# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-26-009882
**Filing Date:** 2026-3
**Character Count:** 83719
**Document Hash:** 8074e3d81ddfa28ca365e0eb9b0d0af9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-009882.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000894189-26-009882

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260330

**PERIOD START**: 20261031

**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:** 26815156

**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

### AAM SLC Low Duration Income ETF (Series ID: S000088945)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000255346 | AAM SLC Low Duration Income ETF | LODI            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **AAM SLC Low Duration Income ETF** | **AAM SLC Low Duration Income ETF** | **AAM SLC Low Duration Income ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** |
| **ASSET-BACKED SECURITIES - 31.3%** | **Par** | **Value**  |
| Affirm, Inc., D | Affirm, Inc., D | Affirm, Inc., D |
| &nbsp;&nbsp; Series 2024-X2, Class D, 6.08%, 12/17/2029 <sup>(a)</sup> | 750000 | $754461 |
| &nbsp;&nbsp; Series 2025-X1, Class D, 6.11%, 04/15/2030 <sup>(a)</sup> | 215000 | 217569 |
| American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust |
| &nbsp;&nbsp; Series 2025-4, Class D, 5.25%, 09/12/2031 <sup>(a)</sup> | 315000 | 317775 |
| &nbsp;&nbsp; Series 2026-1, Class D, 5.10%, 01/12/2033 <sup>(a)</sup> | 205000 | 205050 |
| Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
| &nbsp;&nbsp; Series 2025-2, Class D, 5.62%, 03/17/2031 | 545000 | 555205 |
| &nbsp;&nbsp; Series 2025-3, Class E, 6.62%, 05/17/2032 <sup>(a)</sup> | 340000 | 338963 |
|  Carvana Auto Receivables Trust, Series 2024-P4, Class D, 5.60%, 12/10/2032 | 395000 | 401421 |
| CPS Auto Trust | CPS Auto Trust | CPS Auto Trust |
| &nbsp;&nbsp; Series 2024-A, Class D, 6.13%, 04/15/2030 <sup>(a)</sup> | 1000000 | 1020112 |
| &nbsp;&nbsp; Series 2025-B, Class D, 5.56%, 07/15/2031 <sup>(a)</sup> | 530000 | 539665 |
| &nbsp;&nbsp; Series 2025-C, Class E, 6.59%, 02/15/2033 <sup>(a)</sup> | 510000 | 511332 |
| &nbsp;&nbsp; Series 2025-D, Class D, 5.45%, 02/17/2032 <sup>(a)</sup> | 215000 | 218018 |
| &nbsp;&nbsp; Series 2026-A, Class D, 4.98%, 06/15/2032 <sup>(a)</sup> | 480000 | 480863 |
| DT Auto Owner Trust | DT Auto Owner Trust | DT Auto Owner Trust |
| &nbsp;&nbsp; Series 2021-3A, Class E, 2.65%, 09/15/2028 <sup>(a)</sup> | 175000 | 174897 |
| &nbsp;&nbsp; Series 2021-4A, Class D, 1.99%, 09/15/2027 <sup>(a)</sup> | 351020 | 349508 |
| Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
| &nbsp;&nbsp; Series 2023-5A, Class D, 7.13%, 02/15/2030 | 180000 | 185595 |
| &nbsp;&nbsp; Series 2024-5A, Class D, 5.06%, 02/18/2031 | 500000 | 502753 |
| &nbsp;&nbsp; Series 2025-2A, Class E, 7.81%, 10/15/2032 <sup>(a)</sup> | 500000 | 518644 |
| &nbsp;&nbsp; Series 2025-3A, Class D, 5.57%, 10/15/2031 | 365000 | 371606 |
| &nbsp;&nbsp; Series 2025-5A, Class D, 5.16%, 03/15/2032 | 765000 | 769130 |
| &nbsp;&nbsp; Series 2026-1A, Class D, 5.00%, 05/17/2032 | 165000 | 164608 |
| Foundation Finance Trust | Foundation Finance Trust | Foundation Finance Trust |
| &nbsp;&nbsp; Series 2021-1A, Class D, 4.96%, 05/15/2041 <sup>(a)</sup> | 147471 | 144966 |
| &nbsp;&nbsp; Series 2025-3A, Class D, 5.71%, 08/15/2052 <sup>(a)</sup> | 480000 | 481024 |
| GLS Auto Receivables Trust | GLS Auto Receivables Trust | GLS Auto Receivables Trust |
| &nbsp;&nbsp; Series 2025-1A, Class E, 7.19%, 03/15/2032 <sup>(a)</sup> | 1150000 | 1200638 |
| &nbsp;&nbsp; Series 2025-2A, Class D, 5.59%, 01/15/2031 <sup>(a)</sup> | 165000 | 168009 |
| &nbsp;&nbsp; Series 2025-4A, Class D, 5.13%, 08/15/2031 <sup>(a)</sup> | 370000 | 371421 |
|  Marriott Vacations Worldwide Corp., C Series 2021-1WA, Class C, 1.94%, 01/22/2041 <sup>(a)</sup> | 112922 | 109585 |
|  MVW Owner Trust, C Series 2024-1A, Class C, 6.20%, 02/20/2043 <sup>(a)</sup> | 113904 | 117657 |
|  Octane Receivables Trust, D Series 2023-2A, Class D, 7.38%, 06/20/2031 <sup>(a)</sup> | 750000 | 775880 |
|  Pagaya AI Debt Selection Trust, E Series 2024-5, Class E, 8.00%, 10/15/2031 <sup>(a)</sup> | 224716 | 226096 |
|  Pagaya AI Debt Selection Trust, C Series 2024-5, Class C, 7.27%, 10/15/2031 <sup>(a)</sup> | 476758 | 479454 |
| Pagaya AI Debt Selection Trust, D | Pagaya AI Debt Selection Trust, D | Pagaya AI Debt Selection Trust, D |
| &nbsp;&nbsp; Series 2024-11, Class D, 6.31%, 07/15/2032 <sup>(a)</sup> | 715402 | 721980 |
| &nbsp;&nbsp; Series 2025-1, Class D, 6.28%, 07/15/2032 <sup>(a)</sup> | 113684 | 114528 |
| &nbsp;&nbsp; Series 2025-3, Class D, 6.99%, 12/15/2032 <sup>(a)</sup> | 169966 | 172464 |
| &nbsp;&nbsp; Series 2025-4, Class D, 6.57%, 01/17/2033 <sup>(a)</sup> | 199993 | 202269 |
| &nbsp;&nbsp; Series 2025-5, Class D, 5.87%, 03/15/2033 <sup>(a)</sup> | 129995 | 130522 |
| &nbsp;&nbsp; Series 2025-R2, Class D, 5.80%, 10/15/2032 <sup>(a)</sup> | 312712 | 313911 |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
| &nbsp;&nbsp; Series 2025-6, Class B, 4.88%, 04/15/2033 <sup>(a)</sup> | 640000 | 638093 |
| &nbsp;&nbsp; Series 2025-R3, Class D, 5.66%, 01/18/2033 <sup>(a)</sup> | 640000 | 641765 |
|  Pagaya Technologies Ltd., Series 2025-1, Class E, 11.28%, 01/20/2034 <sup>(a)</sup> | 500000 | 507870 |
|  Pagaya Technologies Ltd., D Series 2025-1, Class D, 6.74%, 01/20/2034 <sup>(a)</sup> | 145000 | 146891 |
| Santander Consumer USA Holdings, Inc. | Santander Consumer USA Holdings, Inc. | Santander Consumer USA Holdings, Inc. |
| &nbsp;&nbsp; Series 2024-2, Class D, 6.28%, 08/15/2031 | 1000000 | 1028777 |
| &nbsp;&nbsp; Series 2025-4, Class D, 4.95%, 01/15/2032 | 90000 | 90122 |
| Santander Consumer USA, Inc. | Santander Consumer USA, Inc. | Santander Consumer USA, Inc. |
| &nbsp;&nbsp; Series 2025-2, Class D, 4.90%, 12/15/2032 | 310000 | 309091 |
| &nbsp;&nbsp; Series 2025-S1, Class R2, 6.26%, 06/16/2029 <sup>(a)</sup> | 319053 | 319801 |
|  Sierra Timeshare Conduit Receivables Funding LLC, Series 2025-3A, Class C, 4.98%, 08/22/2044 <sup>(a)</sup> | 241041 | 239075 |
| SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
| &nbsp;&nbsp; Series 2025-4, Class D, 5.27%, 08/25/2035 <sup>(a)</sup> | 490000 | 493773 |
| &nbsp;&nbsp; Series 2026-1, Class D, 5.06%, 12/26/2035 <sup>(a)</sup> | 480000 | 481638 |
|  Verus Securitization Trust, Series 2025-12, Class M1, 5.76%, 12/25/2070 <sup>(a)(b)</sup> | 220000 | 221412 |
|  Verus Securitization Trust, A3 Series 2025-1, Class A3, 5.98%, 01/25/2070 <sup>(a)(c)</sup> | 204038 | 206348 |
|  Westgate Resorts LLC, Series 2023-1A, Class C, 7.49%, 12/20/2037 <sup>(a)</sup> | 422057 | 428293 |
| Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
| &nbsp;&nbsp; Series 2023-3A, Class D, 6.47%, 03/15/2029 <sup>(a)</sup> | 2000000 | 2052765 |
| &nbsp;&nbsp; Series 2023-4A, Class D, 7.19%, 07/16/2029 <sup>(a)</sup> | 155000 | 160847 |
| &nbsp;&nbsp; Series 2024-1A, Class D, 6.02%, 10/15/2029 <sup>(a)</sup> | 1000000 | 1026191 |
| &nbsp;&nbsp; Series 2025-1A, Class D, 5.54%, 11/15/2030 <sup>(a)</sup> | 225000 | 229001 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $23,390,128) | **TOTAL ASSET-BACKED SECURITIES** (Cost $23,390,128) | 23549332 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 25.2%** | **Par** | **Value**  |
|  ALA Trust, D Series 2025-OANA, Class D, 6.77% (1 mo. Term SOFR + 3.09%), 06/15/2040 <sup>(a)</sup> | 190000 | 191250 |
|  ALA Trust, C Series 2025-OANA, Class C, 5.77% (1 mo. Term SOFR + 2.09%), 06/15/2040 <sup>(a)</sup> | 120000 | 120902 |
|  Banc of America Re-Remic Trust, C Series 2024-FRR3, Class C, 0.68%, 01/27/2050 <sup>(a)(b)</sup> | 750000 | 705555 |
|  Banc of America Re-Remic Trust, Series 2026-FRR7, Class EK97, 1.32%, 12/01/2029 <sup>(a)(b)</sup> | 750000 | 675355 |
|  BANK-2017, Series 2017-BNK5, Class D, 3.08%, 06/15/2060 <sup>(a)(b)</sup> | 455000 | 396216 |
| BBCMS Trust, D | BBCMS Trust, D | BBCMS Trust, D |
| &nbsp;&nbsp; Series 2018-TALL, Class D, 5.33% (1 mo. Term SOFR + 1.65%), 03/15/2037 <sup>(a)</sup> | 500000 | 446961 |
| &nbsp;&nbsp; Series 2024-5C25, Class D, 4.00%, 03/15/2057 <sup>(a)</sup> | 400000 | 361813 |
| &nbsp;&nbsp; Series 2024-5C31, Class D, 4.25%, 12/15/2057 <sup>(a)</sup> | 930000 | 828962 |
|  BBCMS Trust, A Series 2018-TALL, Class A, 4.60% (1 mo. Term SOFR + 0.92%), 03/15/2037 <sup>(a)</sup> | 330000 | 316361 |
|  BBCMS Trust, C Series 2024-5C27, Class C, 6.70%, 07/15/2057 <sup>(b)</sup> | 135000 | 139726 |
| Benchmark Mortgage Trust, C | Benchmark Mortgage Trust, C | Benchmark Mortgage Trust, C |
| &nbsp;&nbsp; Series 2024-V5, Class C, 6.97%, 01/10/2057 <sup>(b)</sup> | 500000 | 516708 |
| &nbsp;&nbsp; Series 2025-V13, Class C, 5.91%, 02/15/2058 <sup>(b)</sup> | 300000 | 297972 |
| &nbsp;&nbsp; Series 2025-V15, Class C, 6.27%, 06/15/2058 | 70000 | 71857 |
|  Benchmark Mortgage Trust, B Series 2024-V6, Class B, 6.79%, 03/15/2057 | 600000 | 628916 |
| BMO Mortgage Trust, D | BMO Mortgage Trust, D | BMO Mortgage Trust, D |
| &nbsp;&nbsp; Series 2024-5C5, Class D, 4.50%, 02/15/2057 <sup>(a)</sup> | 500000 | 451462 |
| &nbsp;&nbsp; Series 2024-5C8, Class D, 4.50%, 12/15/2057 <sup>(a)</sup> | 500000 | 454670 |
|  BRCK Trust 2025-830B, Series 2025-830B, Class B, 5.36%, 12/10/2042 <sup>(a)(b)</sup> | 140000 | 141155 |
|  BWAY Mortgage Trust, B Series 2013-1515, Class B, 3.47%, 03/10/2033 <sup>(a)</sup> | 325000 | 305242 |
|  CHI Commercial Mortgage Trust, Series 2025-110W, Class A, 5.10%, 12/13/2040 <sup>(a)(b)</sup> | 235000 | 236496 |
|  Citigroup Commercial Mortgage Trust, Series 2016-C1, Class C, 4.94%, 05/10/2049 <sup>(b)</sup> | 175000 | 173625 |
| Computershare Corporate Trust | Computershare Corporate Trust | Computershare Corporate Trust |
| &nbsp;&nbsp; Series 2016-C34, Class B, 4.09%, 06/15/2049 | 270000 | 263070 |
| &nbsp;&nbsp; Series 2018-C47, Class C, 4.91%, 09/15/2061 <sup>(b)</sup> | 180000 | 169146 |
|  Computershare Corporate Trust, AS Series 2016-C35, Class AS, 3.18%, 07/15/2048 | 500000 | 493402 |
|  Computershare Corporate Trust, D Series 2016-C37, Class D, 3.20%, 12/15/2049 <sup>(a)(b)</sup> | 400000 | 383800 |
|  Computershare Corporate Trust, C Series 2016-C34, Class C, 5.05%, 06/15/2049 <sup>(b)</sup> | 870000 | 815967 |
|  Computershare Corporate Trust, B Series 2016-C37, Class B, 4.32%, 12/15/2049 <sup>(b)</sup> | 600000 | 590480 |
|  CSAIL Commercial Mortgage Trust, C Series 2021-C20, Class C, 3.71%, 03/15/2054 <sup>(b)</sup> | 375000 | 304562 |
|  DLIC Re-REMIC Trust, Series 2025-FRR1, Class CK57, 1.27%, 08/27/2049 <sup>(a)(b)</sup> | 320000 | 311940 |
| FIVE 2023-V1 Mortgage Trust | FIVE 2023-V1 Mortgage Trust | FIVE 2023-V1 Mortgage Trust |
| &nbsp;&nbsp; Series 2023-V1, Class C, 6.35%, 02/10/2056 <sup>(b)</sup> | 450000 | 454349 |
| &nbsp;&nbsp; Series 2023-V1, Class D, 6.35%, 02/10/2056 <sup>(a)(b)</sup> | 300000 | 290930 |
|  FS Commercial Mortgage Trust, B Series 2023-4SZN, Class B, 7.54%, 11/10/2039 <sup>(a)(b)</sup> | 670000 | 682247 |
| GAM Resecuritization Trust | GAM Resecuritization Trust | GAM Resecuritization Trust |
| &nbsp;&nbsp; Series 2021-FRR2, Class AK78, 2.87%, 09/27/2051 <sup>(a)(b)</sup> | 255000 | 222206 |
| &nbsp;&nbsp; Series 2022-FRR3, Class AK89, 0.00%, 01/27/2052 <sup>(a)(d)</sup> | 275000 | 236629 |
| &nbsp;&nbsp; Series 2022-FRR3, Class CK71, 1.35%, 11/27/2050 <sup>(a)(b)</sup> | 980000 | 878073 |
|  GGP Retail LLC, C Series 2024-SHOW, Class C, 6.28%, 10/10/2041 <sup>(a)(b)</sup> | 500000 | 502043 |
|  Hudson Yards Mortgage Trust, D Series 2025-SPRL, Class D, 6.34%, 01/13/2040 <sup>(a)(b)</sup> | 375000 | 391323 |
|  Hudson Yards Mortgage Trust, E Series 2025-SPRL, Class E, 6.68%, 01/13/2040 <sup>(a)(b)</sup> | 400000 | 415710 |
|  JPMBB Commercial Mortgage Securities Trust, D Series 2015-C28, Class D, 3.78%, 10/15/2048 <sup>(a)(b)</sup> | 400000 | 379914 |
|  Madison Avenue Trust, Series 2025-11MD, Class C, 5.82%, 10/15/2042 <sup>(a)(b)</sup> | 570000 | 574677 |
|  Morgan Stanley Capital I, Inc., C Series 2018-L1, Class C, 4.80%, 10/15/2051 <sup>(b)</sup> | 250000 | 227259 |
|  One William Street Capital Management LP, A Series 2025-MARG2, Class A, 7.75% (1 mo. Term SOFR + 4.00%), 08/15/2034 <sup>(a)</sup> | 415000 | 415482 |
|  RFM Reremic Trust, AK64 Series 2022-FRR1, Class AK64, 2.76%, 03/01/2050 <sup>(a)(b)</sup> | 350000 | 335369 |
|  RFM Reremic Trust, AK55 Series 2022-FRR1, Class AK55, 0.00%, 03/28/2049 <sup>(a)(d)</sup> | 260000 | 257613 |
|  RIDE Trust, D Series 2025-SHRE, Class D, 6.97%, 02/14/2047 <sup>(a)(b)</sup> | 235000 | 242858 |
|  TCO Commercial Mortgage Trust, C Series 2024-DPM, Class C, 5.67% (1 mo. Term SOFR + 1.99%), 12/15/2039 <sup>(a)</sup> | 575000 | 575895 |
|  UBS Commercial Mortgage Trust, C Series 2017-C3, Class C, 4.36%, 08/15/2050 <sup>(b)</sup> | 600000 | 582764 |
| Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
| &nbsp;&nbsp; Series 2024-2, Class B1, 7.86%, 02/25/2069 <sup>(a)(b)</sup> | 250000 | 253965 |
| &nbsp;&nbsp; Series 2026-1, Class M1, 5.67%, 01/25/2071 <sup>(a)(b)</sup> | 225000 | 225173 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $18,712,651) | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $18,712,651) | 18938050 |
| **CORPORATE BONDS - 21.0%** | **Par** | **Value**  |
| **Basic Materials - 0.5%** | **Basic Materials - 0.5%** | **Basic Materials - 0.5%** |
|  Glencore Funding LLC, 4.91%, 04/01/2028 <sup>(a)</sup> | 390000 | 396839 |
| **Consumer, Cyclical - 3.1%** | **Consumer, Cyclical - 3.1%** | **Consumer, Cyclical - 3.1%** |
|  AS Mileage Plan IP Ltd., 5.02%, 10/20/2029 <sup>(a)</sup> | 520000 | 526001 |
|  Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/2028 <sup>(a)</sup> | 591250 | 595610 |
|  Ford Motor Credit Co. LLC, 2.70%, 08/10/2026 | 260000 | 257860 |
|  Las Vegas Sands Corp., 5.90%, 06/01/2027 | 250000 | 254597 |
|  Volkswagen Group of America Finance LLC, 5.05%, 03/27/2028 <sup>(a)</sup> | 650000 | 659785 |
|  |  | 2293853 |
| **Energy - 3.7%** | **Energy - 3.7%** | **Energy - 3.7%** |
|  Columbia Pipelines Holding Co. LLC, 6.04%, 08/15/2028 <sup>(a)</sup> | 545000 | 567499 |
|  Expand Energy Corp., 5.38%, 02/01/2029 | 720000 | 720405 |
|  Patterson-UTI Energy, Inc., 3.95%, 02/01/2028 | 525000 | 519743 |
|  Repsol E&P Capital Markets US LLC, 4.81%, 09/16/2028 <sup>(a)</sup> | 285000 | 288298 |
|  South Bow USA Infrastructure Holdings LLC, 5.03%, 10/01/2029 | 350000 | 355425 |
|  Venture Global Calcasieu Pass LLC, 3.88%, 08/15/2029 <sup>(a)</sup> | 360000 | 342074 |
|  |  | 2793444 |
| **Financial - 11.8%** | **Financial - 11.8%** | **Financial - 11.8%** |
|  Ally Financial, Inc., 5.74% (SOFR + 1.96%), 05/15/2029 | 290000 | 297616 |
|  Ares Strategic Income Fund, 5.70%, 03/15/2028 | 760000 | 770134 |
|  Avolon Holdings Funding Ltd., 2.53%, 11/18/2027 <sup>(a)</sup> | 303000 | 294464 |
|  Barclays PLC, 5.67% to 03/12/2027 then SOFR + 1.49%, 03/12/2028 | 500000 | 508462 |
|  Blackstone Private Credit Fund, 2.63%, 12/15/2026 | 530000 | 521713 |
|  Blue Owl Credit Income Corp., 7.75%, 09/16/2027 | 475000 | 493932 |
|  Comerica, Inc., 5.98% (SOFR + 2.16%), 01/30/2030 | 515000 | 538302 |
|  Corebridge Financial, Inc., 6.88% (5 yr. CMT Rate + 3.85%), 12/15/2052 | 1200000 | 1231738 |
|  Goldman Sachs Group, Inc., 3.62% (SOFR + 1.85%), 03/15/2028 | 510000 | 507669 |
|  Huntington Bancshares, Inc., 4.44% (SOFR + 1.97%), 08/04/2028 | 500000 | 502904 |
|  Jackson National Life Global Funding, 5.55%, 07/02/2027 <sup>(a)</sup> | 240000 | 244728 |
|  LPL Holdings, Inc., 4.90%, 04/03/2028 | 650000 | 659438 |
|  NatWest Group PLC, 3.07% (1 yr. CMT Rate + 2.55%), 05/22/2028 | 550000 | 543507 |
|  Oaktree Strategic Credit Fund, 8.40%, 11/14/2028 | 725000 | 781424 |
|  Santander Holdings USA, Inc., 2.49% (SOFR + 1.25%), 01/06/2028 | 560000 | 551563 |
|  Synchrony Financial, 5.02% (SOFR + 1.40%), 07/29/2029 | 145000 | 146604 |
|  VICI Properties LP / VICI Note Company, Inc., 3.75%, 02/15/2027 <sup>(a)</sup> | 265000 | 263668 |
|  |  | 8857866 |
| **Technology - 0.2%** | **Technology - 0.2%** | **Technology - 0.2%** |
|  Oracle Corp., 4.80%, 08/03/2028 | 150000 | 151038 |
| **Utilities - 1.7%** | **Utilities - 1.7%** | **Utilities - 1.7%** |
|  NextEra Energy Capital Holdings, Inc., 6.70% (5 yr. CMT Rate + 2.36%), 09/01/2054 | 550000 | 567879 |
|  Pacific Gas and Electric Company, 2.10%, 08/01/2027 | 595000 | 577939 |
|  Sempra, 6.63% to 04/01/2030 then 5 yr. CMT Rate + 2.35%, 04/01/2055 | 160000 | 162309 |
|  |  | 1308127 |
| **TOTAL CORPORATE BONDS** (Cost $15,603,125) | **TOTAL CORPORATE BONDS** (Cost $15,603,125) | 15801167 |
| **U.S. TREASURY SECURITIES - 11.5%** | **Par** | **Value**  |
| United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond |
| &nbsp;&nbsp; 3.88%, 03/15/2028 | 6240000 | 6281925 |
| &nbsp;&nbsp; 3.88%, 06/15/2028 | 2360000 | 2376778 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $8,618,639) | **TOTAL U.S. TREASURY SECURITIES** (Cost $8,618,639) | 8658703 |
| **COLLATERALIZED LOAN OBLIGATIONS - 8.5%** | **Par** | **Value**  |
|  AGL CLO Ltd., DR Series 2021-16A, Class DR, 6.07% (3 mo. Term SOFR + 2.40%), 01/20/2035 <sup>(a)</sup> | 510000 | 511115 |
|  AGL CLO Ltd., Series 2021-11A, Class CR, 5.62% (3 mo. Term SOFR + 1.95%), 10/15/2038 <sup>(a)</sup> | 345000 | 346947 |
|  Antares CLO Ltd., Series 2023-1A, Class A2R, 5.37% (3 mo. Term SOFR + 1.70%), 07/25/2037 <sup>(a)</sup> | 605000 | 604415 |
|  Blackrock CLO Ltd., A1 Series 2024-1A, Class A1, 5.52% (3 mo. Term SOFR + 1.85%), 07/15/2036 <sup>(a)</sup> | 900000 | 900861 |
|  CBAMR Ltd., Series 2019-11RA, Class CR, 5.53% (3 mo. Term SOFR + 1.80%), 03/20/2038 <sup>(a)</sup> | 275000 | 277350 |
|  CIFC Funding Ltd., CR2 Series 2019-3A, Class CR2, 5.47% (3 mo. Term SOFR + 1.80%), 01/16/2038 <sup>(a)</sup> | 1000000 | 1007959 |
|  Golub Capital Partners CLO Ltd., A1R Series 2019-45A, Class A1R, 5.29% (3 mo. Term SOFR + 1.62%), 07/20/2037 <sup>(a)</sup> | 1000000 | 1005222 |
|  Golub Capital Partners CLO Ltd., C Series 2025-78A, Class C, 5.67% (3 mo. Term SOFR + 2.00%), 04/21/2039 <sup>(a)</sup> | 195000 | 196597 |
|  Madison Park Funding Ltd., D1RR Series 2019-36A, Class D1RR, 6.22% (3 mo. Term SOFR + 2.55%), 04/15/2035 <sup>(a)</sup> | 1000000 | 993475 |
|  Neuberger Berman CLO Ltd., DR Series 2019-35A, Class DR, 6.82% (3 mo. Term SOFR + 3.15%), 01/19/2033 <sup>(a)</sup> | 535000 | 535000 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $6,375,448) | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $6,375,448) | 6378941 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.6%** | **Shares** | **Value**  |
| Invesco Government & Agency Portfolio - Institutional Class, 3.61% <sup>(e)</sup> | 450572 | 450572 |
| **TOTAL MONEY MARKET FUNDS** (Cost $450,572) | **TOTAL MONEY MARKET FUNDS** (Cost $450,572) | 450572 |
| **TOTAL INVESTMENTS - 98.1% (**Cost $73,150,563**)** | **TOTAL INVESTMENTS - 98.1% (**Cost $73,150,563**)** | 73776765 |
| Other Assets in Excess of Liabilities - 1.9% | Other Assets in Excess of Liabilities - 1.9% | 1442812 |
| **TOTAL NET ASSETS - 100.0%** |  | $75219577 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| REMIC - Real Estate Mortgage Investment Conduit |
| 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 January 31, 2026, the value of these securities total $42,937,178 or 57.1% of the Fund's net assets.

(b) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the
 coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of January 31, 2026.

(c) Step coupon bond. The rate disclosed is as of January 31, 2026.

(d) Principal only security.

(e) The rate shown represents the 7-day annualized yield as of January 31, 2026.

------

#### Summary of Fair Value Disclosure as of January 31, 2026 (Unaudited)
AAM SLC Low Duration Income 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 January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $23549332 | $– | $23549332 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations | – | 18938050 | – | 18938050 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 15801167 | – | 15801167 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 8658703 | – | 8658703 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations | – | 6378941 | – | 6378941 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 450572 | – | – | 450572 |
| Total Investments | $450572 | $73326193 | $– | $73776765 |
| 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:** AAM SLC Low Duration Income ETF

- **b. EDGAR series identifier (if any):** S000088945

- **c. LEI of Series:** 529900NTIQ8M1K4PAC68

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**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:** $74255343.28

**Total Liabilities:** $301828.00

**Net Assets:** $73953515.28

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1698.073381000000 | **1-Year:** 7675.687178000000 | **5-Year:** 5105.219652000000 | **10-Year:** 13.729922000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 255.359037000000 | **1-Year:** 1114.457739000000 | **5-Year:** 970.537796000000 | **10-Year:** 45.196850000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255346 | 0.70%                | 0.41%                | 0.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $45988.76                | $150182.70                                 |
| Month 2  | $-1288.09                | $-5819.43                                  |
| Month 3  | $6805.41                 | $157190.44                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Verus Securitization Trust     | Verus Securitization Trust 2025-12                   | CUSIP: 92490FAN0<br>LEI: 2138009XAW9T934GL239 | Long             | ABS-MBS          | CORP              | US        |    220000 | PA      | $221411.90    | 0.30%             | 2070-12-25      | Variable      | 5.76%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2024-2                    | CUSIP: 92539UAE0<br>LEI: 213800KSJFZ5H8FZ7C61 | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $253964.90    | 0.34%             | 2069-02-25      | Variable      | 7.86%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2025-1                    | CUSIP: 92540TAC4<br>LEI: 213800JOKZMXZECMAB50 | Long             | ABS-MBS          | CORP              | US        |    204038 | PA      | $206348.17    | 0.28%             | 2070-01-25      | Variable      | 5.98%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2026-1                    | CUSIP: 92541JAN1<br>LEI: 2138009KJR7Q44BI8668 | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $225173.14    | 0.30%             | 2071-01-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE         | VICI Properties LP / VICI Note Co Inc                | CUSIP: 92564RAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $263667.49    | 0.36%             | 2027-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA       | Volkswagen Group of America Finance LLC              | CUSIP: 928668CP5<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    650000 | PA      | $659784.78    | 0.89%             | 2028-03-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2016-C34       | CUSIP: 95000DBJ9<br>LEI: 549300FWFHJGIW2B2U59 | Long             | ABS-MBS          | CORP              | US        |    270000 | PA      | $263070.22    | 0.36%             | 2049-06-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2016-C37       | CUSIP: 95000PAX2<br>LEI: 549300TRQQDPEF728F16 | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $383799.86    | 0.52%             | 2049-12-15      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2018-C47       | CUSIP: 95002DBX6<br>LEI: 549300VHRKFNCWVN9Y77 | Long             | ABS-MBS          | CORP              | US        |    180000 | PA      | $169145.81    | 0.23%             | 2061-09-15      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur | Bridgecrest Lending Auto Securitization Trust 2025-2 | CUSIP: 10807HAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    545000 | PA      | $555204.82    | 0.75%             | 2031-03-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd               | CIFC Funding 2019-III Ltd                            | CUSIP: 12554VBC9<br>LEI: 254900SVOWCOSOG16T40 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1007959.30   | 1.36%             | 2038-01-16      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| CHI Commercial Mortgage Trust  | CHI Commercial Mortgage Trust 2025-110W              | CUSIP: 12577HAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    235000 | PA      | $236496.16    | 0.32%             | 2040-12-13      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | Consumer Portfolio Services Auto Trust 2025-B        | CUSIP: 12630SAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    530000 | PA      | $539665.10    | 0.73%             | 2031-07-15      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | CPS Auto Receivables Trust 2025-C                    | CUSIP: 12634SAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    510000 | PA      | $511332.20    | 0.69%             | 2033-02-15      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage  | Citigroup Commercial Mortgage Trust 2016-C1          | CUSIP: 17290YAV0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    175000 | PA      | $173624.96    | 0.23%             | 2049-05-10      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO       | Columbia Pipelines Holding Co LLC                    | CUSIP: 19828AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    545000 | PA      | $567498.77    | 0.77%             | 2028-08-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD FINANCL CORP       | Fifth Third Financial Corp                           | CUSIP: 200340AW7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    515000 | PA      | $538301.92    | 0.73%             | 2030-01-30      | Variable      | 5.98%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC       | Corebridge Financial Inc                             | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1231737.74   | 1.67%             | 2052-12-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | Consumer Portfolio Services Auto Trust 2025-D        | CUSIP: 223936AD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    215000 | PA      | $218017.77    | 0.29%             | 2032-02-17      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | CPS Auto Receivables Trust 2026-A                    | CUSIP: 22410MAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    480000 | PA      | $480862.82    | 0.65%             | 2032-06-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | CPS Auto Receivables Trust 2024-A                    | CUSIP: 22411CAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1020112.48   | 1.38%             | 2030-04-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus | CSAIL 2021-C20 Commercial Mortgage Trust             | CUSIP: 22945EBA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    375000 | PA      | $304561.60    | 0.41%             | 2054-03-15      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust            | DT Auto Owner Trust 2021-3                           | CUSIP: 23344QAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $174896.78    | 0.24%             | 2028-09-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| DLIC Re-REMIC Trust            | DLIC Re-REMIC Trust 2025-FRR1                        | CUSIP: 255928AE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    320000 | PA      | $311939.84    | 0.42%             | 2049-08-27      | Variable      | 1.27%                 | No            |                  3 | On Loan: No      |
| Drive Auto Receivables Trust   | Drive Auto Receivables Trust 2025-2                  | CUSIP: 262103AG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    310000 | PA      | $309091.09    | 0.42%             | 2032-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust   | Drive Auto Receivables Trust 2025-S1                 | CUSIP: 26210HAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    319053 | PA      | $319801.08    | 0.43%             | 2029-06-16      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust            | DT Auto Owner Trust 2021-4                           | CUSIP: 26253WAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    351020 | PA      | $349508.56    | 0.47%             | 2027-09-15      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust                  | CUSIP: 30166XAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    365000 | PA      | $371605.90    | 0.50%             | 2031-10-15      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2023-5           | CUSIP: 30168DAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    180000 | PA      | $185594.70    | 0.25%             | 2030-02-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2026-1           | CUSIP: 30168HAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    165000 | PA      | $164607.97    | 0.22%             | 2032-05-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIVE 2023-V1                   | FIVE 2023-V1 Mortgage Trust                          | CUSIP: 337964AG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $454349.16    | 0.61%             | 2056-02-10      | Variable      | 6.35%                 | No            |                  2 | On Loan: No      |
| FIVE 2023-V1                   | FIVE 2023-V1 Mortgage Trust                          | CUSIP: 337964AP5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $290929.63    | 0.39%             | 2056-02-10      | Variable      | 6.35%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                             | CUSIP: 345397B77<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    260000 | PA      | $257859.93    | 0.35%             | 2026-08-10      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| OWS Real Estate Finance LLC    | OWS Real Estate Finance LLC                          | CUSIP: 67121XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    415000 | PA      | $415482.31    | 0.56%             | 2034-08-15      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC         | Pacific Gas and Electric Co                          | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    595000 | PA      | $577939.61    | 0.78%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Pagaya Point of Sale Holdings  | Pagaya Point of Sale Holdings Grantor Trust 2025-1   | CUSIP: 694951AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $507870.50    | 0.69%             | 2034-01-20      | Fixed         | 11.28%                | No            |                  3 | On Loan: No      |
| Pagaya Point of Sale Holdings  | Pagaya Point of Sale Holdings Grantor Trust 2025-1   | CUSIP: 694952AH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145000 | PA      | $146890.95    | 0.20%             | 2034-01-20      | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-11                 | CUSIP: 69544AAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    715402 | PA      | $721979.88    | 0.98%             | 2032-07-15      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-5                  | CUSIP: 69544LAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    476758 | PA      | $479454.19    | 0.65%             | 2031-10-15      | Fixed         | 7.27%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-1                  | CUSIP: 69544NAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    113684 | PA      | $114528.17    | 0.15%             | 2032-07-15      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-3                  | CUSIP: 69544TAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    169966 | PA      | $172463.99    | 0.23%             | 2032-12-15      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-R2                 | CUSIP: 69544VAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    312712 | PA      | $313910.99    | 0.42%             | 2032-10-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-5                  | CUSIP: 69546WAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    224716 | PA      | $226096.10    | 0.31%             | 2031-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2025-4                          | CUSIP: 69547DAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    199993 | PA      | $202269.30    | 0.27%             | 2033-01-17      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-5                  | CUSIP: 69548WAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    129995 | PA      | $130521.58    | 0.18%             | 2033-03-15      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya Ai Debt Grantor Trust 2025-6                  | CUSIP: 69549BAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    640000 | PA      | $638093.23    | 0.86%             | 2033-04-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-R3                 | CUSIP: 69549EAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    640000 | PA      | $641764.81    | 0.87%             | 2033-01-18      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| RIDE 2025-SHRE                 | RIDE 2025-SHRE                                       | CUSIP: 765692AG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    235000 | PA      | $242858.26    | 0.33%             | 2047-02-14      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA         | Santander Holdings USA Inc                           | CUSIP: 80282KBC9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    560000 | PA      | $551563.38    | 0.75%             | 2028-01-06      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl | Santander Drive Auto Receivables Trust 2024-2        | CUSIP: 80286YAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1028776.61   | 1.39%             | 2031-08-15      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl | Santander Drive Auto Receivables Trust 2025-4        | CUSIP: 802923AF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90000 | PA      | $90121.76     | 0.12%             | 2032-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SEMPRA                         | Sempra                                               | CUSIP: 816851BU2<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    160000 | PA      | $162308.88    | 0.22%             | 2055-04-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co  | Sierra Timeshare 2025-3 Receivables Funding LLC      | CUSIP: 82650FAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    241041 | PA      | $239075.27    | 0.32%             | 2044-08-22      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS       | South Bow USA Infrastructure Holdings LLC            | CUSIP: 83007CAD4<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    350000 | PA      | $355425.42    | 0.48%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES/SKYMILES       | Delta Air Lines Inc / SkyMiles IP Ltd                | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    591250 | PA      | $595609.58    | 0.81%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU | SoFi Consumer Loan Program 2025-4 Trust              | CUSIP: 83405UAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    490000 | PA      | $493772.60    | 0.67%             | 2035-08-25      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU | SoFi Consumer Loan Program Trust 2026-1              | CUSIP: 83408AAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    480000 | PA      | $481638.51    | 0.65%             | 2035-12-26      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP             | Expand Energy Corp                                   | CUSIP: 845467AR0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    720000 | PA      | $720405.47    | 0.97%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL            | Synchrony Financial                                  | CUSIP: 87165BAX1<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    145000 | PA      | $146604.05    | 0.20%             | 2029-07-29      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| Taubman Centers Commercial Mor | TCO Commercial Mortgage Trust 2024-DPM               | CUSIP: 87231EAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    575000 | PA      | $575895.38    | 0.78%             | 2039-12-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust  | UBS Commercial Mortgage Trust 2017-C3                | CUSIP: 90276GAY8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $582764.24    | 0.79%             | 2050-08-15      | Variable      | 4.36%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                     | CUSIP: 91282CMS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6240000 | PA      | $6281925.00   | 8.49%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                     | CUSIP: 91282CNH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2360000 | PA      | $2376778.13   | 3.21%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU       | Venture Global Calcasieu Pass LLC                    | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    360000 | PA      | $342073.88    | 0.46%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts               | Westgate Resorts 2023-1 LLC                          | CUSIP: 96033EAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    422057 | PA      | $428293.18    | 0.58%             | 2037-12-20      | Fixed         | 7.49%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable | Westlake Automobile Receivables Trust 2023-4         | CUSIP: 96041AAN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155000 | PA      | $160847.40    | 0.22%             | 2029-07-16      | Fixed         | 7.19%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable | Westlake Automobile Receivables Trust 2023-3         | CUSIP: 96041CAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2052765.49   | 2.78%             | 2029-03-15      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable | Westlake Automobile Receivables Trust 2024-1         | CUSIP: 96043RAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1026190.76   | 1.39%             | 2029-10-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable | Westlake Automobile Receivables Trust 2025-1         | CUSIP: 96043VAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $229000.92    | 0.31%             | 2030-11-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| AGL CLO 16 LTD                 | AGL CLO 16 Ltd                                       | CUSIP: 00120LAL2<br>LEI: 2549009GL17CEZFCKZ48 | Long             | ABS-CBDO         | CORP              | KY        |    510000 | PA      | $511114.76    | 0.69%             | 2035-01-20      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                     | Affirm Asset Securitization Trust 2024-X2            | CUSIP: 00833QAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $754461.52    | 1.02%             | 2029-12-17      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                     | Affirm Asset Securitization Trust 2025-X1            | CUSIP: 00834MAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    215000 | PA      | $217569.21    | 0.29%             | 2030-04-15      | Fixed         | 6.11%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                   | AGL CLO 11 Ltd                                       | CUSIP: 00851TAW6<br>LEI: 549300G9RL3BICT9HA62 | Long             | ABS-CBDO         | CORP              | KY        |    345000 | PA      | $346946.49    | 0.47%             | 2038-10-15      | Floating      | 5.62%                 | No            |                  3 | On Loan: No      |
| ALA Trust                      | ALA Trust 2025-OANA                                  | CUSIP: 009920AE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120000 | PA      | $120901.87    | 0.16%             | 2040-06-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| ALA Trust                      | ALA Trust 2025-OANA                                  | CUSIP: 009920AG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    190000 | PA      | $191250.22    | 0.26%             | 2040-06-15      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC             | Ally Financial Inc                                   | CUSIP: 02005NBZ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    290000 | PA      | $297616.08    | 0.40%             | 2029-05-15      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec | American Credit Acceptance Receivables Trust 2025-4  | CUSIP: 024948AG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    315000 | PA      | $317774.84    | 0.43%             | 2031-09-12      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD       | Avolon Holdings Funding Ltd                          | CUSIP: 05401AAR2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    303000 | PA      | $294464.41    | 0.40%             | 2027-11-18      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch  | BAMLL Re-REMIC Trust 2024-FRR3                       | CUSIP: 054988AE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $705554.55    | 0.95%             | 2050-01-27      | Variable      | 0.68%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS 2018-TALL Mortgage Trust                       | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    330000 | PA      | $316360.84    | 0.43%             | 2037-03-15      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS 2018-TALL Mortgage Trust                       | CUSIP: 05548WAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $446960.64    | 0.60%             | 2037-03-15      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS Mortgage Trust 2024-5C25                       | CUSIP: 05554VAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $361812.88    | 0.49%             | 2057-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS Mortgage Trust 2024-5C27                       | CUSIP: 05555FAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135000 | PA      | $139726.37    | 0.19%             | 2057-07-15      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust             | BMO 2024-5C5 Mortgage Trust                          | CUSIP: 05593RAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $451462.13    | 0.61%             | 2057-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BOFAS Re-REMIC Trust           | BOFAS Re-REMIC Trust 2026-FRR7                       | CUSIP: 05620CBJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $675354.75    | 0.91%             | 2029-12-01      | Variable      | 1.32%                 | No            |                  3 | On Loan: No      |
| Bank                           | BANK 2017-BNK5                                       | CUSIP: 06541WAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    455000 | PA      | $396215.92    | 0.54%             | 2060-06-15      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                   | Barclays PLC                                         | CUSIP: 06738ECP8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $508461.81    | 0.69%             | 2028-03-12      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS Mortgage Trust 2024-5C31                       | CUSIP: 07336YAR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    930000 | PA      | $828961.63    | 1.12%             | 2057-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2024-V5 Mortgage Trust                     | CUSIP: 08163XBC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $516707.74    | 0.70%             | 2057-01-10      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2025-V13 Mortgage Trust                    | CUSIP: 08164AAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $297972.47    | 0.40%             | 2058-02-15      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2025-V15 Mortgage Trust                    | CUSIP: 08164CAH1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     70000 | PA      | $71857.23     | 0.10%             | 2058-06-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2024-V6 Mortgage Trust                     | CUSIP: 081927AF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $628915.96    | 0.85%             | 2057-03-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE         | Blackstone Private Credit Fund                       | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    530000 | PA      | $521713.28    | 0.71%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| BLACKROCK RAINIER CLO LTD      | BlackRock Shasta CLO XIII LLC                        | CUSIP: 09263EAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    900000 | PA      | $900861.12    | 1.22%             | 2036-07-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust             | BMO 2024-5C8 Mortgage Trust                          | CUSIP: 09661XAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $454669.97    | 0.61%             | 2057-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust     | GLS Auto Receivables Issuer Trust 2025-1             | CUSIP: 36271KAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1150000 | PA      | $1200637.88   | 1.62%             | 2032-03-15      | Fixed         | 7.19%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust     | GLS Auto Receivables Issuer Trust 2025-4             | CUSIP: 36273HAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    370000 | PA      | $371421.06    | 0.50%             | 2031-08-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Gam Resecuritization Trust     | GAM RE-REMIC Trust 2022-FRR3                         | CUSIP: 36459DCG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    980000 | PA      | $878073.14    | 1.19%             | 2050-11-27      | Variable      | 1.35%                 | No            |                  3 | On Loan: No      |
| Gam Resecuritization Trust     | GAM RE-REMIC Trust 2022-FRR3                         | CUSIP: 36459DCN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $236628.70    | 0.32%             | 2052-01-27      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Gam Resecuritization Trust     | GAM RE-REMIC TRUST 2021-FRR2                         | CUSIP: 36459TBW5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    255000 | PA      | $222205.98    | 0.30%             | 2051-09-27      | Variable      | 2.87%                 | No            |                  3 | On Loan: No      |
| GLENCORE FUNDING LLC           | Glencore Funding LLC                                 | CUSIP: 378272BY3<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    390000 | PA      | $396839.49    | 0.54%             | 2028-04-01      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust     | GLS Auto Receivables Issuer Trust 2025-2             | CUSIP: 37989BAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    165000 | PA      | $168008.80    | 0.23%             | 2031-01-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                          | CUSIP: 38141GZR8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    510000 | PA      | $507669.06    | 0.69%             | 2028-03-15      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd | Golub Capital Partners Clo 45M Ltd                   | CUSIP: 381931AC8<br>LEI: 254900SGGS5FSVUNJG17 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1005222.30   | 1.36%             | 2037-07-20      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd | Golub Capital Partners CLO 78M                       | CUSIP: 381934AJ7<br>LEI: 254900PSE4IZIZUH7U62 | Long             | ABS-CBDO         | CORP              | US        |    195000 | PA      | $196596.43    | 0.27%             | 2039-04-21      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES          | Huntington Bancshares Inc/OH                         | CUSIP: 446150BB9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502904.23    | 0.68%             | 2028-08-04      | Variable      | 4.44%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                   | Hudson Yards 2025-SPRL Mortgage Trust                | CUSIP: 44855PAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    375000 | PA      | $391323.36    | 0.53%             | 2040-01-13      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                   | Hudson Yards 2025-SPRL Mortgage Trust                | CUSIP: 44855PAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $415709.59    | 0.56%             | 2040-01-13      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu | JPMBB Commercial Mortgage Securities Trust 2015-C28  | CUSIP: 46644FAX9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $379914.38    | 0.51%             | 2048-10-15      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| JACKSON NATL LIFE GLOBAL       | Jackson National Life Global Funding                 | CUSIP: 46849LVA6<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |    240000 | PA      | $244727.49    | 0.33%             | 2027-07-02      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC               | LPL Holdings Inc                                     | CUSIP: 50212YAN4<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    650000 | PA      | $659438.03    | 0.89%             | 2028-04-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| LV Trust                       | Fashion Show Mall LLC                                | CUSIP: 50245XAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $502043.10    | 0.68%             | 2041-10-10      | Variable      | 6.28%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP           | Las Vegas Sands Corp                                 | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254597.30    | 0.34%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME         | Blue Owl Credit Income Corp                          | CUSIP: 69120VAP6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    475000 | PA      | $493932.33    | 0.67%             | 2027-09-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Invesco Government & Agency Po | Invesco Government & Agency Portfolio                | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |    449741 | NS      | $449741.40    | 0.61%             | 2031-12-31      | Fixed         | 0.06%                 | No            |                  1 | On Loan: No      |
| AS MILEAGE PLAN IP LTD         | AS Mileage Plan IP Ltd                               | CUSIP: 00218QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    520000 | PA      | $526001.09    | 0.71%             | 2029-10-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec | American Credit Acceptance Receivables Trust 2026-1  | CUSIP: 02531FAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    205000 | PA      | $205049.73    | 0.28%             | 2033-01-12      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Antares CLO                    | Antares CLO 2023-1 Ltd                               | CUSIP: 03665GAP9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    605000 | PA      | $604414.97    | 0.82%             | 2037-07-25      | Floating      | 5.37%                 | No            |                  3 | On Loan: No      |
| ARES STRATEGIC INCOME FU       | Ares Strategic Income Fund                           | CUSIP: 04020EAG2<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |    760000 | PA      | $770133.89    | 1.04%             | 2028-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| BRCK Trust                     | BRCK Trust 2025-830B                                 | CUSIP: 10635AAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    140000 | PA      | $141154.85    | 0.19%             | 2042-12-10      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| FS Commerical Mortgage Trust 2 | FS Commercial Mortgage Trust 2023-4SZN               | CUSIP: 30334RAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    670000 | PA      | $682246.64    | 0.92%             | 2039-11-10      | Variable      | 7.54%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust       | Foundation Finance Trust 2021-1                      | CUSIP: 35041LAD2<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |    147471 | PA      | $144965.69    | 0.20%             | 2041-05-15      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust       | Foundation Finance Trust 2025-3                      | CUSIP: 35042TAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    480000 | PA      | $481023.89    | 0.65%             | 2052-08-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                | MVW 2021-1W LLC                                      | CUSIP: 55389TAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    112922 | PA      | $109585.57    | 0.15%             | 2041-01-22      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| Madison Avenue Trust           | MAD Commercial Mortgage Trust 2025-11MD              | CUSIP: 55616AAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    570000 | PA      | $574677.20    | 0.78%             | 2042-10-15      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd       | Madison Park Funding XXXVI Ltd                       | CUSIP: 55819PBJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $993475.30    | 1.34%             | 2035-04-15      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust 2018-L1               | CUSIP: 61691QAK4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $227258.49    | 0.31%             | 2051-10-15      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                | MVW 2024-1 LLC                                       | CUSIP: 62847RAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    113904 | PA      | $117656.65    | 0.16%             | 2043-02-20      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd       | Neuberger Berman Loan Advisers CLO 35 Ltd            | CUSIP: 64133CAW9<br>LEI: 549300MYVO80EQUJK294 | Long             | ABS-CBDO         | CORP              | KY        |    535000 | PA      | $535000.00    | 0.72%             | 2033-01-19      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL         | NextEra Energy Capital Holdings Inc                  | CUSIP: 65339KCW8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    550000 | PA      | $567878.83    | 0.77%             | 2054-09-01      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| OAKTREE STRATEGIC CREDIT       | Oaktree Strategic Credit Fund                        | CUSIP: 67403AAB5<br>LEI: 2549006RRE0JC7G43241 | Long             | DBT              | CORP              | US        |    725000 | PA      | $781423.72    | 1.06%             | 2028-11-14      | Fixed         | 8.40%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust       | Octane Receivables Trust 2023-2                      | CUSIP: 67571QAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $775879.64    | 1.05%             | 2031-06-20      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                    | Oracle Corp                                          | CUSIP: 68389XCY9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151037.63    | 0.20%             | 2028-08-03      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC              | NatWest Group PLC                                    | CUSIP: 780097BP5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    550000 | PA      | $543507.42    | 0.73%             | 2028-05-22      | Variable      | 3.07%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust            | BWAY 2013-1515 Mortgage Trust                        | CUSIP: 05604FAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    325000 | PA      | $305241.73    | 0.41%             | 2033-03-10      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur | Bridgecrest Lending Auto Securitization Trust 2025-3 | CUSIP: 107920AG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    340000 | PA      | $338962.70    | 0.46%             | 2032-05-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2024-P4               | CUSIP: 14076LAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    395000 | PA      | $401420.86    | 0.54%             | 2032-12-10      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CBAMR Ltd                      | CBAMR 2019-11R Ltd                                   | CUSIP: 14988AAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    275000 | PA      | $277350.15    | 0.38%             | 2038-03-20      | Floating      | 5.53%                 | No            |                  3 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2024-5           | CUSIP: 30165BAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $502752.66    | 0.68%             | 2031-02-18      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2025-5           | CUSIP: 30166VAL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    765000 | PA      | $769129.79    | 1.04%             | 2032-03-15      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2025-2           | CUSIP: 30168JAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $518644.13    | 0.70%             | 2032-10-15      | Fixed         | 7.81%                 | No            |                  2 | On Loan: No      |
| PATTERSON-UTI ENERGY INC       | Patterson-UTI Energy Inc                             | CUSIP: 703481AB7<br>LEI: 254900XGFBKIXD6G0697 | Long             | DBT              | CORP              | US        |    525000 | PA      | $519742.61    | 0.70%             | 2028-02-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| RFM RE-REMIC TRUST 2022-FRR1   | RFM Reremic Trust 2022-FRR1                          | CUSIP: 74971BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $257613.25    | 0.35%             | 2049-03-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| RFM RE-REMIC TRUST 2022-FRR1   | RFM Reremic Trust 2022-FRR1                          | CUSIP: 74971BAY1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $335369.34    | 0.45%             | 2050-03-01      | Variable      | 2.76%                 | No            |                  2 | On Loan: No      |
| REPSOL E&P CAP MARKETS         | Repsol E&P Capital Markets US LLC                    | CUSIP: 76026AAA5<br>LEI: 894500D0J12FRZ3Q0M15 | Long             | DBT              | CORP              | US        |    285000 | PA      | $288297.77    | 0.39%             | 2028-09-16      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2016-C34       | CUSIP: 95000DBK6<br>LEI: 549300FWFHJGIW2B2U59 | Long             | ABS-MBS          | CORP              | US        |    870000 | PA      | $815967.06    | 1.10%             | 2049-06-15      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2016-C35       | CUSIP: 95000FAV8<br>LEI: 549300MZIB10PDVAE312 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $493402.11    | 0.67%             | 2048-07-15      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2016-C37       | CUSIP: 95000PAK0<br>LEI: 549300TRQQDPEF728F16 | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $590480.07    | 0.80%             | 2049-12-15      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-25

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer