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Metropolitan West Funds NPORT-PTCW MetWest Ultra Short Bond Fund (Dec 2024 report)

Filed: 26 Feb 25, 9:15am

Ultra

Short

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2024

(Unaudited)

1

/

December

2024

Issues

Maturity

Date

Principal

Amount

Value

BONDS

–

114

.54

%

ASSET-BACKED

SECURITIES

—

8

.66

%

**

Aligned

Data

Centers

Issuer

LLC,

Series

2021-1A,

Class

A2

1.94%

08/15/46

1

$

240,000‌

$

228,238‌

AmeriCredit

Automobile

Receivables

Trust,

Series

2022-2,

Class

C

5.32%

04/18/28

320,000‌

322,748‌

Bain

Capital

Credit

CLO

Ltd.,

Series

2021-6A,

Class

A1R

(Cayman

Islands)

(CME

Term

SOFR

3-Month

plus

1.09%)

5.49%

10/21/34

1,2,3

150,000‌

150,071‌

BlueMountain

CLO

XXVIII

Ltd.,

Series

2021-28A,

Class

A

(Cayman

Islands)

(CME

Term

SOFR

3-Month

plus

1.52%)

6.18%

04/15/34

1,2,3

110,000‌

110,078‌

CIFC

Funding

Ltd.,

Series

2016-1A,

Class

AR3

(Cayman

Islands)

(CME

Term

SOFR

3-Month

plus

1.00%)

0.00%

10/21/31

1,2,3

225,000‌

224,955‌

Dryden

40

Senior

Loan

Fund,

Series

2015-40A,

Class

AR2

(Cayman

Islands)

(CME

Term

SOFR

3-Month

plus

1.15%)

5.67%

08/15/31

1,2,3

218,952‌

219,387‌

Dryden

72

CLO

Ltd.,

Series

2019-72A,

Class

ARR

(Cayman

Islands)

(CME

Term

SOFR

3-Month

plus

1.10%)

5.62%

05/15/32

1,2,3

231,952‌

232,160‌

DT

Auto

Owner

Trust,

Series

2021-3A,

Class

D

1.31%

05/17/27

1

139,574‌

135,966‌

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-3A,

Class

D

1.48%

07/15/27

1

230,000‌

225,180‌

GoldenTree

Loan

Management

U.S.

CLO

4

Ltd.,

Series

2019-4A,

Class

ARR

(Cayman

Islands)

(CME

Term

SOFR

3-Month

plus

1.15%)

5.78%

04/24/31

1,2,3

185,689‌

185,911‌

Hotwire

Funding

LLC,

Series

2024-1A,

Class

A2

5.89%

06/20/54

1

60,000‌

60,682‌

HPS

Loan

Management

Ltd.,

Series

13A-18,

Class

A1R

(Cayman

Islands)

(CME

Term

SOFR

3-Month

plus

1.13%)

5.79%

10/15/30

1,2,3

183,864‌

183,994‌

LCM

37

Ltd.,

Series

37A,

Class

A1R

(Cayman

Islands)

(CME

Term

SOFR

3-Month

plus

1.06%)

5.40%

04/15/34

1,2,3

150,000‌

149,385‌

Issues

Maturity

Date

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

Madison

Park

Funding

XXIX

Ltd.,

Series

2018-29A,

Class

AR

(Cayman

Islands)

(CME

Term

SOFR

3-Month

plus

1.18%)

5.81%

10/18/30

1,2,3

$

216,699‌

$

217,003‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2021-CA,

Class

A

1.06%

10/15/69

1

287,881‌

256,917‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2021-FA,

Class

A

1.11%

02/18/70

1

189,533‌

165,696‌

OCP

CLO

Ltd.,

Series

2014-6A,

Class

A1R2

(Cayman

Islands)

(CME

Term

SOFR

3-Month

plus

1.15%)

5.80%

10/17/30

1,2,3

108,129‌

108,197‌

Palmer

Square

Loan

Funding

Ltd.,

Series

2022-3A,

Class

A1BR

(Cayman

Islands)

(CME

Term

SOFR

3-Month

plus

1.40%)

6.06%

04/15/31

1,2,3

250,000‌

250,188‌

Regatta

XIV

Funding

Ltd.,

Series

2018-3A,

Class

AR

(Cayman

Islands)

(CME

Term

SOFR

3-Month

plus

1.10%)

5.73%

10/25/31

1,2,3

266,513‌

266,694‌

Vantage

Data

Centers

Issuer

LLC,

Series

2020-1A,

Class

A2

1.65%

09/15/45

1

78,000‌

76,183‌

Vantage

Data

Centers

Issuer

LLC,

Series

2021-1A,

Class

A2

2.17%

10/15/46

1

200,000‌

189,733‌

Voya

CLO

Ltd.,

Series

2015-3A,

Class

A1R3

(Cayman

Islands)

(CME

Term

SOFR

3-Month

plus

1.15%)

5.78%

10/20/31

1,2,3

185,408‌

185,600‌

Total

Asset-Backed

Securities

(Cost

$4,143,112)

4,144,966‌

CORPORATES

—

23

.71

%

*

Banking

—

7

.93

%

Bank

of

America

Corp.

3.42%

12/20/28

4

70,000‌

67,139‌

Bank

of

America

Corp.

(MTN)

3.82%

01/20/28

4

985,000‌

965,233‌

HSBC

Holdings

PLC

(United

Kingdom)

2.01%

09/22/28

3,4

85,000‌

78,373‌

2.10%

06/04/26

3,4

180,000‌

177,856‌

JPMorgan

Chase

&

Co.

1.04%

02/04/27

4

1,185,000‌

1,138,375‌

Lloyds

Banking

Group

PLC

(United

Kingdom)

1.63%

05/11/27

3,4

50,000‌

47,836‌

Ultra

Short

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2024

(Unaudited)

December

2024

/

2

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Banking

(continued)

PNC

Financial

Services

Group,

Inc.

(The)

5.58%

06/12/29

4

$

55,000‌

$

55,959‌

6.62%

10/20/27

4

40,000‌

41,215‌

Santander

UK

Group

Holdings

PLC

(United

Kingdom)

1.67%

06/14/27

3,4

105,000‌

99,934‌

U.S.

Bancorp

4.65%

02/01/29

4

200,000‌

198,038‌

Wells

Fargo

&

Co.

(MTN)

2.16%

02/11/26

4

930,000‌

927,171‌

3,797,129‌

Communications

—

0

.89

%

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.

4.75%

03/01/30

1

5,000‌

4,570‌

Sprint

Spectrum

Co.

LLC/Sprint

Spectrum

Co.

II

LLC/Sprint

Spectrum

Co.

III

LLC

5.15%

03/20/28

1

227,500‌

228,733‌

T-Mobile

USA,

Inc.

2.25%

02/15/26

200,000‌

194,512‌

427,815‌

Consumer

Discretionary

—

0

.90

%

Imperial

Brands

Finance

PLC

(United

Kingdom)

6.13%

07/27/27

1,3

135,000‌

138,643‌

Spectrum

Brands,

Inc.

3.88%

03/15/31

1

4,000‌

3,449‌

WarnerMedia

Holdings,

Inc.

3.76%

03/15/27

300,000‌

289,126‌

431,218‌

Diversified

REITs

—

1

.40

%

American

Tower

Corp.

5.25%

07/15/28

250,000‌

251,860‌

Crown

Castle,

Inc.

3.80%

02/15/28

135,000‌

130,027‌

VICI

Properties

LP/VICI

Note

Co.,

Inc.

5.75%

02/01/27

1

285,000‌

287,617‌

669,504‌

Electric

—

0

.69

%

Alliant

Energy

Finance

LLC

5.95%

03/30/29

1

135,000‌

138,253‌

Eversource

Energy

2.90%

03/01/27

200,000‌

192,013‌

330,266‌

Energy

—

1

.03

%

Southern

Co.

Gas

Capital

Corp.

3.88%

11/15/25

500,000‌

495,800‌

Finance

—

5

.97

%

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

2.45%

10/29/26

3

300,000‌

287,368‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Finance

(continued)

Air

Lease

Corp.

3.63%

04/01/27

$

200,000‌

$

195,126‌

Avolon

Holdings

Funding

Ltd.

(Cayman

Islands)

2.53%

11/18/27

1,3

198,000‌

183,668‌

Citigroup,

Inc.

1.46%

06/09/27

4

815,000‌

776,137‌

Goldman

Sachs

Group,

Inc.

(The)

1.54%

09/10/27

4

405,000‌

383,178‌

Morgan

Stanley

0.99%

12/10/26

4

605,000‌

583,515‌

Morgan

Stanley

(GMTN)

1.51%

07/20/27

4

225,000‌

214,163‌

Morgan

Stanley

(MTN)

2.63%

02/18/26

4

45,000‌

44,863‌

Nationwide

Building

Society

(United

Kingdom)

2.97%

02/16/28

1,3,4

200,000‌

191,261‌

2,859,279‌

Health

Care

—

1

.50

%

1375209

BC

Ltd.

(Canada)

9.00%

01/30/28

1,3

35,000‌

34,961‌

Bayer

U.S.

Finance

LLC

6.25%

01/21/29

1

220,000‌

224,557‌

Grifols

SA

(Spain)

4.75%

10/15/28

1,3

35,000‌

32,201‌

HCA,

Inc.

5.38%

02/01/25

175,000‌

174,955‌

5.88%

02/15/26

250,000‌

251,328‌

718,002‌

Health

Care

REITs

—

0

.44

%

Healthcare

Realty

Holdings

LP

3.63%

01/15/28

220,000‌

209,394‌

Industrials

—

1

.12

%

Amcor

Flexibles

North

America,

Inc.

4.00%

05/17/25

300,000‌

298,993‌

Ardagh

Packaging

Finance

PLC/Ardagh

Holdings

USA,

Inc.

(Canada)

4.13%

08/15/26

1,3

10,000‌

8,715‌

Berry

Global,

Inc.

5.50%

04/15/28

225,000‌

227,173‌

534,881‌

Materials

—

0

.29

%

International

Flavors

&

Fragrances,

Inc.

1.83%

10/15/27

1

150,000‌

137,796‌

Retail

—

0

.13

%

Ferrellgas

LP/Ferrellgas

Finance

Corp.

5.38%

04/01/26

1

55,000‌

54,277‌

Ultra

Short

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2024

(Unaudited)

3

/

December

2024

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Retail

(continued)

Papa

John's

International,

Inc.

3.88%

09/15/29

1

$

10,000‌

$

8,972‌

63,249‌

Services

—

0

.71

%

Global

Payments,

Inc.

2.15%

01/15/27

300,000‌

284,513‌

Worldline

SA

(France)

0.00%

07/30/25

3,5

200‌

24,075‌

0.00%

07/30/26

3,5

300‌

29,901‌

338,489‌

Specialized

REITs

—

0

.71

%

Extra

Space

Storage

LP

3.88%

12/15/27

205,000‌

200,465‌

5.70%

04/01/28

135,000‌

137,860‌

338,325‌

Total

Corporates

(Cost

$11,192,378)

11,351,147‌

MORTGAGE-BACKED

—

42

.55

%

**

Non-Agency

Commercial

Mortgage-Backed

—

5

.01

%

BPR

Trust,

Series

2021-WILL,

Class

A

(CME

Term

SOFR

1-Month

plus

1.86%)

6.26%

06/15/38

1,2

195,671‌

195,094‌

BPR

Trust,

Series

2022-OANA,

Class

A

(CME

Term

SOFR

1-Month

plus

1.90%)

6.30%

04/15/37

1,2

152,000‌

152,770‌

BX

Commercial

Mortgage

Trust,

Series

2021-21M,

Class

A

(CME

Term

SOFR

1-Month

plus

0.84%)

5.24%

10/15/36

1,2

134,983‌

134,290‌

BX

Commercial

Mortgage

Trust,

Series

2021-VINO,

Class

A

(CME

Term

SOFR

1-Month

plus

0.77%)

5.16%

05/15/38

1,2

34,790‌

34,774‌

BX

Commercial

Mortgage

Trust,

Series

2021-XL2,

Class

A

(CME

Term

SOFR

1-Month

plus

0.80%)

5.20%

10/15/38

1,2

88,043‌

87,983‌

BX,

Series

2021-MFM1,

Class

A

(CME

Term

SOFR

1-Month

plus

0.81%)

5.21%

01/15/34

1,2

76,961‌

76,931‌

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

B

(CME

Term

SOFR

1-Month

plus

1.55%)

5.95%

12/15/37

1,2

150,000‌

150,106‌

Citigroup

Commercial

Mortgage

Trust,

Series

2021-PRM2,

Class

A

(CME

Term

SOFR

1-Month

plus

1.06%)

5.46%

10/15/38

1,2

152,000‌

151,892‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Commercial

Mortgage-Backed

(continued)

Great

Wolf

Trust,

Series

2024-WOLF,

Class

A

(CME

Term

SOFR

1-Month

plus

1.54%)

5.94%

03/15/39

1,2

$

152,000‌

$

152,450‌

GS

Mortgage

Securities

Corp.

Trust,

Series

2023-FUN,

Class

A

(CME

Term

SOFR

1-Month

plus

2.09%)

6.49%

03/15/28

1,2

125,000‌

125,646‌

HILT

COMMERCIAL

Mortgage

Trust,

Series

2024-ORL,

Class

A

(CME

Term

SOFR

1-Month

plus

1.54%)

5.94%

05/15/37

1,2

100,000‌

100,179‌

Hilton

USA

Trust,

Series

2016-HHV,

Class

A

3.72%

11/05/38

1

103,000‌

100,184‌

INTOWN

Mortgage

Trust,

Series

2022-STAY,

Class

A

(CME

Term

SOFR

1-Month

plus

2.49%)

6.89%

08/15/39

1,2

150,000‌

150,385‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-NINE,

Class

A

2.85%

09/06/38

1,4

163,000‌

156,803‌

MF1

Ltd.,

Series

2020-FL4,

Class

A

(CME

Term

SOFR

1-Month

plus

1.81%)

6.20%

12/15/35

1,2

126,532‌

126,654‌

NRTH

Mortgage

Trust,

Series

2024-PARK,

Class

A

(CME

Term

SOFR

1-Month

plus

1.64%)

6.04%

03/15/39

1,2

150,000‌

150,320‌

PGA

Trust,

Series

2024-RSR2,

Class

A

(CME

Term

SOFR

1-Month

plus

1.89%)

6.29%

06/15/39

1,2

173,000‌

173,317‌

WB

Commercial

Mortgage

Trust,

Series

2024-HQ,

Class

A

5.94%

03/15/40

1,4

177,000‌

177,754‌

2,397,532‌

Non-Agency

Mortgage-Backed

—

6

.78

%

Aames

Mortgage

Trust,

Series

2002-1,

Class

A3

(STEP-reset

date

01/25/25)

7.40%

06/25/32

7,620‌

7,444‌

Adjustable

Rate

Mortgage

Trust,

Series

2005-1,

Class

1A1

6.00%

05/25/35

4

12,896‌

12,811‌

Ajax

Mortgage

Loan

Trust,

Series

2019-F,

Class

A1

(STEP-reset

date

01/25/25)

2.86%

07/25/59

1

103,129‌

98,976‌

Alternative

Loan

Trust,

Series

2004-J6,

Class

2A1

6.50%

11/25/31

10,438‌

10,594‌

Ultra

Short

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2024

(Unaudited)

December

2024

/

4

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

Ameriquest

Mortgage

Securities,

Inc.,

Asset-Backed

Pass-

Through

Certificates,

Series

2005-R10,

Class

M3

(CME

Term

SOFR

1-Month

plus

0.79%)

5.13%

01/25/36

2

$

182,760‌

$

181,209‌

Ameriquest

Mortgage

Securities,

Inc.,

Asset-Backed

Pass-

Through

Certificates,

Series

2005-R3,

Class

M4

(CME

Term

SOFR

1-Month

plus

1.04%)

5.38%

05/25/35

2

71,971‌

71,548‌

Banc

of

America

Funding

Trust,

Series

2003-2,

Class

1A1

6.50%

06/25/32

2,314‌

2,320‌

Citigroup

Mortgage

Loan

Trust,

Series

2007-AMC4,

Class

A2D

(CME

Term

SOFR

1-Month

plus

0.38%)

4.72%

05/25/37

2

96,630‌

95,443‌

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2006-WFH4,

Class

M2

(CME

Term

SOFR

1-Month

plus

0.55%)

4.89%

11/25/36

2

400,744‌

397,003‌

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2002-AR31,

Class

4A2

7.64%

11/25/32

4

13,454‌

13,327‌

First

Franklin

Mortgage

Loan

Trust,

Series

2005-FF8,

Class

M2

(CME

Term

SOFR

1-Month

plus

0.89%)

5.23%

09/25/35

2

169,645‌

168,816‌

First

Franklin

Mortgage

Loan

Trust,

Series

2006-FFH1,

Class

M1

(CME

Term

SOFR

1-Month

plus

0.67%)

5.01%

01/25/36

2

432,503‌

419,813‌

HSI

Asset

Securitization

Corp.

Trust,

Series

2006-OPT2,

Class

M2

(CME

Term

SOFR

1-Month

plus

0.70%)

5.04%

01/25/36

2

170,029‌

167,831‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2004-AR6,

Class

6A1

5.75%

10/25/34

4

65,925‌

61,178‌

JPMorgan

Mortgage

Trust,

Series

2005-A2,

Class

9A1

6.13%

04/25/35

4

31,364‌

30,534‌

MASTR

Adjustable

Rate

Mortgages

Trust,

Series

2004-12,

Class

5A1

6.82%

10/25/34

4

7,553‌

7,288‌

MASTR

Seasoned

Securitization

Trust,

Series

2004-1,

Class

4A1

7.56%

10/25/32

4

13,977‌

13,646‌

Merrill

Lynch

Mortgage

Investors

Trust,

Series

2003-A1,

Class

2A

(CME

Term

SOFR

12-Month

plus

2.34%)

6.65%

12/25/32

2

86,915‌

86,146‌

MortgageIT

Trust,

Series

2005-1,

Class

1A1

(CME

Term

SOFR

1-Month

plus

0.75%)

5.09%

02/25/35

2

248,421‌

249,055‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

Ownit

Mortgage

Loan

Trust,

Series

2006-3,

Class

A2D

(CME

Term

SOFR

1-Month

plus

0.65%)

4.99%

03/25/37

2

$

327,267‌

$

312,407‌

Park

Place

Securities,

Inc.,

Asset-Backed

Pass-Through

Certificates,

Series

2004-WHQ2,

Class

M4

(CME

Term

SOFR

1-Month

plus

1.69%)

6.03%

02/25/35

2

215,872‌

211,234‌

Residential

Asset

Mortgage

Products

Trust,

Series

2004-SL1,

Class

A2

8.50%

11/25/31

34,018‌

11,038‌

Residential

Asset

Securities

Corp.,

Series

2006-KS3,

Class

M1

(CME

Term

SOFR

1-Month

plus

0.44%)

4.95%

04/25/36

2

129,587‌

128,172‌

Residential

Asset

Securitization

Trust,

Series

2004-IP2,

Class

2A1

4.03%

12/25/34

4

46,581‌

41,605‌

Soundview

Home

Loan

Trust,

Series

2005-OPT1,

Class

M2

(CME

Term

SOFR

1-Month

plus

0.79%)

5.13%

06/25/35

2

243,317‌

239,050‌

Structured

Asset

Investment

Loan

Trust,

Series

2005-HE3,

Class

M1

(CME

Term

SOFR

1-Month

plus

0.83%)

5.17%

09/25/35

2

21,000‌

20,903‌

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust,

Series

2006-EQ1A,

Class

A1

(CME

Term

SOFR

1-Month

plus

0.38%)

4.72%

07/25/36

1,2

266‌

266‌

Terwin

Mortgage

Trust,

Series

2006-5,

Class

1A2B

(CME

Term

SOFR

1-Month

plus

0.53%)

4.87%

07/25/37

1,2

109,547‌

109,097‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2003-AR6,

Class

A1

7.26%

06/25/33

4

17,915‌

17,456‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2005-4,

Class

CB13

(CME

Term

SOFR

1-Month

plus

0.61%)

4.95%

06/25/35

2

66,919‌

57,473‌

3,243,683‌

U.S.

Agency

Commercial

Mortgage-Backed

—

2

.53

%

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KJ34,

Class

A1

0.68%

06/25/26

79,197‌

78,214‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KS07,

Class

X

(IO)

0.60%

09/25/25

4

6,712,501‌

27,745‌

Ultra

Short

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2024

(Unaudited)

5

/

December

2024

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

U.S.

Agency

Commercial

Mortgage-Backed

(continued)

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

Q004,

Class

AFL

(Federal

Reserve

US

12-Month

Cumulative

Average

plus

0.74%)

5.49%

05/25/44

2

$

83,706‌

$

83,703‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

Q010,

Class

APT1

6.74%

04/25/46

4

27,014‌

27,183‌

Ginnie

Mae,

Series

2008-92,

Class

E

5.56%

03/16/44

4

43,656‌

43,528‌

Ginnie

Mae,

Series

2010-159,

Class

D

4.56%

09/16/44

4

84,049‌

83,407‌

Ginnie

Mae,

Series

2011-165,

Class

IO

(IO)

0.00%

10/16/51

4

2,020,092‌

20‌

Ginnie

Mae,

Series

2011-92,

Class

C

3.70%

04/16/52

4

462,704‌

447,078‌

Ginnie

Mae,

Series

2012-135,

Class

IO

(IO)

0.34%

01/16/53

4

1,516,883‌

17,076‌

Ginnie

Mae,

Series

2014-157,

Class

C

3.15%

10/16/54

4

418,181‌

404,132‌

1,212,086‌

U.S.

Agency

Mortgage-Backed

—

28

.23

%

Fannie

Mae

Pool

254548

5.50%

12/01/32

33,631‌

34,181‌

Fannie

Mae

Pool

555098

(RFUCCT1Y

plus

1.62%)

6.60%

11/01/32

2

4,080‌

4,105‌

Fannie

Mae

Pool

555424

5.50%

05/01/33

23,509‌

23,905‌

Fannie

Mae

Pool

655133

7.00%

08/01/32

4,330‌

4,578‌

Fannie

Mae

Pool

655151

7.00%

08/01/32

2,893‌

3,060‌

Fannie

Mae

Pool

762525

6.50%

11/01/33

7,159‌

7,475‌

Fannie

Mae

Pool

770900

(RFUCCT1Y

plus

1.55%)

6.93%

04/01/34

2

39,149‌

39,422‌

Fannie

Mae

Pool

AE0443

6.50%

10/01/39

31,537‌

33,285‌

Fannie

Mae

Pool

AL0851

6.00%

10/01/40

26,562‌

27,634‌

Fannie

Mae

REMICS,

Series

2001-42,

Class

SB

(-16.00

X

SOFR30A

plus

126.17%,

8.50%

Cap)

8.50%

09/25/31

2

395‌

391‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

U.S.

Agency

Mortgage-Backed

(continued)

Fannie

Mae

REMICS,

Series

2001-60,

Class

OF

(SOFR30A

plus

1.06%)

5.63%

10/25/31

2

$

31,333‌

$

31,550‌

Fannie

Mae

REMICS,

Series

2002-30,

Class

FB

(SOFR30A

plus

1.11%)

5.68%

08/25/31

2

26,632‌

26,782‌

Fannie

Mae

REMICS,

Series

2003-124,

Class

TS

(-14.00

X

SOFR30A

plus

99.20%,

9.80%

Cap)

9.80%

01/25/34

2

5,199‌

5,506‌

Fannie

Mae

REMICS,

Series

2004-60,

Class

FW

(SOFR30A

plus

0.56%)

5.13%

04/25/34

2

41,481‌

41,578‌

Fannie

Mae

REMICS,

Series

2004-96,

Class

MT

(-17.50

X

SOFR30A

plus

123.12%,

7.00%

Cap)

7.00%

12/25/34

2

10,049‌

10,412‌

Fannie

Mae

REMICS,

Series

2005-73,

Class

DF

(SOFR30A

plus

0.36%)

4.93%

08/25/35

2

38,452‌

38,238‌

Fannie

Mae

REMICS,

Series

2007-68,

Class

SC

(IO)

(-1.00

X

SOFR30A

plus

6.59%,

6.70%

Cap)

2.02%

07/25/37

2

40,614‌

3,737‌

Fannie

Mae

REMICS,

Series

2010-109,

Class

PF

(SOFR30A

plus

0.51%)

5.08%

10/25/40

2

23,990‌

23,795‌

Fannie

Mae

REMICS,

Series

2010-26,

Class

S

(IO)

(-1.00

X

SOFR30A

plus

6.12%,

6.23%

Cap)

1.55%

11/25/36

2

144,891‌

10,578‌

Fannie

Mae

REMICS,

Series

2010-95,

Class

FB

(SOFR30A

plus

0.51%)

5.08%

09/25/40

2

24,066‌

23,885‌

Fannie

Mae

REMICS,

Series

2011-47,

Class

GF

(SOFR30A

plus

0.68%)

5.25%

06/25/41

2

477,541‌

474,288‌

Fannie

Mae

REMICS,

Series

2018-79,

Class

FA

(SOFR30A

plus

0.36%)

4.93%

11/25/48

2

33,735‌

33,246‌

Fannie

Mae

REMICS,

Series

2019-79,

Class

FA

(SOFR30A

plus

0.61%)

5.18%

01/25/50

2

84,785‌

83,687‌

Fannie

Mae

REMICS,

Series

2020-10,

Class

FA

(SOFR30A

plus

0.61%)

5.18%

03/25/50

2

238,874‌

234,213‌

Ultra

Short

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2024

(Unaudited)

December

2024

/

6

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

U.S.

Agency

Mortgage-Backed

(continued)

Fannie

Mae

REMICS,

Series

2024-73,

Class

FB

(SOFR30A

plus

1.20%)

5.77%

10/25/54

2

$

504,369‌

$

502,931‌

Freddie

Mac

REMICS,

Series

2368,

Class

AF

(SOFR30A

plus

1.06%)

5.66%

10/15/31

2

24,915‌

25,081‌

Freddie

Mac

REMICS,

Series

2733,

Class

FB

(SOFR30A

plus

0.71%)

5.31%

10/15/33

2

223,024‌

223,693‌

Freddie

Mac

REMICS,

Series

3085,

Class

FW

(SOFR30A

plus

0.81%)

5.41%

08/15/35

2

157,103‌

157,410‌

Freddie

Mac

REMICS,

Series

3300,

Class

FA

(SOFR30A

plus

0.41%)

5.01%

08/15/35

2

146,211‌

144,278‌

Freddie

Mac

REMICS,

Series

3325,

Class

NF

(SOFR30A

plus

0.41%)

5.01%

08/15/35

2

29,372‌

28,983‌

Freddie

Mac

REMICS,

Series

3895,

Class

BF

(SOFR30A

plus

0.61%)

5.21%

07/15/41

2

94,199‌

93,334‌

Freddie

Mac

Strips,

Series

263,

Class

F5

(SOFR30A

plus

0.61%)

5.21%

06/15/42

2

124,366‌

123,664‌

Ginnie

Mae

(TBA)

4.00%

01/20/55

250,000‌

230,326‌

4.50%

01/20/55

775,000‌

732,759‌

5.00%

01/20/55

625,000‌

606,295‌

5.50%

01/20/55

300,000‌

297,361‌

Ginnie

Mae

II

Pool

80546

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1-Year

plus

1.50%)

3.75%

10/20/31

2

2,905‌

2,910‌

Ginnie

Mae

II

Pool

80610

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1-Year

plus

1.50%)

4.88%

06/20/32

2

43,399‌

43,616‌

Ginnie

Mae

II

Pool

80614

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1-Year

plus

1.50%)

4.63%

07/20/32

2

3,750‌

3,755‌

Ginnie

Mae

II

Pool

80687

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1-Year

plus

1.50%)

4.88%

04/20/33

2

35,704‌

35,704‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

U.S.

Agency

Mortgage-Backed

(continued)

Ginnie

Mae

II

Pool

8684

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1-Year

plus

1.50%)

4.63%

08/20/25

2

$

1,111‌

$

1,106‌

Ginnie

Mae

II

Pool

MA0331

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1-Year

plus

1.50%)

4.63%

08/20/42

2

33,038‌

33,296‌

Ginnie

Mae,

Series

2004-2,

Class

FW

(CME

Term

SOFR

1-Month

plus

1.51%)

6.07%

01/16/34

2

202,512‌

202,047‌

Ginnie

Mae,

Series

2009-92,

Class

FC

(CME

Term

SOFR

1-Month

plus

0.91%)

5.31%

10/16/39

2

50,180‌

50,561‌

Ginnie

Mae,

Series

2010-19,

Class

FD

(CME

Term

SOFR

1-Month

plus

0.56%)

4.96%

07/16/39

2

2,581‌

2,581‌

Ginnie

Mae,

Series

2011-70,

Class

IL

(IO)

(-1.00

X

CME

Term

SOFR

1-Month

plus

6.99%,

0.60%

Cap)

0.60%

06/16/37

2

809,056‌

14,014‌

Ginnie

Mae,

Series

2023-113,

Class

FD

(SOFR30A

plus

1.35%)

5.95%

08/20/53

2

441,296‌

444,486‌

Ginnie

Mae,

Series

2024-143,

Class

FB

(SOFR30A

plus

1.15%)

5.75%

09/20/54

2

433,051‌

433,244‌

Ginnie

Mae,

Series

2024-144,

Class

FD

(SOFR30A

plus

1.15%)

5.75%

09/20/54

2

516,616‌

516,958‌

Ginnie

Mae,

Series

2024-148,

Class

AF

(SOFR30A

plus

1.18%)

5.78%

09/20/54

2

520,022‌

521,077‌

UMBS

(TBA)

3.50%

01/01/40

650,000‌

614,764‌

4.00%

01/01/40

1,125,000‌

1,080,584‌

4.00%

01/01/55

525,000‌

479,807‌

4.50%

01/01/40

1,725,000‌

1,687,036‌

4.50%

01/01/55

625,000‌

587,607‌

5.00%

01/01/40

1,700,000‌

1,693,350‌

5.00%

01/01/55

450,000‌

434,136‌

5.50%

01/01/55

250,000‌

246,616‌

13,514,901‌

Total

Mortgage-Backed

(Cost

$20,776,889)

20,368,202‌

Ultra

Short

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2024

(Unaudited)

7

/

December

2024

Issues

Maturity

Date

Principal

Amount

Value

MUNICIPAL

BONDS

—

0

.23

%

*

Massachusetts

—

0

.23

%

Commonwealth

of

Massachusetts

Revenue

Bonds,

Series

B

4.11%

07/15/31

$

112,863‌

$

108,445‌

Total

Municipal

Bonds

(Cost

$110,495)

U.S.

TREASURY

SECURITIES

—

39

.39

%

U.S.

Agency

Discount

Notes

—

3

.67

%

U.S.

International

Development

Finance

Corp.,

Series

2

1.49%

08/15/31

1,955,675‌

1,755,679‌

U.S.

Treasury

Notes

—

35

.72

%

U.S.

Treasury

Notes

4.00%

12/15/27

780,000‌

774,120‌

4.13%

11/30/29

84,000‌

83,081‌

4.25%

11/30/26

2,165,000‌

2,165,000‌

4.25%

12/31/26

13,080,000‌

13,081,789‌

4.38%

12/31/29

995,000‌

994,650‌

17,098,640‌

Total

U.S.

Treasury

Securities

(Cost

$19,049,541)

18,854,319‌

Total

Bonds

—

114

.54

%

(Cost

$55,272,415)

54,827,079‌

Issues

Maturity

Date

Principal

Amount

/

Shares

Value

SHORT-TERM

INVESTMENTS

—

7

.18

%

Money

Market

Funds

—

7

.18

%

Fidelity

Investments

Money

Market

Funds

-

Government

Portfolio

4.38%

6

228,942‌

228,942‌

TCW

Central

Cash

Fund

0.01%

6,7

3,210,521‌

3,210,521‌

Total

Short-Term

Investments

(Cost

$3,439,463)

3,439,463‌

Total

Investments

-

121.72%

(Cost

$58,711,878)

58,266,542‌

Liabilities

in

Excess

of

Other

Assets

-

(21.72)%

(

10,396,087‌

)

Net

Assets

-

100.00%

$

47,870,455‌

1

Securities

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

The

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

2

Floating

rate

security.

The

rate

disclosed

was

in

effect

at

December

31,

2024.

3

Foreign

denominated

security

issued

by

foreign

domiciled

entity.

4

Variable

rate

security.

Interest

rate

disclosed

is

as

of

the

most

recent

information

available.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

5

Zero

coupon

bond.

The

rate

shown

is

the

effective

yield

as

of

December

31,

2024.

6

Represents

the

current

yield

as

of

December

31,

2024.

7

Affiliated

investment.

*

Securities

with

a

call

or

reset

feature

will

have

an

effective

maturity

date

sooner

than

the

stated

maturity.

**

Securities

backed

by

mortgage

or

consumer

loans

where

payment

is

periodically

made

will

have

an

effective

maturity

date

sooner

than

the

stated

maturity

date.

Note:

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

for

more

meaningful

presentation

for

investors.

(CLO):

Collateralized

Loan

Obligation

(EUR):

Euro

(GMTN):

Global

Medium-Term

Note

(IO):

Interest

Only

(MTN):

Medium-Term

Note

(REIT):

Real

Estate

Investment

Trust

(RFUCCT):

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

(SOFR):

Secured

Overnight

Financing

Rate

(STEP):

Step

Coupon

Bond

(TBA):

To-Be-Announced

Ultra

Short

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2024

(Unaudited)

December

2024

/

8

Currency

to

be

Purchased

Currency

to

be

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

FOREIGN

CURRENCY

EXCHANGE

CONTRACT

USD

55,263

EUR

50,100

Citibank

N.A.

01/17/25

$

3,349‌

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

FUTURES

CONTRACTS:

LONG

POSITIONS

U.S.

Treasury

Two-Year

Note

87

03/31/25

$

17,888,016‌

$

8,447‌

$

8,447‌

FUTURES

CONTRACTS:

SHORT

POSITIONS

U.S.

Treasury

Five-Year

Note

64

03/31/25

(

6,803,500‌

)

27,268‌

27,268‌

U.S.

Treasury

Ten-Year

Ultra

Bond

18

03/20/25

(

2,003,625‌

)

26,113‌

26,113‌

U.S.

Treasury

Ultra

Bond

4

03/20/25

(

475,625‌

)

10,559‌

10,559‌

(

9,282,750‌

)

63,940‌

63,940‌

TOTAL

FUTURES

CONTRACTS

$

8,605,266‌

$

72,387‌

$

72,387‌

Ultra

Short

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2024

(Unaudited)

9

/

December

2024

SIGNIFICANT

ACCOUNTING

POLICIES

The

following

is

a

summary

of

significant

accounting

policies

consistently

followed

by

the

Fund:

Net

Asset

Value

The

Net

Asset

Value

(“NAV”)

of

each

class

of

the

Fund

is

determined

by

dividing

the

net

assets

attributable

to

each

class

of

shares

of

the

Fund

by

the

number

of

issued

and

outstanding

shares

of

the

class

of

the

Fund

on

each

business

day

as

of

4

p.m.

ET.

Security

Valuation

Pursuant

to

Rule

2a-5

under

the

1940

Act,

the

Board

of

Trustees

(the

"Board"

or

the

"Board

of

Trustees")

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. Fixed

income

securities

for

which

market

quotations

are

readily

available were

valued

during

the

period at

prices

as

provided

by

independent

pricing

vendors

or

broker

quotes.

The

Fund

received

pricing

information

from

independent

pricing

vendors

selected

and

overseen

by

the

valuation

designee.

Securities

with

a

demand

feature

exercisable

within

one

to

seven

days

are

valued

at

par.

The

Fund

also

uses

a

benchmark

pricing

system

to

the

extent

vendors’

prices

for

their

securities

are

either

inaccurate

(such

as

when

the

reported

prices

are

different

from

recent

known

market

transactions)

or

are

not

available

from

another

pricing

source.

For

a

security

priced

using

this

system,

the

Adviser

initially

selects

a

proxy

composed

of

a

relevant

security

(e.g.,

U.S.

Treasury

Note)

or

benchmark

and

a

multiplier,

divisor

or

margin

that

the

Adviser

believes

would

together

best

reflect

changes

in

the

market

value

of

the

security.

The

value

of

the

security

changes

daily

based

on

changes

to

the

market

price

of

the

assigned

benchmark.

The

benchmark

pricing

system

is

continuously

reviewed

by

the

Adviser

and

implemented

according

to

the

pricing

policy

reviewed

by

the

Board.

S&P

500

Index

futures

contracts

are

valued

at

the

first

sale

price

after

4

p.m.

ET

on

the

Chicago

Mercantile

Exchange.

All

other

futures

contracts

are

valued

at

the

official

settlement

price

of

the

exchange

on

which

those

securities

are

traded.

Equity

securities,

including

depository

receipts,

are

valued

at

the

last

reported

sale

price

or

the

market’s

closing

price

on

the

exchange

or

market

on

which

such

securities

are

traded,

as

of

the

close

of

business

on

the

day

the

securities

are

being

valued

or,

lacking

any

sales,

at

the

average

of

the

bid

and

ask

prices.

In

cases

where

equity

securities

are

traded

on

more

than

one

exchange,

the

securities

are

valued

on

the

exchange

or

market

determined

by

the

Adviser

to

be

the

broadest

and

most

representative

market,

which

may

be

either

a

securities

exchange

or

the

over-the-counter

market.

Equity

options

are

valued

at

the

average

of

the

bid

and

ask

prices.

Securities

and

other

assets

that

could

not be

valued

as

described

above were

valued at

their

fair

value

as

determined

by

the

Adviser

in

accordance

with

procedures

approved by

and

under

the

general

oversight

of

the

Board.

Investments

in

registered

open-ended

investment

companies,

including

those

classified

as

money

market

funds,

are

valued

based

upon

the

reported

NAV

of

such

investments.

Fair

value

methods

used

by

the

Adviser included,

but were

not

limited

to,

obtaining

market

quotations

from

secondary

pricing

services,

broker-dealers,

or

widely

used

quotation

systems.

General

factors

considered

in

determining

the

fair

value

of

securities

include

fundamental

analytical

data,

the

nature

and

duration

of

any

restrictions

on

disposition

of

the

securities,

and

an

evaluation

of

the

forces

that

influence

the

market

in

which

the

investments

are

purchased

and

sold.

These

securities

are

either

categorized

as

Level

2

or

3

depending

on

the

relevant

inputs

used.

In

the

event

that

the

security

or

asset

could

not be

valued

pursuant

to

one

of

the

valuation

methods

used

by

the

Adviser,

the

value

of

the

security

or

asset was

determined

in

good

faith

by

the Adviser,

as

the

valuation

designee.

When

the

Fund

uses

these

fair

valuation

methods that

use

significant

unobservable

inputs

to

determine

NAV,

securities

will

be

priced

by

a

method

that

the

Adviser

believes

accurately

reflects

fair

value

and

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

These

methods

may

require

subjective

determinations

about

the

value

of

a

security.

While

the

Fund’s

policy

is

intended

to

result

in

a

calculation

of

its

NAV

that

fairly

reflects

security

values

as

of

the

time

of

pricing,

the

Fund

cannot

guarantee

that

values

determined

by

the

Adviser

would

accurately

reflect

the

price

that

the

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

the

Fund

may

differ

from

the

value

that

would

be

realized

if

the

securities

were

sold.

Fair

Value

Measurements

Various

inputs

are

used

in

determining

the

fair

value

of

investments,

which

are

as

follows:

*

Level

1

-

unadjusted

quoted

prices

in

active

markets

for

identical

securities

*

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

*

Level

3

-

significant

unobservable

inputs

that

are

not

corroborated

by

observable

market

data

Ultra

Short

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2024

(Unaudited)

December

2024

/

10

The

inputs

or

methodology

used

for

valuing

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments

and

the

determination

of

the

significance

of

a

particular

input

to

the

fair

value

measurement

in

its

entirety

requires

judgment

and

consideration

of

factors

specific

to

each

security.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized as

Level

3.

In

periods

of

market

dislocation,

the

observability

of

prices

and

inputs

may

be

reduced

for

many

instruments.

This

condition,

as

well

as

changes

related

to

liquidity

of

investments,

could

cause

a

security

to

be

reclassified

between

Level

1,

Level

2,

or

Level

3.

In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

in

its

entirety

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

summary

of

inputs

used

to

value

the

Fund’s

investments

and

other

financial

instruments

carried

at

fair

value

as

of

December

31,

2024

is

as

follows:

ULTRA

SHORT

BOND

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTAL

Investments

in

Securities

Assets:

Short-Term

Investments:

Money

Market

Funds

$

3,439,463‌

$

—‌

$

—‌

$

3,439,463‌

Long-Term

Investments:

Asset-Backed

Securities

—‌

4,144,966‌

—‌

4,144,966‌

Corporates

—‌

11,351,147‌

—‌

11,351,147‌

Mortgage-Backed

Securities

—‌

20,368,202‌

—‌

20,368,202‌

Municipal

Bonds

—‌

108,445‌

—‌

108,445‌

U.S.

Treasury

Securities

17,098,640‌

1,755,679‌

—‌

18,854,319‌

Other

Financial

Instruments

*

Assets:

Foreign

Currency

Exchange

Contracts

Foreign

Currency

Risk

—‌

3,349‌

—‌

3,349‌

Futures

Contracts

Interest

Rate

Risk

72,387‌

—‌

—‌

72,387‌

Total

$

20,610,490‌

$

37,731,788‌

$

—‌

$

58,342,278‌

*Other

financial

instruments

include

foreign

currency

exchange

contracts

and

futures.

Ultra

Short

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2024

(Unaudited)

11

/

December

2024

Certain

securities

held

by

the

Funds

are

categorized

as

Level

3

investments.

Their

prices

may

be

derived

by

utilizing

unobservable

prior

transaction

values

or

information

from

third

party

valuation

services.

The

value

of

Level

3

investments

could

be

significantly

affected

by

changes

in

these

unobservable

inputs.

For

the

period

ended

December

31,

2024,

a

reconciliation

of

Level

3

investments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

ULTRA

SHORT

BOND

FUND

MORTGAGE-

BACKED

SECURITIES

TOTAL

Balance

as

of

April

1,

2024

$

9,388

$

9,388

Accrued

discounts/premiums

(2,344

)

(2,344

)

Realized

(loss)

(15,502

)

(15,502

)

Change

in

unrealized

appreciation

14,633

14,633

Purchases

—

—

Sales

(6,175

)

(6,175

)

Transfers

into

Level

3*

—

—

Transfers

out

of

Level

3*

—

—

Balance

as

of

December

31,

2024

$

—

$

—

*There

were

no

transfers

between

level

2

and

3

for

the

period

ended

December

31,

2024.

Investment

transactions

in

the

shares

of

affiliated

issuers

for

the

period

ended

December

31,

2024

were

as

follows:

VALUE

AT

BEGINNING

OF

YEAR

PURCHASES

SALES

DIVIDEND/

INTEREST

VALUE

AT

END

OF

PERIOD

SHARES

HELD

AT

END

OF

PERIOD

REALIZED

GAIN

(LOSS)

CHANGE

IN

UNREALIZED

APPRECIATION

TCW

Central

Cash

Fund

$—

$67,038,521

$(63,828,000)

$105,594

$3,210,521

3,210,521

$—

$—

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