Engine No. 1 Transform 500 ETF NPORTP TCW Flexible Income ETF (Jul 2024 report)

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024


Issues	Maturity Date		Principal Amount		Value
FIXED INCOME SECURITIES —103.4% of Net Assets
CORPORATE BONDS—21.5%

Aerospace & Defense — 0.3%
BAE Systems Holdings, Inc. (United Kingdom)
3.85% ⁽¹⁾		12/15/25	$	250,000	$	245,908
Boeing Co.
5.81%		05/01/50		370,000		344,821
6.53% ⁽¹⁾		05/01/34		175,000		183,794
General Electric Co.
5.97% (3 mo. USD Term SOFR + 0.642%)⁽²⁾		05/05/26		57,000		57,218
6.06% (3 mo. USD Term SOFR + 0.742%)⁽²⁾		08/15/36		52,000		49,400

						881,141


Agriculture — 0.3%
BAT Capital Corp. (United Kingdom)
3.56%		08/15/27		44,000		42,392
5.65%		03/16/52		430,000		402,145
BAT International Finance PLC (United Kingdom)
1.67%		03/25/26		83,000		78,654
Imperial Brands Finance PLC (United Kingdom)
4.25% ⁽¹⁾		07/21/25		160,000		158,195
6.13% ⁽¹⁾		07/27/27		195,000		200,914

						882,300


Airlines — 0.0%
Delta Air Lines Pass-Through Trust Series 2020-1, Class AA
2.00%		12/10/29		19,021		17,523
JetBlue Pass-Through Trust Series 2019-1, Class AA
2.75%		11/15/33		23,782		20,819
JetBlue Pass-Through Trust Series 2020-1, Class A
4.00%		05/15/34		57,823		54,041
U.S. Airways Pass-Through Trust Series 2012-1, Class A
5.90%		04/01/26		9,394		9,384

						101,767


Banks — 5.4%
Bank of America Corp.
1.32% (1 day USD SOFR + 1.150%)⁽²⁾		06/19/26		165,000		159,339
1.53% (1 day USD SOFR + 0.650%)⁽²⁾		12/06/25		1,100,000		1,084,666
1.66% (1 day USD SOFR + 0.910%)⁽²⁾		03/11/27		150,000		142,098
1.92% (1 day USD SOFR + 1.370%)⁽²⁾		10/24/31		385,000		322,873
2.55% (1 day USD SOFR + 1.050%)⁽²⁾		02/04/28		125,000		118,096
2.59% (1 day USD SOFR + 2.150%)⁽²⁾		04/29/31		270,000		238,583
2.97% (1 day USD SOFR + 1.330%)⁽²⁾		02/04/33		1,090,000		945,531
3.42% (3 mo. USD Term SOFR + 1.302%)⁽²⁾		12/20/28		685,000		654,456
4.38% (5 yr. CMT + 2.760%)^(2),(3)		01/27/27		100,000		94,505
Citigroup, Inc.
2.52% (1 day USD SOFR + 1.177%)⁽²⁾		11/03/32		510,000		429,706
2.98% (1 day USD SOFR + 1.422%)⁽²⁾		11/05/30		145,000		131,820


Issues	Maturity Date		Principal Amount		Value
3.52% (3 mo. USD Term SOFR + 1.413%)⁽²⁾		10/27/28	$	435,000	$	417,126
Discover Bank
2.45%		09/12/24		230,000		229,181
DNB Bank ASA (Norway)
0.86% (1 yr. CMT + 0.330%)^(1),(2)		09/30/25		220,000		218,304
Goldman Sachs Group, Inc.
1.09% (1 day USD SOFR + 0.789%)⁽²⁾		12/09/26		2,910,000		2,750,619
1.54% (1 day USD SOFR + 0.818%)⁽²⁾		09/10/27		5,000		4,654
1.95% (1 day USD SOFR + 0.913%)⁽²⁾		10/21/27		325,000		304,138
3.81% (3.814% to 04/23/28 then 3 mo. USD LIBOR + 1.158%)⁽²⁾		04/23/29		575,000		553,512
5.85% (1 day USD SOFR + 0.486%)⁽²⁾		10/21/24		130,000		130,039
HSBC Holdings PLC (United Kingdom)
2.10% (1 day USD SOFR + 1.929%)⁽²⁾		06/04/26		1,060,000		1,030,861
2.36% (1 day USD SOFR + 1.947%)⁽²⁾		08/18/31		60,000		51,369
4.76% (1 day USD SOFR + 2.110%)⁽²⁾		06/09/28		255,000		253,470
JPMorgan Chase & Co.
1.04% (3 mo. USD Term SOFR + 0.695%)⁽²⁾		02/04/27		375,000		353,220
1.05% (1 day USD SOFR + 0.800%)⁽²⁾		11/19/26		270,000		256,098
1.56% (1 day USD SOFR + 0.605%)⁽²⁾		12/10/25		710,000		700,188
1.58% (1 day USD SOFR + 0.885%)⁽²⁾		04/22/27		700,000		660,695
2.07% (1 day USD SOFR + 1.015%)⁽²⁾		06/01/29		120,000		108,587
2.58% (3 mo. USD Term SOFR + 1.250%)⁽²⁾		04/22/32		760,000		655,713
3.65% (5 yr. CMT + 2.850%)^(2),(3)		06/01/26		115,000		109,289
4.01% (3 mo. USD Term SOFR + 1.382%)⁽²⁾		04/23/29		255,000		247,993
Lloyds Banking Group PLC (United Kingdom)
3.57% (3 mo. USD LIBOR + 1.205%)⁽²⁾		11/07/28		335,000		320,659
Morgan Stanley
0.99% (1 day USD SOFR + 0.720%)⁽²⁾		12/10/26		145,000		136,854
1.16% (1 day USD SOFR + 0.560%)⁽²⁾		10/21/25		595,000		588,895
2.24% (1 day USD SOFR + 1.178%)⁽²⁾		07/21/32		425,000		355,053
PNC Financial Services Group, Inc.
5.58% (1 day USD SOFR + 1.841%)⁽²⁾		06/12/29		120,000		122,864
6.04% (1 day USD SOFR Index + 2.140%)⁽²⁾		10/28/33		150,000		158,126
6.88% (1 day USD SOFR + 2.284%)⁽²⁾		10/20/34		345,000		384,347

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024


Issues	Maturity Date		Principal Amount		Value
Santander U.K. Group Holdings PLC (United Kingdom)
1.67% (1 day USD SOFR + 0.989%)⁽²⁾		06/14/27	$	325,000	$	304,362
U.S. Bancorp
3.70% (5 yr. CMT + 2.541%)^(2),(3)		01/15/27		105,000		95,093
4.84% (1 day USD SOFR + 1.600%)⁽²⁾		02/01/34		390,000		378,713
5.68% (1 day USD SOFR + 1.860%)⁽²⁾		01/23/35		170,000		174,634
5.84% (1 day USD SOFR + 2.260%)⁽²⁾		06/12/34		5,000		5,195
5.85% (1 day USD SOFR + 2.090%)⁽²⁾		10/21/33		195,000		202,441
Wells Fargo & Co.
2.39% (1 day USD SOFR + 2.100%)⁽²⁾		06/02/28		560,000		522,844
2.57% (3 mo. USD Term SOFR + 1.262%)⁽²⁾		02/11/31		385,000		340,925
3.35% (1 day USD SOFR + 1.500%)⁽²⁾		03/02/33		390,000		346,234
5.39% (1 day USD SOFR + 2.020%)⁽²⁾		04/24/34		550,000		556,743
5.57% (1 day USD SOFR + 1.740%)⁽²⁾		07/25/29		410,000		419,848

						18,770,559


Beverages — 0.2%
JDE Peet’s NV (Netherlands)
2.25%⁽¹⁾		09/24/31		750,000		614,873


Biotechnology — 0.0%
Amgen, Inc.
3.15%		02/21/40		100,000		76,759


Chemicals — 0.4%
International Flavors & Fragrances, Inc.
1.83%⁽¹⁾		10/15/27		405,000		367,679
2.30%⁽¹⁾		11/01/30		605,000		517,209
3.27%⁽¹⁾		11/15/40		55,000		40,169
3.47%⁽¹⁾		12/01/50		45,000		30,405
4.38%		06/01/47		115,000		91,480
SK Invictus Intermediate II SARL
5.00%⁽¹⁾		10/30/29		250,000		233,080

						1,280,022


Commercial Services — 0.6%
Adtalem Global Education, Inc.
5.50%⁽¹⁾		03/01/28		992,000		965,206
Global Payments, Inc.
4.88%		03/17/31	EUR	200,000		228,375
Hertz Corp.
4.63%⁽¹⁾		12/01/26		50,000		37,817
Upbound Group, Inc.
6.38%⁽¹⁾		02/15/29		300,000		293,658
VT Topco, Inc.
8.50%⁽¹⁾		08/15/30		560,000		592,771

						2,117,827


Computers — 0.1%
NCR Voyix Corp.
5.00%⁽¹⁾		10/01/28		550,000		526,724


Diversified Financial Services — 0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
2.45%		10/29/26		123,000		116,016


Issues	Maturity Date		Principal Amount		Value
3.88%		01/23/28	$	5,000	$	4,822
4.45%		10/01/25		110,000		109,028
Air Lease Corp.
2.88%		01/15/26		380,000		367,730
Avolon Holdings Funding Ltd. (Ireland)
2.53%⁽¹⁾		11/18/27		583,000		533,853
Charles Schwab Corp.
5.00% (5 yr. CMT + 3.256%)^(2),(3)		06/01/27		200,000		188,710
Discover Financial Services
3.95%		11/06/24		105,000		104,558
GGAM Finance Ltd. (Ireland)
8.00%⁽¹⁾		02/15/27		115,000		119,028
8.00%⁽¹⁾		06/15/28		520,000		551,413
Jane Street Group/JSG Finance, Inc.
4.50%⁽¹⁾		11/15/29		575,000		545,025

						2,640,183


Electric — 1.2%
Alliant Energy Finance LLC
1.40%⁽¹⁾		03/15/26		245,000		229,661
3.60%⁽¹⁾		03/01/32		155,000		138,207
Amprion GmbH (Germany)
4.00%⁽⁴⁾		05/21/44	EUR	100,000		108,331
Arizona Public Service Co.
6.35%		12/15/32	$	675,000		728,446
Duke Energy Carolinas LLC
4.00%		09/30/42		250,000		207,722
5.35%		01/15/53		195,000		192,354
Duke Energy Corp.
3.75%		04/01/31	EUR	400,000		432,476
3.85%		06/15/34	EUR	200,000		215,381
FirstEnergy Pennsylvania Electric Co.
4.15%⁽¹⁾		04/15/25	$	555,000		547,835
FirstEnergy Transmission LLC
2.87%⁽¹⁾		09/15/28		418,000		388,138
MVM Energetika Zrt (Hungary)
6.50%⁽⁴⁾		03/13/31		400,000		409,468
Public Service Co. of New Mexico
3.85%		08/01/25		40,000		39,372
TenneT Holding BV (Netherlands)
2.75%⁽⁴⁾		05/17/42	EUR	115,000		111,714
4.50%⁽⁴⁾		10/28/34	EUR	100,000		117,973
Tucson Electric Power Co.
5.50%		04/15/53		305,000		300,895

						4,167,973


Electrical Components & Equipment — 0.2%
Energizer Holdings, Inc.
4.38%⁽¹⁾		03/31/29		925,000		854,635


Electronics — 0.1%
Honeywell International, Inc.
3.75%		03/01/36	EUR	160,000		174,782
4.13%		11/02/34	EUR	150,000		170,362

						345,144


Entertainment — 0.8%
Banijay Entertainment SAS (France)
8.13%⁽¹⁾		05/01/29		350,000		362,820
Everi Holdings, Inc.
5.00%⁽¹⁾		07/15/29		350,000		346,840
Flutter Treasury DAC (Ireland)
5.00%⁽¹⁾		04/29/29	EUR	100,000		110,928
Live Nation Entertainment, Inc.
5.63%⁽¹⁾		03/15/26		355,000		352,160
WarnerMedia Holdings, Inc.

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024


Issues	Maturity Date		Principal Amount		Value
4.28%		03/15/32	$	1,190,000	$	1,032,801
5.05%		03/15/42		480,000		378,874
5.14%		03/15/52		425,000		316,374

						2,900,797


Food — 0.6%
B&G Foods, Inc.
5.25%		04/01/25		122,000		121,046
ELO SACA (France)
6.00%⁽⁴⁾		03/22/29	EUR	600,000		612,882
H-Food Holdings LLC/Hearthside Finance Co., Inc.
8.50%⁽¹⁾		06/01/26	$	932,000		76,788
JBS USA Holding Lux SARL/ JBS USA Food Co./ JBS Lux Co. SARL
3.75%		12/01/31		385,000		343,466
6.50%		12/01/52		437,000		443,044
6.75%⁽¹⁾		03/15/34		172,000		184,981
Pilgrim’s Pride Corp.
4.25%		04/15/31		180,000		167,425
Smithfield Foods, Inc.
5.20%⁽¹⁾		04/01/29		5,000		4,942

						1,954,574


Gas — 0.4%
CenterPoint Energy Resources Corp.
5.40%		03/01/33		765,000		779,810
KeySpan Gas East Corp.
5.99%⁽¹⁾		03/06/33		385,000		396,200
National Gas Transmission PLC (United Kingdom)
4.25%⁽⁴⁾		04/05/30	EUR	100,000		112,272

						1,288,282


Health Care-Services — 0.8%
Catalent Pharma Solutions, Inc.
3.13%⁽¹⁾		02/15/29	$	475,000		458,817
Centene Corp.
3.00%		10/15/30		323,000		283,568
Ephios Subco 3 SARL (Luxembourg)
7.88%⁽¹⁾		01/31/31	EUR	150,000		175,087
HCA, Inc.
5.38%		09/01/26	$	10,000		10,047
5.63%		09/01/28		275,000		281,471
Kedrion SpA (Italy)
6.50%⁽¹⁾		09/01/29		615,000		570,966
ModivCare Escrow Issuer, Inc.
5.00%⁽¹⁾		10/01/29		709,000		480,220
Prime Healthcare Services, Inc.
7.25%⁽¹⁾		11/01/25		450,000		450,581

						2,710,757


Household Products/Wares — 0.2%
Central Garden & Pet Co.
4.13%		10/15/30		375,000		339,334
Spectrum Brands, Inc.
3.88%⁽¹⁾		03/15/31		490,000		412,692

						752,026


Insurance — 0.5%
Acrisure LLC/Acrisure Finance, Inc.
4.25%⁽¹⁾		02/15/29		175,000		161,326
6.00%⁽¹⁾		08/01/29		200,000		188,668
Athene Global Funding
1.99%⁽¹⁾		08/19/28		370,000		327,831
2.72%⁽¹⁾		01/07/29		95,000		86,259
3.21%⁽¹⁾		03/08/27		130,000		123,283
Farmers Exchange Capital II
6.15% (3 mo. USD LIBOR + 3.744%)^(1),(2)		11/01/53		150,000		136,512


Issues	Maturity Date		Principal Amount		Value
Farmers Exchange Capital III
5.45% (3 mo. USD LIBOR + 3.454%)^(1),(2)		10/15/54	$	85,000	$	72,193
Farmers Insurance Exchange
4.75% (3 mo. USD LIBOR + 3.231%)^(1),(2)		11/01/57		135,000		102,045
Metropolitan Life Global Funding I
2.95%⁽¹⁾		04/09/30		15,000		13,648
Nationwide Mutual Insurance Co.
7.89% (3 mo. USD LIBOR + 2.290%)^(1),(2)		12/15/24		375,000		378,232
Teachers Insurance & Annuity Association of America
4.38% (3 mo. USD LIBOR + 2.661%)^(1),(2)		09/15/54		65,000		64,862

						1,654,859


Internet — 0.2%
Gen Digital, Inc.
6.75%⁽¹⁾		09/30/27		328,000		333,845
Netflix, Inc.
5.88%		02/15/25		310,000		311,466

						645,311


Investment Companies — 0.2%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%		02/01/29		184,000		160,246
9.00%⁽¹⁾		06/15/30		256,000		259,822
9.75%⁽¹⁾		01/15/29		285,000		300,236

						720,304


Machinery-Diversified — 0.2%
OT Merger Corp.
7.88%⁽¹⁾		10/15/29		1,350,000		598,469


Media — 1.5%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.50%⁽¹⁾		08/15/30		350,000		306,596
Charter Communications Operating LLC/Charter Communications Operating Capital
2.80%		04/01/31		140,000		117,484
3.70%		04/01/51		530,000		334,181
4.80%		03/01/50		250,000		188,857
5.25%		04/01/53		310,000		250,632
5.38%		05/01/47		141,000		116,644
6.65%		02/01/34		246,000		253,951
CSC Holdings LLC
4.63%⁽¹⁾		12/01/30		300,000		119,910
5.38%⁽¹⁾		02/01/28		130,000		103,329
6.50%⁽¹⁾		02/01/29		77,000		59,385
11.25%⁽¹⁾		05/15/28		315,000		285,412
11.75%⁽¹⁾		01/31/29		85,000		76,915
DirecTV Financing LLC/DirecTV Financing Co.-Obligor, Inc.
5.88%⁽¹⁾		08/15/27		169,000		162,897
Scripps Escrow, Inc.
5.88%⁽¹⁾		07/15/27		400,000		278,432
Sirius XM Radio, Inc.
3.88%⁽¹⁾		09/01/31		430,000		359,454
Tele Columbus AG (Germany)
10.00%^(5),(1),(6)		01/01/29	EUR	517,094		434,369
Time Warner Cable LLC
5.50%		09/01/41	$	510,000		436,897
VZ Secured Financing BV (Netherlands)
5.00%⁽¹⁾		01/15/32		1,400,000		1,226,890

						5,112,235

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024


Issues	Maturity Date		Principal Amount		Value

Metal Fabricate & Hardware — 0.1%
Advanced Drainage Systems, Inc.
6.38%⁽¹⁾		06/15/30	$	335,000	$	337,583


Mining — 0.1%
Corp. Nacional del Cobre de Chile (Chile)
5.13%⁽⁴⁾		02/02/33		200,000		193,304
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT
5.45%⁽⁴⁾		05/15/30		200,000		199,776

						393,080


Oil & Gas — 0.1%
KazMunayGas National Co. JSC
3.50%⁽¹⁾		04/14/33		200,000		165,712
Petroleos Mexicanos
6.35%		02/12/48		5,000		3,275
Sunoco LP
7.25%⁽¹⁾		05/01/32		175,000		182,079

						351,066


Oil & Gas Services — 0.1%
USA Compression Partners LP/USA Compression Finance Corp.
7.13%⁽¹⁾		03/15/29		375,000		382,031


Packaging & Containers — 0.5%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
4.13%⁽¹⁾		08/15/26		382,000		323,959
5.25%⁽¹⁾		08/15/27		510,000		296,361
5.25%⁽¹⁾		08/15/27		305,000		175,018
Berry Global, Inc.
1.65%		01/15/27		40,000		36,959
5.50%		04/15/28		255,000		258,195
5.65%⁽¹⁾		01/15/34		150,000		150,528
Clearwater Paper Corp.
4.75%⁽¹⁾		08/15/28		600,000		567,738

						1,808,758


Pharmaceuticals — 1.0%
1375209 BC Ltd. (Canada)
9.00%⁽¹⁾		01/30/28		1,000,000		955,900
Bayer U.S. Finance II LLC (Germany)
4.25%⁽¹⁾		12/15/25		255,000		251,155
4.38%⁽¹⁾		12/15/28		210,000		202,975
4.88%⁽¹⁾		06/25/48		80,000		65,786
4.40%⁽¹⁾		07/15/44		245,000		191,223
6.50%⁽¹⁾		11/21/33		500,000		524,905
6.88%⁽¹⁾		11/21/53		345,000		364,620
Becton Dickinson & Co.
3.73%		12/15/24		3,000		2,980
Grifols SA (Spain)
4.75%⁽¹⁾		10/15/28		835,000		762,514

						3,322,058


Pipelines — 1.1%
Energy Transfer LP
6.63% (3 mo. USD LIBOR + 4.155%)^(2),(3)		02/15/28		733,000		720,172
Global Partners LP/GLP Finance Corp.
6.88%		01/15/29		430,000		428,693
8.25%⁽¹⁾		01/15/32		250,000		256,965


Issues	Maturity Date		Principal Amount		Value
NGL Energy Operating LLC/NGL Energy Finance Corp.
8.38%⁽¹⁾		02/15/32	$	275,000	$	281,251
NGPL PipeCo LLC
4.88%⁽¹⁾		08/15/27		40,000		39,671
Pipeline Funding Co. LLC
7.50%⁽¹⁾		01/15/30		142,118		152,553
Southern Natural Gas Co. LLC
4.80%⁽¹⁾		03/15/47		65,000		55,273
TMS Issuer SARL
5.78%⁽⁴⁾		08/23/32		200,000		204,316
TransMontaigne Partners LP/TLP Finance Corp.
6.13%		02/15/26		725,000		717,830
Venture Global Calcasieu Pass LLC
4.13%⁽¹⁾		08/15/31		580,000		528,009
Venture Global LNG, Inc.
7.00%⁽¹⁾		01/15/30		150,000		151,791
9.50%⁽¹⁾		02/01/29		229,000		254,788

						3,791,312


Real Estate — 0.4%
Add Hero Holdings Ltd. (Hong Kong)
8.50%^(7),(8)		09/30/29		32,259		1,686
9.00%^(9),(8)		09/30/30		24,874		599
9.80%^(10),(8)		09/30/31		32,460		780
Annington Funding PLC (United Kingdom)
2.31%⁽⁴⁾		10/06/32	GBP	100,000		101,489
3.18%⁽⁴⁾		07/12/29	GBP	100,000		115,784
3.69%⁽⁴⁾		07/12/34	GBP	100,000		109,062
Blackstone Property Partners Europe Holdings SARL (Luxembourg)
1.00%⁽⁴⁾		05/04/28	EUR	195,000		189,452
1.63%⁽⁴⁾		04/20/30	EUR	170,000		161,763
1.75%⁽⁴⁾		03/12/29	EUR	200,000		195,539
China Aoyuan Group Ltd.
0.00%^(3),(8)		12/31/99	$	49,185		516
5.50%^(5),(8)		09/30/31		18,534		207
Greystar Real Estate Partners LLC
7.75%⁽¹⁾		09/01/30		350,000		371,914
Sunac China Holdings Ltd.
6.00%^(1),(11),(8)		09/30/26		19,019		2,509
6.25%^(1),(12),(8)		09/30/27		19,042		2,179
6.50%^(1),(13),(8)		09/30/27		38,131		4,012
6.75%^(1),(14),(8)		09/30/28		57,267		5,732
7.00%^(1),(16),(8)		09/30/29		57,336		5,153
7.25%^(1),(15),(8)		09/30/30		26,970		2,284
Vonovia SE (Germany)
0.75%⁽⁴⁾		09/01/32	EUR	100,000		85,728
1.00%⁽⁴⁾		06/16/33	EUR	100,000		85,122

						1,441,510


REIT — 1.5%
American Assets Trust LP
3.38%		02/01/31	$	500,000		420,095
American Homes 4 Rent LP
3.38%		07/15/51		675,000		454,106
American Tower Corp.
2.10%		06/15/30		550,000		473,291
2.70%		04/15/31		80,000		69,515
Boston Properties LP
2.75%		10/01/26		10,000		9,431
Digital Dutch Finco BV
1.00%⁽⁴⁾		01/15/32	EUR	150,000		132,469
1.25%⁽⁴⁾		02/01/31	EUR	220,000		203,474
Digital Intrepid Holding BV
0.63%⁽⁴⁾		07/15/31	EUR	100,000		87,424
Extra Space Storage LP
2.35%		03/15/32	$	360,000		294,674

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024


Issues	Maturity Date		Principal Amount		Value
2.40%		10/15/31	$	71,000	$	59,725
GLP Capital LP/GLP Financing II, Inc.
3.25%		01/15/32		172,000		147,942
4.00%		01/15/30		337,000		315,365
4.00%		01/15/31		73,000		66,894
5.38%		04/15/26		40,000		39,982
5.75%		06/01/28		10,000		10,141
Healthcare Realty Holdings LP
2.05%		03/15/31		37,000		29,537
2.40%		03/15/30		325,000		275,619
3.10%		02/15/30		45,000		40,285
3.63%		01/15/28		150,000		141,056
Healthpeak OP LLC
3.40%		02/01/25		2,000		1,977
Hudson Pacific Properties LP
3.25%		01/15/30		525,000		401,315
3.95%		11/01/27		123,000		108,859
4.65%		04/01/29		25,000		21,094
5.95%		02/15/28		10,000		9,038
Invitation Homes Operating Partnership LP
2.00%		08/15/31		305,000		248,032
2.70%		01/15/34		190,000		153,965
5.50%		08/15/33		60,000		60,638
Kilroy Realty LP
2.50%		11/15/32		50,000		38,605
LXP Industrial Trust
2.70%		09/15/30		160,000		138,610
Prologis Euro Finance LLC
4.25%		01/31/43	EUR	100,000		110,089
Realty Income Corp.
5.13%		07/06/34	EUR	285,000		339,153
VICI Properties LP
4.95%		02/15/30	$	49,000		48,259
5.13%		05/15/32		86,000		84,155
5.63%		05/15/52		50,000		46,224
VICI Properties LP/VICI Note Co., Inc.
3.88%⁽¹⁾		02/15/29		30,000		28,271
4.50%⁽¹⁾		01/15/28		13,000		12,696
4.63%⁽¹⁾		06/15/25		10,000		9,911
5.75%⁽¹⁾		02/01/27		65,000		65,618
WP Carey, Inc.
4.25%		07/23/32	EUR	100,000		110,296

						5,307,830


Retail — 0.7%
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC
5.13%⁽¹⁾		04/15/29	$	743,000		689,140
Ferrellgas LP/Ferrellgas Finance Corp.
5.88%⁽¹⁾		04/01/29		769,000		717,785
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
6.75%⁽¹⁾		01/15/30		53,000		47,031
FirstCash, Inc.
6.88%⁽¹⁾		03/01/32		195,000		197,299
Lithia Motors, Inc.
3.88%⁽¹⁾		06/01/29		200,000		182,202
Michaels Cos., Inc.
7.88%⁽¹⁾		05/01/29		745,000		429,224
Raising Cane’s Restaurants LLC
9.38%⁽¹⁾		05/01/29		320,000		345,914

						2,608,595


Savings & Loans — 0.1%
Nationwide Building Society (United Kingdom)
2.97% (1 day USD SOFR + 1.290%)^(1),(2)		02/16/28		200,000		189,912


Issues	Maturity Date		Principal Amount		Value

Software — 0.3%
Open Text Corp. (Canada)
6.90%⁽¹⁾		12/01/27	$	760,000	$	789,001
RingCentral, Inc.
8.50%⁽¹⁾		08/15/30		161,000		169,187

						958,188


Telecommunications — 0.5%
Altice France SA
5.50%⁽¹⁾		10/15/29		285,000		200,817
Frontier Communications Holdings LLC
5.88%⁽¹⁾		10/15/27		155,000		153,644
8.63%⁽¹⁾		03/15/31		546,000		572,568
Global Switch Finance BV (United Kingdom)
1.38%⁽⁴⁾		10/07/30	EUR	285,000		279,916
Intelsat Jackson Holdings SA (Luxembourg)
6.50%⁽¹⁾		03/15/30		115,000		109,854
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
5.15%⁽¹⁾		09/20/29		371,250		371,358
Zayo Group Holdings, Inc.
4.00%⁽¹⁾		03/01/27		185,000		157,677

						1,845,834

Total Corporate Bonds (Cost: $76,241,981)						74,335,278

MUNICIPAL BONDS—0.2%
City of Los Angeles Department of Airports, Revenue Bond
3.89%		05/15/38		100,000		92,370
City of New York, General Obligation Unlimited
3.62%		04/01/31		155,000		147,515
County of Miami-Dade Aviation Revenue, Revenue Bond
2.61%		10/01/32		100,000		85,801
New York City Transitional Finance Authority Future Tax Secured Revenue,
1.85%		08/01/32		75,000		61,262
New York State Urban Development Corp., Revenue Bond
2.00%		03/15/33		100,000		81,317
2.54%		03/15/34		40,000		33,538
2.54%		03/15/34		135,000		112,754
State of Ohio, Revenue Bond
2.89%		01/01/32		100,000		89,380

Total Municipal Bonds (Cost: $823,805)						703,937

FOREIGN GOVERNMENT BONDS—1.1%
Brazil Government International Bonds
6.13%		03/15/34		400,000		395,032
Colombia Government International Bonds
8.00%		04/20/33		400,000		421,784
Costa Rica Government International Bonds
6.55%⁽⁴⁾		04/03/34		200,000		207,256
Dominican Republic International Bonds
4.50%⁽⁴⁾		01/30/30		200,000		186,270
4.88%⁽⁴⁾		09/23/32		200,000		183,724
Finance Department Government of Sharjah
6.50%⁽¹⁾		11/23/32		200,000		210,800
Guatemala Government Bonds
3.70%⁽⁴⁾		10/07/33		200,000		166,548
5.25%⁽⁴⁾		08/10/29		300,000		292,413
Mexico Government International Bonds
6.35%		02/09/35		300,000		309,252
Panama Government International Bonds
2.25%		09/29/32		200,000		148,628
3.16%		01/23/30		200,000		172,258
Paraguay Government International Bonds
4.95%⁽⁴⁾		04/28/31		400,000		391,164

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024


Issues	Maturity Date		Principal Amount		Value
Republic of South Africa Government International Bonds
5.88%		04/20/32	$	400,000	$	379,840
Romania Government International Bonds
3.00% ⁽⁴⁾		02/14/31		300,000		255,738
6.63% ⁽¹⁾		02/17/28		200,000		207,226

Total Foreign Government Bonds (Cost: $3,933,269)						3,927,933

ASSET-BACKED SECURITIES—15.5%
AGL CLO 13 Ltd. Series 2021-13A, Class B
7.19% (3 mo. USD Term SOFR + 1.912%)^(1),(2)		10/20/34		600,000		601,500
AIMCO CLO 11 Ltd. Series 2020-11A, Class AR
6.68% (3 mo. USD Term SOFR + 1.392%)^(1),(2)		10/17/34		185,000		185,259
AIMCO CLO 14 Ltd. Series 2021-14A, Class SUB
0.00% ^(1),(16)		04/20/34		700,000		517,720
Allegro CLO XVI Ltd. Series 2024-1A, Class C
8.00% (3 mo. USD Term SOFR + 2.700%)^(1),(2)		04/25/37		1,000,000		1,013,400
AMSR Trust Series 2020-SFR1, Class I
8.19% ⁽¹⁾		04/17/37		605,000		602,119
AMSR Trust Series 2020-SFR3, Class H
6.50% ⁽¹⁾		09/17/37		635,000		626,754
AMSR Trust Series 2021-SFR3, Class G
3.80% ⁽¹⁾		10/17/38		600,000		549,349
BCRED CLO LLC Series 2023-1A, Class A
7.58% (3 mo. USD Term SOFR + 2.300%)^(1),(2)		01/20/36		1,200,000		1,208,760
BMO SBA COOF Trust Series 2019-1, Class A (I/O)
1.58% ^(1),(16)		10/25/45		2,362,271		83,404
Carvana Auto Receivables Trust Series 2020-P1, Class R
0.00% ^(1),(17)		09/08/27		1,300		112,652
Carvana Auto Receivables Trust Series 2021-N3, Class R
0.00% ^(1),(17)		06/12/28		1,500		107,817
Carvana Auto Receivables Trust Series 2022-P2, Class R
0.00% ^(1),(17)		05/10/29		3,050		440,789
Carvana Auto Receivables Trust Series 2023-N3, Class R
0.00% ^(1),(17)		09/10/30		2,200		658,380
Carvana Auto Receivables Trust Series 2023-N3, Class XS (I/O)
0.00% ^(1),(18)		09/10/30		24,544,855		394,117
Carvana Auto Receivables Trust Series 2023-P1, Class R
0.00% ^(1),(17)		03/11/30		3,100		458,176
Carvana Auto Receivables Trust Series 2023-P2, Class R
0.00% ^(1),(17)		06/10/30		2,000		401,836
Carvana Auto Receivables Trust Series 2023-P3, Class R
0.00% ^(1),(17)		08/12/30		2,000		370,691
CIFC Funding Ltd. Series 2017-4A, Class A2R
7.10% (3 mo. USD Term SOFR + 1.812%)^(1),(2)		10/24/30		575,000		575,460
CIFC Funding Ltd. Series 2018-1A, Class SUB
0.00% ^{(1),(16),(18)}		04/18/31		575,000		180,837
CIFC Funding Ltd. Series 2019-6A, Class D2R
9.98% (3 mo. USD Term SOFR + 4.650%)^(1),(2)		07/16/37		875,000		903,219
CIFC Funding Ltd. Series 2022-2A, Class INCB
0.00% ^{(1),(16),(18)}		04/19/35		475,000		355,009

Issues

Maturity
Date

Principal
Amount

Value

CoreVest American Finance Ltd. Series 2019-3, Class XA (I/O)

2.00% ^(1),(16)

10/15/52

299,477

2,768

CoreVest American Finance Trust Series 2021-1, Class XB (I/O)

1.48% ^(1),(16)

04/15/53

4,459,000

241,343

CyrusOne Data Centers Issuer I LLC Series 2024-1A, Class A2

4.76% ⁽¹⁾

03/22/49

1,700,000

1,635,775

Dryden 72 CLO Ltd. Series 2019-72A, Class BR

7.23% (3 mo. USD Term SOFR + 1.912%)^(1),(2)

05/15/32

860,000

860,172

Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR

6.46% (3 mo. USD Term SOFR + 1.162%)^(1),(2)

04/15/29

37,144

37,196

FirstKey Homes Trust Series 2020-SFR1, Class F2

4.28% ⁽¹⁾

08/17/37

1,688,000

1,641,916

FirstKey Homes Trust Series 2021-SFR3, Class E1

2.99% ⁽¹⁾

12/17/38

944,000

873,724

FirstKey Homes Trust Series 2022-SFR1, Class D

5.20% ⁽¹⁾

05/19/39

1,600,000

1,569,697

Flatiron CLO 21 Ltd. Series 2021-1A, Class A1

6.65% (3 mo. USD Term SOFR + 1.372%)^(1),(2)

07/19/34

1,290,360

1,294,102

FRTKL Group, Inc. Series 2021-SFR1, Class F

3.17% ⁽¹⁾

09/17/38

1,779,000

1,619,406

Gilbert Park CLO Ltd. Series 2017-1A, Class A

6.75% (3 mo. USD Term SOFR + 1.452%)^(1),(2)

10/15/30

125,128

125,354

GLS Auto Receivables Issuer Trust Series 2023-2A, Class D

6.31% ⁽¹⁾

03/15/29

1,110,000

1,125,189

GoldenTree Loan Management U.S. CLO 17 Ltd. Series 2023-17A, Class D

10.28% (3 mo. USD Term SOFR + 5.000%)^(1),(2)

07/20/36

850,000

875,882

GoldenTree Loan Management U.S. CLO 8 Ltd. Series 2020-8A, Class AR

6.69% (3 mo. USD Term SOFR + 1.412%)^(1),(2)

10/20/34

250,000

250,100

Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA, Class A2R

8.07% (3 mo. USD Term SOFR + 2.750%)^(1),(2)

01/20/36

800,000

809,680

Golub Capital Partners CLO 69M Ltd. Series 2023-69A, Class B1

8.57% (3 mo. USD Term SOFR + 3.250%)^(1),(2)

11/09/36

1,200,000

1,217,520

Hertz Vehicle Financing III LP Series 2021-2A, Class C

2.52% ⁽¹⁾

12/27/27

950,000

873,359

HOA Funding LLC Series 2021-1A, Class A2

4.72% ⁽¹⁾

08/20/51

816,900

639,896

HPS Loan Management Ltd. Series 2023-18A, Class D

11.03% (3 mo. USD Term SOFR + 5.750%)^(1),(2)

07/20/36

850,000

875,627

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024

Issues

Maturity
Date

Principal
Amount

Value

HPS Loan Management Ltd. Series 2024-19A, Class C2

8.22% (-3 mo. USD Term SOFR + 2.900%)^(1),(2)

04/15/37

1,000,000

1,016,500

JGWPT XXX LLC Series 2013-3A, Class A

4.08% ⁽¹⁾

01/17/73

35,404

33,550

JGWPT XXXII LLC Series 2014-2A, Class A

3.61% ⁽¹⁾

01/17/73

35,003

31,880

Madison Park Funding XLVIII Ltd. Series 2021-48A, Class A

6.69% (3 mo. USD LIBOR +
1.150%)^(1),(2)

04/19/33

986,393

988,563

Navient Student Loan Trust Series 2018-4A, Class B

6.76% (30 day USD SOFR Average + 1.414%)^(1),(2)

06/27/67

850,000

809,679

Neuberger Berman CLO XVI-S Ltd. Series 2017-16SA, Class AR

6.60% (3 mo. USD Term SOFR + 1.302%)^(1),(2)

04/15/34

1,200,000

1,202,280

Neuberger Berman Loan Advisers CLO 40 Ltd. Series 2021-40A, Class SUB

0.00% ^{(1),(16),(18)}

04/16/33

275,000

134,888

OCP CLO Ltd. Series 2017-14A, Class A1A

6.74% (3 mo. USD Term SOFR + 1.412%)^(1),(2)

11/20/30

187,190

187,246

OCP CLO Ltd. Series 2023-28A, Class D

10.64% (3 mo. USD Term SOFR + 5.350%)^(1),(2)

07/16/36

900,000

927,945

Octagon Investment Partners 44 Ltd. Series 2019-1A, Class BR

7.26% (3 mo. USD Term SOFR + 1.962%)^(1),(2)

10/15/34

700,000

703,290

Palmer Square CLO Ltd. Series 2014-1A, Class A1R2

6.68% (3 mo. USD Term SOFR + 1.392%)^(1),(2)

01/17/31

93,456

93,597

Palmer Square CLO Ltd. Series 2021-1A, Class SUB

0.00% ^{(1),(16),(18)}

04/20/34

625,000

357,312

PHEAA Student Loan Trust Series 2014-3A, Class A

6.05% (30 day USD SOFR Average + 0.704%)^(1),(2)

08/25/40

17,229

17,046

Progress Residential Trust Series 2021-SFR1, Class H

5.00% ⁽¹⁾

04/17/38

1,400,000

1,309,039

Progress Residential Trust Series 2021-SFR10, Class F

4.61% ⁽¹⁾

12/17/40

1,307,470

1,196,450

Progress Residential Trust Series 2021-SFR11, Class F

4.42% ⁽¹⁾

01/17/39

1,250,000

1,133,466

Progress Residential Trust Series 2021-SFR2, Class H

5.00% ⁽¹⁾

04/19/38

819,000

769,055

Progress Residential Trust Series 2021-SFR3, Class G

4.25% ⁽¹⁾

05/17/26

1,211,000

1,130,192

Progress Residential Trust Series 2021-SFR4, Class F

3.41% ⁽¹⁾

05/17/38

1,530,000

1,421,064

Progress Residential Trust Series 2021-SFR6, Class G

4.00% ⁽¹⁾

07/17/38

1,250,000

1,151,013

Progress Residential Trust Series 2021-SFR8, Class G

4.01% ⁽¹⁾

10/17/38

1,488,000

1,354,220

Progress Residential Trust Series 2021-SFR9, Class E1

2.81% ⁽¹⁾

11/17/40

1,531,000

1,368,094

Issues

Maturity
Date

Principal
Amount

Value

Rad CLO 25 Ltd. Series 2024-25A, Class D2

9.77% (3 mo. USD Term SOFR + 4.450%)^(1),(2)

07/20/37

765,000

792,502

Regatta XII Funding Ltd. Series 2019-1A, Class BR

7.16% (3 mo. USD Term SOFR + 1.862%)^(1),(2)

10/15/32

750,000

750,825

Rockford Tower CLO Ltd. Series 2017-2A, Class AR

6.58% (3 mo. USD Term SOFR + 1.282%)^(1),(2)

10/15/29

19,675

19,680

Rockford Tower CLO Ltd. Series 2017-3A, Class A

6.73% (3 mo. USD Term SOFR + 1.452%)^(1),(2)

10/20/30

389,256

389,917

Rockford Tower CLO Ltd. Series 2023-1A, Class D

10.60% (3 mo. USD Term SOFR + 5.320%)^(1),(2)

01/20/36

850,000

877,327

Santander Consumer Auto Receivables Trust Series 2020-BA, Class R

0.00% ^(1),(17)

08/15/28

2,000

546,022

Santander Consumer Auto Receivables Trust Series 2021-CA, Class R

0.00% ^(1),(17)

06/15/28

5,150

509,221

Sierra Timeshare Receivables Funding LLC Series 2024-2A, Class C

5.83% ⁽¹⁾

06/20/41

1,000,000

1,006,932

Skyline Aviation, Inc. Series 2004-1, Class A

3.23% ⁽⁸⁾

07/03/38

442,537

401,084

SLM Student Loan Trust Series 2004-1, Class B

6.12% (90 day USD SOFR Average + 0.762%)⁽²⁾

07/25/39

114,901

109,721

SLM Student Loan Trust Series 2008-5, Class A4

7.32% (90 day USD SOFR Average + 1.962%)⁽²⁾

07/25/23

38,028

38,127

SLM Student Loan Trust Series 2008-7, Class A4

6.52% (90 day USD SOFR Average + 1.162%)⁽²⁾

07/25/23

8,097

8,029

SLM Student Loan Trust Series 2008-7, Class B

7.47% (90 day USD SOFR Average + 2.112%)⁽²⁾

07/26/83

10,000

10,159

Stratus CLO Ltd. Series 2021-3A, Class SUB

0.00% ^{(1),(16),(18)}

12/29/29

975,000

120,705

Taco Bell Funding LLC Series 2016-1A, Class A23

4.97% ⁽¹⁾

05/25/46

721,875

716,013

Taco Bell Funding LLC Series 2021-1A, Class A2I

1.95% ⁽¹⁾

08/25/51

953,025

878,636

Textainer Marine Containers VII Ltd. Series 2021-1A, Class B

2.52% ⁽¹⁾

02/20/46

557,580

498,152

Tricon Residential Trust Series 2021-SFR1, Class F

3.69% ⁽¹⁾

07/17/38

900,000

837,422

Voya CLO Ltd. Series 2018-4A, Class BR

7.21% (3 mo. USD Term SOFR + 1.912%)^(1),(2)

01/15/32

800,000

800,800

Total Asset-Backed Securities
(Cost: $53,755,962)

53,563,597

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024

Issues

Maturity
Date

Principal
Amount

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES — AGENCY —0.6%

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K037, Class X3 (I/O)

4.94%⁽¹⁶⁾

01/25/42

25,524

—

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K043, Class X1 (I/O)

0.50%⁽¹⁶⁾

12/25/24

22,191,294

21,055

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K044, Class X3 (I/O)

1.50%⁽¹⁶⁾

01/25/43

4,900,000

30,616

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K045, Class X1 (I/O)

0.41%⁽¹⁶⁾

01/25/25

25,945,781

16,842

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X1 (I/O)

0.54%⁽¹⁶⁾

07/25/25

11,945,277

44,006

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K049, Class X3 (I/O)

1.55%⁽¹⁶⁾

10/25/43

2,925,000

42,456

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K050, Class X1 (I/O)

0.28%⁽¹⁶⁾

08/25/25

20,877,382

49,302

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K056, Class X3 (I/O)

2.12%⁽¹⁶⁾

06/25/44

6,243,936

229,371

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K062, Class X3 (I/O)

2.08%⁽¹⁶⁾

01/25/45

2,999,975

136,467

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K106, Class X1 (I/O)

1.32%⁽¹⁶⁾

01/25/30

9,228,353

555,448

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K732, Class X3 (I/O)

2.17%⁽¹⁶⁾

05/25/46

4,850,000

91,008

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K735, Class X3 (I/O)

2.15%⁽¹⁶⁾

05/25/47

3,160,000

113,131

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K736, Class X3 (I/O)

2.01%⁽¹⁶⁾

09/25/47

2,495,000

91,710

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KC05, Class X1 (I/O)

1.22%⁽¹⁶⁾

06/25/27

635,033

15,075

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KLU1, Class X3 (I/O)

4.11%⁽¹⁶⁾

01/25/31

251,945

22,727

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT1 (I/O)

1.66%⁽¹⁶⁾

05/25/25

3,063,652

31,454

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series Q013, Class XPT2 (I/O)

1.81%⁽¹⁶⁾

05/25/27

3,588,541

126,913

Federal National Mortgage Association, Pool #462209

7.05% (1 yr. CMT + 2.176%)⁽²⁾

04/01/36

44,003

Federal National Mortgage Association-ACES Series 2016-M11, Class X2 (ACES) (I/O)

3.06%⁽¹⁶⁾

07/25/39

240,725

4,457

Federal National Mortgage Association-Aces Series 2016-M2, Class X3 (I/O)

2.04%⁽¹⁶⁾

04/25/36

62,875

Federal National Mortgage Association-Aces Series 2016-M4, Class X2 (I/O)

2.69%⁽¹⁶⁾

01/25/39

448,606

2,349

Issues

Maturity
Date

Principal
Amount

Value

Government National Mortgage Association Series 2009-111, Class IO (I/O)

0.19%⁽¹⁶⁾

09/16/51

873,145

31,800

Government National Mortgage Association Series 2010-159, Class D

4.56%⁽¹⁶⁾

09/16/44

93,436

92,292

Government National Mortgage Association Series 2011-119, Class IO (I/O)

0.17%⁽¹⁶⁾

08/16/51

1,089,673

1,560

Government National Mortgage Association Series 2011-86, Class C

3.64%⁽¹⁶⁾

09/16/51

186,865

177,622

Government National Mortgage Association Series 2012-123, Class IO (I/O)

0.62%⁽¹⁶⁾

12/16/51

1,438,749

23,488

Government National Mortgage Association Series 2012-135, Class IO (I/O)

0.34%⁽¹⁶⁾

01/16/53

253,587

2,499

Government National Mortgage Association Series 2013-33, Class IO (I/O)

0.20%⁽¹⁶⁾

04/16/54

331,897

920

Government National Mortgage Association Series 2014-126, Class IO (I/O)

0.71%⁽¹⁶⁾

02/16/55

4,625,357

103,550

Total Commercial Mortgage-Backed Securities — Agency (Cost: $3,625,331)

2,102,122

COMMERCIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY—9.5%

1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2

3.90%⁽¹⁾

08/10/35

1,275,000

1,237,559

1211 Avenue of the Americas Trust Series 2015-1211, Class C

4.14%^(1),(16)

08/10/35

1,080,000

1,032,623

Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class XA (I/O)

0.73%⁽¹⁶⁾

09/15/48

5,509,489

28,709

Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class XE (I/O)

1.25%^(1),(16)

09/15/48

500,000

5,985

BB-UBS Trust Series 2012-SHOW, Class XA (I/O)

0.60%^(1),(16)

11/05/36

3,109,000

BB-UBS Trust Series 2012-SHOW, Class XB (I/O)

0.14%^(1),(16)

11/05/36

1,395,000

Benchmark Mortgage Trust Series 2020-B18, Class AGNF

4.14%⁽¹⁾

07/15/53

529,000

493,169

Blackstone Industrial Portfolio

2.23%⁽⁸⁾

04/09/25

192,182

188,011

BX Commercial Mortgage Trust Series 2021-VINO, Class D

6.80% (1 mo. USD Term SOFR + 1.467%)^(1),(2)

05/15/38

865,141

851,154

BX Trust Series 2021-MFM1, Class B

6.39% (1 mo. USD Term SOFR + 1.064%)^(1),(2)

01/15/34

996,140

983,762

BX Trust Series 2024-BIO, Class D

8.97% (1 mo. USD Term SOFR + 3.639%)^(1),(2)

02/15/41

530,000

527,050

BXP Trust Series 2017-GM, Class D

3.42%^(1),(16)

06/13/39

1,000,000

905,807

BXP Trust Series 2017-GM, Class E

3.42%^(1),(16)

06/13/39

750,000

668,960

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024

Issues

Maturity
Date

Principal
Amount

Value

CAMB Commercial Mortgage Trust Series 2019-LIFE, Class B

6.88% (1 mo. USD Term SOFR + 1.547%)^(1),(2)

12/15/37

1,050,000

1,048,606

CAMB Commercial Mortgage Trust Series 2019-LIFE, Class E

7.78% (1 mo. USD Term SOFR + 2.447%)^(1),(2)

12/15/37

1,040,000

1,039,538

CD Mortgage Trust Series 2016-CD1, Class XA (I/O)

1.34%⁽¹⁶⁾

08/10/49

8,660,266

146,204

Century Plaza Towers Series 2019-CPT, Class F

3.00%^(1),(16)

11/13/39

450,000

313,436

CGMS Commercial Mortgage Trust Series 2017-B1, Class XF (I/O)

0.81%^(1),(16)

08/15/50

11,628,000

242,457

Citigroup Commercial Mortgage Trust Series 2013-375P, Class B

3.52%^(1),(16)

05/10/35

700,000

676,734

Citigroup Commercial Mortgage Trust Series 2014-GC25, Class XA (I/O)

0.86%⁽¹⁶⁾

10/10/47

5,002,926

Citigroup Commercial Mortgage Trust Series 2015-GC27, Class XA (I/O)

1.30%⁽¹⁶⁾

02/10/48

1,463,894

3,260

Citigroup Commercial Mortgage Trust Series 2016-GC36, Class XA (I/O)

1.20%⁽¹⁶⁾

02/10/49

5,328,798

68,856

Citigroup Commercial Mortgage Trust Series 2020-555, Class A

2.65%⁽¹⁾

12/10/41

1,450,000

1,238,112

COMM Mortgage Trust Series 2012-CR4, Class XA (I/O)

1.14%⁽¹⁶⁾

10/15/45

160,043

COMM Mortgage Trust Series 2012-LC4, Class XB (I/O)

0.37%^(1),(16)

12/10/44

1,369,476

417

COMM Mortgage Trust Series 2014-CR19, Class XA (I/O)

0.52%⁽¹⁶⁾

08/10/47

30,876

—

COMM Mortgage Trust Series 2014-CR19, Class XC (I/O)

0.75%^(1),(16)

08/10/47

1,200,000

COMM Mortgage Trust Series 2014-UBS3, Class XA (I/O)

0.73%⁽¹⁶⁾

06/10/47

844,240

COMM Mortgage Trust Series 2014-UBS5, Class XA (I/O)

0.68%^(16),(8)

09/10/47

14,928,831

149

COMM Mortgage Trust Series 2014-UBS6, Class XA (I/O)

0.81%⁽¹⁶⁾

12/10/47

8,808,109

COMM Mortgage Trust Series 2015-CR22, Class XA (I/O)

0.81%⁽¹⁶⁾

03/10/48

9,619,818

12,141

COMM Mortgage Trust Series 2015-CR25, Class XA (I/O)

0.78%⁽¹⁶⁾

08/10/48

7,420,666

38,632

COMM Mortgage Trust Series 2015-LC21, Class XE (I/O)

1.06%^(1),(16)

07/10/48

10,015,000

89,760

COMM Mortgage Trust Series 2016-CR28, Class XA (I/O)

0.68%⁽¹⁶⁾

02/10/49

13,784,673

93,603

Commercial Mortgage Lease-Backed Certificates Series 2001-CMLB, Class X (I/O)

1.55%^(1),(16)

06/20/31

318,539

343

CONE Trust Series 2024-DFW1, Class B

7.59% (1 mo. USD Term SOFR + 2.291%)^(1),(2)

08/15/26

1,267,000

1,267,357

CSAIL Commercial Mortgage Trust Series 2015-C2, Class XA (I/O)

0.70%⁽¹⁶⁾

06/15/57

15,894,606

24,465


Issues	Maturity Date		Principal Amount		Value
CSAIL Commercial Mortgage Trust Series 2019-C16, Class XA (I/O)
1.54%⁽¹⁶⁾		06/15/52	$	553,188	$	32,038
DBJPM Mortgage Trust Series 2016-C1, Class XA (I/O)
1.36%⁽¹⁶⁾		05/10/49		8,540,005		125,421
DBSG Mortgage Trust Series 2024-ALTA, Class D
7.06%^(1),(16)		06/10/37		500,000		506,434
DBUBS Mortgage Trust Series 2017-BRBK, Class F
3.53%^(1),(16)		10/10/34		380,000		312,843
DOLP Trust Series 2021-NYC, Class A
2.96%⁽¹⁾		05/10/41		1,458,000		1,254,310
DOLP Trust Series 2021-NYC, Class E
3.70%^(1),(16)		05/10/41		600,000		435,739
Eleven Madison Trust Mortgage Trust Series 2015-11MD, Class A
3.55%^(1),(16)		09/10/35		1,114,500		1,072,820
Extended Stay America Trust Series 2021-ESH, Class F
9.14% (1 mo. USD Term SOFR + 3.814%)^(1),(2)		07/15/38		543,850		545,146
GS Mortgage Securities Trust Series 2010-C1, Class X (I/O)
0.44%^(1),(16)		08/10/43		5,140,778		51
GS Mortgage Securities Trust Series 2011-GC5, Class XA (I/O)
1.70%^(1),(16)		08/10/44		462,026		5
GS Mortgage Securities Trust Series 2015-GC32, Class XA (I/O)
0.68%⁽¹⁶⁾		07/10/48		30,107,970		126,920
GS Mortgage Securities Trust Series 2015-GC34, Class XA (I/O)
1.19%⁽¹⁶⁾		10/10/48		5,025,400		47,869
GS Mortgage Securities Trust Series 2015-GS1, Class XA (I/O)
0.75%⁽¹⁶⁾		11/10/48		8,966,769		62,341
GS Mortgage Securities Trust Series 2016-GS2, Class XA (I/O)
1.73%⁽¹⁶⁾		05/10/49		246,227		4,984
GS Mortgage Securities Trust Series 2016-GS4, Class XA (I/O)
0.56%⁽¹⁶⁾		11/10/49		14,464,842		140,627
GSCG Trust Series 2019-600C, Class G
3.99%^(1),(16)		09/06/34		285,000		5,978
GWT Trust Series 2024-WLF2, Class B
7.47% (1 mo. USD Term SOFR + 2.141%)^(1),(2)		05/15/41		522,000		522,823
Hudson Yards Mortgage Trust Series 2019-30HY, Class D
3.44%^(1),(16)		07/10/39		800,000		678,007
JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XA (I/O)
0.42%⁽¹⁶⁾		07/15/48		22,018,752		57,564
JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class XNR (I/O)
0.25%^(1),(16)		07/15/48		44,724,406		83,071
JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class XA (I/O)
0.80%⁽¹⁶⁾		08/15/48		5,869,679		33,308
JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class XA (I/O)
0.80%⁽¹⁶⁾		03/15/50		4,121,058		62,846
JPMCC Commercial Mortgage Securities Trust Series 2019-COR4, Class A3
3.76%		03/10/52		500,000		471,816
JPMDB Commercial Mortgage Securities Trust Series 2016-C2, Class XA (I/O)
1.47%⁽¹⁶⁾		06/15/49		238,417		4,302

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024

Issues

Maturity
Date

Principal
Amount

Value

JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class XB (I/O)

0.47%^(1),(16)

06/15/45

51,395,012

243,098

JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11, Class XA (I/O)

0.94%⁽¹⁶⁾

04/15/46

116,101

JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-ACE, Class XA (I/O)

0.34%^(1),(16)

01/10/37

2,000,000

4,392

JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-LOOP, Class XB (I/O)

0.25%^(1),(16)

12/05/38

2,010,000

10,888

JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XAFX (I/O)

1.88%^(1),(16)

01/16/37

450,000

3,326

JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class XBFX (I/O)

0.57%^(1),(16)

01/16/37

1,450,000

3,783

Last Mile Logistics Pan Euro Finance DAC Series 1A, Class F

7.47% (3 mo. EUR EURIBOR + 3.650%)^(1),(2)

08/17/33

EUR

490,928

512,808

Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XC (I/O)

0.09%^(1),(16)

08/15/45

23,297,478

102,846

Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12, Class XC (I/O)

1.10%^(1),(16)

10/15/46

17,836,342

31,935

Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C18, Class XA (I/O)

0.43%⁽¹⁶⁾

10/15/47

35,765

—

Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C21, Class XA (I/O)

0.83%⁽¹⁶⁾

03/15/48

3,007,327

2,449

Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22, Class XA (I/O)

0.98%⁽¹⁶⁾

04/15/48

1,000,360

2,138

Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class XA (I/O)

0.68%⁽¹⁶⁾

05/15/48

6,639,625

27,088

Morgan Stanley Capital I Trust Series 2011-C2, Class XB (I/O)

0.47%^(1),(16)

06/15/44

10,689,305

36,742

MSBAM Commercial Mortgage Securities Trust Series 2012-CKSV, Class XA (I/O)

1.00%^(1),(16)

10/15/30

948,083

Natixis Commercial Mortgage Securities Trust Series 2018-ALXA, Class E

4.32%^(1),(16)

01/15/43

100,000

57,337

Natixis Commercial Mortgage Securities Trust Series 2019-FAME, Class D

4.40%^(1),(16)

08/15/36

665,000

417,288

Natixis Commercial Mortgage Securities Trust Series 2019-FAME, Class E

4.40%^(1),(16)

08/15/36

395,000

165,900

NRTH Mortgage Trust Series 2024-PARK, Class A

6.97% (1 mo. USD Term SOFR + 1.641%)^(1),(2)

03/15/39

701,000

699,163

Roseville Ltd.

8.58%⁽⁸⁾

03/29/25

495,000

494,060

SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2A

3.66%^(1),(16)

01/05/43

400,000

343,449

Issues

Maturity
Date

Principal
Amount

Value

SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class A2B

4.14%^(1),(16)

01/05/43

460,000

396,980

SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE, Class C

4.39%^(1),(16)

01/05/43

925,000

701,392

SMRT Commercial Mortgage Trust Series 2022-MINI, Class F

8.68% (1 mo. USD Term SOFR + 3.350%)^(1),(2)

01/15/39

570,000

537,987

SREIT Trust Series 2021-MFP2, Class C

6.81% (1 mo. USD Term SOFR + 1.485%)^(1),(2)

11/15/36

1,060,000

1,041,407

STWD Trust Series 2021-FLWR, Class B

6.37% (1 mo. USD Term SOFR + 1.040%)^(1),(2)

07/15/36

1,200,000

1,180,824

Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class C

9.11% (1 mo. USD Term SOFR + 3.777%)^(1),(2)

05/15/37

675,000

678,994

Taurus U.K. DAC Series 2021-UK1A, Class D

7.83% (1 day GBP SONIA
+ 2.600%)^(1),(2)

05/17/31

GBP

471,537

604,442

TPGI Trust Series 2021-DGWD, Class E

7.79% (1 mo. USD Term SOFR + 2.464%)^(1),(2)

06/15/26

1,056,000

1,050,631

UBS Commercial Mortgage Trust Series 2017-C4, Class XA (I/O)

1.09%⁽¹⁶⁾

10/15/50

8,036,531

218,339

WB Commercial Mortgage Trust Series 2024-HQ, Class B

6.42%^(1),(16)

03/15/40

1,049,000

1,063,772

Wells Fargo Commercial Mortgage Trust Series 2014-LC18, Class XA (I/O)

1.00%⁽¹⁶⁾

12/15/47

1,231,306

1,073

Wells Fargo Commercial Mortgage Trust Series 2015-C27, Class XA (I/O)

0.80%⁽¹⁶⁾

02/15/48

14,487,632

34,207

Wells Fargo Commercial Mortgage Trust Series 2015-C31, Class XA (I/O)

0.95%⁽¹⁶⁾

11/15/48

16,659,820

127,103

Wells Fargo Commercial Mortgage Trust Series 2015-LC20, Class XF (I/O)

1.74%^(1),(16)

04/15/50

415,000

10,988

Wells Fargo Commercial Mortgage Trust Series 2015-NXS3, Class XA (I/O)

0.87%⁽¹⁶⁾

09/15/57

8,991,412

62,433

Wells Fargo Commercial Mortgage Trust Series 2016-C34, Class XA (I/O)

2.05%⁽¹⁶⁾

06/15/49

5,715,477

115,932

Wells Fargo Commercial Mortgage Trust Series 2018-C47, Class AS

4.67%⁽¹⁶⁾

09/15/61

1,100,000

1,068,098

Wells Fargo Commercial Mortgage Trust Series 2024-5C1, Class C

7.03%⁽¹⁶⁾

07/15/57

847,000

854,453

WFRBS Commercial Mortgage Trust Series 2012-C10, Class XB (I/O)

0.36%^(1),(16)

12/15/45

40,936,066

409

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024


Issues	Maturity Date		Principal Amount		Value
WFRBS Commercial Mortgage Trust Series 2014-C20, Class XA (I/O)
0.45%⁽¹⁶⁾		05/15/47	$	385,162	$	4
WFRBS Commercial Mortgage Trust Series 2014-C22, Class XA (I/O)
0.64%⁽¹⁶⁾		09/15/57		985,463		19
WFRBS Commercial Mortgage Trust Series 2014-C24, Class XA (I/O)
0.86%⁽¹⁶⁾		11/15/47		3,682,014		37

Total Commercial Mortgage-Backed Securities — Non-Agency (Cost: $44,579,774)						32,722,564

RESIDENTIAL MORTGAGE-BACKED SECURITIES — AGENCY —22.8%
Federal Home Loan Mortgage Corp., Pool #SD3246
4.00%⁽¹⁹⁾		08/01/52		1,827,402		1,712,458
Federal Home Loan Mortgage Corp., Pool #SD8199
2.00%		03/01/52		6,127,952		4,933,640
Federal Home Loan Mortgage Corp., Pool #SD8211
2.00%		05/01/52		179,655		144,641
Federal Home Loan Mortgage Corp., Pool #SD8225
3.00%		07/01/52		999,914		873,660
Federal Home Loan Mortgage Corp., Pool #SD8245
4.50%		09/01/52		2,694,563		2,598,135
Federal Home Loan Mortgage Corp., Pool #SD8275
4.50%		12/01/52		1,979,657		1,908,199
Federal Home Loan Mortgage Corp. STRIPS Series 240, Class IO (I/O)
5.50%		07/15/36		189,032		38,510
Federal National Mortgage Association, Pool #BV8515
3.00%		05/01/52		2,350,745		2,053,927
Federal National Mortgage Association, Pool #CB2403
2.50%		12/01/51		1,835,613		1,541,139
Federal National Mortgage Association, Pool #FS3806
2.50%		07/01/52		1,468,598		1,235,271
Federal National Mortgage Association, Pool #FS6925
2.50%		12/01/51		2,353,072		1,976,698
Federal National Mortgage Association, Pool #FS6943
3.00%		06/01/52		3,817,950		3,333,807
Federal National Mortgage Association, Pool #FS7577
2.50%		01/01/54		801,640		673,031
Federal National Mortgage Association, Pool #MA4577
2.00%		04/01/52		350,127		281,889
Federal National Mortgage Association, Pool #MA4700
4.00%⁽¹⁹⁾		08/01/52		3,231,511		3,028,279
Federal National Mortgage Association, Pool #MA4783
4.00%⁽¹⁹⁾		10/01/52		1,832,199		1,716,953
Federal National Mortgage Association, Pool #MA4784
4.50%⁽¹⁹⁾		10/01/52		1,198,154		1,155,095
Federal National Mortgage Association REMICS Series 2005-56, Class SP (I/F) (PAC)
6.00% (-30 day USD SOFR Average + 41.613%)⁽²⁾		08/25/33		946		940
Federal National Mortgage Association REMICS Series 2011-116, Class SA (I/O)
0.54% (-30 day USD SOFR Average + 5.886%)⁽²⁾		11/25/41		53,105		3,761
Federal National Mortgage Association REMICS Series 2012-139, Class AI (I/O)
3.00%		12/25/27		94,363		2,980
Government National Mortgage Association, Pool #MA8427
4.50%		11/20/52		1,862,683		1,807,419


Issues	Maturity Date		Principal Amount		Value
Government National Mortgage Association REMICS Series 2003-110, Class S (I/O)
1.14% (-1 mo. USD Term SOFR + 6.486%)⁽²⁾		10/20/33	$	215,954	$	13,170
Government National Mortgage Association REMICS Series 2018-124, Class NW
3.50%		09/20/48		23,265		21,346
Government National Mortgage Association REMICS Series 2018-154, Class BP (PAC)
3.50%		11/20/48		2,271		2,127
Government National Mortgage Association REMICS Series 2023-111, Class FN
6.54% (30 day USD SOFR Average + 1.200%)⁽²⁾		08/20/53		1,901,693		1,916,188
Government National Mortgage Association, TBA
5.00%⁽²⁰⁾		04/01/54		4,050,000		4,006,128
5.50%⁽²⁰⁾		04/01/54		2,575,000		2,583,523
4.50%⁽²⁰⁾		05/01/53		2,900,000		2,809,278
Uniform Mortgage-Backed Security, TBA
3.00%⁽²⁰⁾		01/01/52		4,175,000		3,643,333
4.00%⁽²⁰⁾		04/01/52		7,400,000		6,932,720
4.50%⁽²⁰⁾		03/01/53		7,225,000		6,958,690
2.00%⁽²⁰⁾		11/01/51		5,600,000		4,504,203
2.50%⁽²⁰⁾		12/01/51		6,025,000		5,052,017
5.00%⁽²⁰⁾		02/01/54		6,425,000		6,330,151
5.50%⁽²⁰⁾		02/01/54		2,925,000		2,930,016

Total Residential Mortgage-Backed Securities — Agency (Cost: $77,708,108)						78,723,322

RESIDENTIAL MORTGAGE-BACKED SECURITIES — NON-AGENCY—23.6%
American Home Mortgage Assets Trust Series 2006-6, Class XP (P/O)
0.05%^(8),(16)		12/25/46		20,035,924		134,658
American Home Mortgage Assets Trust Series 2007-1, Class A1
5.87% (1 yr. MTA + 0.700%)⁽²⁾		02/25/47		2,230,069		786,629
American Home Mortgage Assets Trust Series 2007-5, Class XP (P/O)
0.07%^(16),(8)		06/25/47		12,108		53
Banc of America Alternative Loan Trust Series 2006-5, Class CB8
5.77% (1 mo. USD Term SOFR + 0.424%)^(2),(21)		06/25/46		1,593,339		1,261,609
Banc of America Alternative Loan Trust Series 2006-5, Class CB9 (I/O)
1.23% (-1 mo. USD Term SOFR + 6.576%)^(2),(8)		06/25/46		1,590,636		131,474
Banc of America Funding Trust Series 2006-3, Class 5A3
5.50%⁽²¹⁾		03/25/36		4,583		4,082
Banc of America Funding Trust Series 2006-7, Class T2A5
6.54%⁽²¹⁾		10/25/36		657,785		572,892
Banc of America Funding Trust Series 2014-R5, Class 1A2
4.21% (6 mo. USD Term SOFR + 1.928)^(1),(2)		09/26/45		1,076,287		768,460
Banc of America Funding Trust Series 2015-R4, Class 5A1
5.61% (1 mo. USD Term SOFR + 0.264%)^(1),(2)		10/25/36		1,945		1,941

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024


Issues	Maturity Date		Principal Amount		Value
BCAP LLC Trust Series 2007-AA2, Class 2A12
5.50%		04/25/37	$	2,395,505	$	1,028,132
BCMSC Trust Series 1999-B, Class A2
6.98%⁽¹⁶⁾		12/15/29		997,492		90,704
BCMSC Trust Series 2000-A, Class A3
7.83%⁽¹⁶⁾		06/15/30		1,658,345		163,208
BCMSC Trust Series 2000-A, Class A4
8.29%⁽¹⁶⁾		06/15/30		142,144		14,827
Bear Stearns ALT-A Trust Series 2005-7, Class 22A1
5.10%⁽¹⁶⁾		09/25/35		129,099		75,789
Bear Stearns ARM Trust Series 2004-3, Class 2A
4.96%⁽¹⁶⁾		07/25/34		5,309		4,902
Bear Stearns ARM Trust Series 2005-10, Class A3
6.29%⁽¹⁶⁾		10/25/35		107,484		102,583
C-BASS Mortgage Loan Trust Series 2007-CB2, Class A2B
3.55%		02/25/37		858,637		522,110
C-BASS Trust Series 2006-CB7, Class A4
5.78% (1 mo. USD Term SOFR + 0.434%)⁽²⁾		10/25/36		34,706		22,676
C-BASS Trust Series 2007-CB1, Class AF3
3.18%		01/25/37		954,285		278,956
C-BASS Trust Series 2007-CB1, Class AF6
3.18%		01/25/37		1,684,714		492,336
Cascade MH Asset Trust Series 2022-MH1, Class A
4.25%⁽¹⁾		08/25/54		1,159,830		1,077,378
CHL Mortgage Pass-Through Trust Series 2007-20, Class A1
6.50%		01/25/38		203,556		100,453
CHL Mortgage Pass-Through Trust Series 2007-7, Class A9
5.50%		06/25/37		593,613		278,244
CHNGE Mortgage Trust Series 2023-1, Class M1
8.26%^(1),(16)		03/25/58		580,000		583,583
CIM Trust Series 2021-NR2, Class A1
5.57%⁽¹⁾		07/25/59		291,540		290,908
CIM Trust Series 2021-NR4, Class A1
2.82%⁽¹⁾		10/25/61		726,201		718,123
CIM Trust Series 2021-R5, Class A1B
2.00%^(1),(16)		08/25/61		681,000		457,567
CIM Trust Series 2022-NR1, Class A1
5.00%⁽¹⁾		07/25/62		289,279		283,889
CIM Trust Series 2023-NR1, Class A1
6.00%⁽¹⁾		06/25/62		1,381,601		1,387,900
CIT Mortgage Loan Trust Series 2007-1, Class 1M2
7.21% (1 mo. USD Term SOFR + 1.864%)^(1),(2)		10/25/37		1,046,000		992,415
Citigroup Mortgage Loan Trust Series 2006-WF1, Class A2C
4.57%		03/25/36		28,417		13,558
Citigroup Mortgage Loan Trust Series 2009-10, Class 2A2
7.00%^(1),(16)		12/25/35		502,436		358,469
Citigroup Mortgage Loan Trust, Inc. Series 2005-WF2, Class AF6A
6.13%		08/25/35		1,496,228		1,353,106
CitiMortgage Alternative Loan Trust Series 2005-A1, Class 1A5
5.50%⁽²¹⁾		07/25/35		1,419,812		1,309,243
CitiMortgage Alternative Loan Trust Series 2006-A1, Class 1A5
5.50%⁽²¹⁾		04/25/36		235,601		216,353
CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A1
6.00%⁽²¹⁾		01/25/37		97,141		85,879
CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A5
6.00%⁽²¹⁾		01/25/37		185,425		163,928


Issues	Maturity Date		Principal Amount		Value
CitiMortgage Alternative Loan Trust Series 2007-A2, Class 1A13
5.75%⁽²¹⁾		02/25/37	$	218,759	$	197,832
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A7
5.75%⁽²¹⁾		03/25/37		183,896		165,048
CitiMortgage Alternative Loan Trust Series 2007-A5, Class 1A1
6.00%⁽²¹⁾		05/25/37		759,851		699,466
Conseco Finance Securitizations Corp. Series 2000-1, Class A5
8.06%⁽¹⁶⁾		09/01/29		3,422,743		581,739
Conseco Finance Securitizations Corp. Series 2000-4, Class A5
7.97%		05/01/32		1,992,158		331,078
Countrywide Alternative Loan Trust Series 2004-30CB, Class 1A6
5.50%⁽²¹⁾		02/25/35		903,425		875,749
Countrywide Alternative Loan Trust Series 2005-10CB, Class 1A8
5.50%		05/25/35		1,430,382		1,190,353
Countrywide Alternative Loan Trust Series 2005-46CB, Class A3
5.50%⁽²¹⁾		10/25/35		237,681		169,411
Countrywide Alternative Loan Trust Series 2005-46CB, Class A4
5.25%⁽²¹⁾		10/25/35		179,601		125,573
Countrywide Alternative Loan Trust Series 2005-46CB, Class A7
5.50%⁽²¹⁾		10/25/35		506,642		361,116
Countrywide Alternative Loan Trust Series 2005-55CB, Class 1A1
5.50%⁽²¹⁾		11/25/35		184,459		123,979
Countrywide Alternative Loan Trust Series 2005-64CB, Class 2A1
6.00%		11/25/35		2,988,508		460,798
Countrywide Alternative Loan Trust Series 2005-65CB, Class 2A4
5.50%⁽²¹⁾		12/25/35		303,796		215,030
Countrywide Alternative Loan Trust Series 2005-67CB, Class A1
5.50%⁽²¹⁾		01/25/36		58,779		43,962
Countrywide Alternative Loan Trust Series 2005-74T1, Class A5
6.00%		01/25/36		484,833		277,630
Countrywide Alternative Loan Trust Series 2005-7CB, Class 2A2 (I/O)
0.00% (-1 mo. USD Term SOFR + 4.936%)^(2),(8),(18)		03/01/38		1,272,037		49,776
Countrywide Alternative Loan Trust Series 2005-86CB, Class A1
5.50%		02/25/36		519,650		309,601
Countrywide Alternative Loan Trust Series 2005-86CB, Class A8
5.50%		02/25/36		237,554		141,532
Countrywide Alternative Loan Trust Series 2006-19CB, Class A15 (PAC)
6.00%⁽²¹⁾		08/25/36		115,554		66,469
Countrywide Alternative Loan Trust Series 2006-19CB, Class A17 (TAC)
5.86% (1 mo. USD Term SOFR + 0.514%)^(2),(21)		08/25/36		3,831,885		1,691,538

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024


Issues	Maturity Date		Principal Amount		Value
Countrywide Alternative Loan Trust Series 2006-19CB, Class A18 (I/O)
0.14% (-1 mo. USD Term SOFR + 5.486%)^(2),(8)		08/25/36	$	3,699,150	$	361,347
Countrywide Alternative Loan Trust Series 2006-32CB, Class A18
6.00%⁽²¹⁾		11/25/36		131,529		78,121
Countrywide Alternative Loan Trust Series 2006-34, Class A5
6.25%		11/25/46		1,251,794		615,195
Countrywide Alternative Loan Trust Series 2006-J1, Class 1A11
5.50%⁽²¹⁾		02/25/36		182,038		125,654
Countrywide Alternative Loan Trust Series 2007-13, Class A1 (PAC)
6.00%		06/25/47		270,421		142,813
Countrywide Alternative Loan Trust Series 2007-15CB, Class A6
5.75%⁽²¹⁾		07/25/37		528,295		306,687
Countrywide Alternative Loan Trust Series 2007-15CB, Class A7
6.00%⁽²¹⁾		07/25/37		1,881,620		1,191,286
Countrywide Alternative Loan Trust Series 2007-16CB, Class 1A7
6.00%⁽²¹⁾		08/25/37		6,657		5,049
Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A25
6.00%		08/25/37		304,630		186,545
Countrywide Alternative Loan Trust Series 2007-22, Class 2A16
6.50%		09/25/37		237,874		90,829
Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A3
6.00%⁽²¹⁾		04/25/37		173,240		93,671
Countrywide Alternative Loan Trust Series 2007-5CB, Class 1A4
6.00%⁽²¹⁾		04/25/37		511,091		276,353
Credit-Based Asset Servicing & Securitization LLC Series 2006-MH1, Class B1
6.75%⁽¹⁾		10/25/36		32,667		32,204
CSMC Mortgage-Backed Trust Series 2006-7, Class 10A6
6.50%		08/25/36		1,081,463		557,226
CSMC Mortgage-Backed Trust Series 2006-7, Class 8A11
6.50%		08/25/36		395,239		160,765
CSMC Mortgage-Backed Trust Series 2007-5, Class 1A9
7.00%⁽¹⁶⁾		08/25/37		725,821		425,432
CSMC Trust Series 2014-8R, Class 3A2
5.12%^(1),(16)		02/27/36		993,796		823,058
CSMC Trust Series 2020-RPL5, Class A1
4.72%^(1),(16)		08/25/60		165,617		164,956
CSMC Trust Series 2020-RPL6, Class A1
3.44%^(1),(16)		03/25/59		1,292,544		1,293,925
CSMC Trust Series 2022-RPL3, Class A1
3.89%^(1),(16)		03/25/61		1,301,854		1,381,139
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust Series 2006-AB2, Class A2
4.75%^(16),(21)		06/25/36		200,465		180,708
Deutsche Mortgage & Asset Receiving Corp. Series 2014-RS1, Class 1A2
5.51%^{(1),(16),(21)}		07/27/37		305,742		243,478
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA2, Class M2
7.40% (30 day USD SOFR Average + 2.050%)^(1),(2)		12/25/33		769,209		788,013


Issues	Maturity Date		Principal Amount		Value
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1, Class M2
7.85% (30 day USD SOFR Average + 2.500%)^(1),(2)		01/25/42	$	1,000,000	$	1,021,881
Federal National Mortgage Association Connecticut Avenue Securities Series 2019-R04, Class 2B1
10.71% (30 day USD SOFR Average + 5.364%)^(1),(2)		06/25/39		822,652		876,886
Federal National Mortgage Association Connecticut Avenue Securities Series 2019-R06, Class 2B1
9.21% (30 day USD SOFR Average + 3.864%)^(1),(2)		09/25/39		934,089		972,912
Federal National Mortgage Association Connecticut Avenue Securities Series 2019-R07, Class 1B1
8.86% (30 day USD SOFR Average + 3.514%)^(1),(2)		10/25/39		942,251		978,414
First Franklin Mortgage Loan Trust Series 2006-FF13, Class A2C
5.78% (1 mo. USD Term SOFR + 0.434%)⁽²⁾		10/25/36		353,738		232,104
First Franklin Mortgage Loan Trust Series 2007-FF2, Class A2D
5.90% (1 mo. USD Term SOFR + 0.554%)⁽²⁾		03/25/37		664,997		319,662
First Horizon Alternative Mortgage Securities Trust Series 2007-FA1, Class A4
6.25%		03/25/37		551,988		221,224
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A4
5.75%		04/25/37		705,789		232,636
GCAT Trust Series 2021-NQM6, Class A1
1.86%^(1),(16)		08/25/66		1,526,007		1,368,943
GSAA Home Equity Trust Series 2007-5, Class 1F3B
6.00%⁽¹⁶⁾		05/25/37		4,300,000		328,320
GSAA Home Equity Trust Series 2007-5, Class 1F5B
6.44%		05/25/37		1,987,261		152,468
GSAA Home Equity Trust Series 2007-5, Class 2A2A
5.92% (1 mo. USD Term SOFR + 0.574%)⁽²⁾		04/25/47		769,255		340,443
GSAA Trust Series 2006-7, Class AF3
6.72%		03/25/46		2,800,864		1,048,603
GSAA Trust Series 2007-3, Class 2A1B
5.66% (1 mo. USD Term SOFR + 0.314%)⁽²⁾		03/25/47		166,316		9,200
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1
5.11%⁽¹⁶⁾		09/25/35		3,137		2,947
HarborView Mortgage Loan Trust Series 2005-9, Class 2A1A
6.14% (1 mo. USD Term SOFR + 0.794%)⁽²⁾		06/20/35		13,139		12,210
HarborView Mortgage Loan Trust Series 2005-9, Class 2X (I/O)
0.00%^{(1),(16),(8),(18)}		06/20/35		963,508		1

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024


Issues	Maturity Date		Principal Amount		Value
HarborView Mortgage Loan Trust Series 2006-4, Class 1A1A
5.82% (1 mo. USD Term SOFR + 0.474%)⁽²⁾		05/19/46	$	2,393,905	$	1,198,464
HarborView Mortgage Loan Trust Series 2006-5, Class X2 (I/O)
0.07% ^(16),(8)		07/19/46		2,583,665		26
HSI Asset Loan Obligation Trust Series 2007-WF1, Class A5
4.49%		12/25/36		246,660		84,430
IndyMac INDX Mortgage Loan Trust Series 2006-AR3, Class 2A1A
3.89% ⁽¹⁶⁾		03/25/36		72,095		49,487
JPMorgan Alternative Loan Trust Series 2006-S1, Class 3A4
6.18% ⁽¹⁶⁾		03/25/36		881,217		765,288
JPMorgan Mortgage Acquisition Trust Series 2006-CH2, Class AF3
5.46%		09/25/29		437,714		265,859
JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF4
6.08%		08/25/36		1,390,116		841,335
JPMorgan Mortgage Acquisition Trust Series 2006-CW2, Class AF5
6.34%		08/25/36		264,165		159,824
JPMorgan Mortgage Acquisition Trust Series 2006-WF1, Class A5
6.91%		07/25/36		1,641,113		462,501
JPMorgan Mortgage Acquisition Trust Series 2007-CH1, Class AF6
4.55%		11/25/36		1,910		1,877
JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF2
4.36%		01/25/37		382,355		196,547
JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AF3
4.36%		10/25/30		587,015		301,716
JPMorgan Mortgage Trust Series 2007-S1, Class 2A11
6.00%		03/25/37		356,012		140,355
JPMorgan Mortgage Trust Series 2024-CES1, Class A1B
6.02% ⁽¹⁾		06/25/54		1,353,579		1,355,693
Lehman ABS Manufactured Housing Contract Trust Series 2001-B, Class M1
6.63% ⁽¹⁶⁾		04/15/40		424,626		427,432
Lehman Mortgage Trust Series 2006-1, Class 1A5
5.50% ⁽²¹⁾		02/25/36		130,267		63,109
Lehman Mortgage Trust Series 2006-7, Class 2A5 (I/O) (I/F)
1.09% (-1 mo. USD Term SOFR + 6.436%)^(2),(8)		11/25/36		183,272		17,467
Lehman Mortgage Trust Series 2006-9, Class 3A2 (I/O)
1.77% (-1 mo. USD Term SOFR + 7.116%)^(2),(8)		01/25/37		5,514,714		351,254
Lehman Mortgage Trust Series 2007-5, Class 10A2 (I/O)
0.88% (-1 mo. USD Term SOFR + 6.226%)^(2),(8)		06/25/37		8,325,855		921,975
Lehman Mortgage Trust Series 2007-5, Class 7A3
7.50%		10/25/36		490,106		180,250
Lehman XS Trust Series 2005-1, Class 3A4
5.37% ⁽²¹⁾		07/25/35		29,541		30,348
Lehman XS Trust Series 2006-17, Class 1A (I/O)
0.60% ⁽⁸⁾		08/25/46		7,184,440		145,540


Issues	Maturity Date		Principal Amount		Value
Lehman XS Trust Series 2006-17, Class 1A3
5.96% (1 mo. USD Term SOFR + 0.614%)⁽²⁾		08/25/46	$	171,810	$	147,524
MASTR Alternative Loan Trust Series 2005-2, Class 4A3
5.50% (1 mo. USD Term SOFR + 0.514%)⁽²⁾		03/25/35		8,676		8,387
MASTR Asset-Backed Securities Trust Series 2006-NC2, Class A3
5.68% (1 mo. USD Term SOFR + 0.334%)⁽²⁾		08/25/36		686,947		259,318
Merrill Lynch Alternative Note Asset Trust Series 2007-A1, Class A3
5.78% (1 mo. USD Term SOFR + 0.434%)⁽²⁾		01/25/37		636,458		182,911
Merrill Lynch Alternative Note Asset Trust Series 2007-OAR2, Class A3
5.98% (1 mo. USD Term SOFR + 0.634%)⁽²⁾		04/25/37		1,961,965		208,580
Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-3, Class A2B
5.72% (1 mo. USD Term SOFR + 0.374%)⁽²⁾		06/25/37		210,438		206,607
Merrill Lynch Mortgage Investors Trust Series 2004-B, Class A1
5.96% (1 mo. USD Term SOFR + 0.614%)⁽²⁾		05/25/29		3,694		3,557
Merrill Lynch Mortgage Investors Trust Series 2006-HE6, Class A2B
4.34% (1 mo. USD Term SOFR + 0.414%)⁽²⁾		11/25/37		753,339		223,678
Merrill Lynch Mortgage Investors Trust Series 2006-RM2, Class A1A
5.83% (1 mo. USD Term SOFR + 0.484%)⁽²⁾		05/25/37		3,442,433		975,157
Mid-State Capital Corp. Trust Series 2005-1, Class A
5.75%		01/15/40		2,838		2,815
Mid-State Capital Corp. Trust Series 2006-1, Class A
5.79% ⁽¹⁾		10/15/40		27,830		27,707
Mid-State Trust XI Series 11, Class A1
4.86%		07/15/38		1,419		1,401
Morgan Stanley Mortgage Loan Trust Series 2007-13, Class 6A1
6.00%		10/25/37		173,062		92,198
Nationstar Home Equity Loan Trust Series 2007-C, Class 2AV4
5.71% (1 mo. USD Term SOFR + 0.364%)⁽²⁾		06/25/37		15,734		15,087
Oakwood Mortgage Investors, Inc. Series 1999-C, Class A2
7.48%		08/15/27		255,138		200,773
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCH1, Class M4
6.71% (1 mo. USD Term SOFR + 1.359%)⁽²⁾		01/25/36		2,907		2,875
PRET LLC Series 2021-RN2, Class A1
1.74% ⁽¹⁾		07/25/51		604,154		598,562

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024


Issues	Maturity Date	Principal Amount		Value
PRET LLC Series 2022-RN2, Class A1
5.00%⁽¹⁾	06/25/52	$	595,982	$	587,787
PRET LLC Series 2024-NPL4, Class A1
7.00%⁽¹⁾	07/25/54		1,500,000		1,503,600
PRKCM Trust Series 2023-AFC1, Class B1
7.56%^(1),(16)	02/25/58		1,200,000		1,196,214
PRPM LLC Series 2021-10, Class A1
2.49%⁽¹⁾	10/25/26		332,357		336,277
PRPM LLC Series 2021-11, Class A1
2.49%⁽¹⁾	11/25/26		277,311		279,335
PRPM LLC Series 2021-3, Class A1
4.87%⁽¹⁾	04/25/26		551,415		550,309
PRPM LLC Series 2021-4, Class A1
4.87%⁽¹⁾	04/25/26		1,768,380		1,792,713
PRPM LLC Series 2021-8, Class A1
1.74%^(1),(16)	09/25/26		502,112		496,445
PRPM LLC Series 2021-9, Class A1
2.36%⁽¹⁾	10/25/26		875,911		876,692
PRPM LLC Series 2022-1, Class A1
3.72%⁽¹⁾	02/25/27		965,471		952,582
PRPM LLC Series 2022-3, Class A1
5.56%⁽¹⁾	06/25/27		879,033		873,945
PRPM LLC Series 2022-4, Class A1
5.00%⁽¹⁾	08/25/27		227,227		224,931
PRPM LLC Series 2024-RCF4, Class A2
4.00%⁽¹⁾	07/25/54		1,600,000		1,484,005
RALI Trust Series 2006-QS15, Class A3
6.50%⁽²¹⁾	10/25/36		743,822		638,098
RALI Trust Series 2006-QS6, Class 1A4
6.00%⁽²¹⁾	06/25/36		863,922		699,163
RALI Trust Series 2007-QH9, Class X (P/O)
0.71%^(16),(8)	11/25/37		10,036,554		293,686
RAMP Trust Series 2006-EFC2, Class A4
5.90% (1 mo. USD Term SOFR + 0.554%)⁽²⁾	12/25/36		23,331		22,922
RCKT Mortgage Trust Series 2024-CES5, Class A3
6.44%⁽¹⁾	08/25/44		860,000		866,649
Residential Accredit Loans, Inc. Trust Series 2005-QS14, Class 3A3
6.00%⁽²¹⁾	09/25/35		113,719		94,904
Residential Accredit Loans, Inc. Trust Series 2005-QS16, Class A7
5.50%⁽²¹⁾	11/25/35		358,374		309,574
Residential Accredit Loans, Inc. Trust Series 2006-QS18, Class 2A2 (I/O)
1.09% (-1 mo. USD Term SOFR + 6.436%)^(2),(8)	12/25/36		3,833,897		455,024
Residential Accredit Loans, Inc. Trust Series 2006-QS4, Class A2 (PAC)
6.00%⁽²¹⁾	04/25/36		267,420		214,603
Residential Accredit Loans, Inc. Trust Series 2006-QS4, Class A4
6.00%⁽²¹⁾	04/25/36		331,276		265,846
Residential Accredit Loans, Inc. Trust Series 2006-QS6, Class 1A15
6.00%⁽²¹⁾	06/25/36		131,772		102,302
Residential Accredit Loans, Inc. Trust Series 2006-QS6, Class 1A2
6.00%⁽²¹⁾	06/25/36		517,649		401,878
Residential Accredit Loans, Inc. Trust Series 2007-QO2, Class A1
5.61% (1 mo. USD Term SOFR + 0.264%)⁽²⁾	02/25/47		511,708		175,243


Issues	Maturity Date	Principal Amount		Value
Residential Accredit Loans, Inc. Trust Series 2007-QS1, Class 1A4
6.00%⁽²¹⁾	01/25/37	$	417,121	$	334,425
Residential Accredit Loans, Inc. Trust Series 2007-QS1, Class 2A1 (I/O)
1.18% (-1 mo. USD Term SOFR + 6.526%)^(2),(8)	01/25/37		5,874,813		571,069
Residential Accredit Loans, Inc. Trust Series 2007-QS3, Class A1
6.50%⁽²¹⁾	02/25/37		394,170		325,506
Residential Accredit Loans, Inc. Trust Series 2007-QS7, Class 1A1 (PAC)
6.00%⁽²¹⁾	05/25/37		44,394		35,456
Residential Asset Securitization Trust Series 2003-A15, Class 1A3 (I/O)
2.09% (-1 mo. USD Term SOFR + 7.436%)^(2),(8)	02/25/34		375,399		27,982
Residential Asset Securitization Trust Series 2005-A8CB, Class A9
5.38%	07/25/35		229,414		135,186
Residential Asset Securitization Trust Series 2006-A12, Class A1
6.25%	11/25/36		503,301		190,552
Residential Asset Securitization Trust Series 2006-A15, Class A2
6.25%	01/25/37		507,485		172,819
Residential Asset Securitization Trust Series 2006-A16, Class 1A3
6.00%	02/25/37		331,304		136,215
Residential Asset Securitization Trust Series 2006-A5CB, Class A4
6.00%	06/25/36		208,464		84,814
Residential Asset Securitization Trust Series 2007-A1, Class A1
6.00%	03/25/37		325,368		103,903
Residential Asset Securitization Trust Series 2007-A3, Class 1A4
5.75%⁽²¹⁾	04/25/37		471,987		223,959
Residential Asset Securitization Trust Series 2007-A6, Class 1A3
6.00%	06/25/37		139,514		69,591
RFMSI Trust Series 2006-S10, Class 1A1
6.00%⁽²¹⁾	10/25/36		640,695		496,581
RFMSI Trust Series 2006-S3, Class A7
5.50%⁽²¹⁾	03/25/36		418,615		335,408
RFMSI Trust Series 2006-S6, Class A10
6.00%⁽²¹⁾	07/25/36		209,854		179,640
RFMSI Trust Series 2006-S6, Class A14
6.00%⁽²¹⁾	07/25/36		67,289		57,601
RFMSI Trust Series 2007-S8, Class 1A1
6.00%	09/25/37		135,794		91,888
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF4
2.84%	01/25/36		238,043		198,320
Securitized Asset-Backed Receivables LLC Trust Series 2007-NC1, Class A2B
5.76% (1 mo. USD Term SOFR + 0.414%)⁽²⁾	12/25/36		860,926		413,026
Soundview Home Loan Trust Series 2007-OPT2, Class 2A4
5.71% (1 mo. USD Term SOFR + 0.364%)⁽²⁾	07/25/37		245,738		192,210

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024

Issues

Maturity
Date

Principal
Amount

Value

Soundview Home Loan Trust Series 2007-OPT4, Class 1A1

6.46% (1 mo. USD Term SOFR + 1.114%)⁽²⁾

09/25/37

371,131

259,192

Structured Adjustable Rate Mortgage Loan Trust Series 2004-1, Class 4A1

7.23% ⁽¹⁶⁾

02/25/34

817

782

Structured Asset Mortgage Investments II Trust Series 2006-AR2, Class A1

5.92% (1 mo. USD Term SOFR + 0.574%)⁽²⁾

02/25/36

8,701

7,465

Towd Point Mortgage Trust Series 2024-CES1, Class A1B

6.05% ^(1),(16)

01/25/64

1,069,540

1,070,201

Verus Securitization Trust Series 2023-1, Class B1

6.93% ^(1),(16)

12/25/67

1,150,000

1,128,333

Verus Securitization Trust Series 2023-INV1, Class B1

7.55% ^(1),(16)

02/25/68

1,120,000

1,110,210

Visio Trust Series 2023-1, Class B1

7.86% ^(1),(16)

03/25/58

900,000

902,228

VOLT CIII LLC Series 2021-CF1, Class A1

1.99% ⁽¹⁾

08/25/51

582,391

575,355

VOLT XCII LLC Series 2021-NPL1, Class A1

4.89% ⁽¹⁾

02/27/51

466,369

464,677

VOLT XCVI LLC Series 2021-NPL5, Class A2

4.83% ⁽¹⁾

03/27/51

952,669

911,690

Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-2, Class 1A6

6.00% ⁽²¹⁾

03/25/36

19,566

18,598

Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-AR3, Class X3 (I/O)

1.15% ⁽⁸⁾

05/25/46

5,827,636

275,825

Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 1A1

6.00% ⁽²¹⁾

06/25/37

166,082

147,371

Wells Fargo Alternative Loan Trust Series 2007-PA5, Class 1A1

6.25% ⁽²¹⁾

11/25/37

284,483

249,623

Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR14, Class 2A3

6.36% ^(16),(21)

10/25/36

26,829

23,739

Wells Fargo Mortgage-Backed Securities Trust Series 2006-AR4, Class 2A1

6.17% ^(16),(21)

04/25/36

5,884

5,548

Wells Fargo Mortgage-Backed Securities Trust Series 2007-7, Class A1

6.00% ⁽²¹⁾

06/25/37

1,512,384

1,366,895

Total Residential Mortgage-Backed Securities — Non-Agency (Cost: $99,626,021)

81,556,529

BANK LOANS—6.1%

Aerospace/Defense — 0.1%

TransDigm, Inc. 2024 Term Loan I

8.08% (3 mo. USD Term SOFR + 2.750%)⁽²⁾

08/24/28

431,522

433,188

Apparel — 0.1%

Hanesbrands, Inc. 2021 Term Loan

7.44% (1 mo. USD Term SOFR + 2.000%)⁽²⁾

11/19/26

193,660

191,965

Issues

Maturity
Date

Principal
Amount

Value

Auto Parts & Equipment — 0.0%

First Brands Group LLC 2021 Term Loan

10.25% (3 mo. USD Term SOFR + 5.000%)⁽²⁾

03/30/27

95,531

95,069

Beverages — 0.3%

City Brewing Co. LLC 2024 First Lien Second Out PIK TL

10.56% (3 mo. USD Term SOFR + 5.000%)^(2),(8)

04/05/28

268,141

211,832

City Brewing Co. LLC 2024 First Out New Money Term Loan

11.55% (3 mo. USD Term SOFR + 6.250%)⁽²⁾

04/05/28

74,416

74,788

City Brewing Co. LLC 2024 FLFO Roll Up Term Loan

9.06% (3 mo. USD Term SOFR + 3.500%)⁽²⁾

04/05/28

178,910

160,125

Naked Juice LLC 2nd Lien Term Loan

11.43% (3 mo. USD Term SOFR + 6.000%)⁽²⁾

01/24/30

252,357

192,108

Naked Juice LLC Term Loan

8.69% (3 mo. USD Term SOFR + 3.250%)⁽²⁾

01/24/29

245,000

218,922

Triton Water Holdings, Inc. Term Loan

8.85% (3 mo. USD Term SOFR + 3.250%)⁽²⁾

03/31/28

142,594

143,190

1,000,965

Chemicals — 0.1%

Chemours Co. 2023 USD Term Loan B

8.84% (1 mo. USD Term SOFR + 3.500%)⁽²⁾

08/18/28

66,240

66,295

Mativ Holdings, Inc. Delayed Draw Term Loan A

7.94% (1 mo. USD Term SOFR + 2.500%)⁽²⁾

05/06/27

85,260

84,621

Schweitzer-Mauduit International, Inc. 2021 Term Loan B

9.21% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

04/20/28

118,942

119,041

269,957

Commercial Services — 0.3%

Boost Newco Borrower LLC 2024 USD Term Loan B

0.00% ⁽²²⁾

01/31/31

92,272

92,611

Corporation Service Co. Term Loan B

0.00% ⁽²²⁾

11/02/29

500,000

502,812

Pre-Paid Legal Services, Inc. 2021 Term Loan

9.21% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

12/15/28

10,704

10,720

Spin Holdco, Inc. 2021 Term Loan

9.60% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

03/04/28

231,153

191,207

Trans Union LLC 2024 Term Loan B7

7.35% (1 mo. USD Term SOFR + 2.000%)⁽²⁾

12/01/28

171,302

171,720

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024


Issues	Maturity Date		Principal Amount		Value
Trans Union LLC 2024 Term Loan B8
0.00% ⁽²²⁾		06/24/31	$	84,699	$	84,792
TruGreen LP 2020 Term Loan
9.44% (1 mo. USD Term SOFR + 4.000%)⁽²⁾		11/02/27		10,701		10,233

						1,064,095


Computers — 0.1%
Amazon Holdco, Inc. 2024 Term Loan B
0.00% ⁽²²⁾		07/30/31		350,000		351,313
Amentum Government Services Holdings LLC Term Loan B
9.46% (1 mo. USD Term SOFR + 4.000%)⁽²⁾		01/29/27		113,814		114,289

						465,602


Distribution &Wholesale — 0.1%
Patriot Container Corp. 2018 1st Lien Term Loan
9.19% (1 mo. USD Term SOFR + 3.750%)⁽²⁾		03/20/25		65,089		63,502
Patriot Container Corp. 2018 2nd Lien Term Loan
13.19% (1 mo. USD Term SOFR + 7.750%)⁽²⁾		03/20/26		184,665		160,313

						223,815


Diversified Financial Services — 0.1%
Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6
7.35% (1 mo. USD Term SOFR + 2.000%)⁽²⁾		06/22/28		58,624		58,881
Deerfield Dakota Holding LLC 2020 USD Term Loan B
9.08% (3 mo. USD Term SOFR + 3.750%)⁽²⁾		04/09/27		10,699		10,712
Jane Street Group LLC 2024 Term Loan B
7.96% (1 mo. USD Term SOFR + 2.500%)⁽²⁾		01/26/28		279,398		280,334

						349,927


Electric — 0.3%
Calpine Corp. Term Loan B9
7.34% (1 mo. USD Term SOFR + 2.000%)⁽²⁾		01/31/31		498,750		499,149
Edgewater Generation LLC 2024 Term Loan B
0.00% ⁽²²⁾		07/25/30		93,391		94,617
Vistra Zero Operating Co. LLC Term Loan B
8.10% (1 mo. USD Term SOFR + 2.750%)⁽²⁾		04/30/31		500,000		503,562

						1,097,328


Engineering & Construction — 0.1%
Artera Services LLC 2024 Term Loan
9.83% (3 mo. USD Term SOFR + 4.500%)⁽²⁾		02/15/31		196,621		197,573


Issues	Maturity Date		Principal Amount		Value

Entertainment — 0.2%
Caesars Entertainment, Inc. 2024 Term Loan B1
8.10% (3 mo. USD Term SOFR + 2.750%)⁽²⁾		02/06/31	$	343,922	$	345,119
Ontario Gaming GTA LP Term Loan B
9.58% (3 mo. USD Term SOFR + 4.250%)⁽²⁾		08/01/30		177,143		178,126
William Morris Endeavor Entertainment LLC 2018 1st Lien Term Loan
8.21% (1 mo. USD Term SOFR + 2.750%)⁽²⁾		05/18/25		72,241		72,439

						595,684


Environmental Control — 0.1%
Clean Harbors, Inc. 2023 Term Loan
7.21% (1 mo. USD Term SOFR + 1.750%)⁽²⁾		10/08/28		334,988		337,116


Food — 0.1%
8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan
9.21% (1 mo. USD Term SOFR + 3.750%)⁽²⁾		10/01/25		63,504		60,202
United Natural Foods, Inc. 2024 Term Loan
10.09% (1 mo. USD Term SOFR + 4.750%)⁽²⁾		05/01/31		303,161		305,815

						366,017


Health Care-Products — 0.3%
Bausch & Lomb Corp. 2023 Incremental Term Loan
9.34% (1 mo. USD Term SOFR + 4.000%)⁽²⁾		09/29/28		341,007		339,728
Carestream Dental Equipment, Inc. 2017 1st Lien Term Loan
8.71% (1 mo. USD LIBOR + 3.250%)⁽²⁾		09/01/24		749,726		678,502
Carestream Dental Equipment, Inc. 2021 Term Loan
9.94% (1 mo. USD Term SOFR + 4.500%)⁽²⁾		09/01/24		189,296		171,864

						1,190,094


Health Care-Services — 0.5%
Aveanna Healthcare LLC 2021 Term Loan B
9.20% (3 mo. USD Term SOFR + 3.750%)⁽²⁾		07/17/28		261,873		251,398
Modivcare, Inc. 2024 Term Loan B
10.08% (3 mo. USD Term SOFR + 4.750%)⁽²⁾		06/20/31		800,000		781,000
Star Parent, Inc. Term Loan B
9.08% (3 mo. USD Term SOFR + 3.750%)⁽²⁾		09/27/30		191,811		192,355
U.S. Anesthesia Partners, Inc. 2021 Term Loan
9.71% (1 mo. USD Term SOFR + 4.250%)⁽²⁾		10/01/28		461,938		447,632

						1,672,385

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024

Issues

Maturity
Date

Principal
Amount

Value

Home Furnishings — 0.0%

Culligan International Co. 2024 Term Loan B

0.00% ⁽²²⁾

07/31/28

113,297

113,738

Insurance — 0.5%

Acrisure LLC 2024 Term Loan B1

8.34% (3 mo. USD Term SOFR + 3.000%)⁽²⁾

02/15/27

531,178

531,521

AmWINS Group, Inc. 2021 Term Loan B

7.71% (1 mo. USD Term SOFR + 2.250%)⁽²⁾

02/19/28

168,878

169,383

Asurion LLC 2020 Term Loan B8

8.71% (1 mo. USD Term SOFR + 3.250%)⁽²⁾

12/23/26

424,609

423,638

Asurion LLC 2021 Second Lien Term Loan B4

0.00% ⁽²²⁾

01/20/29

300,000

277,914

HUB International Ltd. 2024 1st Lien Term Loan B

0.00% ⁽²²⁾

06/20/30

189,115

189,564

1,592,020

Internet — 0.7%

Arches Buyer, Inc. 2021 Term Loan B

8.69% (1 mo. USD Term SOFR + 3.250%)⁽²⁾

12/06/27

122,762

117,832

Buzz Finco LLC Term Loan B

8.19% (1 mo. USD Term SOFR + 2.750%)⁽²⁾

01/29/27

117,982

118,327

Delivery Hero SE 2024 USD Term Loan B

0.00% ⁽²²⁾

12/12/29

540,000

540,867

Gen Digital, Inc. 2021 Term Loan A

6.94% (1 mo. USD Term SOFR + 1.500%)⁽²⁾

09/10/27

221,118

221,256

Magnite, Inc. 2024 Term Loan B

9.84% (3 mo. USD Term SOFR + 4.500%)⁽²⁾

02/06/31

78,802

79,320

Match Group, Inc. 2020 Term Loan B

7.24% (3 mo. USD Term SOFR + 1.750%)⁽²⁾

02/13/27

57,653

MH Sub I LLC 2023 Term Loan

9.59% (1 mo. USD Term SOFR + 4.250%)⁽²⁾

05/03/28

532,299

531,657

Polaris Purchaser, Inc. Term Loan B

0.00% ⁽²²⁾

03/03/31

500,000

501,250

Research Now Group LLC 2024 First Lien First Out Term Loan

0.00% ⁽²²⁾

07/15/28

8,792

Research Now Group, Inc. 2017 1st Lien Term Loan

0.00% ⁽²²⁾

12/20/24

150,547

116,026

2,292,980

Machinery-Diversified — 0.0%

ASP Blade Holdings, Inc. Initial Term Loan

9.60% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

10/13/28

197,150

147,813

Issues

Maturity
Date

Principal
Amount

Value

Media — 0.2%

CSC Holdings LLC 2019 Term Loan B5

7.94% (1 mo. USD LIBOR +
2.500%)⁽²⁾

04/15/27

205,422

175,828

Telenet Financing USD LLC 2020 USD Term Loan AR

0.00% ⁽²²⁾

04/30/28

500,000

479,168

Virgin Media Bristol LLC 2023 USD Term Loan Y

8.66% (6 mo. USD Term SOFR + 3.250%)⁽²⁾

03/31/31

150,000

143,576

798,572

Office/Business Equipment — 0.1%

Xerox Holdings Corp. 2023 Term Loan B

9.34% (1 mo. USD Term SOFR + 4.000%)⁽²⁾

11/17/29

461,840

461,071

Packaging & Containers — 0.2%

Berry Global, Inc. 2023 Term Loan AA

7.32% (3 mo. USD Term SOFR + 1.750%)⁽²⁾

07/01/29

227,151

228,137

Proampac PG Borrower LLC 2024 Term Loan

9.32% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

09/15/28

344,184

345,798

573,935

Pharmaceuticals — 0.1%

Gainwell Acquisition Corp. Term Loan B

9.43% (3 mo. USD Term SOFR + 4.000%)⁽²⁾

10/01/27

241,855

215,855

Grifols Worldwide Operations USA, Inc. 2019 USD Term Loan B

7.40% (3 mo. USD Term SOFR + 2.000%)⁽²⁾

11/15/27

87,976

85,814

Pathway Vet Alliance LLC 2021 Term Loan

9.21% (1 mo. USD Term SOFR + 3.750%)⁽²⁾

03/31/27

96,258

75,950

377,619

Pipelines — 0.1%

Buckeye Partners LP 2024 Term Loan B3

7.34% (1 mo. USD Term SOFR + 2.000%)⁽²⁾

11/01/26

179,819

180,739

NGL Energy Partners LP 2024 Term Loan B

9.84% (1 mo. USD Term SOFR + 4.500%)⁽²⁾

02/02/31

203,104

203,210

383,949

Real Estate — 0.1%

Greystar Real Estate Partners LLC 2024 Term Loan B

8.58% (3 mo. USD Term SOFR + 3.250%)⁽²⁾

08/21/30

370,961

372,815

REIT — 0.0%

Healthpeak Properties, Inc. Term Loan A1

0.00% ⁽²²⁾

08/20/27

57,565

56,774

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024


Issues	Maturity Date		Principal Amount		Value
Healthpeak Properties, Inc. Term Loan A2
0.00% ⁽²²⁾		02/22/27	$	57,565	$	56,989
Invitation Homes Operating Partnership LP 2020 Term Loan A
6.44% (1 mo. USD Term SOFR + 1.000%)⁽²⁾		01/31/25		35,846		35,667

						149,430


Retail — 0.1%
1011778 B.C. Unlimited Liability Co. 2024 Term Loan B6
7.09% (1 mo. USD Term SOFR + 1.750%)⁽²⁾		09/20/30		301,080		300,222
Michaels Cos., Inc. 2021 Term Loan B
9.85% (3 mo. USD Term SOFR + 4.250%)⁽²⁾		04/15/28		164,900		135,445

						435,667


Software — 0.7%
Athenahealth Group, Inc. 2022 Term Loan B
8.59% (1 mo. USD Term SOFR + 3.250%)⁽²⁾		02/15/29		230,222		230,151
Boxer Parent Co., Inc. 2024 2nd Lien Term Loan
0.00% ⁽²²⁾		07/02/32		368,189		367,729
Boxer Parent Co., Inc. 2024 Term Loan B
0.00% ⁽²²⁾		07/03/31		115,872		115,486
Central Parent, Inc. 2024 Term Loan B
8.58% (3 mo. USD Term SOFR + 3.250%)⁽²⁾		07/06/29		40,000		39,659
CT Technologies Intermediate Holdings, Inc. 2021 Term Loan B
9.71% (1 mo. USD Term SOFR + 4.250%)⁽²⁾		12/16/25		347,818		348,905
EagleView Technology Corp. 2018 Add On Term Loan B
9.10% (3 mo. USD Term SOFR + 3.500%)⁽²⁾		08/14/25		839,893		800,699
RealPage, Inc. 1st Lien Term Loan
8.46% (1 mo. USD Term SOFR + 3.000%)⁽²⁾		04/24/28		299,231		292,498
Renaissance Holdings Corp. 2024 Term Loan
9.60% (3 mo. USD Term SOFR + 4.250%)⁽²⁾		04/05/30		172,030		172,663

						2,367,790


Telecommunications — 0.5%
Altice France SA 2023 USD Term Loan B14
10.80% (3 mo. USD Term SOFR + 5.500%)⁽²⁾		08/15/28		182,082		139,475
CCI Buyer, Inc. Term Loan
9.33% (3 mo. USD Term SOFR + 4.000%)⁽²⁾		12/17/27		158,202		158,515
SBA Senior Finance II LLC 2024 Term Loan B
7.34% (1 mo. USD Term SOFR + 2.000%)⁽²⁾		01/25/31		387,584		388,634


Issues	Maturity Date		Principal Amount		Value
Zayo Group Holdings, Inc. USD Term Loan
0.00% ⁽²²⁾		03/09/27	$	1,000,000	$	896,425

						1,583,049

Total Bank Loans (Cost: $21,413,179)						21,201,228

U.S. TREASURY SECURITY—2.5% (Cost: $8,566,989)
U.S. Treasury Notes
4.38%		07/15/27		8,570,000		8,643,983


Total Fixed Income Securities (Cost: $390,274,419)						357,480,493

CONVERTIBLE SECURITIES—0.1%
CONVERTIBLE CORPORATE BONDS—0.1%

Commercial Services — 0.1%
Worldline SA (France)
0.00% ^(4),(18)		07/30/26	EUR	280,000		284,933


Real Estate — 0.0%
China Aoyuan Group Ltd.
0.00% ^(8),(18)		09/30/28		4,396		57
Sunac China Holdings Ltd.
1.00% ^(1),(5),(8)		09/30/32		22,940		1,503

						1,560

Total Convertible Corporate Bonds (Cost: $285,513)						286,493


Total Convertible Securities (Cost: $285,513)						286,493


			Shares
COMMON STOCK—0.2%

Real Estate — 0.0%
Aoyuan New Shares^(8),(23)				30,741		511
China Aoyuan Group Ltd.⁽²³⁾				12,296		205

						716


REIT — 0.1%
AGNC Investment Corp.				25,500		255,255


Telecommunications — 0.1%
Intelsat SA^(8),(23)				11,053		413,935

Total Common Stock (Cost: $683,384)						669,906

WARRANTS—0.0%
Cineworld Group PLC^(8),(23)				152,713		—
MONEY MARKET INVESTMENTS—8.4%
State Street Institutional U.S. Government Money Market Fund — Premier Class, 5.26%⁽²⁴⁾				28,900,845		28,900,845

Total Money Market Investments (Cost: $28,900,845)						28,900,845


	Maturity Date		Principal Amount
SHORT TERM INVESTMENTS—3.2%
U.S. TREASURY SECURITIES—3.2%
U.S. Treasury Bills
5.26% ⁽²⁵⁾		10/17/24	$	4,980,000		4,925,184
5.29% ⁽²⁵⁾		10/29/24		6,270,000		6,190,500

Total U.S. Treasury Securities (Cost: $11,113,931)						11,115,684

Total Short Term Investments (Cost: $11,113,931)						11,115,684

Total Investments (115.3%) (Cost: $431,258,092)						398,453,421

Liabilities In Excess Of Other Assets (-15.3%)						(52,788,640	)
Net Assets (100.0%)					$	345,664,781

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024


FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver		Units of Currency		Settlement Date		In Exchange for U.S. Dollars		Contracts at Value		Unrealized Appreciation (Depreciation)

BUY⁽²⁶⁾
Bank Of New York		EUR		195,000		10/11/24	$	211,622	$	211,732	$	110
Goldman Sachs & Co.		EUR		388,000		10/11/24		422,537		421,291		(1,246)

							$	634,159	$	633,023	$	(1,136)

SELL⁽²⁷⁾
Goldman Sachs & Co.		EUR		5,764,000		10/11/24	$	6,263,393	$	6,258,564	$	4,829
Bank Of New York		EUR		99,000		10/11/24		108,333		107,495		838
Goldman Sachs & Co.		GBP		715,000		10/11/24		916,297		919,688		(3,391)

							$	7,288,023	$	7,285,747	$	2,276

FUTURES CONTRACTS


Number of Contracts	Type	Expiration Date		Notional			Market Value			Net Unrealized Appreciation (Depreciation)

Long Futures
137	2-Year U.S. Treasury Note Futures		09/30/24	$	27,926,087		$	28,135,305		$	209,218
1,170	5-Year U.S. Treasury Note Futures		09/30/24		124,021,577			126,232,031			2,210,454
				$	151,947,664		$	154,367,336		$	2,419,672

Short Futures
275	10-Year U.S. Treasury Note Futures		09/19/24	$	(30,907,791	)	$	(31,783,984	)	$	(876,193	)
2	30-Year Euro-Buxl Future		09/6/24		(275,813	)		(291,645	)		(15,832	)
4	Euro SCHWATZ Futures		09/6/24		(455,519	)		(459,199	)		(3,680	)
15	Euro-Bobl Future		09/6/24		(1,870,615	)		(1,907,628	)		(37,013	)
12	Euro-Bund Future		09/6/24		(1,690,235	)		(1,736,751	)		(46,516	)
2	Long Gilt Futures		09/26/24		(249,062	)		(255,104	)		(6,042	)
85	U.S. Ultra Long Bond Futures		09/19/24		(10,536,000	)		(10,877,344	)		(341,344	)
				$	(45,985,035	)	$	(47,311,655	)	$	(1,326,620	)


Notes to the Schedule of Investments:
ABS		Asset-Backed Securities.
ACES		Alternative Credit Enhancement Securities.
CLO		Collateralized Loan Obligation.
I/F		Inverse Floating rate security whose interest rate moves in the opposite direction of prevailing interest rates.
I/O		Interest Only Security.
PAC		Planned Amortization Class.
REIT		Real Estate Investment Trust.
REMIC		Real Estate Mortgage Investment Conduits.
SOFR		Secured Overnight Financing Rate.
STRIPS		Separate Trading of Registered Interest and Principal Securities.
TBA		To Be Announced.
EUR		Euro Currency.
GBP		British Pound Sterling.
(1)		Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At July 31, 2024, the value of these securities amounted to $151,922,128 or 44.0% 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)		Floating or variable rate security. The interest shown reflects the rate in effect at July 31, 2024.
(3)		Perpetual maturity.
(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, 2024, the value of these securities amounted to $5,785,304 or 1.7% of net assets.
(5)		Payment in kind.
(6)		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.
(7)		Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer - 7.50% cash or 8.50% payment-in-kind interest.
(8)		For fair value measurement disclosure purposes, security is categorized as Level 3. Security is valued using significant unobservable inputs.
(9)		Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer - 8.00% cash or 9.00% payment-in-kind interest.
(10)		Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer - 8.80% cash or 9.80% payment-in-kind interest.

TCW Flexible Income ETF


SCHEDULE OF INVESTMENTS (Unaudited)		July 31, 2024


(11)		Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer - 5.00% cash or 6.00% payment-in-kind interest.
(12)		Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer - 5.25% cash or 6.25% payment-in-kind interest.
(13)		Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer - 5.50% cash or 6.50% payment-in-kind interest.
(14)		Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer - 5.75% cash or 6.75% payment-in-kind interest.
(15)		Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer - 6.25% cash or 7.25% payment-in-kind interest.
(16)		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.
(17)		This security is a residual or equity position that does not have a stated interest rate. This residual or equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debtholders and fund expenses
(18)		Security is not accruing interest.
(19)		This security is purchased on a when-issued, delayed-delivery or forward commitment basis.
(20)		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.
(21)		A portion of the principal balance has been written-off during the period due to defaults in the underlying loans. Cost basis has been adjusted.
(22)		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.
(23)		Non-income producing security.
(24)		Rate disclosed is the 7-day net yield as of July 31, 2024.
(25)		Rate shown represents yield-to-maturity.
(26)		Fund buys foreign currency, sells U.S. Dollar.
(27)		Fund sells foreign currency, buys U.S. Dollar.

TCW Flexible Income ETF


Investments by Sector (Unaudited)		July 31, 2024


Sector	Percentage of Net Assets
Residential Mortgage-Backed Securities — Non-Agency		23.6	%
Residential Mortgage-Backed Securities — Agency		22.8
Corporate Bonds		21.5
Asset-Backed Securities		15.5
Commercial Mortgage-Backed Securities — Non-Agency		9.5
Money Market Investments		8.4
Bank Loans		6.1
U.S. Treasury Securities		5.7
Foreign Government Bonds		1.1
Commercial Mortgage-Backed Securities — Agency		0.6
Municipal Bonds		0.2
Common Stock		0.2
Convertible Corporate Bonds		0.1
Warrants		0.0	**
Other*		(15.3)

Total		100.0	%

* Includes futures, 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, 2024

The following is a summary of the fair valuations according to the inputs used as of July 31, 2024 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 — Non-Agency	$	—		$	77,819,372		$	3,737,157	$	81,556,529
Residential Mortgage-Backed Securities — Agency		—			78,723,322			—		78,723,322
Corporate Bonds		—			74,309,621			25,657		74,335,278
Asset-Backed Securities		—			53,162,513			401,084		53,563,597
Commercial Mortgage-Backed Securities — Non-Agency		—			32,040,344			682,220		32,722,564
Bank Loans		—			20,989,396			211,832		21,201,228
U.S. Treasury Securities		8,643,983			—			—		8,643,983
Foreign Government Bonds		—			3,927,933			—		3,927,933
Commercial Mortgage-Backed Securities — Agency		—			2,102,122			—		2,102,122
Municipal Bonds		—			703,937			—		703,937
Total Fixed Income Securities		8,643,983			343,778,560			5,057,950		357,480,493

Money Market Investments		28,900,845			—			—		28,900,845
Short Term Investments		11,115,684			—			—		11,115,684
Common Stock		255,460			—			414,446		669,906
Convertible Corporate Bonds		—			284,933			1,560		286,493
Warrants		—			—			—		—
Total Investments	$	48,915,972		$	344,063,493		$	5,473,956	$	398,453,421

Asset Derivatives
Futures Contracts
Interest Rate Risk		2,419,672			—			—		2,419,672
Forward Currency Exchange Contracts
Foreign Currency Risk		—			5,777			—		5,777
Total	$	51,335,644		$	344,069,270		$	5,473,956	$	400,878,870


Liability Derivatives
Futures Contracts
Interest Rate Risk	$	(1,326,620	)	$	—		$	—	$	(1,326,620	)
Forward Currency Exchange Contracts
Foreign Currency Risk		—			(4,637	)		—		(4,637	)
Total	$	(1,326,620	)	$	(4,637	)	$	—	$	(1,331,257	)

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 Company’s Board of Directors (the “Board”, and each member thereof, a “Director”) has designated the Advisor 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 Advisor that prices received were not reflective of their market values.

Fair value is defined as the price that the 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 Fund discloses investments in its 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 Fund’s 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 Fund’s 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.

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.

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.

Total return swaps. Total return swaps are fair valued using pricing models that take into account, among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise, the fair values would be categorized as Level 3.

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, 2024 in valuing the Fund’s investments is listed after the Schedule of Investments for the Fund.

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


	Asset-Backed Securities			Bank Loans			Commercial Mortgage- Backed Securities — Non-Agency			Common Stock		Convertible Corporate Bonds			Corporate Bonds			Residential Mortgage-Backed Securities — Non-Agency			Total
Balance as of March 31, 2024	$	405,095		$	-		$	711,369		$	297,049	$	1,491			18,428			3,569,963		$	5,003,395
Accrued Discounts (Premiums)		-			1,189			(69,499	)		-		251			3,325			(253,336	)		(318,070	)
Realized Gain (Loss)		-			17			-			-		-			(99,498	)		(3,201	)		(102,682	)
Change in Unrealized Appreciation (Depreciation)		7,002			(22,032	)		44,222			116,776		(270	)		95,818			424,292			665,808
Purchases		-			-			-					-			4,398			-			4,398
Sales		(11,013	)		(672	)		(3,872	)		-		-			(236	)		(1,520	)		(17,313	)
Transfers in to Level 3		-			233,330			-			621		88			3,422			959			238,420
Transfers out of Level 3		-			-			-			-		-			-			-			-

Balance as of July 31, 2024	$	401,084		$	211,832		$	682,220		$	414,446	$	1,560		$	25,657		$	3,737,157		$	5,473,956


Change in Unrealized Appreciation (Depreciation) from Investments Still Held at July 31, 2024	$	7,002		$	(22,032	)	$	44,222		$	116,776	$	(270	)	$	95,818		$	424,292		$	665,808

*The change in unrealized appreciation (depreciation) on securities still held at July 31, 2024 was $665,808 and is included in the related net realized gains (losses) and net change in appreciation (depreciation) in the Statements of Operations.

Significant unobservable valuation inputs for Level 3 investments as of July 31, 2024 are as follows:

Description

Fair Value at
July 31, 2024

Valuation Techniques

Unobservable Input

Price or Price
Range

Average
Weighted
Price

Impact to
Valuation
If Input
Increases

Asset-Backed Securities

$401,084

Broker Quote

Offered Quote

$ 90.633

Increase

Bank Loans

$211,832

Third-party
Vendor

Vendor Prices

$ 79.000

Increase

Commercial Mortgage-Backed Securities — Non-Agency

$682,070

Broker Quote

Offered Quote

$ 97.830 - 99.810

$ 99.256

Increase

Commercial Mortgage-Backed Securities — Non-Agency

$150

Third-party
Vendor

Vendor Prices

$ 0.001

Increase

Common Stock

$414,446

Third-party
Vendor

Vendor Prices

$ 0.017 - $ 37.450

$ 9.916

Increase

Convertible Corporate Bonds

$1,560

Third-party
Vendor

Vendor Prices

$ 1.304 - $ 6.550

$ 5.706

Increase

Corporate Bonds

$25,657

Third-party
Vendor

Vendor Prices

$ 1.048 - $ 13.194

$ 6.841

Increase

Residential Mortgage-Backed Securities — Non-Agency

$3,737,157

Broker Quote

Offered Quote

$ 0.0001 - $ 11.868

$ 4.832

Increase

Warrants

Broker Quote

Offered Quote

$ 0

Increase

Note 2 – Portfolio Investments

Mortgage-Backed Securities: The Fund 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 Fund 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 Ginnie Mae, Freddie Mac or 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 Fund 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 Fund may not fully recoup its initial investment in IOs.

Inflation-Indexed Bonds: The Fund 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 Fund 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 Fund 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 the Fund’s existing portfolio. In when-issued, delayed-delivery, TBA or forward commitment transactions, the Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. Although the Fund does not pay for the securities or start earning interest on them until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. If the Fund’s counterparty fails to deliver a security purchased on a when-issued, delayed-delivery, TBA or forward commitment basis, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

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

Dollar Roll Transactions: The Fund 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 the 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 Fund will not be entitled to receive interest and principal payments on the securities sold. Dollar roll transactions involve risk that the market value of the security sold by the Fund may decline below the repurchase price of the security and the counterparties may potentially be unable to complete the transaction. There were no such transactions by the Fund for the period ended July 31, 2024.

Repurchase Agreements: The Fund may enter into repurchase agreements under the terms of a Master Repurchase Agreement (“MRA”). In a repurchase agreement, the Fund purchases a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. The MRA permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives securities as collateral with a market value in excess of the repurchase price. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund recognizes a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty. There were no repurchase agreements outstanding as of July 31, 2024.

Reverse Repurchase Agreements: The Fund may enter into reverse repurchase agreements. Under a reverse repurchase agreement, the Fund sells portfolio assets subject to an agreement by the Fund to repurchase the same assets at an agreed upon price and date. The Fund 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 Fund continues to receive the principal and interest payments on the securities sold. There were no reverse repurchase agreements outstanding during the period ended July 31, 2024.

Securities Lending: The Fund may lend its securities to qualified brokers. The loans must be collateralized at all times primarily with cash although the Fund 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 Fund 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 Fund earns additional income for lending its securities by investing the cash collateral in short-term investments. The Fund did not lend any securities during the period ended July 31, 2024.

Derivatives:

Forward Currency Exchange Contracts: The Fund enters 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 Fund as unrealized gains or losses in the Statement of Assets and Liabilities. When a contract is closed or delivery is taken, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. 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, 2024 are disclosed in the Schedule of Investments.

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

When the Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The Fund utilized futures during the period ended July 31, 2024 to help manage interest rate duration. Futures contracts outstanding at July 31, 2024 are listed on the Schedule of Investments.

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

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

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

Options purchased or sold by the Fund may be traded on a securities or options exchange. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications 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 Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result the Fund may be required to remain obligated on an unfavorable OTC option until its expiration.

Swap Agreements: The Fund 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 Fund may take either side of such a swap, and so may take a long or short position in the underlying security, asset, or index. The Fund may enter into a total return swap to hedge against an exposure in its portfolio — such as interest rate risk (including to adjust the duration or credit quality of 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 Fund may also enter into a total return swap to gain exposure to securities or markets in which it might not be able to invest directly (in so-called market access transactions).

Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. In more complex swaps, the notional principal amount may decline (or amortize) over time. 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 Fund may write (sell) and purchase put and call swaptions. Swaption contracts written by the Fund represents 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 Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when the Fund writes swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. During the period ended July 31, 2024, the Fund did not hold written swaptions.

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

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

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking-to-market to reflect the market value of the swap. When the swap is terminated, the Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the agreement. Upfront swap premium payments paid or received by the Fund, if any, are

recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on 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 Fund are recorded as realized gains and losses, respectively. There were no swap agreements outstanding during the period ended July 31, 2024.

Note 3 – Restricted Securities

The Fund is permitted to invest in securities that have legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered before being sold to the public (exemption rules apply). Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). However, the Company considers 144A securities to be restricted if those securities have been deemed illiquid. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. There were no restricted securities held by the Fund at July 31, 2024.

Engine No. 1 Transform 500 ETF (VOTE) NPORT-PTCW Flexible Income ETF (Jul 2024 report)