# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001145549-25-050072
**Filing Date:** 2025-7
**Character Count:** 100469
**Document Hash:** 05fb23f75391e1b1e8e8806ab89c5cb1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-050072.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001145549-25-050072

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Series Solutions
- **CENTRAL INDEX KEY:** 0001540305

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1112

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251168192

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN ST
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN ST
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Vident U.S. Bond Strategy ETF (Series ID: S000046801)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000146217 | Vident U.S. Bond Strategy ETF | VBND            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Vident U.S. Bond Strategy ETF** | **Vident U.S. Bond Strategy ETF** | **Vident U.S. Bond Strategy ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **U.S. TREASURY SECURITIES - 60.8%** | **Par** | **Value** |
| United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond |
| &nbsp;&nbsp; 1.25%, 11/30/2026 | 5770000 | $5540440 |
| &nbsp;&nbsp; 1.63%, 11/30/2026 | 16872000 | 16293343 |
| &nbsp;&nbsp; 0.50%, 05/31/2027 | 11670000 | 10909171 |
| &nbsp;&nbsp; 0.50%, 06/30/2027 | 3990000 | 3720909 |
| &nbsp;&nbsp; 4.38%, 07/15/2027 | 5490000 | 5541040 |
| &nbsp;&nbsp; 0.38%, 07/31/2027 | 2980000 | 2763484 |
| &nbsp;&nbsp; 2.75%, 07/31/2027 | 3540000 | 3455787 |
| &nbsp;&nbsp; 2.25%, 08/15/2027 | 3750000 | 3620068 |
| &nbsp;&nbsp; 3.75%, 08/15/2027 | 1925000 | 1918496 |
| &nbsp;&nbsp; 0.50%, 08/31/2027 | 480000 | 445200 |
| &nbsp;&nbsp; 3.13%, 08/31/2027 | 1560000 | 1534254 |
| &nbsp;&nbsp; 6.13%, 11/15/2027 | 28115000 | 29584448 |
| &nbsp;&nbsp; 4.38%, 08/31/2028 | 4740000 | 4808138 |
| &nbsp;&nbsp; 4.63%, 09/30/2028 | 2145000 | 2193346 |
| &nbsp;&nbsp; 4.88%, 10/31/2028 | 2510000 | 2586722 |
| &nbsp;&nbsp; 3.13%, 11/15/2028 | 1495000 | 1457391 |
| &nbsp;&nbsp; 5.25%, 11/15/2028 | 25160000 | 26225369 |
| &nbsp;&nbsp; 4.38%, 11/30/2028 | 1700000 | 1725467 |
| &nbsp;&nbsp; 1.38%, 12/31/2028 | 1065000 | 975681 |
| &nbsp;&nbsp; 3.75%, 12/31/2028 | 400000 | 397844 |
| &nbsp;&nbsp; 4.00%, 01/31/2029 | 1500000 | 1503867 |
| &nbsp;&nbsp; 2.63%, 02/15/2029 | 1815000 | 1734672 |
| &nbsp;&nbsp; 4.25%, 02/28/2029 | 1055000 | 1066807 |
| &nbsp;&nbsp; 2.38%, 03/31/2029 | 2030000 | 1918628 |
| &nbsp;&nbsp; 4.13%, 03/31/2029 | 2450000 | 2466987 |
| &nbsp;&nbsp; 4.63%, 04/30/2029 | 995000 | 1019622 |
| &nbsp;&nbsp; 6.25%, 05/15/2030 | 11340000 | 12482859 |
| &nbsp;&nbsp; 5.38%, 02/15/2031 | 17625000 | 18784395 |
| &nbsp;&nbsp; 4.50%, 08/15/2039 | 1040000 | 1015909 |
| &nbsp;&nbsp; 4.38%, 11/15/2039 | 3780000 | 3633082 |
| &nbsp;&nbsp; 4.63%, 02/15/2040 | 2600000 | 2566383 |
| &nbsp;&nbsp; 4.38%, 05/15/2040 | 3400000 | 3258820 |
| &nbsp;&nbsp; 4.25%, 11/15/2040 | 6750000 | 6334981 |
| &nbsp;&nbsp; 4.75%, 02/15/2041 | 4955000 | 4917063 |
| &nbsp;&nbsp; 2.25%, 05/15/2041 | 1820000 | 1292804 |
| &nbsp;&nbsp; 4.38%, 05/15/2041 | 7515000 | 7135140 |
| &nbsp;&nbsp; 2.00%, 11/15/2041 | 2785000 | 1872749 |
| &nbsp;&nbsp; 3.13%, 11/15/2041 | 1015000 | 813864 |
| &nbsp;&nbsp; 2.38%, 02/15/2042 | 2190000 | 1556568 |
| &nbsp;&nbsp; 3.13%, 02/15/2042 | 3625000 | 2895327 |
| &nbsp;&nbsp; 3.00%, 05/15/2042 | 4350000 | 3396738 |
| &nbsp;&nbsp; 3.25%, 05/15/2042 | 3590000 | 2905867 |
| &nbsp;&nbsp; 2.75%, 08/15/2042 | 4885000 | 3653255 |
| &nbsp;&nbsp; 3.38%, 08/15/2042 | 3340000 | 2743432 |
| &nbsp;&nbsp; 2.75%, 11/15/2042 | 4635000 | 3449997 |
| &nbsp;&nbsp; 4.00%, 11/15/2042 | 3395000 | 3033419 |
| &nbsp;&nbsp; 3.13%, 02/15/2043 | 5135000 | 4037594 |
| &nbsp;&nbsp; 3.88%, 02/15/2043 | 2610000 | 2287369 |
| &nbsp;&nbsp; 2.88%, 05/15/2043 | 4410000 | 3322315 |
| &nbsp;&nbsp; 3.88%, 05/15/2043 | 2945000 | 2574574 |
| &nbsp;&nbsp; 3.63%, 08/15/2043 | 4655000 | 3918928 |
| &nbsp;&nbsp; 4.38%, 08/15/2043 | 2515000 | 2346760 |
| &nbsp;&nbsp; 3.75%, 11/15/2043 | 12066000 | 10315016 |
| &nbsp;&nbsp; 3.63%, 02/15/2044 | 4285000 | 3587181 |
| &nbsp;&nbsp; 4.50%, 02/15/2044 | 4385000 | 4147508 |
| &nbsp;&nbsp; 3.38%, 05/15/2044 | 4865000 | 3910244 |
| &nbsp;&nbsp; 3.13%, 08/15/2044 | 4735000 | 3645395 |
| &nbsp;&nbsp; 3.00%, 11/15/2044 | 4430000 | 3329768 |
| &nbsp;&nbsp; 3.00%, 05/15/2045 | 2600000 | 1943703 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $275,908,879) | **TOTAL U.S. TREASURY SECURITIES** (Cost $275,908,879) | 272516188 |
| **CORPORATE BONDS - 25.0%** | **Par** | **Value** |
| **Communication Services - 0.3%** | **Communication Services - 0.3%** | **Communication Services - 0.3%** |
|  Fox Corporation, 5.58%, 01/25/2049 | 1450000 | 1328789 |
| **Communications - 0.3%** | **Communications - 0.3%** | **Communications - 0.3%** |
|  Warnermedia Holdings, Inc., 5.39%, 03/15/2062 | 2000000 | 1285005 |
| **Consumer Discretionary - 1.8%** | **Consumer Discretionary - 1.8%** | **Consumer Discretionary - 1.8%** |
|  Brunswick Corporation, 2.40%, 08/18/2031 | 1630000 | 1344488 |
|  Dick's Sporting Goods, Inc., 4.10%, 01/15/2052 | 1795000 | 1229905 |
|  General Motors Company, 6.75%, 04/01/2046 | 1400000 | 1394066 |
|  Lear Corporation, 5.25%, 05/15/2049 | 1520000 | 1257762 |
|  Tapestry, Inc., 3.05%, 03/15/2032 | 1560000 | 1361938 |
|  Whirlpool Corporation, 4.50%, 06/01/2046 | 2000000 | 1451877 |
|  |  | 8040036 |
| **Consumer Staples - 0.6%** | **Consumer Staples - 0.6%** | **Consumer Staples - 0.6%** |
|  Altria Group, Inc., 4.45%, 05/06/2050 | 1755000 | 1335755 |
| Kraft Heinz Foods Company | Kraft Heinz Foods Company | Kraft Heinz Foods Company |
| &nbsp;&nbsp; 6.88%, 01/26/2039 | 105000 | 113207 |
| &nbsp;&nbsp; 6.50%, 02/09/2040 | 990000 | 1035659 |
|  |  | 2484621 |
| **Energy - 4.3%** | **Energy - 4.3%** | **Energy - 4.3%** |
| APA Corporation | APA Corporation | APA Corporation |
| &nbsp;&nbsp; 5.10%, 09/01/2040 <sup>(a)</sup> | 1500000 | 1217005 |
| &nbsp;&nbsp; 6.75%, 02/15/2055 <sup>(a)</sup> | 150000 | 135019 |
|  Continental Resources, Inc., 4.90%, 06/01/2044 | 1610000 | 1231803 |
|  Devon Energy Corporation, 7.88%, 09/30/2031 | 1175000 | 1332328 |
|  Energy Transfer LP, 8.00% to 05/15/2029 then 5 yr. CMT Rate + 4.02%, 05/15/2054 | 1200000 | 1258955 |
|  Enterprise Products Operating LLC, 5.38% to 02/15/2028 then 3 mo. Term SOFR + 2.83%, 02/15/2078 | 1380000 | 1341863 |
|  EQT Corporation, 7.00%, 02/01/2030 <sup>(b)</sup> | 1220000 | 1305491 |
|  Halliburton Company, 7.45%, 09/15/2039 | 375000 | 428755 |
|  Helmerich & Payne, Inc., 5.50%, 12/01/2034 <sup>(a)</sup> | 1400000 | 1235868 |
|  HF Sinclair Corporation, 6.25%, 01/15/2035 | 1400000 | 1381858 |
|  Marathon Petroleum Corporation, 6.50%, 03/01/2041 | 1045000 | 1059641 |
|  NOV, Inc., 3.95%, 12/01/2042 | 1945000 | 1405828 |
| Occidental Petroleum Corporation | Occidental Petroleum Corporation | Occidental Petroleum Corporation |
| &nbsp;&nbsp; 6.20%, 03/15/2040 | 1200000 | 1120241 |
| &nbsp;&nbsp; 6.60%, 03/15/2046 | 300000 | 284220 |
| Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
| &nbsp;&nbsp; 7.38%, 11/01/2031 | 1100000 | 1174208 |
| &nbsp;&nbsp; 6.50%, 08/15/2034 | 150000 | 150191 |
|  Phillips 66 Company, 4.90%, 10/01/2046 | 1030000 | 848157 |
|  Valero Energy Corporation, 6.63%, 06/15/2037 | 1215000 | 1273142 |
|  Western Midstream Operating LP, 5.30%, 03/01/2048 | 1580000 | 1276787 |
|  |  | 19461360 |
| **Financials - 10.3%** | **Financials - 10.3%** | **Financials - 10.3%** |
|  Allstate Corporation, 6.50% to 05/15/2037 then 3 mo. LIBOR US + 2.12%, 05/15/2057 <sup>(c)</sup> | 1350000 | 1356502 |
|  Ally Financial, Inc., 6.70%, 02/14/2033 | 1290000 | 1310643 |
|  Ares Capital Corporation, 3.20%, 11/15/2031 | 1590000 | 1368021 |
|  Athene Holding, Ltd., 6.63% to 10/15/2034 then 5 yr. CMT Rate + 2.61%, 10/15/2054 | 1400000 | 1377117 |
|  Blackstone Private Credit Fund, 6.00%, 11/22/2034 | 1400000 | 1349595 |
|  Blackstone Secured Lending Fund, 2.85%, 09/30/2028 | 1430000 | 1319625 |
|  Blue Owl Technology Finance Corporation, 6.75%, 04/04/2029 | 1500000 | 1508910 |
|  Brighthouse Financial, Inc., 4.70%, 06/22/2047 | 1840000 | 1385693 |
|  Capital One Financial Corporation, 2.36% to 07/29/2031 then SOFR + 1.34%, 07/29/2032 | 1625000 | 1344847 |
|  Comerica Bank, 5.33% to 08/25/2032 then SOFR + 2.61%, 08/25/2033 | 1385000 | 1324276 |
|  COPT Defense Properties LP, 2.75%, 04/15/2031 | 1610000 | 1396467 |
|  Corebridge Financial, Inc., 6.88% to 12/15/2027 then 5 yr. CMT Rate + 3.85%, 12/15/2052 | 1300000 | 1319690 |
|  Discover Financial Services, 6.70%, 11/29/2032 | 1260000 | 1353830 |
|  Enstar Finance LLC, 5.50% to 01/15/2027 then 5 yr. CMT Rate + 4.01%, 01/15/2042 | 1400000 | 1368021 |
|  Equitable Holdings, Inc., 6.70% to 03/28/2035 then 5 yr. CMT Rate + 2.39%, 03/28/2055 | 1350000 | 1368017 |
|  F&G Annuities & Life, Inc., 6.50%, 06/04/2029 | 1290000 | 1318878 |
|  Fifth Third Bancorp, 8.25%, 03/01/2038 | 910000 | 1061158 |
|  First Citizens BancShares, Inc., 6.25% to 03/12/2035 then 5 yr. CMT Rate + 1.97%, 03/12/2040 | 1430000 | 1382670 |
|  Government National Mortgage Association, 5.75%, 06/01/2028 | 1305000 | 1329701 |
|  HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/2034 | 1420000 | 1390186 |
|  Huntington Bancshares, Inc., 2.49% to 08/15/2031 then 5 yr. CMT Rate + 1.17%, 08/15/2036 | 1640000 | 1358663 |
|  Legg Mason, Inc., 5.63%, 01/15/2044 | 1100000 | 1058676 |
|  Lincoln National Corporation, 7.00%, 06/15/2040 | 1170000 | 1278025 |
|  Markel Group, Inc., 5.00%, 04/05/2046 | 1240000 | 1064051 |
|  MetLife, Inc., 10.75%, 08/01/2039 | 1000000 | 1310472 |
|  MGIC Investment Corporation, 5.25%, 08/15/2028 | 1290000 | 1281231 |
|  Prudential Financial, Inc., 4.50% to 09/15/2027 then 3 mo. LIBOR US + 2.38%, 09/15/2047 <sup>(c)</sup> | 1375000 | 1347025 |
|  Regions Bank, 6.45%, 06/26/2037 | 1308000 | 1327992 |
|  Reinsurance Group of America, Inc., 6.65% to 09/15/2035 then 5 yr. CMT Rate + 2.39%, 09/15/2055 | 1380000 | 1357763 |
|  Sabra Health Care LP, 3.20%, 12/01/2031 | 1515000 | 1319240 |
|  Synovus Bank, 5.63%, 02/15/2028 | 1250000 | 1254472 |
|  Truist Financial Corporation, 4.92% to 07/28/2032 then SOFR + 2.24%, 07/28/2033 | 1365000 | 1311207 |
|  US Bancorp, 2.49% to 11/03/2031 then 5 yr. CMT Rate + 0.95%, 11/03/2036 | 1585000 | 1318220 |
| VICI Properties LP | VICI Properties LP | VICI Properties LP |
| &nbsp;&nbsp; 5.63%, 05/15/2052 | 850000 | 760281 |
| &nbsp;&nbsp; 6.13%, 04/01/2054 | 600000 | 572218 |
|  Zions Bancorp NA, 3.25%, 10/29/2029 | 1545000 | 1395429 |
|  |  | 46248812 |
| **Health Care - 1.0%** | **Health Care - 1.0%** | **Health Care - 1.0%** |
|  Cardinal Health, Inc., 4.37%, 06/15/2047 | 1000000 | 790605 |
|  Centene Corporation, 4.63%, 12/15/2029 | 1350000 | 1302580 |
|  HCA, Inc., 5.50%, 06/15/2047 | 1100000 | 994005 |
|  Viatris, Inc., 4.00%, 06/22/2050 | 2000000 | 1279612 |
|  |  | 4366802 |
| **Industrials - 0.7%** | **Industrials - 0.7%** | **Industrials - 0.7%** |
|  FedEx Corporation, 5.10%, 01/15/2044 <sup>(a)</sup> | 1205000 | 1029403 |
|  Flowserve Corporation, 3.50%, 10/01/2030 | 1410000 | 1301485 |
|  Owens Corning, 4.30%, 07/15/2047 | 1260000 | 990880 |
|  |  | 3321768 |
| **Information Technology - 1.0%** | **Information Technology - 1.0%** | **Information Technology - 1.0%** |
|  Corning, Inc., 5.45%, 11/15/2079 | 785000 | 682637 |
|  HP, Inc., 6.00%, 09/15/2041 | 1195000 | 1168025 |
|  Kyndryl Holdings, Inc., 4.10%, 10/15/2041 | 1685000 | 1297090 |
|  Vontier Corporation, 2.95%, 04/01/2031 | 1505000 | 1327420 |
|  |  | 4475172 |
| **Materials - 1.4%** | **Materials - 1.4%** | **Materials - 1.4%** |
|  Albemarle Corporation, 5.05%, 06/01/2032 | 1500000 | 1390215 |
|  Dow Chemical Company, 9.40%, 05/15/2039 | 750000 | 948757 |
|  FMC Corporation, 6.38%, 05/18/2053 | 1500000 | 1378414 |
|  Freeport-McMoRan, Inc., 5.45%, 03/15/2043 | 1380000 | 1275148 |
|  Mosaic Company, 5.63%, 11/15/2043 | 1150000 | 1079508 |
|  |  | 6072042 |
| **Real Estate - 0.3%** | **Real Estate - 0.3%** | **Real Estate - 0.3%** |
|  EPR Properties, 3.75%, 08/15/2029 | 1430000 | 1347136 |
| **Utilities - 3.0%** | **Utilities - 3.0%** | **Utilities - 3.0%** |
|  American Electric Power Company, Inc., 3.88% to 02/15/2027 then 5 yr. CMT Rate + 2.68%, 02/15/2062 | 1430000 | 1368749 |
|  CMS Energy Corporation, 4.75% to 06/01/2030 then 5 yr. CMT Rate + 4.12%, 06/01/2050 | 1420000 | 1345153 |
|  Dominion Energy, Inc., 6.63% to 05/15/2035 then 5 yr. CMT Rate + 2.21%, 05/15/2055 | 1300000 | 1303789 |
|  Edison International, 8.13% to 06/15/2028 then 5 yr. CMT Rate + 3.86%, 06/15/2053 | 1420000 | 1406254 |
|  Entergy Corporation, 7.13% to 12/01/2029 then 5 yr. CMT Rate + 2.67%, 12/01/2054 | 1300000 | 1332347 |
|  Evergy, Inc., 6.65% to 06/01/2030 then 5 yr. CMT Rate + 2.56%, 06/01/2055 | 1300000 | 1290024 |
|  Exelon Corporation, 6.50% to 03/15/2035 then 5 yr. CMT Rate + 1.98%, 03/15/2055 | 165000 | 164685 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp; 4.80% to 12/01/2027 then 3 mo. LIBOR US + 2.41%, 12/01/2077 <sup>(c)</sup> | 1140000 | 1077424 |
| &nbsp;&nbsp; 3.80% to 03/15/2027 then 5 yr. CMT Rate + 2.55%, 03/15/2082 | 230000 | 218695 |
|  NiSource, Inc., 6.95% to 11/30/2029 then 5 yr. CMT Rate + 2.45%, 11/30/2054 | 1350000 | 1384737 |
|  PacifiCorp, 7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055 | 1320000 | 1347457 |
|  Sempra, 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052 | 1415000 | 1339280 |
|  |  | 13578594 |
| **TOTAL CORPORATE BONDS** (Cost $114,180,797) | **TOTAL CORPORATE BONDS** (Cost $114,180,797) | 112010137 |
| **MORTGAGE-BACKED SECURITIES - 9.9%** | **Par** | **Value** |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; 6.00%, 06/15/2041 <sup>(d)</sup> | 7300000 | 7371214 |
| &nbsp;&nbsp; 6.50%, 09/25/2052 <sup>(d)</sup> | 4315000 | 4429758 |
| &nbsp;&nbsp; Pool TBA, 5.50%, 06/01/2037 <sup>(d)</sup> | 3600000 | 3563266 |
| &nbsp;&nbsp; Pool BV7232, 4.00%, 04/01/2052 | 2493972 | 2288452 |
| &nbsp;&nbsp; Pool MA4626, 4.00%, 06/01/2052 | 3255962 | 2990704 |
| &nbsp;&nbsp; Pool MA4644, 4.00%, 05/01/2052 | 3141079 | 2885188 |
| &nbsp;&nbsp; Series Pool #TBA, Pool TBA, 5.00%, 06/15/2041 <sup>(d)</sup> | 300000 | 290374 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| &nbsp;&nbsp; 4.50%, 06/15/2041 <sup>(d)</sup> | 300000 | 282914 |
| &nbsp;&nbsp; 5.00%, 06/15/2041 <sup>(d)</sup> | 1170000 | 1134524 |
| &nbsp;&nbsp; 5.50%, 06/15/2053 <sup>(d)</sup> | 4120000 | 4089751 |
| &nbsp;&nbsp; 6.00%, 06/15/2053 <sup>(d)</sup> | 8825000 | 8909906 |
| &nbsp;&nbsp; 6.50%, 08/20/2053 <sup>(d)</sup> | 5555000 | 5674636 |
| &nbsp;&nbsp; 7.00%, 10/20/2053 <sup>(d)</sup> | 530000 | 545389 |
| **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $45,101,062) | **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $45,101,062) | 44456076 |
| **U.S. GOVERNMENT AGENCY ISSUES - 2.9%** | **Par** | **Value** |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| &nbsp;&nbsp; 4.63%, 11/17/2026 | 660000 | 665230 |
| &nbsp;&nbsp; 1.25%, 12/21/2026 | 590000 | 566152 |
| &nbsp;&nbsp; 4.13%, 01/15/2027 | 460000 | 461668 |
| &nbsp;&nbsp; 4.75%, 04/09/2027 | 400000 | 405976 |
| &nbsp;&nbsp; 4.50%, 03/10/2028 | 320000 | 324988 |
| &nbsp;&nbsp; 3.25%, 06/09/2028 | 160000 | 157389 |
| &nbsp;&nbsp; 4.00%, 06/30/2028 | 150000 | 150375 |
| &nbsp;&nbsp; 3.25%, 11/16/2028 | 270000 | 264409 |
| &nbsp;&nbsp; 5.50%, 07/15/2036 | 370000 | 396959 |
| Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation |
| &nbsp;&nbsp; 6.75%, 09/15/2029 | 700000 | 776733 |
| &nbsp;&nbsp; 6.75%, 03/15/2031 | 150000 | 170087 |
| &nbsp;&nbsp; 6.25%, 07/15/2032 | 150000 | 168269 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; 1.88%, 09/24/2026 | 545000 | 530932 |
| &nbsp;&nbsp; 0.75%, 10/08/2027 | 290000 | 269641 |
| &nbsp;&nbsp; 7.13%, 01/15/2030 | 100000 | 113160 |
| &nbsp;&nbsp; 7.25%, 05/15/2030 | 100000 | 114516 |
| &nbsp;&nbsp; 6.63%, 11/15/2030 | 205000 | 230296 |
| &nbsp;&nbsp; 5.63%, 07/15/2037 | 270000 | 291440 |
| Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
| &nbsp;&nbsp; 2.88%, 02/01/2027 | 660000 | 648110 |
| &nbsp;&nbsp; 3.88%, 03/15/2028 | 370000 | 369724 |
| &nbsp;&nbsp; 7.13%, 05/01/2030 | 475000 | 539986 |
| &nbsp;&nbsp; 4.38%, 08/01/2034 | 350000 | 342827 |
| &nbsp;&nbsp; 5.88%, 04/01/2036 | 820000 | 892844 |
| &nbsp;&nbsp; 6.15%, 01/15/2038 | 785000 | 869751 |
| &nbsp;&nbsp; 5.25%, 09/15/2039 | 800000 | 824165 |
| &nbsp;&nbsp; 3.50%, 12/15/2042 | 805000 | 641569 |
| &nbsp;&nbsp; 5.25%, 02/01/2055 | 600000 | 569228 |
| &nbsp;&nbsp; 5.38%, 04/01/2056 | 545000 | 534252 |
| &nbsp;&nbsp; 4.63%, 09/15/2060 | 495000 | 420151 |
| &nbsp;&nbsp; 4.25%, 09/15/2065 | 260000 | 203227 |
| **TOTAL U.S. GOVERNMENT AGENCY ISSUES** (Cost $13,244,976) | **TOTAL U.S. GOVERNMENT AGENCY ISSUES** (Cost $13,244,976) | 12914054 |
| **TOTAL INVESTMENTS - 98.6% (**Cost $448,435,714**)** | **TOTAL INVESTMENTS - 98.6% (**Cost $448,435,714**)** | 441896455 |
| Other Assets in Excess of Liabilities - 1.4% | Other Assets in Excess of Liabilities - 1.4% | 6292816 |
| **TOTAL NET ASSETS - 100.0%** |  | $448189271 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LIBOR - London Interbank Offered Rate |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| SOFR - Secured Overnight Financing Rate |

---

(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 May 31, 2025, the value of these securities total $3,617,295 or 0.8% of the Fund's net assets.

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

(c) Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

(d) To-be-announced security.

------

#### Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
Vident U.S. Bond Strategy ETF (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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $– | $272516188 | $– | $272516188 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 112010137 | – | 112010137 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | – | 44456076 | – | 44456076 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agency Issues | – | 12914054 | – | 12914054 |
| Total Investments | $– | $441896455 | $– | $441896455 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** ETF Series Solutions

- **b. Investment Company Act file number:** 811-22668

- **c. CIK number of Registrant:** 0001540305

- **d. LEI of Registrant:** 5493008BB0X0GYS3UI50

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-516-1645

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

- **a. Name of Series:** Vident U.S. Bond Strategy ETF

- **b. EDGAR series identifier (if any):** S000046801

- **c. LEI of Series:** 549300MY3MRI7YFRFJ97

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $484693389.31

**Total Liabilities:** $36506043.30

**Net Assets:** $448187346.01

**Delayed Delivery Securities:** $36350179.85

**Cash Not Reported:** $1757100.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 569.868575000000 | **1-Year:** 21359.064203000000 | **5-Year:** 44297.254733000000 | **10-Year:** 120790.769397000000 | **30-Year:** 90007.555066000000

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

- **3-Month:** 0.000000000000 | **1-Year:** 311.490047000000 | **5-Year:** 420.193258000000 | **10-Year:** 783.646628000000 | **30-Year:** 867.266199000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000146217 | -0.17%               | 0.01%                | -0.64%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $242268.87               | $-2622476.37                               |
| Month 2  | $-146711.44              | $-1424902.67                               |
| Month 3  | $-159477.23              | $-4369678.77                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fannie Mae or Freddie Mac              | Fannie Mae or Freddie Mac                 | CUSIP: 01F050668<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    300000 | PA      | $290373.55    | 0.06%             | 2041-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae or Freddie Mac              | Fannie Mae or Freddie Mac                 | CUSIP: 01F052664<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-CBDO         | CORP              | US        |   3600000 | PA      | $3563265.46   | 0.80%             | 2037-06-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Fannie Mae or Freddie Mac              | Fannie Mae or Freddie Mac                 | CUSIP: 01F060667<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7300000 | PA      | $7371213.76   | 1.64%             | 2041-06-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| FANNIE MAE                             | Federal National Mortgage Association     | CUSIP: 31398AFD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    270000 | PA      | $291440.25    | 0.07%             | 2037-07-15      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| PHILLIPS 66                            | Phillips 66 Co                            | CUSIP: 718547AP7<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $848157.43    | 0.19%             | 2046-10-01      | Fixed         | 4.90%                 | No            | 2                  | On Loan: No      |
| PRUDENTIAL FINANCIAL INC               | Prudential Financial Inc                  | CUSIP: 744320AW2<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   1375000 | PA      | $1347025.35   | 0.30%             | 2047-09-15      | Variable      | 4.50%                 | No            | 2                  | On Loan: No      |
| REGIONS BANK                           | Regions Bank/Birmingham AL                | CUSIP: 75913MAA7<br>LEI: EQTWLK1G7ODGC2MGLV11 | Long             | DBT              | CORP              | US        |   1308000 | PA      | $1327992.02   | 0.30%             | 2037-06-26      | Fixed         | 6.45%                 | No            | 2                  | On Loan: No      |
| REINSURANCE GRP OF AMER                | Reinsurance Group of America Inc          | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1357762.54   | 0.30%             | 2055-09-15      | Variable      | 6.65%                 | No            | 2                  | On Loan: No      |
| OVINTIV INC                            | Ovintiv Inc                               | CUSIP: 012873AK1<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1174208.41   | 0.26%             | 2031-11-01      | Fixed         | 7.38%                 | No            | 2                  | On Loan: No      |
| Fannie Mae or Freddie Mac              | Fannie Mae or Freddie Mac                 | CUSIP: 01F062663<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-CBDO         | CORP              | US        |   4315000 | PA      | $4429758.24   | 0.99%             | 2052-09-25      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| EQT CORP                               | EQT Corp                                  | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1305490.84   | 0.29%             | 2030-02-01      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| EPR PROPERTIES                         | EPR Properties                            | CUSIP: 26884UAF6<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1347135.92   | 0.30%             | 2029-08-15      | Fixed         | 3.75%                 | No            | 2                  | On Loan: No      |
| OVINTIV INC                            | Ovintiv Inc                               | CUSIP: 292505AD6<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150190.83    | 0.03%             | 2034-08-15      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| EQUITABLE HOLDINGS INC                 | Equitable Holdings Inc                    | CUSIP: 29452EAD3<br>LEI: 549300FIBAKMNHPZ4009 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1368017.10   | 0.31%             | 2055-03-28      | Variable      | 6.70%                 | No            | 2                  | On Loan: No      |
| EVERGY INC                             | Evergy Inc                                | CUSIP: 30034WAE6<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1290024.45   | 0.29%             | 2055-06-01      | Variable      | 6.65%                 | No            | 2                  | On Loan: No      |
| EXELON CORP                            | Exelon Corp                               | CUSIP: 30161NBQ3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    165000 | PA      | $164684.81    | 0.04%             | 2055-03-15      | Variable      | 6.50%                 | No            | 2                  | On Loan: No      |
| F&G ANNUITIES & LIFE INC               | F&G Annuities & Life Inc                  | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1318877.94   | 0.29%             | 2029-06-04      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| FEDERAL HOME LOAN BANK                 | Federal Home Loan Banks                   | CUSIP: 3130AEB25<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    160000 | PA      | $157388.64    | 0.04%             | 2028-06-09      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| FEDERAL HOME LOAN BANK                 | Federal Home Loan Banks                   | CUSIP: 3130AFFX0<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    270000 | PA      | $264408.88    | 0.06%             | 2028-11-16      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| FEDERAL HOME LOAN BANK                 | Federal Home Loan Banks                   | CUSIP: 3130AQF65<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    590000 | PA      | $566151.88    | 0.13%             | 2026-12-21      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| FEDERAL HOME LOAN BANK                 | Federal Home Loan Banks                   | CUSIP: 3130ATS57<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    320000 | PA      | $324988.43    | 0.07%             | 2028-03-10      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| FEDERAL HOME LOAN BANK                 | Federal Home Loan Banks                   | CUSIP: 3130AWN63<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    150000 | PA      | $150375.19    | 0.03%             | 2028-06-30      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| FEDERAL HOME LOAN BANK                 | Federal Home Loan Banks                   | CUSIP: 3130AXU63<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    660000 | PA      | $665230.01    | 0.15%             | 2026-11-17      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| FEDERAL HOME LOAN BANK                 | Federal Home Loan Banks                   | CUSIP: 3130AYPN0<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    460000 | PA      | $461668.44    | 0.10%             | 2027-01-15      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| FEDERAL HOME LOAN BANK                 | Federal Home Loan Banks                   | CUSIP: 3130B0TY5<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    400000 | PA      | $405975.85    | 0.09%             | 2027-04-09      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| FEDERAL HOME LOAN BANK                 | Federal Home Loan Banks                   | CUSIP: 3133XGAY0<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    370000 | PA      | $396958.62    | 0.09%             | 2036-07-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| FANNIE MAE                             | Federal National Mortgage Association     | CUSIP: 31359MFJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    100000 | PA      | $113160.27    | 0.03%             | 2030-01-15      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| FANNIE MAE                             | Federal National Mortgage Association     | CUSIP: 31359MFP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    100000 | PA      | $114515.86    | 0.03%             | 2030-05-15      | Fixed         | 7.25%                 | No            | 2                  | On Loan: No      |
| FANNIE MAE                             | Federal National Mortgage Association     | CUSIP: 31359MGK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    205000 | PA      | $230296.08    | 0.05%             | 2030-11-15      | Fixed         | 6.62%                 | No            | 2                  | On Loan: No      |
| FANNIE MAE                             | Federal National Mortgage Association     | CUSIP: 3135G05Y5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    290000 | PA      | $269640.74    | 0.06%             | 2027-10-08      | Fixed         | 0.75%                 | No            | 2                  | On Loan: No      |
| FANNIE MAE                             | Federal National Mortgage Association     | CUSIP: 3135G0Q22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    545000 | PA      | $530932.43    | 0.12%             | 2026-09-24      | Fixed         | 1.88%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                             | Fannie Mae Pool                           | CUSIP: 3140MMBA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2493972 | PA      | $2288452.15   | 0.51%             | 2052-04-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                             | Fannie Mae Pool                           | CUSIP: 31418ED80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3255962 | PA      | $2990703.42   | 0.67%             | 2052-06-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| Fannie Mae                             | Fannie Mae Pool                           | CUSIP: 31418EES5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3141079 | PA      | $2885188.01   | 0.64%             | 2052-05-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| FEDEX CORP                             | FedEx Corp                                | CUSIP: 31428XCR5<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |   1205000 | PA      | $1029403.45   | 0.23%             | 2044-01-15      | Fixed         | 5.10%                 | No            | 2                  | On Loan: No      |
| FIFTH THIRD BANCORP                    | Fifth Third Bancorp                       | CUSIP: 316773CH1<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    910000 | PA      | $1061157.74   | 0.24%             | 2038-03-01      | Fixed         | 8.25%                 | No            | 2                  | On Loan: No      |
| FIRST CITIZENS BANCSHARE               | First Citizens BancShares Inc/NC          | CUSIP: 31959XAF0<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1382670.35   | 0.31%             | 2040-03-12      | Variable      | 6.25%                 | No            | 2                  | On Loan: No      |
| FLOWSERVE CORPORATION                  | Flowserve Corp                            | CUSIP: 34354PAF2<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1301484.76   | 0.29%             | 2030-10-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| WARNERMEDIA HOLDINGS INC               | Warnermedia Holdings Inc                  | CUSIP: 55903VBF9<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1285004.72   | 0.29%             | 2062-03-15      | Fixed         | 5.39%                 | No            | 2                  | On Loan: No      |
| NOV INC                                | NOV Inc                                   | CUSIP: 637071AK7<br>LEI: 549300EHF3IW1AR6U008 | Long             | DBT              | CORP              | US        |   1945000 | PA      | $1405827.64   | 0.31%             | 2042-12-01      | Fixed         | 3.95%                 | No            | 2                  | On Loan: No      |
| NEXTERA ENERGY CAPITAL                 | NextEra Energy Capital Holdings Inc       | CUSIP: 65339KAV2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1077423.71   | 0.24%             | 2077-12-01      | Variable      | 4.80%                 | No            | 2                  | On Loan: No      |
| NEXTERA ENERGY CAPITAL                 | NextEra Energy Capital Holdings Inc       | CUSIP: 65339KCB4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    230000 | PA      | $218695.41    | 0.05%             | 2082-03-15      | Variable      | 3.80%                 | No            | 2                  | On Loan: No      |
| NISOURCE INC                           | NiSource Inc                              | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1384736.85   | 0.31%             | 2054-11-30      | Variable      | 6.95%                 | No            | 2                  | On Loan: No      |
| OCCIDENTAL PETROLEUM COR               | Occidental Petroleum Corp                 | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1120240.68   | 0.25%             | 2040-03-15      | Fixed         | 6.20%                 | No            | 2                  | On Loan: No      |
| OCCIDENTAL PETROLEUM COR               | Occidental Petroleum Corp                 | CUSIP: 674599DL6<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    300000 | PA      | $284219.97    | 0.06%             | 2046-03-15      | Fixed         | 6.60%                 | No            | 2                  | On Loan: No      |
| OWENS CORNING                          | Owens Corning                             | CUSIP: 690742AG6<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $990879.65    | 0.22%             | 2047-07-15      | Fixed         | 4.30%                 | No            | 2                  | On Loan: No      |
| PACIFICORP                             | PacifiCorp                                | CUSIP: 695114DF2<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1347457.32   | 0.30%             | 2055-09-15      | Variable      | 7.38%                 | No            | 2                  | On Loan: No      |
| SABRA HEALTH CARE LP                   | Sabra Health Care LP                      | CUSIP: 78574MAA1<br>LEI: 549300OVKLRFSIQG0H81 | Long             | DBT              | CORP              | US        |   1515000 | PA      | $1319239.88   | 0.29%             | 2031-12-01      | Fixed         | 3.20%                 | No            | 2                  | On Loan: No      |
| SEMPRA                                 | Sempra                                    | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   1415000 | PA      | $1339280.38   | 0.30%             | 2052-04-01      | Variable      | 4.12%                 | No            | 2                  | On Loan: No      |
| SYNOVUS BANK GA                        | Synovus Bank/Columbus GA                  | CUSIP: 87164DVJ6<br>LEI: DX0JX77PRMOELF7VG772 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1254472.44   | 0.28%             | 2028-02-15      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| TAPESTRY INC                           | Tapestry Inc                              | CUSIP: 876030AA5<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1361937.61   | 0.30%             | 2032-03-15      | Fixed         | 3.05%                 | No            | 2                  | On Loan: No      |
| TENN VALLEY AUTHORITY                  | Tennessee Valley Authority                | CUSIP: 880591CP5<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    785000 | PA      | $869750.92    | 0.19%             | 2038-01-15      | Fixed         | 6.15%                 | No            | 2                  | On Loan: No      |
| TENN VALLEY AUTHORITY                  | Tennessee Valley Authority                | CUSIP: 880591CS9<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    820000 | PA      | $892843.54    | 0.20%             | 2036-04-01      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| TENN VALLEY AUTHORITY                  | Tennessee Valley Authority                | CUSIP: 880591DM1<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    475000 | PA      | $539985.85    | 0.12%             | 2030-05-01      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| TENN VALLEY AUTHORITY                  | Tennessee Valley Authority                | CUSIP: 880591DZ2<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    545000 | PA      | $534252.22    | 0.12%             | 2056-04-01      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| TENN VALLEY AUTHORITY                  | Tennessee Valley Authority                | CUSIP: 880591EH1<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    800000 | PA      | $824164.47    | 0.18%             | 2039-09-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| TENN VALLEY AUTHORITY                  | Tennessee Valley Authority                | CUSIP: 880591EJ7<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    495000 | PA      | $420150.71    | 0.09%             | 2060-09-15      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| TENN VALLEY AUTHORITY                  | Tennessee Valley Authority                | CUSIP: 880591EP3<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    805000 | PA      | $641569.18    | 0.14%             | 2042-12-15      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| TENN VALLEY AUTHORITY                  | Tennessee Valley Authority                | CUSIP: 880591ES7<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    260000 | PA      | $203226.92    | 0.05%             | 2065-09-15      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| TENN VALLEY AUTHORITY                  | Tennessee Valley Authority                | CUSIP: 880591EU2<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    660000 | PA      | $648109.65    | 0.14%             | 2027-02-01      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| TENN VALLEY AUTHORITY                  | Tennessee Valley Authority                | CUSIP: 880591EZ1<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    370000 | PA      | $369724.43    | 0.08%             | 2028-03-15      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| TENN VALLEY AUTHORITY                  | Tennessee Valley Authority                | CUSIP: 880591FB3<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    350000 | PA      | $342827.27    | 0.08%             | 2034-08-01      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| TENN VALLEY AUTHORITY                  | Tennessee Valley Authority                | CUSIP: 880591FC1<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    600000 | PA      | $569227.61    | 0.13%             | 2055-02-01      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| TRUIST FINANCIAL CORP                  | Truist Financial Corp                     | CUSIP: 89788NAA8<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   1365000 | PA      | $1311207.19   | 0.29%             | 2033-07-28      | Variable      | 4.92%                 | No            | 2                  | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account    | CUSIP: 8AMMF0A84<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  37159018 | NS      | $37159018.35  | 8.29%             |  |  |  | No            | N/A                | On Loan: No      |
| US BANCORP                             | US Bancorp                                | CUSIP: 91159HJB7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1585000 | PA      | $1318219.73   | 0.29%             | 2036-11-03      | Variable      | 2.49%                 | No            | 2                  | On Loan: No      |
| WESTERN MIDSTREAM OPERAT               | Western Midstream Operating LP            | CUSIP: 958254AJ3<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   1580000 | PA      | $1276787.37   | 0.28%             | 2048-03-01      | Fixed         | 5.30%                 | No            | 2                  | On Loan: No      |
| WHIRLPOOL CORP                         | Whirlpool Corp                            | CUSIP: 963320AV8<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1451877.00   | 0.32%             | 2046-06-01      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| ZIONS BANCORP NA                       | Zions Bancorp NA                          | CUSIP: 98971DAB6<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |   1545000 | PA      | $1395428.57   | 0.31%             | 2029-10-29      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage A         | Ginnie Mae                                | CUSIP: 21H042661<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    300000 | PA      | $282914.19    | 0.06%             | 2041-06-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage A         | Ginnie Mae                                | CUSIP: 21H050664<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-CBDO         | CORP              | US        |   1170000 | PA      | $1134524.41   | 0.25%             | 2041-06-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage A         | Ginnie Mae                                | CUSIP: 21H052660<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-CBDO         | CORP              | US        |   4120000 | PA      | $4089751.33   | 0.91%             | 2053-06-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage A         | Ginnie Mae                                | CUSIP: 21H060663<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-CBDO         | CORP              | US        |   8825000 | PA      | $8909906.21   | 1.99%             | 2053-06-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage A         | Ginnie Mae                                | CUSIP: 21H062669<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-CBDO         | CORP              | US        |   5555000 | PA      | $5674635.70   | 1.27%             | 2053-08-20      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Government National Mortgage A         | Ginnie Mae                                | CUSIP: 21H070662<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-CBDO         | CORP              | US        |    530000 | PA      | $545389.39    | 0.12%             | 2053-10-20      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| FREDDIE MAC                            | Federal Home Loan Mortgage Corp           | CUSIP: 3134A3U46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |    700000 | PA      | $776732.82    | 0.17%             | 2029-09-15      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| FREDDIE MAC                            | Federal Home Loan Mortgage Corp           | CUSIP: 3134A4AA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |    150000 | PA      | $170087.31    | 0.04%             | 2031-03-15      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| FREDDIE MAC                            | Federal Home Loan Mortgage Corp           | CUSIP: 3134A4KX1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |    150000 | PA      | $168268.97    | 0.04%             | 2032-07-15      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| FOX CORP                               | Fox Corp                                  | CUSIP: 35137LAK1<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1328788.60   | 0.30%             | 2049-01-25      | Fixed         | 5.58%                 | No            | 2                  | On Loan: No      |
| FREEPORT-MCMORAN INC                   | Freeport-McMoRan Inc                      | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1275148.29   | 0.28%             | 2043-03-15      | Fixed         | 5.45%                 | No            | 2                  | On Loan: No      |
| GLP CAPITAL LP / FIN II                | GLP Capital LP / GLP Financing II Inc     | CUSIP: 361841AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1305000 | PA      | $1329701.04   | 0.30%             | 2028-06-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| GENERAL MOTORS CO                      | General Motors Co                         | CUSIP: 37045VAL4<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1394066.18   | 0.31%             | 2046-04-01      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| HF SINCLAIR CORP                       | HF Sinclair Corp                          | CUSIP: 403949AS9<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1381858.00   | 0.31%             | 2035-01-15      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| HCA INC                                | HCA Inc                                   | CUSIP: 404119BV0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $994005.16    | 0.22%             | 2047-06-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| HALLIBURTON CO                         | Halliburton Co                            | CUSIP: 406216AY7<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |    375000 | PA      | $428755.33    | 0.10%             | 2039-09-15      | Fixed         | 7.45%                 | No            | 2                  | On Loan: No      |
| HA SUSTAINABLE INF CAP                 | HA Sustainable Infrastructure Capital Inc | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |   1420000 | PA      | $1390186.06   | 0.31%             | 2034-07-01      | Fixed         | 6.38%                 | No            | 2                  | On Loan: No      |
| HELMERICH & PAYNE INC                  | Helmerich & Payne Inc                     | CUSIP: 423452AK7<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1235867.92   | 0.28%             | 2034-12-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| HP INC                                 | HP Inc                                    | CUSIP: 428236BR3<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |   1195000 | PA      | $1168025.12   | 0.26%             | 2041-09-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| LEAR CORP                              | Lear Corp                                 | CUSIP: 521865AZ8<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | DBT              | CORP              | US        |   1520000 | PA      | $1257761.57   | 0.28%             | 2049-05-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| LEGG MASON INC                         | Legg Mason Inc                            | CUSIP: 524901AR6<br>LEI: OWUNCC6U1ZJXMZKFBJ36 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1058676.39   | 0.24%             | 2044-01-15      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| LINCOLN NATIONAL CORP                  | Lincoln National Corp                     | CUSIP: 534187BA6<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1278024.89   | 0.29%             | 2040-06-15      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| MGIC INVESTMENT CORP                   | MGIC Investment Corp                      | CUSIP: 552848AG8<br>LEI: 254900S8483WM4M98R28 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1281230.83   | 0.29%             | 2028-08-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| MARATHON PETROLEUM CORP                | Marathon Petroleum Corp                   | CUSIP: 56585AAF9<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1059640.49   | 0.24%             | 2041-03-01      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| MARKEL GROUP INC                       | Markel Group Inc                          | CUSIP: 570535AQ7<br>LEI: 549300SCNO12JLWIK605 | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1064051.22   | 0.24%             | 2046-04-05      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| METLIFE INC                            | MetLife Inc                               | CUSIP: 59156RAV0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1310472.00   | 0.29%             | 2039-08-01      | Fixed         | 10.75%                | No            | 2                  | On Loan: No      |
| MOSAIC CO                              | Mosaic Co/The                             | CUSIP: 61945CAE3<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1079507.67   | 0.24%             | 2043-11-15      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810FB9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  28115000 | PA      | $29584447.91  | 6.60%             | 2027-11-15      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810FF0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  25160000 | PA      | $26225368.75  | 5.85%             | 2028-11-15      | Fixed         | 5.25%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810FM5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11340000 | PA      | $12482859.38  | 2.79%             | 2030-05-15      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810FP8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17625000 | PA      | $18784394.53  | 4.19%             | 2031-02-15      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810QC5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1040000 | PA      | $1015909.38   | 0.23%             | 2039-08-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810QD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3780000 | PA      | $3633082.02   | 0.81%             | 2039-11-15      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810QE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2600000 | PA      | $2566382.81   | 0.57%             | 2040-02-15      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810QH4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3400000 | PA      | $3258820.30   | 0.73%             | 2040-05-15      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810QL5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6750000 | PA      | $6334980.44   | 1.41%             | 2040-11-15      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810QN1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4955000 | PA      | $4917063.28   | 1.10%             | 2041-02-15      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810QQ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7515000 | PA      | $7135140.20   | 1.59%             | 2041-05-15      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810QY7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4635000 | PA      | $3449997.08   | 0.77%             | 2042-11-15      | Fixed         | 2.75%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810QZ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5135000 | PA      | $4037594.32   | 0.90%             | 2043-02-15      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810RB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4410000 | PA      | $3322314.87   | 0.74%             | 2043-05-15      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810RC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4655000 | PA      | $3918928.13   | 0.87%             | 2043-08-15      | Fixed         | 3.62%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810RD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12066000 | PA      | $10315015.99  | 2.30%             | 2043-11-15      | Fixed         | 3.75%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810RE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4285000 | PA      | $3587181.07   | 0.80%             | 2044-02-15      | Fixed         | 3.62%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810RG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4865000 | PA      | $3910243.75   | 0.87%             | 2044-05-15      | Fixed         | 3.38%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810RH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4735000 | PA      | $3645395.11   | 0.81%             | 2044-08-15      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810RJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4430000 | PA      | $3329767.95   | 0.74%             | 2044-11-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810RM2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2600000 | PA      | $1943703.11   | 0.43%             | 2045-05-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810SY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1820000 | PA      | $1292804.29   | 0.29%             | 2041-05-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810TC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2785000 | PA      | $1872749.33   | 0.42%             | 2041-11-15      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 91282CKZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5490000 | PA      | $5541039.87   | 1.24%             | 2027-07-15      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 91282CLG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1925000 | PA      | $1918495.60   | 0.43%             | 2027-08-15      | Fixed         | 3.75%                 | No            | 2                  | On Loan: No      |
| VALERO ENERGY CORP                     | Valero Energy Corp                        | CUSIP: 91913YAL4<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |   1215000 | PA      | $1273142.33   | 0.28%             | 2037-06-15      | Fixed         | 6.62%                 | No            | 2                  | On Loan: No      |
| VIATRIS INC                            | Viatris Inc                               | CUSIP: 92556VAF3<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1279611.58   | 0.29%             | 2050-06-22      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| ARES CAPITAL CORP                      | Ares Capital Corp                         | CUSIP: 04010LBC6<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   1590000 | PA      | $1368020.85   | 0.31%             | 2031-11-15      | Fixed         | 3.20%                 | No            | 2                  | On Loan: No      |
| ATHENE HOLDING LTD                     | Athene Holding Ltd                        | CUSIP: 04686JAJ0<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1377117.28   | 0.31%             | 2054-10-15      | Variable      | 6.62%                 | No            | 2                  | On Loan: No      |
| BLACKSTONE PRIVATE CRE                 | Blackstone Private Credit Fund            | CUSIP: 09261HBW6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1349595.41   | 0.30%             | 2034-11-22      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| BLACKSTONE SECURED LEND                | Blackstone Secured Lending Fund           | CUSIP: 09261XAG7<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1319624.85   | 0.29%             | 2028-09-30      | Fixed         | 2.85%                 | No            | 2                  | On Loan: No      |
| ENSTAR FINANCE LLC                     | Enstar Finance LLC                        | CUSIP: 29360AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1368020.50   | 0.31%             | 2042-01-15      | Variable      | 5.50%                 | No            | 2                  | On Loan: No      |
| ENTERGY CORP                           | Entergy Corp                              | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1332346.60   | 0.30%             | 2054-12-01      | Variable      | 7.12%                 | No            | 2                  | On Loan: No      |
| ENTERPRISE PRODUCTS OPER               | Enterprise Products Operating LLC         | CUSIP: 29379VBR3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1341863.29   | 0.30%             | 2078-02-15      | Variable      | 5.38%                 | No            | 2                  | On Loan: No      |
| FMC CORP                               | FMC Corp                                  | CUSIP: 302491AY1<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1378413.56   | 0.31%             | 2053-05-18      | Fixed         | 6.38%                 | No            | 2                  | On Loan: No      |
| HUNTINGTON BANCSHARES                  | Huntington Bancshares Inc/OH              | CUSIP: 446150AX2<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   1640000 | PA      | $1358663.25   | 0.30%             | 2036-08-15      | Variable      | 2.49%                 | No            | 2                  | On Loan: No      |
| KRAFT HEINZ FOODS CO                   | Kraft Heinz Foods Co                      | CUSIP: 50076QAN6<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    990000 | PA      | $1035659.03   | 0.23%             | 2040-02-09      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| KRAFT HEINZ FOODS CO                   | Kraft Heinz Foods Co                      | CUSIP: 50076QAR7<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    105000 | PA      | $113206.84    | 0.03%             | 2039-01-26      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| KYNDRYL HOLDINGS INC                   | Kyndryl Holdings Inc                      | CUSIP: 50155QAM2<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |   1685000 | PA      | $1297090.22   | 0.29%             | 2041-10-15      | Fixed         | 4.10%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810QT8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1015000 | PA      | $813863.48    | 0.18%             | 2041-11-15      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810QU5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3625000 | PA      | $2895327.16   | 0.65%             | 2042-02-15      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810QW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4350000 | PA      | $3396738.30   | 0.76%             | 2042-05-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810QX9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4885000 | PA      | $3653254.87   | 0.82%             | 2042-08-15      | Fixed         | 2.75%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810TZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4385000 | PA      | $4147507.70   | 0.93%             | 2044-02-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| ALBEMARLE CORP                         | Albemarle Corp                            | CUSIP: 012653AE1<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1390215.29   | 0.31%             | 2032-06-01      | Fixed         | 5.05%                 | No            | 2                  | On Loan: No      |
| ALLSTATE CORP                          | Allstate Corp/The                         | CUSIP: 020002AU5<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1356501.60   | 0.30%             | 2057-05-15      | Variable      | 6.50%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 9128282R0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3750000 | PA      | $3620068.35   | 0.81%             | 2027-08-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 9128285M8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1495000 | PA      | $1457391.41   | 0.33%             | 2028-11-15      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 9128286B1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1815000 | PA      | $1734672.07   | 0.39%             | 2029-02-15      | Fixed         | 2.62%                 | No            | 2                  | On Loan: No      |
| ALLY FINANCIAL INC                     | Ally Financial Inc                        | CUSIP: 02005NBS8<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1310642.58   | 0.29%             | 2033-02-14      | Fixed         | 6.70%                 | No            | 2                  | On Loan: No      |
| ALTRIA GROUP INC                       | Altria Group Inc                          | CUSIP: 02209SBK8<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |   1755000 | PA      | $1335754.79   | 0.30%             | 2050-05-06      | Fixed         | 4.45%                 | No            | 2                  | On Loan: No      |
| AMERICAN ELECTRIC POWER                | American Electric Power Co Inc            | CUSIP: 025537AU5<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1368749.24   | 0.31%             | 2062-02-15      | Variable      | 3.88%                 | No            | 2                  | On Loan: No      |
| APA CORP                               | APA Corp                                  | CUSIP: 03743QAH1<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1217004.66   | 0.27%             | 2040-09-01      | Fixed         | 5.10%                 | No            | 2                  | On Loan: No      |
| APA CORP                               | APA Corp                                  | CUSIP: 03743QAS7<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |    150000 | PA      | $135018.81    | 0.03%             | 2055-02-15      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| BRIGHTHOUSE FINANCIAL IN               | Brighthouse Financial Inc                 | CUSIP: 10922NAF0<br>LEI: 5493003T8SZSHOGGAW52 | Long             | DBT              | CORP              | US        |   1840000 | PA      | $1385693.49   | 0.31%             | 2047-06-22      | Fixed         | 4.70%                 | No            | 2                  | On Loan: No      |
| BRUNSWICK CORP                         | Brunswick Corp/DE                         | CUSIP: 117043AT6<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | DBT              | CORP              | US        |   1630000 | PA      | $1344488.14   | 0.30%             | 2031-08-18      | Fixed         | 2.40%                 | No            | 2                  | On Loan: No      |
| CMS ENERGY CORP                        | CMS Energy Corp                           | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   1420000 | PA      | $1345152.65   | 0.30%             | 2050-06-01      | Variable      | 4.75%                 | No            | 2                  | On Loan: No      |
| CAPITAL ONE FINANCIAL CO               | Capital One Financial Corp                | CUSIP: 14040HCG8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1625000 | PA      | $1344847.38   | 0.30%             | 2032-07-29      | Variable      | 2.36%                 | No            | 2                  | On Loan: No      |
| CARDINAL HEALTH INC                    | Cardinal Health Inc                       | CUSIP: 14149YBM9<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $790605.27    | 0.18%             | 2047-06-15      | Fixed         | 4.37%                 | No            | 2                  | On Loan: No      |
| CENTENE CORP                           | Centene Corp                              | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1302579.90   | 0.29%             | 2029-12-15      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| COMERICA BANK                          | Comerica Bank                             | CUSIP: 200339EX3<br>LEI: 70WY0ID1N53Q4254VH70 | Long             | DBT              | CORP              | US        |   1385000 | PA      | $1324276.25   | 0.30%             | 2033-08-25      | Variable      | 5.33%                 | No            | 2                  | On Loan: No      |
| CONTINENTAL RESOURCES                  | Continental Resources Inc/OK              | CUSIP: 212015AQ4<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1231803.29   | 0.27%             | 2044-06-01      | Fixed         | 4.90%                 | No            | 2                  | On Loan: No      |
| COREBRIDGE FINANCIAL INC               | Corebridge Financial Inc                  | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1319689.72   | 0.29%             | 2052-12-15      | Variable      | 6.88%                 | No            | 2                  | On Loan: No      |
| CORNING INC                            | Corning Inc                               | CUSIP: 219350BQ7<br>LEI: 549300X2937PB0CJ7I56 | Long             | DBT              | CORP              | US        |    785000 | PA      | $682637.10    | 0.15%             | 2079-11-15      | Fixed         | 5.45%                 | No            | 2                  | On Loan: No      |
| COPT DEFENSE PROP LP                   | COPT Defense Properties LP                | CUSIP: 22003BAM8<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1396466.86   | 0.31%             | 2031-04-15      | Fixed         | 2.75%                 | No            | 2                  | On Loan: No      |
| DEVON ENERGY CORPORATION               | Devon Energy Corp                         | CUSIP: 25179SAD2<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1332328.45   | 0.30%             | 2031-09-30      | Fixed         | 7.88%                 | No            | 2                  | On Loan: No      |
| DICK'S SPORTING GOODS                  | Dick's Sporting Goods Inc                 | CUSIP: 253393AG7<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |   1795000 | PA      | $1229905.55   | 0.27%             | 2052-01-15      | Fixed         | 4.10%                 | No            | 2                  | On Loan: No      |
| CAPITAL ONE FINANCIAL CO               | Capital One Financial Corp                | CUSIP: 254709AS7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1353829.86   | 0.30%             | 2032-11-29      | Fixed         | 6.70%                 | No            | 2                  | On Loan: No      |
| DOMINION ENERGY INC                    | Dominion Energy Inc                       | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1303788.77   | 0.29%             | 2055-05-15      | Variable      | 6.62%                 | No            | 2                  | On Loan: No      |
| DOW CHEMICAL CO/THE                    | Dow Chemical Co/The                       | CUSIP: 260543BY8<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |    750000 | PA      | $948757.25    | 0.21%             | 2039-05-15      | Fixed         | 9.40%                 | No            | 2                  | On Loan: No      |
| EDISON INTERNATIONAL                   | Edison International                      | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   1420000 | PA      | $1406254.40   | 0.31%             | 2053-06-15      | Variable      | 8.12%                 | No            | 2                  | On Loan: No      |
| ENERGY TRANSFER LP                     | Energy Transfer LP                        | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1258954.80   | 0.28%             | 2054-05-15      | Variable      | 8.00%                 | No            | 2                  | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA               | Blue Owl Technology Finance Corp          | CUSIP: 69121JAB3<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1508910.08   | 0.34%             | 2029-04-04      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810TF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2190000 | PA      | $1556568.17   | 0.35%             | 2042-02-15      | Fixed         | 2.38%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810TH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3590000 | PA      | $2905866.59   | 0.65%             | 2042-05-15      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810TK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3340000 | PA      | $2743431.64   | 0.61%             | 2042-08-15      | Fixed         | 3.38%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810TM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3395000 | PA      | $3033419.23   | 0.68%             | 2042-11-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810TQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2610000 | PA      | $2287369.34   | 0.51%             | 2043-02-15      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810TS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2945000 | PA      | $2574574.22   | 0.57%             | 2043-05-15      | Fixed         | 3.88%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912810TU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2515000 | PA      | $2346760.26   | 0.52%             | 2043-08-15      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912828YU8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16872000 | PA      | $16293343.04  | 3.64%             | 2026-11-30      | Fixed         | 1.62%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912828ZS2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11670000 | PA      | $10909170.73  | 2.43%             | 2027-05-31      | Fixed         | 0.50%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 912828ZV5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3990000 | PA      | $3720908.77   | 0.83%             | 2027-06-30      | Fixed         | 0.50%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 91282CAD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2980000 | PA      | $2763484.38   | 0.62%             | 2027-07-31      | Fixed         | 0.38%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 91282CAH4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    480000 | PA      | $445200.00    | 0.10%             | 2027-08-31      | Fixed         | 0.50%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 91282CDK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5770000 | PA      | $5540439.63   | 1.24%             | 2026-11-30      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 91282CDP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1065000 | PA      | $975681.44    | 0.22%             | 2028-12-31      | Fixed         | 1.38%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 91282CEE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2030000 | PA      | $1918627.54   | 0.43%             | 2029-03-31      | Fixed         | 2.38%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 91282CFB2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3540000 | PA      | $3455786.73   | 0.77%             | 2027-07-31      | Fixed         | 2.75%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 91282CFH9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1560000 | PA      | $1534253.90   | 0.34%             | 2027-08-31      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 91282CHX2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4740000 | PA      | $4808137.50   | 1.07%             | 2028-08-31      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 91282CJA0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2145000 | PA      | $2193346.28   | 0.49%             | 2028-09-30      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 91282CJF9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2510000 | PA      | $2586721.69   | 0.58%             | 2028-10-31      | Fixed         | 4.88%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 91282CJN2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1700000 | PA      | $1725466.80   | 0.38%             | 2028-11-30      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 91282CJR3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $397843.75    | 0.09%             | 2028-12-31      | Fixed         | 3.75%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 91282CJW2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1503867.18   | 0.34%             | 2029-01-31      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 91282CKD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1055000 | PA      | $1066806.94   | 0.24%             | 2029-02-28      | Fixed         | 4.25%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 91282CKG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2450000 | PA      | $2466987.30   | 0.55%             | 2029-03-31      | Fixed         | 4.12%                 | No            | 2                  | On Loan: No      |
| US TREASURY N/B                        | United States Treasury Note/Bond          | CUSIP: 91282CKP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    995000 | PA      | $1019622.36   | 0.23%             | 2029-04-30      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| VICI PROPERTIES LP                     | VICI Properties LP                        | CUSIP: 925650AE3<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    850000 | PA      | $760280.80    | 0.17%             | 2052-05-15      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| VICI PROPERTIES LP                     | VICI Properties LP                        | CUSIP: 925650AG8<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    600000 | PA      | $572218.07    | 0.13%             | 2054-04-01      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| VONTIER CORP                           | Vontier Corp                              | CUSIP: 928881AF8<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |   1505000 | PA      | $1327419.63   | 0.30%             | 2031-04-01      | Fixed         | 2.95%                 | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer