 Medical, Inc. (United
Kingdom) |
10/15/29 | 269,000 | 254,953 | |||||||||
| Bayer U.S. Finance II LLC (Germany) |
||||||||||||
| 4.25%(1) |
12/15/25 | 255,000 | 254,347 | |||||||||
| 4.38%(1) |
12/15/28 | 510,000 | 504,115 | |||||||||
| 4.40%(1) |
07/15/44 | 245,000 | 191,852 | |||||||||
| 4.88%(1) |
06/25/48 | 80,000 | 65,913 | |||||||||
| 6.50%(1) |
11/21/33 | 500,000 | 534,355 | |||||||||
| Bayer U.S. Finance LLC
(Germany) |
11/21/53 | 345,000 | 367,290 | |||||||||
| Centrient Holding BV
(Netherlands) |
05/30/30 | EUR | 900,000 | 1,054,862 | ||||||||
| CVS Health Corp. |
||||||||||||
| 4.78% |
03/25/38 | 75,000 | 68,706 | |||||||||
| 5.05% |
03/25/48 | 330,000 | 284,123 | |||||||||
| 5.70% |
06/01/34 | 1,165,000 | 1,193,414 | |||||||||
| 5.88% |
06/01/53 | 212,000 | 201,464 | |||||||||
| 6.75% (5 yr. CMT + 2.516%)(3) |
12/10/54 | 1,290,000 | 1,296,386 | |||||||||
| 7.00% (5 yr. CMT + 2.886%)(3) |
03/10/55 | 1,550,000 | 1,597,957 | |||||||||
| Galderma Finance Europe BV
(Netherlands) |
03/20/30 | EUR | 1,040,000 | 1,209,421 | ||||||||
| Grifols SA (Spain) |
||||||||||||
| 4.75%(1) |
10/15/28 | 410,000 | 395,109 | |||||||||
| 7.50%(4) |
05/01/30 | EUR | 827,000 | 998,879 | ||||||||
| Johnson & Johnson |
||||||||||||
| 3.05% |
02/26/33 | EUR | 260,000 | 298,008 | ||||||||
| 3.60% |
02/26/45 | EUR | 265,000 | 294,138 | ||||||||
| Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. |
04/17/32 | 932,000 | 897,917 | |||||||||
| Pfizer Netherlands International Finance BV |
05/19/32 | EUR | 340,000 | 390,844 | ||||||||
| Teva Pharmaceutical Finance Netherlands II BV (Israel) |
06/01/31 | EUR | 1,946,000 | 2,234,787 | ||||||||
| Teva Pharmaceutical Finance Netherlands III BV (Israel) |
12/01/32 | 274,000 | 279,617 | |||||||||
| Teva Pharmaceutical Finance Netherlands IV BV (Israel) |
12/01/30 | 274,000 | 278,354 | |||||||||
|
|
|
|||||||||||
| 16,600,610 | ||||||||||||
|
|
|
|||||||||||
| Pipelines—0.7% |
||||||||||||
| Energy Transfer LP |
02/15/28 | 733,000 | 731,805 | |||||||||
| Global Partners LP/GLP Finance Corp. |
||||||||||||
| 6.88% |
01/15/29 | 430,000 | 436,489 | |||||||||
| 8.25%(1) |
01/15/32 | 425,000 | 445,736 | |||||||||
| NGL Energy Operating LLC/NGL Energy Finance Corp. |
02/15/32 | 942,000 | 922,265 | |||||||||
| NGPL PipeCo LLC |
08/15/27 | 40,000 | 39,816 | |||||||||
| Pipeline Funding Co. LLC |
01/15/30 | 136,675 | 140,625 | |||||||||
| Rockies Express Pipeline
LLC |
04/15/40 | 216,000 | 218,482 | |||||||||
| Southern Natural Gas Co.
LLC |
03/15/47 | 65,000 | 55,572 | |||||||||
| TMS Issuer SARL |
08/23/32 | 400,000 | 413,592 | |||||||||
| TransMontaigne Partners
LLC |
06/15/30 | 650,000 | 680,082 | |||||||||
| Venture Global Calcasieu Pass LLC |
||||||||||||
| 3.88%(1) |
11/01/33 | 750,000 | 654,953 | |||||||||
| 4.13%(1) |
08/15/31 | 580,000 | 535,978 | |||||||||
| Venture Global LNG, Inc. |
||||||||||||
| 7.00%(1) |
01/15/30 | 150,000 | 152,258 | |||||||||
| 9.00% (5 yr. CMT + 5.440%)(1),(3),(5) |
09/30/29 | 3,220,000 | 3,222,801 | |||||||||
| 9.88%(1) |
02/01/32 | 779,000 | 841,094 | |||||||||
| Venture Global Plaquemines LNG LLC |
||||||||||||
| 6.50%(1) |
01/15/34 | 128,000 | 131,711 | |||||||||
| 6.75%(1) |
01/15/36 | 1,224,000 | 1,259,496 | |||||||||
|
|
|
|||||||||||
| 10,882,755 | ||||||||||||
|
|
|
|||||||||||
| Real Estate—0.1% |
||||||||||||
| Blackstone Property Partners Europe Holdings SARL (Luxembourg) |
05/04/28 | EUR | 195,000 | 212,275 | ||||||||
| Vonovia SE (Germany) |
||||||||||||
| 0.75%(4) |
09/01/32 | EUR | 100,000 | 94,729 | ||||||||
| 1.50%(4) |
06/14/41 | EUR | 600,000 | 460,501 | ||||||||
|
|
|
|||||||||||
| 767,505 | ||||||||||||
|
|
|
|||||||||||
| REIT—0.9% |
||||||||||||
| American Assets Trust LP |
02/01/31 | 500,000 | 447,500 | |||||||||
| American Homes 4 Rent LP |
07/15/51 | 675,000 | 443,995 | |||||||||
| American Tower Corp. |
||||||||||||
| 2.10% |
06/15/30 | 1,050,000 | 932,358 | |||||||||
| 4.90% |
03/15/30 | 500,000 | 504,970 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| REIT (Continued) |
||||||||||||
| Americold Realty Operating Partnership LP (REIT) |
05/15/32 | $ | 1,120,000 | $ | 1,121,445 | |||||||
| Boston Properties LP (REIT) |
10/01/26 | 10,000 | 9,783 | |||||||||
| Crown Castle, Inc. (REIT) |
04/01/31 | 1,250,000 | 1,076,500 | |||||||||
| Digital Dutch Finco BV |
||||||||||||
| 1.25%(4) |
02/01/31 | EUR | 220,000 | 224,551 | ||||||||
| 3.88%(4) |
03/15/35 | EUR | 500,000 | 563,576 | ||||||||
| Equinix Europe 2 Financing Corp. LLC (REIT) |
11/22/34 | EUR | 490,000 | 544,867 | ||||||||
| Extra Space Storage LP |
10/15/31 | 71,000 | 61,458 | |||||||||
| GLP Capital LP/GLP Financing II, Inc. |
||||||||||||
| 4.00% |
01/15/31 | 73,000 | 68,851 | |||||||||
| 5.38% |
04/15/26 | 1,040,000 | 1,040,354 | |||||||||
| 5.75% |
06/01/28 | 10,000 | 10,221 | |||||||||
| Healthcare Realty Holdings LP |
||||||||||||
| 3.10% |
02/15/30 | 35,000 | 32,508 | |||||||||
| 3.63% |
01/15/28 | 150,000 | 145,786 | |||||||||
| Host Hotels & Resorts LP (REIT) |
06/15/32 | 1,475,000 | 1,497,199 | |||||||||
| Hudson Pacific Properties LP |
||||||||||||
| 3.25% |
01/15/30 | 422,000 | 338,060 | |||||||||
| 3.95% |
11/01/27 | 576,000 | 545,351 | |||||||||
| 5.95% |
02/15/28 | 638,000 | 612,346 | |||||||||
| Iron Mountain, Inc.
(REIT) |
01/15/33 | 335,000 | 340,799 | |||||||||
| Lineage OP LP |
07/15/30 | 1,160,000 | 1,165,231 | |||||||||
| LXP Industrial Trust |
09/15/30 | 160,000 | 142,971 | |||||||||
| Prologis Euro Finance LLC |
||||||||||||
| 4.00% |
05/05/34 | EUR | 290,000 | 340,959 | ||||||||
| 4.63% |
05/23/33 | EUR | 150,000 | 184,825 | ||||||||
| Realty Income Corp. |
06/20/31 | EUR | 450,000 | 513,663 | ||||||||
| VICI Properties LP |
05/15/52 | 50,000 | 45,834 | |||||||||
| VICI Properties LP/VICI Note Co., Inc. |
||||||||||||
| 3.88%(1) |
02/15/29 | 30,000 | 29,048 | |||||||||
| 5.75%(1) |
02/01/27 | 65,000 | 65,710 | |||||||||
| WP Carey, Inc. (REIT) |
07/23/32 | EUR | 200,000 | 236,760 | ||||||||
|
|
|
|||||||||||
| 13,287,479 | ||||||||||||
|
|
|
|||||||||||
| Retail—0.6% |
||||||||||||
| BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. |
07/01/32 | 1,990,000 | 2,051,809 | |||||||||
| Ferrellgas LP/Ferrellgas Finance Corp. |
||||||||||||
| 5.38%(1) |
04/01/26 | 810,000 | 804,306 | |||||||||
| 5.88%(1) |
04/01/29 | 926,000 | 855,994 | |||||||||
| FirstCash, Inc. |
03/01/32 | 320,000 | 328,714 | |||||||||
| LCM Investments Holdings II
LLC |
08/01/31 | 50,000 | 52,902 | |||||||||
| Lithia Motors, Inc. |
06/01/29 | 325,000 | 307,648 | |||||||||
| Macy’s Retail Holdings
LLC |
08/01/33 | 676,000 | 678,873 | |||||||||
| Michaels Cos., Inc. |
||||||||||||
| 5.25%(1) |
05/01/28 | 2,299,000 | 1,840,487 | |||||||||
| 7.88%(1) |
05/01/29 | 210,000 | 140,633 | |||||||||
| Murphy Oil USA, Inc. |
02/15/31 | 58,000 | 53,389 | |||||||||
| Papa John’s International,
Inc. |
09/15/29 | 695,000 | 668,659 | |||||||||
| Raising Cane’s Restaurants
LLC |
05/01/29 | 320,000 | 338,266 | |||||||||
| Staples, Inc. |
09/01/29 | 175,000 | 164,124 | |||||||||
| Suburban Propane Partners LP/Suburban Energy Finance Corp. |
06/01/31 | 435,000 | 409,109 | |||||||||
|
|
|
|||||||||||
| 8,694,913 | ||||||||||||
|
|
|
|||||||||||
| Semiconductors—0.1% |
||||||||||||
| Foundry JV Holdco LLC |
01/25/31 | 185,000 | 189,013 | |||||||||
| Intel Corp. |
||||||||||||
| 2.00% |
08/12/31 | 560,000 | 476,140 | |||||||||
| 3.73% |
12/08/47 | 1,000,000 | 684,830 | |||||||||
| 5.70% |
02/10/53 | 130,000 | 117,240 | |||||||||
|
|
|
|||||||||||
| 1,467,223 | ||||||||||||
|
|
|
|||||||||||
| Software—0.6% |
||||||||||||
| Cloud Software Group,
Inc. |
09/30/29 | 440,000 | 455,761 | |||||||||
| Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL |
05/01/29 | 678,000 | 692,435 | |||||||||
| Open Text Corp. (Canada) |
12/01/27 | 760,000 | 785,012 | |||||||||
| Open Text Holdings, Inc.
(Canada) |
12/01/31 | 2,350,000 | 2,141,907 | |||||||||
| Oracle Corp. |
08/03/28 | 880,000 | 889,786 | |||||||||
| Paychex, Inc. |
04/15/30 | 2,380,000 | 2,432,455 | |||||||||
| RingCentral, Inc. |
08/15/30 | 336,000 | 358,532 | |||||||||
| SS&C Technologies,
Inc. |
09/30/27 | 52,000 | 52,011 | |||||||||
| TeamSystem SpA (Italy) |
07/01/32 | EUR | 800,000 | 913,772 | ||||||||
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
02/01/29 | 282,000 | 265,280 | |||||||||
|
|
|
|||||||||||
| 8,986,951 | ||||||||||||
|
|
|
|||||||||||
| Telecommunications—0.8% |
||||||||||||
| Altice Financing SA (Luxembourg) |
||||||||||||
| 5.75%(1) |
08/15/29 | 2,393,000 | 1,834,187 | |||||||||
| 9.63%(1) |
07/15/27 | 1,321,000 | 1,215,650 | |||||||||
| Consolidated Communications,
Inc. |
10/01/28 | 1,363,000 | 1,385,558 | |||||||||
| EchoStar Corp. |
11/30/29 | 688,000 | 725,929 | |||||||||
| Frontier Communications Holdings LLC |
||||||||||||
| 5.88%(1) |
10/15/27 | 155,000 | 155,124 | |||||||||
| 8.63%(1) |
03/15/31 | 1,351,000 | 1,433,289 | |||||||||
| Global Switch Finance BV (United
Kingdom) |
10/07/30 | EUR | 725,000 | 775,287 | ||||||||
| Level 3 Financing, Inc. |
06/30/33 | 380,000 | 385,810 | |||||||||
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |
09/20/29 | 370,150 | 371,542 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Telecommunications (Continued) |
||||||||||||
| T-Mobile USA, Inc. |
||||||||||||
| 2.55% |
02/15/31 | $ | 996,000 | $ | 890,384 | |||||||
| 5.13% |
05/15/32 | 1,075,000 | 1,090,888 | |||||||||
| Vmed O2 U.K. Financing I PLC (United Kingdom) |
07/15/31 | 69,000 | 63,927 | |||||||||
| Windstream Services LLC/Windstream Escrow Finance Corp. |
10/01/31 | 417,000 | 437,104 | |||||||||
| Zayo Group Holdings,
Inc. |
03/01/27 | 850,000 | 809,710 | |||||||||
|
|
|
|||||||||||
| 11,574,389 | ||||||||||||
|
|
|
|||||||||||
| Transportation—0.1% |
||||||||||||
| Aurizon Network Pty. Ltd.
(Australia) |
09/02/30 | AUD | 1,700,000 | 983,462 | ||||||||
| Pacific National Finance Pty. Ltd. (Australia) |
09/24/29 | AUD | 1,650,000 | 982,488 | ||||||||
|
|
|
|||||||||||
| 1,965,950 | ||||||||||||
|
|
|
|||||||||||
| Water—0.2% |
||||||||||||
| Holding d’Infrastructures des Metiers de l’Environnement (France) |
10/24/29 | EUR | 200,000 | 238,070 | ||||||||
| Suez SACA (France) |
05/24/34 | EUR | 200,000 | 214,566 | ||||||||
| United Utilities Water Finance PLC (United Kingdom) |
05/23/34 | EUR | 420,000 | 482,721 | ||||||||
| Yorkshire Water Finance PLC (United
Kingdom) |
11/18/34 | GBP | 1,550,000 | 2,108,295 | ||||||||
|
|
|
|||||||||||
| 3,043,652 | ||||||||||||
|
|
|
|||||||||||
| Total Corporate Bonds (Cost: $253,700,887) |
|
257,538,885 | ||||||||||
|
|
|
|||||||||||
| MUNICIPAL BONDS—0.2% |
||||||||||||
| City of Los Angeles Department of Airports, Revenue Bond |
05/15/38 | 100,000 | 89,862 | |||||||||
| City of New York, Series F |
04/01/31 | 155,000 | 148,852 | |||||||||
| County of Miami-Dade Aviation Revenue, Revenue Bond |
10/01/32 | 100,000 | 87,428 | |||||||||
| Empire State Development Corp., Revenue Bond |
||||||||||||
| 2.54% |
03/15/34 | 135,000 | 113,514 | |||||||||
| 2.54% |
03/15/34 | 40,000 | 33,757 | |||||||||
| Empire State Development Corp., Series F |
03/15/33 | 100,000 | 82,275 | |||||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Series
B-3 |
08/01/32 | 75,000 | 62,725 | |||||||||
| New York City Transitional Finance Authority, Revenue Bonds |
11/01/53 | 1,700,000 | 1,710,101 | |||||||||
| New York State Thruway Authority, Revenue Bonds |
03/15/59 | 520,000 | 522,018 | |||||||||
| State of Ohio, Revenue Bond |
01/01/32 | 100,000 | 90,084 | |||||||||
|
|
|
|||||||||||
| Total Municipal Bonds (Cost: $3,051,155) |
|
2,940,616 | ||||||||||
|
|
|
|||||||||||
| FOREIGN GOVERNMENT BONDS—1.1% |
||||||||||||
| Brazil Government International Bonds |
||||||||||||
| 6.00% |
10/20/33 | 1,420,000 | 1,404,337 | |||||||||
| 6.13% |
03/15/34 | 1,014,000 | 1,004,692 | |||||||||
| Colombia Government International Bonds |
11/14/35 | 1,110,000 | 1,140,114 | |||||||||
| Costa Rica Government International
Bonds |
04/03/34 | 1,014,000 | 1,059,884 | |||||||||
| Finance Department Government of
Sharjah |
11/23/32 | 200,000 | 211,906 | |||||||||
| Guatemala Government Bonds |
||||||||||||
| 3.70%(4) |
10/07/33 | 707,000 | 604,209 | |||||||||
| 5.25%(4) |
08/10/29 | 310,000 | 308,757 | |||||||||
| 5.25%(4) |
08/10/29 | 300,000 | 298,797 | |||||||||
| Indonesia Government International Bonds |
09/10/34 | 200,000 | 196,674 | |||||||||
| Israel Government International Bonds |
02/19/30 | 440,000 | 449,680 | |||||||||
| Mexico Government International Bonds |
||||||||||||
| 2.66% |
05/24/31 | 814,000 | 705,046 | |||||||||
| 4.88% |
05/19/33 | 1,166,000 | 1,097,602 | |||||||||
| 6.35% |
02/09/35 | 810,000 | 824,580 | |||||||||
| Panama Government International Bonds |
||||||||||||
| 2.25% |
09/29/32 | 1,014,000 | 777,119 | |||||||||
| 6.40% |
02/14/35 | 1,014,000 | 998,111 | |||||||||
| Paraguay Government International Bonds |
||||||||||||
| 4.95%(4) |
04/28/31 | 414,000 | 411,516 | |||||||||
| 4.95%(4) |
04/28/31 | 400,000 | 397,600 | |||||||||
| Perusahaan Penerbit SBSN Indonesia
III |
06/23/30 | 200,000 | 185,444 | |||||||||
| Republic of South Africa Government International Bonds |
||||||||||||
| 5.88% |
06/22/30 | 1,115,000 | 1,110,339 | |||||||||
| 5.88% |
04/20/32 | 1,014,000 | 991,023 | |||||||||
| Romania Government International Bonds |
||||||||||||
| 3.63%(4) |
03/27/32 | 910,000 | 795,522 | |||||||||
| 5.75%(4) |
03/24/35 | 990,000 | 938,570 | |||||||||
| 6.63%(1) |
05/16/36 | 700,000 | 699,048 | |||||||||
| Uruguay Government International Bonds |
02/14/37 | 200,000 | 204,364 | |||||||||
|
|
|
|||||||||||
| Total Foreign Government Bonds (Cost: $16,566,102) |
|
16,814,934 | ||||||||||
|
|
|
|||||||||||
| ASSET-BACKED SECURITIES—16.4% |
||||||||||||
| 522 Funding CLO Ltd. Series 2020-6A, Class CR2 |
10/23/34 | 1,100,000 | 1,100,982 | |||||||||
| Adagio IV CLO Ltd. Series IV-X, Class B1RR |
04/15/34 | EUR | 975,000 | 1,108,093 | ||||||||
| AGL CLO 13 Ltd. Series 2021-13A, Class B |
10/20/34 | 600,000 | 600,030 | |||||||||
| AIMCO CLO Series 2017-AA, Class
SUB |
01/20/38 | 4,250,000 | 2,513,140 | |||||||||
| AIMCO CLO 14 Ltd. Series 2021-14A, Class
SUB |
04/20/34 | 700,000 | 475,354 | |||||||||
| Alinea CLO Ltd. Series 2018-1A, Class DR |
07/20/31 | 750,000 | 751,012 | |||||||||
| Allegro CLO XVI Ltd. Series 2024-1A, Class C |
04/25/37 | 1,000,000 | 1,007,648 | |||||||||
| ALLO Issuer LLC Series 2023-1A, Class
C |
06/20/53 | 469,000 | 503,257 | |||||||||
| ALLO Issuer LLC Series 2024-1A, Class
C |
07/20/54 | 2,734,000 | 2,965,031 | |||||||||
| ALLO Issuer LLC Series 2025-1A, Class
C |
04/20/55 | 1,750,000 | 1,764,212 | |||||||||
| AMMC CLO 23 Ltd. Series 2020-23A, Class D1R3 |
07/17/38 | 3,200,000 | 3,209,120 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| ASSET-BACKED SECURITIES (Continued) |
||||||||||||
| AMMC CLO 24 Ltd. Series 2021-24A, Class BR |
01/20/35 | $ | 700,000 | $ | 700,774 | |||||||
| AMMC CLO 24 Ltd. Series 2021-24A, Class ER |
01/20/35 | 1,000,000 | 1,002,532 | |||||||||
| AMMC CLO 27 Ltd. Series 2022-27A, Class CR |
01/20/37 | 3,000,000 | 3,003,681 | |||||||||
| AMSR Trust Series 2020-SFR5, Class
G |
11/17/37 | 5,000,000 | 4,968,379 | |||||||||
| AMSR Trust Series 2021-SFR2, Class
F1 |
08/17/38 | 1,225,000 | 1,193,060 | |||||||||
| AMSR Trust Series 2021-SFR2, Class
F2 |
08/17/38 | 3,850,000 | 3,753,564 | |||||||||
| AMSR Trust Series 2021-SFR3, Class
H |
10/17/38 | 1,500,000 | 1,467,656 | |||||||||
| AMSR Trust Series 2022-SFR1, Class
G |
03/17/39 | 3,290,000 | 3,213,889 | |||||||||
| AMSR Trust Series 2024-SFR1, Class
E |
07/17/41 | 4,653,000 | 4,380,337 | |||||||||
| Angel Oak Mortgage Trust Series 2025-HB1, Class M3 |
02/25/55 | 1,832,000 | 1,847,722 | |||||||||
| Aqueduct European CLO 9 DAC Series 2025-9A, Class B |
04/15/38 | EUR | 1,775,000 | 2,022,591 | ||||||||
| Arbour CLO VI DAC Series 6A, Class BR |
11/15/37 | EUR | 1,500,000 | 1,713,425 | ||||||||
| Arbour CLO VII DAC Series 7A, Class BR |
12/15/38 | EUR | 1,350,000 | 1,542,468 | ||||||||
| Aurium CLO XIII DAC Series 13A, Class B |
04/15/38 | EUR | 1,775,000 | 2,017,932 | ||||||||
| Avis Budget Rental Car Funding AESOP LLC Series 2021- 1A, Class D |
08/20/27 | 1,540,000 | 1,506,390 | |||||||||
| Avis Budget Rental Car Funding AESOP LLC Series 2021- 2A, Class D |
02/20/28 | 3,682,000 | 3,556,518 | |||||||||
| Avis Budget Rental Car Funding AESOP LLC Series 2023- 3A, Class D |
02/20/28 | 2,830,000 | 2,847,667 | |||||||||
| Avis Budget Rental Car Funding AESOP LLC Series 2023- 5A, Class D |
04/20/28 | 1,530,000 | 1,547,084 | |||||||||
| Bain Capital Credit CLO Ltd. Series 2021-3A, Class CR |
07/24/34 | 1,200,000 | 1,201,799 | |||||||||
| Bardot CLO Ltd. Series 2019-2A, Class DRR |
10/22/32 | 1,200,000 | 1,193,292 | |||||||||
| Basswood Park CLO Ltd. Series 2021-1A, Class SUB |
04/20/34 | 3,000,000 | 1,651,251 | |||||||||
| Bayard Park CLO Ltd. Series 2025-1A, Class SUB |
07/24/38 | 2,150,000 | 1,973,485 | |||||||||
| BCRED CLO LLC Series 2023-1A, Class A |
01/20/36 | 1,200,000 | 1,204,076 | |||||||||
| Blue Stream Issuer LLC Series 2024-1A, Class C |
11/20/54 | 2,430,000 | 2,564,187 | |||||||||
| BMO SBA COOF Trust Series 2019-1, Class A (I/O) |
10/25/45 | 1,736,205 | 65,101 | |||||||||
| Capital Street Master Trust Series 2024-1, Class A |
10/16/28 | 1,100,000 | 1,100,211 | |||||||||
| Carvana Auto Receivables Trust Series 2020-P1, Class R |
09/08/27 | 1,300 | 98,377 | |||||||||
| Carvana Auto Receivables Trust Series 2021-N3, Class R |
06/12/28 | 1,500 | 96,090 | |||||||||
| Carvana Auto Receivables Trust Series 2022-P2, Class R |
05/10/29 | 3,050 | 363,066 | |||||||||
| Carvana Auto Receivables Trust Series 2023-N3, Class R |
09/10/30 | 2,200 | 453,296 | |||||||||
| Carvana Auto Receivables Trust Series 2023-N3, Class XS (I/O) |
09/10/30 | 16,629,823 | 301,149 | |||||||||
| Carvana Auto Receivables Trust Series 2023-P1, Class R |
03/11/30 | 3,100 | 257,594 | |||||||||
| Carvana Auto Receivables Trust Series 2023-P2, Class R |
06/10/30 | 2,000 | 198,521 | |||||||||
| Carvana Auto Receivables Trust Series 2023-P3, Class R |
08/12/30 | 2,000 | 238,929 | |||||||||
| Castlelake Aircraft Structured Trust Series 2025-1A, Class A |
02/15/50 | 3,433,851 | 3,467,332 | |||||||||
| Castlelake Aircraft Structured Trust Series 2025-2A, Class A |
08/15/50 | 2,135,000 | 2,134,946 | |||||||||
| CIFC Funding Ltd. Series 2017-4A, Class A2R |
10/24/30 | 575,000 | 575,316 | |||||||||
| CIFC Funding Ltd. Series 2018-1A, Class
SUB |
01/18/38 | 575,000 | 224,758 | |||||||||
| CIFC Funding Ltd. Series 2022-2A, Class
B |
04/19/35 | 475,000 | 342,592 | |||||||||
| CLI Funding VIII LLC Series 2022-1A, Class
B |
01/18/47 | 234,784 | 212,038 | |||||||||
| Cloud Capital Holdco LP Series 2024-1A, Class A2 |
11/22/49 | 1,860,000 | 1,883,600 | |||||||||
| Cologix Data Centers U.S. Issuer LLC Series 2021-1A, Class A2 |
12/26/51 | 2,000,000 | 1,933,695 | |||||||||
| Cologix Data Centers U.S. Issuer LLC Series 2021-1A, Class C |
12/26/51 | 3,400,000 | 3,332,265 | |||||||||
| Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC Series 2025-1A, Class C |
05/20/55 | 2,890,000 | 3,018,227 | |||||||||
| CoreVest American Finance Ltd. Series 2021-1, Class XB (I/O) |
04/15/53 | 4,459,000 | 202,648 | |||||||||
| CVC Cordatus Loan Fund XXI DAC Series 21X, Class B1 |
09/22/34 | EUR | 1,200,000 | 1,369,982 | ||||||||
| DailyPay Securitization Trust Series 2025-1A, Class B |
06/26/28 | 2,920,000 | 2,930,724 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| ASSET-BACKED SECURITIES (Continued) |
||||||||||||
| Davis Park CLO Ltd. Series 2022-1A, Class D1R |
07/20/38 | $ | 3,500,000 | $ | 3,479,875 | |||||||
| Dryden 45 Senior Loan Fund Series 2016-45A, Class CRR |
10/15/30 | 1,300,000 | 1,301,344 | |||||||||
| Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR |
04/15/29 | 14,776 | 14,807 | |||||||||
| Elmwood CLO 17 Ltd. Series 2022-4A, Class SUB |
07/17/37 | 4,000,000 | 2,712,468 | |||||||||
| Elmwood CLO III Ltd. Series 2019-3A, Class ERR |
07/18/37 | 1,900,000 | 1,906,639 | |||||||||
| Elmwood CLO III Ltd. Series 2019-3A, Class SUB |
07/18/37 | 3,500,000 | 1,962,478 | |||||||||
| Elmwood CLO VI Ltd. Series 2020-3A, Class D1RR |
07/18/37 | 3,400,000 | 3,413,991 | |||||||||
| eStruxture Issuer LP Series 2025-1, Class
A2 |
07/20/55 | CAD | 4,740,000 | 3,437,595 | ||||||||
| FHF Issuer Trust Series 2025-1A, Class
D |
06/15/32 | 890,000 | 899,443 | |||||||||
| Fidelity Grand Harbour CLO DAC Series 2023-1A, Class B1R |
02/15/38 | EUR | 2,140,000 | 2,441,190 | ||||||||
| Flexential Issuer Series 2021-1A, Class
A2 |
11/27/51 | 2,250,000 | 2,174,020 | |||||||||
| Flexential Issuer Series 2021-1A, Class
B |
11/27/51 | 3,000,000 | 2,887,287 | |||||||||
| FRTKL Group, Inc. Series 2021-SFR1, Class
F |
09/17/38 | 1,779,000 | 1,693,042 | |||||||||
| GLS Auto Receivables Issuer Trust Series 2023-2A, Class D |
03/15/29 | 1,110,000 | 1,133,696 | |||||||||
| Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA, Class A2R |
01/20/36 | 800,000 | 805,025 | |||||||||
| Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1 |
11/09/36 | 1,200,000 | 1,206,624 | |||||||||
| Harriman Park CLO Ltd. Series 2020-1A, Class ERR |
07/20/38 | 1,950,000 | 1,935,180 | |||||||||
| Hertz Vehicle Financing III LP Series 2021-2A, Class C |
12/27/27 | 950,000 | 913,105 | |||||||||
| HOA Funding LLC Series 2021-1A, Class
A2 |
08/20/51 | 814,278 | 187,294 | |||||||||
| Hotwire Funding LLC Series 2021-1, Class
C |
11/20/51 | 3,000,000 | 2,924,360 | |||||||||
| Hotwire Funding LLC Series 2024-1A, Class
C |
06/20/54 | 2,250,000 | 2,356,308 | |||||||||
| HPS Loan Management Ltd. Series 2024-19A, Class C2 |
04/15/37 | 1,000,000 | 1,005,367 | |||||||||
| Huntington Bank Auto Credit-Linked Notes Series 2025-1, Class D |
03/21/33 | 1,084,051 | 1,084,890 | |||||||||
| Invesco CLO Ltd. Series 2021-2A, Class
SUB |
07/15/34 | 5,000,000 | 1,669,805 | |||||||||
| Invesco CLO Ltd. Series 2021-2A, Class
Y |
07/15/34 | 500,000 | — | |||||||||
| Invesco U.S. CLO Ltd. Series 2024-4A, Class SUB |
01/15/38 | 1,400,000 | 1,142,120 | |||||||||
| Invesco U.S. CLO Ltd. Series 2024-4A, Class Y |
01/15/38 | 1,400,000 | — | |||||||||
| JG Wentworth XLII LLC Series 2018-2A, Class B |
10/15/77 | 144,206 | 130,043 | |||||||||
| JG Wentworth XXXIX LLC Series 2017-2A, Class B |
09/17/74 | 268,427 | 241,114 | |||||||||
| JGWPT XXX LLC Series 2013-3A,
Class A |
01/17/73 | 31,383 | 29,411 | |||||||||
| JGWPT XXXII LLC Series 2014-2A,
Class A |
01/17/73 | 31,685 | 28,471 | |||||||||
| LCM 35 Ltd. Series 35A, Class BR |
10/15/34 | 1,700,000 | 1,701,870 | |||||||||
| Lunar Structured Aircraft Portfolio Notes Series 2021-1, Class A |
10/15/46 | 1,398,781 | 1,306,215 | |||||||||
| Madison Park Funding XLVIII Ltd. Series 2021-48A, Class A |
04/19/33 | 900,141 | 903,742 | |||||||||
| Magnetite XLII Ltd. Series 2024-42A, Class SUB |
01/25/38 | 1,000,000 | 862,972 | |||||||||
| Mid-State Trust XI Series 11, Class A1 |
07/15/38 | 787 | 785 | |||||||||
| Navient Student Loan Trust Series 2018-4A, Class B |
06/27/67 | 850,000 | 797,283 | |||||||||
| NCFA LLC – Loan Participation
1 |
06/12/28 | 2,615,980 | 2,615,980 | |||||||||
| NCFA LLC – Loan Participation
2 |
12/19/27 | 4,042,586 | 4,042,586 | |||||||||
| NCFA LLC – Loan Participation 3 |
04/11/30 | 3,800,000 | 3,800,000 | |||||||||
| Nelnet Student Loan Trust Series 2007-1, Class B2 |
08/25/37 | 785,000 | 700,376 | |||||||||
| Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class ER3 |
07/22/38 | 1,800,000 | 1,833,039 | |||||||||
| Neuberger Berman Loan Advisers CLO 26 Ltd. (17-26A) |
10/18/38 | 5,540,000 | 2,357,680 | |||||||||
| Neuberger Berman Loan Advisers CLO 40 Ltd. Series 2021- 40A, Class SUB |
04/16/33 | 275,000 | 132,384 | |||||||||
| NewDay Funding Series 2025-2A, Class E |
07/15/33 | GBP | 2,500,000 | 3,309,370 | ||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| ASSET-BACKED SECURITIES (Continued) |
||||||||||||
| Newday Funding Master Issuer PLC Series 2024-2X, Class E |
07/15/32 | GBP | 1,600,000 | $ | 2,138,519 | |||||||
| OCP Aegis CLO Ltd. Series 2023-29A, Class D2R |
01/20/36 | $ | 1,100,000 | 1,101,519 | ||||||||
| OCP CLO Ltd. Series 2021-23A, Class
SUB |
01/17/37 | 4,395,000 | 2,215,735 | |||||||||
| Palmer Square CLO Ltd. Series 2015-1A, Class BR5 |
05/21/34 | 1,300,000 | 1,304,728 | |||||||||
| Palmer Square CLO Ltd. Series 2015-1A, Class CR5 |
05/21/34 | 2,500,000 | 2,499,913 | |||||||||
| Palmer Square CLO Ltd. Series 2021-1A, Class SUB |
04/20/38 | 2,212,000 | 1,541,386 | |||||||||
| Palmer Square European Loan Funding DAC Series 2024- 3A, Class B |
05/15/34 | EUR | 1,400,000 | 1,598,159 | ||||||||
| PHEAA Student Loan Trust Series 2014-3A, Class A |
08/25/40 | 14,183 | 14,055 | |||||||||
| PRET LLC Series 2021-RN3, Class
A1 |
09/25/51 | 3,474,201 | 3,467,708 | |||||||||
| PRET LLC Series 2025-NPL6, Class
A1 |
06/25/55 | 3,644,578 | 3,629,614 | |||||||||
| PRET LLC Series 2025-NPL8, Class
A1 |
07/25/55 | 4,790,000 | 4,789,990 | |||||||||
| Progress Residential Trust Series 2021-SFR10, Class F |
12/17/40 | 1,150,062 | 1,114,556 | |||||||||
| Progress Residential Trust Series 2021-SFR10, Class H |
12/17/40 | 4,235,789 | 4,033,636 | |||||||||
| Progress Residential Trust Series 2021-SFR9, Class E1 |
11/17/40 | 1,531,000 | 1,427,545 | |||||||||
| Progress Residential Trust Series 2022-SFR1, Class G |
02/17/41 | 5,160,000 | 4,992,453 | |||||||||
| Progress Residential Trust Series 2022-SFR3, Class E2 |
04/17/39 | 1,646,000 | 1,631,903 | |||||||||
| Progress Residential Trust Series 2024-SFR5, Class E2 |
08/09/29 | 2,050,000 | 1,859,192 | |||||||||
| Rockford Tower CLO Ltd. Series 2017-3A, Class A |
10/20/30 | 166,506 | 166,791 | |||||||||
| Rockford Tower CLO Ltd. Series 2019-2A, Class BR2 |
08/20/32 | 2,000,000 | 2,004,548 | |||||||||
| Rockford Tower CLO Ltd. Series 2021-3A, Class D2R |
01/15/38 | 2,850,000 | 2,821,762 | |||||||||
| Rockford Tower CLO Ltd. Series 2023-1A, Class D |
01/20/36 | 850,000 | 854,331 | |||||||||
| Sabey Data Center Issuer LLC Series 2021-1, Class A2 |
06/20/46 | 1,325,000 | 1,286,346 | |||||||||
| Sabey Data Center Issuer LLC Series 2023-1, Class A2 |
04/20/48 | 175,000 | 175,419 | |||||||||
| Saluda Grade Alternative Mortgage Trust Series 2024-FIG5, Class E |
04/25/54 | 2,784,873 | 2,859,723 | |||||||||
| Santander Consumer Auto Receivables Trust Series 2020- BA, Class R |
08/15/28 | 2,000 | 594,915 | |||||||||
| Santander Consumer Auto Receivables Trust Series 2021- CA, Class R |
06/15/28 | 5,150 | 534,325 | |||||||||
| Sierra Timeshare Receivables Funding LLC Series 2024-2A, Class C |
06/20/41 | 544,355 | 547,703 | |||||||||
| Sierra Timeshare Receivables Funding LLC Series 2025-2A, Class D |
04/20/44 | 1,890,000 | 1,894,060 | |||||||||
| Skyline Aviation, Inc.
Class A |
07/03/38 | 408,778 | 378,713 | |||||||||
| Slam Ltd. Series 2024-1A,
Class A |
09/15/49 | 2,055,587 | 2,056,974 | |||||||||
| SLM Student Loan Trust Series 2004-1, Class B |
07/25/39 | 101,516 | 95,991 | |||||||||
| SLM Student Loan Trust Series 2008-5, Class A4 |
07/25/23 | 26,520 | 26,657 | |||||||||
| SLM Student Loan Trust Series 2008-7, Class A4 |
07/25/23 | 6,663 | 6,546 | |||||||||
| SLM Student Loan Trust Series 2008-7, Class B |
07/26/83 | 10,000 | 10,039 | |||||||||
| Stratus CLO Ltd. Series 2021-3A, Class
SUB |
12/29/29 | 975,000 | 146 | |||||||||
| Switch ABS Issuer LLC Series 2024-1A, Class B |
03/25/54 | 400,000 | 402,330 | |||||||||
| Switch ABS Issuer LLC Series 2024-2A, Class C |
06/25/54 | 2,350,000 | 2,459,022 | |||||||||
| Taco Bell Funding LLC Series 2016-1A, Class A23 |
05/25/46 | 721,875 | 721,240 | |||||||||
| Taco Bell Funding LLC Series 2021-1A, Class A2I |
08/25/51 | 953,025 | 909,619 | |||||||||
| Textainer Marine Containers VII Ltd. Series 2021-1A, Class B |
02/20/46 | 496,195 | 455,970 | |||||||||
| Tricon Residential Trust Series 2022-SFR1, Class E2 |
04/17/39 | 1,600,000 | 1,590,054 | |||||||||
| Tricon Residential Trust Series 2024-SFR4, Class D |
11/17/41 | 1,480,000 | 1,464,220 | |||||||||
| Trinitas CLO XXII Ltd. Series 2023-22A, Class D1R |
03/20/38 | 1,740,000 | 1,746,525 | |||||||||
| Vantage Data Centers Jersey Borrower SPV Ltd. Series 2024-1A, Class A2 |
05/28/39 | GBP | 1,550,000 | 2,106,139 | ||||||||
| Vault DI Issuer LLC Series 2021-1A, Class
A2 |
07/15/46 | 1,700,000 | 1,651,611 | |||||||||
| VB-S1 Issuer LLC Series 2022-1A, Class
F |
02/15/52 | 2,075,000 | 1,960,605 | |||||||||
| Vista Point Securitization Trust Series 2024-CES2, Class A3 |
10/25/54 | 700,000 | 698,984 | |||||||||
| Vista Point Securitization Trust Series 2024-CES2, Class B1 |
10/25/54 | 1,000,000 | 1,002,922 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| ASSET-BACKED SECURITIES (Continued) |
||||||||||||
| Voya CLO Ltd. Series 2019-4A, Class ER |
01/15/35 | $ | 1,351,000 | $ | 1,354,498 | |||||||
| Wendy’s Funding LLC Series 2019-1A, Class A2I |
06/15/49 | 1,743,226 | 1,720,412 | |||||||||
| Western Funding Auto Loan Trust Series 2025-1, Class D |
01/15/36 | 2,500,000 | 2,498,780 | |||||||||
| Whetstone Park CLO Ltd. Series 2021-1A, Class SUB |
01/20/35 | 2,180,000 | 1,125,580 | |||||||||
| Wingstop Funding LLC Series 2020-1A, Class A2 |
12/05/50 | 1,477,500 | 1,406,208 | |||||||||
| Wireless PropCo Funding LLC Series 2025-1A, Class C |
06/25/55 | 2,250,000 | 2,265,477 | |||||||||
| Ziply Fiber Issuer LLC Series 2024-1A, Class B |
04/20/54 | 825,000 | 852,233 | |||||||||
|
|
|
|||||||||||
| Total Asset-backed Securities (Cost: $246,851,926) |
246,421,398 | |||||||||||
|
|
|
|||||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES—AGENCY—0.1% |
||||||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K037,
Class X3 (I/O) |
01/25/42 | 14,744 | — | |||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049,
Class X3 (I/O) |
10/25/43 | 675,585 | 7 | |||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K056,
Class X3 (I/O) |
06/25/44 | 6,243,936 | 105,537 | |||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K062,
Class X3 (I/O) |
01/25/45 | 2,999,971 | 78,731 | |||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K106,
Class X1 (I/O) |
01/25/30 | 9,148,991 | 454,120 | |||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K732,
Class X3 (I/O) |
05/25/46 | 2,995,582 | 3,626 | |||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735,
Class X3 (I/O) |
05/25/47 | 3,160,000 | 51,237 | |||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K736,
Class X3 (I/O) |
09/25/47 | 2,495,000 | 44,914 | |||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05,
Class X1 (I/O) |
06/25/27 | 595,911 | 7,151 | |||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KLU1,
Class X3 (I/O) |
01/25/31 | 157,111 | 14,694 | |||||||||
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013,
Class XPT2 (I/O) |
05/25/27 | 3,520,276 | 88,503 | |||||||||
| Federal National Mortgage Association, Pool #462209 |
04/01/36 | 41,315 | 41,014 | |||||||||
| Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O) |
07/25/39 | 198,227 | 3,593 | |||||||||
| Federal National Mortgage Association-ACES Series 2016-M2, Class X3 (I/O) |
04/25/36 | 58,928 | 1 | |||||||||
| Federal National Mortgage Association-ACES Series 2016-M4, Class X2 (I/O) |
01/25/39 | 411,907 | 15,265 | |||||||||
| Government National Mortgage Association Series 2009-111, Class IO (I/O) |
09/16/51 | 850,104 | 29,376 | |||||||||
| Government National Mortgage Association Series 2011-119, Class IO (I/O) |
08/16/51 | 1,050,596 | 1,084 | |||||||||
| Government National Mortgage Association Series 2012-123 (I/O) |
12/16/51 | 1,368,568 | 22,324 | |||||||||
| Government National Mortgage Association Series 2012-135 (I/O) |
01/16/53 | 243,414 | 2,760 | |||||||||
| Government National Mortgage Association Series 2013-33, Class IO (I/O) |
04/16/54 | 297,014 | 631 | |||||||||
| Government National Mortgage Association Series 2014-126, Class IO (I/O) |
02/16/55 | 4,381,895 | 132,082 | |||||||||
|
|
|
|||||||||||
| Total Commercial Mortgage-backed Securities—Agency (Cost: $2,441,708) |
1,096,650 | |||||||||||
|
|
|
|||||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY—14.3% |
||||||||||||
| 1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2 |
08/10/35 | 2,715,000 | 2,619,211 | |||||||||
| 1211 Avenue of the Americas Trust Series 2015-1211, Class C |
08/10/35 | 1,080,000 | 1,015,045 | |||||||||
| 1345 Trust Series 2025-AOA, Class D |
06/15/30 | 3,000,000 | 3,012,472 | |||||||||
| 245 Park Avenue Trust Series 2017-245P, Class E |
06/05/37 | 4,800,000 | 4,498,779 | |||||||||
| 280 Park Avenue Mortgage Trust Series 2017-280P, Class C |
09/15/34 | 1,700,000 | 1,679,941 | |||||||||
| 280 Park Avenue Mortgage Trust Series 2017-280P, Class E |
09/15/34 | 3,100,000 | 3,003,401 | |||||||||
| ACRE Multifamily Housing Mortgage Loan Trust Series 2022-Q018, Class B |
06/25/27 | 3,070,725 | 3,073,860 | |||||||||
| AMSR Trust Series 2021-SFR1, Class
G |
06/17/38 | 2,500,000 | 2,365,659 | |||||||||
| AMSR Trust Series 2021-SFR3, Class
G |
10/17/38 | 2,160,000 | 2,091,750 | |||||||||
| AMSR Trust Series 2022-SFR1, Class
F |
03/17/39 | 3,150,000 | 3,123,231 | |||||||||
| AOA Mortgage Trust Series 2021-1177, Class B |
10/15/38 | 1,600,000 | 1,519,156 | |||||||||
| Banc of America Commercial Mortgage Trust Series 2015- UBS7, Class XA (I/O) |
09/15/48 | 3,752,341 | 38 | |||||||||
| Banc of America Commercial Mortgage Trust Series 2015- UBS7, Class XE (I/O) |
09/15/48 | 500,000 | 505 | |||||||||
| Bank Series 2020-BN25, Class
C |
01/15/63 | 1,815,000 | 1,579,850 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued) |
||||||||||||
| BBCMS Trust Series 2015-SRCH, Class
D |
08/10/35 | $ | 5,000,000 | $ | 4,677,124 | |||||||
| Benchmark Mortgage Trust Series 2024-V10, Class C |
09/15/57 | 1,338,000 | 1,328,631 | |||||||||
| Benchmark Mortgage Trust Series 2024-V8, Class C |
07/15/57 | 2,000,000 | 2,081,671 | |||||||||
| BFLD Commercial Mortgage Trust Series 2024-UNIV, Class D |
11/15/41 | 1,850,000 | 1,859,644 | |||||||||
| BGME Trust Series 2021-VR, Class
C |
01/10/43 | 1,600,000 | 1,212,308 | |||||||||
| BGME Trust Series 2021-VR, Class
D |
01/10/43 | 1,700,000 | 1,227,701 | |||||||||
| Blackstone Industrial
Portfolio |
04/09/25 | 187,581 | 185,687 | |||||||||
| BPR Commercial Mortgage Trust Series 2024-PARK, Class E |
11/05/39 | 2,690,000 | 2,921,235 | |||||||||
| BPR Trust Series 2021-TY, Class D |
09/15/38 | 1,750,000 | 1,742,639 | |||||||||
| BX Commercial Mortgage Trust Series 2020-VIV2, Class C |
03/09/44 | 1,100,000 | 1,012,263 | |||||||||
| BX Commercial Mortgage Trust Series 2020-VIVA, Class E |
03/11/44 | 1,200,000 | 1,067,566 | |||||||||
| BX Commercial Mortgage Trust Series 2024-BRBK, Class D |
10/15/41 | 1,147,000 | 1,156,821 | |||||||||
| BX Commercial Mortgage Trust Series 2025-BCAT, Class D |
08/15/42 | 1,380,000 | 1,380,000 | |||||||||
| BX Commercial Mortgage Trust Series 2025-BCAT, Class E |
08/15/42 | 3,600,000 | 3,600,000 | |||||||||
| BX Commercial Mortgage Trust Series 2025-SPOT, Class E |
04/15/40 | 2,300,000 | 2,308,660 | |||||||||
| BX Mortgage Trust Series 2021-PAC, Class G |
10/15/36 | 2,059,000 | 2,048,190 | |||||||||
| BX Trust Series 2021-ARIA, Class F |
10/15/36 | 1,600,000 | 1,599,259 | |||||||||
| BX Trust Series 2021-ARIA, Class G |
10/15/36 | 1,500,000 | 1,495,846 | |||||||||
| BX Trust Series 2021-VIEW, Class E |
06/15/36 | 1,850,000 | 1,856,997 | |||||||||
| BX Trust Series 2022-FOX2, Class E |
04/15/39 | 868,000 | 865,278 | |||||||||
| BX Trust Series 2022-LBA6, Class D |
01/15/39 | 1,240,000 | 1,240,649 | |||||||||
| BX Trust Series 2023-LIFE, Class
C |
02/15/28 | 2,200,000 | 2,104,428 | |||||||||
| BX Trust Series 2024-BIO, Class B |
02/15/41 | 2,000,000 | 2,000,038 | |||||||||
| BX Trust Series 2024-BIO, Class C |
02/15/41 | 927,000 | 926,619 | |||||||||
| BX Trust Series 2024-BIO, Class D |
02/15/41 | 1,530,000 | 1,511,647 | |||||||||
| BX Trust Series 2025-ROIC, Class E |
03/15/30 | 1,627,652 | 1,602,333 | |||||||||
| BX Trust Series 2025-VLT6, Class E |
03/15/42 | 1,400,000 | 1,401,684 | |||||||||
| BX Trust Series 2025-VLT7, Class D |
07/15/44 | 4,000,000 | 4,027,554 | |||||||||
| BXHPP Trust Series 2021-FILM, Class E |
08/15/36 | 1,200,000 | 1,023,944 | |||||||||
| BXP Trust Series 2017-GM, Class
D |
06/13/39 | 1,000,000 | 948,168 | |||||||||
| BXP Trust Series 2017-GM, Class
E |
06/13/39 | 750,000 | 704,215 | |||||||||
| BXSC Commercial Mortgage Trust Series 2022-WSS, Class B |
03/15/35 | 1,809,000 | 1,812,652 | |||||||||
| CD Mortgage Trust Series 2016-CD1, Class XA (I/O) |
08/10/49 | 8,559,443 | 41,764 | |||||||||
| Century Plaza Towers Series 2019-CPT, Class F |
11/13/39 | 450,000 | 340,566 | |||||||||
| CGMS Commercial Mortgage Trust Series 2017-B1, Class XF (I/O) |
08/15/50 | 11,628,000 | 163,744 | |||||||||
| CHI Commercial Mortgage Trust Series 2025-SFT, Class D |
04/15/42 | 1,920,000 | 1,961,479 | |||||||||
| Citigroup Commercial Mortgage Trust Series 2016-GC36, Class XA (I/O) |
02/10/49 | 5,023,126 | 4,958 | |||||||||
| Citigroup Commercial Mortgage Trust Series 2020-555, Class A |
12/10/41 | 1,450,000 | 1,297,545 | |||||||||
| COMM Mortgage Trust Series 2012-CR4, Class XA (I/O) |
10/15/45 | 160,043 | 2,518 | |||||||||
| COMM Mortgage Trust Series 2012-LC4, Class XB (I/O) |
12/10/44 | 980,992 | 10 | |||||||||
| COMM Mortgage Trust Series 2014-CR19, Class XC (I/O) |
08/10/47 | 1,200,000 | 4,332 | |||||||||
| COMM Mortgage Trust Series 2014-UBS3, Class XA (I/O) |
06/10/47 | 88,690 | 1 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued) |
||||||||||||
| COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O) |
09/10/47 | $ | 2,070,073 | $ | 21 | |||||||
| COMM Mortgage Trust Series 2015-CR22, Class XA (I/O) |
03/10/48 | 429,373 | 4 | |||||||||
| COMM Mortgage Trust Series 2015-CR25, Class XA (I/O) |
08/10/48 | 532,781 | 5 | |||||||||
| COMM Mortgage Trust Series 2015-LC21, Class XE (I/O) |
07/10/48 | 10,015,000 | 100 | |||||||||
| COMM Mortgage Trust Series 2016-787S, Class D |
02/10/36 | 950,000 | 914,247 | |||||||||
| COMM Mortgage Trust Series 2016-CR28, Class XA (I/O) |
02/10/49 | 10,506,364 | 117 | |||||||||
| Commercial Mortgage Lease-Backed Certificates Series 2001-CMLB, Class X (I/O) |
06/20/31 | 4,045 | 6 | |||||||||
| CONE Trust Series 2024-DFW1, Class B |
08/15/41 | 1,267,000 | 1,273,618 | |||||||||
| CoreVest American Finance Ltd. Series 2019-3, Class XA (I/O) |
10/15/52 | 81,538 | 372 | |||||||||
| CSAIL Commercial Mortgage Trust Series 2015-C2, Class XA (I/O) |
06/15/57 | 1,374,661 | 74 | |||||||||
| CSAIL Commercial Mortgage Trust Series 2019-C16, Class XA (I/O) |
06/15/52 | 546,931 | 25,970 | |||||||||
| DBGS Mortgage Trust Series 2021-W52, Class C |
10/15/36 | 1,350,000 | 1,309,006 | |||||||||
| DBJPM Mortgage Trust Series 2016-C1, Class XA (I/O) |
05/10/49 | 8,457,591 | 11,118 | |||||||||
| DBSG Mortgage Trust Series 2024-ALTA, Class D |
06/10/37 | 500,000 | 502,608 | |||||||||
| Del Amo Fashion Center Trust Series 2017-AMO, Class D |
06/05/35 | 1,515,000 | 1,411,754 | |||||||||
| DOLP Trust Series 2021-NYC,
Class A |
05/10/41 | 1,458,000 | 1,291,241 | |||||||||
| DOLP Trust Series 2021-NYC, Class
E |
05/10/41 | 600,000 | 479,473 | |||||||||
| DOLP Trust Series 2021-NYC, Class
G |
05/10/41 | 2,250,000 | 1,516,651 | |||||||||
| Eleven Madison Trust Mortgage Trust Series 2015-11MD, Class A |
09/10/35 | 1,114,500 | 1,104,229 | |||||||||
| Extended Stay America Trust Series 2021-ESH, Class F |
07/15/38 | 3,281,666 | 3,289,561 | |||||||||
| FirstKey Homes Trust Series 2020-SFR1, Class F2 |
08/17/37 | 1,688,000 | 1,681,149 | |||||||||
| FirstKey Homes Trust Series 2021-SFR1, Class F1 |
08/17/38 | 4,000,000 | 3,901,905 | |||||||||
| FirstKey Homes Trust Series 2021-SFR3, Class E1 |
12/17/38 | 944,000 | 906,796 | |||||||||
| FirstKey Homes Trust Series 2022-SFR1, Class D |
05/19/39 | 1,600,000 | 1,592,401 | |||||||||
| Fontainebleau Miami Beach Mortgage Trust Series 2024- FBLU, Class E |
12/15/39 | 3,887,000 | 3,894,576 | |||||||||
| FS Commercial Mortgage Trust Series 2023-4SZN, Class E |
11/10/39 | 1,000,000 | 1,026,187 | |||||||||
| Great Wolf Trust Series 2024-WOLF, Class F |
03/15/39 | 2,610,000 | 2,632,996 | |||||||||
| GS Mortgage Securities Corp. Trust Series 2017-375H, Class B |
09/10/37 | 2,920,000 | 2,739,790 | |||||||||
| GS Mortgage Securities Corp. Trust Series 2021-DM, Class E |
11/15/36 | 3,360,000 | 3,326,732 | |||||||||
| GS Mortgage Securities Corp. Trust Series 2024-UPTN, Class E |
10/15/29 | 1,450,000 | 1,419,636 | |||||||||
| GS Mortgage Securities Trust Series 2010-C1, Class X (I/O) |
08/10/43 | 2,270,554 | 276 | |||||||||
| GS Mortgage Securities Trust Series 2011-GC5, Class XA (I/O) |
08/10/44 | 403,268 | 248 | |||||||||
| GS Mortgage Securities Trust Series 2015-GC34, Class XA (I/O) |
10/10/48 | 3,090,493 | 31 | |||||||||
| GS Mortgage Securities Trust Series 2015-GS1, Class XA (I/O) |
11/10/48 | 6,756,323 | 7,162 | |||||||||
| GS Mortgage Securities Trust Series 2016-GS2, Class XA (I/O) |
05/10/49 | 242,699 | 915 | |||||||||
| GS Mortgage Securities Trust Series 2016-GS4, Class XA (I/O) |
11/10/49 | 13,416,123 | 50,438 | |||||||||
| GSCG Trust Series 2019-600C, Class
G |
09/06/34 | 285,000 | 3,016 | |||||||||
| GWT Trust Series 2024-WLF2, Class B |
05/15/41 | 522,000 | 525,317 | |||||||||
| Hilton USA Trust Series 2016-HHV, Class
F |
11/05/38 | 1,835,000 | 1,768,330 | |||||||||
| Hilton USA Trust Series 2025-NVIL, Class E |
07/15/42 | 1,010,000 | 1,018,042 | |||||||||
| Hilton USA Trust Series 2025-NVIL, Class F |
07/15/42 | 1,075,000 | 1,081,712 | |||||||||
| Hudson Yards Mortgage Trust Series 2019-30HY, Class D |
07/10/39 | 800,000 | 725,410 | |||||||||
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class E |
01/13/40 | 1,000,000 | 1,031,461 | |||||||||
| Hudson Yards Mortgage Trust Series 2025-SPRL, Class F |
01/13/40 | 1,550,000 | 1,598,826 | |||||||||
| ILPT Commercial Mortgage Trust Series 2025-LPF2, Class E |
07/13/42 | 2,235,000 | 2,285,273 | |||||||||
| IRV Trust Series 2025-200P, Class
D |
03/14/47 | 1,370,000 | 1,353,994 | |||||||||
| JPMBB Commercial Mortgage Securities Trust Series 2015- C30, Class XA (I/O) |
07/15/48 | 5,438,998 | 54 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued) |
|
|||||||||||
| JPMBB Commercial Mortgage Securities Trust Series 2015- C30, Class XNR (I/O) |
07/15/48 | $ | 4,714,625 | $ | 23 | |||||||
| JPMBB Commercial Mortgage Securities Trust Series 2015- C31, Class XA (I/O) |
08/15/48 | 1,084,226 | 11 | |||||||||
| JPMCC Commercial Mortgage Securities Trust Series 2017- JP5, Class XA (I/O) |
03/15/50 | 3,700,270 | 36,781 | |||||||||
| JPMCC Commercial Mortgage Securities Trust Series 2019- COR4, Class A3 |
03/10/52 | 500,000 | 482,562 | |||||||||
| JPMDB Commercial Mortgage Securities Trust Series 2016- C2, Class XA (I/O) |
06/15/49 | 233,298 | 1,075 | |||||||||
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class XB (I/O) |
06/15/45 | 49,111,066 | 169,782 | |||||||||
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-LOOP, Class XB (I/O) |
12/05/38 | 2,010,000 | 5,732 | |||||||||
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XAFX (I/O) |
01/16/37 | 450,000 | 12,461 | |||||||||
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XBFX (I/O) |
01/16/37 | 1,450,000 | 12,841 | |||||||||
| Last Mile Logistics Pan Euro Finance DAC Series 1A, Class E |
08/17/33 | EUR | 1,004,439 | 1,146,144 | ||||||||
| Last Mile Logistics Pan Euro Finance DAC Series 1A, Class F |
08/17/33 | EUR | 490,928 | 556,798 | ||||||||
| Last Mile Securities PE DAC Series 2021-1A, Class F |
08/17/31 | EUR | 754,845 | 859,315 | ||||||||
| Last Mile Securities PE DAC Series 2021-1X, Class E |
08/17/31 | EUR | 1,199,753 | 1,372,271 | ||||||||
| MHC Trust Series 2021-MHC2, Class E |
05/15/38 | 808,000 | 809,549 | |||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XC (I/O) |
08/15/45 | 21,620,092 | 216 | |||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12, Class XC (I/O) |
10/15/46 | 15,985,117 | 236,701 | |||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O) |
04/15/48 | 204,457 | 2 | |||||||||
| Morgan Stanley Capital I Trust Series 2011-C2, Class XB (I/O) |
06/15/44 | 10,316,666 | 36,951 | |||||||||
| Natixis Commercial Mortgage Securities Trust Series 2018-ALXA, Class E |
01/15/43 | 100,000 | 83,945 | |||||||||
| NRTH Mortgage Trust Series 2024-PARK, Class A |
03/15/39 | 701,000 | 701,940 | |||||||||
| NXPT Commercial Mortgage Trust Series 2024-STOR, Class E |
11/05/41 | 811,000 | 814,957 | |||||||||
| NYC Commercial Mortgage Trust Series 2021-909, Class D |
04/10/43 | 1,400,000 | 1,067,393 | |||||||||
| NYC Commercial Mortgage Trust Series 2025-3BP, Class D |
02/15/42 | 2,050,000 | 2,040,215 | |||||||||
| NYCT Trust Series 2024-3ELV, Class C |
08/15/29 | 2,050,000 | 2,040,679 | |||||||||
| NYO Commercial Mortgage Trust Series 2021-1290, Class B |
12/15/38 | 1,780,000 | 1,765,081 | |||||||||
| NYO Commercial Mortgage Trust Series 2021-1290, Class C |
11/15/38 | 820,000 | 809,979 | |||||||||
| NYO Commercial Mortgage Trust Series 2021-1290, Class D |
11/15/38 | 2,765,000 | 2,703,184 | |||||||||
| PFP Ltd. Series 2025-12, Class C |
12/18/42 | 2,840,000 | 2,844,433 | |||||||||
| PFP Ltd. Series 2025-12, Class D |
12/18/42 | 1,834,000 | 1,835,722 | |||||||||
| Progress Residential Trust Series 2021-SFR11, Class F |
01/17/39 | 1,250,000 | 1,200,649 | |||||||||
| Progress Residential Trust Series 2021-SFR3, Class G |
05/17/26 | 1,211,000 | 1,198,994 | |||||||||
| Progress Residential Trust Series 2021-SFR4, Class F |
05/17/38 | 1,530,000 | 1,516,935 | |||||||||
| Progress Residential Trust Series 2021-SFR6, Class G |
07/17/38 | 1,250,000 | 1,229,348 | |||||||||
| Progress Residential Trust Series 2021-SFR8, Class G |
10/17/38 | 1,488,000 | 1,448,617 | |||||||||
| RIDE Series 2025-SHRE, Class
E |
02/14/47 | 2,500,000 | 2,500,681 | |||||||||
| ROCK Trust Series 2024-CNTR, Class
E |
11/13/41 | 4,175,000 | 4,404,758 | |||||||||
| Sequoia Logistics DAC Series 2025-1A, Class E |
02/17/37 | EUR | 3,350,000 | 3,838,572 | ||||||||
| Sequoia Logistics DAC Series 2025-1X, Class C |
02/17/37 | EUR | 3,840,000 | 4,378,577 | ||||||||
| SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE, Class A2A |
01/05/43 | 400,000 | 336,242 | |||||||||
| SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE, Class A2B |
01/05/43 | 460,000 | 394,102 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued) |
|
|||||||||||
| SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE, Class C |
01/05/43 | $ | 925,000 | $ | 748,962 | |||||||
| SFO Commercial Mortgage Trust Series 2021-555, Class A |
05/15/38 | 1,040,000 | 1,036,039 | |||||||||
| SFO Commercial Mortgage Trust Series 2021-555, Class D |
05/15/38 | 500,000 | 497,206 | |||||||||
| SMRT Commercial Mortgage Trust Series 2022-MINI, Class D |
01/15/39 | 1,400,000 | 1,389,818 | |||||||||
| SMRT Commercial Mortgage Trust Series 2022-MINI, Class F |
01/15/39 | 1,000,000 | 971,746 | |||||||||
| SREIT Trust Series 2021-MFP2, Class C |
11/15/36 | 1,060,000 | 1,060,163 | |||||||||
| STWD Trust Series 2021-FLWR, Class F |
07/15/36 | 440,000 | 440,163 | |||||||||
| SWCH Commercial Mortgage Trust Series 2025-DATA, Class E |
02/15/42 | 4,650,000 | 4,641,732 | |||||||||
| Taurus U.K. DAC Series 2021-UK1A, Class D |
05/17/31 | GBP | 1,464,245 | 1,943,710 | ||||||||
| TEXAS Commercial Mortgage Trust Series 2025-TWR, Class D |
04/15/42 | 1,325,000 | 1,328,841 | |||||||||
| Tricon Residential Trust Series 2021-SFR1, Class F |
07/17/38 | 6,690,000 | 6,549,534 | |||||||||
| U.K. Logistics DAC Series 2024-2A, Class D |
02/17/35 | GBP | 824,943 | 1,098,332 | ||||||||
| U.K. Logistics DAC Series 2024-2X, Class E |
02/17/35 | GBP | 1,499,896 | 1,997,792 | ||||||||
| U.K. Logistics DAC Series 2025-1A, Class E |
05/17/35 | GBP | 1,300,000 | 1,726,463 | ||||||||
| UBS Commercial Mortgage Trust Series 2017-C4, Class XA (I/O) |
10/15/50 | 7,874,315 | 140,673 | |||||||||
| VNDO Trust Series 2016-350P, Class
D |
01/10/35 | 1,060,000 | 1,030,974 | |||||||||
| WBHT Commercial Mortgage Trust Series 2025-WBM, Class B |
06/15/42 | 2,650,000 | 2,659,306 | |||||||||
| Wells Fargo Commercial Mortgage Trust Series 2015-C31, Class XA (I/O) |
11/15/48 | 9,697,007 | 97 | |||||||||
| Wells Fargo Commercial Mortgage Trust Series 2015-LC20, Class XF (I/O) |
04/15/50 | 415,000 | 11,453 | |||||||||
| Wells Fargo Commercial Mortgage Trust Series 2015-NXS3, Class XA (I/O) |
09/15/57 | 5,954,201 | 60 | |||||||||
| Wells Fargo Commercial Mortgage Trust Series 2016-C34, Class XA (I/O) |
06/15/49 | 5,459,222 | 33,193 | |||||||||
| Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS |
09/15/61 | 1,100,000 | 1,083,618 | |||||||||
| Wells Fargo Commercial Mortgage Trust Series 2021-SAVE, Class C |
02/15/40 | 1,920,000 | 1,930,404 | |||||||||
| Wells Fargo Commercial Mortgage Trust Series 2024-5C1, Class C |
07/15/57 | 847,000 | 870,304 | |||||||||
| WFRBS Commercial Mortgage Trust Series 2012-C10, Class XB (I/O) |
12/15/45 | 39,359,100 | 394 | |||||||||
| WFRBS Commercial Mortgage Trust Series 2014-C22, Class XA (I/O) |
09/15/57 | 207,267 | 40 | |||||||||
|
|
|
|||||||||||
| Total Commercial Mortgage-backed Securities—Non-agency (Cost: $217,728,121) |
|
214,119,349 | ||||||||||
|
|
|
|||||||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY—23.7% |
||||||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8244 |
09/01/52 | 2,176,458 | 2,013,407 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8265 |
11/01/52 | 645,887 | 597,300 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD5324 |
02/01/53 | 352,953 | 326,566 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SL1033 |
01/01/54 | 18,006,279 | 16,618,785 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8238 |
08/01/52 | 3,323,341 | 3,169,122 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8245 |
09/01/52 | 2,474,349 | 2,359,144 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8257 |
10/01/52 | 492,478 | 469,543 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8266 |
11/01/52 | 2,777,984 | 2,647,783 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8275 |
12/01/52 | 2,875,833 | 2,741,046 | |||||||||
| Federal Home Loan Mortgage Corp., Pool #SD8489 |
12/01/54 | 18,794,994 | 17,838,873 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5460, Class AF |
10/25/54 | 4,609,048 | 4,574,200 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5479, Class FA |
12/25/54 | 3,076,145 | 3,076,079 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5492, Class SH (I/O) (I/F) |
01/25/55 | 6,804,701 | 569,987 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY (Continued) |
||||||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5500, Class SJ (I/F) |
02/25/55 | $ | 6,615,144 | $ | 561,937 | |||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5503, Class FA |
02/25/55 | 9,517,019 | 9,499,859 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5504, Class FC |
02/25/55 | 5,689,779 | 5,666,637 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5508, Class FM |
02/25/55 | 2,926,321 | 2,919,938 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5509, Class FB |
02/25/55 | 6,643,302 | 6,615,160 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5534, Class FV |
05/25/55 | 4,793,424 | 4,764,091 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5537, Class FC |
05/25/55 | 4,184,161 | 4,166,353 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5537, Class FQ |
05/25/55 | 4,335,171 | 4,318,809 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5544, Class SD (I/O) (I/F) |
06/25/55 | 14,082,744 | 867,283 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5546, Class AS (I/F) |
06/25/55 | 1,606,548 | 1,493,789 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5547, Class S (I/F) |
06/25/55 | 1,554,239 | 1,432,215 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5548, Class S (I/F) |
06/25/55 | 1,560,810 | 1,463,653 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5549, Class JS (I/F) |
06/25/55 | 534,190 | 496,219 | |||||||||
| Federal Home Loan Mortgage Corp. REMICS Series 5566, Class AS (I/F) |
08/25/55 | 1,650,000 | 1,526,250 | |||||||||
| Federal Home Loan Mortgage Corp. STRIPS Series 240 (I/O) |
07/15/36 | 162,122 | 30,149 | |||||||||
| Federal Home Loan Mortgage Corp. STRIPS Series 386, Class C1 (I/O) |
03/15/52 | 6,257,368 | 828,813 | |||||||||
| Federal Home Loan Mortgage Corp. STRIPS Series 389, Class C40 (I/O) |
10/15/52 | 5,506,075 | 860,765 | |||||||||
| Federal Home Loan Mortgage Corp. STRIPS Series 408, Class C37 |
03/25/52 | 15,664,278 | 2,177,627 | |||||||||
| Federal National Mortgage Association, Pool #MA4700 |
08/01/52 | 2,986,705 | 2,763,416 | |||||||||
| Federal National Mortgage Association, Pool #MA4783 |
10/01/52 | 1,696,500 | 1,569,143 | |||||||||
| Federal National Mortgage Association, Pool #MA4784 |
10/01/52 | 1,090,097 | 1,039,173 | |||||||||
| Federal National Mortgage Association, Pool #FS9508 |
03/01/54 | 4,436,060 | 4,219,376 | |||||||||
| Federal National Mortgage Association, Pool #FA0658 |
10/01/54 | 9,632,872 | 9,161,349 | |||||||||
| Federal National Mortgage Association, Pool #MA5584 |
01/01/55 | 17,472,648 | 16,583,796 | |||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-HRP1,
Class B1 |
11/25/39 | 4,100,000 | 4,424,554 | |||||||||
| Federal National Mortgage Association Interest STRIPS Series 426, Class C24
(I/O) |
01/25/52 | 36,805,406 | 3,983,640 | |||||||||
| Federal National Mortgage Association Interest STRIPS Series 426, Class C40
(I/O) |
06/25/51 | 1,359,476 | 177,089 | |||||||||
| Federal National Mortgage Association Interest STRIPS Series 426, Class C41
(I/O) |
03/25/51 | 4,977,021 | 648,522 | |||||||||
| Federal National Mortgage Association Interest STRIPS Series 426, Class C42
(I/O) |
11/25/50 | 3,259,504 | 418,753 | |||||||||
| Federal National Mortgage Association Interest STRIPS Series 434, Class C29
(I/O) |
10/25/52 | 7,656,159 | 997,968 | |||||||||
| Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O) (I/F) |
11/25/41 | 51,076 | 3,793 | |||||||||
| Federal National Mortgage Association REMICS Series 2012-139, Class AI (I/O) |
12/25/27 | 52,426 | 1,187 | |||||||||
| Federal National Mortgage Association REMICS Series 2024-76, Class SY (I/O) (I/F) |
11/25/54 | 14,897,384 | 1,116,910 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES—AGENCY (Continued) |
||||||||||||
| Federal National Mortgage Association REMICS Series 2024-77, Class DF |
10/25/53 | $ | 7,333,915 | $ | 7,321,643 | |||||||
| Federal National Mortgage Association REMICS Series 2024-81, Class SE (I/O) (I/F) |
07/25/54 | 11,683,918 | 635,607 | |||||||||
| Federal National Mortgage Association REMICS Series 2024-87, Class FB |
12/25/54 | 6,994,343 | 6,960,723 | |||||||||
| Federal National Mortgage Association REMICS Series 2024-91, Class SB (I/O) (I/F) |
12/25/54 | 6,890,698 | 548,615 | |||||||||
| Federal National Mortgage Association REMICS Series 2024-98, Class SE (I/O) (I/F) |
12/25/54 | 2,896,052 | 277,539 | |||||||||
| Federal National Mortgage Association REMICS Series 2024-98, Class SG (I/F) |
11/25/54 | 1,062,123 | 101,952 | |||||||||
| Federal National Mortgage Association REMICS Series 2024-99, Class FB |
01/25/55 | 5,272,446 | 5,251,718 | |||||||||
| Federal National Mortgage Association REMICS Series 2025-4, Class FA |
07/25/54 | 7,700,908 | 7,687,397 | |||||||||
| Federal National Mortgage Association REMICS Series 2025-40, Class S (I/F) |
02/25/55 | 343,285 | 324,016 | |||||||||
| Federal National Mortgage Association REMICS Series 2025-49, Class SC (I/O) (I/F) |
06/25/55 | 10,619,822 | 562,830 | |||||||||
| Government National Mortgage Association, Pool #MA8427 |
11/20/52 | 1,671,152 | 1,602,471 | |||||||||
| Government National Mortgage Association, Pool #MA9963 |
10/20/54 | 5,973,069 | 5,683,079 | |||||||||
| Government National Mortgage Association REMICS Series 2003-110, Class S (I/O) (I/F) |
10/20/33 | 170,944 | 11,369 | |||||||||
| Government National Mortgage Association REMICS Series 2018-124, Class NW |
09/20/48 | 20,859 | 18,869 | |||||||||
| Government National Mortgage Association REMICS Series 2018-154, Class BP (PAC) |
11/20/48 | 2,072 | 1,951 | |||||||||
| Government National Mortgage Association REMICS Series 2024-151, Class ES (I/O) (I/F) |
09/20/54 | 13,631,801 | 909,717 | |||||||||
| Government National Mortgage Association REMICS Series 2024-159, Class XS (I/O) (I/F) |
10/20/54 | 11,091,023 | 895,204 | |||||||||
| Government National Mortgage Association REMICS Series 2025-41, Class HS (I/F) |
03/20/55 | 12,030,591 | 848,165 | |||||||||
| Government National Mortgage Association REMICS Series 2025-45, Class ST (I/O) (I/F) |
03/20/55 | 14,211,470 | 832,433 | |||||||||
| Government National Mortgage Association, TBA, 30 Year |
04/01/52 | 14,575,000 | 13,421,309 | |||||||||
| Government National Mortgage Association, TBA |
07/01/54 | 7,675,000 | 7,284,699 | |||||||||
| 5.00% (14) |
03/01/55 | 13,900,000 | 13,569,819 | |||||||||
| 5.50% (14) |
03/01/55 | 17,450,000 | 17,407,169 | |||||||||
| Uniform Mortgage-Backed Security, TBA |
||||||||||||
| 4.00% (14) |
02/01/52 | 10,900,000 | 10,054,852 | |||||||||
| 4.00% (14) |
02/01/52 | 48,750,000 | 44,955,056 | |||||||||
| 4.50% (14) |
05/01/54 | 36,675,000 | 34,795,150 | |||||||||
| 5.00% (14) |
02/01/55 | 20,400,000 | 19,858,798 | |||||||||
|
|
|
|||||||||||
| Total Residential Mortgage-backed Securities—Agency (Cost: $354,982,084) |
|
355,622,201 | ||||||||||
|
|
|
|||||||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY—13.5% |
||||||||||||
| ACRA Trust Series 2024-NQM1, Class
M1A |
10/25/64 | 1,470,000 | 1,475,055 | |||||||||
| Ajax Mortgage Loan Trust Series 2021-D, Class A |
03/25/60 | 2,961,929 | 2,964,385 | |||||||||
| American Home Mortgage Assets Trust Series 2006-6, Class XP (P/O) |
12/25/46 | 183,068 | 1,538 | |||||||||
| American Home Mortgage Assets Trust Series 2007-1, Class A1 |
02/25/47 | 2,229,680 | 767,669 | |||||||||
| American Home Mortgage Assets Trust Series 2007-5, Class XP (P/O) |
06/25/47 | 7,250 | 101 | |||||||||
| Angel Oak Mortgage Trust Series 2024-11, Class M1A |
08/25/69 | 1,925,000 | 1,941,877 | |||||||||
| AOMT Series 2024-6, Class
A2 |
11/25/67 | 2,213,953 | 2,168,165 | |||||||||
| Atlas Funding PLC Series 2023-1, Class F |
01/20/61 | GBP | 725,000 | 1,029,925 | ||||||||
| Banc of America Alternative Loan Trust Series 2006-5, Class CB8 |
06/25/46 | 1,407,089 | 1,134,189 | |||||||||
| Banc of America Alternative Loan Trust Series 2006-5, Class CB9 (I/O) (I/F) |
06/25/46 | 1,407,098 | 161,518 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued) |
||||||||||||
| Banc of America Funding Trust Series 2006-3, Class 5A3 |
03/25/36 | $ | 4,202 | $ | 3,793 | |||||||
| Banc of America Funding Trust Series 2006-7, Class T2A5 |
10/25/36 | 589,845 | 533,543 | |||||||||
| Banc of America Funding Trust Series 2014-R5, Class 1A2 |
09/26/45 | 977,844 | 699,895 | |||||||||
| BCAP LLC Trust Series 2007-AA2, Class 2A12 |
04/25/37 | 2,358,395 | 948,207 | |||||||||
| BCMSC Trust Series 1999-B, Class
A2 |
12/17/29 | 997,492 | 65,792 | |||||||||
| BCMSC Trust Series 2000-A, Class
A3 |
06/15/30 | 1,658,345 | 117,340 | |||||||||
| BCMSC Trust Series 2000-A, Class
A4 |
06/15/30 | 142,144 | 10,650 | |||||||||
| Bear Stearns ARM Trust Series 2004-3, Class 2A |
07/25/34 | 4,574 | 4,285 | |||||||||
| Bear Stearns ARM Trust Series 2005-10, Class A3 |
10/25/35 | 92,392 | 92,198 | |||||||||
| Braccan Mortgage Funding PLC Series 2025-1A, Class X |
05/17/67 | GBP | 1,725,000 | 2,292,930 | ||||||||
| BRAVO Residential Funding Trust Series 2023-NQM5, Class B1 |
06/25/63 | 3,210,000 | 3,218,241 | |||||||||
| C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B |
02/25/37 | 798,063 | 462,983 | |||||||||
| C-BASS Trust Series 2006-CB7, Class A4 |
10/25/36 | 31,830 | 21,817 | |||||||||
| C-BASS Trust Series 2007-CB1, Class AF3 |
01/25/37 | 927,433 | 257,121 | |||||||||
| C-BASS Trust Series 2007-CB1, Class AF6 |
01/25/37 | 1,637,310 | 453,793 | |||||||||
| Cascade MH Asset Trust Series 2022-MH1, Class A |
08/25/54 | 1,078,504 | 1,044,808 | |||||||||
| CFMT LLC Series 2024-NR1, Class
A1 |
11/25/29 | 1,500,972 | 1,506,735 | |||||||||
| CFMT LLC Series 2024-R1, Class
A3 |
10/25/54 | 1,500,000 | 1,415,724 | |||||||||
| CHL Mortgage Pass-Through Trust Series 2007-20, Class A1 |
01/25/38 | 196,389 | 83,235 | |||||||||
| CHL Mortgage Pass-Through Trust Series 2007-7, Class A9 |
06/25/37 | 577,416 | 251,615 | |||||||||
| CHNGE Mortgage Trust Series 2023-1, Class
M1 |
03/25/58 | 580,000 | 586,257 | |||||||||
| CIM Trust Series 2021-R5, Class
A1B |
08/25/61 | 681,000 | 456,642 | |||||||||
| CIM Trust Series 2025-R1, Class
A1 |
02/25/99 | 2,180,811 | 2,154,048 | |||||||||
| Citadel PLC Series 2024-1, Class X |
04/28/60 | GBP | 364,620 | 483,040 | ||||||||
| Citigroup Mortgage Loan Trust Series 2006-WF1, Class A2C |
03/25/36 | 26,949 | 12,409 | |||||||||
| Citigroup Mortgage Loan Trust Series 2009-10, Class 2A2 |
12/25/35 | 485,519 | 344,568 | |||||||||
| Citigroup Mortgage Loan Trust, Inc. Series 2005-WF2, Class AF6A |
08/25/35 | 1,335,744 | 1,227,598 | |||||||||
| CitiMortgage Alternative Loan Trust Series 2005-A1, Class 1A5 |
07/25/35 | 1,262,823 | 1,181,197 | |||||||||
| CitiMortgage Alternative Loan Trust Series 2006-A1, Class 1A5 |
04/25/36 | 211,901 | 193,038 | |||||||||
| CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A1 |
01/25/37 | 89,953 | 80,374 | |||||||||
| CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A5 |
01/25/37 | 171,704 | 153,420 | |||||||||
| CitiMortgage Alternative Loan Trust Series 2007-A2, Class 1A13 |
02/25/37 | 203,689 | 177,681 | |||||||||
| CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A7 |
03/25/37 | 157,269 | 136,509 | |||||||||
| CitiMortgage Alternative Loan Trust Series 2007-A5, Class 1A1 |
05/25/37 | 687,508 | 622,525 | |||||||||
| COLT Mortgage Loan Trust Series 2022-7, Class B1 |
04/25/67 | 3,020,000 | 3,001,229 | |||||||||
| COLT Mortgage Loan Trust Series 2024-7, Class B1 |
12/26/69 | 1,000,000 | 1,011,774 | |||||||||
| COLT Mortgage Loan Trust Series 2025-7, Class B1 |
06/25/70 | 2,000,000 | 2,000,469 | |||||||||
| Conseco Finance Securitizations Corp. Series 2000-1, Class A5 |
09/01/29 | 3,422,743 | 462,877 | |||||||||
| Conseco Finance Securitizations Corp. Series 2000-4, Class A5 |
05/01/32 | 1,992,158 | 265,214 | |||||||||
| Countrywide Alternative Loan Trust Series 2004-30CB, Class 1A6 |
02/25/35 | 746,483 | 737,093 | |||||||||
| Countrywide Alternative Loan Trust Series 2005-10CB, Class 1A8 |
05/25/35 | 1,306,000 | 1,065,047 | |||||||||
| Countrywide Alternative Loan Trust Series 2005-46CB, Class A3 |
10/25/35 | 219,192 | 150,038 | |||||||||
| Countrywide Alternative Loan Trust Series 2005-46CB, Class A4 |
10/25/35 | 165,630 | 111,174 | |||||||||
| Countrywide Alternative Loan Trust Series 2005-46CB, Class A7 |
10/25/35 | 467,231 | 319,821 | |||||||||
| Countrywide Alternative Loan Trust Series 2005-55CB, Class 1A1 |
11/25/35 | 179,701 | 117,550 | |||||||||
| Countrywide Alternative Loan Trust Series 2005-64CB, Class 2A1 |
11/25/35 | 2,989,072 | 409,783 | |||||||||
| Countrywide Alternative Loan Trust Series 2005-65CB, Class 2A4 |
12/25/35 | 274,030 | 186,267 | |||||||||
| Countrywide Alternative Loan Trust Series 2005-67CB, Class A1 |
01/25/36 | 54,351 | 39,822 | |||||||||
| Countrywide Alternative Loan Trust Series 2005-74T1, Class A5 |
01/25/36 | 446,089 | 251,924 | |||||||||
| Countrywide Alternative Loan Trust Series 2005-7CB, Class 2A2 (I/O) (I/F) |
03/01/38 | 1,148,816 | 59,577 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued) |
||||||||||||
| Countrywide Alternative Loan Trust Series 2005-86CB, Class A1 |
02/25/36 | $ | 505,904 | $ | 285,873 | |||||||
| Countrywide Alternative Loan Trust Series 2005-86CB, Class A8 |
02/25/36 | 231,271 | 130,685 | |||||||||
| Countrywide Alternative Loan Trust Series 2006-19CB, Class A15 (PAC) |
08/25/36 | 112,696 | 63,229 | |||||||||
| Countrywide Alternative Loan Trust Series 2006-19CB, Class A17 (TAC) |
08/25/36 | 3,738,267 | 1,615,313 | |||||||||
| Countrywide Alternative Loan Trust Series 2006-19CB, Class A18 (I/O) (I/F) |
08/25/36 | 3,608,302 | 390,226 | |||||||||
| Countrywide Alternative Loan Trust Series 2006-32CB, Class A18 |
11/25/36 | 128,312 | 72,162 | |||||||||
| Countrywide Alternative Loan Trust Series 2006-34, Class A5 |
11/25/46 | 1,255,216 | 553,108 | |||||||||
| Countrywide Alternative Loan Trust Series 2006-J1, Class 1A11 |
02/25/36 | 175,468 | 117,997 | |||||||||
| Countrywide Alternative Loan Trust Series 2007-13, Class A1 (PAC) |
06/25/47 | 269,059 | 134,618 | |||||||||
| Countrywide Alternative Loan Trust Series 2007-15CB, Class A6 |
07/25/37 | 510,834 | 290,029 | |||||||||
| Countrywide Alternative Loan Trust Series 2007-15CB, Class A7 |
07/25/37 | 1,819,428 | 1,068,005 | |||||||||
| Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A7 |
08/25/37 | 6,266 | 4,577 | |||||||||
| Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A25 |
08/25/37 | 293,796 | 169,927 | |||||||||
| Countrywide Alternative Loan Trust Series 2007-22, Class 2A16 |
09/25/37 | 235,530 | 82,405 | |||||||||
| Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A3 |
04/25/37 | 169,506 | 83,694 | |||||||||
| Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A4 |
04/25/37 | 500,069 | 246,913 | |||||||||
| Credit-Based Asset Servicing & Securitization LLC Series 2006-MH1, Class B1 |
10/25/36 | 23,268 | 23,080 | |||||||||
| Cross Mortgage Trust Series 2024-H5, Class B1B |
08/26/69 | 3,654,000 | 3,678,528 | |||||||||
| Cross Mortgage Trust Series 2024-H6, Class A2 |
09/25/69 | 889,561 | 885,141 | |||||||||
| Cross Mortgage Trust Series 2024-H6, Class A3 |
09/25/69 | 800,605 | 796,227 | |||||||||
| Cross Mortgage Trust Series 2025-H5, Class B1B |
07/25/70 | 3,160,000 | 3,139,353 | |||||||||
| CSMC Mortgage-Backed Trust Series 2006-7, Class 10A6 |
08/25/36 | 1,024,153 | 490,037 | |||||||||
| CSMC Mortgage-Backed Trust Series 2006-7, Class 8A11 |
08/25/36 | 390,632 | 143,044 | |||||||||
| CSMC Mortgage-Backed Trust Series 2007-5, Class 1A9 |
08/25/37 | 722,627 | 405,065 | |||||||||
| CSMC Trust Series 2014-8R, Class
3A2 |
02/27/36 | 907,906 | 755,546 | |||||||||
| Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2 |
06/25/36 | 176,739 | 161,806 | |||||||||
| Deutsche Mortgage & Asset Receiving Corp. Series 2014- RS1, Class 1A2 |
07/27/37 | 272,400 | 220,509 | |||||||||
| EFMT Series 2024-NQM1, Class
B1B |
11/25/69 | 1,300,000 | 1,294,805 | |||||||||
| Ellington Financial Mortgage Trust Series 2022-4, Class B1 |
09/25/67 | 900,000 | 887,433 | |||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3, Class B2 |
09/25/41 | 3,220,789 | 3,359,577 | |||||||||
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1, Class M2 |
01/25/42 | 1,000,000 | 1,019,026 | |||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R04,
Class 2B1 |
06/25/39 | 746,200 | 770,791 | |||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R06,
Class 2B1 |
09/25/39 | 824,338 | 844,367 | |||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R07,
Class 1B1 |
10/25/39 | 831,041 | 848,476 | |||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01,
Class 1B2 |
10/25/41 | 3,900,000 | 4,073,589 | |||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03,
Class 1B2 |
12/25/41 | 3,620,000 | 3,777,001 | |||||||||
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01,
Class 1B2 |
12/25/41 | 5,710,000 | 5,995,966 | |||||||||
| First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C |
10/25/36 | 338,773 | 220,791 | |||||||||
| First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2D |
03/25/37 | 635,889 | 299,955 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued) |
||||||||||||
| First Horizon Alternative Mortgage Securities Trust Series 2007-FA1, Class A4 |
03/25/37 | $ | 535,410 | $ | 185,363 | |||||||
| First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A4 |
04/25/37 | 705,769 | 218,750 | |||||||||
| GCAT Trust Series 2021-NQM6, Class
A1 |
08/25/66 | 1,307,291 | 1,180,618 | |||||||||
| GCAT Trust Series 2025-NQM4, Class
B1 |
06/25/70 | 3,356,000 | 3,368,087 | |||||||||
| GSAA Home Equity Trust Series 2007-5, Class 1F3B |
05/25/37 | 4,300,000 | 293,287 | |||||||||
| GSAA Home Equity Trust Series 2007-5, Class 1F5B |
05/25/37 | 1,987,261 | 135,884 | |||||||||
| GSAA Home Equity Trust Series 2007-5, Class 2A2A |
04/25/47 | 722,060 | 312,226 | |||||||||
| GSAA Trust Series 2006-7, Class AF3 |
03/25/46 | 2,703,082 | 963,450 | |||||||||
| GSAA Trust Series 2007-3, Class 2A1B |
03/25/47 | 166,316 | 7,464 | |||||||||
| GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1 |
09/25/35 | 2,528 | 2,435 | |||||||||
| HarborView Mortgage Loan Trust Series 2005-9, Class 2A1A |
06/20/35 | 11,642 | 11,084 | |||||||||
| HarborView Mortgage Loan Trust Series 2005-9, Class 2X (I/O) |
06/20/35 | 853,732 | 1 | |||||||||
| HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A |
05/19/46 | 2,373,754 | 1,171,498 | |||||||||
| HarborView Mortgage Loan Trust Series 2006-5, Class X2 (I/O) |
07/19/46 | 2,446,764 | 24 | |||||||||
| HOMES Trust Series 2023-NQM1, Class
B1 |
01/25/68 | 2,900,000 | 2,892,460 | |||||||||
| Homes Trust Series 2024-NQM2, Class
B1 |
10/25/69 | 5,461,000 | 5,499,022 | |||||||||
| HOMES Trust Series 2025-NQM1, Class
M1 |
01/25/70 | 3,542,000 | 3,567,988 | |||||||||
| Homeward Opportunities Fund Trust Series 2024-RRTL2, Class A2 |
09/25/39 | 3,800,000 | 3,805,146 | |||||||||
| HSI Asset Loan Obligation Trust Series 2007-WF1, Class A5 |
12/25/36 | 239,851 | 74,023 | |||||||||
| IndyMac INDX Mortgage Loan Trust Series 2006-AR3, Class 2A1A |
03/25/36 | 67,137 | 45,913 | |||||||||
| JPMorgan Alternative Loan Trust Series 2006-S1, Class 3A4 |
03/25/36 | 857,979 | 764,083 | |||||||||
| JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF3 |
09/25/29 | 414,857 | 247,120 | |||||||||
| JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF4 |
08/25/36 | 1,343,341 | 787,787 | |||||||||
| JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF5 |
08/25/36 | 255,277 | 149,650 | |||||||||
| JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5 |
07/25/36 | 1,591,506 | 421,136 | |||||||||
| JPMorgan Mortgage Acquisition Trust Series 2007-CH1, Class AF6 |
11/25/36 | 894 | 884 | |||||||||
| JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF2 |
01/25/37 | 364,779 | 178,936 | |||||||||
| JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF3 |
10/25/30 | 560,033 | 274,680 | |||||||||
| JPMorgan Mortgage Trust Series 2007-S1, Class 2A11 |
03/25/37 | 353,682 | 128,037 | |||||||||
| JPMorgan Mortgage Trust Series 2024-CES1, Class A1B |
06/25/54 | 945,049 | 948,184 | |||||||||
| JPMorgan Mortgage Trust Series 2024-CES1, Class A2 |
06/25/54 | 532,852 | 536,064 | |||||||||
| JPMorgan Mortgage Trust Series 2025-CES1, Class A3 |
05/25/55 | 1,539,000 | 1,551,080 | |||||||||
| JPMorgan Mortgage Trust Series 2025-NQM1, Class M1A |
06/25/65 | 3,190,000 | 3,200,345 | |||||||||
| Lehman ABS Manufactured Housing Contract Trust Series 2001-B, Class M1 |
04/15/40 | 230,164 | 231,864 | |||||||||
| Lehman Mortgage Trust Series 2006-1, Class 1A5 |
02/25/36 | 128,465 | 58,325 | |||||||||
| Lehman Mortgage Trust Series 2006-7, Class 2A5 (I/O) (I/F) |
11/25/36 | 183,299 | 19,639 | |||||||||
| Lehman Mortgage Trust Series 2006-9, Class 3A2 (I/O) (I/F) |
01/25/37 | 5,513,241 | 314,661 | |||||||||
| Lehman Mortgage Trust Series 2007-5, Class 10A2 (I/O) (I/F) |
06/25/37 | 8,161,146 | 873,944 | |||||||||
| Lehman Mortgage Trust Series 2007-5, Class 7A3 |
10/25/36 | 482,611 | 140,832 | |||||||||
| Lehman XS Trust Series 2005-1, Class 3A4 |
07/25/35 | 24,016 | 25,251 | |||||||||
| Lehman XS Trust Series 2006-17, Class 1A (I/O) |
08/25/46 | 6,648,367 | 130,501 | |||||||||
| Lehman XS Trust Series 2006-17, Class 1A3 |
08/25/46 | 164,020 | 147,510 | |||||||||
| LHOME Mortgage Trust Series 2025-RTL1, Class A2 |
01/25/40 | 2,684,000 | 2,680,566 | |||||||||
| MASTR Alternative Loan Trust Series 2005-2, Class 4A3 |
03/25/35 | 4,594 | 4,525 | |||||||||
| MASTR Asset-Backed Securities Trust Series 2006-NC2, Class A3 |
08/25/36 | 657,986 | 231,396 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued) |
||||||||||||
| Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A3 |
01/25/37 | $ | 619,708 | $ | 185,871 | |||||||
| Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B |
06/25/37 | 187,161 | 186,148 | |||||||||
| Merrill Lynch Mortgage Investors Trust Series 2004-B, Class A1 |
05/25/29 | 2,863 | 2,778 | |||||||||
| Merrill Lynch Mortgage Investors Trust Series 2006-HE6, Class A2B |
11/25/37 | 728,193 | 224,920 | |||||||||
| Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A |
05/25/37 | 3,325,209 | 924,907 | |||||||||
| Mid-State Capital Corp. Trust Series 2005-1, Class A |
01/15/40 | 1,394 | 1,392 | |||||||||
| Mid-State Capital Corp. Trust Series 2006-1, Class A |
10/15/40 | 22,030 | 22,062 | |||||||||
| Morgan Stanley Mortgage Loan Trust Series 2007-13, Class 6A1 |
10/25/37 | 172,960 | 88,666 | |||||||||
| Morgan Stanley Residential Mortgage Loan Trust Series 2024-INV3, Class A1 |
06/25/54 | 1,516,330 | 1,544,331 | |||||||||
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-NQM5, Class M1 |
07/25/70 | 4,055,000 | 4,078,914 | |||||||||
| Nationstar Home Equity Loan Trust Series 2007-C, Class 2AV4 |
06/25/37 | 13,288 | 12,960 | |||||||||
| Oakwood Mortgage Investors, Inc. Series 1999-C, Class A2 |
08/15/27 | 202,302 | 147,982 | |||||||||
| OBX Trust Series 2022-NQM7, Class
A3 |
08/25/62 | 1,187,491 | 1,182,173 | |||||||||
| OBX Trust Series 2024-NQM16, Class
M1 |
10/25/64 | 4,000,000 | 4,020,274 | |||||||||
| PMT Loan Trust Series 2024-INV1, Class
A29 |
10/25/59 | 1,168,676 | 1,169,826 | |||||||||
| PRET LLC Series 2021-RN2, Class
A1 |
07/25/51 | 1,232,166 | 1,227,790 | |||||||||
| PRET LLC Series 2024-NPL4, Class
A1 |
07/25/54 | 1,303,917 | 1,304,489 | |||||||||
| PRET LLC Series 2025-NPL4, Class
A1 |
04/25/55 | 4,350,852 | 4,369,202 | |||||||||
| PRET Trust Series 2025-NPL1, Class
A1 |
02/25/55 | 1,776,330 | 1,779,154 | |||||||||
| PRKCM Trust Series 2023-AFC1, Class
B1 |
02/25/58 | 1,200,000 | 1,204,687 | |||||||||
| PRPM LLC Series 2024-5, Class
A1 |
09/25/29 | 1,222,758 | 1,221,641 | |||||||||
| PRPM LLC Series 2024-RCF4, Class
A2 |
07/25/54 | 1,600,000 | 1,527,208 | |||||||||
| PRPM LLC Series 2024-RPL1, Class
B1 |
12/25/64 | 6,911,000 | 6,290,991 | |||||||||
| PRPM LLC Series 2024-RPL1, Class
M1 |
12/25/64 | 1,600,000 | 1,519,212 | |||||||||
| PRPM LLC Series 2024-RPL3, Class
A2 |
11/25/54 | 1,150,000 | 1,080,510 | |||||||||
| PRPM LLC Series 2024-RPL4, Class
M1 |
12/25/54 | 1,280,000 | 1,161,079 | |||||||||
| PRPM LLC Series 2025-RCF1, Class
A2 |
02/25/55 | 3,000,000 | 2,893,571 | |||||||||
| PRPM Trust Series 2023-NQM2, Class
B1 |
08/25/68 | 1,250,000 | 1,249,499 | |||||||||
| PRPM Trust Series 2023-NQM3, Class
B2 |
11/25/68 | 850,000 | 845,880 | |||||||||
| PRPM Trust Series 2025-NQM1, Class
M1B |
11/25/69 | 2,300,000 | 2,322,828 | |||||||||
| RALI Trust Series 2005-QS14, Class 3A3 |
09/25/35 | 96,692 | 84,590 | |||||||||
| RALI Trust Series 2005-QS16, Class A7 |
11/25/35 | 309,806 | 272,346 | |||||||||
| RALI Trust Series 2006-QS15, Class A3 |
10/25/36 | 680,649 | 588,786 | |||||||||
| RALI Trust Series 2006-QS18, Class 2A2 (I/O) (I/F) |
12/25/36 | 3,388,268 | 398,071 | |||||||||
| RALI Trust Series 2006-QS4, Class A2 (PAC) |
04/25/36 | 244,783 | 198,513 | |||||||||
| RALI Trust Series 2006-QS4, Class A4 |
04/25/36 | 303,232 | 245,914 | |||||||||
| RALI Trust Series 2006-QS6, Class 1A15 |
06/25/36 | 120,074 | 97,571 | |||||||||
| RALI Trust Series 2006-QS6, Class 1A2 |
06/25/36 | 471,693 | 383,295 | |||||||||
| RALI Trust Series 2006-QS6, Class 1A4 |
06/25/36 | 787,225 | 639,694 | |||||||||
| RALI Trust Series 2007-QH9, Class X
(P/O) |
11/25/37 | 9,658,162 | 325,925 | |||||||||
| RALI Trust Series 2007-QO2, Class A1 |
02/25/47 | 502,303 | 152,357 | |||||||||
| RALI Trust Series 2007-QS1, Class 1A4 |
01/25/37 | 380,305 | 301,728 | |||||||||
| RALI Trust Series 2007-QS1, Class 2A1 (I/O) (I/F) |
01/25/37 | 5,342,539 | 685,540 | |||||||||
| RALI Trust Series 2007-QS3, Class A1 |
02/25/37 | 362,137 | 301,977 | |||||||||
| RALI Trust Series 2007-QS7, Class 1A1 (PAC) |
05/25/37 | 40,941 | 33,943 | |||||||||
| RCKT Mortgage Trust Series 2024-CES5, Class A3 |
08/25/44 | 860,000 | 865,135 | |||||||||
| RCKT Mortgage Trust Series 2024-CES6, Class B1 |
09/25/44 | 2,300,000 | 2,314,082 | |||||||||
| RCKT Mortgage Trust Series 2024-CES8, Class A2 |
11/25/44 | 1,560,000 | 1,556,550 | |||||||||
| RCKT Mortgage Trust Series 2024-CES8, Class B1 |
11/25/44 | 5,010,000 | 5,041,897 | |||||||||
| Residential Asset Mortgage Products Trust Series 2006- EFC2, Class A4 |
12/25/36 | 9,831 | 9,756 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| RESIDENTIAL MORTGAGE-BACKED SECURITIES—NON-AGENCY (Continued) |
||||||||||||
| Residential Asset Securitization Trust Series 2003-A15, Class 1A3 (I/O) (I/F) |
02/25/34 | $ | 324,837 | $ | 38,279 | |||||||
| Residential Asset Securitization Trust Series 2005-A8CB, Class A9 |
07/25/35 | 217,801 | 118,005 | |||||||||
| Residential Asset Securitization Trust Series 2006-A12, Class A1 |
11/25/36 | 505,797 | 182,182 | |||||||||
| Residential Asset Securitization Trust Series 2006-A15, Class A2 |
01/25/37 | 508,006 | 165,629 | |||||||||
| Residential Asset Securitization Trust Series 2006-A16, Class 1A3 |
02/25/37 | 333,146 | 124,896 | |||||||||
| Residential Asset Securitization Trust Series 2006-A5CB, Class A4 |
06/25/36 | 209,389 | 78,366 | |||||||||
| Residential Asset Securitization Trust Series 2007-A1, Class A1 |
03/25/37 | 326,039 | 97,683 | |||||||||
| Residential Asset Securitization Trust Series 2007-A3, Class 1A4 |
04/25/37 | 462,468 | 205,210 | |||||||||
| Residential Asset Securitization Trust Series 2007-A6, Class 1A3 |
06/25/37 | 138,927 | 71,192 | |||||||||
| RFMSI Trust Series 2006-S10, Class 1A1 |
10/25/36 | 571,592 | 460,925 | |||||||||
| RFMSI Trust Series 2006-S3, Class A7 |
03/25/36 | 379,665 | 307,945 | |||||||||
| RFMSI Trust Series 2006-S6, Class A10 |
07/25/36 | 183,653 | 157,121 | |||||||||
| RFMSI Trust Series 2006-S6, Class A14 |
07/25/36 | 58,888 | 50,381 | |||||||||
| RFMSI Trust Series 2007-S8, Class 1A1 |
09/25/37 | 132,110 | 90,059 | |||||||||
| Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF4 |
01/25/36 | 227,596 | 193,004 | |||||||||
| Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B |
12/25/36 | 804,658 | 388,213 | |||||||||
| Shamrock Residential DAC Series 2024-1A, Class C |
12/24/78 | EUR | 1,075,000 | 1,221,100 | ||||||||
| Soundview Home Loan Trust Series 2007-OPT2, Class 2A4 |
07/25/37 | 221,517 | 179,942 | |||||||||
| Soundview Home Loan Trust Series 2007-OPT4, Class 1A1 |
09/25/37 | 355,770 | 257,588 | |||||||||
| Structured Adjustable Rate Mortgage Loan Trust Series 2004-1, Class 4A1 |
02/25/34 | 638 | 618 | |||||||||
| Structured Asset Mortgage Investments II Trust Series 2006- AR2, Class A1 |
02/25/36 | 7,430 | 6,877 | |||||||||
| Towd Point Mortgage Trust Series 2024-CES1, Class A1B |
01/25/64 | 773,239 | 775,081 | |||||||||
| VCAT LLC Series 2025-NPL1, Class
A1 |
01/25/55 | 5,627,543 | 5,635,153 | |||||||||
| Verus Securitization Trust Series 2022-2, Class A2 |
02/25/67 | 825,543 | 777,439 | |||||||||
| Verus Securitization Trust Series 2022-INV2, Class M1 |
10/25/67 | 864,000 | 861,589 | |||||||||
| Verus Securitization Trust Series 2023-1, Class B1 |
12/25/67 | 1,150,000 | 1,145,821 | |||||||||
| Verus Securitization Trust Series 2023-INV1, Class B1 |
02/25/68 | 1,120,000 | 1,119,544 | |||||||||
| Verus Securitization Trust Series 2024-INV1, Class B2 |
03/25/69 | 3,000,000 | 3,032,360 | |||||||||
| Verus Securitization Trust Series 2024-INV2, Class B2 |
08/26/69 | 550,000 | 553,989 | |||||||||
| Verus Securitization Trust Series 2025-INV1, Class B1 |
02/25/70 | 1,750,000 | 1,752,736 | |||||||||
| Visio Trust Series 2023-1, Class
B1 |
03/25/58 | 900,000 | 902,328 | |||||||||
| VOLT CIII LLC Series 2021-CF1, Class
A1 |
08/25/51 | 407,061 | 407,420 | |||||||||
| VOLT XCVI LLC Series 2021-NPL5, Class
A2 |
03/27/51 | 1,016,382 | 1,016,803 | |||||||||
| Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-2, Class
1A6 |
03/25/36 | 17,424 | 17,118 | |||||||||
| Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-AR3,
Class X3 (I/O) |
05/25/46 | 5,434,445 | 248,499 | |||||||||
| Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 1A1 |
06/25/37 | 146,979 | 133,175 | |||||||||
| Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1 |
11/25/37 | 258,296 | 230,658 | |||||||||
| Wells Fargo Mortgage-Backed Securities Trust Series 2006- AR14, Class 2A3 |
10/25/36 | 23,699 | 21,863 | |||||||||
| Wells Fargo Mortgage-Backed Securities Trust Series 2006- AR4, Class 2A1 |
04/25/36 | 5,064 | 5,016 | |||||||||
| Wells Fargo Mortgage-Backed Securities Trust Series 2007- 7, Class A1 |
06/25/37 | 1,273,125 | 1,177,675 | |||||||||
|
|
|
|||||||||||
| Total Residential Mortgage-backed Securities—Non-agency (Cost: $220,796,037) |
202,806,786 | |||||||||||
|
|
|
|||||||||||
| BANK LOANS—6.7% |
||||||||||||
| Advertising—0.1% |
||||||||||||
| Advantage Sales & Marketing, Inc. 2024 Term Loan |
10/28/27 | 1,083,292 | 847,974 | |||||||||
|
|
|
|||||||||||
| Aerospace & Defense—0.1% |
||||||||||||
| HDI Aerospace Intermediate Holding III Corp. Term Loan B |
02/11/32 | 817,950 | 821,529 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Aerospace & Defense (Continued) |
||||||||||||
| TransDigm, Inc. 2023 Term Loan J |
02/28/31 | $ | 723,951 | $ | 726,909 | |||||||
| TransDigm, Inc. 2024 Term Loan I |
08/24/28 | 427,196 | 429,240 | |||||||||
|
|
|
|||||||||||
| 1,977,678 | ||||||||||||
|
|
|
|||||||||||
| Apparel—0.1% |
||||||||||||
| ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B |
12/21/28 | 731,903 | 731,446 | |||||||||
| ABG Intermediate Holdings 2 LLC 2025 Delayed Draw Term Loan |
02/13/32 | 498,750 | 497,737 | |||||||||
|
|
|
|||||||||||
| 1,229,183 | ||||||||||||
|
|
|
|||||||||||
| Beverages—0.3% |
||||||||||||
| Arterra Wines Canada, Inc. 2020 Term Loan |
11/24/27 | 496,777 | 491,601 | |||||||||
| Celsius Holdings, Inc. Term Loan |
04/01/32 | 538,755 | 543,919 | |||||||||
| Naked Juice LLC 2025 FLFO Term Loan |
01/24/29 | 2,226,519 | 2,222,344 | |||||||||
| Naked Juice LLC 2025 FLSO Term Loan |
01/24/29 | 93,637 | 71,193 | |||||||||
| Naked Juice LLC 2025 FLTO Term Loan |
01/24/30 | 73,522 | 35,106 | |||||||||
| Primo Brands Corp. 2025 Term Loan B |
03/31/28 | 497,500 | 499,229 | |||||||||
|
|
|
|||||||||||
| 3,863,392 | ||||||||||||
|
|
|
|||||||||||
| Chemicals—0.1% |
||||||||||||
| Chemours Co. 2023 USD Term Loan B |
08/18/28 | 560,057 | 560,757 | |||||||||
| Mativ Holdings, Inc. Delayed Draw Term Loan A |
05/06/27 | 84,299 | 83,878 | |||||||||
| SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B |
01/31/29 | 497,500 | 498,885 | |||||||||
|
|
|
|||||||||||
| 1,143,520 | ||||||||||||
|
|
|
|||||||||||
| Commercial Services—0.6% |
||||||||||||
| AlixPartners LLP 2021 USD Term Loan B |
02/04/28 | 997,395 | 998,991 | |||||||||
| ASP Dream Acquisition Co. LLC Term Loan B |
12/15/28 | 1,125,840 | 1,080,807 | |||||||||
| Belron Finance 2019 LLC 2024 USD Term Loan B |
10/16/31 | 341,200 | 343,204 | |||||||||
| Boost Newco Borrower LLC 2025 USD Term Loan B |
01/31/31 | 636,342 | 638,134 | |||||||||
| CCRR Parent, Inc. Term Loan B |
03/06/28 | 134,196 | 46,969 | |||||||||
| CCRR Parent, Inc. US Acquisition Facility |
03/06/28 | 404,514 | 141,580 | |||||||||
| Element Materials Technology Group U.S. Holdings, Inc. 2022 USD Term Loan |
07/06/29 | 248,229 | 249,263 | |||||||||
| Ensemble RCM LLC 2024 Term Loan B |
08/01/29 | 997,475 | 1,003,225 | |||||||||
| Fugue Finance BV 2025 Term Loan
B |
01/09/32 | 1,204,638 | 1,210,981 | |||||||||
| Kelso Industries LLC Term Loan |
12/30/29 | 101,026 | 101,784 | |||||||||
| Nuvei Technologies Corp. 2024 Term Loan B1 |
11/17/31 | 498,750 | 499,732 | |||||||||
| Priority Holdings LLC 2024 Term Loan B |
05/16/31 | 345,430 | 346,563 | |||||||||
| Ryan LLC Term Loan |
11/14/30 | 1,125,581 | 1,127,837 | |||||||||
| TruGreen LP 2020 Term Loan |
11/02/27 | 668,109 | 645,561 | |||||||||
| Valvoline, Inc. Term Loan
B |
03/19/32 | 659,040 | 662,582 | |||||||||
| Veritiv Corp. Term Loan B |
11/30/30 | 566,685 | 569,697 | |||||||||
|
|
|
|||||||||||
| 9,666,910 | ||||||||||||
|
|
|
|||||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Computers—0.4% |
||||||||||||
| Access CIG LLC 2023 Term Loan |
08/18/28 | $ | 997,462 | $ | 1,003,626 | |||||||
| Amentum Government Services Holdings LLC 2024 Term Loan B |
09/29/31 | 307,125 | 307,663 | |||||||||
| McAfee LLC 2024 USD 1st Lien Term Loan B |
03/01/29 | 133,966 | 129,835 | |||||||||
| Nielsen Consumer, Inc. 2025 USD Term Loan |
03/06/28 | 498,750 | 500,558 | |||||||||
| Peraton Corp. Term Loan B |
02/01/28 | 903,439 | 806,532 | |||||||||
| Tempo Acquisition LLC 2025 Repriced Term Loan B |
08/31/28 | 997,494 | 996,013 | |||||||||
| Twitter, Inc. 2025 Fixed Term Loan |
10/26/29 | 1,041,198 | 1,011,628 | |||||||||
| Twitter, Inc. Term Loan |
10/26/29 | 832,598 | 812,757 | |||||||||
|
|
|
|||||||||||
| 5,568,612 | ||||||||||||
|
|
|
|||||||||||
| Cosmetics/personal Care—0.1% |
||||||||||||
| Opal Bidco SAS USD Term Loan B |
04/28/32 | 858,016 | 862,791 | |||||||||
|
|
|
|||||||||||
| Distribution & wholesale—0.0% |
||||||||||||
| BCPE Empire Holdings, Inc. 2025 Term Loan B |
12/11/30 | 58,324 | 58,368 | |||||||||
| Gloves Buyer, Inc. 2025 Term Loan |
01/17/32 | 525,012 | 515,299 | |||||||||
|
|
|
|||||||||||
| 573,667 | ||||||||||||
|
|
|
|||||||||||
| Diversified Financial Services—0.3% |
||||||||||||
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 |
06/24/30 | 1,145,110 | 1,146,930 | |||||||||
| Blackhawk Network Holdings, Inc. 2025 Term Loan B |
03/12/29 | 818,581 | 822,866 | |||||||||
| Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B |
01/27/32 | 199,500 | 200,423 | |||||||||
| Deerfield Dakota Holding LLC 2020 USD Term Loan B |
04/09/27 | 499,519 | 495,863 | |||||||||
| Delos Aircraft DAC Term Loan |
10/31/27 | 556,667 | 559,712 | |||||||||
| Guggenheim Partners LLC 2024 Term Loan B |
11/26/31 | 218,700 | 219,602 | |||||||||
| Jane Street Group LLC 2024 Term Loan B1 |
12/15/31 | 466,223 | 464,724 | |||||||||
| Jefferies Finance LLC 2024 Term Loan |
10/21/31 | 171,216 | 171,752 | |||||||||
| Setanta Aircraft Leasing DAC 2024 Term Loan B |
11/05/28 | 835,000 | 840,277 | |||||||||
|
|
|
|||||||||||
| 4,922,149 | ||||||||||||
|
|
|
|||||||||||
| Electric—0.5% |
||||||||||||
| Alpha Generation LLC 2025 Term Loan
B |
09/30/31 | 1,781,290 | 1,781,174 | |||||||||
| Alpha Generation LLC Term Loan B |
09/30/31 | 1,776,815 | 1,776,699 | |||||||||
| Calpine Corp. 2024 Term Loan B10 |
01/31/31 | 179,916 | 180,146 | |||||||||
| Calpine Corp. 2024 Term Loan B5 |
02/15/32 | 1,000,000 | 1,000,835 | |||||||||
| Cornerstone Generation LLC Term Loan
B |
10/28/31 | 181,482 | 182,979 | |||||||||
| Edgewater Generation LLC 2025 Repriced Term Loan |
08/01/30 | 90,282 | 90,797 | |||||||||
| Kestrel Acquisition LLC 2024 Term Loan B |
11/06/31 | 226,341 | 227,214 | |||||||||
| Potomac Energy Center LLC 2025 Term
Loan |
03/14/32 | 253,076 | 253,551 | |||||||||
| Potomac Energy Center LLC Term Loan |
11/12/26 | 318,472 | 319,666 | |||||||||
| South Field LLC 2025 Term Loan B |
08/29/31 | 355,508 | 357,286 | |||||||||
| South Field LLC 2025 Term Loan C |
08/29/31 | 22,862 | 22,976 | |||||||||
| Talen Energy Supply LLC 2023 Term Loan B |
05/17/30 | 497,462 | 499,250 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Electric (Continued) |
||||||||||||
| Vistra Operations Co. LLC 1st Lien Term Loan B3 |
12/20/30 | $ | 186,374 | $ | 186,876 | |||||||
|
|
|
|||||||||||
| 6,879,449 | ||||||||||||
|
|
|
|||||||||||
| Electrical Components & Equipment—0.1% |
||||||||||||
| Pelican Products, Inc. 2021 Term Loan |
12/29/28 | 982,842 | 861,422 | |||||||||
|
|
|
|||||||||||
| Electronics—0.0% |
||||||||||||
| Coherent Corp. 2025 1st Lien Term Loan B2 |
07/02/29 | 470,883 | 472,766 | |||||||||
| TCP Sunbelt Acquisition Co. 2024 Term Loan B |
10/24/31 | 44,775 | 44,999 | |||||||||
|
|
|
|||||||||||
| 517,765 | ||||||||||||
|
|
|
|||||||||||
| Energy-alternate Sources—0.0% |
||||||||||||
| KAMC Holdings, Inc. 2019 Term Loan |
08/14/26 | 492,126 | 472,441 | |||||||||
|
|
|
|||||||||||
| Engineering & Construction—0.1% |
||||||||||||
| Artera Services LLC 2024 Term Loan |
02/15/31 | 56,050 | 46,756 | |||||||||
| DG Investment Intermediate Holdings 2, Inc. 2024 Delayed Draw Term Loan |
03/31/28 | 13,948 | 13,913 | |||||||||
| Legence Holdings LLC 2025 Term Loan B |
12/18/28 | 497,416 | 499,592 | |||||||||
| Wrench Group LLC 2019 Term Loan B |
10/30/28 | 997,475 | 996,857 | |||||||||
|
|
|
|||||||||||
| 1,557,118 | ||||||||||||
|
|
|
|||||||||||
| Entertainment—0.4% |
||||||||||||
| DK Crown Holdings, Inc. 2025 Term Loan B |
03/04/32 | 1,125,531 | 1,125,649 | |||||||||
| EOC Borrower LLC Term Loan
A |
03/24/28 | 425,000 | 426,328 | |||||||||
| EOC Borrower LLC Term Loan B |
03/24/32 | 500,000 | 501,798 | |||||||||
| Flutter Financing BV 2024 Term Loan B |
11/30/30 | 248,737 | 248,302 | |||||||||
| Flutter Financing BV 2025 Term Loan B |
06/04/32 | 165,034 | 165,308 | |||||||||
| Great Canadian Gaming Corp. 2024 Term Loan B |
11/01/29 | 350,000 | 342,344 | |||||||||
| J&J Ventures Gaming LLC 2025 Repriced Term Loan B |
04/26/30 | 498,750 | 495,401 | |||||||||
| Showtime Acquisition LLC 2024 1st Lien Term Loan |
08/16/31 | 299,907 | 301,314 | |||||||||
| UFC Holdings LLC 2024 Term Loan B |
11/21/31 | 280,650 | 281,753 | |||||||||
| Voyager Parent LLC Term Loan B |
07/01/32 | 1,431,064 | 1,434,127 | |||||||||
|
|
|
|||||||||||
| 5,322,324 | ||||||||||||
|
|
|
|||||||||||
| Environmental Control—0.0% |
||||||||||||
| GFL Environmental, Inc. 2025 Term Loan B |
03/03/32 | 500,000 | 501,250 | |||||||||
|
|
|
|||||||||||
| Food—0.1% |
||||||||||||
| 1440 Food Topco LLC Term Loan B |
10/31/31 | 747,739 | 734,653 | |||||||||
| BCPE North Star U.S. HoldCo 2, Inc. Term Loan |
06/09/28 | 747,786 | 749,655 | |||||||||
| United Natural Foods, Inc. 2024 Term Loan |
05/01/31 | 233,281 | 235,447 | |||||||||
|
|
|
|||||||||||
| 1,719,755 | ||||||||||||
|
|
|
|||||||||||
| Health Care-products—0.1% |
||||||||||||
| Antylia Scientific Term Loan |
05/27/32 | 664,322 | 653,248 | |||||||||
| Bausch & Lomb Corp. 2023 Incremental Term Loan |
09/29/28 | 337,571 | 338,134 | |||||||||
| Medline Borrower LP 2024 USD Add-on Term Loan B |
10/23/28 | 889,096 | 890,887 | |||||||||
|
|
|
|||||||||||
| 1,882,269 | ||||||||||||
|
|
|
|||||||||||
| Health Care-services—0.4% |
||||||||||||
| ADMI Corp. 2021 Incremental Term Loan B3 |
12/23/27 | 497,416 | 467,778 | |||||||||
| ADMI Corp. 2023 Term Loan B5 |
12/23/27 | 83,464 | 81,002 | |||||||||
| Charlotte Buyer, Inc. 2025 Repriced Term Loan B |
02/11/28 | 348,250 | 348,469 | |||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Health Care-services (Continued) |
||||||||||||
| Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B |
03/30/29 | $ | 498,718 | $ | 441,989 | |||||||
| Heartland Dental LLC 2024 Term Loan |
04/28/28 | 931,649 | 934,737 | |||||||||
| Help At Home, Inc. 2024 Term Loan B |
09/24/31 | 348,250 | 337,803 | |||||||||
| IQVIA, Inc. 2025 Repriced Term Loan B |
01/02/31 | 124,195 | 125,010 | |||||||||
| Modivcare, Inc. 2024 Term Loan B |
07/01/31 | 795,979 | 510,756 | |||||||||
| Modivcare, Inc. 2025 Incremental Term Loan |
01/12/26 | 271,354 | 211,402 | |||||||||
| NAPA Management Services Corp. Term Loan B |
02/23/29 | 1,381,134 | 936,409 | |||||||||
| Pediatric Associates Holding Co. LLC 2021 Term Loan B |
12/29/28 | 1,257,820 | 1,105,831 | |||||||||
| Star Parent, Inc. Term Loan B |
09/27/30 | 189,888 | 188,029 | |||||||||
| U.S. Anesthesia Partners, Inc. 2021 Term Loan |
10/01/28 | 457,188 | 453,283 | |||||||||
|
|
|
|||||||||||
| 6,142,498 | ||||||||||||
|
|
|
|||||||||||
| Home Furnishings—0.1% |
||||||||||||
| AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B |
07/31/28 | 1,142,435 | 1,143,177 | |||||||||
|
|
|
|||||||||||
| Insurance—0.2% |
||||||||||||
| AmWINS Group, Inc. 2025 Term Loan B |
01/30/32 | 1,201,106 | 1,203,335 | |||||||||
| Asurion LLC 2021 Second Lien Term Loan B4 |
01/20/29 | 564,175 | 531,913 | |||||||||
| Asurion LLC 2021 Term Loan B9 |
07/31/27 | 997,396 | 998,373 | |||||||||
| Asurion LLC 2024 Term Loan B12 |
09/19/30 | 181,343 | 178,705 | |||||||||
|
|
|
|||||||||||
| 2,912,326 | ||||||||||||
|
|
|
|||||||||||
| Internet—0.4% |
||||||||||||
| Arches Buyer, Inc. 2021 Term Loan B |
12/06/27 | 122,123 | 122,209 | |||||||||
| Barracuda Networks, Inc. 2022 Term Loan |
08/15/29 | 542,024 | 441,514 | |||||||||
| Delivery Hero SE 2024 USD Term Loan B |
12/12/29 | 1,092,824 | 1,103,638 | |||||||||
| Magnite, Inc. 2025 Repriced Term Loan B |
02/06/31 | 552,879 | 555,527 | |||||||||
| MH Sub I LLC 2023 Term Loan |
05/03/28 | 806,568 | 771,333 | |||||||||
| MH Sub I LLC 2024 Term Loan B4 |
12/31/31 | 661,894 | 593,269 | |||||||||
| Plano HoldCo, Inc. Term Loan
B |
10/02/31 | 249,375 | 242,517 | |||||||||
| PUG LLC 2024 Extended Term Loan B |
03/15/30 | 99,911 | 99,318 | |||||||||
| Red Ventures LLC 2024 Term Loan B |
03/04/30 | 979,266 | 855,633 | |||||||||
| Research Now Group, Inc. 2024 First Lien First Out Term Loan |
07/15/28 | 601,797 | 600,482 | |||||||||
| TripAdvisor, Inc. Term Loan |
07/08/31 | 381,656 | 378,793 | |||||||||
|
|
|
|||||||||||
| 5,764,233 | ||||||||||||
|
|
|
|||||||||||
| Investment Companies—0.0% |
||||||||||||
| Intrado Corp. 2023 Term Loan B |
01/31/30 | 348,232 | 348,958 | |||||||||
|
|
|
|||||||||||
| Leisure Time—0.1% |
||||||||||||
| City Football Group Ltd. 2024 Term Loan |
07/22/30 | 958,083 | 958,984 | |||||||||
| Sabre GLBL, Inc. 2024 Term Loan B1 |
11/15/29 | 395,096 | 395,590 | |||||||||
|
|
|
|||||||||||
| 1,354,574 | ||||||||||||
|
|
|
|||||||||||
| Lodging—0.0% |
||||||||||||
| Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 |
11/08/30 | 424,611 | 426,055 | |||||||||
|
|
|
|||||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Machinery-construction & Mining—0.0% |
|
|||||||||||
| WEC U.S. Holdings Ltd. 2024 Term Loan |
01/27/31 | $ | 366,339 | $ | 367,011 | |||||||
|
|
|
|||||||||||
| Machinery-diversified—0.1% |
||||||||||||
| Arcline FM Holdings LLC 2024 Term Loan |
06/23/28 | 349,123 | 351,851 | |||||||||
| Oregon Tool, Inc. 2025 1st Lien Term Loan |
10/15/29 | 54,649 | 55,828 | |||||||||
| Oregon Tool, Inc. 2025 2nd Lien Term Loan |
10/15/29 | 715,641 | 590,629 | |||||||||
|
|
|
|||||||||||
| 998,308 | ||||||||||||
|
|
|
|||||||||||
| Media—0.4% |
||||||||||||
| Charter Communications Operating LLC 2024 Term Loan B5 |
12/15/31 | 3,173,385 | 3,176,955 | |||||||||
| NEP Group, Inc. 2023 Term Loan B |
08/19/26 | 984,626 | 937,364 | |||||||||
| Telenet Financing USD LLC 2020 USD Term Loan AR |
04/30/28 | 500,000 | 490,875 | |||||||||
| Virgin Media Bristol LLC USD Term Loan N |
01/31/28 | 187,759 | 185,804 | |||||||||
| Ziggo Financing Partnership Term Loan
I |
04/30/28 | 750,000 | 725,730 | |||||||||
|
|
|
|||||||||||
| 5,516,728 | ||||||||||||
|
|
|
|||||||||||
| Mining—0.0% |
||||||||||||
| American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan |
06/09/28 | 29,518 | 29,740 | |||||||||
| American Rock Salt Co. LLC 2024 First Out Term Loan |
06/09/28 | 110,709 | 111,539 | |||||||||
|
|
|
|||||||||||
| 141,279 | ||||||||||||
|
|
|
|||||||||||
| Miscellaneous Manufacturers—0.1% |
||||||||||||
| Cleanova U.S. Holdings LLC 2025 Term Loan B |
06/14/32 | 471,435 | 469,078 | |||||||||
| Technimark Holdings LLC 2024 Term Loan |
04/14/31 | 781,970 | 784,578 | |||||||||
| Technimark Holdings LLC Term
Loan |
04/14/31 | 787,879 | 790,507 | |||||||||
|
|
|
|||||||||||
| 2,044,163 | ||||||||||||
|
|
|
|||||||||||
| Office/business Equipment—0.1% |
||||||||||||
| Xerox Holdings Corp. 2023 Term Loan B |
11/17/29 | 1,596,926 | 1,502,444 | |||||||||
|
|
|
|||||||||||
| Packaging & Containers—0.1% |
||||||||||||
| Balcan Innovations, Inc. Term Loan B |
10/18/31 | 579,612 | 533,243 | |||||||||
| Plaze, Inc. 2020 Incremental Term Loan |
08/03/26 | 669,389 | 642,928 | |||||||||
| Proampac PG Borrower LLC 2024 Term Loan |
09/15/28 | 145,889 | 146,527 | |||||||||
|
|
|
|||||||||||
| 1,322,698 | ||||||||||||
|
|
|
|||||||||||
| Pharmaceuticals—0.2% |
||||||||||||
| Elanco Animal Health, Inc. Term Loan B |
08/01/27 | 1,383,865 | 1,384,162 | |||||||||
| Grifols Worldwide Operations USA, Inc. 2019 USD Term Loan B |
11/15/27 | 87,976 | 87,934 | |||||||||
| Jazz Financing Lux SARL 2024 1st Lien Term Loan B |
05/05/28 | 886,626 | 891,131 | |||||||||
| Paradigm Parent LLC 2025 Term Loan
B |
04/30/32 | 600,000 | 546,750 | |||||||||
| Pathway Vet Alliance LLC 2021 Term Loan |
03/31/27 | 11,816 | 9,651 | |||||||||
| Pathway Vet Alliance LLC 2025 Tranche A Term Loan A |
06/30/28 | 14,538 | 14,650 | |||||||||
|
|
|
|||||||||||
| 2,934,278 | ||||||||||||
|
|
|
|||||||||||
| Reit—0.1% |
||||||||||||
| Healthpeak Properties, Inc. 2024 Term Loan A3 |
03/01/29 | 223,979 | 218,380 | |||||||||
| Healthpeak Properties, Inc. Term Loan A1 |
08/20/27 | 110,979 | 110,146 | |||||||||
| Healthpeak Properties, Inc. Term Loan A2 |
02/22/27 | 110,979 | 110,146 | |||||||||
| Invitation Homes Operating Partnership LP 2024 Term Loan |
09/09/28 | 739,444 | 728,353 | |||||||||
| Iron Mountain, Inc. 2022 Term Loan
A |
03/18/30 | 1,000,000 | 995,000 | |||||||||
|
|
|
|||||||||||
| 2,162,025 | ||||||||||||
|
|
|
|||||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Retail—0.3% |
||||||||||||
| 1011778 BC Unlimited Liability Co. 2024 Term Loan B6 |
09/20/30 | $ | 912,109 | $ | 911,183 | |||||||
| BW Gas & Convenience Holdings LLC 2021 Term Loan B |
03/31/28 | 506,117 | 506,327 | |||||||||
| Dave & Buster’s, Inc. 2024 1st Lien Term Loan B |
11/01/31 | 500,545 | 482,913 | |||||||||
| Lakeshore Intermediate LLC Term Loan |
09/29/28 | 496,144 | 414,903 | |||||||||
| Michaels Cos., Inc. 2021 Term Loan B |
04/17/28 | 163,200 | 139,172 | |||||||||
| Pacific Bells LLC 2024 Repriced Term Loan B |
11/13/28 | 497,423 | 499,081 | |||||||||
| Peer Holding III BV 2025 Term Loan B5B |
07/01/31 | 1,733,873 | 1,740,652 | |||||||||
|
|
|
|||||||||||
| 4,694,231 | ||||||||||||
|
|
|
|||||||||||
| Software—0.6% |
||||||||||||
| Athenahealth Group, Inc. 2025 Term Loan B |
02/15/29 | 228,475 | 228,578 | |||||||||
| Cast & Crew Payroll LLC 2021 Incremental Term Loan |
12/29/28 | 224,784 | 214,372 | |||||||||
| Castle U.S. Holding Corp. 2025 New Money FLFO Term Loan |
04/29/30 | 39,316 | 39,795 | |||||||||
| Castle U.S. Holding Corp. 2025 USD FLSO Term Loan B1 |
05/31/30 | 261,726 | 146,379 | |||||||||
| Cloud Software Group, Inc. 2024 1st Lien Term Loan B |
03/29/29 | 519,855 | 521,332 | |||||||||
| Cloudera, Inc. 2021 Term Loan |
10/08/28 | 997,416 | 959,699 | |||||||||
| Cotiviti Corp. 2025 2nd Amendment Term Loan |
03/26/32 | 376,690 | 376,376 | |||||||||
| DTI Holdco, Inc. 2025 Term Loan B |
04/26/29 | 1,021,552 | 1,009,845 | |||||||||
| EagleView Technology Corp. 2025 Term Loan |
08/14/28 | 522,502 | 513,765 | |||||||||
| ECI Macola Max Holding LLC 2024 Term Loan |
05/09/30 | 282,904 | 284,043 | |||||||||
| Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B |
01/30/32 | 1,494,994 | 1,495,390 | |||||||||
| Maverick Bidco, Inc. 2021 Term Loan |
05/18/28 | 1,000,000 | 1,004,690 | |||||||||
| Modena Buyer LLC Term Loan |
07/01/31 | 228,713 | 224,750 | |||||||||
| Renaissance Holdings Corp. 2024 1st Lien Term Loan |
04/05/30 | 2,096,202 | 1,939,364 | |||||||||
| SolarWinds Holdings, Inc. 2025 Term Loan |
04/16/32 | 467,924 | 463,244 | |||||||||
|
|
|
|||||||||||
| 9,421,622 | ||||||||||||
|
|
|
|||||||||||
| Telecommunications—0.1% |
||||||||||||
| Frontier Communications Corp. 2025 Term Loan B |
07/01/31 | 245,832 | 246,408 | |||||||||
| Zayo Group Holdings, Inc. 2022 USD Incremental Term Loan B |
03/09/27 | 952,819 | 929,003 | |||||||||
| Zayo Group Holdings, Inc. USD Term Loan |
03/09/27 | 500,000 | 484,033 | |||||||||
|
|
|
|||||||||||
| 1,659,444 | ||||||||||||
|
|
|
|||||||||||
| Total Bank Loans (Cost: $102,569,339) |
101,225,721 | |||||||||||
|
|
|
|||||||||||
| U.S. TREASURY SECURITIES—12.8% |
||||||||||||
| U.S. Treasury Notes |
||||||||||||
| 3.88% |
07/31/27 | 147,313,000 | 147,128,859 | |||||||||
| 3.88% |
07/15/28 | 1,760,000 | 1,759,656 | |||||||||
| 3.88% |
07/31/30 | 42,600,000 | 42,445,242 | |||||||||
|
|
|
|||||||||||
| Total U.S. Treasury Securities (Cost: $191,396,511) |
191,333,757 | |||||||||||
|
|
|
|||||||||||
| Total Fixed Income Securities (Cost: $1,610,083,870) |
1,589,920,297 | |||||||||||
|
|
|
|||||||||||
| CONVERTIBLE SECURITIES—0.1% |
||||||||||||
| CONVERTIBLE CORPORATE BONDS—0.1% |
||||||||||||
| Beverages—0.0% |
||||||||||||
| Davide Campari-Milano NV
(Italy) |
01/17/29 | EUR | 100,000 | 111,985 | ||||||||
|
|
|
|||||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Commercial Services—0.1% |
|
|||||||||||
| Worldline SA
(France) |
07/30/26 | EUR | 1,627,689 | $ | 1,810,318 | |||||||
|
|
|
|||||||||||
| Total Convertible Corporate Bonds (Cost: $1,824,236) |
1,922,303 | |||||||||||
|
|
|
|||||||||||
| Total Convertible Securities (Cost: $1,824,236) |
1,922,303 | |||||||||||
|
|
|
|||||||||||
| Security |
Shares | |||||||||||
| MONEY MARKET INVESTMENTS—6.1% |
||||||||||||
| State Street Institutional U.S. Government Money Market Fund—Premier Class, |
3,108,491 | 3,108,491 | ||||||||||
| TCW Central Cash
Fund, |
88,173,167 | 88,173,167 | ||||||||||
|
|
|
|||||||||||
| Total Money Market Investments (Cost: $91,281,658) |
91,281,658 | |||||||||||
|
|
|
|||||||||||
| INVESTMENT COMPANIES—0.9% |
||||||||||||
| TCW Private Asset Income Fund—I |
|
1,315,755 | 13,170,705 | |||||||||
|
|
|
|||||||||||
| Total Investment Companies (Cost: $13,154,700) |
13,170,705 | |||||||||||
|
|
|
|||||||||||
| COMMON STOCK—0.0% |
||||||||||||
| Media—0.0% |
||||||||||||
| SES SA(20) |
11,053 | 128,839 | ||||||||||
|
|
|
|||||||||||
| Real Estate—0.0% |
||||||||||||
| Aoyuan New Shares(11),(20) |
|
30,741 | 501 | |||||||||
|
|
|
|||||||||||
| REIT—0.0% |
||||||||||||
| AGNC Investment Corp. |
|
25,500 | 240,465 | |||||||||
|
|
|
|||||||||||
| 240,465 | ||||||||||||
|
|
|
|||||||||||
| Telecommunications—0.0% |
||||||||||||
| Intelsat SA(11),(20) |
11,053 | 6,190 | ||||||||||
|
|
|
|||||||||||
| Total Common Stock (Cost: $313,141) |
375,995 | |||||||||||
|
|
|
|||||||||||
| Issues | ||||||||||||
| WARRANTS—0.0% |
||||||||||||
| Cineworld Group PLC(8),(11),(20) |
|
152,713 | — | |||||||||
|
|
|
|||||||||||
| Total Warrants (Cost $0) |
— | |||||||||||
| Total Investments (113.1%) (Cost: $1,716,657,605) |
1,696,670,958 | |||||||||||
|
|
|
|||||||||||
| Net Unrealized Appreciation/depreciation On Unfunded Commitments (0.0%) |
837 | |||||||||||
| Liabilities In Excess Of Other Assets (-13.1%) |
(196,178,021 | ) | ||||||||||
|
|
|
|||||||||||
| Net Assets (100.0%) |
$ | 1,500,493,774 | ||||||||||
|
|
|
|||||||||||
| TCW Flexible Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| FORWARD CURRENCY EXCHANGE CONTRACTS |
| |||||||||||||||||||||||
|
|
||||||||||||||||||||||||
| Counterparty |
Contracts to Deliver |
Units of Currency |
Settlement Date |
In Exchange for USD |
Contracts at Value |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||
| BUY(21) |
||||||||||||||||||||||||
| Goldman Sachs & Co. |
EUR | 2,456,425 | 10/10/25 | $ | 2,883,806 | $ | 2,815,707 | $ | (68,099 | ) | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 2,883,806 | $ | 2,815,707 | $ | (68,099 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| SELL(22) |
||||||||||||||||||||||||
| Goldman Sachs & Co. |
AUD | 3,091,158 | 10/10/25 | $ | 2,043,313 | $ | 1,989,005 | $ | 54,308 | |||||||||||||||
| Goldman Sachs & Co. |
CAD | 4,740,000 | 10/10/25 | 3,487,023 | 3,432,580 | 54,443 | ||||||||||||||||||
| Goldman Sachs & Co. |
EUR | 56,518,199 | 10/10/25 | 66,572,068 | 64,784,657 | 1,787,411 | ||||||||||||||||||
| Goldman Sachs & Co. |
GBP | 2,368,786 | 10/10/25 | 3,175,372 | 3,130,365 | 45,007 | ||||||||||||||||||
| Bank of New York |
GBP | 13,568,032 | 10/10/25 | 18,427,680 | 17,930,234 | 497,446 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 93,705,456 | $ | 91,266,841 | $ | 2,438,615 | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| FUTURES CONTRACTS |
| |||||||||||||||||
| Number
of |
Type |
Expiration Date |
Notional Contract Value |
Value | Net Unrealized Appreciation (Depreciation) |
|||||||||||||
| Long Futures |
||||||||||||||||||
| 2,289 |
5-Year U.S. Treasury Note Futures |
09/30/25 | $ | 246,137,220 | $ | 247,605,422 | $ | 1,468,202 | ||||||||||
| 815 |
2-Year U.S. Treasury Note Futures |
09/30/25 | 168,895,523 | 168,692,266 | (203,257 | ) | ||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| $ | 415,032,743 | $ | 416,297,688 | $ | 1,264,945 | |||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Short Futures |
| |||||||||||||||||
| 927 |
10-Year U.S. Treasury Note Futures |
09/19/25 | $ | (103,224,949 | ) | $ | (104,823,423 | ) | $ | (1,598,474 | ) | |||||||
| 23 |
3 Year Australian Bond Futures |
09/15/25 | (1,586,260 | ) | (1,586,171 | ) | 89 | |||||||||||
| 13 |
30-Year Euro-Buxl Future |
09/8/25 | (1,782,331 | ) | (1,741,403 | ) | 40,928 | |||||||||||
| 33 |
5-Year Canadian Bond Futures |
09/18/25 | (2,694,043 | ) | (2,696,016 | ) | (1,973 | ) | ||||||||||
| 17 |
Euro SCHWATZ Futures |
09/8/25 | (2,083,676 | ) | (2,076,812 | ) | 6,864 | |||||||||||
| 94 |
Euro-Bobl Future |
09/8/25 | (12,659,437 | ) | (12,579,875 | ) | 79,562 | |||||||||||
| 79 |
Euro-Bund Future |
09/8/25 | (11,800,682 | ) | (11,693,072 | ) | 107,611 | |||||||||||
| 19 |
Long Gilt Futures |
09/26/25 | (2,282,630 | ) | (2,312,511 | ) | (29,881 | ) | ||||||||||
| 250 |
U.S. Ultra Long Bond Futures |
09/19/25 | (28,847,502 | ) | (29,328,125 | ) | (480,623 | ) | ||||||||||
|
|
|
|
|
|
|
|||||||||||||
| $ | (166,961,510 | ) | $ | (168,837,408 | ) | $ | (1,875,897 | ) | ||||||||||
|
|
|
|
|
|
|
|||||||||||||
| 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 October 31, 2024 |
Purchases at Cost |
Proceeds from Sales |
Number of Shares Held July 31, 2025 |
Value at July 31, 2025 |
Dividends and Interest Income Received |
Distributions Received from Net Realized Gain |
Net Realized Gain (Loss) on Investments |
Net change in Unrealized Gain (Loss) on Investments |
|||||||||||||||||||||||||||
| TCW Central Cash Fund |
$ | — | $ | 1,147,973,167 | $ | 1,059,800,000 | 88,173,167 | $ | 88,173,167 | $ | 1,893,806 | $ | — | $ | — | $ | — | |||||||||||||||||||
| TCW Private Asset Income Fund — I Class |
— | 13,154,700 | — | 1,315,755 | 13,170,705 | 252,826 | — | — | 16,005 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total |
$ | 101,343,872 | $ | 2,146,632 | $ | — | $ | — | $ | 16,005 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| TCW Flexible Income ETF | ||||
| Investments by Sector (Unaudited) | July 31, 2025 | |||
| Sector |
Percentage of 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 | ) | ||
|
|
|
|||
| 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 Active Markets for Identical Assets (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | ||||||||||||
| Fixed Income Securities |
||||||||||||||||
| Residential Mortgage-Backed Securities—Agency |
$ | — | $ | 354,095,951 | $ | 1,526,250 | $ | 355,622,201 | ||||||||
| Corporate Bonds |
— | 257,538,885 | — | 257,538,885 | ||||||||||||
| Asset-Backed Securities |
— | 225,506,036 | 20,915,362 | 246,421,398 | ||||||||||||
| Commercial Mortgage-Backed Securities—Non-Agency |
— | 213,933,662 | 185,687 | 214,119,349 | ||||||||||||
| Residential Mortgage-Backed Securities—Non-Agency |
— | 202,806,786 | — | 202,806,786 | ||||||||||||
| U.S. Treasury Securities |
— | 191,333,757 | — | 191,333,757 | ||||||||||||
| Bank Loans |
— | 101,225,721 | — | 101,225,721 | ||||||||||||
| Foreign Government Bonds |
— | 16,814,934 | — | 16,814,934 | ||||||||||||
| Municipal Bonds |
— | 2,940,616 | — | 2,940,616 | ||||||||||||
| Commercial Mortgage-Backed Securities—Agency |
— | 1,096,650 | — | 1,096,650 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Fixed Income Securities |
— | 1,567,292,998 | 22,627,299 | 1,589,920,297 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Money Market Investments |
91,281,658 | — | — | 91,281,658 | ||||||||||||
| Investment Companies |
13,170,705 | — | — | 13,170,705 | ||||||||||||
| Convertible Corporate Bonds |
— | 1,922,303 | — | 1,922,303 | ||||||||||||
| Common Stock |
— | 369,304 | 6,691 | 375,995 | ||||||||||||
| Warrants |
— | — | —* | — | ||||||||||||
| Net Unrealized Appreciation (Depreciation) on Unfunded Commitments |
— | 837 | — | 837 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments |
$ | 104,452,363 | $ | 1,569,585,442 | $ | 22,633,990 | $ | 1,696,671,795 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Asset Derivatives |
||||||||||||||||
| Forward Currency Contracts |
||||||||||||||||
| Foreign Currency Risk |
— | 2,438,615 | — | 2,438,615 | ||||||||||||
| Futures Contracts |
||||||||||||||||
| Interest Rate Risk |
1,703,256 | — | — | 1,703,256 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | 106,155,619 | $ | 1,572,024,057 | $ | 22,633,990 | $ | 1,700,813,666 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liability Derivatives |
||||||||||||||||
| Forward Currency Contracts |
||||||||||||||||
| Foreign Currency Risk |
$ | — | $ | (68,099 | ) | $ | — | $ | (68,099 | ) | ||||||
| Futures Contracts |
||||||||||||||||
| Interest Rate Risk |
(2,314,208 | ) | — | — | (2,314,208 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | (2,314,208 | ) | $ | (68,099 | ) | $ | — | $ | (2,382,307 | ) | |||||
|
|
|
|
|
|
|
|
|
|||||||||
| * | Amount is less than $1. |
| TCW High Yield Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| FIXED INCOME SECURITIES—97.6% of Net Assets |
|
|||||||||||
| CORPORATE BONDS—86.5% |
|
|||||||||||
| Advertising—0.6% |
||||||||||||
| Clear Channel Outdoor Holdings,
Inc. |
02/15/31 | $ | 80,000 | $ | 79,946 | |||||||
| Outfront Media Capital LLC/Outfront Media Capital Corp. |
||||||||||||
| 4.63%(1) |
03/15/30 | 105,000 | 99,751 | |||||||||
| 7.38%(1) |
02/15/31 | 57,000 | 59,886 | |||||||||
|
|
|
|||||||||||
| 239,583 | ||||||||||||
|
|
|
|||||||||||
| Aerospace & Defense—1.8% |
||||||||||||
| TransDigm, Inc. |
||||||||||||
| 4.63% |
01/15/29 | 135,000 | 132,078 | |||||||||
| 6.38%(1) |
03/01/29 | 277,000 | 283,709 | |||||||||
| 6.38%(1) |
05/31/33 | 205,000 | 206,509 | |||||||||
| 6.75%(1) |
08/15/28 | 18,000 | 18,379 | |||||||||
| 6.88%(1) |
12/15/30 | 70,000 | 72,610 | |||||||||
|
|
|
|||||||||||
| 713,285 | ||||||||||||
|
|
|
|||||||||||
| Airlines—0.4% |
||||||||||||
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
||||||||||||
| 5.50%(1) |
04/20/26 | 15,250 | 15,249 | |||||||||
| 5.75%(1) |
04/20/29 | 120,000 | 120,027 | |||||||||
| JetBlue Airways Corp./JetBlue Loyalty
LP |
09/20/31 | 38,000 | 36,772 | |||||||||
|
|
|
|||||||||||
| 172,048 | ||||||||||||
|
|
|
|||||||||||
| Apparel—0.6% |
||||||||||||
| Crocs, Inc. |
||||||||||||
| 4.13%(1) |
08/15/31 | 229,000 | 207,094 | |||||||||
| 4.25%(1) |
03/15/29 | 40,000 | 38,101 | |||||||||
|
|
|
|||||||||||
| 245,195 | ||||||||||||
|
|
|
|||||||||||
| Auto Manufacturers—0.2% |
||||||||||||
| Allison Transmission,
Inc. |
01/30/31 | 100,000 | 91,428 | |||||||||
|
|
|
|||||||||||
| Auto Parts & Equipment—0.9% |
||||||||||||
| Clarios Global LP/Clarios U.S. Finance Co. |
||||||||||||
| 6.75%(1) |
02/15/30 | 100,000 | 103,168 | |||||||||
| 6.75%(1) |
05/15/28 | 59,000 | 60,452 | |||||||||
| Forvia SE (France) |
06/15/30 | 58,000 | 60,545 | |||||||||
| ZF North America Capital, Inc.
(Germany) |
04/23/32 | 140,000 | 130,840 | |||||||||
|
|
|
|||||||||||
| 355,005 | ||||||||||||
|
|
|
|||||||||||
| Banks—0.4% |
||||||||||||
| Citigroup, Inc. |
08/15/30 | 165,000 | 166,805 | |||||||||
|
|
|
|||||||||||
| Beverages—0.5% |
||||||||||||
| Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
04/01/29 | 209,000 | 209,598 | |||||||||
|
|
|
|||||||||||
| Building Materials—0.7% |
||||||||||||
| JH North America Holdings,
Inc. |
01/31/31 | 80,000 | 80,372 | |||||||||
| Quikrete Holdings, Inc. |
03/01/32 | 155,000 | 159,151 | |||||||||
| Standard Building Solutions, Inc. 6.50%(1) |
08/15/32 | 59,000 | 60,291 | |||||||||
|
|
|
|||||||||||
| 299,814 | ||||||||||||
|
|
|
|||||||||||
| Chemicals—2.3% |
||||||||||||
| Axalta Coating Systems Dutch Holding B
BV |
02/15/31 | 150,000 | 156,043 | |||||||||
| INEOS Finance PLC
(Luxemburg) |
04/15/29 | 49,000 | 48,914 | |||||||||
| Olympus Water U.S. Holding
Corp. |
10/01/27 | 125,000 | 127,224 | |||||||||
| SCIH Salt Holdings, Inc. |
||||||||||||
| 4.88%(1) |
05/01/28 | 108,000 | 104,984 | |||||||||
| 6.63%(1) |
05/01/29 | 104,000 | 102,874 | |||||||||
| SCIL IV LLC/SCIL USA Holdings
LLC |
11/01/26 | 102,000 | 101,439 | |||||||||
| SK Invictus Intermediate II
SARL |
10/30/29 | 43,000 | 41,830 | |||||||||
| Tronox, Inc. |
03/15/29 | 110,000 | 85,479 | |||||||||
| WR Grace Holdings LLC |
||||||||||||
| 5.63%(1) |
08/15/29 | 64,000 | 59,127 | |||||||||
| 7.38%(1) |
03/01/31 | 96,000 | 99,124 | |||||||||
|
|
|
|||||||||||
| 927,038 | ||||||||||||
|
|
|
|||||||||||
| Commercial Services—7.5% |
||||||||||||
| ADT Security Corp. |
07/15/32 | 107,000 | 102,004 | |||||||||
| Adtalem Global Education,
Inc. |
03/01/28 | 141,000 | 139,387 | |||||||||
| Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg) |
05/21/30 | 145,000 | 149,453 | |||||||||
| Allied Universal Holdco
LLC |
02/15/31 | 79,000 | 82,900 | |||||||||
| Allied Universal Holdco LLC/Allied Universal Finance Corp. |
06/15/30 | 130,000 | 133,316 | |||||||||
| Block, Inc. |
05/15/32 | 188,000 | 193,095 | |||||||||
| Brink’s Co. |
06/15/32 | 97,000 | 100,011 | |||||||||
| Carriage Services, Inc. |
05/15/29 | 224,000 | 209,823 | |||||||||
| Deluxe Corp. |
09/15/29 | 60,000 | 61,722 | |||||||||
| EquipmentShare.com, Inc. |
03/15/33 | 39,000 | 40,774 | |||||||||
| Garda World Security Corp.
(Canada) |
11/15/32 | 60,000 | 61,879 | |||||||||
| Grand Canyon University |
10/01/28 | 150,000 | 144,917 | |||||||||
| Herc Holdings, Inc. |
06/15/33 | 202,000 | 209,421 | |||||||||
| OT Midco, Inc. |
02/15/30 | 171,000 | 141,070 | |||||||||
| Prime Security Services Borrower LLC/Prime Finance, Inc. |
01/15/28 | 135,000 | 135,057 | |||||||||
| Raven Acquisition Holdings
LLC |
11/15/31 | 65,000 | 65,709 | |||||||||
| Service Corp. International |
10/15/32 | 203,000 | 203,605 | |||||||||
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |
08/15/32 | 95,000 | 98,180 | |||||||||
| TCW High Yield Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Commercial Services (Continued) |
||||||||||||
| Sotheby’s |
10/15/27 | $ | 59,000 | $ | 58,339 | |||||||
| United Rentals North America,
Inc. |
03/15/34 | 100,000 | 102,646 | |||||||||
| Upbound Group, Inc. |
02/15/29 | 120,000 | 117,091 | |||||||||
| Valvoline, Inc. |
06/15/31 | 160,000 | 144,243 | |||||||||
| Veritiv Operating Co. |
11/30/30 | 36,000 | 39,072 | |||||||||
| VT Topco, Inc. |
08/15/30 | 93,000 | 99,054 | |||||||||
| WEX, Inc. |
03/15/33 | 97,000 | 98,316 | |||||||||
| ZipRecruiter, Inc. |
01/15/30 | 152,000 | 115,520 | |||||||||
|
|
|
|||||||||||
| 3,046,604 | ||||||||||||
|
|
|
|||||||||||
| Computers—0.8% |
||||||||||||
| Insight Enterprises,
Inc. |
05/15/32 | 139,000 | 142,240 | |||||||||
| McAfee Corp. |
02/15/30 | 106,000 | 98,417 | |||||||||
| NCR Voyix Corp. |
04/15/29 | 105,000 | 103,007 | |||||||||
|
|
|
|||||||||||
| 343,664 | ||||||||||||
|
|
|
|||||||||||
| Cosmetics/Personal Care—1.3% |
||||||||||||
| Edgewell Personal Care
Co. |
04/01/29 | 140,000 | 132,601 | |||||||||
| Opal Bidco SAS (France) |
03/31/32 | 55,000 | 55,678 | |||||||||
| Perrigo Finance Unlimited Co. |
09/30/32 | 142,000 | 143,201 | |||||||||
| Prestige Brands, Inc. |
04/01/31 | 215,000 | 196,951 | |||||||||
|
|
|
|||||||||||
| 528,431 | ||||||||||||
|
|
|
|||||||||||
| Distribution & Wholesale—0.3% |
||||||||||||
| RB Global Holdings, Inc.
(Canada) |
03/15/28 | 137,000 | 140,418 | |||||||||
|
|
|
|||||||||||
| Diversified Financial Services—1.6% |
||||||||||||
| EZCORP, Inc. |
04/01/32 | 135,000 | 140,843 | |||||||||
| GGAM Finance Ltd.
(Ireland) |
02/15/27 | 115,000 | 118,535 | |||||||||
| Jane Street Group/JSG Finance, Inc. |
||||||||||||
| 6.13%(1) |
11/01/32 | 285,000 | 283,170 | |||||||||
| 7.13%(1) |
04/30/31 | 109,000 | 112,705 | |||||||||
|
|
|
|||||||||||
| 655,253 | ||||||||||||
|
|
|
|||||||||||
| Electric—1.5% |
||||||||||||
| Alpha Generation LLC |
10/15/32 | 105,000 | 107,572 | |||||||||
| Pike Corp. |
01/31/31 | 186,000 | 200,447 | |||||||||
| Southern Co. |
03/15/55 | 95,000 | 98,464 | |||||||||
| Vistra Operations Co. LLC |
||||||||||||
| 6.88%(1) |
04/15/32 | 137,000 | 142,487 | |||||||||
| 7.75%(1) |
10/15/31 | 70,000 | 74,147 | |||||||||
|
|
|
|||||||||||
| 623,117 | ||||||||||||
|
|
|
|||||||||||
| Electrical Components & Equipment—0.3% |
||||||||||||
| Energizer Holdings, Inc. |
03/31/29 | 125,000 | 118,649 | |||||||||
|
|
|
|||||||||||
| Electronics—0.5% |
||||||||||||
| Coherent Corp. 5.00%(1) |
12/15/29 | 65,000 | 63,658 | |||||||||
| Sensata Technologies,
Inc. |
07/15/32 | 136,000 | 139,401 | |||||||||
|
|
|
|||||||||||
| 203,059 | ||||||||||||
|
|
|
|||||||||||
| Engineering & Construction—0.1% |
||||||||||||
| Brand Industrial Services,
Inc. |
08/01/30 | 37,000 | 33,725 | |||||||||
|
|
|
|||||||||||
| Entertainment—3.8% |
||||||||||||
| Banijay Entertainment SAS
(France) |
05/01/29 | 110,000 | 114,295 | |||||||||
| Caesars Entertainment,
Inc. |
02/15/32 | 5,000 | 5,097 | |||||||||
| CCM Merger, Inc. |
05/01/26 | 101,000 | 101,072 | |||||||||
| Churchill Downs, Inc. |
05/01/31 | 139,000 | 142,129 | |||||||||
| Cinemark USA, Inc. |
08/01/32 | 97,000 | 100,196 | |||||||||
| Flutter Treasury DAC
(Ireland) |
06/04/31 | 245,000 | 246,980 | |||||||||
| Great Canadian Gaming Corp./Raptor LLC (Canada) |
11/15/29 | 130,000 | 127,497 | |||||||||
| Light & Wonder International,
Inc. |
09/01/31 | 58,000 | 60,500 | |||||||||
| Live Nation Entertainment,
Inc. |
10/15/27 | 115,000 | 113,305 | |||||||||
| Penn Entertainment, Inc. |
01/15/27 | 65,000 | 64,717 | |||||||||
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. |
02/01/33 | 98,000 | 99,048 | |||||||||
| Voyager Parent LLC |
07/01/32 | 200,000 | 211,770 | |||||||||
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
03/15/33 | 141,000 | 141,451 | |||||||||
|
|
|
|||||||||||
| 1,528,057 | ||||||||||||
|
|
|
|||||||||||
| Environmental Control—0.7% |
||||||||||||
| Madison IAQ LLC |
06/30/29 | 103,000 | 100,526 | |||||||||
| Waste Pro USA, Inc. |
02/01/33 | 195,000 | 202,552 | |||||||||
|
|
|
|||||||||||
| 303,078 | ||||||||||||
|
|
|
|||||||||||
| Food—1.9% |
||||||||||||
| Post Holdings, Inc. |
||||||||||||
| 4.50%(1) |
09/15/31 | 222,000 | 205,392 | |||||||||
| 4.63%(1) |
04/15/30 | 210,000 | 200,747 | |||||||||
| 6.38%(1) |
03/01/33 | 201,000 | 201,565 | |||||||||
| Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed |
03/01/29 | 108,000 | 102,316 | |||||||||
| TreeHouse Foods, Inc. |
09/01/28 | 67,000 | 61,827 | |||||||||
|
|
|
|||||||||||
| 771,847 | ||||||||||||
|
|
|
|||||||||||
| TCW High Yield Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Gas—1.2% |
||||||||||||
| AmeriGas Partners LP/AmeriGas Finance Corp. |
||||||||||||
| 9.38%(1) |
06/01/28 | $ | 192,000 | $ | 197,845 | |||||||
| 9.50%(1) |
06/01/30 | 40,000 | 42,028 | |||||||||
| Northwest Natural Holding Co. |
09/15/55 | 145,000 | 147,530 | |||||||||
| Venture Global Plaquemines LNG
LLC |
05/01/35 | 90,000 | 98,747 | |||||||||
|
|
|
|||||||||||
| 486,150 | ||||||||||||
|
|
|
|||||||||||
| Hand/Machine Tools—0.3% |
|
|||||||||||
| IMA Industria Macchine Automatiche SpA (Italy) |
04/15/29 | EUR 100,000 | 115,335 | |||||||||
|
|
|
|||||||||||
| Health Care-Products—1.4% |
|
|||||||||||
| Bausch & Lomb
Corp. |
10/01/28 | 185,000 | 193,441 | |||||||||
| Medline Borrower LP |
10/01/29 | 104,000 | 102,075 | |||||||||
| Medline Borrower LP/Medline Co-Issuer,
Inc. |
04/01/29 | 99,000 | 101,193 | |||||||||
| Neogen Food Safety Corp. |
07/20/30 | 92,000 | 92,985 | |||||||||
| Sotera Health Holdings
LLC |
06/01/31 | 95,000 | 98,448 | |||||||||
|
|
|
|||||||||||
| 588,142 | ||||||||||||
|
|
|
|||||||||||
| Health Care-Services—5.4% |
|
|||||||||||
| CHS/Community Health Systems,
Inc. |
05/15/30 | 209,000 | 183,120 | |||||||||
| DaVita, Inc. |
09/01/32 | 98,000 | 100,874 | |||||||||
| Fortrea Holdings, Inc. |
07/01/30 | 148,000 | 135,277 | |||||||||
| HAH Group Holding Co.
LLC |
10/01/31 | 136,000 | 131,783 | |||||||||
| HealthEquity, Inc. |
10/01/29 | 62,000 | 59,811 | |||||||||
| Heartland Dental LLC/Heartland Dental Finance Corp. |
04/30/28 | 75,000 | 79,220 | |||||||||
| IQVIA, Inc. |
05/15/30 | 138,000 | 142,554 | |||||||||
| Kedrion SpA (Italy) |
09/01/29 | 310,000 | 300,641 | |||||||||
| ModivCare, Inc. |
10/01/29 | 210,000 | 57,750 | |||||||||
| Molina Healthcare, Inc. |
01/15/33 | 276,000 | 272,437 | |||||||||
| Star Parent, Inc. |
10/01/30 | 155,000 | 163,274 | |||||||||
| Surgery Center Holdings,
Inc. |
04/15/32 | 138,000 | 142,115 | |||||||||
| Tenet Healthcare Corp. |
||||||||||||
| 6.75% |
05/15/31 | 298,000 | 306,806 | |||||||||
| 6.88% |
11/15/31 | 96,000 | 102,358 | |||||||||
|
|
|
|||||||||||
| 2,178,020 | ||||||||||||
|
|
|
|||||||||||
| Home Furnishings—0.3% |
|
|||||||||||
| Tempur Sealy International,
Inc. |
10/15/31 | 115,000 | 103,909 | |||||||||
|
|
|
|||||||||||
| Household Products/Wares—0.7% |
|
|||||||||||
| Central Garden & Pet Co. |
||||||||||||
| 4.13%(1) |
04/30/31 | 90,000 | 83,461 | |||||||||
| 4.13% |
10/15/30 | 65,000 | 61,182 | |||||||||
| Spectrum Brands, Inc. |
03/15/31 | 193,000 | 154,263 | |||||||||
|
|
|
|||||||||||
| 298,906 | ||||||||||||
|
|
|
|||||||||||
| Housewares—0.3% |
|
|||||||||||
| Newell Brands, Inc. |
06/01/28 | 100,000 | 105,002 | |||||||||
|
|
|
|||||||||||
| Insurance—2.6% |
|
|||||||||||
| Acrisure LLC/Acrisure Finance, Inc. |
||||||||||||
| 7.50%(1) |
11/06/30 | 95,000 | 98,196 | |||||||||
| 8.25%(1) |
02/01/29 | 97,000 | 100,345 | |||||||||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
||||||||||||
| 7.00%(1) |
01/15/31 | 139,000 | 143,094 | |||||||||
| 7.38%(1) |
10/01/32 | 100,000 | 102,880 | |||||||||
| AmWINS Group, Inc. |
02/15/29 | 60,000 | 61,150 | |||||||||
| Ardonagh Group Finance Ltd. (United
Kingdom) |
02/15/32 | 60,000 | 63,214 | |||||||||
| Farmers Exchange Capital II |
||||||||||||
| Term SOFR + |
11/01/53 | 160,000 | 153,139 | |||||||||
| HUB International Ltd. |
||||||||||||
| 7.25%(1) |
06/15/30 | 115,000 | 119,977 | |||||||||
| 7.38%(1) |
01/31/32 | 136,000 | 141,705 | |||||||||
| Panther Escrow Issuer
LLC |
06/01/31 | 70,000 | 72,417 | |||||||||
|
|
|
|||||||||||
| 1,056,117 | ||||||||||||
|
|
|
|||||||||||
| Internet—1.8% |
|
|||||||||||
| Arches Buyer, Inc. |
12/01/28 | 128,000 | 122,419 | |||||||||
| Cogent Communications Group LLC/Cogent Finance, Inc. |
06/15/27 | 100,000 | 100,273 | |||||||||
| Getty Images, Inc. |
02/21/30 | 102,500 | 98,277 | |||||||||
| ION Trading Technologies SARL
(Luxembourg) |
05/30/29 | 38,000 | 39,712 | |||||||||
| Match Group Holdings II
LLC |
02/15/29 | 143,000 | 142,618 | |||||||||
| Snap, Inc. |
03/01/33 | 226,000 | 231,720 | |||||||||
|
|
|
|||||||||||
| 735,019 | ||||||||||||
|
|
|
|||||||||||
| Investment Companies—0.7% |
|
|||||||||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
||||||||||||
| 9.00% |
06/15/30 | 45,000 | 43,741 | |||||||||
| 9.75% |
01/15/29 | 140,000 | 141,729 | |||||||||
| 10.00%(1) |
11/15/29 | 109,000 | 110,458 | |||||||||
|
|
|
|||||||||||
| 295,928 | ||||||||||||
|
|
|
|||||||||||
| Iron & Steel—0.7% |
|
|||||||||||
| ATI, Inc. |
||||||||||||
| 5.13% |
10/01/31 | 74,000 | 71,745 | |||||||||
| 7.25% |
08/15/30 | 30,000 | 31,388 | |||||||||
| Carpenter Technology Corp. |
03/15/30 | 97,000 | 100,104 | |||||||||
| Cleveland-Cliffs, Inc. |
05/01/33 | 80,000 | 78,051 | |||||||||
|
|
|
|||||||||||
| 281,288 | ||||||||||||
|
|
|
|||||||||||
| TCW High Yield Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Leisure Time—0.7% |
||||||||||||
| MajorDrive Holdings IV
LLC |
06/01/29 | $ | 125,000 | $ | 103,534 | |||||||
| Sabre GLBL, Inc. |
||||||||||||
| 10.75%(1) |
11/15/29 | 125,000 | 128,831 | |||||||||
| 11.13%(1) |
07/15/30 | 57,000 | 60,243 | |||||||||
|
|
|
|||||||||||
| 292,608 | ||||||||||||
|
|
|
|||||||||||
| Lodging—1.9% |
||||||||||||
| Hilton Domestic Operating Co.,
Inc. |
09/15/33 | 82,000 | 82,100 | |||||||||
| Las Vegas Sands Corp. |
06/14/30 | 100,000 | 102,987 | |||||||||
| MGM Resorts International |
04/15/32 | 176,000 | 178,964 | |||||||||
| Studio City Finance Ltd. |
01/15/29 | 110,000 | 103,243 | |||||||||
| Wyndham Hotels & Resorts,
Inc. |
08/15/28 | 237,000 | 230,321 | |||||||||
| Wynn Macau Ltd. |
12/15/29 | 64,000 | 61,636 | |||||||||
|
|
|
|||||||||||
| 759,251 | ||||||||||||
|
|
|
|||||||||||
| Machinery-Construction & Mining—0.3% |
||||||||||||
| BWX Technologies, Inc. |
06/30/28 | 104,000 | 100,774 | |||||||||
|
|
|
|||||||||||
| Machinery-Diversified—0.3% |
||||||||||||
| Oregon Tool Lux LP |
10/15/29 | 10,548 | 4,641 | |||||||||
| SPX FLOW, Inc. |
04/01/30 | 97,000 | 100,534 | |||||||||
|
|
|
|||||||||||
| 105,175 | ||||||||||||
|
|
|
|||||||||||
| Media—7.6% |
||||||||||||
| AMC Networks, Inc. |
01/15/29 | 103,000 | 105,947 | |||||||||
| Cable One, Inc. |
11/15/30 | 175,000 | 135,110 | |||||||||
| CCO Holdings LLC/CCO Holdings Capital
Corp. |
02/01/28 | 545,000 | 535,381 | |||||||||
| CSC Holdings LLC |
||||||||||||
| 5.75%(1) |
01/15/30 | 158,000 | 78,115 | |||||||||
| 6.50%(1) |
02/01/29 | 725,000 | 574,686 | |||||||||
| 11.75%(1) |
01/31/29 | 14,000 | 13,107 | |||||||||
| DirectTV Financing LLC/DirectTV Financing Co-Obligor, Inc. |
02/15/31 | 107,000 | 103,255 | |||||||||
| DISH DBS Corp. |
||||||||||||
| 5.75%(1) |
12/01/28 | 112,000 | 100,091 | |||||||||
| 7.38% |
07/01/28 | 132,000 | 101,495 | |||||||||
| 7.75% |
07/01/26 | 30,000 | 26,708 | |||||||||
| DISH Network Corp. |
11/15/27 | 105,000 | 109,441 | |||||||||
| Gray Media, Inc. |
07/15/29 | 57,000 | 61,724 | |||||||||
| Midcontinent
Communications |
08/15/32 | 38,000 | 40,113 | |||||||||
| Sinclair Television Group,
Inc. |
02/15/33 | 143,000 | 146,312 | |||||||||
| Sirius XM Radio LLC |
||||||||||||
| 5.00%(1) |
08/01/27 | 160,000 | 158,357 | |||||||||
| 5.50%(1) |
07/01/29 | 247,000 | 244,118 | |||||||||
| Univision Communications,
Inc. |
07/31/31 | 139,000 | 141,353 | |||||||||
| Virgin Media Secured Finance PLC (United Kingdom) |
05/15/29 | 147,000 | 143,779 | |||||||||
| VZ Secured Financing BV
(Netherlands) |
01/15/32 | 200,000 | 176,206 | |||||||||
| Ziggo Bond Co. BV
(Netherlands) |
02/28/30 | 110,000 | 96,206 | |||||||||
|
|
|
|||||||||||
| 3,091,504 | ||||||||||||
|
|
|
|||||||||||
| Mining—0.7% |
||||||||||||
| Compass Minerals International,
Inc. |
07/01/30 | 100,000 | 103,680 | |||||||||
| Novelis Corp. |
11/15/26 | 177,000 | 174,232 | |||||||||
|
|
|
|||||||||||
| 277,912 | ||||||||||||
|
|
|
|||||||||||
| Office/Business Equipment—0.6% |
||||||||||||
| Xerox Corp. |
10/15/30 | 96,000 | 98,965 | |||||||||
| Zebra Technologies Corp. |
06/01/32 | 135,000 | 138,452 | |||||||||
|
|
|
|||||||||||
| 237,417 | ||||||||||||
|
|
|
|||||||||||
| Oil & Gas—1.5% |
||||||||||||
| Hilcorp Energy I LP/Hilcorp Finance
Co. |
05/15/34 | 84,000 | 80,906 | |||||||||
| Matador Resources Co. |
||||||||||||
| 6.25%(1) |
04/15/33 | 102,000 | 101,090 | |||||||||
| 6.50%(1) |
04/15/32 | 45,000 | 45,141 | |||||||||
| SM Energy Co. |
08/01/29 | 139,000 | 139,184 | |||||||||
| Transocean Poseidon Ltd. |
02/01/27 | 19,950 | 19,968 | |||||||||
| Transocean Titan Financing
Ltd. |
02/01/28 | 190,000 | 195,066 | |||||||||
| Vital Energy, Inc. |
07/31/29 | 40,000 | 36,448 | |||||||||
|
|
|
|||||||||||
| 617,803 | ||||||||||||
|
|
|
|||||||||||
| Oil & Gas Services—1.5% |
||||||||||||
| Archrock Partners LP/Archrock Partners Finance Corp. |
09/01/32 | 200,000 | 203,144 | |||||||||
| Aris Water Holdings LLC |
04/01/30 | 150,000 | 153,990 | |||||||||
| USA Compression Partners LP/USA Compression Finance Corp. |
||||||||||||
| 6.88% |
09/01/27 | 55,000 | 55,026 | |||||||||
| 7.13%(1) |
03/15/29 | 200,000 | 204,602 | |||||||||
|
|
|
|||||||||||
| 616,762 | ||||||||||||
|
|
|
|||||||||||
| Packaging & Containers—1.9% |
||||||||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
||||||||||||
| 4.13%(1) |
08/15/26 | 80,000 | 79,087 | |||||||||
| 5.25%(1) |
08/15/27 | 99,000 | 49,269 | |||||||||
| Clearwater Paper Corp. |
08/15/28 | 148,000 | 139,678 | |||||||||
| Graham Packaging Co.,
Inc. |
08/15/28 | 101,000 | 100,843 | |||||||||
| Graphic Packaging International
LLC |
07/15/32 | 195,000 | 197,531 | |||||||||
| Sealed Air Corp. |
07/15/32 | 195,000 | 201,152 | |||||||||
|
|
|
|||||||||||
| 767,560 | ||||||||||||
|
|
|
|||||||||||
| TCW High Yield Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Pharmaceuticals—4.1% |
||||||||||||
| 1261229 BC Ltd. |
04/15/32 | $ | 320,000 | $ | 326,009 | |||||||
| 180 Medical, Inc. (United
Kingdom) |
10/15/29 | 109,000 | 103,308 | |||||||||
| Amneal Pharmaceuticals
LLC |
08/01/32 | 121,000 | 122,877 | |||||||||
| CVS Health Corp. |
||||||||||||
| 6.75% (5 yr. CMT + 2.516%)(3) |
12/10/54 | 145,000 | 145,718 | |||||||||
| 7.00% (5 yr. CMT + 2.886%)(3) |
03/10/55 | 55,000 | 56,702 | |||||||||
| Grifols SA (Spain) |
05/01/30 | EUR | 135,000 | 163,058 | ||||||||
| Jazz Securities DAC |
01/15/29 | 212,000 | 205,239 | |||||||||
| Option Care Health, Inc. |
10/31/29 | 107,000 | 102,364 | |||||||||
| Organon & Co./Organon Foreign Debt Co-Issuer BV |
05/15/34 | 61,000 | 57,513 | |||||||||
| Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. |
04/17/32 | 65,000 | 62,623 | |||||||||
| Teva Pharmaceutical Finance Netherlands III BV (Israel) |
12/01/32 | 174,000 | 177,567 | |||||||||
| Teva Pharmaceutical Finance Netherlands IV BV (Israel) |
12/01/30 | 154,000 | 156,447 | |||||||||
|
|
|
|||||||||||
| 1,679,425 | ||||||||||||
|
|
|
|||||||||||
| Pipelines—4.8% |
||||||||||||
| Buckeye Partners LP |
08/15/33 | 97,000 | 98,472 | |||||||||
| Energy Transfer LP |
02/15/28 | 240,000 | 239,609 | |||||||||
| Global Partners LP/GLP Finance Corp. |
||||||||||||
| 7.13%(1) |
07/01/33 | 120,000 | 121,950 | |||||||||
| 8.25%(1) |
01/15/32 | 192,000 | 201,368 | |||||||||
| NGL Energy Operating LLC/NGL Energy Finance Corp. |
||||||||||||
| 8.13%(1) |
02/15/29 | 65,000 | 64,397 | |||||||||
| 8.38%(1) |
02/15/32 | 86,000 | 84,198 | |||||||||
| Rockies Express Pipeline
LLC |
07/15/29 | 63,000 | 61,826 | |||||||||
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |
09/01/31 | 106,000 | 103,923 | |||||||||
| TransMontaigne Partners
LLC |
06/15/30 | 135,000 | 141,248 | |||||||||
| Venture Global LNG, Inc. |
||||||||||||
| 7.00%(1) |
01/15/30 | 273,000 | 277,109 | |||||||||
| 9.00% (5 yr. CMT + 5.440%)(1),(3),(4) |
09/30/29 | 140,000 | 140,122 | |||||||||
| 9.88%(1) |
02/01/32 | 182,000 | 196,507 | |||||||||
| Venture Global Plaquemines LNG LLC |
||||||||||||
| 6.50%(1) |
01/15/34 | 64,000 | 65,855 | |||||||||
| 6.75%(1) |
01/15/36 | 143,000 | 147,147 | |||||||||
|
|
|
|||||||||||
| 1,943,731 | ||||||||||||
|
|
|
|||||||||||
| Real Estate—0.3% |
||||||||||||
| Cushman & Wakefield U.S. Borrower
LLC |
09/01/31 | 129,000 | 138,458 | |||||||||
|
|
|
|||||||||||
| REIT—1.7% |
||||||||||||
| Hudson Pacific Properties LP |
||||||||||||
| 3.95% |
11/01/27 | 105,000 | 99,413 | |||||||||
| 5.95% |
02/15/28 | 120,000 | 115,175 | |||||||||
| Iron Mountain, Inc. |
01/15/33 | 205,000 | 208,548 | |||||||||
| RHP Hotel Properties LP/RHP Finance Corp. |
||||||||||||
| 6.50%(1) |
06/15/33 | 113,000 | 115,767 | |||||||||
| 6.50%(1) |
04/01/32 | 130,000 | 132,954 | |||||||||
|
|
|
|||||||||||
| 671,857 | ||||||||||||
|
|
|
|||||||||||
| Retail—7.6% |
||||||||||||
| 1011778 BC ULC/New Red Finance, Inc. (Canada) |
10/15/30 | 111,000 | 102,917 | |||||||||
| Arcos Dorados BV
(Brazil) |
01/29/32 | 98,000 | 101,621 | |||||||||
| Asbury Automotive Group,
Inc. |
02/15/32 | 109,000 | 103,279 | |||||||||
| BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. |
07/01/32 | 205,000 | 211,367 | |||||||||
| Brinker International,
Inc. |
07/15/30 | 93,000 | 98,727 | |||||||||
| eG Global Finance PLC (United
Kingdom) |
11/30/28 | 35,000 | 38,768 | |||||||||
| Ferrellgas LP/Ferrellgas Finance Corp. |
||||||||||||
| 5.38%(1) |
04/01/26 | 250,000 | 248,243 | |||||||||
| 5.88%(1) |
04/01/29 | 328,000 | 303,203 | |||||||||
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |
||||||||||||
| 4.63%(1) |
01/15/29 | 64,000 | 60,874 | |||||||||
| 6.75%(1) |
01/15/30 | 79,000 | 74,394 | |||||||||
| FirstCash, Inc. |
03/01/32 | 236,000 | 242,426 | |||||||||
| Group 1 Automotive, Inc. |
01/15/30 | 98,000 | 100,122 | |||||||||
| LCM Investments Holdings II
LLC |
08/01/31 | 133,000 | 140,719 | |||||||||
| Lithia Motors, Inc. |
06/01/29 | 95,000 | 89,928 | |||||||||
| Macy’s Retail Holdings
LLC |
08/01/33 | 82,000 | 82,349 | |||||||||
| Michaels Cos., Inc. |
05/01/28 | 360,000 | 288,202 | |||||||||
| Murphy Oil USA, Inc. |
02/15/31 | 160,000 | 147,280 | |||||||||
| Papa John’s International,
Inc. |
09/15/29 | 223,000 | 214,548 | |||||||||
| QXO Building Products,
Inc. |
04/30/32 | 115,000 | 118,537 | |||||||||
| Sally Holdings LLC/Sally Capital, Inc. |
03/01/32 | 98,000 | 100,688 | |||||||||
| Staples, Inc. |
09/01/29 | 101,000 | 94,723 | |||||||||
| Suburban Propane Partners LP/Suburban Energy Finance Corp. |
06/01/31 | 154,000 | 144,834 | |||||||||
|
|
|
|||||||||||
| 3,107,749 | ||||||||||||
|
|
|
|||||||||||
| Software—2.1% |
||||||||||||
| Cloud Software Group, Inc. |
||||||||||||
| 8.25%(1) |
06/30/32 | 160,000 | 170,485 | |||||||||
| 9.00%(1) |
09/30/29 | 60,000 | 62,149 | |||||||||
| Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL |
05/01/29 | 165,000 | 168,513 | |||||||||
| Pagaya U.S. Holdings Co.
LLC |
08/01/30 | 140,000 | 139,156 | |||||||||
| RingCentral, Inc. |
08/15/30 | 133,000 | 141,919 | |||||||||
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
02/01/29 | 165,000 | 155,217 | |||||||||
|
|
|
|||||||||||
| 837,439 | ||||||||||||
|
|
|
|||||||||||
| TCW High Yield Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Telecommunications—4.8% |
||||||||||||
| Altice Financing SA (Luxembourg) |
||||||||||||
| 5.75%(1) |
08/15/29 | $ | 206,000 | $ | 157,895 | |||||||
| 9.63%(1) |
07/15/27 | 288,000 | 265,032 | |||||||||
| CommScope LLC |
12/15/31 | 92,000 | 96,895 | |||||||||
| Consolidated Communications,
Inc. |
10/01/28 | 193,000 | 196,194 | |||||||||
| EchoStar Corp. |
11/30/29 | 220,000 | 232,129 | |||||||||
| Frontier Communications Holdings LLC |
||||||||||||
| 6.75%(1) |
05/01/29 | 141,000 | 142,455 | |||||||||
| 8.63%(1) |
03/15/31 | 220,000 | 233,400 | |||||||||
| Global Switch Finance BV (United
Kingdom) |
10/07/30 | EUR | 115,000 | 122,976 | ||||||||
| Level 3 Financing, Inc. |
06/30/33 | 145,000 | 147,217 | |||||||||
| Vmed O2 U.K. Financing I PLC (United Kingdom) |
07/15/31 | 106,000 | 98,207 | |||||||||
| Windstream Services LLC/Windstream Escrow Finance Corp. |
10/01/31 | 194,000 | 203,353 | |||||||||
| Zayo Group Holdings,
Inc. |
03/01/27 | 65,000 | 61,919 | |||||||||
|
|
|
|||||||||||
| 1,957,672 | ||||||||||||
|
|
|
|||||||||||
| Total Corporate Bonds (Cost: $34,829,499) |
35,162,614 | |||||||||||
|
|
|
|||||||||||
| BANK LOANS—11.1% |
||||||||||||
| Advertising—0.2% |
||||||||||||
| Neptune Bidco U.S., Inc. 2022 USD Term Loan A |
04/11/29 | 89,450 | 85,824 | |||||||||
|
|
|
|||||||||||
| Aerospace & Defense—0.2% |
||||||||||||
| HDI Aerospace Intermediate Holding III Corp. Term Loan B |
02/11/32 | 79,800 | 80,149 | |||||||||
|
|
|
|||||||||||
| Auto Parts & Equipment—0.5% |
||||||||||||
| First Brands Group LLC 2021 Term Loan |
03/30/27 | 192,977 | 189,738 | |||||||||
|
|
|
|||||||||||
| Beverages—1.0% |
||||||||||||
| Celsius Holdings, Inc. Term Loan |
04/01/32 | 57,000 | 57,547 | |||||||||
| Naked Juice LLC 2025 FLFO Term Loan |
01/24/29 | 250,000 | 249,531 | |||||||||
| Pegasus Bidco BV 2024 USD Term Loan B |
07/12/29 | 82,745 | 83,124 | |||||||||
|
|
|
|||||||||||
| 390,202 | ||||||||||||
|
|
|
|||||||||||
| Commercial Services—1.4% |
||||||||||||
| Belron Finance 2019 LLC 2024 USD Term Loan B |
10/16/31 | 65,505 | 65,890 | |||||||||
| Kelso Industries LLC Delayed Draw Term Loan |
12/30/29 | 2,488 | 2,507 | |||||||||
| Kelso Industries LLC Term Loan |
12/30/29 | 39,525 | 39,822 | |||||||||
| Ryan LLC Term Loan |
11/14/30 | 148,545 | 148,843 | |||||||||
| Valvoline, Inc. Term Loan B |
03/19/32 | 100,000 | 100,537 | |||||||||
| Veritiv Corp. Term Loan B |
11/30/30 | 148,875 | 149,666 | |||||||||
| VT Topco, Inc. 2024 1st Lien Term Loan B |
08/09/30 | 73,880 | 74,250 | |||||||||
|
|
|
|||||||||||
| 581,515 | ||||||||||||
|
|
|
|||||||||||
| Computers—0.4% |
||||||||||||
| Nielsen Consumer, Inc. 2025 USD Term Loan |
03/06/28 | 74,625 | 74,896 | |||||||||
| Twitter, Inc. 2025 Fixed Term Loan |
10/26/29 | 100,000 | 97,160 | |||||||||
|
|
|
|||||||||||
| 172,056 | ||||||||||||
|
|
|
|||||||||||
| Cosmetics/personal Care—0.1% |
||||||||||||
| Opal Bidco SAS USD Term Loan B |
04/28/32 | 60,000 | 60,334 | |||||||||
|
|
|
|||||||||||
| Electric—0.6% |
||||||||||||
| Edgewater Generation LLC 2025 Repriced Term Loan |
08/01/30 | 106,337 | 106,945 | |||||||||
| Kestrel Acquisition LLC 2024 Term Loan B |
11/06/31 | 64,785 | 65,035 | |||||||||
| South Field LLC 2025 Term Loan B |
08/29/31 | 59,311 | 59,607 | |||||||||
| South Field LLC 2025 Term Loan C |
08/29/31 | 3,814 | 3,833 | |||||||||
|
|
|
|||||||||||
| 235,420 | ||||||||||||
|
|
|
|||||||||||
| Electrical Components & Equipment—0.1% |
||||||||||||
| Pelican Products, Inc. 2021 Term Loan |
12/29/28 | 59,845 | 52,452 | |||||||||
|
|
|
|||||||||||
| Electronics—0.2% |
||||||||||||
| TCP Sunbelt Acquisition Co. 2024 Term Loan B |
10/24/31 | 64,675 | 64,998 | |||||||||
|
|
|
|||||||||||
| TCW High Yield Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Engineering & Construction—0.2% |
||||||||||||
| Astrion Group LLC 2024 Term Loan |
08/29/31 | $ | 65,670 | $ | 64,521 | |||||||
| DG Investment Intermediate Holdings 2, Inc. 2024 Delayed Draw Term Loan |
03/31/28 | 2,455 | 2,449 | |||||||||
|
|
|
|||||||||||
| 66,970 | ||||||||||||
|
|
|
|||||||||||
| Entertainment—0.7% |
|
|||||||||||
| Light & Wonder International, Inc. 2024 Term Loan |
04/14/29 | 138,602 | 139,087 | |||||||||
| Showtime Acquisition LLC 2024 1st Lien Term Loan |
08/16/31 | 153,927 | 154,648 | |||||||||
|
|
|
|||||||||||
| 293,735 | ||||||||||||
|
|
|
|||||||||||
| Environmental Control—0.4% |
|
|||||||||||
| Action Environmental Group, Inc. 2023 Term Loan B |
10/24/30 | 150,000 | 150,750 | |||||||||
|
|
|
|||||||||||
| Food—0.3% |
|
|||||||||||
| United Natural Foods, Inc. 2024 Term Loan |
05/01/31 | 118,973 | 120,078 | |||||||||
|
|
|
|||||||||||
| Health Care-products—0.1% |
|
|||||||||||
| Sotera Health Holdings LLC 2024 Term Loan B |
05/30/31 | 49,625 | 49,842 | |||||||||
|
|
|
|||||||||||
| Health Care-services—0.9% |
|
|||||||||||
| ADMI Corp. 2023 Term Loan B5 |
12/23/27 | 64,347 | 62,448 | |||||||||
| Heartland Dental LLC 2024 Term Loan |
04/28/28 | 74,063 | 74,308 | |||||||||
| Modivcare, Inc. 2024 Term Loan B |
07/01/31 | 223,869 | 143,650 | |||||||||
| Modivcare, Inc. 2025 Incremental Term Loan |
01/12/26 | 33,811 | 26,341 | |||||||||
| Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan |
06/20/28 | 70,000 | 70,175 | |||||||||
|
|
|
|||||||||||
| 376,922 | ||||||||||||
|
|
|
|||||||||||
| Internet—0.9% |
|
|||||||||||
| Barracuda Networks, Inc. 2022 Term Loan |
08/15/29 | 69,643 | 56,729 | |||||||||
| Delivery Hero SE 2024 USD Term Loan B |
12/12/29 | 69,298 | 69,984 | |||||||||
| Magnite, Inc. 2025 Repriced Term Loan B |
02/06/31 | 189,567 | 190,475 | |||||||||
| MH Sub I LLC 2023 Term Loan |
05/03/28 | 52,280 | 49,996 | |||||||||
|
|
|
|||||||||||
| 367,184 | ||||||||||||
|
|
|
|||||||||||
| Leisure Time—0.1% |
|
|||||||||||
| MajorDrive Holdings IV LLC Term Loan B |
06/01/28 | 31,770 | 31,298 | |||||||||
|
|
|
|||||||||||
| Machinery-diversified—0.4% |
|
|||||||||||
| Oregon Tool, Inc. 2025 1st Lien Term Loan |
10/15/29 | 38,405 | 39,233 | |||||||||
| Oregon Tool, Inc. 2025 2nd Lien Term Loan |
10/15/29 | 129,440 | 106,829 | |||||||||
|
|
|
|||||||||||
| 146,062 | ||||||||||||
|
|
|
|||||||||||
| Media—0.2% |
|
|||||||||||
| Virgin Media Bristol LLC 2023 USD Term Loan Y |
03/31/31 | 66,750 | 65,599 | |||||||||
|
|
|
|||||||||||
| Oil & Gas—0.2% |
|
|||||||||||
| Waterbridge Midstream Operating LLC 2024 1st Lien Term Loan B |
06/27/29 | 99,250 | 99,573 | |||||||||
|
|
|
|||||||||||
| Packaging & Containers—0.2% |
|
|||||||||||
| Plaze, Inc. 2020 Incremental Term Loan |
08/03/26 | 81,427 | 78,208 | |||||||||
|
|
|
|||||||||||
| Reit—0.4% |
|
|||||||||||
| OEG Borrower LLC 2024 Term Loan B |
06/30/31 | 159,099 | 160,690 | |||||||||
|
|
|
|||||||||||
| Retail—0.3% |
|
|||||||||||
| Tacala LLC 2024 Term Loan |
01/31/31 | 138,255 | 139,227 | |||||||||
|
|
|
|||||||||||
| Software—1.1% |
|
|||||||||||
| Cloudera, Inc. 2021 Term Loan |
10/08/28 | 80,000 | 76,975 | |||||||||
| DTI Holdco, Inc. 2025 Term Loan B |
04/26/29 | 149,625 | 147,910 | |||||||||
| TCW High Yield Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Software (Continued) |
||||||||||||
| EagleView Technology Corp. 2025 Term Loan |
08/14/28 | $ | 170,939 | $ | 168,081 | |||||||
| Planview Parent, Inc. 2024 1st Lien Term Loan |
12/17/27 | 64,837 | 63,570 | |||||||||
|
|
|
|||||||||||
| 456,536 | ||||||||||||
|
|
|
|||||||||||
| Total Bank Loans (Cost: $4,602,139) |
4,515,362 | |||||||||||
|
|
|
|||||||||||
| Total Fixed Income Securities (Cost: $39,431,638) |
39,677,976 | |||||||||||
|
|
|
|||||||||||
| CONVERTIBLE SECURITIES—0.2% |
||||||||||||
| CONVERTIBLE CORPORATE BONDS—0.2% |
||||||||||||
| Commercial Services — 0.2% |
||||||||||||
| Worldline SA
(France) |
07/30/26 | EUR | 61,920 | 68,867 | ||||||||
|
|
|
|||||||||||
| Total Convertible Corporate Bonds (Cost: $64,123) |
68,867 | |||||||||||
|
|
|
|||||||||||
| Shares | ||||||||||||
| WARRANTS—0.0% |
||||||||||||
| Cineworld Group PLC(10),(11) |
42,717 | — | ||||||||||
|
|
|
|||||||||||
| Total Warrants (Cost: $—) |
— | |||||||||||
|
|
|
|||||||||||
| MONEY MARKET INVESTMENTS—1.4% |
||||||||||||
| State Street Institutional U.S. Government Money Market Fund—Premier Class, 4.25%(12) |
358,849 | 358,849 | ||||||||||
| TCW Central Cash Fund, 4.34%(12),(13) |
215,342 | 215,342 | ||||||||||
|
|
|
|||||||||||
| Total Money Market Investments (Cost: $574,191) |
574,191 | |||||||||||
|
|
|
|||||||||||
| Total Investments (99.2%) (Cost: $40,069,952) |
|
40,321,034 | ||||||||||
| Net Unrealized Appreciation/depreciation On Unfunded Commitments (0.0%) |
56 | |||||||||||
| Liabilities In Excess Of Other Assets (0.8%) |
341,514 | |||||||||||
|
|
|
|||||||||||
| Net Assets (100.0%) |
$ | 40,662,604 | ||||||||||
|
|
|
|||||||||||
| TCW High Yield Bond ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| FORWARD CURRENCY EXCHANGE CONTRACTS |
|
|||||||||||||||||||||||
|
|
||||||||||||||||||||||||
| Counterparty |
Contracts to Deliver |
Units of Currency |
Settlement Date |
In Exchange for USD |
Contracts at Value |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||
| BUY(14) |
||||||||||||||||||||||||
| Goldman Sachs & Co. |
EUR | 198,142 | 10/10/25 | $ | 229,947 | $ | 227,123 | $ | (2,824 | ) | ||||||||||||||
| Citibank N.A. |
EUR | 108,867 | 10/10/25 | 128,204 | 124,791 | (3,413 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 358,151 | $ | 351,914 | $ | (6,237 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| SELL(15) |
||||||||||||||||||||||||
| Goldman Sachs & Co. |
EUR | 55,257 | 10/10/25 | $ | 63,682 | $ | 63,339 | $ | 343 | |||||||||||||||
| Citibank N.A. |
EUR | 689,000 | 10/10/25 | 811,745 | 789,775 | 21,970 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 875,427 | $ | 853,114 | $ | 22,313 | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
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 October 31, 2024 |
Purchases at Cost |
Proceeds from Sales |
Number of Shares Held July 31, 2025 |
Value at July 31, 2025 |
Dividends and Interest Income Received |
Distributions Received from Net Realized Gain |
Net Realized Gain (Loss) on Investments |
Net change in Unrealized Gain (Loss) on Investments |
|||||||||||||||||||||||||||
| TCW Central Cash Fund |
$ | — | $ | 10,530,132 | $ | 10,314,790 | 215,342 | $ | 215,342 | $ | 24,604 | $ | — | $ | — | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total |
$ | 215,342 | $ | 24,604 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| TCW High Yield Bond ETF | ||
| Investments by Sector (Unaudited) | July 31, 2025 | |
| Sector |
Percentage of 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 | |||
|
|
|
|||
| 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 Active Markets for Identical Assets (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | ||||||||||||
| Fixed Income Securities |
||||||||||||||||
| Corporate Bonds |
$ | — | $ | 35,162,614 | $ | — | $ | 35,162,614 | ||||||||
| Bank Loans |
— | 4,515,362 | — | 4,515,362 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Fixed Income Securities |
— | 39,677,976 | — | 39,677,976 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Money Market Investments |
574,191 | — | — | 574,191 | ||||||||||||
| Convertible Corporate Bonds |
— | 68,867 | — | 68,867 | ||||||||||||
| Warrants |
— | — | — | * | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Unrealized Appreciation (Depreciation) on Unfunded Commitments |
$ | — | $ | 56 | $ | — | $ | 56 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments |
$ | 574,191 | $ | 39,746,899 | $ | — | * | $ | 40,321,090 | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Asset Derivatives |
||||||||||||||||
| Forward Currency Contracts |
||||||||||||||||
| Foreign Currency Risk |
— | 22,313 | — | 22,313 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | 574,191 | $ | 39,769,212 | $ | — | $ | 40,343,403 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liability Derivatives |
||||||||||||||||
| Forward Currency Contracts |
||||||||||||||||
| Foreign Currency Risk |
$ | — | $ | (6,237 | ) | $ | — | $ | (6,237 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | — | $ | (6,237 | ) | $ | — | $ | (6,237 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| * | Amount is less than $1. |
| TCW Multisector Credit Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| FIXED INCOME SECURITIES —97.3% |
|
|||||||||||
| ASSET-BACKED SECURITIES—3.9% |
|
|||||||||||
| AMMC CLO 30 Ltd. Series 2024-30A, Class A1 |
01/15/37 | $ | 250,000 | $ | 250,718 | |||||||
| Bear Mountain Park CLO Ltd. Series 2022-1A, Class BR |
07/15/37 | 225,000 | 226,086 | |||||||||
| CIFC Funding Ltd. Series 2023-3A, Class B |
01/20/37 | 250,000 | 251,759 | |||||||||
| GoldenTree Loan Management U.S. CLO 11 Ltd. Series 2021-11A, Class AR |
10/20/34 | 250,000 | 250,011 | |||||||||
| OHA Credit Funding 1 Ltd. Series 2018-1A, Class B1R |
04/20/37 | 250,000 | 251,066 | |||||||||
| Rockford Tower CLO Ltd. Series 2020-1A, Class A1RR |
01/20/36 | 250,000 | 250,067 | |||||||||
| Rockford Tower CLO Ltd. Series 2022-2A, Class BR |
10/20/35 | 250,000 | 250,996 | |||||||||
| Sixth Street CLO VIII Ltd. Series 2017-8A, Class A1R2 |
10/20/34 | 250,000 | 250,366 | |||||||||
|
|
|
|||||||||||
| Total Asset-Backed Securities (Cost: $1,986,593) |
1,981,069 | |||||||||||
|
|
|
|||||||||||
| CORPORATE BONDS—49.9% |
|
|||||||||||
| Aerospace/Defense—0.3% |
||||||||||||
| TransDigm, Inc. 6.88%(1) |
12/15/30 | 166,000 | 172,188 | |||||||||
|
|
|
|||||||||||
| Airlines—0.7% |
|
|||||||||||
| Latam Airlines Group SA
(Chile) |
01/07/31 | 330,000 | 339,577 | |||||||||
|
|
|
|||||||||||
| Apparel—0.2% |
|
|||||||||||
| Crocs, Inc. |
08/15/31 | 85,000 | 76,869 | |||||||||
|
|
|
|||||||||||
| Auto Manufacturers—0.4% |
|
|||||||||||
| Allison Transmission,
Inc. |
01/30/31 | 83,000 | 75,885 | |||||||||
| Volkswagen International Finance NV (Germany) |
09/06/32 | EUR | 100,000 | 130,834 | ||||||||
|
|
|
|||||||||||
| 206,719 | ||||||||||||
|
|
|
|||||||||||
| Auto Parts & Equipment—0.2% |
|
|||||||||||
| Clarios Global LP/Clarios U.S. Finance
Co. |
02/15/30 | 120,000 | 123,802 | |||||||||
|
|
|
|||||||||||
| Banks—1.7% |
|
|||||||||||
| Akbank TAS |
03/14/29 | 253,000 | 262,948 | |||||||||
| Banco Mercantil del Norte SA (Mexico) |
05/20/31 | 204,000 | 209,008 | |||||||||
| BBVA Bancomer SA |
01/18/33 | 214,000 | 206,705 | |||||||||
| Citigroup, Inc. |
08/15/30 | 200,000 | 202,188 | |||||||||
|
|
|
|||||||||||
| 880,849 | ||||||||||||
|
|
|
|||||||||||
| Beverages—0.3% |
|
|||||||||||
| Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
04/01/29 | 174,000 | 174,498 | |||||||||
|
|
|
|||||||||||
| Building Materials—0.5% |
|
|||||||||||
| Limak Cimento Sanayi ve Ticaret
AS |
07/25/29 | 260,000 | 266,825 | |||||||||
|
|
|
|||||||||||
| Chemicals—1.3% |
|
|||||||||||
| Axalta Coating Systems Dutch Holding B
BV |
02/15/31 | 119,000 | 123,795 | |||||||||
| OCP SA |
05/02/34 | 259,000 | 270,147 | |||||||||
| SCIH Salt Holdings, Inc. |
05/01/28 | 79,000 | 76,794 | |||||||||
| SK Invictus Intermediate II
SARL |
10/30/29 | 128,000 | 124,518 | |||||||||
| WR Grace Holdings LLC |
08/15/29 | 80,000 | 73,909 | |||||||||
|
|
|
|||||||||||
| 669,163 | ||||||||||||
|
|
|
|||||||||||
| Commercial Services—2.8% |
|
|||||||||||
| Adtalem Global Education,
Inc. |
03/01/28 | 75,000 | 74,142 | |||||||||
| Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxemburg) |
05/21/30 | 75,000 | 77,303 | |||||||||
| Block, Inc. |
06/01/31 | 138,000 | 126,615 | |||||||||
| Carriage Services, Inc. |
05/15/29 | 135,000 | 126,456 | |||||||||
| Deluxe Corp. |
09/15/29 | 75,000 | 77,152 | |||||||||
| Grand Canyon University |
10/01/28 | 185,000 | 178,730 | |||||||||
| OT Midco, Inc. |
02/15/30 | 125,000 | 103,121 | |||||||||
| Upbound Group, Inc. |
02/15/29 | 262,000 | 255,649 | |||||||||
| Veritiv Operating Co. |
11/30/30 | 157,000 | 170,397 | |||||||||
| VT Topco, Inc. |
08/15/30 | 116,000 | 123,552 | |||||||||
| WASH Multifamily Acquisition,
Inc. |
04/15/26 | 75,000 | 75,048 | |||||||||
| WEX, Inc. |
03/15/33 | 50,000 | 50,679 | |||||||||
|
|
|
|||||||||||
| 1,438,844 | ||||||||||||
|
|
|
|||||||||||
| Computers—0.4% |
|
|||||||||||
| Amentum Holdings, Inc. |
08/01/32 | 72,000 | 74,516 | |||||||||
| NCR Voyix Corp. |
04/15/29 | 129,000 | 126,552 | |||||||||
|
|
|
|||||||||||
| 201,068 | ||||||||||||
|
|
|
|||||||||||
| TCW Multisector Credit Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Cosmetics/Personal Care—0.4% |
|
|||||||||||
| Perrigo Finance Unlimited Co. |
09/30/32 | $ | 75,000 | $ | 75,634 | |||||||
| Prestige Brands, Inc. |
04/01/31 | 139,000 | 127,331 | |||||||||
|
|
|
|||||||||||
| 202,965 | ||||||||||||
|
|
|
|||||||||||
| Diversified Financial Services—1.2% |
||||||||||||
| Blackrock, Inc. |
07/18/35 | EUR | 100,000 | 116,976 | ||||||||
| EZCORP, Inc. |
04/01/32 | 75,000 | 78,246 | |||||||||
| GGAM Finance Ltd.
(Ireland) |
06/15/28 | 160,000 | 169,210 | |||||||||
| Jane Street Group/JSG Finance, Inc. |
||||||||||||
| 6.13%(1) |
11/01/32 | 125,000 | 124,197 | |||||||||
| 7.13%(1) |
04/30/31 | 119,000 | 123,045 | |||||||||
|
|
|
|||||||||||
| 611,674 | ||||||||||||
|
|
|
|||||||||||
| Electric—4.4% |
||||||||||||
| AES Andes SA |
06/10/55 | 200,000 | 209,454 | |||||||||
| Alpha Generation LLC |
10/15/32 | 122,000 | 124,989 | |||||||||
| Black Hills Corp. |
05/15/34 | 125,000 | 131,796 | |||||||||
| Continuum Green Energy India Pvt/Co-Issuers (India) |
06/26/33 | 241,125 | 248,819 | |||||||||
| EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU (Colombia) |
06/30/32 | 200,000 | 203,214 | |||||||||
| Eskom Holdings SOC Ltd. |
08/10/28 | 200,000 | 211,160 | |||||||||
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple |
01/31/41 | 198,101 | 202,910 | |||||||||
| Pike Corp. |
01/31/31 | 160,000 | 172,427 | |||||||||
| Southwestern Electric Power Co. |
04/01/33 | 125,000 | 126,169 | |||||||||
| Termocandelaria Power SA |
09/17/31 | 263,000 | 270,916 | |||||||||
| Zorlu Enerji Elektrik Uretim
AS |
04/23/30 | 334,000 | 325,907 | |||||||||
|
|
|
|||||||||||
| 2,227,761 | ||||||||||||
|
|
|
|||||||||||
| Electrical Components & Equipment—0.2% |
||||||||||||
| Energizer Holdings, Inc. |
03/31/29 | 79,000 | 74,986 | |||||||||
|
|
|
|||||||||||
| Electronics—0.2% |
||||||||||||
| Coherent Corp. |
12/15/29 | 76,000 | 74,431 | |||||||||
|
|
|
|||||||||||
| Energy-Alternate Sources—0.5% |
||||||||||||
| Greenko Power II Ltd.
(India) |
12/13/28 | 259,985 | 246,237 | |||||||||
|
|
|
|||||||||||
| Engineering & Construction—0.6% |
||||||||||||
| Heathrow Funding Ltd. (United
Kingdom) |
10/08/32 | EUR | 100,000 | 103,742 | ||||||||
| IRB Infrastructure Developers Ltd. (India) |
03/11/32 | 200,000 | 202,198 | |||||||||
|
|
|
|||||||||||
| 305,940 | ||||||||||||
|
|
|
|||||||||||
| Entertainment—2.1% |
||||||||||||
| Banijay Entertainment SAS
(France) |
05/01/29 | 72,000 | 74,812 | |||||||||
| Caesars Entertainment, Inc. |
||||||||||||
| 4.63%(1) |
10/15/29 | 80,000 | 75,687 | |||||||||
| 6.50%(1) |
02/15/32 | 75,000 | 76,463 | |||||||||
| Churchill Downs, Inc. |
05/01/31 | 73,000 | 74,643 | |||||||||
| Cinemark USA, Inc. |
08/01/32 | 71,000 | 73,339 | |||||||||
| Great Canadian Gaming Corp./Raptor LLC (Canada) |
11/15/29 | 72,000 | 70,614 | |||||||||
| Light & Wonder International,
Inc. |
09/01/31 | 71,000 | 74,060 | |||||||||
| Ontario Gaming GTA LP/OTG Co-Issuer, Inc. (Canada) |
08/01/30 | 118,000 | 119,413 | |||||||||
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. |
02/01/33 | 125,000 | 126,336 | |||||||||
| Voyager Parent LLC |
07/01/32 | 125,000 | 132,356 | |||||||||
| WarnerMedia Holdings, Inc. |
||||||||||||
| 4.28% |
03/15/32 | 76,000 | 64,022 | |||||||||
| 5.14% |
03/15/52 | 7,000 | 4,335 | |||||||||
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
03/15/33 | 75,000 | 75,240 | |||||||||
|
|
|
|||||||||||
| 1,041,320 | ||||||||||||
|
|
|
|||||||||||
| Environmental Control—0.3% |
||||||||||||
| Waste Pro USA, Inc. |
02/01/33 | 125,000 | 129,841 | |||||||||
|
|
|
|||||||||||
| Food—0.5% |
||||||||||||
| Pilgrim’s Pride Corp. |
05/15/34 | 75,000 | 82,024 | |||||||||
| Post Holdings, Inc. |
03/01/33 | 174,000 | 174,489 | |||||||||
|
|
|
|||||||||||
| 256,513 | ||||||||||||
|
|
|
|||||||||||
| Gas—1.1% |
||||||||||||
| AmeriGas Partners LP/AmeriGas Finance
Corp. |
06/01/28 | 55,000 | 56,674 | |||||||||
| Brooklyn Union Gas Co. |
09/15/33 | 150,000 | 159,260 | |||||||||
| China Oil & Gas Group
Ltd. |
06/30/26 | 200,000 | 198,752 | |||||||||
| National Gas Transmission PLC (United Kingdom) |
04/05/30 | EUR | 100,000 | 119,625 | ||||||||
|
|
|
|||||||||||
| 534,311 | ||||||||||||
|
|
|
|||||||||||
| Health Care-Products—0.6% |
||||||||||||
| Bausch & Lomb Corp. |
10/01/28 | 117,000 | 122,339 | |||||||||
| Teleflex, Inc. |
06/01/28 | 77,000 | 74,686 | |||||||||
| Thermo Fisher Scientific, Inc. |
03/01/28 | EUR | 100,000 | 108,692 | ||||||||
|
|
|
|||||||||||
| 305,717 | ||||||||||||
|
|
|
|||||||||||
| Health Care-Services—1.7% |
||||||||||||
| Centene Corp. |
02/15/30 | 125,000 | 112,589 | |||||||||
| HAH Group Holding Co.
LLC |
10/01/31 | 72,000 | 69,767 | |||||||||
| HealthEquity, Inc. |
10/01/29 | 78,000 | 75,247 | |||||||||
| TCW Multisector Credit Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Health Care-Services (Continued) |
||||||||||||
| Kedrion SpA (Italy) |
09/01/29 | $ | 180,000 | $ | 174,566 | |||||||
| ModivCare, Inc. |
10/01/29 | 258,300 | 71,032 | |||||||||
| Molina Healthcare, Inc. |
01/15/33 | 125,000 | 123,386 | |||||||||
| Surgery Center Holdings,
Inc. |
04/15/32 | 73,000 | 75,177 | |||||||||
| Tenet Healthcare Corp. |
05/15/31 | 122,000 | 125,605 | |||||||||
| UnitedHealth Group, Inc. |
07/15/34 | 50,000 | 50,169 | |||||||||
|
|
|
|||||||||||
| 877,538 | ||||||||||||
|
|
|
|||||||||||
| Household Products/Wares—0.6% |
|
|||||||||||
| Central Garden & Pet
Co. |
04/30/31 | 222,000 | 205,872 | |||||||||
| Spectrum Brands, Inc. |
03/15/31 | 142,000 | 113,499 | |||||||||
|
|
|
|||||||||||
| 319,371 | ||||||||||||
|
|
|
|||||||||||
| Insurance—1.8% |
|
|||||||||||
| Acrisure LLC/Acrisure Finance, Inc. |
||||||||||||
| 7.50%(1) |
11/06/30 | 162,000 | 167,450 | |||||||||
| 8.25%(1) |
02/01/29 | 72,000 | 74,483 | |||||||||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
||||||||||||
| 7.00%(1) |
01/15/31 | 120,000 | 123,534 | |||||||||
| 7.38%(1) |
10/01/32 | 74,000 | 76,131 | |||||||||
| AmWINS Group, Inc. |
06/30/29 | 78,000 | 75,817 | |||||||||
| AssuredPartners, Inc. |
02/15/32 | 72,000 | 76,933 | |||||||||
| Farmers Exchange Capital II |
11/01/53 | 200,000 | 191,424 | |||||||||
| HUB International Ltd. |
01/31/32 | 119,000 | 123,992 | |||||||||
|
|
|
|||||||||||
| 909,764 | ||||||||||||
|
|
|
|||||||||||
| Internet—0.7% |
|
|||||||||||
| Cogent Communications Group LLC/Cogent Finance, Inc. |
06/15/27 | 72,000 | 72,302 | |||||||||
| Getty Images, Inc. |
02/21/30 | 175,000 | 167,790 | |||||||||
| Snap, Inc. |
03/01/33 | 125,000 | 128,164 | |||||||||
|
|
|
|||||||||||
| 368,256 | ||||||||||||
|
|
|
|||||||||||
| Iron & Steel—1.2% |
|
|||||||||||
| CSN Resources SA |
12/05/30 | 255,000 | 253,034 | |||||||||
| Samarco Mineracao SA |
06/30/31 | 368,450 | 365,318 | |||||||||
|
|
|
|||||||||||
| 618,352 | ||||||||||||
|
|
|
|||||||||||
| Leisure Time—0.3% |
|
|||||||||||
| MajorDrive Holdings IV LLC |
06/01/29 | 180,000 | 149,089 | |||||||||
|
|
|
|||||||||||
| Lodging—0.5% |
|
|||||||||||
| Hilton Domestic Operating Co., Inc. |
09/15/33 | 100,000 | 100,122 | |||||||||
| MGM Resorts International |
04/15/32 | 75,000 | 76,263 | |||||||||
| Wyndham Hotels & Resorts,
Inc. |
08/15/28 | 77,000 | 74,830 | |||||||||
|
|
|
|||||||||||
| 251,215 | ||||||||||||
|
|
|
|||||||||||
| Machinery-Diversified—0.2% |
|
|||||||||||
| TK Elevator U.S. Newco, Inc.
(Germany) |
07/15/27 | 75,000 | 74,800 | |||||||||
|
|
|
|||||||||||
| Media—1.1% |
|
|||||||||||
| Charter Communications Operating LLC/Charter Communications Operating Capital |
06/01/52 | 55,000 | 36,571 | |||||||||
| CSC Holdings LLC |
||||||||||||
| 5.75%(1) |
01/15/30 | 47,000 | 23,237 | |||||||||
| 11.75%(1) |
01/31/29 | 147,000 | 137,623 | |||||||||
| DISH Network Corp. |
11/15/27 | 164,000 | 170,937 | |||||||||
| VZ Secured Financing BV
(Netherlands) |
01/15/32 | 226,000 | 199,113 | |||||||||
|
|
|
|||||||||||
| 567,481 | ||||||||||||
|
|
|
|||||||||||
| Mining—1.5% |
|
|||||||||||
| Aris Mining Corp. |
10/31/29 | 174,000 | 178,893 | |||||||||
| First Quantum Minerals Ltd.
(Zambia) |
06/01/31 | 320,000 | 333,558 | |||||||||
| Novelis Corp. |
11/15/26 | 80,000 | 78,749 | |||||||||
| Volcan Cia Minera SAA
(Peru) |
01/24/30 | 173,000 | 173,919 | |||||||||
|
|
|
|||||||||||
| 765,119 | ||||||||||||
|
|
|
|||||||||||
| Municipal Bonds—0.6% |
|
|||||||||||
| Istanbul Metropolitan
Municipality |
12/06/28 | 296,000 | 321,444 | |||||||||
|
|
|
|||||||||||
| Oil & Gas—3.2% |
|
|||||||||||
| Ecopetrol SA (Colombia) |
11/02/51 | 530,000 | 362,425 | |||||||||
| Geopark Ltd. (Colombia) |
01/31/30 | 255,000 | 222,258 | |||||||||
| Gran Tierra Energy, Inc.
(Colombia) |
10/15/29 | 355,000 | 296,890 | |||||||||
| Petroleos Mexicanos (Mexico) |
01/28/31 | 386,000 | 358,633 | |||||||||
| SM Energy Co. |
08/01/32 | 73,000 | 72,305 | |||||||||
| Transocean Titan Financing
Ltd. |
02/01/28 | 106,762 | 109,608 | |||||||||
| Uzbekneftegaz JSC |
05/07/30 | 205,000 | 214,727 | |||||||||
|
|
|
|||||||||||
| 1,636,846 | ||||||||||||
|
|
|
|||||||||||
| Oil & Gas Services—2.3% |
|
|||||||||||
| Archrock Partners LP/Archrock Partners Finance Corp. |
09/01/32 | 246,000 | 249,867 | |||||||||
| Aris Water Holdings LLC |
04/01/30 | 125,000 | 128,325 | |||||||||
| Kodiak Gas Services LLC |
02/15/29 | 71,000 | 72,956 | |||||||||
| USA Compression Partners LP/USA Compression Finance Corp. |
||||||||||||
| 6.88% |
09/01/27 | 245,000 | 245,115 | |||||||||
| 7.13%(1) |
03/15/29 | 121,000 | 123,784 | |||||||||
| Yinson Boronia Production
BV |
07/31/42 | 294,327 | 317,832 | |||||||||
|
|
|
|||||||||||
| 1,137,879 | ||||||||||||
|
|
|
|||||||||||
TCW Multisector Credit Income ETF
SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited)
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Packaging & Containers—0.9% |
|
|||||||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
08/15/26 | $ | 86,000 | $ | 85,018 | |||||||
| Clearwater Paper Corp. |
08/15/28 | 183,000 | 172,710 | |||||||||
| Graham Packaging Co.,
Inc. |
08/15/28 | 75,000 | 74,883 | |||||||||
| Sealed Air Corp./Sealed Air Corp.
U.S. |
02/15/31 | 120,000 | 124,813 | |||||||||
|
|
|
|||||||||||
| 457,424 | ||||||||||||
|
|
|
|||||||||||
| Pharmaceuticals—2.0% |
||||||||||||
| 1261229 BC Ltd. |
04/15/32 | 125,000 | 127,348 | |||||||||
| Bayer U.S. Finance II LLC (Germany) |
||||||||||||
| 4.40%(1) |
07/15/44 | 107,000 | 83,789 | |||||||||
| 4.88%(1) |
06/25/48 | 86,000 | 70,856 | |||||||||
| CVS Health Corp. |
||||||||||||
| 5.70% |
06/01/34 | 60,000 | 61,463 | |||||||||
| 6.75% (5 yr. CMT + 2.516%)(2) |
12/10/54 | 75,000 | 75,371 | |||||||||
| Grifols SA (Spain) |
10/15/28 | 180,000 | 173,462 | |||||||||
| Jazz Securities DAC |
01/15/29 | 135,000 | 130,695 | |||||||||
| Option Care Health, Inc. |
10/31/29 | 81,000 | 77,490 | |||||||||
| Teva Pharmaceutical Finance Netherlands III BV (Israel) |
12/01/32 | 188,000 | 191,854 | |||||||||
|
|
|
|||||||||||
| 992,328 | ||||||||||||
|
|
|
|||||||||||
| Pipelines—2.8% |
||||||||||||
| Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) |
09/30/40 | 313,550 | 259,952 | |||||||||
| Global Partners LP/GLP Finance Corp. |
||||||||||||
| 6.88% |
01/15/29 | 122,000 | 123,841 | |||||||||
| 7.13%(1) |
07/01/33 | 100,000 | 101,625 | |||||||||
| NGL Energy Operating LLC/NGL Energy Finance Corp. |
02/15/32 | 122,000 | 119,444 | |||||||||
| Rockies Express Pipeline
LLC |
05/15/30 | 80,000 | 77,333 | |||||||||
| Venture Global LNG, Inc. |
||||||||||||
| 9.00% (5 yr. CMT + 5.440%)(1),(2),(4) |
09/30/29 | 170,000 | 170,148 | |||||||||
| 9.88%(1) |
02/01/32 | 153,000 | 165,195 | |||||||||
| Venture Global Plaquemines LNG
LLC |
01/15/36 | 372,000 | 382,788 | |||||||||
|
|
|
|||||||||||
| 1,400,326 | ||||||||||||
|
|
|
|||||||||||
| Real Estate—0.6% |
||||||||||||
| Cushman & Wakefield U.S. Borrower
LLC |
09/01/31 | 114,000 | 122,358 | |||||||||
| Port of Spain Waterfront
Development |
02/19/40 | 200,000 | 196,832 | |||||||||
|
|
|
|||||||||||
| 319,190 | ||||||||||||
|
|
|
|||||||||||
| REIT—0.9% |
||||||||||||
| GLP Capital LP/GLP Financing II, Inc. |
01/15/30 | 125,000 | 119,701 | |||||||||
| Hudson Pacific Properties LP |
11/01/27 | 259,000 | 245,219 | |||||||||
| Iron Mountain, Inc.
(REIT) |
07/15/32 | 76,000 | 75,076 | |||||||||
|
|
|
|||||||||||
| 439,996 | ||||||||||||
|
|
|
|||||||||||
| Retail—2.6% |
||||||||||||
| 1011778 BC ULC/New Red Finance, Inc. (Canada) |
10/15/30 | 83,000 | 76,956 | |||||||||
| Asbury Automotive Group,
Inc. |
02/15/32 | 81,000 | 76,748 | |||||||||
| BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. |
07/01/32 | 175,000 | 180,436 | |||||||||
| Ferrellgas LP/Ferrellgas Finance Corp. 5.88%(1) |
04/01/29 | 186,000 | 171,939 | |||||||||
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |
01/15/30 | 132,000 | 124,304 | |||||||||
| FirstCash, Inc. |
03/01/32 | 121,000 | 124,295 | |||||||||
| LCM Investments Holdings II
LLC |
08/01/31 | 117,000 | 123,791 | |||||||||
| Lithia Motors, Inc. |
06/01/29 | 133,000 | 125,899 | |||||||||
| Michaels Cos., Inc. |
05/01/28 | 65,000 | 52,036 | |||||||||
| Papa John’s International,
Inc. |
09/15/29 | 146,000 | 140,467 | |||||||||
| Suburban Propane Partners LP/Suburban Energy Finance Corp. |
06/01/31 | 134,000 | 126,024 | |||||||||
|
|
|
|||||||||||
| 1,322,895 | ||||||||||||
|
|
|
|||||||||||
| Semiconductors—0.0% |
||||||||||||
| Intel Corp. |
12/08/47 | 15,000 | 10,272 | |||||||||
|
|
|
|||||||||||
| Software—0.8% |
||||||||||||
| Cloud Software Group,
Inc. |
06/30/32 | 70,000 | 74,587 | |||||||||
| Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL |
05/01/29 | 72,000 | 73,533 | |||||||||
| RingCentral, Inc. |
08/15/30 | 114,000 | 121,645 | |||||||||
| SS&C Technologies,
Inc. |
06/01/32 | 71,000 | 73,118 | |||||||||
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
02/01/29 | 81,000 | 76,197 | |||||||||
|
|
|
|||||||||||
| 419,080 | ||||||||||||
|
|
|
|||||||||||
| Telecommunications—2.3% |
||||||||||||
| Altice Financing SA (Luxembourg) |
||||||||||||
| 5.75%(1) |
08/15/29 | 235,000 | 180,123 | |||||||||
| 9.63%(1) |
07/15/27 | 76,000 | 69,939 | |||||||||
| Consolidated Communications,
Inc. |
10/01/28 | 128,000 | 130,119 | |||||||||
| EchoStar Corp. |
11/30/29 | 24,000 | 25,323 | |||||||||
| Frontier Communications Holdings LLC |
||||||||||||
| 6.75%(1) |
05/01/29 | 173,000 | 174,785 | |||||||||
| 8.63%(1) |
03/15/31 | 65,000 | 68,959 | |||||||||
| Global Switch Finance BV (United
Kingdom) |
10/07/30 | EUR | 100,000 | 106,936 | ||||||||
| Telecom Argentina SA
(Argentina) |
07/18/31 | 251,000 | 264,863 | |||||||||
| Windstream Services LLC/Windstream Escrow Finance Corp. |
10/01/31 | 125,000 | 131,026 | |||||||||
|
|
|
|||||||||||
| 1,152,073 | ||||||||||||
|
|
|
|||||||||||
| TCW Multisector Credit Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Water — 0.4% |
||||||||||||
| Aegea Finance SARL
(Brazil) |
01/20/31 | $ | 200,000 | $ | 214,304 | |||||||
|
|
|
|||||||||||
| Total Corporate Bonds (Cost: $24,965,190) |
25,287,140 | |||||||||||
|
|
|
|||||||||||
| FOREIGN GOVERNMENT BONDS—12.2% |
||||||||||||
| Angola Government International
Bonds |
04/14/32 | 370,000 | 336,504 | |||||||||
| Argentina Republic Government International Bonds |
07/09/35 | 266,529 | 175,664 | |||||||||
| Bahrain Government International
Bonds |
09/20/29 | 328,000 | 337,256 | |||||||||
| Colombia Government International Bonds |
05/15/51 | 460,000 | 274,845 | |||||||||
| Dominican Republic International
Bonds |
01/30/60 | 305,000 | 257,179 | |||||||||
| Ecuador Government International
Bonds |
07/31/35 | 239,849 | 179,115 | |||||||||
| Egypt Government International
Bonds |
09/30/33 | 275,000 | 246,356 | |||||||||
| El Salvador Government International
Bonds |
07/15/52 | 161,000 | 163,141 | |||||||||
| Gabon Government International
Bonds |
02/06/31 | 203,000 | 167,008 | |||||||||
| Guatemala Government
Bonds |
06/13/36 | 263,000 | 269,904 | |||||||||
| Israel Government International Bonds |
03/12/54 | 289,000 | 268,995 | |||||||||
| Ivory Coast Government International
Bonds |
06/15/33 | 288,000 | 266,348 | |||||||||
| Jordan Government International
Bonds |
01/15/28 | 256,000 | 266,084 | |||||||||
| Mexico Government International Bonds |
02/12/52 | 282,000 | 197,609 | |||||||||
| Nigeria Government International
Bonds |
02/23/38 | 201,000 | 178,671 | |||||||||
| Oman Government International
Bonds |
01/25/31 | 200,000 | 214,728 | |||||||||
| Pakistan Government International
Bonds |
04/08/31 | 200,000 | 187,972 | |||||||||
| Panama Government International Bonds |
02/14/35 | 210,000 | 206,709 | |||||||||
| Republic of Poland Government International Bonds |
03/18/54 | 230,000 | 215,009 | |||||||||
| Republic of South Africa Government International Bonds |
06/22/30 | 204,000 | 203,147 | |||||||||
| Romania Government International Bonds |
||||||||||||
| 6.38%(3) |
01/30/34 | 348,000 | 347,374 | |||||||||
| 7.63%(3) |
01/17/53 | 186,000 | 194,463 | |||||||||
| Saudi Government International
Bonds |
01/18/53 | 390,000 | 336,683 | |||||||||
| Senegal Government International
Bonds |
05/23/33 | 387,000 | 288,273 | |||||||||
| Sri Lanka Government International
Bonds |
01/15/30 | 215,000 | 194,577 | |||||||||
| Turkiye Government International Bonds |
01/19/33 | 200,000 | 227,834 | |||||||||
|
|
|
|||||||||||
| Total Foreign Government Bonds (Cost: $6,054,572) |
6,201,448 | |||||||||||
|
|
|
|||||||||||
| BANK LOANS—31.3% |
||||||||||||
| Aerospace & Defense—0.7% |
||||||||||||
| Air Comm Corp. LLC 2024 Delayed Draw Term Loan |
12/11/31 | 4,487 | 4,498 | |||||||||
| Air Comm Corp. LLC 2024 Term Loan |
12/11/31 | 230,192 | 230,768 | |||||||||
| HDI Aerospace Intermediate Holding III Corp. Term Loan B |
02/11/32 | 99,750 | 100,187 | |||||||||
|
|
|
|||||||||||
| 335,453 | ||||||||||||
|
|
|
|||||||||||
| Airlines—0.5% |
||||||||||||
| Air Canada 2024 Term Loan B |
03/21/31 | 248,116 | 248,426 | |||||||||
|
|
|
|||||||||||
| Auto Parts & Equipment—0.3% |
||||||||||||
| First Brands Group LLC 2021 Term Loan |
03/30/27 | 173,640 | 170,725 | |||||||||
|
|
|
|||||||||||
| Beverages—0.5% |
||||||||||||
| Celsius Holdings, Inc. Term Loan |
04/01/32 | 125,000 | 126,198 | |||||||||
|
|
|
|||||||||||
| Naked Juice LLC 2025 FLFO Term Loan |
01/24/29 | 125,000 | 124,766 | |||||||||
|
|
|
|||||||||||
| 250,964 | ||||||||||||
|
|
|
|||||||||||
| Commercial Services—3.8% |
||||||||||||
| Archkey Solutions LLC 2024 Term Loan B |
11/01/31 | 223,578 | 225,256 | |||||||||
| ASP Dream Acquisition Co. LLC Term Loan B |
12/15/28 | 248,715 | 238,766 | |||||||||
| Crisis Prevention Institute, Inc. 2024 Term Loan B |
04/09/31 | 248,750 | 248,517 | |||||||||
| Fugue Finance BV 2025 Term Loan B 0.00% (9),(2) |
01/09/32 | 200,000 | 201,053 | |||||||||
| Holding Socotec SAS 2024 USD Term Loan
B |
06/30/28 | 123,750 | 124,253 | |||||||||
| Priority Holdings LLC 2024 Term Loan B |
05/16/31 | 246,736 | 247,545 | |||||||||
| Trans Union LLC 2024 Term Loan B9 |
06/24/31 | 124,375 | 124,632 | |||||||||
| TruGreen LP 2020 Term Loan |
11/02/27 | 297,662 | 287,616 | |||||||||
| Veritiv Corp. Term Loan B |
11/30/30 | 248,747 | 250,069 | |||||||||
|
|
|
|||||||||||
| 1,947,707 | ||||||||||||
|
|
|
|||||||||||
| TCW Multisector Credit Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Computers—0.4% |
||||||||||||
| Peraton Corp. Term Loan B |
02/01/28 | $ | 248,015 | $ | 221,411 | |||||||
|
|
|
|||||||||||
| Cosmetics/personal Care—0.2% |
||||||||||||
| Opal Bidco SAS USD Term Loan B |
04/28/32 | 125,000 | 125,696 | |||||||||
|
|
|
|||||||||||
| Diversified Financial Services—1.8% |
||||||||||||
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 |
06/24/30 | 348,250 | 348,804 | |||||||||
| Blackhawk Network Holdings, Inc. 2025 Term Loan B |
03/12/29 | 173,689 | 174,598 | |||||||||
| Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B |
01/27/32 | 124,688 | 125,264 | |||||||||
| Guggenheim Partners LLC 2024 Term Loan B |
11/26/31 | 248,750 | 249,776 | |||||||||
|
|
|
|||||||||||
| 898,442 | ||||||||||||
|
|
|
|||||||||||
| Electric—2.5% |
||||||||||||
| EFS Cogen Holdings I LLC 2020 Term Loan B |
10/03/31 | 247,250 | 248,531 | |||||||||
| Kestrel Acquisition LLC 2024 Term Loan B |
11/06/31 | 343,557 | 344,881 | |||||||||
| Potomac Energy Center LLC 2025 Term Loan 0.00% (9) |
03/14/32 | 125,000 | 125,234 | |||||||||
| Potomac Energy Center LLC Term Loan 0.00% (9),(2) |
11/12/26 | 250,000 | 250,938 | |||||||||
| South Field LLC 2025 Term Loan B |
08/29/31 | 296,564 | 298,047 | |||||||||
| South Field LLC 2025 Term Loan C |
08/29/31 | 19,071 | 19,166 | |||||||||
|
|
|
|||||||||||
| 1,286,797 | ||||||||||||
|
|
|
|||||||||||
| Electronics—0.7% |
||||||||||||
| TCP Sunbelt Acquisition Co. 2024 Term Loan B |
10/24/31 | 348,250 | 349,991 | |||||||||
|
|
|
|||||||||||
| Engineering & Construction—1.4% |
||||||||||||
| Artera Services LLC 2024 Term Loan |
02/15/31 | 119,319 | 99,534 | |||||||||
| Legence Holdings LLC 2025 Term Loan B |
12/18/28 | 248,067 | 249,152 | |||||||||
| Wrench Group LLC 2019 Term Loan B |
10/30/28 | 347,362 | 347,147 | |||||||||
|
|
|
|||||||||||
| 695,833 | ||||||||||||
|
|
|
|||||||||||
| Entertainment—1.1% |
||||||||||||
| Caesars Entertainment, Inc. Term Loan B |
02/06/30 | 259,524 | 259,713 | |||||||||
| Showtime Acquisition LLC 2024 1st Lien Term Loan |
08/16/31 | 174,125 | 174,942 | |||||||||
| Voyager Parent LLC Term Loan B |
07/01/32 | 125,000 | 125,267 | |||||||||
|
|
|
|||||||||||
| 559,922 | ||||||||||||
|
|
|
|||||||||||
| Food—0.9% |
||||||||||||
| 1440 Food Topco LLC Term Loan B |
10/31/31 | 124,623 | 122,442 | |||||||||
| BCPE North Star U.S. HoldCo 2, Inc. Term Loan |
06/09/28 | 148,841 | 149,213 | |||||||||
| United Natural Foods, Inc. 2024 Term Loan |
05/01/31 | 192,857 | 194,648 | |||||||||
|
|
|
|||||||||||
| 466,303 | ||||||||||||
|
|
|
|||||||||||
| Forest Products & Paper—0.5% |
||||||||||||
| Glatfelter Corp. Term Loan B |
11/04/31 | 248,750 | 247,662 | |||||||||
|
|
|
|||||||||||
| Health Care-services —2.1% |
||||||||||||
| Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B |
03/30/29 | 248,116 | 220,823 | |||||||||
| Heartland Dental LLC 2024 Term Loan |
04/28/28 | 347,362 | 348,513 | |||||||||
| Help At Home, Inc. 2024 Term Loan B |
09/24/31 | 348,250 | 337,803 | |||||||||
| Modivcare, Inc. 2025 Incremental Term Loan |
01/12/26 | 43,347 | 33,770 | |||||||||
| NAPA Management Services Corp. Term Loan B |
02/23/29 | 173,654 | 117,737 | |||||||||
|
|
|
|||||||||||
| 1,058,646 | ||||||||||||
|
|
|
|||||||||||
| TCW Multisector Credit Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Insurance—1.2% |
||||||||||||
| AmWINS Group, Inc. 2025 Term Loan B |
01/30/32 | $ | 249,373 | $ | 249,836 | |||||||
| Asurion LLC 2021 Second Lien Term Loan B4 |
01/20/29 | 125,000 | 117,852 | |||||||||
| Asurion LLC 2022 Term Loan B10 |
08/19/28 | 248,087 | 246,469 | |||||||||
|
|
|
|||||||||||
| 614,157 | ||||||||||||
|
|
|
|||||||||||
| Internet—2.7% |
||||||||||||
| Arches Buyer, Inc. 2021 Term Loan B |
12/06/27 | 48,698 | 48,732 | |||||||||
| Barracuda Networks, Inc. 2022 Term Loan |
08/15/29 | 173,664 | 141,461 | |||||||||
| Delivery Hero SE 2024 USD Term Loan B |
12/12/29 | 347,362 | 350,799 | |||||||||
| Magnite, Inc. 2025 Repriced Term Loan B |
02/06/31 | 374,063 | 375,854 | |||||||||
| MH Sub I LLC 2023 Term Loan |
05/03/28 | 207,533 | 198,467 | |||||||||
| Plano HoldCo, Inc. Term Loan
B |
10/02/31 | 124,688 | 121,258 | |||||||||
| TripAdvisor, Inc. Term Loan |
07/08/31 | 124,373 | 123,441 | |||||||||
|
|
|
|||||||||||
| 1,360,012 | ||||||||||||
|
|
|
|||||||||||
| Leisure Time—0.2% |
||||||||||||
| Sabre GLBL, Inc. 2022 1st Lien Term Loan B |
06/30/28 | 99,774 | 99,524 | |||||||||
|
|
|
|||||||||||
| Machinery-construction & Mining—0.5% |
||||||||||||
| WEC U.S. Holdings Ltd. 2024 Term Loan |
01/27/31 | 248,120 | 248,576 | |||||||||
|
|
|
|||||||||||
| Machinery-diversified—0.5% |
||||||||||||
| Arcline FM Holdings LLC 2024 Term Loan |
06/23/28 | 248,750 | 250,694 | |||||||||
|
|
|
|||||||||||
| Media—1.4% |
||||||||||||
| Charter Communications Operating LLC 2024 Term Loan B5 |
12/15/31 | 124,375 | 124,515 | |||||||||
| Telenet Financing USD LLC 2020 USD Term Loan AR |
04/30/28 | 300,000 | 294,525 | |||||||||
| Virgin Media Bristol LLC USD Term Loan N |
01/31/28 | 297,138 | 294,044 | |||||||||
|
|
|
|||||||||||
| 713,084 | ||||||||||||
|
|
|
|||||||||||
| Miscellaneous Manufacturers—0.5% |
||||||||||||
| Cleanova U.S. Holdings LLC 2025 Term Loan B |
06/14/32 | 250,000 | 248,750 | |||||||||
|
|
|
|||||||||||
| Office/business Equipment—0.6% |
||||||||||||
| Xerox Holdings Corp. 2023 Term Loan B |
11/17/29 | 297,963 | 280,334 | |||||||||
|
|
|
|||||||||||
| Oil & Gas—0.3% |
||||||||||||
| Waterbridge Midstream Operating LLC 2024 1st Lien Term Loan B |
06/27/29 | 173,688 | 174,252 | |||||||||
|
|
|
|||||||||||
| Packaging & Containers—0.3% |
||||||||||||
| Balcan Innovations, Inc. Term Loan B |
10/18/31 | 174,563 | 160,598 | |||||||||
|
|
|
|||||||||||
| Pharmaceuticals—0.5% |
||||||||||||
| Covetrus, Inc. Term Loan |
10/13/29 | 248,096 | 227,010 | |||||||||
|
|
|
|||||||||||
| Retail—1.6% |
||||||||||||
| Lakeshore Intermediate LLC Term Loan |
09/29/28 | 248,072 | 207,451 | |||||||||
| Michaels Cos., Inc. 2021 Term Loan B |
04/17/28 | 100,000 | 85,277 | |||||||||
| Thermostat Purchaser III, Inc. 2024 Incremental Delayed Draw Term Loan |
08/31/28 | 250,000 | 251,145 | |||||||||
| Thermostat Purchaser III, Inc. 2024 Term Loan B |
08/31/28 | 250,000 | 251,145 | |||||||||
|
|
|
|||||||||||
| 795,018 | ||||||||||||
|
|
|
|||||||||||
| Software—3.1% |
||||||||||||
| Cast & Crew Payroll LLC 2021 Incremental Term Loan |
12/29/28 | 124,036 | 118,290 | |||||||||
| Cloud Software Group, Inc. 2024 USD Term Loan |
03/21/31 | 248,750 | 249,924 | |||||||||
| Open Text Corp. 2023 Term Loan B |
01/31/30 | 345,746 | 346,265 | |||||||||
| TCW Multisector Credit Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Software (Continued) |
||||||||||||
| Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B |
10/26/30 | $ | 249,372 | $ | 250,276 | |||||||
| Renaissance Holdings Corp. 2024 1st Lien Term Loan |
04/05/30 | 248,111 | 229,547 | |||||||||
| SolarWinds Holdings, Inc. 2025 Term Loan |
04/16/32 | 125,000 | 123,750 | |||||||||
| Surf Holdings LLC 2025 Incremental Term Loan |
03/05/27 | 248,692 | 249,636 | |||||||||
|
|
|
|||||||||||
| 1,567,688 | ||||||||||||
|
|
|
|||||||||||
| Telecommunications—0.5% |
||||||||||||
| Zayo Group Holdings, Inc. 2022 USD Incremental Term Loan B |
03/09/27 | 248,077 | 241,876 | |||||||||
|
|
|
|||||||||||
| Total Bank Loans (Cost: $16,038,013) |
15,845,551 | |||||||||||
|
|
|
|||||||||||
| Total Fixed Income Securities (Cost: $49,044,368) |
49,315,208 | |||||||||||
|
|
|
|||||||||||
| CONVERTIBLE SECURITIES—0.2% |
||||||||||||
| CONVERTIBLE CORPORATE BONDS—0.2% |
||||||||||||
| Commercial Services—0.2% |
||||||||||||
| Worldline SA
(France) |
07/30/26 | EUR | 77,400 | 86,084 | ||||||||
|
|
|
|||||||||||
| Total Convertible Corporate Bonds (Cost: $77,752) |
86,084 | |||||||||||
|
|
|
|||||||||||
| Security |
Shares | |||||||||||
| MONEY MARKET INVESTMENTS—2.9% |
||||||||||||
| State Street Institutional U.S. Government Money Market Fund—Premier Class, |
48,576 | 48,576 | ||||||||||
| TCW Central Cash Fund, 4.34%(11),(12) |
|
1,395,716 | $ | 1,395,716 | ||||||||
|
|
|
|||||||||||
| Total Money Market Investments (Cost: $1,444,292) |
1,444,292 | |||||||||||
|
|
|
|||||||||||
| Total Investments (100.4%) (Cost: $50,566,412) |
|
50,845,584 | ||||||||||
| Net unrealized appreciation on unfunded commitments (0.0%) |
119 | |||||||||||
| Liabilities In Excess Of Other Assets (-0.4%) |
|
(219,099 | ) | |||||||||
|
|
|
|||||||||||
| Net Assets (100.0%) |
$ | 50,626,604 | ||||||||||
|
|
|
|||||||||||
| TCW Multisector Credit Income ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| FORWARD CURRENCY EXCHANGE CONTRACTS |
| |||||||||||||||||||||||
|
|
||||||||||||||||||||||||
| Counterparty |
Contracts to Deliver |
Units of Currency |
Settlement Date |
In Exchange for USD |
Contracts at Value |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||
| BUY(13) |
||||||||||||||||||||||||
| Goldman Sachs & Co. |
EUR | 114,190 | 10/10/25 | $ | 134,587 | $ | 130,892 | $ | (3,695 | ) | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 134,587 | $ | 130,892 | $ | (3,695 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| SELL(14) |
||||||||||||||||||||||||
| Goldman Sachs & Co. |
EUR | 782,000 | 10/10/25 | $ | 920,911 | $ | 896,377 | $ | 24,534 | |||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 920,911 | $ | 896,377 | $ | 24,534 | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| 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 October 31, 2024 |
Purchases at Cost |
Proceeds from Sales |
Number of Shares Held July 31, 2025 |
Value at July 31, 2025 |
Dividends and Interest Income Received |
Distributions Received from Net Realized Gain |
Net Realized Gain (Loss) on Investments |
Net change in Unrealized Gain (Loss) on Investments |
|||||||||||||||||||||||||||
| TCW Central Cash Fund |
$ | — | $ | 17,630,716 | $ | 16,235,000 | 1,395,716 | $ | 1,395,716 | $ | 59,321 | $ | — | $ | — | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total |
$ | 1,395,716 | $ | 59,321 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| TCW Multisector Credit Income ETF | ||||
| Investments by Sector (Unaudited) | July 31, 2025 | |||
| Sector |
Percentage of 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 | ) | ||
|
|
|
|||
| 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 Active Markets for Identical Assets (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | ||||||||||||
| Fixed Income Securities |
||||||||||||||||
| Corporate Bonds* |
$ | — | $ | 25,287,140 | $ | — | $ | 25,287,140 | ||||||||
| Bank Loans* |
— | 15,845,551 | — | 15,845,551 | ||||||||||||
| Foreign Government Bonds |
— | 6,201,448 | — | 6,201,448 | ||||||||||||
| Asset-Backed Securities |
— | 1,981,069 | — | 1,981,069 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Fixed Income Securities |
— | 49,315,208 | — | 49,315,208 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Money Market Investments |
1,444,292 | — | — | 1,444,292 | ||||||||||||
| Convertible Corporate Bonds* |
— | 86,084 | — | 86,084 | ||||||||||||
| Unfunded Commitments Appreciation |
— | 119 | — | 119 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments |
$ | 1,444,292 | $ | 49,401,411 | $ | — | $ | 50,845,703 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Asset Derivatives |
||||||||||||||||
| Forward Currency Exchange Contracts |
||||||||||||||||
| Foreign Currency Risk |
— | 24,534 | — | 24,534 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | 1,444,292 | $ | 49,425,945 | $ | — | $ | 50,870,237 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liability Derivatives |
||||||||||||||||
| Forward Currency Exchange Contracts |
||||||||||||||||
| Foreign Currency Risk |
$ | — | $ | (3,695 | ) | $ | — | $ | (3,695 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | — | $ | (3,695 | ) | $ | — | $ | (3,695 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| * | See Schedule of Investments for corresponding industries. |
TCW Senior Loan ETF
SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited)
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| FIXED INCOME SECURITIES—95.8% of Net Assets |
||||||||||||
| ASSET-BACKED SECURITIES—0.7% |
||||||||||||
| AMMC CLO 18 Ltd. Series 2016-18A, Class BR |
05/26/31 | $ | 915,000 | $ | 916,946 | |||||||
| AMMC CLO 30 Ltd. Series 2024-30A, Class A1 |
01/15/37 | 750,000 | 752,154 | |||||||||
| Golub Capital Partners CLO 69M Ltd. Series 2023-69A, |
11/09/36 | 500,000 | 502,760 | |||||||||
|
|
|
|||||||||||
| Total Asset-backed Securities (Cost: $2,143,956) |
2,171,860 | |||||||||||
|
|
|
|||||||||||
| BANK LOANS—92.4% |
||||||||||||
| Advertising—0.8% |
||||||||||||
| Advantage Sales & Marketing, Inc. 2024 Term Loan |
10/28/27 | 1,599,492 | 1,252,043 | |||||||||
| Neptune Bidco U.S., Inc. 2022 USD Term Loan A |
04/11/29 | 1 | — | |||||||||
| Planet U.S. Buyer LLC 2024 Term Loan B |
02/07/31 | 649,542 | 653,277 | |||||||||
| Wasserman Media Group LLC Term Loan B |
06/23/32 | 700,000 | 703,063 | |||||||||
|
|
|
|||||||||||
| 2,608,383 | ||||||||||||
|
|
|
|||||||||||
| Aerospace & Defense—1.5% |
||||||||||||
| Air Comm Corp. LLC 2024 Delayed Draw Term Loan |
12/11/31 | 6,319 | 6,334 | |||||||||
| Air Comm Corp. LLC 2024 Term Loan |
12/11/31 | 324,148 | 324,959 | |||||||||
| HDI Aerospace Intermediate Holding III Corp. Term Loan B |
02/11/32 | 1,236,235 | 1,241,644 | |||||||||
| Novaria Holdings LLC 2024 Term Loan B |
06/06/31 | 1,444,623 | 1,448,842 | |||||||||
| TransDigm, Inc. 2024 Term Loan I |
08/24/28 | 1,716,392 | 1,724,605 | |||||||||
|
|
|
|||||||||||
| 4,746,384 | ||||||||||||
|
|
|
|||||||||||
| Agriculture—0.2% |
||||||||||||
| Alltech, Inc. 2025 Term Loan |
08/13/30 | 548,230 | 551,314 | |||||||||
|
|
|
|||||||||||
| Airlines—0.5% |
||||||||||||
| Air Canada 2024 Term Loan B |
03/21/31 | 505,793 | 506,425 | |||||||||
| United Airlines, Inc. 2024 1st Lien Term Loan B |
02/22/31 | 1,071,366 | 1,076,856 | |||||||||
|
|
|
|||||||||||
| 1,583,281 | ||||||||||||
|
|
|
|||||||||||
| Apparel—0.7% |
||||||||||||
| ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B |
12/21/28 | 1,178,665 | 1,177,928 | |||||||||
| WH Borrower LLC 2025 Term Loan B |
02/20/32 | 1,000,000 | 1,001,330 | |||||||||
|
|
|
|||||||||||
| 2,179,258 | ||||||||||||
|
|
|
|||||||||||
| Auto Parts & Equipment—0.3% |
||||||||||||
| First Brands Group LLC 2021 Term Loan |
03/30/27 | 968,971 | 952,707 | |||||||||
|
|
|
|||||||||||
| Banks—0.1% |
||||||||||||
| Chrysaor Bidco SARL USD Term Loan B |
10/30/31 | 288,034 | 290,118 | |||||||||
|
|
|
|||||||||||
| Beverages—1.1% |
||||||||||||
| Arterra Wines Canada, Inc. 2020 Term Loan |
11/24/27 | 416,487 | 412,148 | |||||||||
| Naked Juice LLC 2025 FLSO Term Loan |
01/24/29 | 315,845 | 240,140 | |||||||||
| Naked Juice LLC 2025 FLTO Term Loan |
01/24/30 | 3,281 | 1,567 | |||||||||
| Pegasus Bidco BV 2024 USD Term Loan B |
07/12/29 | 1,343,671 | 1,349,832 | |||||||||
| Primo Brands Corp. 2025 Term Loan B |
03/31/28 | 1,493,747 | 1,498,937 | |||||||||
|
|
|
|||||||||||
| 3,502,624 | ||||||||||||
|
|
|
|||||||||||
| Building Materials—0.3% |
||||||||||||
| PHRG Intermediate LLC 2025 Term Loan B |
02/20/32 | 896,226 | 896,975 | |||||||||
| TCW Senior Loan ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Building Materials (Continued) |
||||||||||||
| Standard Industries, Inc. 2021 Term Loan B |
09/22/28 | $ | 161,219 | $ | 161,909 | |||||||
|
|
|
|||||||||||
| 1,058,884 | ||||||||||||
|
|
|
|||||||||||
| Chemicals—1.0% |
||||||||||||
| Archroma Finance SARL 2023 USD Term Loan B2A |
06/30/27 | 1,181,692 | 1,125,934 | |||||||||
| Chemours Co. 2023 USD Term Loan B |
08/18/28 | 494,962 | 495,581 | |||||||||
| Mativ Holdings, Inc. Delayed Draw Term Loan A |
05/06/27 | 1,112,320 | 1,106,759 | |||||||||
| SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B |
01/31/29 | 346,534 | 347,499 | |||||||||
|
|
|
|||||||||||
| 3,075,773 | ||||||||||||
|
|
|
|||||||||||
| Commercial Services—15.0% |
||||||||||||
| Albion Financing 3 SARL 2025 USD Term Loan B |
08/16/29 | 1,535,733 | 1,545,523 | |||||||||
| AlixPartners LLP 2021 USD Term Loan B |
02/04/28 | 1,496,093 | 1,498,487 | |||||||||
| Allied Universal Holdco LLC 2021 USD Incremental Term Loan B |
05/12/28 | 388,133 | 389,416 | |||||||||
| Amspec Parent LLC 2024 Term Loan |
12/22/31 | 1,256,667 | 1,266,092 | |||||||||
| Anticimex International AB 2024 Term Loan B6 |
11/16/28 | 1,501,574 | 1,508,459 | |||||||||
| APi Group DE, Inc. 2025 Term Loan |
01/03/29 | 955,701 | 956,036 | |||||||||
| Archkey Solutions LLC 2024 Term Loan B |
11/01/31 | 1,059,923 | 1,067,878 | |||||||||
| ASP Dream Acquisition Co. LLC Term Loan B |
12/15/28 | 522,301 | 501,409 | |||||||||
| Belron Finance 2019 LLC 2024 USD Term Loan B |
10/16/31 | 975,569 | 981,301 | |||||||||
| Berkeley Research Group LLC Term Loan B |
05/01/32 | 480,000 | 482,251 | |||||||||
| BIFM U.S. Finance LLC 2024 Incremental Term Loan |
05/31/28 | 1,489,140 | 1,497,516 | |||||||||
| Boost Newco Borrower LLC 2025 USD Term Loan B |
01/31/31 | 1,245,005 | 1,248,509 | |||||||||
| CCRR Parent, Inc. Term Loan B |
03/06/28 | 834,557 | 292,095 | |||||||||
| Crisis Prevention Institute, Inc. 2024 Term Loan B |
04/09/31 | 1,493,123 | 1,491,727 | |||||||||
| Element Materials Technology Group U.S. Holdings, Inc. |
07/06/29 | 1,307,567 | 1,313,013 | |||||||||
| Ensemble RCM LLC 2024 Term Loan B |
08/01/29 | 1,544,905 | 1,553,811 | |||||||||
| Fugue Finance BV 2025 Add-on Term Loan |
01/09/32 | 500,000 | 502,632 | |||||||||
| Fugue Finance BV 2025 Term Loan B |
01/09/32 | 1,697,000 | 1,705,935 | |||||||||
| Herc Holdings, Inc. Term Loan B |
06/02/32 | 945,946 | 951,073 | |||||||||
| Holding Socotec SAS 2024 USD Term Loan B |
06/30/28 | 1,433,942 | 1,439,771 | |||||||||
| Kelso Industries LLC Delayed Draw Term Loan |
12/30/29 | 47,084 | 47,437 | |||||||||
| Kelso Industries LLC Term Loan |
12/30/29 | 743,074 | 748,648 | |||||||||
| KUEHG Corp. 2024 Term Loan |
06/12/30 | 1,637,261 | 1,640,847 | |||||||||
| Learning Care Group U.S. No. 2, Inc. 2024 Term Loan B |
08/11/28 | 1,214,482 | 1,217,014 | |||||||||
| Lernen Bidco Ltd. 2024 USD Term Loan B2 |
10/27/31 | 1,247,500 | 1,257,374 | |||||||||
| TCW Senior Loan ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Commercial Services (Continued) |
||||||||||||
| Nuvei Technologies Corp. 2024 Term Loan B1 |
11/17/31 | $ | 1,164,764 | $ | 1,167,058 | |||||||
| Prime Security Services Borrower LLC 2024 1st Lien Term Loan B |
10/13/30 | 622,404 | 623,052 | |||||||||
| Prime Security Services Borrower LLC 2025 Add-on Term Loan B |
03/07/32 | 500,000 | 498,283 | |||||||||
| Priority Holdings LLC 2024 Term Loan B |
05/16/31 | 1,486,944 | 1,491,821 | |||||||||
| Prometric Holdings, Inc. 2025 Term Loan B |
06/25/32 | 650,000 | 655,281 | |||||||||
| Raven Acquisition Holdings LLC Term Loan B |
11/19/31 | 791,350 | 791,983 | |||||||||
| Ryan LLC Term Loan |
11/14/30 | 1,236,713 | 1,239,193 | |||||||||
| Sabert Corp. 2024 Term Loan B |
12/10/26 | 1,544,951 | 1,553,642 | |||||||||
| Secretariat Advisors LLC 2025 Term Loan B |
02/28/32 | 1,236,447 | 1,245,720 | |||||||||
| Spring Education Group, Inc. Term Loan |
10/04/30 | 997,468 | 1,005,039 | |||||||||
| Teneo Holdings LLC 2024 Term Loan B |
03/13/31 | 1,489,946 | 1,502,305 | |||||||||
| Trans Union LLC 2024 Term Loan B8 |
06/24/31 | 417,887 | 418,775 | |||||||||
| Trans Union LLC 2024 Term Loan B9 |
06/24/31 | 543,104 | 544,226 | |||||||||
| TruGreen LP 2020 2nd Lien Term Loan |
11/02/28 | 500,000 | 417,500 | |||||||||
| TruGreen LP 2020 Term Loan |
11/02/27 | 208,761 | 201,715 | |||||||||
| TTF Holdings LLC 2024 Term Loan |
07/18/31 | 1,375,410 | 1,366,814 | |||||||||
| United Rentals, Inc. 2024 Term Loan
B |
02/14/31 | 500,000 | 502,187 | |||||||||
| Valvoline, Inc. Term Loan
B |
03/19/32 | 549,580 | 552,534 | |||||||||
| Veritiv Corp. Term Loan B |
11/30/30 | 990,496 | 995,760 | |||||||||
| Vistage Worldwide, Inc. Term Loan |
07/13/29 | 1,243,606 | 1,244,383 | |||||||||
| VT Topco, Inc. 2024 1st Lien Term Loan B |
08/09/30 | 1,160,140 | 1,165,947 | |||||||||
| Xplor T1 LLC Term Loan B |
06/24/31 | 601,043 | 604,048 | |||||||||
|
|
|
|||||||||||
| 46,891,520 | ||||||||||||
|
|
|
|||||||||||
| Computers—4.4% |
||||||||||||
| Access CIG LLC 2023 Term Loan |
08/18/28 | 1,493,036 | 1,502,263 | |||||||||
| Amentum Government Services Holdings LLC 2024 Term Loan B |
09/29/31 | 557,874 | 558,850 | |||||||||
| Clover Holdings 2 LLC Term Loan B |
12/09/31 | 1,364,946 | 1,365,226 | |||||||||
| Imprivata, Inc. 2024 Term Loan |
12/01/27 | 1,504,343 | 1,510,255 | |||||||||
| NCR Atleos LLC 2024 Term Loan B |
04/16/29 | 1,189,689 | 1,202,479 | |||||||||
| Nielsen Consumer, Inc. 2025 USD Term Loan |
03/06/28 | 1,417,884 | 1,423,024 | |||||||||
| Peraton Corp. 2nd Lien Term Loan B1 |
02/01/29 | 248,837 | 160,256 | |||||||||
| Peraton Corp. Term Loan B |
02/01/28 | 1,553,564 | 1,386,921 | |||||||||
| SMX Group LLC Term Loan |
02/06/32 | 1,496,250 | 1,501,554 | |||||||||
| Tempo Acquisition LLC 2025 Repriced Term Loan B |
08/31/28 | 1,716,168 | 1,713,619 | |||||||||
| Twitter, Inc. 2025 Fixed Term Loan |
10/26/29 | 500,000 | 485,800 | |||||||||
| TCW Senior Loan ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Computers (Continued) |
||||||||||||
| Twitter, Inc. Term Loan |
10/26/29 | $ | 996,170 | $ | 972,432 | |||||||
|
|
|
|||||||||||
| 13,782,679 | ||||||||||||
|
|
|
|||||||||||
| Cosmetics/Personal Care—0.4% |
||||||||||||
| Opal Bidco SAS USD Term Loan B |
04/28/32 | 1,125,000 | 1,131,261 | |||||||||
|
|
|
|||||||||||
| Distribution &Wholesale—0.6% |
||||||||||||
| Formulations Parent Corp. 2025 Term Loan B |
04/09/32 | 289,474 | 292,368 | |||||||||
| Gates Global LLC 2022 Term Loan B4 |
11/16/29 | 216,759 | 216,777 | |||||||||
| Gloves Buyer, Inc. 2025 Term Loan |
01/17/32 | 1,188,679 | 1,166,689 | |||||||||
| Resideo Funding, Inc. 2024 1st Lien Term Loan B |
02/11/28 | 292,778 | 293,695 | |||||||||
|
|
|
|||||||||||
| 1,969,529 | ||||||||||||
|
|
|
|||||||||||
| Diversified Financial Services—5.0% |
||||||||||||
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 |
06/24/30 | 987,538 | 989,108 | |||||||||
| Blackhawk Network Holdings, Inc. 2025 Term Loan B |
03/12/29 | 1,488,769 | 1,496,562 | |||||||||
| CFC Bidco 2022 Ltd. Term Loan B |
05/30/32 | 846,373 | 846,906 | |||||||||
| Colossus Acquireco LLC Term Loan
B |
08/02/32 | 900,000 | 896,305 | |||||||||
| Corpay Technologies Operating Co. LLC Term Loan B5 |
04/28/28 | 1,046,122 | 1,046,414 | |||||||||
| Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B |
01/27/32 | 877,431 | 881,489 | |||||||||
| Delos Aircraft DAC Term Loan |
10/31/27 | 333,333 | 335,157 | |||||||||
| Focus Financial Partners LLC 2025 Fungible Add-On Term Loan B |
09/15/31 | 500,000 | 496,250 | |||||||||
| Focus Financial Partners LLC 2025 Incremental Term Loan B |
09/15/31 | 500,000 | 500,883 | |||||||||
| Guggenheim Partners LLC 2024 Term Loan B |
11/26/31 | 981,941 | 985,991 | |||||||||
| Jane Street Group LLC 2024 Term Loan B1 |
12/15/31 | 1,994,778 | 1,988,365 | |||||||||
| Jefferies Finance LLC 2024 Term Loan |
10/21/31 | 995,000 | 998,114 | |||||||||
| Mermaid Bidco, Inc. 2024 USD Term Loan B |
07/03/31 | 1,248,111 | 1,251,581 | |||||||||
| Orion Advisor Solutions, Inc. 2024 Term Loan B |
09/24/30 | 1,341,432 | 1,349,193 | |||||||||
| Setanta Aircraft Leasing DAC 2024 Term Loan B |
11/05/28 | 920,583 | 926,401 | |||||||||
| Summit Acquisition, Inc. 2024 Term Loan B |
10/16/31 | 748,125 | 751,398 | |||||||||
|
|
|
|||||||||||
| 15,740,117 | ||||||||||||
|
|
|
|||||||||||
| Electric—3.9% |
||||||||||||
| Alpha Generation LLC 2025 Term Loan
B |
09/30/31 | 500,000 | 499,968 | |||||||||
| Alpha Generation LLC Term Loan B |
09/30/31 | 498,744 | 498,711 | |||||||||
| Astoria Energy LLC 2025 Term Loan B |
06/23/32 | 508,444 | 510,588 | |||||||||
| Calpine Corp. 2024 Term Loan B10 |
01/31/31 | 184,576 | 184,812 | |||||||||
| Calpine Corp. 2024 Term Loan B5 |
02/15/32 | 1,214,286 | 1,215,300 | |||||||||
| Carroll County Energy LLC 2024 Term Loan B |
06/30/31 | 552,088 | 555,480 | |||||||||
| Compass Power Generation LLC 2025 Term Loan B |
04/14/29 | 1,555,537 | 1,564,777 | |||||||||
| Cornerstone Generation LLC Term Loan
B |
10/28/31 | 1,250,000 | 1,260,312 | |||||||||
| Edgewater Generation LLC 2025 Repriced Term Loan |
08/01/30 | 1,418,286 | 1,426,384 | |||||||||
| EFS Cogen Holdings I LLC 2020 Term Loan B |
10/03/31 | 807,934 | 812,119 | |||||||||
| TCW Senior Loan ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Electric (Continued) |
||||||||||||
| Potomac Energy Center LLC 2025 Term
Loan |
03/14/32 | $ | 750,000 | $ | 751,406 | |||||||
| Potomac Energy Center LLC Term Loan |
11/12/26 | 746,137 | 748,935 | |||||||||
| South Field LLC 2025 Term Loan B |
08/29/31 | 673,984 | 677,354 | |||||||||
| South Field LLC 2025 Term Loan C |
08/29/31 | 43,342 | 43,558 | |||||||||
| Talen Energy Supply LLC 2024-1 Incremental Term Loan |
12/15/31 | 271,357 | 272,311 | |||||||||
| Vistra Operations Co. LLC 1st Lien Term Loan B3 |
12/20/30 | 997,468 | 1,000,152 | |||||||||
|
|
|
|||||||||||
| 12,022,167 | ||||||||||||
|
|
|
|||||||||||
| Electrical Components & Equipment—0.4% |
||||||||||||
| Pelican Products, Inc. 2021 Term Loan |
12/29/28 | 1,462,345 | 1,281,687 | |||||||||
|
|
|
|||||||||||
| Electronics—1.4% |
||||||||||||
| Coherent Corp. 2025 1st Lien Term Loan B2 |
07/02/29 | 1,334,915 | 1,340,255 | |||||||||
| Mirion Technologies, Inc. 2025 Term Loan B |
06/04/32 | 1,500,000 | 1,507,312 | |||||||||
| TCP Sunbelt Acquisition Co. 2024 Term Loan B |
10/24/31 | 1,492,500 | 1,499,963 | |||||||||
|
|
|
|||||||||||
| 4,347,530 | ||||||||||||
|
|
|
|||||||||||
| Energy-Alternate Sources—0.9% |
||||||||||||
| KAMC Holdings, Inc. 2019 Term Loan |
08/14/26 | 1,765,248 | 1,694,638 | |||||||||
| Oregon Clean Energy LLC 2024 1st Lien Term Loan B |
07/12/30 | 1,151,214 | 1,159,641 | |||||||||
|
|
|
|||||||||||
| 2,854,279 | ||||||||||||
|
|
|
|||||||||||
| Engineering & Construction—2.9% |
||||||||||||
| Astrion Group LLC 2024 Term Loan |
08/29/31 | 1,398,152 | 1,373,685 | |||||||||
| DG Investment Intermediate Holdings 2, Inc. 2021 2nd Lien Term Loan |
03/30/29 | 340,000 | 339,787 | |||||||||
| DG Investment Intermediate Holdings 2, Inc. 2021 Term Loan |
03/31/28 | 1,557,328 | 1,563,659 | |||||||||
| DG Investment Intermediate Holdings 2, Inc. 2024 Delayed Draw Term Loan |
03/31/28 | 7,813 | 7,793 | |||||||||
| ITG Communications LLC Term Loan B |
07/01/31 | 1,225,000 | 1,218,875 | |||||||||
| Legence Holdings LLC 2025 Term Loan B |
12/18/28 | 1,621,668 | 1,628,762 | |||||||||
| SBA Senior Finance II LLC 2024 Term Loan B |
01/25/31 | 1,744,347 | 1,752,205 | |||||||||
| Wrench Group LLC 2019 Term Loan B |
10/30/28 | 1,238,531 | 1,237,763 | |||||||||
|
|
|
|||||||||||
| 9,122,529 | ||||||||||||
|
|
|
|||||||||||
| Entertainment—4.3% |
||||||||||||
| Banijay Entertainment SAS 2025 USD Term Loan B3 |
03/01/28 | 964,887 | 968,206 | |||||||||
| Churchill Downs, Inc. 2021 Incremental Term Loan B1 |
03/17/28 | 497,403 | 498,437 | |||||||||
| Delta 2 Lux SARL 2024 Term Loan B1 |
09/30/31 | 244,444 | 244,851 | |||||||||
| Delta 2 Lux SARL 2024 Term Loan B2 |
09/30/31 | 122,222 | 122,426 | |||||||||
| DK Crown Holdings, Inc. 2025 Term Loan B |
03/04/32 | 1,246,875 | 1,247,006 | |||||||||
| EOC Borrower LLC Term Loan
A |
03/24/28 | 725,000 | 727,266 | |||||||||
| EOC Borrower LLC Term Loan B |
03/24/32 | 900,000 | 903,235 | |||||||||
| Flutter Financing BV 2024 Term Loan B |
11/30/30 | 1,742,292 | 1,739,243 | |||||||||
| Flutter Financing BV 2025 Term Loan B |
06/04/32 | 300,000 | 300,500 | |||||||||
| GVC Holdings Gibraltar Ltd. 2021 USD Term Loan B4 |
03/29/27 | 1,680,000 | 1,682,890 | |||||||||
| TCW Senior Loan ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Entertainment (Continued) |
||||||||||||
| GVC Holdings Gibraltar Ltd. 2024 USD Term Loan B3 |
10/31/29 | $ | 248,121 | $ | 248,846 | |||||||
| Herschend Entertainment Co. LLC 2025 Term Loan B |
05/27/32 | 344,262 | 347,669 | |||||||||
| J&J Ventures Gaming LLC 2025 Repriced Term Loan B |
04/26/30 | 1,241,884 | 1,233,545 | |||||||||
| Light & Wonder International, Inc. 2024 Term Loan B2 |
04/14/29 | 775,738 | 778,453 | |||||||||
| Showtime Acquisition LLC 2024 1st Lien Term Loan |
08/16/31 | 1,386,367 | 1,392,869 | |||||||||
| Voyager Parent LLC Term Loan B |
07/01/32 | 825,000 | 826,765 | |||||||||
|
|
|
|||||||||||
| 13,262,207 | ||||||||||||
|
|
|
|||||||||||
| Environmental Control—1.8% |
||||||||||||
| Action Environmental Group, Inc. 2023 Term Loan B |
10/24/30 | 1,740,088 | 1,748,789 | |||||||||
| ERM Emerald U.S., Inc. USD Term Loan B1 |
07/12/28 | 976,883 | 976,770 | |||||||||
| Filtration Group Corp. 2025 USD Term Loan B |
10/21/28 | 998,269 | 1,001,778 | |||||||||
| GFL Environmental, Inc. 2025 Term Loan B |
03/03/32 | 153,704 | 154,088 | |||||||||
| Heritage-Crystal Clean, Inc. Term Loan B |
10/17/30 | 1,156,743 | 1,162,526 | |||||||||
| Reworld Holding Corp. Term Loan B |
11/30/28 | 444,874 | 445,986 | |||||||||
| Reworld Holding Corp. Term Loan C |
11/30/28 | 34,350 | 34,436 | |||||||||
|
|
|
|||||||||||
| 5,524,373 | ||||||||||||
|
|
|
|||||||||||
| Food—2.9% |
||||||||||||
| 1440 Food Topco LLC Term Loan B |
10/31/31 | 635,151 | 624,036 | |||||||||
| BCPE North Star U.S. HoldCo 2, Inc. Term Loan |
06/09/28 | 1,117,253 | 1,120,046 | |||||||||
| Chobani LLC 2025 Repriced Term Loan B |
10/25/27 | 1,206,021 | 1,212,304 | |||||||||
| Nourish Buyer I, Inc. 2025 Term Loan B |
07/09/32 | 1,000,000 | 1,000,000 | |||||||||
| Simply Good Foods USA, Inc. 2023 Term Loan B |
03/17/27 | 831,125 | 837,358 | |||||||||
| Snacking Investments Bidco Pty. Ltd. USD Term Loan |
12/18/26 | 1,667,565 | 1,680,906 | |||||||||
| United Natural Foods, Inc. 2024 Term Loan |
05/01/31 | 1,343,249 | 1,355,721 | |||||||||
| Upfield BV 2025 USD Term Loan B12 |
01/03/28 | 1,085,890 | 1,088,947 | |||||||||
|
|
|
|||||||||||
| 8,919,318 | ||||||||||||
|
|
|
|||||||||||
| Food Service—0.5% |
||||||||||||
| Aramark Services, Inc. 2024 Term Loan B7 |
04/06/28 | 1,000,000 | 1,002,920 | |||||||||
| Gategroup U.S. Finance, Inc. Term Loan
B |
05/28/32 | 600,652 | 603,844 | |||||||||
|
|
|
|||||||||||
| 1,606,764 | ||||||||||||
|
|
|
|||||||||||
| Forest Products & Paper—0.1% |
||||||||||||
| Glatfelter Corp. Term Loan B |
11/04/31 | 187,880 | 187,058 | |||||||||
|
|
|
|||||||||||
| Hand/Machine Tools—0.2% |
||||||||||||
| Madison Safety & Flow LLC 2025 Term Loan B |
09/26/31 | 682,554 | 686,393 | |||||||||
|
|
|
|||||||||||
| Health Care-Products—1.4% |
||||||||||||
| Antylia Scientific Term Loan |
05/27/32 | 1,050,000 | 1,032,496 | |||||||||
| Bausch & Lomb Corp. 2023 Incremental Term Loan |
09/29/28 | 236,344 | 236,739 | |||||||||
| Bausch & Lomb Corp. 2025 Term Loan B |
01/15/31 | 895,450 | 900,375 | |||||||||
| Medline Borrower LP 2024 USD Add-on Term Loan B |
10/23/28 | 997,487 | 999,497 | |||||||||
| TCW Senior Loan ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Health Care-Products (Continued) |
||||||||||||
| NSM Top Holdings Corp. 2025 Term Loan B |
05/14/29 | $ | 1,246,875 | $ | 1,258,328 | |||||||
|
|
|
|||||||||||
| 4,427,435 | ||||||||||||
|
|
|
|||||||||||
| Health Care-Services—4.7% |
||||||||||||
| ADMI Corp. 2023 Term Loan B5 |
12/23/27 | 1,505,961 | 1,461,535 | |||||||||
| Charlotte Buyer, Inc. 2025 Repriced Term Loan B |
02/11/28 | 892,194 | 892,755 | |||||||||
| Concentra Health Services, Inc. 2025 Repriced Term Loan B |
07/26/31 | 797,044 | 802,277 | |||||||||
| Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B |
03/30/29 | 886,928 | 786,039 | |||||||||
| Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B |
03/30/29 | 197,500 | 175,775 | |||||||||
| Fortrea Holdings, Inc. Term Loan B |
07/01/30 | 684,041 | 628,750 | |||||||||
| Heartland Dental LLC 2024 Term Loan |
04/28/28 | 1,712,707 | 1,718,384 | |||||||||
| Help At Home, Inc. 2024 Term Loan B |
09/24/31 | 2,506 | 2,431 | |||||||||
| Inception Holdco SARL 2025 Fungible Term Loan |
04/18/31 | 200,000 | 201,376 | |||||||||
| Inception Holdco SARL 2025 USD Term Loan B |
04/09/31 | 1,571,987 | 1,582,803 | |||||||||
| Loire Finco Luxembourg SARL 2025 USD Term Loan B |
01/21/30 | 551,513 | 558,175 | |||||||||
| Modivcare, Inc. 2024 Term Loan B |
07/01/31 | 744,984 | 478,034 | |||||||||
| Modivcare, Inc. 2025 Incremental Term Loan |
01/12/26 | 255,749 | 199,245 | |||||||||
| NAPA Management Services Corp. Term Loan B |
02/23/29 | 1,546,197 | 1,048,322 | |||||||||
| Onex TSG Intermediate Corp. 2025 Term Loan
B |
07/23/32 | 390,000 | 391,299 | |||||||||
| Parexel International Corp. 2025 Term Loan B |
11/15/28 | 1,215,893 | 1,219,011 | |||||||||
| Pediatric Associates Holding Co. LLC 2021 Term Loan B |
12/29/28 | 1,260,406 | 1,108,105 | |||||||||
| Pluto Acquisition I, Inc. 2024 First Out Superpriority Term Loan |
06/20/28 | 1,116,653 | 1,119,445 | |||||||||
| Recovery Solutions Parent LLC Term Loan |
01/28/30 | 178,839 | 178,839 | |||||||||
|
|
|
|||||||||||
| 14,552,600 | ||||||||||||
|
|
|
|||||||||||
| Holding Companies - Diversified—0.2% |
||||||||||||
| Emerald X, Inc. 2025 Term Loan B |
01/30/32 | 500,000 | 504,477 | |||||||||
|
|
|
|||||||||||
| Insurance—1.7% |
||||||||||||
| AmWINS Group, Inc. 2025 Term Loan B |
01/30/32 | 2,241,867 | 2,246,026 | |||||||||
| Asurion LLC 2021 Term Loan B9 |
07/31/27 | 1,562,219 | 1,563,750 | |||||||||
| Asurion LLC 2022 Term Loan B10 |
08/19/28 | 748,089 | 743,212 | |||||||||
| Asurion LLC 2024 Term Loan B12 |
09/19/30 | 124,686 | 122,872 | |||||||||
| Sedgwick Claims Management Services, Inc. 2023 Term Loan B |
07/31/31 | 719,563 | 721,260 | |||||||||
|
|
|
|||||||||||
| 5,397,120 | ||||||||||||
|
|
|
|||||||||||
| Internet—4.1% |
||||||||||||
| Arches Buyer, Inc. 2021 Term Loan B |
12/06/27 | 1,305 | 1,306 | |||||||||
| Barracuda Networks, Inc. 2022 Term Loan |
08/15/29 | 1,511,844 | 1,231,495 | |||||||||
| Delivery Hero SE 2024 USD Term Loan B |
12/12/29 | 1,981,019 | 2,000,621 | |||||||||
| Go Daddy Operating Co. LLC 2024 Term Loan B8 |
11/09/29 | 1,394,655 | 1,397,214 | |||||||||
| TCW Senior Loan ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Internet (Continued) |
||||||||||||
| Hoya Midco LLC 2025 Term Loan B |
02/03/29 | $ | 1,600,988 | $ | 1,409,622 | |||||||
| Magnite, Inc. 2025 Repriced Term Loan B |
02/06/31 | 1,222,264 | 1,228,119 | |||||||||
| MH Sub I LLC 2023 Term Loan |
05/03/28 | 262,007 | 250,561 | |||||||||
| MH Sub I LLC 2024 Term Loan B4 |
12/31/31 | 248,848 | 223,047 | |||||||||
| Plano HoldCo, Inc. Term Loan
B |
10/02/31 | 899,625 | 874,885 | |||||||||
| Polaris Purchaser, Inc. 2025 Term Loan B |
03/03/31 | 262,051 | 262,706 | |||||||||
| PUG LLC 2024 Extended Term Loan B |
03/15/30 | 1,044 | 1,038 | |||||||||
| Red Ventures LLC 2024 Term Loan B |
03/04/30 | 1,496,241 | 1,307,340 | |||||||||
| Research Now Group, Inc. 2024 First Lien First Out Term Loan |
07/15/28 | 1,267,075 | 1,264,307 | |||||||||
| WatchGuard Technologies, Inc. Term Loan |
07/02/29 | 1,470,797 | 1,467,120 | |||||||||
|
|
|
|||||||||||
| 12,919,381 | ||||||||||||
|
|
|
|||||||||||
| Investment Companies—0.8% |
||||||||||||
| AAL Delaware Holdco, Inc. 2025 Term
Loan |
07/30/31 | 650,000 | 652,132 | |||||||||
| FinCo I LLC 2024 Term Loan B |
06/27/29 | 732,445 | 733,288 | |||||||||
| Gryphon Debt Merger Sub, Inc. Term Loan
B |
06/18/32 | 500,000 | 501,667 | |||||||||
| Intrado Corp. 2023 Term Loan B |
01/31/30 | 730,689 | 732,213 | |||||||||
|
|
|
|||||||||||
| 2,619,300 | ||||||||||||
|
|
|
|||||||||||
| Iron & Steel—0.2% |
||||||||||||
| TMS International Corp. 2025 Term Loan B |
03/02/30 | 679,512 | 681,214 | |||||||||
|
|
|
|||||||||||
| Leisure Time—1.3% |
||||||||||||
| Alterra Mountain Co. 2024 Term Loan B6 |
08/17/28 | 992,513 | 997,480 | |||||||||
| Alterra Mountain Co. 2024 Term Loan B7 |
05/31/30 | 269,889 | 271,014 | |||||||||
| Arcis Golf LLC 2025 Term Loan B |
11/24/28 | 1,621,352 | 1,626,930 | |||||||||
| City Football Group Ltd. 2024 Term Loan |
07/22/30 | 500,002 | 500,472 | |||||||||
| Lakeland Tours LLC 2020 HoldCo Term Loan |
09/25/27 | 677,334 | 27,940 | |||||||||
| MajorDrive Holdings IV LLC Term Loan B |
06/01/28 | 454 | 447 | |||||||||
| Sabre GLBL, Inc. 2021 Term Loan B1 |
12/17/27 | 114,822 | 114,559 | |||||||||
| Sabre GLBL, Inc. 2021 Term Loan B2 |
12/17/27 | 76,647 | 76,472 | |||||||||
| Sabre GLBL, Inc. 2022 Term Loan B |
06/30/28 | 212,211 | 211,892 | |||||||||
| Sabre GLBL, Inc. 2024 Term Loan B1 |
11/15/29 | 65,251 | 65,332 | |||||||||
|
|
|
|||||||||||
| 3,892,538 | ||||||||||||
|
|
|
|||||||||||
| Lodging—0.3% |
||||||||||||
| Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 |
11/08/30 | 1,000,000 | 1,003,400 | |||||||||
|
|
|
|||||||||||
| Machinery-Construction & Mining—0.3% |
||||||||||||
| WEC U.S. Holdings Ltd. 2024 Term Loan |
01/27/31 | 1,044,865 | 1,046,782 | |||||||||
|
|
|
|||||||||||
| Machinery-Diversified—1.0% |
||||||||||||
| Arcline FM Holdings LLC 2024 Term Loan |
06/23/28 | 1,445,358 | 1,456,653 | |||||||||
| Pro Mach Group, Inc. 2024 1st Lien Term Loan B |
08/31/28 | 383,251 | 384,744 | |||||||||
| SPX Flow, Inc. 2024 1st Lien Term Loan B |
04/05/29 | 1,172,576 | 1,177,084 | |||||||||
| TCW Senior Loan ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Machinery-Diversified (Continued) |
||||||||||||
| TK Elevator Midco GmbH 2025 USD Term Loan B |
04/30/30 | $ | 3 | $ | 3 | |||||||
|
|
|
|||||||||||
| 3,018,484 | ||||||||||||
|
|
|
|||||||||||
| Media—2.0% |
||||||||||||
| Charter Communications Operating LLC 2023 Term Loan B4 |
12/07/30 | 500,000 | 499,828 | |||||||||
| Charter Communications Operating LLC 2024 Term Loan B5 |
12/15/31 | 1,496,241 | 1,497,924 | |||||||||
| NEP Group, Inc. 2023 Incremental Term Loan B |
08/19/26 | 504,687 | 480,714 | |||||||||
| NEP Group, Inc. 2023 Term Loan B |
08/19/26 | 267,430 | 254,593 | |||||||||
| NEP/NCP Holdco, Inc. 2018 2nd Lien Term Loan |
10/19/26 | 440,000 | 240,350 | |||||||||
| Nexstar Broadcasting, Inc. 2025 Term Loan B5 |
06/28/32 | 500,000 | 501,437 | |||||||||
| United Talent Agency LLC 2025 Term Loan B |
06/10/32 | 1,479,981 | 1,491,081 | |||||||||
| Ziggo Financing Partnership Term Loan
I |
04/30/28 | 1,350,000 | 1,306,314 | |||||||||
|
|
|
|||||||||||
| 6,272,241 | ||||||||||||
|
|
|
|||||||||||
| Metal Fabricate & Hardware—0.2% |
||||||||||||
| AZZ, Inc. Term Loan B |
05/13/29 | 679,385 | 682,411 | |||||||||
|
|
|
|||||||||||
| Mining—0.3% |
||||||||||||
| American Rock Salt Co. LLC 2024 First Out Delayed Draw Term Loan |
06/09/28 | 87,839 | 88,498 | |||||||||
| American Rock Salt Co. LLC 2024 First Out Term Loan |
06/09/28 | 329,665 | 332,138 | |||||||||
| Novelis Corp. 2025 Term Loan B |
03/11/32 | 487,151 | 489,385 | |||||||||
|
|
|
|||||||||||
| 910,021 | ||||||||||||
|
|
|
|||||||||||
| Miscellaneous Manufacturers—1.1% |
||||||||||||
| Cleanova U.S. Holdings LLC 2025 Term Loan B |
06/14/32 | 1,675,000 | 1,666,625 | |||||||||
| Rohm Holding GmbH USD Term Loan B |
07/31/26 | 1,687,328 | 1,677,314 | |||||||||
|
|
|
|||||||||||
| 3,343,939 | ||||||||||||
|
|
|
|||||||||||
| Office/Business Equipment—0.4% |
||||||||||||
| Xerox Holdings Corp. 2023 Term Loan B |
11/17/29 | 1,238,411 | 1,165,140 | |||||||||
|
|
|
|||||||||||
| Oil & Gas—0.4% |
||||||||||||
| Apro LLC 2024 Term Loan B |
07/09/31 | 703,643 | 703,790 | |||||||||
| Pasadena Performance Products LLC Term Loan B |
02/27/32 | 601,940 | 607,207 | |||||||||
|
|
|
|||||||||||
| 1,310,997 | ||||||||||||
|
|
|
|||||||||||
| Packaging & Containers—1.4% |
||||||||||||
| Balcan Innovations, Inc. Term Loan B |
10/18/31 | 1,496,250 | 1,376,550 | |||||||||
| Clydesdale Acquisition Holdings, Inc. 2025 Delayed Draw Term Loan |
04/01/32 | 173 | 174 | |||||||||
| Clydesdale Acquisition Holdings, Inc. 2025 Term Loan B |
04/01/32 | 330,668 | 330,812 | |||||||||
| Graham Packaging Co., Inc. 2024 Term Loan B |
08/04/27 | 1,178,090 | 1,181,194 | |||||||||
| Plaze, Inc. 2020 Incremental Term Loan |
08/03/26 | 1,435,049 | 1,378,321 | |||||||||
| Pretium Packaging LLC First Out Term Loan A |
10/02/28 | 1,911 | 1,914 | |||||||||
|
|
|
|||||||||||
| 4,268,965 | ||||||||||||
|
|
|
|||||||||||
| Pharmaceuticals—3.3% |
||||||||||||
| Amneal Pharmaceuticals LLC 2025 Term Loan
B |
08/01/32 | 550,000 | 551,260 | |||||||||
| Elanco Animal Health, Inc. Term Loan B |
08/01/27 | 1,881,540 | 1,881,944 | |||||||||
| Grifols Worldwide Operations USA, Inc. 2019 USD Term Loan B |
11/15/27 | 1,500,000 | 1,499,295 | |||||||||
| IVC Acquisition Ltd. 2025 USD Repriced Term Loan B |
12/12/28 | 1,306,402 | 1,314,972 | |||||||||
| TCW Senior Loan ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Pharmaceuticals (Continued) |
||||||||||||
| Jazz Financing Lux SARL 2024 1st Lien Term Loan B |
05/05/28 | $ | 743,936 | $ | 747,715 | |||||||
| Option Care Health, Inc. 2021 Term Loan B |
10/27/28 | 536,729 | 540,419 | |||||||||
| Paradigm Parent LLC 2025 Term Loan
B |
04/30/32 | 1,275,000 | 1,161,844 | |||||||||
| Perrigo Investments LLC 2024 Term Loan B |
04/20/29 | 1,290,651 | 1,297,376 | |||||||||
| Southern Veterinary Partners LLC 2024 1st Lien Term Loan |
12/04/31 | 1,277,411 | 1,279,205 | |||||||||
|
|
|
|||||||||||
| 10,274,030 | ||||||||||||
|
|
|
|||||||||||
| Pipelines—0.3% |
||||||||||||
| ITT Holdings LLC 2024 Term Loan B |
10/11/30 | 1,004,434 | 1,007,734 | |||||||||
|
|
|
|||||||||||
| Real Estate—0.2% |
||||||||||||
| Avison Young Canada, Inc. 2024 Second Out Term Loan |
03/12/29 | 23,726 | 12,248 | |||||||||
| Hill Top Energy Center LLC Term Loan B |
06/26/32 | 500,000 | 503,125 | |||||||||
|
|
|
|||||||||||
| 515,373 | ||||||||||||
|
|
|
|||||||||||
| REIT—0.6% |
||||||||||||
| Iron Mountain, Inc. 2023 Term Loan B |
01/31/31 | 534,410 | 535,191 | |||||||||
| OEG Borrower LLC 2024 Term Loan B |
06/30/31 | 1,225,081 | 1,237,331 | |||||||||
|
|
|
|||||||||||
| 1,772,522 | ||||||||||||
|
|
|
|||||||||||
| Retail—5.2% |
||||||||||||
| 1011778 BC Unlimited Liability Co. 2024 Term Loan B6 |
09/20/30 | 997,481 | 996,469 | |||||||||
| Burlington Coat Factory Warehouse Corp. 2024 Term Loan B |
09/24/31 | 498,744 | 497,559 | |||||||||
| BW Gas & Convenience Holdings LLC 2021 Term Loan B |
03/31/28 | 897,016 | 897,389 | |||||||||
| Dave & Buster’s, Inc. 2024 1st Lien Term Loan B |
11/01/31 | 219,678 | 211,940 | |||||||||
| Dave & Buster’s, Inc. 2024 Term Loan B |
06/29/29 | 302,153 | 296,205 | |||||||||
| K-Mac Holdings Corp. 2025 Term Loan |
07/21/28 | 1,625,518 | 1,631,996 | |||||||||
| KFC Holding Co. 2021 Term Loan B |
03/15/28 | 1,214,451 | 1,221,434 | |||||||||
| Michaels Cos., Inc. 2021 Term Loan B |
04/17/28 | 496,800 | 423,656 | |||||||||
| Murphy USA, Inc. Term Loan B |
04/07/32 | 750,000 | 757,500 | |||||||||
| Pacific Bells LLC 2024 Repriced Term Loan B |
11/13/28 | 1,325,929 | 1,330,351 | |||||||||
| Peer Holding III BV 2025 USD Term Loan B4B |
10/28/30 | 1,759,129 | 1,765,172 | |||||||||
| QXO, Inc. Term Loan B |
04/30/32 | 226,667 | 228,888 | |||||||||
| Splat Super Holdco LLC 2025 Term Loan |
07/02/32 | 1,110,891 | 1,085,340 | |||||||||
| Tacala LLC 2024 Term Loan B |
01/31/31 | 987,538 | 994,480 | |||||||||
| Thermostat Purchaser III, Inc. 2024 Incremental Delayed Draw Term Loan |
08/31/28 | 1,500,000 | 1,506,870 | |||||||||
| Thermostat Purchaser III, Inc. 2024 Term Loan B |
08/31/28 | 1,500,000 | 1,506,870 | |||||||||
| Whatabrands LLC 2024 1st Lien Term Loan B |
08/03/28 | 808,182 | 809,261 | |||||||||
|
|
|
|||||||||||
| 16,161,380 | ||||||||||||
|
|
|
|||||||||||
| Semiconductors—0.1% |
||||||||||||
| Ultra Clean Holdings, Inc. 2024 1st Lien Term Loan B |
02/25/28 | 403,598 | 405,679 | |||||||||
|
|
|
|||||||||||
| Software—8.6% |
||||||||||||
| AQA Acquisition Holding, Inc. 2024 Term Loan |
03/03/28 | 197,500 | 198,093 | |||||||||
| TCW Senior Loan ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| Software (Continued) |
||||||||||||
| Avison Young Canada, Inc. 2024 Third Out Term Loan |
03/12/29 | $ | 168,829 | $ | 36,650 | |||||||
| Boxer Parent Co., Inc. 2025 USD Term Loan B |
07/30/31 | 143,387 | 143,555 | |||||||||
| Cast & Crew Payroll LLC 2021 Incremental Term Loan |
12/29/28 | 900,144 | 858,449 | |||||||||
| Castle U.S. Holding Corp. 2025 New Money FLFO Term Loan |
04/29/30 | 130,676 | 132,269 | |||||||||
| Castle U.S. Holding Corp. 2025 USD FLSO Term Loan B1 |
05/31/30 | 869,903 | 486,524 | |||||||||
| Clearwater Analytics LLC 2025 Term Loan B |
04/21/32 | 1,350,000 | 1,355,069 | |||||||||
| Cloud Software Group, Inc. 2024 1st Lien Term Loan B |
03/29/29 | 522,674 | 524,158 | |||||||||
| Cloud Software Group, Inc. 2024 USD Term Loan |
03/21/31 | 516,162 | 518,598 | |||||||||
| Cloudera, Inc. 2021 Term Loan |
10/08/28 | 1,566,881 | 1,507,630 | |||||||||
| DTI Holdco, Inc. 2025 Term Loan B |
04/26/29 | 1,721,041 | 1,701,318 | |||||||||
| EagleView Technology Corp. 2025 Term Loan |
08/14/28 | 163,040 | 160,314 | |||||||||
| Ellucian Holdings, Inc. 2024 1st Lien Term Loan B |
10/09/29 | 479,186 | 480,384 | |||||||||
| EP Purchaser LLC 2023 Term Loan B |
11/06/28 | 1,068,697 | 1,067,698 | |||||||||
| Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B |
01/30/32 | 641,042 | 641,212 | |||||||||
| IGT Holding IV AB 2025 USD Term Loan B5 |
09/01/31 | 744,898 | 752,816 | |||||||||
| Maverick Bidco, Inc. 2021 Term Loan |
05/18/28 | 1,743,540 | 1,751,717 | |||||||||
| Maverick Bidco, Inc. 2023 Incremental Term Loan |
05/18/28 | 1,250,000 | 1,255,469 | |||||||||
| Open Text Corp. 2023 Term Loan B |
01/31/30 | 1,078,433 | 1,080,050 | |||||||||
| Planview Parent, Inc. 2024 1st Lien Term Loan |
12/17/27 | 1,564,187 | 1,533,638 | |||||||||
| Playtika Holding Corp. 2021 Term Loan B1 |
03/13/28 | 1,532,023 | 1,521,575 | |||||||||
| Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B |
10/26/30 | 1,595,355 | 1,601,138 | |||||||||
| PushPay USA, Inc. 2025 Term Loan |
08/15/31 | 1,341,829 | 1,355,247 | |||||||||
| Quartz Acquireco LLC 2025 Term Loan B |
06/28/30 | 1,445,588 | 1,446,795 | |||||||||
| Renaissance Holdings Corp. 2024 1st Lien Term Loan |
04/05/30 | 1,438,552 | 1,330,920 | |||||||||
| SolarWinds Holdings, Inc. 2025 Term Loan |
04/16/32 | 1,125,000 | 1,113,750 | |||||||||
| SS&C Technologies, Inc. 2024 Term Loan B8 |
05/09/31 | 610,852 | 613,622 | |||||||||
| Surf Holdings LLC 2025 Incremental Term Loan |
03/05/27 | 1,492,804 | 1,498,469 | |||||||||
|
|
|
|||||||||||
| 26,667,127 | ||||||||||||
|
|
|
|||||||||||
| Telecommunications—1.1% |
||||||||||||
| Altice Financing SA 2022 USD Term Loan |
10/31/27 | 914,751 | 799,035 | |||||||||
| Cyxtera DC Holdings, Inc. Term Loan
B |
01/16/26 | 292,034 | — | |||||||||
| Frontier Communications Corp. 2025 Term Loan B |
07/01/31 | 1,493,133 | 1,496,634 | |||||||||
| Zayo Group Holdings, Inc. USD Term Loan |
03/09/27 | 1,147,175 | 1,110,541 | |||||||||
|
|
|
|||||||||||
| 3,406,210 | ||||||||||||
|
|
|
|||||||||||
| Total Bank Loans (Cost: $290,230,760) |
288,104,637 | |||||||||||
|
|
|
|||||||||||
| TCW Senior Loan ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| Issues |
Maturity Date |
Principal Amount |
Value | |||||||||
| CORPORATE BONDS—2.2% |
||||||||||||
| Commercial Services—0.3% |
||||||||||||
| Block, Inc. |
05/15/32 | $ | 500,000 | $ | 513,550 | |||||||
| OT Midco, Inc. |
02/15/30 | 500,000 | 412,485 | |||||||||
|
|
|
|||||||||||
| 926,035 | ||||||||||||
|
|
|
|||||||||||
| Entertainment—0.1% |
||||||||||||
| WMG Acquisition Corp. |
07/15/30 | 500,000 | 467,420 | |||||||||
|
|
|
|||||||||||
| Environmental Control—0.2% |
||||||||||||
| Waste Pro USA, Inc. |
02/01/33 | 500,000 | 519,365 | |||||||||
|
|
|
|||||||||||
| Health Care-Services—0.2% |
||||||||||||
| UnitedHealth Group, Inc. |
04/15/33 | 500,000 | 484,635 | |||||||||
|
|
|
|||||||||||
| Household Products/Wares—0.0% |
||||||||||||
| Spectrum Brands, Inc. |
03/15/31 | 141,000 | 112,700 | |||||||||
|
|
|
|||||||||||
| Internet—0.5% |
||||||||||||
| Getty Images, Inc. |
02/21/30 | 1,000,000 | 958,800 | |||||||||
| Uber Technologies, Inc. |
09/15/34 | 750,000 | 736,665 | |||||||||
|
|
|
|||||||||||
| 1,695,465 | ||||||||||||
|
|
|
|||||||||||
| Packaging & Containers—0.2% |
||||||||||||
| Berry Global, Inc. |
01/15/34 | 500,000 | 517,705 | |||||||||
|
|
|
|||||||||||
| Pharmaceuticals—0.2% |
||||||||||||
| Grifols SA (Spain) |
10/15/28 | 50,000 | 48,184 | |||||||||
| Teva Pharmaceutical Finance Netherlands IV BV (Israel) |
12/01/30 | 500,000 | 507,945 | |||||||||
|
|
|
|||||||||||
| 556,129 | ||||||||||||
|
|
|
|||||||||||
| REIT—0.1% |
||||||||||||
| Hudson Pacific Properties LP |
11/01/27 | 500,000 | 473,395 | |||||||||
|
|
|
|||||||||||
| Retail—0.2% |
||||||||||||
| 1011778 BC ULC/New Red Finance, Inc. (Canada) |
02/15/29 | 500,000 | 474,255 | |||||||||
| Ferrellgas LP/Ferrellgas Finance
Corp. |
04/01/26 | 200,000 | 198,594 | |||||||||
|
|
|
|||||||||||
| 672,849 | ||||||||||||
|
|
|
|||||||||||
| Software—0.2% |
||||||||||||
| Constellation Software, Inc.
(Canada) |
02/16/34 | 500,000 | 506,895 | |||||||||
|
|
|
|||||||||||
| Total Corporate Bonds (Cost: $6,876,827) |
6,932,593 | |||||||||||
|
|
|
|||||||||||
| U.S. TREASURY SECURITIES—0.5% |
||||||||||||
| U.S. Treasury Notes |
||||||||||||
| 3.88% |
07/31/30 | 1,360,000 | 1,355,060 | |||||||||
|
|
|
|||||||||||
| Total U.S. Treasury Securities (Cost: $1,354,018) |
1,355,060 | |||||||||||
|
|
|
|||||||||||
| Total Fixed Income Securities (Cost: $300,605,561) |
298,564,150 | |||||||||||
|
|
|
|||||||||||
| Security |
Shares | |||||||||||
| COMMON STOCK—0.1% |
||||||||||||
| Health Care-Services — 0.1% |
||||||||||||
| Wellpath Holdings, Inc. |
54,662 | 327,974 | ||||||||||
|
|
|
|||||||||||
| Real Estate—0.0% |
||||||||||||
| Avison Young Canada, Inc.(16) |
370 | 20 | ||||||||||
|
|
|
|||||||||||
| Telecommunications—0.0% |
||||||||||||
| Intelsat SA(15),(16) |
9,683 | 5,422 | ||||||||||
|
|
|
|||||||||||
| Total Common Stock (Cost: $617,205) |
333,416 | |||||||||||
|
|
|
|||||||||||
| MONEY MARKET INVESTMENTS—5.9% |
||||||||||||
| TCW Central Cash
Fund, |
18,358,118 | 18,358,118 | ||||||||||
|
|
|
|||||||||||
| Total Money Market Investments (Cost: $18,358,118) |
18,358,118 | |||||||||||
|
|
|
|||||||||||
| Preferred Stock (0.0%) |
||||||||||||
| Real Estate— 0.0% |
||||||||||||
| Avison Young Canada, Inc. |
1,054,697 | 58,008 | ||||||||||
|
|
|
|||||||||||
| Total Preferred Stock (Cost: $697,797) |
58,008 | |||||||||||
|
|
|
|||||||||||
| WARRANTS—0.0% |
||||||||||||
| Cineworld Group PLC(15),(16) |
229,579 | 3 | ||||||||||
|
|
|
|||||||||||
| Total Warrants (Cost: $—) |
3 | |||||||||||
|
|
|
|||||||||||
| Total Investments (101.8%) (Cost: $320,278,681) |
317,313,695 | |||||||||||
| Net Unrealized Appreciation/depreciation On Unfunded Commitments (0.0%) |
3,551 | |||||||||||
| Liabilities In Excess Of Other Assets (-1.8%) |
(5,485,676 | ) | ||||||||||
|
|
|
|||||||||||
| Net Assets (100.0%) |
$ | 311,831,570 | ||||||||||
|
|
|
|||||||||||
| TCW Senior Loan ETF | ||
| SCHEDULE OF INVESTMENTS July 31, 2025 (Unaudited) | ||
| FUTURES CONTRACTS |
| |||||||||||||||||
| Number
of |
Type |
Expiration Date |
Notional Contract Value |
Value | Net Unrealized Appreciation (Depreciation) |
|||||||||||||
| Short Futures |
||||||||||||||||||
| 1 |
Euro-Bund Future |
09/08/25 | $ | (149,393 | ) | $ | (148,014 | ) | $ | 1,379 | ||||||||
|
|
|
|
|
|
|
|||||||||||||
| $ | (149,393 | ) | $ | (148,014 | ) | $ | 1,379 | |||||||||||
|
|
|
|
|
|
|
|||||||||||||
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 October 31, 2024 |
Purchases at Cost |
Proceeds from Sales |
Number of Shares Held July 31, 2025 |
Value at July 31, 2025 |
Dividends and Interest Income Received |
Distributions Received from Net Realized Gain |
Net Realized Gain (Loss) on Investments |
Net change in Unrealized Gain (Loss) on Investments |
|||||||||||||||||||||||||||
| TCW Central Cash Fund |
$ | — | $ | 151,558,118 | $ | 133,200,000 | 18,358,118 | $ | 18,358,118 | $ | 807,448 | $ | — | $ | — | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total |
$ | 18,358,118 | $ | 807,448 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| TCW Senior Loan ETF | ||
| Investments by Sector (Unaudited) | July 31, 2025 | |
| Sector |
Percentage of 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 | ) | ||
|
|
|
|||
| 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 Active Markets for Identical Assets (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | ||||||||||||
| Fixed Income Securities |
||||||||||||||||
| Bank Loans |
$ | — | $ | 287,608,387 | $ | 496,250 | $ | 288,104,637 | ||||||||
| Corporate Bonds |
— | 6,932,593 | — | 6,932,593 | ||||||||||||
| Asset-Backed Securities |
— | 2,171,860 | — | 2,171,860 | ||||||||||||
| U.S. Treasury Securities |
— | 1,355,060 | — | 1,355,060 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Fixed Income Securities |
— | 298,067,900 | 496,250 | 298,564,150 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Money Market Investments |
18,358,118 | — | — | 18,358,118 | ||||||||||||
| Common Stock |
— | 327,994 | 5,422 | 333,416 | ||||||||||||
| Preferred Stock |
— | 58,008 | — | 58,008 | ||||||||||||
| Warrants |
— | — | 3 | 3 | ||||||||||||
| Net Unrealized Appreciation (Depreciation) on Unfunded Commitments |
— | 3,551 | — | 3,551 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments |
$ | 18,358,118 | $ | 298,457,453 | $ | 501,675 | $ | 317,317,246 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Asset Derivatives |
||||||||||||||||
| Futures Contracts |
||||||||||||||||
| Interest Rate Risk |
1,379 | — | — | 1,379 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | 18,359,497 | $ | 298,457,453 | $ | 501,675 | $ | 317,318,625 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
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 Securities |
Total | ||||||
| Balance as of April 30, 2025 |
$ | — | $ | — | ||||
| Accrued Discounts (Premiums) |
— | — | ||||||
| Realized Gain (Loss) |
— | — | ||||||
| Change in Unrealized Appreciation (Depreciation) |
(7 | ) | (7 | ) | ||||
| Purchases |
3,400,000 | 3,400,000 | ||||||
| Sales |
— | — | ||||||
| Transfers in to Level 3 |
— | — | ||||||
| Transfers out of Level 3 |
— | — | ||||||
|
|
|
|
|
|||||
| Balance as of July 31, 2025 |
$ | 3,399,993 | $ | 3,399,993 | ||||
|
|
|
|
|
|||||
| Change in Unrealized Appreciation (Depreciation) from Investments Still Held at July 31, 2025 |
$ | (7) | $ | (7) | ||||
|
|
|
|
|
|||||
| TCW Core Plus Bond ETF |
Asset-Backed Securities |
Common Stock | Total | |||||||||
| Balance as of April 30, 2025 |
$ | — | $ | — | $ | — | ||||||
| Accrued Discounts (Premiums) |
— | — | — | |||||||||
| Realized Gain (Loss) |
— | 45,901 | 45,901 | |||||||||
| Change in Unrealized Appreciation (Depreciation) |
(125,729 | ) | 11,514 | (114,215 | ) | |||||||
| Purchases |
1,721,376 | 668,558 | 2,389,934 | |||||||||
| Sales |
(11,939 | ) | (714,460 | ) | (726,399 | ) | ||||||
| Transfers in to Level 3 |
— | — | — | |||||||||
| Transfers out of Level 3 |
— | — | — | |||||||||
|
|
|
|
|
|
|
|||||||
| Balance as of July 31, 2025 |
$ | 1,583,708 | $ | 11,513 | $ | 1,595,221 | ||||||
|
|
|
|
|
|
|
|||||||
| Change in Unrealized Appreciation (Depreciation) from Investments Still Held at July 31, 2025 |
$ | (125,729) | $ | 11,514 | $ | (114,215) | ||||||
|
|
|
|
|
|
|
|||||||
| TCW Corporate Bond ETF |
Asset-Backed Securities |
Commercial Mortgage- Backed Securities— Non-Agency |
Total | |||||||||
| Balance as of April 30, 2025 |
$ | 31,848 | $ | 1 | $ | 31,849 | ||||||
| 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 | )(1) | (1 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Balance as of July 31, 2025 |
$ | 30,986 | $ | — | $ | 30,986 | ||||||
|
|
|
|
|
|
|
|||||||
| 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 Securities |
Bank Loans |
Commercial Mortgage- Backed Securities— Non-Agency |
Common Stock |
Convertible Corporate Bonds |
Corporate Bonds |
Residential Mortgage- Backed Securities —Agency |
Residential Mortgage- Backed Securities —Non-Agency |
Warrants | Total | ||||||||||||||||||||||||||||||
| Balance as of October 31, 2024 |
$ | 395,664 | $ | 127,519 | $ | 686,890 | $ | 336,156 | $ | 2,504 | $ | 39,562 | $ | — | $ | 3,493,797 | $ | — | $ | 5,082,092 | ||||||||||||||||||||
| Accrued Discounts (Premiums) |
2,378 | 2,109 | 114 | — | 201 | 2,481 | — | — | — | 7,283 | ||||||||||||||||||||||||||||||
| Realized Gain (Loss) |
8,193 | (199,715) | 1,144 | 14,097 | (2,216) | (33,322) | — | — | — | (211,819) | ||||||||||||||||||||||||||||||
| Change in Unrealized Appreciation (Depreciation) |
(257,310) | 108,448 | (1,689) | 40,529 | 1,213 | 11,117 | (9,539) | — | 0 | * | (107,231) | |||||||||||||||||||||||||||||
| Purchases |
20,820,184 | 2,062 | — | — | — | — | 1,535,789 | — | — | 22,358,035 | ||||||||||||||||||||||||||||||
| Sales |
(522,226) | (40,423) | (500,772) | (384,091) | (1,702) | (19,838) | — | — | — | (1,469,052) | ||||||||||||||||||||||||||||||
| Transfers in to Level 3 |
468,479 (1) | — | — | — | — | — | — | — | — | 468,479 | ||||||||||||||||||||||||||||||
| Transfers out of Level 3 |
— | — | — | — | — | — | — | (3,493,797)(1) | — | (3,493,797) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Balance as of July 31, 2025 |
$ | 20,915,362 | $ | — | $ | 185,687 | $ | 6,691 | $ | — | $ | — | $ | 1,526,250 | $ | — | $ | 0 | * | $ | 22,633,990 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Change in Unrealized Appreciation (Depreciation) from Investments Still Held at July 31, 2025 |
$ | (257,310) | $ | — | $ | 1,296 | $ | 40,529 | $ | — | $ | — | $ | (9,539) | $ | — | $ | — | $ | (225,024) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| (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 Stock |
Preferred Stock |
Warrants | Total | |||||||||||||||
| Balance as of April 30, 2025 |
$ | 1,899,654 | $ | 260,230 | $ | 474,614 | $ | — | $ | 2,634,498 | ||||||||||
| Accrued Discounts (Premiums) |
151,731 | — | — | — | 151,731 | |||||||||||||||
| Realized Gain (Loss) |
(336,879 | ) | 12,360 | — | — | (324,519 | ) | |||||||||||||
| Change in Unrealized Appreciation (Depreciation) |
(487,970 | ) | 69,316 | (211,940 | ) | 3 | (630,591 | ) | ||||||||||||
| Purchases |
916,676 | — | — | — | 916,676 | |||||||||||||||
| Sales |
(146,639 | ) | (336,484 | ) | — | — | (483,123 | ) | ||||||||||||
| Transfers in to Level 3 |
239,099 | (1) | — | — | — | 239,099 | ||||||||||||||
| Transfers out of Level 3 |
(1,739,422 | )(1) | — | (262,674 | )(1) | — | (2,002,096 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Balance as of July 31, 2025 |
$ | 496,250 | $ | 5,422 | $ | — | $ | 3 | $ | 501,675 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Change in Unrealized Appreciation (Depreciation) from Investments Still Held at July 31, 2025 |
$ | (487,970 | ) | $ | 69,316 | $ | — | $ | 3 | $ | (418,651 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (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 at July 31, 2025 |
Valuation Techniques |
Unobservable Input |
Price or Price Range |
Average Weighted Price |
Impact to Valuation If Input Increases |
||||||||||||||||||
| TCW AAA CLO ETF |
|
|||||||||||||||||||||||
| Asset-Backed Securities |
$ | 3,399,993 | Broker Quote | Offered Quote | $ | 99.999 | $ | 99.999 | Increase | |||||||||||||||
| TCW Core Plus Bond ETF |
|
|||||||||||||||||||||||
| Asset-Backed Securities |
$ | 1,583,708 | Broker Quote | Offered Quote | $ | 92.645 | $ | 92.645 | Increase | |||||||||||||||
| Common Stock |
$ | 11,513 | Fair Value | Broker Pricing | $ | 0.560 | $ | 0.560 | Increase | |||||||||||||||
| TCW Corporate Bond ETF |
|
|||||||||||||||||||||||
| Asset-Backed Securities |
$ | 30,986 | Broker Quote | Offered Quote | $ | 92.645 | $ | 92.645 | Increase | |||||||||||||||
| TCW Flexible Income ETF |
|
|||||||||||||||||||||||
| Asset-Backed Securities |
$ | 20,915,362 | Broker Quote | Offered Quote | $ | 0.000 - $100.688 | $ | 88.844 | Increase | |||||||||||||||
| Residential Mortgage-Backed Securities—Agency |
$ | 1,526,250 | Broker Quote | Offered Quote | $ | 92.500 | $ | 92.500 | Increase | |||||||||||||||
| Commercial Mortgage-Backed Securities—Non-Agency |
$ | 185,687 | Broker Quote | Offered Quote | $ | 98.990 | $ | 98.990 | Increase | |||||||||||||||
| Common Stock |
$ | 6,691 | 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 |
|
|||||||||||||||||||||||
| Warrant |
$ | 0 | Fair Value | Zero Market value | $ | 0.000 | $ | 0.000 | Increase | |||||||||||||||
| TCW Senior Loan ETF |
|
|||||||||||||||||||||||
| Bank Loans |
$ | 496,250 | Fair Value | Broker Pricing | $ | 0.000 - $99.250 | $ | 62.655 | Increase | |||||||||||||||
| Common Stock |
$ | 5,422 | 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 |
Acquisition Date |
Acquisition Cost |
Aggregate Value |
Percentage of Net Assets |
||||||||||||
| COMM Mortgage Trust Series 2012-LC4, Class XB (I/O), 0.52%, due 12/10/44 |
1/22/19 | $ | 15,035 | $ | 10 | 0.00 | % | |||||||||
| COMM Mortgage Trust Series 2015-LC21, Class XE (I/O), 1.07%, due 07/10/48 |
5/19/21 | $ | 352,293 | $ | 100 | 0.00 | % | |||||||||
| HarborView Mortgage Loan Trust Series 2005-9, Class 2X, (I/O), due 06/20/35 |
3/4/19 | $ | 19,009 | $ | 1 | 0.00 | % | |||||||||
| HOA Funding LLC Series 2021-1A, Class A2, 4.72%, due 08/20/51 |
5/25/22 | $ | 709,748 | $ | 187,294 | 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 | $ | 30,739 | $ | 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 | $ | 45,303 | $ | 216 | 0.00 | % | |||||||||
| WFRBS Commercial Mortgage Trust Series 2012-C10, Class XB (I/O), 0.34%, due 12/15/45 |
4/21/20 | $ | 348,977 | $ | 394 | 0.00 | % | |||||||||
|
|
|
|
|
|
|
|||||||||||
| $ | 1,521,109 | $ | 188,038 | 0.01 | % | |||||||||||
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|
|
|
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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 |
MATURITY | AMOUNT | UNREALIZED GAIN (LOSS) |
|||||||||
| Kelso Industries LLC Term Loan |
12/30/29 | $ | 13,300 | $ | 104 | |||||||
|
|
|
|
|
|||||||||
| 13,300 | 104 | |||||||||||
|
|
|
|
|
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| TCW Flexible Income ETF |
||||||||||||
| UNFUNDED COMMITMENTS |
MATURITY | AMOUNT | UNREALIZED GAIN (LOSS) |
|||||||||
| American Rock Salt Co. LLC 2024 First Out Term Loan |
06/09/28 | $ | 88,708 | $ | 704 | |||||||
| Kelso Industries LLC Term Loan |
12/30/29 | 17,733 | 133 | |||||||||
|
|
|
|
|
|||||||||
| 106,441 | 837 | |||||||||||
|
|
|
|
|
|||||||||
| TCW High Yield Bond ETF |
||||||||||||
| UNFUNDED COMMITMENTS |
MATURITY | AMOUNT | UNREALIZED GAIN (LOSS) |
|||||||||
| Kelso Industries LLC Term Loan |
12/30/29 | $ | 13,889 | $ | 56 | |||||||
|
|
|
|
|
|||||||||
| 13,889 | 56 | |||||||||||
|
|
|
|
|
|||||||||
| TCW Multisector Credit Income ETF |
||||||||||||
| UNFUNDED COMMITMENTS |
MATURITY | AMOUNT | UNREALIZED GAIN (LOSS) |
|||||||||
| Air Comm Corp. LLC 2024 Term Loan |
12/11/31 | $ | 14,744 | $ | 74 | |||||||
| Archkey Solutions LLC 2024 Term Loan B |
11/01/31 | 25,862 | 45 | |||||||||
|
|
|
|
|
|||||||||
| 40,606 | 119 | |||||||||||
|
|
|
|
|
|||||||||
| TCW Senior Loan ETF |
||||||||||||
| UNFUNDED COMMITMENTS |
MATURITY | AMOUNT | UNREALIZED GAIN (LOSS) |
|||||||||
| Air Comm Corp. LLC 2024 Term Loan |
12/11/31 | $ | 20,761 | $ | 104 | |||||||
| American Rock Salt Co. LLC 2024 First Out Term Loan |
06/09/28 | 263,973 | 1,980 | |||||||||
| Amspec Parent LLC 2024 Term Loan |
12/22/31 | 193,333 | 929 | |||||||||
| Archkey Solutions LLC 2024 Term Loan B |
11/01/31 | 122,605 | 1,533 | |||||||||
| Chrysaor Bidco Sarl |
10/30/31 | 21,408 | 155 | |||||||||
| Clydesdale Acquisition Holdings, Inc. 2025 Term Loan B |
04/01/32 | 5,607 | 2 | |||||||||
| Kelso Industries LLC Term Loan |
12/30/29 | 140,436 | 1,053 | |||||||||
| Raven Acquisition Holdings LLC Term Loan B |
11/19/31 | 56,667 | 677 | |||||||||
| Secretariat Advisors, LLC |
02/28/32 | 149,343 | 1927 | |||||||||
| Splat Super Holdco LLC 2025 Term Loan |
07/02/32 | 209,109 | (4809 | ) | ||||||||
|
|
|
|
|
|||||||||
| 1,183,242 | 3,551 | |||||||||||
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|
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