# EDGAR Filing Document

**Accession Number:** 0001027596
**File Stem:** 0001193125-25-252740
**Filing Date:** 2025-10
**Character Count:** 154468
**Document Hash:** 55d946b1a9351e5cb7aae9c3cd0ff830
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-252740.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001193125-25-252740

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001027596

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07959
- **FILM NUMBER:** 251422156

**BUSINESS ADDRESS:**
- **STREET 1:** U.S BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 626-914-7235

**MAIL ADDRESS:**
- **STREET 1:** 615 E MICHIGAN STREET
- **STREET 2:** MK-WI-LC2
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### PIA BBB Bond Fund (Series ID: S000005064)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000013849 | Managed Account Completion Shares | PBBBX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **PIA BBB Bond Fund** | **PIA BBB Bond Fund** | **PIA BBB Bond Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **CORPORATE BONDS - 90.6%** | **Par** | **Value**  |
| **Aerospace/Defense - 3.1%** | **Aerospace/Defense - 3.1%** | **Aerospace/Defense - 3.1%** |
| Boeing Co. | Boeing Co. | Boeing Co. |
| &nbsp;&nbsp; 5.15%, 05/01/2030 | $950000 | $974587 |
| &nbsp;&nbsp; 5.71%, 05/01/2040 | 1400000 | 1401998 |
|  L3Harris Technologies, Inc., 6.15%, 12/15/2040 | 500000 | 532614 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| &nbsp;&nbsp; 4.40%, 05/01/2030 | 1000000 | 1009140 |
| &nbsp;&nbsp; 4.95%, 03/15/2053 | 500000 | 445589 |
| RTX Corp. | RTX Corp. | RTX Corp. |
| &nbsp;&nbsp; 3.50%, 03/15/2027 | 1000000 | 991427 |
| &nbsp;&nbsp; 4.35%, 04/15/2047 | 1000000 | 834443 |
|  |  | 6189798 |
| **Agriculture - 2.1%** | **Agriculture - 2.1%** | **Agriculture - 2.1%** |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| &nbsp;&nbsp; 4.80%, 02/14/2029 | 148000 | 150364 |
| &nbsp;&nbsp; 3.40%, 05/06/2030 | 1600000 | 1533953 |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| &nbsp;&nbsp; 2.26%, 03/25/2028 | 1000000 | 952671 |
| &nbsp;&nbsp; 4.54%, 08/15/2047 | 400000 | 324423 |
| &nbsp;&nbsp; 5.65%, 03/16/2052 | 800000 | 743396 |
|  Bunge Ltd. Finance Corp., 3.75%, 09/25/2027 | 600000 | 595920 |
|  |  | 4300727 |
| **Airlines - 0.3%** | **Airlines - 0.3%** | **Airlines - 0.3%** |
|  Southwest Airlines Co., 5.13%, 06/15/2027 | 500000 | 505799 |
|  United Airlines 2020-1 Class B Pass Through Trust, Series B, 4.88%, 01/15/2026 | 140375 | 140343 |
|  |  | 646142 |
| **Auto Manufacturers - 2.9%** | **Auto Manufacturers - 2.9%** | **Auto Manufacturers - 2.9%** |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| &nbsp;&nbsp; 3.82%, 11/02/2027 | 500000 | 486769 |
| &nbsp;&nbsp; 6.80%, 11/07/2028 | 500000 | 520429 |
| &nbsp;&nbsp; 7.12%, 11/07/2033 | 1000000 | 1045726 |
| &nbsp;&nbsp; 6.13%, 03/08/2034 | 500000 | 491886 |
|  General Motors Co., 5.20%, 04/01/2045 | 400000 | 348283 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| &nbsp;&nbsp; 3.60%, 06/21/2030 | 1300000 | 1235424 |
| &nbsp;&nbsp; 2.35%, 01/08/2031 | 1500000 | 1321961 |
| &nbsp;&nbsp; 5.63%, 04/04/2032 | 500000 | 511793 |
|  |  | 5962271 |
| **Banks - 7.1%** | **Banks - 7.1%** | **Banks - 7.1%** |
| Barclays PLC | Barclays PLC | Barclays PLC |
| &nbsp;&nbsp; 4.84%, 05/09/2028 | 1000000 | 1004985 |
| &nbsp;&nbsp; 5.75% to 08/09/2032 then 1 yr. CMT Rate + 3.00%, 08/09/2033 | 1000000 | 1045823 |
| &nbsp;&nbsp; 3.33% to 11/24/2041 then 1 yr. CMT Rate + 1.30%, 11/24/2042 | 700000 | 523212 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp; 4.45%, 09/29/2027 | 1700000 | 1704972 |
| &nbsp;&nbsp; 5.30%, 05/06/2044 | 540000 | 512859 |
|  Citizens Financial Group, Inc., 5.84% to 01/23/2029 then SOFR + 2.01%, 01/23/2030 | 500000 | 519985 |
|  Comerica, Inc., 5.98% to 01/30/2029 then SOFR + 2.16%, 01/30/2030 | 500000 | 518781 |
|  Cooperatieve Rabobank UA, 3.75%, 07/21/2026 | 1000000 | 993699 |
|  Deutsche Bank AG/New York NY, 5.30% to 05/09/2030 then SOFR + 1.72%, 05/09/2031 | 1000000 | 1024553 |
| Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
| &nbsp;&nbsp; 4.06% to 04/25/2027 then SOFR + 1.36%, 04/25/2028 | 500000 | 498636 |
| &nbsp;&nbsp; 8.25%, 03/01/2038 | 225000 | 275699 |
|  Goldman Sachs Group, Inc., 6.75%, 10/01/2037 | 950000 | 1056545 |
|  HSBC Holdings PLC, 7.40% to 11/13/2033 then SOFR + 3.02%, 11/13/2034 | 1100000 | 1239969 |
|  Lloyds Banking Group PLC, 4.65%, 03/24/2026 | 800000 | 799956 |
|  M&T Bank Corp., 6.08% to 03/13/2031 then SOFR + 2.26%, 03/13/2032 | 500000 | 530882 |
|  Morgan Stanley, 2.48% to 09/16/2031 then SOFR + 1.36%, 09/16/2036 | 900000 | 780113 |
|  Santander Holdings USA, Inc., 6.34% to 05/31/2034 then SOFR + 2.14%, 05/31/2035 | 1000000 | 1063335 |
|  Westpac Banking Corp., 3.13%, 11/18/2041 | 300000 | 221799 |
|  |  | 14315803 |
| **Beverages - 1.0%** | **Beverages - 1.0%** | **Beverages - 1.0%** |
|  Constellation Brands, Inc., 2.88%, 05/01/2030 | 700000 | 654852 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| &nbsp;&nbsp; 3.20%, 05/01/2030 | 1000000 | 942431 |
| &nbsp;&nbsp; 4.50%, 04/15/2052 | 500000 | 393738 |
|  |  | 1991021 |
| **Biotechnology - 2.0%** | **Biotechnology - 2.0%** | **Biotechnology - 2.0%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| &nbsp;&nbsp; 5.25%, 03/02/2033 | 1000000 | 1026640 |
| &nbsp;&nbsp; 2.80%, 08/15/2041 | 500000 | 360893 |
| &nbsp;&nbsp; 4.66%, 06/15/2051 | 1006000 | 855543 |
| &nbsp;&nbsp; 5.65%, 03/02/2053 | 500000 | 484382 |
|  Biogen, Inc., 2.25%, 05/01/2030 | 700000 | 637226 |
|  Gilead Sciences, Inc., 2.60%, 10/01/2040 | 500000 | 360380 |
|  Royalty Pharma PLC, 2.15%, 09/02/2031 | 500000 | 435023 |
|  |  | 4160087 |
| **Building Materials - 0.7%** | **Building Materials - 0.7%** | **Building Materials - 0.7%** |
|  Amrize Finance US LLC, 5.40%, 04/07/2035 <sup>(a)</sup> | 500000 | 507611 |
|  Carrier Global Corp., 2.70%, 02/15/2031 | 240000 | 220667 |
|  Vulcan Materials Co., 3.90%, 04/01/2027 | 620000 | 618349 |
|  |  | 1346627 |
| **Chemicals - 1.4%** | **Chemicals - 1.4%** | **Chemicals - 1.4%** |
| Dow Chemical Co. | Dow Chemical Co. | Dow Chemical Co. |
| &nbsp;&nbsp; 7.38%, 11/01/2029 | 170000 | 188594 |
| &nbsp;&nbsp; 6.90%, 05/15/2053 | 500000 | 526118 |
|  DuPont de Nemours, Inc., 4.73%, 11/15/2028 | 1000000 | 1020270 |
|  Nutrien Ltd., 2.95%, 05/13/2030 | 700000 | 659056 |
|  Sherwin-Williams Co., 2.20%, 03/15/2032 | 600000 | 519769 |
|  |  | 2913807 |
| **Commercial Services - 0.7%** | **Commercial Services - 0.7%** | **Commercial Services - 0.7%** |
|  Equifax, Inc., 3.10%, 05/15/2030 | 500000 | 472546 |
|  Global Payments, Inc., 1.20%, 03/01/2026 | 500000 | 491998 |
| Moody's Corp. | Moody's Corp. | Moody's Corp. |
| &nbsp;&nbsp; 2.00%, 08/19/2031 | 250000 | 219656 |
| &nbsp;&nbsp; 3.10%, 11/29/2061 | 250000 | 153766 |
|  |  | 1337966 |
| **Computers - 1.4%** | **Computers - 1.4%** | **Computers - 1.4%** |
| Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. |
| &nbsp;&nbsp; 6.02%, 06/15/2026 | 642000 | 647685 |
| &nbsp;&nbsp; 6.20%, 07/15/2030 | 500000 | 537624 |
| &nbsp;&nbsp; 3.45%, 12/15/2051 | 181000 | 123634 |
|  Hewlett Packard Enterprise Co., 4.85%, 10/15/2031 | 1000000 | 1008409 |
|  HP, Inc., 5.50%, 01/15/2033 | 500000 | 513702 |
|  |  | 2831054 |
| **Diversified Financial Services - 4.0%** | **Diversified Financial Services - 4.0%** | **Diversified Financial Services - 4.0%** |
|  Acadian Asset Management, Inc., 4.80%, 07/27/2026 | 1000000 | 987775 |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 | 1500000 | 1373086 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| &nbsp;&nbsp; 2.88%, 01/15/2026 | 450000 | 447009 |
| &nbsp;&nbsp; 5.30%, 02/01/2028 | 1000000 | 1023925 |
|  Ally Financial, Inc., 2.20%, 11/02/2028 | 500000 | 467210 |
|  Capital One Financial Corp., 3.65%, 05/11/2027 | 1400000 | 1387807 |
|  Jefferies Financial Group, Inc., 6.20%, 04/14/2034 | 500000 | 527712 |
|  Nasdaq, Inc., 5.55%, 02/15/2034 | 500000 | 521553 |
|  Nomura Holdings, Inc., 2.17%, 07/14/2028 | 1000000 | 944785 |
|  Synchrony Financial, 5.02% (SOFR + 1.40%), 07/29/2029 | 500000 | 503529 |
|  |  | 8184391 |
| **Electric - 7.4%** | **Electric - 7.4%** | **Electric - 7.4%** |
|  AEP Texas, Inc., 5.45%, 05/15/2029 | 500000 | 519179 |
|  American Electric Power Co., Inc., 5.95%, 11/01/2032 | 500000 | 533932 |
|  Black Hills Corp., 6.00%, 01/15/2035 | 500000 | 526060 |
|  Constellation Energy Generation LLC, 5.75%, 03/15/2054 | 250000 | 244948 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| &nbsp;&nbsp; 2.25%, 08/15/2031 | 500000 | 440760 |
| &nbsp;&nbsp; 4.90%, 08/01/2041 | 470000 | 423643 |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| &nbsp;&nbsp; 2.45%, 06/01/2030 | 950000 | 873740 |
| &nbsp;&nbsp; 3.30%, 06/15/2041 | 1000000 | 755217 |
|  El Paso Electric Co., 6.00%, 05/15/2035 | 850000 | 881623 |
|  Eversource Energy, 2.55%, 03/15/2031 | 500000 | 451315 |
|  Exelon Corp., 5.45%, 03/15/2034 | 600000 | 619024 |
|  FirstEnergy Corp., 2.25%, 09/01/2030 | 700000 | 628718 |
|  Interstate Power and Light Co., 5.60%, 06/29/2035 | 500000 | 517585 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp; 4.63%, 07/15/2027 | 500000 | 504471 |
| &nbsp;&nbsp; 2.25%, 06/01/2030 | 400000 | 364217 |
| &nbsp;&nbsp; 5.25%, 03/15/2034 | 600000 | 610765 |
|  Pacific Gas and Electric Co., 3.50%, 08/01/2050 | 5000000 | 3285969 |
|  Sempra, 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052 | 600000 | 582853 |
|  Southern Co., 3.25%, 07/01/2026 | 1000000 | 991096 |
|  Southwestern Electric Power Co., 3.25%, 11/01/2051 | 400000 | 258563 |
|  System Energy Resources, Inc., 5.30%, 12/15/2034 | 500000 | 498464 |
|  Xcel Energy, Inc., 2.35%, 11/15/2031 | 500000 | 440137 |
|  |  | 14952279 |
| **Electronics - 0.4%** | **Electronics - 0.4%** | **Electronics - 0.4%** |
|  Fortive Corp., 3.15%, 06/15/2026 | 750000 | 742923 |
| **Entertainment - 0.3%** | **Entertainment - 0.3%** | **Entertainment - 0.3%** |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| &nbsp;&nbsp; 4.28%, 03/15/2032 | 581000 | 501766 |
| &nbsp;&nbsp; 5.14%, 03/15/2052 | 210000 | 130948 |
|  |  | 632714 |
| **Food - 3.0%** | **Food - 3.0%** | **Food - 3.0%** |
|  Conagra Brands, Inc., 7.00%, 10/01/2028 | 1300000 | 1389571 |
|  General Mills, Inc., 2.25%, 10/14/2031 | 700000 | 615610 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| &nbsp;&nbsp; 5.20%, 03/15/2032 | 500000 | 510281 |
| &nbsp;&nbsp; 4.88%, 10/01/2049 | 600000 | 502151 |
| Kroger Co. | Kroger Co. | Kroger Co. |
| &nbsp;&nbsp; 2.20%, 05/01/2030 | 1000000 | 915125 |
| &nbsp;&nbsp; 5.50%, 09/15/2054 | 500000 | 468779 |
|  Mondelez International, Inc., 1.50%, 02/04/2031 | 500000 | 432246 |
| Sysco Corp. | Sysco Corp. | Sysco Corp. |
| &nbsp;&nbsp; 5.95%, 04/01/2030 | 464000 | 493592 |
| &nbsp;&nbsp; 3.15%, 12/14/2051 | 400000 | 257091 |
|  Tyson Foods, Inc., 4.35%, 03/01/2029 | 600000 | 600324 |
|  |  | 6184770 |
| **Forest Products & Paper - 0.3%** | **Forest Products & Paper - 0.3%** | **Forest Products & Paper - 0.3%** |
|  International Paper Co., 6.00%, 11/15/2041 | 700000 | 713449 |
| **Gas - 0.3%** | **Gas - 0.3%** | **Gas - 0.3%** |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| &nbsp;&nbsp; 5.35%, 04/01/2034 | 250000 | 255838 |
| &nbsp;&nbsp; 5.25%, 02/15/2043 | 400000 | 376661 |
|  |  | 632499 |
| **Hand/Machine Tools - 0.1%** | **Hand/Machine Tools - 0.1%** | **Hand/Machine Tools - 0.1%** |
|  Kennametal, Inc., 2.80%, 03/01/2031 | 330000 | 301239 |
| **Healthcare-Products - 1.2%** | **Healthcare-Products - 1.2%** | **Healthcare-Products - 1.2%** |
|  Agilent Technologies, Inc., 2.30%, 03/12/2031 | 215000 | 192943 |
|  GE HealthCare Technologies, Inc., 5.86%, 03/15/2030 | 500000 | 531030 |
|  Solventum Corp., 5.60%, 03/23/2034 | 500000 | 518978 |
|  Stryker Corp., 1.95%, 06/15/2030 | 700000 | 631896 |
|  Zimmer Biomet Holdings, Inc., 3.05%, 01/15/2026 | 500000 | 497350 |
|  |  | 2372197 |
| **Healthcare-Services - 2.8%** | **Healthcare-Services - 2.8%** | **Healthcare-Services - 2.8%** |
| Cigna Group | Cigna Group | Cigna Group |
| &nbsp;&nbsp; 4.50%, 02/25/2026 | 327000 | 327159 |
| &nbsp;&nbsp; 3.40%, 03/15/2050 | 600000 | 403159 |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| &nbsp;&nbsp; 5.50%, 10/15/2032 | 500000 | 520355 |
| &nbsp;&nbsp; 4.65%, 08/15/2044 | 600000 | 515449 |
| &nbsp;&nbsp; 5.13%, 02/15/2053 | 1000000 | 885076 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. |
| &nbsp;&nbsp; 4.13%, 06/15/2029 | 1000000 | 990394 |
| &nbsp;&nbsp; 5.60%, 04/01/2034 | 1000000 | 1027885 |
| &nbsp;&nbsp; 4.38%, 03/15/2042 | 600000 | 502416 |
|  Humana, Inc., 4.88%, 04/01/2030 | 500000 | 506641 |
|  |  | 5678534 |
| **Household Products/Wares - 0.2%** | **Household Products/Wares - 0.2%** | **Household Products/Wares - 0.2%** |
|  Church & Dwight Co., Inc., 3.15%, 08/01/2027 | 500000 | 492530 |
| **Insurance - 3.6%** | **Insurance - 3.6%** | **Insurance - 3.6%** |
|  American International Group, Inc., 5.45%, 05/07/2035 | 500000 | 516032 |
|  Aon Corp., 2.80%, 05/15/2030 | 600000 | 562975 |
|  CNA Financial Corp., 5.13%, 02/15/2034 | 500000 | 500536 |
| Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
| &nbsp;&nbsp; 3.90%, 04/05/2032 | 500000 | 473197 |
| &nbsp;&nbsp; 6.05%, 09/15/2033 | 500000 | 530660 |
|  Fidelity National Financial, Inc., 2.45%, 03/15/2031 | 2000000 | 1762954 |
| Lincoln National Corp. | Lincoln National Corp. | Lincoln National Corp. |
| &nbsp;&nbsp; 3.80%, 03/01/2028 | 120000 | 118645 |
| &nbsp;&nbsp; 5.85%, 03/15/2034 | 500000 | 519201 |
|  MetLife, Inc., 6.40%, 12/15/2036 | 855000 | 896528 |
|  Old Republic International Corp., 5.75%, 03/28/2034 | 1000000 | 1028234 |
|  Prudential Financial, Inc., 5.13% to 02/28/2032 then 5 yr. CMT Rate + 3.16%, 03/01/2052 | 500000 | 491371 |
|  |  | 7400333 |
| **Internet - 0.5%** | **Internet - 0.5%** | **Internet - 0.5%** |
|  eBay, Inc., 2.60%, 05/10/2031 | 500000 | 454643 |
|  Expedia Group, Inc., 5.40%, 02/15/2035 | 500000 | 508313 |
|  |  | 962956 |
| **Investment Companies - 1.5%** | **Investment Companies - 1.5%** | **Investment Companies - 1.5%** |
|  Ares Capital Corp., 5.80%, 03/08/2032 | 1000000 | 1016849 |
|  Blackstone Private Credit Fund, 5.95%, 07/16/2029 | 500000 | 516305 |
|  Blackstone Secured Lending Fund, 3.63%, 01/15/2026 | 1000000 | 995619 |
|  Blue Owl Capital Corp., 6.20%, 07/15/2030 | 500000 | 512798 |
|  |  | 3041571 |
| **Iron/Steel - 0.5%** | **Iron/Steel - 0.5%** | **Iron/Steel - 0.5%** |
|  Steel Dynamics, Inc., 5.25%, 05/15/2035 | 500000 | 506479 |
|  Vale Overseas Ltd., 6.13%, 06/12/2033 | 500000 | 528416 |
|  |  | 1034895 |
| **Lodging - 1.0%** | **Lodging - 1.0%** | **Lodging - 1.0%** |
|  Hyatt Hotels Corp., 5.75%, 03/30/2032 | 500000 | 518117 |
|  Marriott International, Inc./MD, 4.90%, 04/15/2029 | 500000 | 510118 |
|  Sands China Ltd., 2.30%, 03/08/2027 <sup>(b)</sup> | 1000000 | 968841 |
|  |  | 1997076 |
| **Machinery-Diversified - 1.0%** | **Machinery-Diversified - 1.0%** | **Machinery-Diversified - 1.0%** |
|  CNH Industrial Capital LLC, 5.10%, 04/20/2029 | 500000 | 513024 |
|  IDEX Corp., 3.00%, 05/01/2030 | 1000000 | 940863 |
|  Westinghouse Air Brake Technologies Corp., 5.61%, 03/11/2034 | 500000 | 519453 |
|  |  | 1973340 |
| **Media - 2.3%** | **Media - 2.3%** | **Media - 2.3%** |
| Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital |
| &nbsp;&nbsp; 2.80%, 04/01/2031 | 1000000 | 899850 |
| &nbsp;&nbsp; 2.30%, 02/01/2032 | 1000000 | 847334 |
| &nbsp;&nbsp; 3.90%, 06/01/2052 | 1000000 | 663607 |
|  Discovery Communications LLC, 3.63%, 05/15/2030 | 1000000 | 902770 |
|  Paramount Global, 4.38%, 03/15/2043 | 610000 | 464030 |
|  Time Warner Cable Enterprises LLC, 8.38%, 07/15/2033 | 810000 | 944847 |
|  |  | 4722438 |
| **Mining - 0.4%** | **Mining - 0.4%** | **Mining - 0.4%** |
|  Southern Copper Corp., 6.75%, 04/16/2040 | 750000 | 828133 |
| **Miscellaneous Manufacturing - 0.3%** | **Miscellaneous Manufacturing - 0.3%** | **Miscellaneous Manufacturing - 0.3%** |
|  Textron, Inc., 6.10%, 11/15/2033 | 500000 | 535629 |
| **Oil & Gas - 2.8%** | **Oil & Gas - 2.8%** | **Oil & Gas - 2.8%** |
|  Canadian Natural Resources Ltd., 4.95%, 06/01/2047 | 700000 | 606080 |
|  Devon Energy Corp., 5.20%, 09/15/2034 | 1000000 | 980300 |
|  Diamondback Energy, Inc., 3.13%, 03/24/2031 | 500000 | 462375 |
|  Hess Corp., 5.60%, 02/15/2041 | 800000 | 811995 |
|  Occidental Petroleum Corp., 5.55%, 10/01/2034 | 1000000 | 995844 |
|  Suncor Energy, Inc., 3.75%, 03/04/2051 | 500000 | 348537 |
| Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. |
| &nbsp;&nbsp; 2.80%, 12/01/2031 | 750000 | 677709 |
| &nbsp;&nbsp; 6.63%, 06/15/2037 | 655000 | 714764 |
|  |  | 5597604 |
| **Oil & Gas Services - 0.5%** | **Oil & Gas Services - 0.5%** | **Oil & Gas Services - 0.5%** |
| Halliburton Co. | Halliburton Co. | Halliburton Co. |
| &nbsp;&nbsp; 3.80%, 11/15/2025 | 24000 | 23955 |
| &nbsp;&nbsp; 2.92%, 03/01/2030 | 1000000 | 940666 |
|  |  | 964621 |
| **Packaging & Containers - 0.5%** | **Packaging & Containers - 0.5%** | **Packaging & Containers - 0.5%** |
|  Amcor Flexibles North America, Inc., 5.10%, 03/17/2030 | 500000 | 512136 |
|  WRKCo, Inc., 3.90%, 06/01/2028 | 500000 | 496515 |
|  |  | 1008651 |
| **Pharmaceuticals - 2.9%** | **Pharmaceuticals - 2.9%** | **Pharmaceuticals - 2.9%** |
|  AbbVie, Inc., 4.75%, 03/15/2045 | 268000 | 242122 |
|  Becton Dickinson & Co., 4.69%, 12/15/2044 | 550000 | 481294 |
|  Cardinal Health, Inc., 3.41%, 06/15/2027 | 125000 | 123467 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp; 3.75%, 04/01/2030 | 2150000 | 2076919 |
| &nbsp;&nbsp; 5.13%, 07/20/2045 | 500000 | 440960 |
| &nbsp;&nbsp; 5.05%, 03/25/2048 | 1000000 | 859291 |
| &nbsp;&nbsp; 6.05%, 06/01/2054 | 500000 | 486384 |
|  Viatris, Inc., 2.70%, 06/22/2030 | 600000 | 539522 |
|  Zoetis, Inc., 2.00%, 05/15/2030 | 600000 | 543778 |
|  |  | 5793737 |
| **Pipelines - 7.0%** | **Pipelines - 7.0%** | **Pipelines - 7.0%** |
|  Boardwalk Pipelines LP, 3.60%, 09/01/2032 | 500000 | 458433 |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| &nbsp;&nbsp; 3.40%, 08/01/2051 | 250000 | 165558 |
| &nbsp;&nbsp; 5.95%, 04/05/2054 | 500000 | 494271 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| &nbsp;&nbsp; 5.25%, 07/01/2029 | 1200000 | 1238446 |
| &nbsp;&nbsp; 5.00%, 05/15/2050 | 1000000 | 832179 |
| &nbsp;&nbsp; 5.95%, 05/15/2054 | 500000 | 469282 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| &nbsp;&nbsp; 4.85%, 08/15/2042 | 850000 | 773643 |
| &nbsp;&nbsp; 3.30%, 02/15/2053 | 500000 | 328590 |
|  Kinder Morgan Energy Partners LP, 5.80%, 03/15/2035 | 1270000 | 1313364 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| &nbsp;&nbsp; 2.00%, 02/15/2031 | 600000 | 529315 |
| &nbsp;&nbsp; 5.55%, 06/01/2045 | 700000 | 661695 |
| MPLX LP | MPLX LP | MPLX LP |
| &nbsp;&nbsp; 4.25%, 12/01/2027 | 1315000 | 1315279 |
| &nbsp;&nbsp; 4.95%, 03/14/2052 | 600000 | 494938 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| &nbsp;&nbsp; 6.10%, 11/15/2032 | 500000 | 530911 |
| &nbsp;&nbsp; 5.70%, 11/01/2054 | 500000 | 456709 |
|  Plains All American Pipeline LP / PAA Finance Corp., 3.80%, 09/15/2030 | 546000 | 526905 |
|  South Bow USA Infrastructure Holdings LLC, 6.18%, 10/01/2054 | 1000000 | 950750 |
| Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
| &nbsp;&nbsp; 5.20%, 07/01/2027 | 500000 | 508528 |
| &nbsp;&nbsp; 4.90%, 09/15/2030 | 500000 | 507659 |
|  TransCanada PipeLines Ltd., 4.10%, 04/15/2030 | 1100000 | 1082689 |
|  Williams Cos., Inc., 5.10%, 09/15/2045 | 500000 | 451870 |
|  |  | 14091014 |
| **REITS - 5.3%** | **REITS - 5.3%** | **REITS - 5.3%** |
|  Alexandria Real Estate Equities, Inc., 1.88%, 02/01/2033 | 650000 | 527516 |
| American Tower Corp. | American Tower Corp. | American Tower Corp. |
| &nbsp;&nbsp; 2.75%, 01/15/2027 | 500000 | 490143 |
| &nbsp;&nbsp; 1.88%, 10/15/2030 | 1000000 | 881819 |
|  Boston Properties LP, 3.25%, 01/30/2031 | 675000 | 627360 |
|  COPT Defense Properties LP, 2.75%, 04/15/2031 | 500000 | 451185 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| &nbsp;&nbsp; 3.65%, 09/01/2027 | 500000 | 493887 |
| &nbsp;&nbsp; 2.25%, 01/15/2031 | 600000 | 531531 |
| Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
| &nbsp;&nbsp; 1.55%, 03/15/2028 | 500000 | 469177 |
| &nbsp;&nbsp; 3.90%, 04/15/2032 | 100000 | 95224 |
|  Extra Space Storage LP, 5.90%, 01/15/2031 | 500000 | 530885 |
|  GLP Capital LP / GLP Financing II, Inc., 3.25%, 01/15/2032 | 250000 | 223290 |
|  Healthpeak OP LLC, 2.13%, 12/01/2028 | 350000 | 327574 |
|  Kimco Realty OP LLC, 6.40%, 03/01/2034 | 500000 | 547266 |
|  Omega Healthcare Investors, Inc., 3.25%, 04/15/2033 | 1000000 | 870749 |
|  Sabra Health Care LP, 3.90%, 10/15/2029 | 1000000 | 967335 |
| Store Capital LLC | Store Capital LLC | Store Capital LLC |
| &nbsp;&nbsp; 4.50%, 03/15/2028 | 810000 | 805775 |
| &nbsp;&nbsp; 5.40%, 04/30/2030 <sup>(a)</sup> | 1000000 | 1018997 |
|  Ventas Realty LP, 5.63%, 07/01/2034 | 600000 | 621598 |
|  Weyerhaeuser Co., 7.38%, 03/15/2032 | 226000 | 257976 |
|  |  | 10739287 |
| **Retail - 2.6%** | **Retail - 2.6%** | **Retail - 2.6%** |
|  AutoZone, Inc., 4.75%, 08/01/2032 | 500000 | 501031 |
|  Genuine Parts Co., 1.88%, 11/01/2030 | 500000 | 439723 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| &nbsp;&nbsp; 1.70%, 10/15/2030 | 500000 | 439644 |
| &nbsp;&nbsp; 5.63%, 04/15/2053 | 1000000 | 955947 |
| McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
| &nbsp;&nbsp; 3.50%, 07/01/2027 | 1100000 | 1090629 |
| &nbsp;&nbsp; 4.88%, 12/09/2045 | 550000 | 498252 |
|  Starbucks Corp., 2.55%, 11/15/2030 | 1000000 | 917342 |
|  Tractor Supply Co., 1.75%, 11/01/2030 | 500000 | 438307 |
|  |  | 5280875 |
| **Semiconductors - 3.0%** | **Semiconductors - 3.0%** | **Semiconductors - 3.0%** |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| &nbsp;&nbsp; 4.15%, 11/15/2030 | 431000 | 426750 |
| &nbsp;&nbsp; 3.42%, 04/15/2033 <sup>(a)</sup> | 1500000 | 1367408 |
| &nbsp;&nbsp; 3.19%, 11/15/2036 <sup>(a)</sup> | 55000 | 45948 |
| &nbsp;&nbsp; 4.93%, 05/15/2037 <sup>(a)</sup> | 583000 | 567108 |
| Intel Corp. | Intel Corp. | Intel Corp. |
| &nbsp;&nbsp; 5.20%, 02/10/2033 | 1500000 | 1510973 |
| &nbsp;&nbsp; 5.60%, 02/21/2054 | 1000000 | 910712 |
|  Micron Technology, Inc., 2.70%, 04/15/2032 | 250000 | 220097 |
| NXP BV / NXP Funding LLC / NXP USA, Inc. | NXP BV / NXP Funding LLC / NXP USA, Inc. | NXP BV / NXP Funding LLC / NXP USA, Inc. |
| &nbsp;&nbsp; 4.40%, 06/01/2027 | 500000 | 501749 |
| &nbsp;&nbsp; 2.50%, 05/11/2031 | 500000 | 448167 |
|  |  | 5998912 |
| **Software - 3.2%** | **Software - 3.2%** | **Software - 3.2%** |
|  Fidelity National Information Services, Inc., 5.10%, 07/15/2032 | 600000 | 612971 |
| Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| &nbsp;&nbsp; 5.63%, 08/21/2033 | 500000 | 519187 |
| &nbsp;&nbsp; 5.25%, 08/11/2035 | 500000 | 498254 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| &nbsp;&nbsp; 5.50%, 08/03/2035 | 670000 | 682525 |
| &nbsp;&nbsp; 3.65%, 03/25/2041 | 1400000 | 1096522 |
| &nbsp;&nbsp; 3.95%, 03/25/2051 | 1350000 | 976276 |
| &nbsp;&nbsp; 5.55%, 02/06/2053 | 1000000 | 918942 |
|  Roper Technologies, Inc., 1.40%, 09/15/2027 | 650000 | 616050 |
|  VMware LLC, 4.65%, 05/15/2027 | 550000 | 553695 |
|  |  | 6474422 |
| **Telecommunications - 7.1%** | **Telecommunications - 7.1%** | **Telecommunications - 7.1%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| &nbsp;&nbsp; 2.30%, 06/01/2027 | 400000 | 387558 |
| &nbsp;&nbsp; 2.55%, 12/01/2033 | 875000 | 736602 |
| &nbsp;&nbsp; 3.50%, 09/15/2053 | 2368000 | 1585931 |
| &nbsp;&nbsp; 3.55%, 09/15/2055 | 1196000 | 796991 |
| &nbsp;&nbsp; 3.80%, 12/01/2057 | 727000 | 501081 |
|  British Telecommunications PLC, 9.63%, 12/15/2030 <sup>(b)</sup> | 855000 | 1052624 |
|  Deutsche Telekom International Finance BV, 8.75%, 06/15/2030 <sup>(b)</sup> | 345000 | 407769 |
|  Motorola Solutions, Inc., 5.40%, 04/15/2034 | 500000 | 513625 |
|  Orange SA, 5.38%, 01/13/2042 | 575000 | 566945 |
|  Telefonica Emisiones SA, 7.05%, 06/20/2036 | 475000 | 528848 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| &nbsp;&nbsp; 3.88%, 04/15/2030 | 1600000 | 1567057 |
| &nbsp;&nbsp; 2.25%, 11/15/2031 | 600000 | 525085 |
| &nbsp;&nbsp; 3.40%, 10/15/2052 | 1100000 | 729029 |
| &nbsp;&nbsp; 5.65%, 01/15/2053 | 500000 | 479412 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| &nbsp;&nbsp; 2.55%, 03/21/2031 | 336000 | 304683 |
| &nbsp;&nbsp; 5.40%, 07/02/2037 <sup>(a)</sup> | 523000 | 525043 |
| &nbsp;&nbsp; 4.86%, 08/21/2046 | 1500000 | 1336405 |
| &nbsp;&nbsp; 3.55%, 03/22/2051 | 2000000 | 1424116 |
| &nbsp;&nbsp; 2.99%, 10/30/2056 | 600000 | 358572 |
|  |  | 14327376 |
| **Transportation - 1.0%** | **Transportation - 1.0%** | **Transportation - 1.0%** |
|  FedEx Corp., 3.25%, 05/15/2041 <sup>(a)</sup> | 1000000 | 719138 |
|  Kirby Corp., 4.20%, 03/01/2028 | 450000 | 448545 |
| Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| &nbsp;&nbsp; 2.30%, 05/15/2031 | 250000 | 225046 |
| &nbsp;&nbsp; 2.90%, 08/25/2051 | 1000000 | 625507 |
|  |  | 2018236 |
| **Trucking & Leasing - 0.6%** | **Trucking & Leasing - 0.6%** | **Trucking & Leasing - 0.6%** |
|  GATX Corp., 1.90%, 06/01/2031 | 1300000 | 1127344 |
| **Water - 0.3%** | **Water - 0.3%** | **Water - 0.3%** |
|  American Water Capital Corp., 2.80%, 05/01/2030 | 650000 | 610516 |
| **TOTAL CORPORATE BONDS** (Cost $198,648,026) | **TOTAL CORPORATE BONDS** (Cost $198,648,026) | 183411794 |
| **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 5.7%** |  |  |
|  Colombia Government International Bond, 3.88%, 04/25/2027 | 600000 | 595716 |
| Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
| &nbsp;&nbsp; 3.85%, 10/15/2030 | 500000 | 490515 |
| &nbsp;&nbsp; 4.70%, 02/10/2034 | 500000 | 496909 |
| &nbsp;&nbsp; 5.15%, 09/10/2054 | 500000 | 471448 |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| &nbsp;&nbsp; 4.50%, 04/22/2029 | 1300000 | 1296555 |
| &nbsp;&nbsp; 6.88%, 05/13/2037 | 200000 | 210830 |
| &nbsp;&nbsp; 4.75%, 03/08/2044 | 2490000 | 1982662 |
| Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
| &nbsp;&nbsp; 2.25%, 09/29/2032 | 1700000 | 1349851 |
| &nbsp;&nbsp; 6.70%, 01/26/2036 | 750000 | 771233 |
| Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond |
| &nbsp;&nbsp; 3.00%, 01/15/2034 | 400000 | 343996 |
| &nbsp;&nbsp; 6.55%, 03/14/2037 | 1050000 | 1158339 |
|  Philippine Government International Bond, 5.00%, 01/13/2037 | 1625000 | 1642308 |
|  Uruguay Government International Bond, 4.38%, 01/23/2031 | 800000 | 804200 |
| **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** (Cost $13,272,202) | **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** (Cost $13,272,202) | 11614562 |
| **U.S. TREASURY SECURITIES - 2.4%** |  |  |
| U.S. Treasury Note/Bond | U.S. Treasury Note/Bond | U.S. Treasury Note/Bond |
| &nbsp;&nbsp; 4.25%, 05/15/2035 | 2500000 | 2508008 |
| &nbsp;&nbsp; 4.25%, 02/15/2054 | 2500000 | 2238867 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $4,814,173) | **TOTAL U.S. TREASURY SECURITIES** (Cost $4,814,173) | 4746875 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.8%** | **Shares** |  |
| Fidelity Government Portfolio - Institutional Class, 4.21%<sup>(c)</sup> | 1657862 | 1657862 |
| **TOTAL MONEY MARKET FUNDS** (Cost $1,657,862) | **TOTAL MONEY MARKET FUNDS** (Cost $1,657,862) | 1657862 |
| **TOTAL INVESTMENTS - 99.5% (**Cost $218,392,263**)** | **TOTAL INVESTMENTS - 99.5% (**Cost $218,392,263**)** | 201431093 |
| Other Assets in Excess of Liabilities - 0.5% | Other Assets in Excess of Liabilities - 0.5% | 1038394 |
| **TOTAL NET ASSETS - 100.0%** |  | $202469487 |
| two | two | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

REIT - Real Estate Investment Trust<br>

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of August 31, 2025, the value of these securities total $4,751,253 or 2.3% of the Fund's net assets.

(b) Step coupon bond. The rate disclosed is as of August 31, 2025.

(c) The rate shown represents the 7-day annualized yield as of August 31, 2025.

------

#### Summary of Fair Value Disclosure as of August 31, 2025 (Unaudited)
PIA BBB Bond Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $183411794 | $– | $183411794 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Debt Obligations | – | 11614562 | – | 11614562 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 4746875 | – | 4746875 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1657862 | – | – | 1657862 |
| Total Investments | $1657862 | $199773231 | $– | $201431093 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Advisors Series Trust

- **b. Investment Company Act file number:** 811-07959

- **c. CIK number of Registrant:** 0001027596

- **d. LEI of Registrant:** 2549003Z0J6URS6I4Y63

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

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 626-914-7363

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

- **a. Name of Series:** PIA BBB Bond Fund

- **b. EDGAR series identifier (if any):** S000005064

- **c. LEI of Series:** 254900L8F69QXB99WA02

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-31

**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:** $203548261.46

**Total Liabilities:** $83765.04

**Net Assets:** $203464496.42

**Cash Not Reported:** $283146.90

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 238.206333000000 | **1-Year:** 6128.315696000000 | **5-Year:** 34135.935235000000 | **10-Year:** 40880.544397000000 | **30-Year:** 39651.673431000000

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

- **3-Month:** 11.371110000000 | **1-Year:** 347.730962000000 | **5-Year:** 2087.677469000000 | **10-Year:** 4838.344093000000 | **30-Year:** 1803.925578000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000013849 | 2.02%                | 0.26%                | 1.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1537462.52             | $5163859.92                                |
| Month 2  | $-773388.67              | $626084.75                                 |
| Month 3  | $-61706.80               | $1554061.70                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ENTERPRISE PRODUCTS OPER      | Enterprise Products Operating LLC                                               | CUSIP: 29379VAW3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    850000 | PA      | $773642.99    | 0.38%             | 2042-08-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV       | Fidelity National Information Services Inc                                      | CUSIP: 31620MBY1<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |    600000 | PA      | $612971.32    | 0.30%             | 2032-07-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC      | Ford Motor Credit Co LLC                                                        | CUSIP: 345397E66<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    500000 | PA      | $491885.61    | 0.24%             | 2034-03-08      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC      | Ford Motor Credit Co LLC                                                        | CUSIP: 345397YT4<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    500000 | PA      | $486769.44    | 0.24%             | 2027-11-02      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| GENERAL MILLS INC             | General Mills Inc                                                               | CUSIP: 370334CQ5<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |    700000 | PA      | $615610.16    | 0.30%             | 2031-10-14      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| KROGER CO                     | Kroger Co/The                                                                   | CUSIP: 501044DW8<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    500000 | PA      | $468779.21    | 0.23%             | 2054-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS        | Verizon Communications Inc                                                      | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    336000 | PA      | $304682.88    | 0.15%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| WRKCO INC                     | WRKCo Inc                                                                       | CUSIP: 92940PAE4<br>LEI: 549300JEB576INN13W07 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496514.83    | 0.24%             | 2028-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP            | Energy Transfer LP                                                              | CUSIP: 29278NAR4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $832178.81    | 0.41%             | 2050-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY             | Eversource Energy                                                               | CUSIP: 30040WAL2<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    500000 | PA      | $451315.02    | 0.22%             | 2031-03-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| FEDEX CORP                    | FedEx Corp                                                                      | CUSIP: 31428XCN4<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $719137.78    | 0.35%             | 2041-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP               | McDonald's Corp                                                                 | CUSIP: 58013MFP4<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1090629.11   | 0.54%             | 2027-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU              | Peruvian Government International Bond                                          | CUSIP: 715638DU3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    400000 | PA      | $343996.00    | 0.17%             | 2034-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC                    | VMware LLC                                                                      | CUSIP: 928563AE5<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    550000 | PA      | $553695.14    | 0.27%             | 2027-05-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE        | Westinghouse Air Brake Technologies Corp                                        | CUSIP: 960386AR1<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |    500000 | PA      | $519452.80    | 0.26%             | 2034-03-11      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP          | Westpac Banking Corp                                                            | CUSIP: 961214EY5<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    300000 | PA      | $221799.29    | 0.11%             | 2041-11-18      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC               | Xcel Energy Inc                                                                 | CUSIP: 98388MAC1<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |    500000 | PA      | $440136.63    | 0.22%             | 2031-11-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                | Lowe's Cos Inc                                                                  | CUSIP: 548661DY0<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    500000 | PA      | $439644.00    | 0.22%             | 2030-10-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP               | McDonald's Corp                                                                 | CUSIP: 58013MFA7<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    550000 | PA      | $498251.90    | 0.24%             | 2045-12-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MOODY'S CORPORATION           | Moody's Corp                                                                    | CUSIP: 615369AW5<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |    250000 | PA      | $219655.47    | 0.11%             | 2031-08-19      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL        | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KCU2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    600000 | PA      | $610765.43    | 0.30%             | 2034-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AT&T INC                      | AT&T Inc                                                                        | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   2368000 | PA      | $1585931.49   | 0.78%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AT&T INC                      | AT&T Inc                                                                        | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    875000 | PA      | $736601.53    | 0.36%             | 2033-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| AGILENT TECHNOLOGIES INC      | Agilent Technologies Inc                                                        | CUSIP: 00846UAN1<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | DBT              | CORP              | US        |    215000 | PA      | $192943.33    | 0.09%             | 2031-03-12      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                | Air Lease Corp                                                                  | CUSIP: 00914AAJ1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    450000 | PA      | $447009.18    | 0.22%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC              | Altria Group Inc                                                                | CUSIP: 02209SBD4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    148000 | PA      | $150364.37    | 0.07%             | 2029-02-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| AON CORP                      | Aon Corp                                                                        | CUSIP: 037389BE2<br>LEI: LTS3U8DGK38SETRUWX71 | Long             | DBT              | CORP              | US        |    600000 | PA      | $562974.44    | 0.28%             | 2030-05-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio | Fidelity Government Portfolio                                                   | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   1374715 | NS      | $1374714.99   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATL FINANCIAL       | Fidelity National Financial Inc                                                 | CUSIP: 31620RAK1<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1762954.34   | 0.87%             | 2031-03-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP           | Fifth Third Bancorp                                                             | CUSIP: 316773DE7<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498635.92    | 0.25%             | 2028-04-25      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO        | General Motors Financial Co Inc                                                 | CUSIP: 37045XDE3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1321960.73   | 0.65%             | 2031-01-08      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO        | General Motors Financial Co Inc                                                 | CUSIP: 37045XFG6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    500000 | PA      | $511793.33    | 0.25%             | 2032-04-04      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC           | Gilead Sciences Inc                                                             | CUSIP: 375558BS1<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    500000 | PA      | $360379.87    | 0.18%             | 2040-10-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| HCA INC                       | HCA Inc                                                                         | CUSIP: 404119CS6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    600000 | PA      | $502415.68    | 0.25%             | 2042-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HALLIBURTON CO                | Halliburton Co                                                                  | CUSIP: 406216BG5<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23955.22     | 0.01%             | 2025-11-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| HALLIBURTON CO                | Halliburton Co                                                                  | CUSIP: 406216BL4<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $940665.56    | 0.46%             | 2030-03-01      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                    | Intel Corp                                                                      | CUSIP: 458140CG3<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1510972.77   | 0.74%             | 2033-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC       | Jefferies Financial Group Inc                                                   | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    500000 | PA      | $527711.46    | 0.26%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC          | Keurig Dr Pepper Inc                                                            | CUSIP: 49271VAJ9<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $942430.65    | 0.46%             | 2030-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| KROGER CO                     | Kroger Co/The                                                                   | CUSIP: 501044DP3<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $915124.51    | 0.45%             | 2030-05-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                | Lowe's Cos Inc                                                                  | CUSIP: 548661EM5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $955946.60    | 0.47%             | 2053-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC      | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    581000 | PA      | $501766.13    | 0.25%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES       | Philippine Government International Bond                                        | CUSIP: 718286BW6<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |   1625000 | PA      | $1642308.22   | 0.81%             | 2037-01-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RTX CORP                      | RTX Corp                                                                        | CUSIP: 75513ECH2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $991427.02    | 0.49%             | 2027-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SEMPRA                        | Sempra                                                                          | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    600000 | PA      | $582853.20    | 0.29%             | 2052-04-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC              | T-Mobile USA Inc                                                                | CUSIP: 87264ACW3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    500000 | PA      | $479411.80    | 0.24%             | 2053-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| TYSON FOODS INC               | Tyson Foods Inc                                                                 | CUSIP: 902494BK8<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |    600000 | PA      | $600323.57    | 0.30%             | 2029-03-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC            | Ally Financial Inc                                                              | CUSIP: 02005NBP4<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    500000 | PA      | $467209.64    | 0.23%             | 2028-11-02      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2020-1 B PTT       | United Airlines 2020-1 Class B Pass Through Trust                               | CUSIP: 90932VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140375 | PA      | $140343.05    | 0.07%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES         | Mexico Government International Bond                                            | CUSIP: 91086QBB3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   2490000 | PA      | $1982662.50   | 0.97%             | 2044-03-08      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC              | Altria Group Inc                                                                | CUSIP: 02209SBJ1<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1533953.23   | 0.75%             | 2030-05-06      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM      | Amcor Flexibles North America Inc                                               | CUSIP: 02344AAG3<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |    500000 | PA      | $512136.56    | 0.25%             | 2030-03-17      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES         | Mexico Government International Bond                                            | CUSIP: 91087BBC3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $210830.00    | 0.10%             | 2037-05-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS        | Verizon Communications Inc                                                      | CUSIP: 92343VCK8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1336405.08   | 0.66%             | 2046-08-21      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| ZOETIS INC                    | Zoetis Inc                                                                      | CUSIP: 98978VAS2<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |    600000 | PA      | $543778.19    | 0.27%             | 2030-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN WATER CAPITAL C      | American Water Capital Corp                                                     | CUSIP: 03040WAW5<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |    650000 | PA      | $610516.39    | 0.30%             | 2030-05-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC           | Elevance Health Inc                                                             | CUSIP: 036752AW3<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    500000 | PA      | $520355.57    | 0.26%             | 2032-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COPT DEFENSE PROP LP          | COPT Defense Properties LP                                                      | CUSIP: 22003BAM8<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |    500000 | PA      | $451185.00    | 0.22%             | 2031-04-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| EBAY INC                      | eBay Inc                                                                        | CUSIP: 278642AY9<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |    500000 | PA      | $454643.38    | 0.22%             | 2031-05-10      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE LP        | Extra Space Storage LP                                                          | CUSIP: 30225VAR8<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    500000 | PA      | $530884.59    | 0.26%             | 2031-01-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| GENUINE PARTS CO              | Genuine Parts Co                                                                | CUSIP: 372460AA3<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |    500000 | PA      | $439722.59    | 0.22%             | 2030-11-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC             | HSBC Holdings PLC                                                               | CUSIP: 404280EC9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1100000 | PA      | $1239968.87   | 0.61%             | 2034-11-13      | Variable      | 7.40%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                    | Humana Inc                                                                      | CUSIP: 444859BN1<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506640.91    | 0.25%             | 2030-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| IDEX CORP                     | IDEX Corp                                                                       | CUSIP: 45167RAG9<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $940863.40    | 0.46%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN INTERNATIONAL        | American International Group Inc                                                | CUSIP: 026874DX2<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    500000 | PA      | $516031.72    | 0.25%             | 2035-05-07      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                     | Amgen Inc                                                                       | CUSIP: 031162CF5<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   1006000 | PA      | $855543.25    | 0.42%             | 2051-06-15      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                  | Barclays PLC                                                                    | CUSIP: 06738EAW5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1004984.73   | 0.49%             | 2028-05-09      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                  | Barclays PLC                                                                    | CUSIP: 06738EBW4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    700000 | PA      | $523211.86    | 0.26%             | 2042-11-24      | Variable      | 3.33%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                  | Barclays PLC                                                                    | CUSIP: 06738ECA1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1045822.66   | 0.51%             | 2033-08-09      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| ACADIAN ASSET MANAGEMENT      | Acadian Asset Management Inc                                                    | CUSIP: 10948WAA1<br>LEI: 5493004FTLQNQTBOP608 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $987775.20    | 0.49%             | 2026-07-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| AMRIZE FINANCE US LLC         | Amrize Finance US LLC                                                           | CUSIP: 43475RAD8<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |    500000 | PA      | $507611.26    | 0.25%             | 2035-04-07      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC      | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    210000 | PA      | $130947.60    | 0.06%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| AT&T INC                      | AT&T Inc                                                                        | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    727000 | PA      | $501080.64    | 0.25%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP              | BAT Capital Corp                                                                | CUSIP: 05526DBF1<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    400000 | PA      | $324422.52    | 0.16%             | 2047-08-15      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON & CO         | Becton Dickinson & Co                                                           | CUSIP: 075887BG3<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |    550000 | PA      | $481294.36    | 0.24%             | 2044-12-15      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| BOARDWALK PIPELINES LP        | Boardwalk Pipelines LP                                                          | CUSIP: 096630AJ7<br>LEI: 549300W6AQ2GHHCGL606 | Long             | DBT              | CORP              | US        |    500000 | PA      | $458432.74    | 0.23%             | 2032-09-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP          | Boston Properties LP                                                            | CUSIP: 10112RBD5<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    675000 | PA      | $627359.96    | 0.31%             | 2031-01-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                  | Broadcom Inc                                                                    | CUSIP: 11135FAQ4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    431000 | PA      | $426750.07    | 0.21%             | 2030-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                  | Broadcom Inc                                                                    | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    583000 | PA      | $567108.48    | 0.28%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| BUNGE LTD FINANCE CORP        | Bunge Ltd Finance Corp                                                          | CUSIP: 120568AZ3<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |    600000 | PA      | $595920.36    | 0.29%             | 2027-09-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE               | Cigna Group/The                                                                 | CUSIP: 125523CK4<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    600000 | PA      | $403159.01    | 0.20%             | 2050-03-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| CNA FINANCIAL CORP            | CNA Financial Corp                                                              | CUSIP: 126117AY6<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500535.84    | 0.25%             | 2034-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP               | CVS Health Corp                                                                 | CUSIP: 126650CN8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    500000 | PA      | $440960.18    | 0.22%             | 2045-07-20      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP               | CVS Health Corp                                                                 | CUSIP: 126650DJ6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2076918.43   | 1.02%             | 2030-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP               | CVS Health Corp                                                                 | CUSIP: 126650EF3<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    500000 | PA      | $486384.34    | 0.24%             | 2054-06-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO      | Capital One Financial Corp                                                      | CUSIP: 14040HCE3<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1387806.83   | 0.68%             | 2027-05-11      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC           | Cardinal Health Inc                                                             | CUSIP: 14149YBJ6<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123466.85    | 0.06%             | 2027-06-15      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP           | Carrier Global Corp                                                             | CUSIP: 14448CAL8<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    240000 | PA      | $220666.86    | 0.11%             | 2031-02-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP      | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $847333.49    | 0.42%             | 2032-02-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP      | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $663607.09    | 0.33%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CHURCH & DWIGHT CO INC        | Church & Dwight Co Inc                                                          | CUSIP: 171340AN2<br>LEI: POOXSI30AWAQGYJZC921 | Long             | DBT              | CORP              | US        |    500000 | PA      | $492529.62    | 0.24%             | 2027-08-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA      | Cooperatieve Rabobank UA                                                        | CUSIP: 21684AAF3<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $993699.38    | 0.49%             | 2026-07-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC      | Corebridge Financial Inc                                                        | CUSIP: 21871XAH2<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    500000 | PA      | $473197.36    | 0.23%             | 2032-04-05      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC              | Crown Castle Inc                                                                | CUSIP: 22822VAT8<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    600000 | PA      | $531531.22    | 0.26%             | 2031-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP       | Dell International LLC / EMC Corp                                               | CUSIP: 24703DBH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    181000 | PA      | $123633.78    | 0.06%             | 2051-12-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION      | Devon Energy Corp                                                               | CUSIP: 25179MBG7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $980300.13    | 0.48%             | 2034-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC        | Diamondback Energy Inc                                                          | CUSIP: 25278XAR0<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    500000 | PA      | $462374.98    | 0.23%             | 2031-03-24      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS      | Discovery Communications LLC                                                    | CUSIP: 25470DCC1<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $902770.00    | 0.44%             | 2030-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC           | Dominion Energy Inc                                                             | CUSIP: 25746UBM0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    470000 | PA      | $423642.54    | 0.21%             | 2041-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP              | Duke Energy Corp                                                                | CUSIP: 26441CBM6<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $755216.84    | 0.37%             | 2041-06-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP              | BAT Capital Corp                                                                | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $952671.39    | 0.47%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP              | BAT Capital Corp                                                                | CUSIP: 05526DBV6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    800000 | PA      | $743395.49    | 0.37%             | 2052-03-16      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BOEING CO                     | Boeing Co/The                                                                   | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    950000 | PA      | $974587.62    | 0.48%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC           | Elevance Health Inc                                                             | CUSIP: 28622HAC5<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $885076.02    | 0.44%             | 2053-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                  | Enbridge Inc                                                                    | CUSIP: 29250NBE4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $165557.75    | 0.08%             | 2051-08-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RESOURCES       | Canadian Natural Resources Ltd                                                  | CUSIP: 136385AY7<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |    700000 | PA      | $606080.17    | 0.30%             | 2047-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                 | Citigroup Inc                                                                   | CUSIP: 172967HS3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    540000 | PA      | $512858.97    | 0.25%             | 2044-05-06      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ORANGE SA                     | Orange SA                                                                       | CUSIP: 35177PAX5<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |    575000 | PA      | $566944.61    | 0.28%             | 2042-01-13      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC             | L3Harris Technologies Inc                                                       | CUSIP: 413875AN5<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    500000 | PA      | $532613.73    | 0.26%             | 2040-12-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| HESS CORP                     | Hess Corp                                                                       | CUSIP: 42809HAD9<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    800000 | PA      | $811994.58    | 0.40%             | 2041-02-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA         | Indonesia Government International Bond                                         | CUSIP: 455780DU7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    500000 | PA      | $496908.89    | 0.24%             | 2034-02-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA         | Indonesia Government International Bond                                         | CUSIP: 455780DW3<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    500000 | PA      | $471447.91    | 0.23%             | 2054-09-10      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL PAPER CO        | International Paper Co                                                          | CUSIP: 460146CH4<br>LEI: 824LMFJDH41EY779Q875 | Long             | DBT              | CORP              | US        |    700000 | PA      | $713449.53    | 0.35%             | 2041-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC          | Keurig Dr Pepper Inc                                                            | CUSIP: 49271VAR1<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |    500000 | PA      | $393738.52    | 0.19%             | 2052-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART       | Kinder Morgan Energy Partners LP                                                | CUSIP: 494550AT3<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1313363.82   | 0.65%             | 2035-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC             | Kinder Morgan Inc                                                               | CUSIP: 49456BAR2<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    600000 | PA      | $529314.86    | 0.26%             | 2031-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KIRBY CORPORATION             | Kirby Corp                                                                      | CUSIP: 497266AC0<br>LEI: I7NO6FZO5GUCG585T325 | Long             | DBT              | CORP              | US        |    450000 | PA      | $448545.03    | 0.22%             | 2028-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO          | Kraft Heinz Foods Co                                                            | CUSIP: 50077LAZ9<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    600000 | PA      | $502150.51    | 0.25%             | 2049-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO          | Kraft Heinz Foods Co                                                            | CUSIP: 50077LBM7<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510280.96    | 0.25%             | 2032-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP         | Lincoln National Corp                                                           | CUSIP: 534187BT5<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |    500000 | PA      | $519201.31    | 0.26%             | 2034-03-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| MPLX LP                       | MPLX LP                                                                         | CUSIP: 55336VBN9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   1315000 | PA      | $1315278.78   | 0.65%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL        | Marriott International Inc/MD                                                   | CUSIP: 571903BL6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    500000 | PA      | $510117.40    | 0.25%             | 2029-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                | Morgan Stanley                                                                  | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    900000 | PA      | $780112.73    | 0.38%             | 2036-09-16      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC        | Motorola Solutions Inc                                                          | CUSIP: 620076BZ1<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    500000 | PA      | $513625.01    | 0.25%             | 2034-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA        | NXP BV / NXP Funding LLC / NXP USA Inc                                          | CUSIP: 62954HBA5<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    500000 | PA      | $448167.27    | 0.22%             | 2031-05-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                  | NiSource Inc                                                                    | CUSIP: 65473QBB8<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    400000 | PA      | $376660.75    | 0.19%             | 2043-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP         | Northrop Grumman Corp                                                           | CUSIP: 666807BS0<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1009139.72   | 0.50%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                 | Citigroup Inc                                                                   | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1704971.89   | 0.84%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| RTX CORP                      | RTX Corp                                                                        | CUSIP: 75513ECK5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $834443.04    | 0.41%             | 2047-04-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                     | ONEOK Inc                                                                       | CUSIP: 682680BG7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    500000 | PA      | $530910.97    | 0.26%             | 2032-11-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                   | Oracle Corp                                                                     | CUSIP: 68389XBZ7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1096522.34   | 0.54%             | 2041-03-25      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA        | Santander Holdings USA Inc                                                      | CUSIP: 80282KBL9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1063335.18   | 0.52%             | 2035-05-31      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO           | Sherwin-Williams Co/The                                                         | CUSIP: 824348BN5<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |    600000 | PA      | $519769.17    | 0.26%             | 2032-03-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                   | Oracle Corp                                                                     | CUSIP: 68389XCA1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $976276.41    | 0.48%             | 2051-03-25      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                   | Oracle Corp                                                                     | CUSIP: 68389XDA0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    670000 | PA      | $682524.73    | 0.34%             | 2035-08-03      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CAPITAL CORP         | Blue Owl Capital Corp                                                           | CUSIP: 69121KAJ3<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |    500000 | PA      | $512798.19    | 0.25%             | 2030-07-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA            | Panama Government International Bond                                            | CUSIP: 698299AW4<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    750000 | PA      | $771232.50    | 0.38%             | 2036-01-26      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA            | Panama Government International Bond                                            | CUSIP: 698299BN3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |   1700000 | PA      | $1349851.00   | 0.66%             | 2032-09-29      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU              | Peruvian Government International Bond                                          | CUSIP: 715638AU6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |   1050000 | PA      | $1158339.00   | 0.57%             | 2037-03-14      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| SABRA HEALTH CARE LP          | Sabra Health Care LP                                                            | CUSIP: 78572XAG6<br>LEI: 549300OVKLRFSIQG0H81 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $967334.80    | 0.48%             | 2029-10-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD               | Sands China Ltd                                                                 | CUSIP: 80007RAN5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $968841.30    | 0.48%             | 2027-03-08      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ELEC POWER       | Southwestern Electric Power Co                                                  | CUSIP: 845437BT8<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |    400000 | PA      | $258563.34    | 0.13%             | 2051-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC             | Store Capital LLC                                                               | CUSIP: 862121AA8<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |    810000 | PA      | $805775.17    | 0.40%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EMISIONES SAU      | Telefonica Emisiones SA                                                         | CUSIP: 87938WAC7<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |    475000 | PA      | $528848.47    | 0.26%             | 2036-06-20      | Fixed         | 7.04%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL              | Paramount Global                                                                | CUSIP: 92553PAP7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    610000 | PA      | $464030.47    | 0.23%             | 2043-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL           | Synchrony Financial                                                             | CUSIP: 87165BAX1<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    500000 | PA      | $503528.97    | 0.25%             | 2029-07-29      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION             | Sysco Corp                                                                      | CUSIP: 871829BL0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    464000 | PA      | $493592.05    | 0.24%             | 2030-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE ENTRMN      | Time Warner Cable Enterprises LLC                                               | CUSIP: 88731EAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    810000 | PA      | $944846.98    | 0.46%             | 2033-07-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| TRACTOR SUPPLY CO             | Tractor Supply Co                                                               | CUSIP: 892356AA4<br>LEI: 549300OJ9VZHZRO6I137 | Long             | DBT              | CORP              | US        |    500000 | PA      | $438307.34    | 0.22%             | 2030-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA PIPELINES         | TransCanada PipeLines Ltd                                                       | CUSIP: 89352HBA6<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |   1100000 | PA      | $1082689.14   | 0.53%             | 2030-04-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED         | Vale Overseas Ltd                                                               | CUSIP: 91911TAR4<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |    500000 | PA      | $528415.50    | 0.26%             | 2033-06-12      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VENTAS REALTY LP              | Ventas Realty LP                                                                | CUSIP: 92277GAX5<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |    600000 | PA      | $621597.56    | 0.31%             | 2034-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                     | Amgen Inc                                                                       | CUSIP: 031162DA5<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    500000 | PA      | $360892.72    | 0.18%             | 2041-08-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS CORP              | Black Hills Corp                                                                | CUSIP: 092113AX7<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |    500000 | PA      | $526060.02    | 0.26%             | 2035-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO                     | Boeing Co/The                                                                   | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1401998.35   | 0.69%             | 2040-05-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                  | Broadcom Inc                                                                    | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     55000 | PA      | $45947.85     | 0.02%             | 2036-11-15      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| CNH INDUSTRIAL CAP LLC        | CNH Industrial Capital LLC                                                      | CUSIP: 12592BAS3<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |    500000 | PA      | $513024.22    | 0.25%             | 2029-04-20      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| CONAGRA BRANDS INC            | Conagra Brands Inc                                                              | CUSIP: 205887AR3<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1389571.37   | 0.68%             | 2028-10-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC      | Constellation Brands Inc                                                        | CUSIP: 21036PBF4<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    700000 | PA      | $654851.99    | 0.32%             | 2030-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC      | Constellation Energy Generation LLC                                             | CUSIP: 210385AF7<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244947.95    | 0.12%             | 2054-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC              | Crown Castle Inc                                                                | CUSIP: 22822VAH4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493887.05    | 0.24%             | 2027-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP       | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    642000 | PA      | $647684.63    | 0.32%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP       | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $537623.98    | 0.26%             | 2030-07-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| AEP TEXAS INC                 | AEP Texas Inc                                                                   | CUSIP: 00108WAS9<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |    500000 | PA      | $519179.26    | 0.26%             | 2029-05-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AT&T INC                      | AT&T Inc                                                                        | CUSIP: 00206RJX1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    400000 | PA      | $387558.50    | 0.19%             | 2027-06-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| AT&T INC                      | AT&T Inc                                                                        | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1196000 | PA      | $796990.52    | 0.39%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                    | AbbVie Inc                                                                      | CUSIP: 00287YDB2<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    268000 | PA      | $242121.40    | 0.12%             | 2045-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE TELEKOM INT FIN      | Deutsche Telekom International Finance BV                                       | CUSIP: 25156PAC7<br>LEI: 529900ERDFHS6C1M4U58 | Long             | DBT              | CORP              | NL        |    345000 | PA      | $407768.73    | 0.20%             | 2030-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC           | Dominion Energy Inc                                                             | CUSIP: 25746UDL0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    500000 | PA      | $440759.83    | 0.22%             | 2031-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| EQUIFAX INC                   | Equifax Inc                                                                     | CUSIP: 294429AS4<br>LEI: 5493004MCF8JDC86VS77 | Long             | DBT              | CORP              | US        |    500000 | PA      | $472546.33    | 0.23%             | 2030-05-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                   | Equinix Inc                                                                     | CUSIP: 29444UBL9<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    500000 | PA      | $469177.11    | 0.23%             | 2028-03-15      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA      | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1500000 | PA      | $1373085.47   | 0.67%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                | Air Lease Corp                                                                  | CUSIP: 00914AAU6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1023925.23   | 0.50%             | 2028-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| FORTIVE CORPORATION           | Fortive Corp                                                                    | CUSIP: 34959JAG3<br>LEI: 549300MU9YQJYHDQEF63 | Long             | DBT              | CORP              | US        |    750000 | PA      | $742922.98    | 0.37%             | 2026-06-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC        | GE HealthCare Technologies Inc                                                  | CUSIP: 36267VAH6<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    500000 | PA      | $531030.15    | 0.26%             | 2030-03-15      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| HP INC                        | HP Inc                                                                          | CUSIP: 40434LAN5<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |    500000 | PA      | $513701.95    | 0.25%             | 2033-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP             | Hyatt Hotels Corp                                                               | CUSIP: 448579AV4<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    500000 | PA      | $518116.98    | 0.25%             | 2032-03-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP           | American Tower Corp                                                             | CUSIP: 03027XAX8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    500000 | PA      | $490142.75    | 0.24%             | 2027-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP           | American Tower Corp                                                             | CUSIP: 03027XBG4<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $881819.48    | 0.43%             | 2030-10-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                    | Intel Corp                                                                      | CUSIP: 458140CM0<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $910712.43    | 0.45%             | 2054-02-21      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC           | Elevance Health Inc                                                             | CUSIP: 94973VBK2<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    600000 | PA      | $515449.27    | 0.25%             | 2044-08-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                     | Amgen Inc                                                                       | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1026639.95   | 0.50%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                     | Amgen Inc                                                                       | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    500000 | PA      | $484382.49    | 0.24%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| DOW CHEMICAL CO/THE           | Dow Chemical Co/The                                                             | CUSIP: 260543BJ1<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |    170000 | PA      | $188593.98    | 0.09%             | 2029-11-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DUPONT DE NEMOURS INC         | DuPont de Nemours Inc                                                           | CUSIP: 26078JAD2<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1020270.05   | 0.50%             | 2028-11-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                  | Enbridge Inc                                                                    | CUSIP: 29250NCD5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $494270.81    | 0.24%             | 2054-04-05      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP            | Energy Transfer LP                                                              | CUSIP: 29273VAW0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    500000 | PA      | $469282.57    | 0.23%             | 2054-05-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP             | Ares Capital Corp                                                               | CUSIP: 04010LBH5<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1016848.64   | 0.50%             | 2032-03-08      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| AUTOZONE INC                  | AutoZone Inc                                                                    | CUSIP: 053332BB7<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501031.52    | 0.25%             | 2032-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BIOGEN INC                    | Biogen Inc                                                                      | CUSIP: 09062XAH6<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |    700000 | PA      | $637225.76    | 0.31%             | 2030-05-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE        | Blackstone Private Credit Fund                                                  | CUSIP: 09261HBN6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    500000 | PA      | $516305.31    | 0.25%             | 2029-07-16      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP            | Energy Transfer LP                                                              | CUSIP: 29273VAZ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1238446.01   | 0.61%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                   | Equinix Inc                                                                     | CUSIP: 29444UBU9<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95223.82     | 0.05%             | 2032-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE SECURED LEND       | Blackstone Secured Lending Fund                                                 | CUSIP: 09261LAC2<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995619.06    | 0.49%             | 2026-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO      | British Telecommunications PLC                                                  | CUSIP: 111021AE1<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    855000 | PA      | $1052624.35   | 0.52%             | 2030-12-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                  | Broadcom Inc                                                                    | CUSIP: 11135FBK6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1367407.58   | 0.67%             | 2033-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA          | Colombia Government International Bond                                          | CUSIP: 195325DL6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    600000 | PA      | $595716.00    | 0.29%             | 2027-04-25      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                   | Exelon Corp                                                                     | CUSIP: 30161NBN0<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    600000 | PA      | $619023.64    | 0.30%             | 2034-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP           | Fifth Third Bancorp                                                             | CUSIP: 316773CH1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    225000 | PA      | $275698.96    | 0.14%             | 2038-03-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| FISERV INC                    | Fiserv Inc                                                                      | CUSIP: 337738BH0<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    500000 | PA      | $519187.40    | 0.26%             | 2033-08-21      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FISERV INC                    | Fiserv Inc                                                                      | CUSIP: 337738BQ0<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498253.77    | 0.24%             | 2035-08-11      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC      | Ford Motor Credit Co LLC                                                        | CUSIP: 345397D59<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    500000 | PA      | $520428.60    | 0.26%             | 2028-11-07      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| GATX CORP                     | GATX Corp                                                                       | CUSIP: 361448BG7<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1127343.58   | 0.55%             | 2031-06-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II       | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AR0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $223289.93    | 0.11%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO             | General Motors Co                                                               | CUSIP: 37045VAJ9<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    400000 | PA      | $348283.57    | 0.17%             | 2045-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO        | General Motors Financial Co Inc                                                 | CUSIP: 37045XCY0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1235424.03   | 0.61%             | 2030-06-21      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC           | Global Payments Inc                                                             | CUSIP: 37940XAE2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    500000 | PA      | $491998.36    | 0.24%             | 2026-03-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| COMERICA INC                  | Comerica Inc                                                                    | CUSIP: 200340AW7<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |    500000 | PA      | $518781.04    | 0.25%             | 2030-01-30      | Variable      | 5.98%                 | No            |                  2 | On Loan: No      |
| EL PASO ELECTRIC CO           | El Paso Electric Co                                                             | CUSIP: 283677AW2<br>LEI: OZ8GM8L4AHPKSWZMW205 | Long             | DBT              | CORP              | US        |    850000 | PA      | $881623.03    | 0.43%             | 2035-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HCA INC                       | HCA Inc                                                                         | CUSIP: 404119BX6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $990393.77    | 0.49%             | 2029-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| HEALTHPEAK OP LLC             | Healthpeak OP LLC                                                               | CUSIP: 42250PAD5<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              | CORP              | US        |    350000 | PA      | $327573.88    | 0.16%             | 2028-12-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER      | Enterprise Products Operating LLC                                               | CUSIP: 29379VCB7<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    500000 | PA      | $328590.04    | 0.16%             | 2053-02-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC             | Expedia Group Inc                                                               | CUSIP: 30212PBL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $508312.93    | 0.25%             | 2035-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP              | FirstEnergy Corp                                                                | CUSIP: 337932AP2<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    700000 | PA      | $628718.36    | 0.31%             | 2030-09-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC      | Ford Motor Credit Co LLC                                                        | CUSIP: 345397D67<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1045725.61   | 0.51%             | 2033-11-07      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO              | Hewlett Packard Enterprise Co                                                   | CUSIP: 42824CBU2<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1008409.41   | 0.50%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| INTERSTATE POWER & LIGHT      | Interstate Power and Light Co                                                   | CUSIP: 461070AX2<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |    500000 | PA      | $517585.02    | 0.25%             | 2035-06-29      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY OP LLC           | Kimco Realty OP LLC                                                             | CUSIP: 49447BAA1<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |    500000 | PA      | $547266.12    | 0.27%             | 2034-03-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC      | Lloyds Banking Group PLC                                                        | CUSIP: 53944YAB9<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    800000 | PA      | $799955.78    | 0.39%             | 2026-03-24      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC       | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GFD1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    950000 | PA      | $1056544.75   | 0.52%             | 2037-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HCA INC                       | HCA Inc                                                                         | CUSIP: 404119CU1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1027884.91   | 0.51%             | 2034-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION          | M&T Bank Corp                                                                   | CUSIP: 55261FAT1<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    500000 | PA      | $530881.64    | 0.26%             | 2032-03-13      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| MPLX LP                       | MPLX LP                                                                         | CUSIP: 55336VBT6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    600000 | PA      | $494937.95    | 0.24%             | 2052-03-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| KENNAMETAL INC                | Kennametal Inc                                                                  | CUSIP: 489170AF7<br>LEI: 549300GZDSG25XUV0Y08 | Long             | DBT              | CORP              | US        |    330000 | PA      | $301239.13    | 0.15%             | 2031-03-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC             | Kinder Morgan Inc                                                               | CUSIP: 49456BAH4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    700000 | PA      | $661695.22    | 0.33%             | 2045-06-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                   | MetLife Inc                                                                     | CUSIP: 59156RAP3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    855000 | PA      | $896528.21    | 0.44%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC         | Micron Technology Inc                                                           | CUSIP: 595112BS1<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    250000 | PA      | $220096.75    | 0.11%             | 2032-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP         | Lincoln National Corp                                                           | CUSIP: 534187BH1<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118645.01    | 0.06%             | 2028-03-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| MONDELEZ INTERNATIONAL        | Mondelez International Inc                                                      | CUSIP: 609207AX3<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |    500000 | PA      | $432246.49    | 0.21%             | 2031-02-04      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| NASDAQ INC                    | Nasdaq Inc                                                                      | CUSIP: 63111XAJ0<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |    500000 | PA      | $521553.39    | 0.26%             | 2034-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC      | Prudential Financial Inc                                                        | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    500000 | PA      | $491371.05    | 0.24%             | 2052-03-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| MOODY'S CORPORATION           | Moody's Corp                                                                    | CUSIP: 615369AX3<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |    250000 | PA      | $153765.55    | 0.08%             | 2061-11-29      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA        | NXP BV / NXP Funding LLC / NXP USA Inc                                          | CUSIP: 62954HBE7<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    500000 | PA      | $501749.15    | 0.25%             | 2027-06-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL        | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KBR0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    400000 | PA      | $364217.25    | 0.18%             | 2030-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL        | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KCH1<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    500000 | PA      | $504471.31    | 0.25%             | 2027-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                  | NiSource Inc                                                                    | CUSIP: 65473PAQ8<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255838.26    | 0.13%             | 2034-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC           | Nomura Holdings Inc                                                             | CUSIP: 65535HAY5<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |   1000000 | PA      | $944785.25    | 0.46%             | 2028-07-14      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA         | Indonesia Government International Bond                                         | CUSIP: 455780CS3<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    500000 | PA      | $490515.38    | 0.24%             | 2030-10-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| NUTRIEN LTD                   | Nutrien Ltd                                                                     | CUSIP: 67077MAW8<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |    700000 | PA      | $659055.47    | 0.32%             | 2030-05-13      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR      | Occidental Petroleum Corp                                                       | CUSIP: 674599EL5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995844.00    | 0.49%             | 2034-10-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| OLD REPUBLIC INTL CORP        | Old Republic International Corp                                                 | CUSIP: 680223AM6<br>LEI: 549300IV6O2YY2A1KH37 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1028233.85   | 0.51%             | 2034-03-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OMEGA HLTHCARE INVESTORS      | Omega Healthcare Investors Inc                                                  | CUSIP: 681936BN9<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $870748.91    | 0.43%             | 2033-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                     | ONEOK Inc                                                                       | CUSIP: 682680CF8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    500000 | PA      | $456709.09    | 0.22%             | 2054-11-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| STEEL DYNAMICS INC            | Steel Dynamics Inc                                                              | CUSIP: 858119BS8<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506479.36    | 0.25%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP          | Targa Resources Corp                                                            | CUSIP: 87612KAA0<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    500000 | PA      | $508527.77    | 0.25%             | 2027-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| TEXTRON INC                   | Textron Inc                                                                     | CUSIP: 883203CD1<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | DBT              | CORP              | US        |    500000 | PA      | $535629.19    | 0.26%             | 2033-11-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES         | Mexico Government International Bond                                            | CUSIP: 91087BAF7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1300000 | PA      | $1296555.00   | 0.64%             | 2029-04-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY      | Uruguay Government International Bond                                           | CUSIP: 917288BK7<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    800000 | PA      | $804200.00    | 0.40%             | 2031-01-23      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WEYERHAEUSER CO               | Weyerhaeuser Co                                                                 | CUSIP: 962166BR4<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | DBT              | CORP              | US        |    226000 | PA      | $257976.23    | 0.13%             | 2032-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS        | Zimmer Biomet Holdings Inc                                                      | CUSIP: 98956PAS1<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497349.50    | 0.24%             | 2026-01-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| NORFOLK SOUTHERN CORP         | Norfolk Southern Corp                                                           | CUSIP: 655844CK2<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    250000 | PA      | $225045.76    | 0.11%             | 2031-05-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| NORFOLK SOUTHERN CORP         | Norfolk Southern Corp                                                           | CUSIP: 655844CL0<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $625507.64    | 0.31%             | 2051-08-25      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC        | Pacific Gas and Electric Co                                                     | CUSIP: 694308JJ7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $3285968.65   | 1.62%             | 2050-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES INC        | Roper Technologies Inc                                                          | CUSIP: 776743AN6<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |    650000 | PA      | $616049.51    | 0.30%             | 2027-09-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP         | Northrop Grumman Corp                                                           | CUSIP: 666807CJ9<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    500000 | PA      | $445589.02    | 0.22%             | 2053-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                   | Oracle Corp                                                                     | CUSIP: 68389XCQ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $918941.57    | 0.45%             | 2053-02-06      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE      | Plains All American Pipeline LP / PAA Finance Corp                              | CUSIP: 72650RBN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    546000 | PA      | $526905.45    | 0.26%             | 2030-09-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                | Solventum Corp                                                                  | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    500000 | PA      | $518978.42    | 0.26%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC            | Royalty Pharma PLC                                                              | CUSIP: 78081BAN3<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $435022.75    | 0.21%             | 2031-09-02      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS      | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAH5<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $950749.88    | 0.47%             | 2054-10-01      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP                | Starbucks Corp                                                                  | CUSIP: 855244AZ2<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $917341.75    | 0.45%             | 2030-11-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC             | Store Capital LLC                                                               | CUSIP: 862123AA4<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1018997.10   | 0.50%             | 2030-04-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC              | T-Mobile USA Inc                                                                | CUSIP: 87264ACT0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $729029.47    | 0.36%             | 2052-10-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP          | Targa Resources Corp                                                            | CUSIP: 87612GAP6<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    500000 | PA      | $507659.13    | 0.25%             | 2030-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                   | Southern Co/The                                                                 | CUSIP: 842587CV7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $991095.93    | 0.49%             | 2026-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN COPPER CORP          | Southern Copper Corp                                                            | CUSIP: 84265VAE5<br>LEI: 2549007U6NAP46Q9TU15 | Long             | DBT              | CORP              | US        |    750000 | PA      | $828133.50    | 0.41%             | 2040-04-16      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST AIRLINES CO         | Southwest Airlines Co                                                           | CUSIP: 844741BK3<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | DBT              | CORP              | US        |    500000 | PA      | $505798.52    | 0.25%             | 2027-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| STRYKER CORP                  | Stryker Corp                                                                    | CUSIP: 863667AY7<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    700000 | PA      | $631895.66    | 0.31%             | 2030-06-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| SUNCOR ENERGY INC             | Suncor Energy Inc                                                               | CUSIP: 867224AE7<br>LEI: 549300W70ZOQDVLCHY06 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $348536.88    | 0.17%             | 2051-03-04      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION             | Sysco Corp                                                                      | CUSIP: 871829BR7<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    400000 | PA      | $257091.33    | 0.13%             | 2051-12-14      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| SYSTEM ENERGY RESOURCES       | System Energy Resources Inc                                                     | CUSIP: 871911AV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $498463.66    | 0.24%             | 2034-12-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC              | T-Mobile USA Inc                                                                | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1567056.93   | 0.77%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B               | United States Treasury Note/Bond                                                | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2508007.80   | 1.23%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS        | Verizon Communications Inc                                                      | CUSIP: 92343VHA5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    523000 | PA      | $525042.57    | 0.26%             | 2037-07-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC              | T-Mobile USA Inc                                                                | CUSIP: 87264ABX2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    600000 | PA      | $525085.03    | 0.26%             | 2031-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B               | United States Treasury Note/Bond                                                | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1800000 | PA      | $1611984.38   | 0.79%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VALERO ENERGY CORP            | Valero Energy Corp                                                              | CUSIP: 91913YAL4<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |    655000 | PA      | $714764.20    | 0.35%             | 2037-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| VALERO ENERGY CORP            | Valero Energy Corp                                                              | CUSIP: 91913YBC3<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |    750000 | PA      | $677708.66    | 0.33%             | 2031-12-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS        | Verizon Communications Inc                                                      | CUSIP: 92343VFW9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    600000 | PA      | $358572.38    | 0.18%             | 2056-10-30      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS        | Verizon Communications Inc                                                      | CUSIP: 92343VGB4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1424115.56   | 0.70%             | 2051-03-22      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                   | Viatris Inc                                                                     | CUSIP: 92556VAD8<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |    600000 | PA      | $539521.69    | 0.27%             | 2030-06-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| VULCAN MATERIALS CO           | Vulcan Materials Co                                                             | CUSIP: 929160AT6<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |    620000 | PA      | $618349.10    | 0.30%             | 2027-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC        | Williams Cos Inc/The                                                            | CUSIP: 96949LAC9<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    500000 | PA      | $451869.85    | 0.22%             | 2045-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP               | CVS Health Corp                                                                 | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $859291.18    | 0.42%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY              | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526DA4<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1000000 | PA      | $1024553.32   | 0.50%             | 2031-05-09      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| DOW CHEMICAL CO/THE           | Dow Chemical Co/The                                                             | CUSIP: 260543DH3<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |    500000 | PA      | $526118.28    | 0.26%             | 2053-05-15      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP              | Duke Energy Corp                                                                | CUSIP: 26441CBH7<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    950000 | PA      | $873740.06    | 0.43%             | 2030-06-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE               | Cigna Group/The                                                                 | CUSIP: 125523BZ2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    327000 | PA      | $327158.75    | 0.16%             | 2026-02-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP      | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $899850.15    | 0.44%             | 2031-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP      | Citizens Financial Group Inc                                                    | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    500000 | PA      | $519985.60    | 0.26%             | 2030-01-23      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC      | Corebridge Financial Inc                                                        | CUSIP: 21871XAR0<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    500000 | PA      | $530660.07    | 0.26%             | 2033-09-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E      | Alexandria Real Estate Equities Inc                                             | CUSIP: 015271AV1<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    650000 | PA      | $527516.43    | 0.26%             | 2033-02-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER       | American Electric Power Co Inc                                                  | CUSIP: 025537AW1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    500000 | PA      | $533931.95    | 0.26%             | 2032-11-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-23

**Name of Applicant:** Advisors Series Trust

**Signature:** /s/ Richard Conner

**Name of Signer:** Advisors Series Trust

**Title:** Assistant Treasurer