# EDGAR Filing Document

**Accession Number:** 0001830437
**File Stem:** 0002066578-26-000490
**Filing Date:** 2026-2
**Character Count:** 119260
**Document Hash:** 0b5385fa05f8497d01fda8116dc232f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000490.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002066578-26-000490

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Perpetual Americas Funds Trust
- **CENTRAL INDEX KEY:** 0001830437

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23615
- **FILM NUMBER:** 26679089

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CONGRESS STREET, SUITE 3101
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114
- **BUSINESS PHONE:** 617-993-0716

**MAIL ADDRESS:**
- **STREET 1:** 1 CONGRESS STREET, SUITE 3101
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JOHCM Funds Trust
- **DATE OF NAME CHANGE:** 20201029

## Series and Classes Contracts Data

### TSW CORE PLUS BOND FUND (Series ID: S000084959)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249810 | Institutional Shares | TSWFX           |

## Nport-Ex

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| CORPORATE BONDS | 51.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | 2.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boeing (The) Co.<br> 6.26%, 05/01/27<br>|  | $500000 | &nbsp;&nbsp; $513061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc.,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/28<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 508808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 12/01/31<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 157652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/31/33<sup>(a)</sup> <br>|  | 625000 | &nbsp;&nbsp; 641311 |
|  |  |  | &nbsp;&nbsp; 1820832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Management | 0.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Capital Corp.<br> 7.00%, 01/15/27<br>|  | 150000 | &nbsp;&nbsp; 153711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab (The) Corp.<br> (Variable, U.S. SOFR + 2.21%)<br> 5.64%, 05/19/29<sup>(b)</sup> <br>|  | 175000 | &nbsp;&nbsp; 181635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel L.P.<br> 6.38%, 01/23/32<sup>(a)</sup> <br>|  | 330000 | &nbsp;&nbsp; 350825 |
|  |  |  | &nbsp;&nbsp; 686171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automotive | 1.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc.<br> 7.75%, 10/15/33<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 509506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Co.<br> 5.40%, 10/15/29<br>|  | 100000 | &nbsp;&nbsp; 103641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc.<br> 5.35%, 07/15/27<br>|  | 450000 | &nbsp;&nbsp; 457874 |
|  |  |  | &nbsp;&nbsp; 1071021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp.<br> (Variable, U.S. SOFR + 1.91%)<br> 5.43%, 08/15/35<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 76790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNB Corp.<br> (Variable, U.S. SOFR Compounded Index + 1.93%)<br> 5.72%, 12/11/30<sup>(b)</sup> <br>|  | 730000 | &nbsp;&nbsp; 745508 |
|  |  |  | &nbsp;&nbsp; 822298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology & Pharmaceuticals | 0.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harrow, Inc.<br> 8.63%, 09/15/30<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 210208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Goods | 1.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc.<br> 5.00%, 10/03/34<br>|  | 500000 | &nbsp;&nbsp; 505360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co.<br> 4.60%, 09/01/29<br>|  | 400000 | &nbsp;&nbsp; 403441 |
|  |  |  | &nbsp;&nbsp; 908801 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Support Services | 1.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brink's (The) Co.<br> 6.75%, 06/15/32<sup>(a)</sup> <br>|  | $250000 | &nbsp;&nbsp; $260659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp.<br> 8.00%, 06/01/29<sup>(a)</sup> <br>|  | 750000 | &nbsp;&nbsp; 763906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEO Group (The), Inc.<br> 8.63%, 04/15/29<br>|  | 250000 | &nbsp;&nbsp; 262951 |
|  |  |  | &nbsp;&nbsp; 1287516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 0.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc.<br> 6.38%, 03/01/32<sup>(a)</sup> <br>|  | 450000 | &nbsp;&nbsp; 468405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Services | 0.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc.<br> 6.00%, 11/15/29<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 247018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 0.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. U.S.<br> 6.13%, 02/01/28<sup>(a)</sup> <br>|  | 600000 | &nbsp;&nbsp; 609950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Industrials | 0.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp.<br> 4.20%, 11/21/34<br>|  | 200000 | &nbsp;&nbsp; 194344 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Commerce Discretionary | 0.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayfair LLC<br> 6.75%, 11/15/32<sup>(a)</sup> <br>|  | 625000 | &nbsp;&nbsp; 642673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 3.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC<br> 4.85%, 01/15/34<br>|  | 250000 | &nbsp;&nbsp; 253469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Co. of Oklahoma,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/15/35 |  | 500000 | &nbsp;&nbsp; 506525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 01/15/36 |  | 1000000 | &nbsp;&nbsp; 1027618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern (The) Co.<br> 3.70%, 04/30/30<br>|  | 400000 | &nbsp;&nbsp; 390856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC<br> 5.70%, 12/30/34<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 258110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Electric Power Co.<br> 4.60%, 10/01/34<br>|  | 200000 | &nbsp;&nbsp; 198598 |
|  |  |  | &nbsp;&nbsp; 2635176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 2.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc.<br> 3.15%, 08/15/27<br>|  | 150000 | &nbsp;&nbsp; 148137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.<br> 4.95%, 10/15/34<br>|  | 500000 | &nbsp;&nbsp; 504562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp.<br> 5.13%, 11/19/31<br>|  | 475000 | &nbsp;&nbsp; 493123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/15/29<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 258167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/32<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 156631 |
|  |  |  | &nbsp;&nbsp; 1560620 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineering & Construction | 0.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc.,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/09/27 |  | $200000 | &nbsp;&nbsp; $202459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/09/34 |  | 165000 | &nbsp;&nbsp; 169533 |
|  |  |  | &nbsp;&nbsp; 371992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment Content | 0.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.<br> 4.90%, 08/15/34<br>|  | 400000 | &nbsp;&nbsp; 409896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food | 0.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc.<br> 6.38%, 03/01/33<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 303100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas & Water Utilities | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Water Capital Corp.<br> 2.95%, 09/01/27<br>|  | 200000 | &nbsp;&nbsp; 196930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp.<br> 5.20%, 08/15/35<br>|  | 410000 | &nbsp;&nbsp; 423299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co.<br> 5.95%, 03/15/35<br>|  | 500000 | &nbsp;&nbsp; 523620 |
|  |  |  | &nbsp;&nbsp; 1143849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities & Services | 4.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.<br> 6.88%, 09/01/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 104087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc.<br> 4.95%, 11/01/31<br>|  | 1000000 | &nbsp;&nbsp; 1022859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical Response, Inc.<br> 7.38%, 10/01/32<sup>(a)</sup> <br>|  | 550000 | &nbsp;&nbsp; 571656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Mutual Holdings, Inc.<br> 6.20%, 11/15/34<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 484651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings<br> 4.80%, 10/01/34<br>|  | 250000 | &nbsp;&nbsp; 248176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc.<br> 5.00%, 12/15/34<br>|  | 200000 | &nbsp;&nbsp; 202661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc.<br> 5.15%, 07/15/34<br>|  | 730000 | &nbsp;&nbsp; 749045 |
|  |  |  | &nbsp;&nbsp; 3383135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 0.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.<br> 6.00%, 09/15/33<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 479493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Support Services | 1.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc.<br> 7.25%, 06/15/33<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 531253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Rentals North America, Inc.<br> 6.00%, 12/15/29<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 513681 |
|  |  |  | &nbsp;&nbsp; 1044934 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Financial Services | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group (The), Inc.<br> 3.85%, 01/26/27<br>|  | $900000 | &nbsp;&nbsp; $899286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley<br> 3.95%, 04/23/27<br>|  | 200000 | &nbsp;&nbsp; 199879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc.<br> 7.88%, 03/01/31<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 53118 |
|  |  |  | &nbsp;&nbsp; 1152283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 3.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc.<br> 5.13%, 03/27/33<br>|  | 900000 | &nbsp;&nbsp; 927242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Financial Life Global Funding<br> 5.00%, 03/27/30<sup>(a)</sup> <br>|  | 700000 | &nbsp;&nbsp; 716121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis North America, Inc.<br> 4.55%, 03/15/31<br>|  | 1190000 | &nbsp;&nbsp; 1193008 |
|  |  |  | &nbsp;&nbsp; 2836371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet Media & Services | 0.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc.<br> 3.25%, 02/15/30<br>|  | 75000 | &nbsp;&nbsp; 71987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Match Group Holdings II LLC<br> 6.13%, 09/15/33<sup>(a)</sup> <br>|  | 600000 | &nbsp;&nbsp; 607185 |
|  |  |  | &nbsp;&nbsp; 679172 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 2.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp.<br> 5.70%, 02/10/55<br>|  | 750000 | &nbsp;&nbsp; 742053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leidos, Inc.<br> 5.50%, 03/15/35<br>|  | 1000000 | &nbsp;&nbsp; 1041762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp.<br> 5.88%, 11/01/33<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 126717 |
|  |  |  | &nbsp;&nbsp; 1910532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Facilities & Services | 1.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions LLC<br> 7.00%, 09/15/30<sup>(a)</sup> <br>|  | 350000 | &nbsp;&nbsp; 365121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp.<br> 3.50%, 03/01/27<br>|  | 400000 | &nbsp;&nbsp; 398193 |
|  |  |  | &nbsp;&nbsp; 763314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 0.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acushnet Co.<br> 5.63%, 12/01/33<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 126404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 0.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc.<br> 5.70%, 08/14/33<br>|  | 400000 | &nbsp;&nbsp; 424451 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Supply Chain | 4.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Midstream Operations L.P.<br> 6.50%, 06/01/29<sup>(a)</sup> <br>|  | $325000 | &nbsp;&nbsp; $336110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc.<br> 5.85%, 06/01/35<br>|  | 500000 | &nbsp;&nbsp; 530237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPLX L.P.<br> 5.40%, 04/01/35<br>|  | 750000 | &nbsp;&nbsp; 756150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp.<br> 6.00%, 10/01/32<br>|  | 500000 | &nbsp;&nbsp; 499489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK Partners L.P.<br> 6.85%, 10/15/37<br>|  | 225000 | &nbsp;&nbsp; 248977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance Corp.<br> 9.88%, 03/15/30<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunoco L.P.<br> 7.25%, 05/01/32<sup>(a)</sup> <br>|  | 400000 | &nbsp;&nbsp; 422934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunoco L.P./Sunoco Finance Corp.<br> 7.00%, 09/15/28<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 257879 |
|  |  |  | &nbsp;&nbsp; 3257555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publishing & Broadcasting | 1.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media, Inc.<br> 4.75%, 11/01/28<sup>(a)</sup> <br>|  | 825000 | &nbsp;&nbsp; 819102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 0.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust L.P.<br> 6.15%, 10/01/34<br>|  | 250000 | &nbsp;&nbsp; 253993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp.<br> 4.85%, 03/15/30<br>|  | 250000 | &nbsp;&nbsp; 256922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventas Realty L.P.<br> 3.00%, 01/15/30<br>|  | 100000 | &nbsp;&nbsp; 95214 |
|  |  |  | &nbsp;&nbsp; 606129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail - Discretionary | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/01/30<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 306740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/01/35 |  | 455000 | &nbsp;&nbsp; 460309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co.<br> 4.95%, 08/15/29<br>|  | 275000 | &nbsp;&nbsp; 280192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc.<br> 3.10%, 05/03/27<br>|  | 400000 | &nbsp;&nbsp; 395608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC<br> 7.38%, 08/01/33<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 158996 |
|  |  |  | &nbsp;&nbsp; 1601845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors | 0.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc.<br> 4.55%, 02/15/32<br>|  | 500000 | &nbsp;&nbsp; 502061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 1.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreWeave, Inc.<br> 9.25%, 06/01/30<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 139466 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp.<br> 4.90%, 02/06/33<br>|  | $400000 | &nbsp;&nbsp; $386201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc.<br> 4.50%, 10/15/29<br>|  | 400000 | &nbsp;&nbsp; 404182 |
|  |  |  | &nbsp;&nbsp; 929849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Finance | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC<br> 9.25%, 07/01/31<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Transportation and Infrastructure Investors LLC<br> 7.00%, 06/15/32<sup>(a)</sup> <br>|  | 400000 | &nbsp;&nbsp; 420525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GATX Corp.<br> 4.00%, 06/30/30<br>|  | 200000 | &nbsp;&nbsp; 197285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp.<br> 8.00%, 07/15/30<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 306799 |
|  |  |  | &nbsp;&nbsp; 1130556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware | 1.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp.,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/01/30 |  | 660000 | &nbsp;&nbsp; 660990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/31 |  | 700000 | &nbsp;&nbsp; 699656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp.<br> 9.50%, 04/01/29<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 54267 |
|  |  |  | &nbsp;&nbsp; 1414913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunications | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.<br> 2.25%, 11/15/31<br>|  | 1000000 | &nbsp;&nbsp; 886803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Equipment | 0.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JB Poindexter & Co., Inc.<br> 8.75%, 12/15/31<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 52374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wholesale - Consumer Staples | 0.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group, Inc.<br> 6.13%, 09/15/32<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 154639 |
| TOTAL CORPORATE BONDS (Cost $38,971,791) |  |  | &nbsp;&nbsp; 39549785 |
| MORTGAGE-BACKED SECURITIES | 8.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies | 8.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Pool #SD8276,<br> 5.00%, 12/01/52<br>|  | 178821 | &nbsp;&nbsp; 179279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Pool #SD8233,<br> 5.00%, 07/01/52<br>|  | 1447845 | &nbsp;&nbsp; 1453270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae Pool #BM4854,<br> 4.50%, 08/01/44<br>|  | 433419 | &nbsp;&nbsp; 436950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae Pool #MA5313,<br> 5.50%, 03/01/44<br>|  | 2453273 | &nbsp;&nbsp; 2523870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae Pool #MA5498,<br> 6.00%, 10/01/54<br>|  | 1599264 | &nbsp;&nbsp; 1642675 |
| TOTAL MORTGAGE-BACKED SECURITIES (Cost $6,131,437) |  |  | &nbsp;&nbsp; 6236044 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| U.S. GOVERNMENT OBLIGATIONS | 38.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 4.38%, 08/15/43<br>|  | $250000 | &nbsp;&nbsp; $239658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 4.13%, 08/15/44<br>|  | 2350000 | &nbsp;&nbsp; 2164754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 4.25%, 02/15/54<br>|  | 750000 | &nbsp;&nbsp; 681035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 4.63%, 05/15/54<br>|  | 750000 | &nbsp;&nbsp; 725449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 4.25%, 08/15/54<br>|  | 1000000 | &nbsp;&nbsp; 908125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.00%, 02/29/28<br>|  | 450000 | &nbsp;&nbsp; 454781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.50%, 04/30/28<br>|  | 400000 | &nbsp;&nbsp; 400016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.75%, 12/31/28<br>|  | 1000000 | &nbsp;&nbsp; 1006055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.63%, 08/31/29<br>|  | 250000 | &nbsp;&nbsp; 250107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.50%, 09/30/29<br>|  | 1000000 | &nbsp;&nbsp; 995938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.88%, 09/30/29<br>|  | 250000 | &nbsp;&nbsp; 252305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.88%, 12/31/29<br>|  | 1000000 | &nbsp;&nbsp; 1009180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.00%, 03/31/30<br>|  | 2500000 | &nbsp;&nbsp; 2533691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.00%, 05/31/30<br>|  | 450000 | &nbsp;&nbsp; 456100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.00%, 07/31/30<br>|  | 300000 | &nbsp;&nbsp; 304066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.38%, 11/30/30<br>|  | 1050000 | &nbsp;&nbsp; 1081254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.63%, 05/31/31<br>|  | 250000 | &nbsp;&nbsp; 260498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.75%, 08/31/31<br>|  | 350000 | &nbsp;&nbsp; 349248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.63%, 09/30/31<br>|  | 1000000 | &nbsp;&nbsp; 991211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.13%, 10/31/31<br>|  | 1600000 | &nbsp;&nbsp; 1626625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.13%, 11/15/32<br>|  | 2600000 | &nbsp;&nbsp; 2633719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.75%, 11/30/32<br>|  | 1500000 | &nbsp;&nbsp; 1485000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.50%, 11/15/33<br>|  | 500000 | &nbsp;&nbsp; 517168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.00%, 02/15/34<br>|  | 250000 | &nbsp;&nbsp; 249678 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.88%, 08/15/34<br>|  | $3250000 | &nbsp;&nbsp; $3206201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.63%, 02/15/35<br>|  | 1250000 | &nbsp;&nbsp; 1300146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.25%, 08/15/35<br>|  | 3250000 | &nbsp;&nbsp; 3280469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.00%, 11/15/35<br>|  | 750000 | &nbsp;&nbsp; 740859 |
| TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $30,354,764) |  |  | &nbsp;&nbsp; 30103336 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class) 3.63%<sup>(c)</sup> <br>|  | 857402 | &nbsp;&nbsp; 857402 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $857,402) |  |  | &nbsp;&nbsp; 857402 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $76,315,394)<br>| 99.1<br> %<br>|  | &nbsp;&nbsp; 76746567 |
| NET OTHER ASSETS (LIABILITIES) | 0.9<br> %<br>|  | &nbsp;&nbsp; 719394 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $77465961 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>(a)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of December 31, 2025, these securities had a total value of $14,867,972 or 19% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at December 31, 2025, and the related index and spread are shown parenthetically for each <br> security.<br>|
| <sup>(c)</sup>7-day current yield as of December 31, 2025 is disclosed. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations: <br> SOFR – Secured Overnight Financing Rate

At December 31, 2025 the TSW Core Plus Bond Fund's investments were concentrated as follows:

---

| | |
|:---|:---|
| **Fixed Income Credit Ratings** | **% of Net Assets** |
| AAA  | 46.9% |
| A  | &nbsp;&nbsp; 8.4  |
| BBB  | 25.3  |
| BB  | 11.3  |
| B  | &nbsp;&nbsp; 5.8  |
| B-  | &nbsp;&nbsp; 0.3  |
| Cash equivalents  | &nbsp;&nbsp; 1.1  |
| Total | 99.1% |

---

------

**TSW MUTUAL FUNDS**

**TSW EMERGING MARKETS FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 98.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 3.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcos Dorados Holdings, Inc. - Class A |  | 6500 | &nbsp;&nbsp; $47710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco BTG Pactual S.A.<sup>(a)</sup> <br>|  | 6900 | &nbsp;&nbsp; 66101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale S.A. |  | 4600 | &nbsp;&nbsp; 60063 |
|  |  |  | &nbsp;&nbsp; 173874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 1.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fairfax India Holdings Corp.<sup>(a)(b)</sup> <br>|  | 5000 | &nbsp;&nbsp; 86450 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 19.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. - Class W |  | 10700 | &nbsp;&nbsp; 196328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fu Shou Yuan International Group Ltd. |  | 64400 | &nbsp;&nbsp; 23252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingdee International Software Group Co. Ltd.<sup>(a)</sup> <br>|  | 24800 | &nbsp;&nbsp; 42349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kweichow Moutai Co. Ltd. - Class A |  | 400 | &nbsp;&nbsp; 78969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc. |  | 3600 | &nbsp;&nbsp; 99266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. |  | 19700 | &nbsp;&nbsp; 70521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. |  | 3000 | &nbsp;&nbsp; 230896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd. |  | 500 | &nbsp;&nbsp; 35592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zijin Mining Group Co. Ltd. - Class H |  | 28500 | &nbsp;&nbsp; 130586 |
|  |  |  | &nbsp;&nbsp; 907759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greece | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor Oil Hellas Corinth Refineries S.A. |  | 1500 | &nbsp;&nbsp; 55352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPAP S.A. |  | 2100 | &nbsp;&nbsp; 47137 |
|  |  |  | &nbsp;&nbsp; 102489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guatemala | 1.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millicom International Cellular S.A. |  | 1050 | &nbsp;&nbsp; 58212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 2.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. |  | 8800 | &nbsp;&nbsp; 90344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lenovo Group Ltd. |  | 32000 | &nbsp;&nbsp; 38074 |
|  |  |  | &nbsp;&nbsp; 128418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary | 0.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richter Gedeon Nyrt |  | 1500 | &nbsp;&nbsp; 45345 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 9.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 ONE WAM Ltd. |  | 5000 | &nbsp;&nbsp; 66200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal India Ltd. |  | 9800 | &nbsp;&nbsp; 43505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. |  | 8600 | &nbsp;&nbsp; 94842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEG Ltd. |  | 8700 | &nbsp;&nbsp; 60386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. - ADR |  | 3300 | &nbsp;&nbsp; 98340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reliance Industries Ltd. - GDR<sup>(b)</sup> <br>|  | 1100 | &nbsp;&nbsp; 77000 |
|  |  |  | &nbsp;&nbsp; 440273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halyk Savings Bank of Kazakhstan JSC - GDR - REG |  | 2400 | &nbsp;&nbsp; 71880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 5.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fibra Uno Administracion S.A. de C.V. |  | 34800 | &nbsp;&nbsp; 52159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano S.A.B. de C.V. |  | 6100 | &nbsp;&nbsp; 61605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promotora y Operadora de Infraestructura S.A.B. de C.V. - Class L |  | 4600 | &nbsp;&nbsp; 50551 |

---

------

**TSW MUTUAL FUNDS**

**TSW EMERGING MARKETS FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Energy S.A.B. de C.V. - ADR<sup>(a)</sup> <br>|  | 1000 | &nbsp;&nbsp; $48660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico S.A.B. de C.V. |  | 13400 | &nbsp;&nbsp; 41768 |
|  |  |  | &nbsp;&nbsp; 254743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippines | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Container Terminal Services, Inc. |  | 7300 | &nbsp;&nbsp; 70053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poland | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegro.eu S.A.<sup>(a)(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 51486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 1.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Awwal Bank |  | 5600 | &nbsp;&nbsp; 48344 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa | 3.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Naspers Ltd. - Class N |  | 2500 | &nbsp;&nbsp; 166744 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 16.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hugel, Inc.<sup>(a)</sup> <br>|  | 200 | &nbsp;&nbsp; 31979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. |  | 600 | &nbsp;&nbsp; 123905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KINX, Inc. |  | 1000 | &nbsp;&nbsp; 83944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Krafton, Inc.<sup>(a)</sup> <br>|  | 500 | &nbsp;&nbsp; 85194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Systems Corp. |  | 400 | &nbsp;&nbsp; 58086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. |  | 3100 | &nbsp;&nbsp; 259826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd. |  | 2300 | &nbsp;&nbsp; 122475 |
|  |  |  | &nbsp;&nbsp; 765409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 15.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accton Technology Corp. |  | 2000 | &nbsp;&nbsp; 75428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acter Group Corp. Ltd. |  | 3100 | &nbsp;&nbsp; 77055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E Ink Holdings, Inc. |  | 11000 | &nbsp;&nbsp; 69318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fusheng Precision Co. Ltd. |  | 200 | &nbsp;&nbsp; 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. |  | 10200 | &nbsp;&nbsp; 503175 |
|  |  |  | &nbsp;&nbsp; 726602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkey | 1.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Icecek A.S. |  | 34600 | &nbsp;&nbsp; 47399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOC Holding A.S. |  | 10500 | &nbsp;&nbsp; 41294 |
|  |  |  | &nbsp;&nbsp; 88693 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 1.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC |  | 15400 | &nbsp;&nbsp; 58912 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 5.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC |  | 1700 | &nbsp;&nbsp; 70693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia Capital PLC<sup>(a)</sup> <br>|  | 3200 | &nbsp;&nbsp; 133717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investec PLC |  | 9000 | &nbsp;&nbsp; 66905 |
|  |  |  | &nbsp;&nbsp; 271315 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 3.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACM Research, Inc. - Class A<sup>(a)</sup> <br>|  | 2000 | &nbsp;&nbsp; 78900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc.<sup>(a)</sup> <br>|  | 30 | &nbsp;&nbsp; 60428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tecnoglass, Inc. |  | 900 | &nbsp;&nbsp; 45288 |
|  |  |  | &nbsp;&nbsp; 184616 |
| TOTAL COMMON STOCKS (Cost $3,382,504) |  |  | &nbsp;&nbsp; 4701617 |

---

------

**TSW MUTUAL FUNDS**

**TSW EMERGING MARKETS FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class), 3.63%<sup>(c)</sup> <br>|  | 100141 | &nbsp;&nbsp; $100141 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $100,141) |  |  | &nbsp;&nbsp; 100141 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $3,482,645)<br>| 100.4<br> %<br>|  | &nbsp;&nbsp; 4801758 |
| NET OTHER ASSETS (LIABILITIES) | (0.4<br> %)<br>|  | &nbsp;&nbsp; (19941)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $4781817 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>(a)</sup>Non-income producing security. |
| <sup>(b)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of December 31, 2025, these securities had a total value of $214,936 or 4% of net assets.<br>|
| <sup>(c)</sup>7-day current yield as of December 31, 2025 is disclosed. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Abbreviations: |
| ADR – American Depositary Receipt |
| GDR – Global Depositary Receipt |
| REG – Registered |

---

At December 31, 2025 the industry sectors (excluding short-term investments) for the TSW Emerging Markets Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Information Technology  | 23.6% |
| Financials  | 19.8  |
| Consumer Discretionary  | 15.8  |
| Communication Services  | 11.6  |
| Industrials  | &nbsp;&nbsp; 8.7  |
| Materials  | &nbsp;&nbsp; 5.4  |
| Consumer Staples  | &nbsp;&nbsp; 4.9  |
| Energy  | &nbsp;&nbsp; 4.6  |
| Real Estate  | &nbsp;&nbsp; 2.3  |
| Health Care  | &nbsp;&nbsp; 1.6  |
| Total | &nbsp;&nbsp; 98.3% |

---

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| CORPORATE BONDS | 96.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | 1.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc.<br> 6.38%, 05/31/33<sup>(a)</sup> <br>|  | $125000 | &nbsp;&nbsp; $128262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Management | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel L.P.<br> 6.38%, 01/23/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 106311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automotive | 4.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc.<br> 7.75%, 10/15/33<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 254753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garrett Motion Holdings, Inc./Garrett LX I S.a.r.l.<br> 7.75%, 05/31/32<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 159430 |
|  |  |  | &nbsp;&nbsp; 414183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking | 0.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.73%)<br> 6.95%, 02/15/30<sup>(b)(c)</sup> <br>|  | 50000 | &nbsp;&nbsp; 51542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology & Pharmaceuticals | 1.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harrow, Inc.<br> 8.63%, 09/15/30<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 131380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable & Satellite | 0.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp.<br> 4.50%, 05/01/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 89754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Support Services | 4.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc.<br> 8.25%, 04/15/29<br>|  | 150000 | &nbsp;&nbsp; 157691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp.<br> 8.00%, 06/01/29<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 152781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEO Group (The), Inc.<br> 8.63%, 04/15/29<br>|  | 150000 | &nbsp;&nbsp; 157770 |
|  |  |  | &nbsp;&nbsp; 468242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc.<br> 6.38%, 03/01/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 104090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Services | 2.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc.<br> 6.00%, 11/15/29<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 98807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upbound Group, Inc.<br> 6.38%, 02/15/29<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 148114 |
|  |  |  | &nbsp;&nbsp; 246921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 2.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International LLC<br> 6.38%, 07/15/32<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 254658 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Commerce Discretionary | 1.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayfair LLC<br> 6.75%, 11/15/32<sup>(a)</sup> <br>|  | 175000 | &nbsp;&nbsp; 179948 |

---

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineering & Construction | 4.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brundage-Bone Concrete Pumping Holdings, Inc.<br> 7.50%, 02/01/32<sup>(a)</sup> <br>|  | $200000 | &nbsp;&nbsp; $204160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products, Inc.<br> 5.75%, 02/01/28<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200134 |
|  |  |  | &nbsp;&nbsp; 404294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc.<br> 6.38%, 03/01/33<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities & Services | 2.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.<br> 6.88%, 09/01/32<sup>(a)</sup> <br>|  | 25000 | &nbsp;&nbsp; 26022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical Response, Inc.<br> 7.38%, 10/01/32<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207875 |
|  |  |  | &nbsp;&nbsp; 233897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 3.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co.<br> 5.50%, 06/01/28<sup>(a)</sup> <br>|  | 183000 | &nbsp;&nbsp; 183192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.<br> 6.00%, 09/15/33<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 143848 |
|  |  |  | &nbsp;&nbsp; 327040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Support Services | 2.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc.<br> 7.25%, 06/15/33<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 212501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Financial Services | 2.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc.<br> 7.88%, 03/01/31<sup>(a)</sup> <br>|  | 225000 | &nbsp;&nbsp; 239033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet Media & Services | 3.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Match Group Holdings II LLC<br> 6.13%, 09/15/33<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 151796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc.<br> 6.88%, 03/15/34<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 154447 |
|  |  |  | &nbsp;&nbsp; 306243 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 1.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp.<br> 5.88%, 11/01/33<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 126717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Facilities & Services | 4.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder International, Inc.<br> 7.50%, 09/01/31<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 156522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions LLC<br> 7.00%, 09/15/30<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 156480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc.<br> 4.75%, 01/15/28<br>|  | 150000 | &nbsp;&nbsp; 147754 |
|  |  |  | &nbsp;&nbsp; 460756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 1.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp.<br> 6.30%, 02/15/30<br>|  | 150000 | &nbsp;&nbsp; 159097 |

---

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Supply Chain | 9.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Midstream Operations L.P.<br> 6.50%, 06/01/29<sup>(a)</sup> <br>|  | $125000 | &nbsp;&nbsp; $129273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp.<br> 6.00%, 10/01/32<br>|  | 150000 | &nbsp;&nbsp; 149847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance Corp.<br> 9.88%, 03/15/30<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 128612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Operating LLC<br> 9.88%, 07/15/31<sup>(a)</sup> <br>|  | 147000 | &nbsp;&nbsp; 157981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC<br> 8.63%, 10/31/29<sup>(a)</sup> <br>|  | 175000 | &nbsp;&nbsp; 181454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunoco L.P./Sunoco Finance Corp.<br> 7.00%, 09/15/28<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 154727 |
|  |  |  | &nbsp;&nbsp; 901894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publishing & Broadcasting | 1.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media, Inc.<br> 4.75%, 11/01/28<sup>(a)</sup> <br>|  | 175000 | &nbsp;&nbsp; 173749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 4.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc.<br> 6.25%, 01/15/33<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 252091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RHP Hotel Properties L.P./RHP Finance Corp.<br> 7.25%, 07/15/28<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 154684 |
|  |  |  | &nbsp;&nbsp; 406775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail - Discretionary | 9.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academy Ltd.<br> 6.00%, 11/15/27<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.<br> 6.88%, 11/01/35<br>|  | 300000 | &nbsp;&nbsp; 303500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc.<br> 6.00%, 11/15/29<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 146975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dillard's, Inc.<br> 7.75%, 07/15/26<br>|  | 175000 | &nbsp;&nbsp; 177277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC<br> 7.38%, 08/01/33<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 158996 |
|  |  |  | &nbsp;&nbsp; 886822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 4.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreWeave, Inc.<br> 9.25%, 06/01/30<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 139466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc.<br> 6.25%, 04/01/33<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 257812 |
|  |  |  | &nbsp;&nbsp; 397278 |

---

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Finance | 7.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Inc.<br> 7.38%, 04/01/32<sup>(a)</sup> <br>|  | $150000 | &nbsp;&nbsp; $159143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Transportation and Infrastructure Investors LLC<br> 7.00%, 06/15/32<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 315394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ILFC E-Capital Trust I<br> 6.35%, 12/21/65<sup>(a)(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 125411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp.<br> 8.00%, 07/15/30<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153399 |
|  |  |  | &nbsp;&nbsp; 753347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel | 1.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co.<br> 6.00%, 12/15/35<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware | 3.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp.<br> 9.50%, 04/01/29<sup>(a)</sup> <br>|  | 130000 | &nbsp;&nbsp; 141094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seagate HDD Cayman<br> 8.50%, 07/15/31<br>|  | 150000 | &nbsp;&nbsp; 159474 |
|  |  |  | &nbsp;&nbsp; 300568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation & Logistics | 3.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc.,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/28<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 102230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/29<sup>(a)</sup> <br>|  | 225000 | &nbsp;&nbsp; 235358 |
|  |  |  | &nbsp;&nbsp; 337588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Equipment | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JB Poindexter & Co., Inc.<br> 8.75%, 12/15/31<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 209495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wholesale - Consumer Staples | 0.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc.<br> 6.75%, 10/15/28<sup>(a)</sup> <br>|  | 75000 | &nbsp;&nbsp; 75071 |
| TOTAL CORPORATE BONDS (Cost $9,271,145) |  |  | &nbsp;&nbsp; 9443458 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 2.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class), 3.63%<sup>(d)</sup> <br>|  | 189197 | &nbsp;&nbsp; 189197 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $189,197) |  |  | &nbsp;&nbsp; 189197 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $9,460,342)<br>| 98.4<br> %<br>|  | &nbsp;&nbsp; 9632655 |
| NET OTHER ASSETS (LIABILITIES) | 1.6<br> %<br>|  | &nbsp;&nbsp; 160560 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $9793215 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <sup>(a)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of December 31, 2025, these securities had a total value of $7,979,505 or 81% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at December 31, 2025, and the related index and spread are shown parenthetically for each <br> security.<br>|
| <sup>(c)</sup>Perpetual bond. Maturity date represents next call date. |
| <sup>(d)</sup>7-day current yield as of December 31, 2025 is disclosed. |

---

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

At December 31, 2025 the TSW High Yield Bond Fund's investments were concentrated as follows:

---

| | |
|:---|:---|
| **Fixed Income Credit Ratings** | **% of Net Assets** |
| BBB  | &nbsp;&nbsp; 3.7% |
| BB  | 53.4  |
| B  | 35.6  |
| B-  | &nbsp;&nbsp; 1.3  |
| CCC  | &nbsp;&nbsp; 0.8  |
| Cash equivalents  | &nbsp;&nbsp; 2.0  |
| Not Rated  | &nbsp;&nbsp; 1.6  |
| Total | 98.4% |

---

------

**TSW MUTUAL FUNDS**

**TSW LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 92.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium | 4.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev S.A./N.V. - ADR |  | 25000 | &nbsp;&nbsp; $1601000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curacao | 2.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. |  | 24000 | &nbsp;&nbsp; 921120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S - ADR |  | 8000 | &nbsp;&nbsp; 407040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 2.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayer A.G. - ADR |  | 87500 | &nbsp;&nbsp; 946750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC |  | 2400 | &nbsp;&nbsp; 788640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 2.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings N.V. |  | 6000 | &nbsp;&nbsp; 862560 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 77.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.<sup>(a)</sup> <br>|  | 1200 | &nbsp;&nbsp; 419988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. |  | 1400 | &nbsp;&nbsp; 359786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. |  | 2000 | &nbsp;&nbsp; 388140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> <br>|  | 2100 | &nbsp;&nbsp; 1055565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> <br>|  | 1800 | &nbsp;&nbsp; 545382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. |  | 3596 | &nbsp;&nbsp; 871526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. - Class A<sup>(a)</sup> <br>|  | 6300 | &nbsp;&nbsp; 1315125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. |  | 8200 | &nbsp;&nbsp; 1249762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna (The) Group |  | 2709 | &nbsp;&nbsp; 745598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. |  | 9000 | &nbsp;&nbsp; 1050210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc.<sup>(a)</sup> <br>|  | 2200 | &nbsp;&nbsp; 662046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. |  | 10000 | &nbsp;&nbsp; 888700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. |  | 13200 | &nbsp;&nbsp; 1047552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. |  | 25000 | &nbsp;&nbsp; 1464750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. |  | 3200 | &nbsp;&nbsp; 1121760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. |  | 18100 | &nbsp;&nbsp; 1312069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. |  | 2000 | &nbsp;&nbsp; 577720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. - Class A |  | 300 | &nbsp;&nbsp; 643854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.<sup>(a)</sup> <br>|  | 13000 | &nbsp;&nbsp; 873210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. |  | 11800 | &nbsp;&nbsp; 913320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. |  | 18000 | &nbsp;&nbsp; 829440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp.<sup>(a)</sup> <br>|  | 12000 | &nbsp;&nbsp; 442800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. |  | 3000 | &nbsp;&nbsp; 397380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. |  | 35600 | &nbsp;&nbsp; 978644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz (The) Co. |  | 65800 | &nbsp;&nbsp; 1595650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. |  | 1500 | &nbsp;&nbsp; 725505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. |  | 500 | &nbsp;&nbsp; 410145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. |  | 11000 | &nbsp;&nbsp; 1157860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. |  | 32700 | &nbsp;&nbsp; 814230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progressive (The) Corp. |  | 2900 | &nbsp;&nbsp; 660388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. |  | 1400 | &nbsp;&nbsp; 1080618 |

---

------

**TSW MUTUAL FUNDS**

**TSW LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Holdings, Inc. |  | 27633 | &nbsp;&nbsp; $552522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. |  | 8000 | &nbsp;&nbsp; 699360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams Cos. (The), Inc. |  | 15225 | &nbsp;&nbsp; 915175 |
|  |  |  | &nbsp;&nbsp; 28765780 |
| TOTAL COMMON STOCKS (Cost $28,204,481) |  |  | &nbsp;&nbsp; 34292890 |
| SHORT-TERM INVESTMENTS | 9.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class), 3.63%<sup>(b)</sup> <br>|  | 3586973 | &nbsp;&nbsp; 3586973 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,586,973) |  |  | &nbsp;&nbsp; 3586973 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $31,791,454)<br>| 101.8<br> %<br>|  | &nbsp;&nbsp; 37879863 |
| NET OTHER ASSETS (LIABILITIES) | (1.8<br> %)<br>|  | &nbsp;&nbsp; (684915)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $37194948 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup>Non-income producing security. <br> <sup>(b)</sup>7-day current yield as of December 31, 2025 is disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations: <br> ADR – American Depositary Receipt

At December 31, 2025 the industry sectors (excluding short-term investments) for the TSW Large Cap Value Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Health Care  | 23.3% |
| Financials  | 20.1  |
| Energy  | 13.2  |
| Industrials  | &nbsp;&nbsp; 8.9  |
| Consumer Staples  | &nbsp;&nbsp; 8.6  |
| Utilities  | &nbsp;&nbsp; 7.4  |
| Communication Services  | &nbsp;&nbsp; 5.0  |
| Information Technology  | &nbsp;&nbsp; 3.3  |
| Real Estate  | &nbsp;&nbsp; 2.4  |
| Total | &nbsp;&nbsp; 92.2% |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Perpetual Americas Funds Trust

- **b. Investment Company Act file number:** 811-23615

- **c. CIK number of Registrant:** 0001830437

- **d. LEI of Registrant:** 549300T1VINOEO8DGR87

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

  - **Street Address 1:** 1 Congress Street, Suite 3101

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02114

  - **Telephone number:** 617-993-0716

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

- **a. Name of Series:** TSW Core Plus Bond Fund

- **b. EDGAR series identifier (if any):** S000084959

- **c. LEI of Series:** 254900CN0BF2HG8GCN90

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $77381217.41

**Total Liabilities:** $173615.22

**Net Assets:** $77207602.19

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 1182.229222765087 | **5-Year:** 7293.467762278284 | **10-Year:** 6720.011220127873 | **30-Year:** 964.619735213252

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

- **3-Month:** 93.664650849451 | **1-Year:** 857.431735544234 | **5-Year:** 2918.971967245667 | **10-Year:** 457.729199135808 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000249810 | 0.47%                | 0.75%                | -0.12%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9344.61                 | $100168.32                                 |
| Month 2  | $-8126.66                | $261933.17                                 |
| Month 3  | $66471.73                | $-373884.26                                |

### Schedule of Portfolio Investments

| Name                                                   | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Parker-Hannifin Corp.                                  | PH 4.2 11/21/34 MTN                         | CUSIP: 70109HAM7<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194344.26    | 0.25%             | 2034-11-21      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                       | MCD 3.5 03/01/27 MTN                        | CUSIP: 58013MFB5<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    400000 | PA      | $398193.38    | 0.52%             | 2027-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR SD8233                                   | CUSIP: 3132DWEE9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1447845 | PA      | $1453269.85   | 1.88%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| General Motors Company                                 | GM 5.4 10/15/29                             | CUSIP: 37045VAY6<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103640.66    | 0.13%             | 2029-10-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 02/29/28                                | CUSIP: 91282CGP0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $454781.25    | 0.59%             | 2028-02-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American International Group Inc.                      | AIG 5.125 03/27/33                          | CUSIP: 026874DS3<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    900000 | PA      | $927242.05    | 1.20%             | 2033-03-27      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Harrow Inc                                             | HROW 8.625 09/15/30 144A                    | CUSIP: 415858AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $210208.00    | 0.27%             | 2030-09-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3.75 11/30/32                             | CUSIP: 91282CPM7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1485000.00   | 1.92%             | 2032-11-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                         | MS 3.95 04/23/27                            | CUSIP: 61761JZN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199878.97    | 0.26%             | 2027-04-23      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3.875 09/30/29                            | CUSIP: 91282CFL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $252304.69    | 0.33%             | 2029-09-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Horizon Mut Holding Inc.                               | BCBSNJ 6.2 11/15/34 144A                    | CUSIP: 43990FAA6<br>LEI: 254900R6BWV4LUXBN549 | Long             | DBT              | CORP              | US        |    500000 | PA      | $484650.70    | 0.63%             | 2034-11-15      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 11/15/35                                | CUSIP: 91282CPJ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $740859.38    | 0.96%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                              | GS 3.85 01/26/27                            | CUSIP: 38141GWB6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    900000 | PA      | $899285.89    | 1.16%             | 2027-01-26      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| American Water Capital Corp                            | AWK 2.95 09/01/27                           | CUSIP: 03040WAQ8<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196929.97    | 0.26%             | 2027-09-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                  | BBWI 6.625 10/01/30 144A                    | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    300000 | PA      | $306739.50    | 0.40%             | 2030-10-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| NCR Atleos Corp.                                       | NCRATL 9.5 04/01/29 144A                    | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54266.80     | 0.07%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Energizer Holdings Inc                                 | ENR 6 09/15/33 144A                         | CUSIP: 29272WAG4<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    500000 | PA      | $479492.70    | 0.62%             | 2033-09-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Deluxe Corporation                                     | DLX 8 06/01/29 144A                         | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |    750000 | PA      | $763906.50    | 0.99%             | 2029-06-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4.125 11/15/32                            | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2600000 | PA      | $2633718.75   | 3.41%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                           | ORCL 4.9 02/06/33                           | CUSIP: 68389XCP8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    400000 | PA      | $386201.37    | 0.50%             | 2033-02-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Global Medical Response Incorporated                   | AIMEGR 7.375 10/01/32 144A                  | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |    550000 | PA      | $571655.61    | 0.74%             | 2032-10-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| PROG Holdings Inc.                                     | PRG 6 11/15/29 144A                         | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247017.50    | 0.32%             | 2029-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Oneok Partners Lp                                      | OKE 6.85 10/15/37                           | CUSIP: 68268NAD5<br>LEI: T4DHW82NMF6BXJT50795 | Long             | DBT              | CORP              | US        |    225000 | PA      | $248977.23    | 0.32%             | 2037-10-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                  | LOW 3.1 05/03/27                            | CUSIP: 548661DP9<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    400000 | PA      | $395607.50    | 0.51%             | 2027-05-03      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Hubbell Incorporated                                   | HUBB 3.15 08/15/27                          | CUSIP: 443510AH5<br>LEI: 54930088VDQ6840Y6597 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148137.10    | 0.19%             | 2027-08-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Ventas Realty Limited Partnership                      | VTR 3 01/15/30                              | CUSIP: 92277GAU1<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95213.91     | 0.12%             | 2030-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FR SD8276                                   | CUSIP: 3132DWFR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    178821 | PA      | $179278.75    | 0.23%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Realty Income Corporation                              | O 4.85 03/15/30                             | CUSIP: 756109BR4<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256922.23    | 0.33%             | 2030-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                  | BBWI 6.875 11/01/35                         | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    455000 | PA      | $460309.00    | 0.60%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN BM4854                                   | CUSIP: 3140J9MC2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    433419 | PA      | $436950.02    | 0.57%             | 2044-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                     | TMUS 2.25 11/15/31                          | CUSIP: 87264ABX2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $886802.68    | 1.15%             | 2031-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3.875 12/31/29                            | CUSIP: 91282CGB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1009179.69   | 1.31%             | 2029-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Sealed Air Corp. / Sealed Air Corp. US                 | SEE 6.125 02/01/28 144A                     | CUSIP: 812127AA6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    600000 | PA      | $609950.40    | 0.79%             | 2028-02-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                        | TDG 6.75 08/15/28 144A                      | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    500000 | PA      | $508807.97    | 0.66%             | 2028-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3.75 08/31/31                             | CUSIP: 91282CLJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $349248.05    | 0.45%             | 2031-08-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3.875 08/15/34                            | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3250000 | PA      | $3206201.18   | 4.15%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                           | T 4.125 08/15/44                            | CUSIP: 912810UD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2350000 | PA      | $2164753.92   | 2.80%             | 2044-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3.625 08/31/29                            | CUSIP: 91282CLK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $250107.42    | 0.32%             | 2029-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3.5 09/30/29                              | CUSIP: 91282CLN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $995937.50    | 1.29%             | 2029-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4.625 05/31/31                            | CUSIP: 91282CKU4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $260498.05    | 0.34%             | 2031-05-31      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                           | T 4.25 08/15/54                             | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $908125.00    | 1.18%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Rithm Capital Corp.                                    | RITM 8 07/15/30 144A                        | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |    300000 | PA      | $306798.94    | 0.40%             | 2030-07-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Public Service Company of Oklahoma                     | AEP 5.45 01/15/36                           | CUSIP: 744533BS8<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1027617.64   | 1.33%             | 2036-01-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                                  | PWR 5.25 08/09/34                           | CUSIP: 74762EAL6<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |    165000 | PA      | $169532.77    | 0.22%             | 2034-08-09      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                      | HRI 7.25 06/15/33 144A                      | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    500000 | PA      | $531252.76    | 0.69%             | 2033-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings Inc.                                     | POST 6.375 03/01/33 144A                    | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    300000 | PA      | $303099.90    | 0.39%             | 2033-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| The Charles Schwab Corporation                         | SCHW V5.643 05/19/29                        | CUSIP: 808513CD5<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    175000 | PA      | $181635.45    | 0.24%             | 2029-05-19      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Davita Inc                                             | DVA 6.875 09/01/32 144A                     | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104087.40    | 0.13%             | 2032-09-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Atmos Energy Corp.                                     | ATO 5.2 08/15/35 .                          | CUSIP: 049560BC8<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |    410000 | PA      | $423299.56    | 0.55%             | 2035-08-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Science Applications International Corp.               | SAIC 5.875 11/01/33 144A                    | CUSIP: 808625AB3<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126717.47    | 0.16%             | 2033-11-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Burford Capital Global Finance LLC                     | BURLN 9.25 07/01/31 144A                    | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205947.20    | 0.27%             | 2031-07-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| GEO Group Inc                                          | GEO 8.625 04/15/29                          | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262950.75    | 0.34%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Leidos Inc                                             | LDOS 5.5 03/15/35                           | CUSIP: 52532XAL9<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1041761.61   | 1.35%             | 2035-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                  | QUIKHO 6.375 03/01/32 144A                  | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    450000 | PA      | $468404.55    | 0.61%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| National Fuel Gas Company                              | NFG 5.95 03/15/35                           | CUSIP: 636180BU4<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |    500000 | PA      | $523619.80    | 0.68%             | 2035-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                  | IBM 5.7 02/10/55 ..                         | CUSIP: 459200LK5<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    750000 | PA      | $742053.24    | 0.96%             | 2055-02-10      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                       | FN MA5313                                   | CUSIP: 31418E3X6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2453273 | PA      | $2523870.01   | 3.27%             | 2044-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4.125 10/31/31                            | CUSIP: 91282CLU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1600000 | PA      | $1626624.99   | 2.11%             | 2031-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3.625 09/30/31                            | CUSIP: 91282CLM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $991210.94    | 1.28%             | 2031-09-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                               | VST 5.7 12/30/34 144A                       | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258110.25    | 0.33%             | 2034-12-30      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Boeing Co.                                             | BA 6.259 05/01/27                           | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    500000 | PA      | $513060.83    | 0.66%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Citadel LP                                             | CITADL 6.375 01/23/32 144A                  | CUSIP: 17288XAC8<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |    330000 | PA      | $350824.75    | 0.45%             | 2032-01-23      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4.625 02/15/35                            | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1250000 | PA      | $1300146.49   | 1.68%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PBF Holding Company LLC and PBF Finance Corp.          | PBFENE 9.875 03/15/30 144A                  | CUSIP: 69318FAM0<br>LEI: 549300TILVIIV9FLL461 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205779.40    | 0.27%             | 2030-03-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 03/31/30                                | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2533691.40   | 3.28%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                  | FN MA5498                                   | CUSIP: 31418FDC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1599264 | PA      | $1642675.34   | 2.13%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                | MPLX 5.4 04/01/35                           | CUSIP: 55336VBY5<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    750000 | PA      | $756149.96    | 0.98%             | 2035-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Public Service Company of Oklahoma                     | AEP 5.2 01/15/35                            | CUSIP: 744533BR0<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506524.86    | 0.66%             | 2035-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| F N B Corp (Pennsylvania)                              | FNB V5.722 12/11/30                         | CUSIP: 302520AD3<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |    730000 | PA      | $745508.00    | 0.97%             | 2030-12-11      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Otis Worldwide Corp.                                   | OTIS 5.125 11/19/31                         | CUSIP: 68902VAR8<br>LEI: 549300ZLBKR8VSU25153 | Long             | DBT              | CORP              | US        |    475000 | PA      | $493122.33    | 0.64%             | 2031-11-19      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 05/31/30                                | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $456099.61    | 0.59%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3.75 12/31/28                             | CUSIP: 91282CJR3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1006054.69   | 1.30%             | 2028-12-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                           | Northern Institutional Funds TREAS PRT PRMR | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    857402 | NS      | $857402.17    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                           | T 4 07/31/30                                | CUSIP: 91282CHR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $304066.41    | 0.39%             | 2030-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                           | T 4.25 02/15/54                             | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $681035.16    | 0.88%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4 02/15/34                                | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $249677.74    | 0.32%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                           | SO 3.7 04/30/30 A                           | CUSIP: 842587DE4<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    400000 | PA      | $390856.49    | 0.51%             | 2030-04-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4.5 11/15/33                              | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $517167.97    | 0.67%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Expedia Group Inc                                      | EXPE 3.25 02/15/30                          | CUSIP: 30212PAR6<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71987.31     | 0.09%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                           | T 4.375 08/15/43                            | CUSIP: 912810TU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $239658.20    | 0.31%             | 2043-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4.375 11/30/30                            | CUSIP: 91282CJM4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1050000 | PA      | $1081253.90   | 1.40%             | 2030-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc.                                     | NXST 4.75 11/01/28 144A                     | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    825000 | PA      | $819101.50    | 1.06%             | 2028-11-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 3.5 04/30/28                              | CUSIP: 91282CHA2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $400015.62    | 0.52%             | 2028-04-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                           | T 4.625 05/15/54                            | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $725449.22    | 0.94%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                           | T 4.25 08/15/35                             | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3250000 | PA      | $3280468.75   | 4.25%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GATX Corporation                                       | GMT 4 06/30/30                              | CUSIP: 361448BF9<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197284.76    | 0.26%             | 2030-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| StoneX Group Inc                                       | SNEX 7.875 03/01/31 144A                    | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53118.40     | 0.07%             | 2031-03-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                           | HESM 6.5 06/01/29 144A                      | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $336110.13    | 0.44%             | 2029-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Company Inc                   | GM 5.35 07/15/27                            | CUSIP: 37045XEX0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    450000 | PA      | $457874.52    | 0.59%             | 2027-07-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Keysight Technologies, Inc.                            | KEYS 4.95 10/15/34                          | CUSIP: 49338LAG8<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |    500000 | PA      | $504561.57    | 0.65%             | 2034-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                              | SUN 7.25 05/01/32 144A                      | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    400000 | PA      | $422934.46    | 0.55%             | 2032-05-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Netflix, Inc.                                          | NFLX 4.9 08/15/34                           | CUSIP: 64110LAZ9<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    400000 | PA      | $409895.93    | 0.53%             | 2034-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                | UNH 5.15 07/15/34                           | CUSIP: 91324PFJ6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    730000 | PA      | $749045.37    | 0.97%             | 2034-07-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Sonoco Products Company                                | SON 4.6 09/01/29                            | CUSIP: 835495AR3<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    400000 | PA      | $403441.15    | 0.52%             | 2029-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Wesco Distribution, Inc.                               | WCC 6.625 03/15/32 144A                     | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156631.32    | 0.20%             | 2032-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Brinks Company                                         | BCO 6.75 06/15/32 144A                      | CUSIP: 109696AD6<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260658.50    | 0.34%             | 2032-06-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Quanta Services, Inc.                                  | PWR 4.75 08/09/27                           | CUSIP: 74762EAK8<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202459.41    | 0.26%             | 2027-08-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| American Assets Trust L P                              | AAT 6.15 10/01/34                           | CUSIP: 02401LAB0<br>LEI: 549300V1TI0SMG9Z6U69 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253992.71    | 0.33%             | 2034-10-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                           | AVGO 4.55 02/15/32 .                        | CUSIP: 11135FCC3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502061.00    | 0.65%             | 2032-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                        | TDG 6.375 05/31/33 144A                     | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    625000 | PA      | $641311.25    | 0.83%             | 2033-05-31      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Ares Capital Corp.                                     | ARCC 7 01/15/27                             | CUSIP: 04010LBE2<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153711.07    | 0.20%             | 2027-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                              | SUN 7 09/15/28 144A                         | CUSIP: 86765KAA7<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257878.75    | 0.33%             | 2028-09-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                              | DUK 4.85 01/15/34                           | CUSIP: 26442CBM5<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253468.53    | 0.33%             | 2034-01-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics Incorporated                         | DGX 5 12/15/34                              | CUSIP: 74834LBG4<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202660.53    | 0.26%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Laboratory Corporation of America Holdings             | LH 4.8 10/01/34                             | CUSIP: 50540RBB7<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248176.36    | 0.32%             | 2034-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                    | AXL 7.75 10/15/33 144A                      | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509506.10    | 0.66%             | 2033-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Acushnet Co                                            | GOLF 5.625 12/01/33 144A                    | CUSIP: 005095AB0<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126404.49    | 0.16%             | 2033-12-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| United Rentals (North America), Inc.                   | URI 6 12/15/29 144A                         | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    500000 | PA      | $513681.51    | 0.67%             | 2029-12-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Ingersoll Rand Inc                                     | IR 5.7 08/14/33                             | CUSIP: 45687VAB2<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |    400000 | PA      | $424451.12    | 0.55%             | 2033-08-14      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| JB Poindexter & Co Inc                                 | JBPOIN 8.75 12/15/31 144A                   | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52373.81     | 0.07%             | 2031-12-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Genuine Parts Co                                       | GPC 4.95 08/15/29                           | CUSIP: 372460AF2<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |    275000 | PA      | $280192.15    | 0.36%             | 2029-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Murphy Oil Corporation                                 | MUR 6 10/01/32                              | CUSIP: 626717AP7<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499488.93    | 0.65%             | 2032-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CoreWeave Inc.                                         | CRWV 9.25 06/01/30 144A                     | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    150000 | PA      | $139465.89    | 0.18%             | 2030-06-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                     | DELL 4.5 02/15/31                           | CUSIP: 24703DBS9<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    700000 | PA      | $699656.59    | 0.91%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                        | TDG 7.125 12/01/31 144A                     | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157652.40    | 0.20%             | 2031-12-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Equitable Financial Life Global Funding                | EQH 5 03/27/30 144A                         | CUSIP: 29449WAT4<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |    700000 | PA      | $716120.64    | 0.93%             | 2030-03-27      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Macys Retail Holdings LLC                              | M 7.375 08/01/33 144A                       | CUSIP: 55617LAS1<br>LEI: 549300JMONK27O4SQQ19 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158996.40    | 0.21%             | 2033-08-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Match Group Holdings II LLC                            | MTCHII 6.125 09/15/33 144A                  | CUSIP: 57667JAC6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    600000 | PA      | $607185.06    | 0.79%             | 2033-09-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Lindblad Expeditions LLC                               | LIND 7 09/15/30 144A                        | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |    350000 | PA      | $365120.70    | 0.47%             | 2030-09-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Wesco Distribution, Inc.                               | WCC 6.375 03/15/29 144A                     | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258167.20    | 0.33%             | 2029-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                  | BAC V5.425 08/15/35 MTN                     | CUSIP: 06051GMB2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76790.43     | 0.10%             | 2035-08-15      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Performance Food Group Inc                             | PFGC 6.125 09/15/32 144A                    | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154638.90    | 0.20%             | 2032-09-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                     | DELL 4.35 02/01/30                          | CUSIP: 24703DBP5<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    660000 | PA      | $660989.63    | 0.86%             | 2030-02-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Ferguson Enterprises Inc                               | FERG 5 10/03/34                             | CUSIP: 31488VAA5<br>LEI: 2138003JYQMRP3SLX189 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505359.77    | 0.65%             | 2034-10-03      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayfair LLC                                            | W 6.75 11/15/32 144A                        | CUSIP: 94419NAC1<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    625000 | PA      | $642672.50    | 0.83%             | 2032-11-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Willis North America Inc.                              | WTW 4.55 03/15/31                           | CUSIP: 970648AP6<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1193007.95   | 1.55%             | 2031-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Fortress Transportation & Infrastructure Investors LLC | FTAI 7 06/15/32 144A                        | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    400000 | PA      | $420525.20    | 0.54%             | 2032-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Roper Technologies Inc                                 | ROP 4.5 10/15/29                            | CUSIP: 776696AG1<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    400000 | PA      | $404181.68    | 0.52%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Wisconsin Electric Power Company                       | WEC 4.6 10/01/34                            | CUSIP: 976656CS5<br>LEI: AENKIFMULUAWOUU8Q584 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198597.90    | 0.26%             | 2034-10-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                                   | ELV 4.95 11/01/31                           | CUSIP: 036752BC6<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1022859.41   | 1.32%             | 2031-11-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                    | KMI 5.85 06/01/35                           | CUSIP: 49456BBC4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    500000 | PA      | $530236.56    | 0.69%             | 2035-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-23

**Name of Applicant:** Perpetual Americas Funds Trust

**Signature:** John Stanziani

**Name of Signer:** John Stanziani

**Title:** Treasurer