# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001145549-25-045250
**Filing Date:** 2025-6
**Character Count:** 56388
**Document Hash:** 00a2f56936434040fe1d6a2bc97288ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-045250.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001145549-25-045250

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**PERIOD START**: 20251031

**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:** 251093223

**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 Low Duration Preferred and Income Securities ETF (Series ID: S000066987)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000215601 | AAM Low Duration Preferred and Income Securities ETF | PFLD            |

## 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 Low Duration Preferred and Income Securities ETF

- **b. EDGAR series identifier (if any):** S000066987

- **c. LEI of Series:** 5493002CPVU78CYSG396

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $504629875.55

**Total Liabilities:** $3217652.60

**Net Assets:** $501412222.95

**Cash Not Reported:** $62044.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000215601 | 1.73%                | -2.32%               | -0.85%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-631065.50              | $7550488.85                                |
| Month 2  | $29827.64                | $-15648572.59                              |
| Month 3  | $-706592.26              | $-5936418.39                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AGNC INVESTMENT CORP           | AGNC Investment Corp                  | CUSIP: 00123Q500<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    137760 | NS      | $3499104.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP           | AGNC Investment Corp                  | CUSIP: 00123Q856<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     63582 | NS      | $1578741.06   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| B RILEY FINANCIAL INC          | B Riley Financial Inc                 | CUSIP: 05580M801<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     76528 | NS      | $793978.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| B RILEY FINANCIAL INC          | B Riley Financial Inc                 | CUSIP: 05580M819<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |    171879 | NS      | $1094869.23   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BABCOCK & WILCOX ENTERPR       | Babcock & Wilcox Enterprises Inc      | CUSIP: 05614L308<br>LEI: 5493006H661OZN2C0T54 | Long             | EP               | CORP              | US        |     81828 | NS      | $1540002.96   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                  | CUSIP: 060505583<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     89041 | NS      | $1960682.82   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLAS CORP                     | Atlas Corp                            | CUSIP: EP0586909<br>LEI: N/A                  | Long             | EP               | CORP              | MH        |     53981 | NS      | $1338188.99   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL SHIP LEASE INC          | Global Ship Lease Inc                 | CUSIP: EP0469874<br>LEI: 254900GLZ0J5N8UZM071 | Long             | EP               | CORP              | MH        |     46193 | NS      | $1204713.44   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLSTATE CORP                  | Allstate Corp/The                     | CUSIP: 020002309<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EP               | CORP              | US        |    211942 | NS      | $5436312.30   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNALY CAPITAL MGMT            | Annaly Capital Management Inc         | CUSIP: 035710847<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |    187567 | NS      | $4706056.03   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ATHENE HOLDING LTD             | Athene Holding Ltd                    | CUSIP: 04686J861<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |    331120 | NS      | $7761452.80   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NY MELLON CORP         | Bank of New York Mellon Corp/The      | CUSIP: 064058845<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |    211691 | NS      | $5317677.92   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP           | AGNC Investment Corp                  | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    243736 | NS      | $6022716.56   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ALGONQUIN PWR & UTILITY        | Algonquin Power & Utilities Corp      | CUSIP: 015857808<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EP               | CORP              | CA        |    148361 | NS      | $3731279.15   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ARGO GROUP INTERNATIONAL       | Argo Group International Holdings Inc | CUSIP: 040128407<br>LEI: 984500ID778EF9FCDF46 | Long             | EP               | CORP              | US        |     63582 | NS      | $1590821.64   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSOC BANC-CORP                | Associated Banc-Corp                  | CUSIP: 045487600<br>LEI: 549300N3CIN473IW5094 | Long             | EP               | CORP              | US        |    127164 | NS      | $3007428.60   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLANTIC UNION BANKSHARE       | Atlantic Union Bankshares Corp        | CUSIP: 04911A206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     73122 | NS      | $1783445.58   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| B RILEY FINANCIAL INC          | B Riley Financial Inc                 | CUSIP: 05580M827<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     92173 | NS      | $1285813.35   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BABCOCK & WILCOX ENTERPR       | Babcock & Wilcox Enterprises Inc      | CUSIP: 05614L407<br>LEI: 5493006H661OZN2C0T54 | Long             | EP               | CORP              | US        |     78590 | NS      | $208263.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                  | CUSIP: 060505229<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |    300549 | NS      | $7459626.18   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                  | CUSIP: 060505591<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     46819 | NS      | $1052959.31   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CHS INC                        | CHS Inc                               | CUSIP: 12542R506<br>LEI: XEIEFTLYDQ1MZ6TZV015 | Long             | EP               | CORP              | US        |    178032 | NS      | $4495308.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIMERA INVESTMENT CORP        | Chimera Investment Corp               | CUSIP: 16934Q406<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |    137760 | NS      | $3390273.60   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITALBRIDGE GROUP INC        | DigitalBridge Group Inc               | CUSIP: 25401T306<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |    123071 | NS      | $2614028.04   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ELLINGTON FINANCIAL            | Ellington Financial Inc               | CUSIP: 28852N406<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |     42385 | NS      | $1043942.55   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP            | Fifth Third Bancorp                   | CUSIP: 316773605<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |    190746 | NS      | $4871652.84   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONOSS TECH               | Synchronoss Technologies Inc          | CUSIP: 87157B301<br>LEI: 5493007Z5J8Z2TA76376 | Long             | EP               | CORP              | US        |     51456 | NS      | $1301322.24   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                     | US Bancorp                            | CUSIP: 902973155<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |    423885 | NS      | $9088094.40   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| UNUM GROUP                     | Unum Group                            | CUSIP: 91529Y601<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EP               | CORP              | US        |    127164 | NS      | $3114246.36   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI AVIATION LTD              | FTAI Aviation Ltd                     | CUSIP: EP0602243<br>LEI: N/A                  | Long             | EP               | CORP              | KY        |     44507 | NS      | $1118460.91   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TRITON INTERNATIONAL LTD       | Triton International Ltd              | CUSIP: EP0573691<br>LEI: N/A                  | Long             | EP               | CORP              | BM        |     60934 | NS      | $1468509.40   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIMERA INVESTMENT CORP        | Chimera Investment Corp               | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |    110211 | NS      | $2552486.76   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CION INVESTMENT CORP           | CION Investment Corp                  | CUSIP: 17259U303<br>LEI: 549300XN70JLF94XKX80 | Long             | EP               | CORP              | US        |     63582 | NS      | $1580012.70   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDROCK HOSPITALITY        | DiamondRock Hospitality Co            | CUSIP: 252784400<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EP               | CORP              | US        |     50446 | NS      | $1263167.84   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITALBRIDGE GROUP INC        | DigitalBridge Group Inc               | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |    136358 | NS      | $2941242.06   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| BRUNSWICK CORP                 | Brunswick Corp/DE                     | CUSIP: 117043604<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EP               | CORP              | US        |     97488 | NS      | $2179831.68   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIMERA INVESTMENT CORP        | Chimera Investment Corp               | CUSIP: 16934Q604<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     84779 | NS      | $2089802.35   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORP               | Duke Energy Corp                      | CUSIP: 26441C402<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EP               | CORP              | US        |    211943 | NS      | $5220156.09   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNEX CAPITAL INC              | Dynex Capital Inc                     | CUSIP: 26817Q878<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EP               | CORP              | US        |     47259 | NS      | $1199906.01   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ELLINGTON FINANCIAL            | Ellington Financial Inc               | CUSIP: 28852N307<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |     51077 | NS      | $1154850.97   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ENSTAR GROUP LTD               | Enstar Group Ltd                      | CUSIP: 29359U109<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EP               | CORP              | BM        |    169558 | NS      | $3614976.56   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| FOSSIL GROUP INC               | Fossil Group Inc                      | CUSIP: 34988V304<br>LEI: DDMY8YZ6L8UEMS1FDM73 | Long             | EP               | CORP              | US        |     63582 | NS      | $917488.26    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ELLINGTON FINANCIAL            | Ellington Financial Inc               | CUSIP: 28852N208<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |     48751 | NS      | $1210974.84   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GLADSTONE INVESTMENT COR       | Gladstone Investment Corp             | CUSIP: 376546883<br>LEI: 549300HFFTVIBC98Z362 | Long             | EP               | CORP              | US        |     57036 | NS      | $1298139.36   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The           | CUSIP: 38143Y665<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    317899 | NS      | $7025567.90   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO MORTGAGE CAPITAL       | Invesco Mortgage Capital Inc          | CUSIP: 46131B506<br>LEI: PV3BDP2HFZL2FNXQBL39 | Long             | EP               | CORP              | US        |     75614 | NS      | $1829858.80   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                  | CUSIP: 060505179<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |    233760 | NS      | $5944516.80   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BRUNSWICK CORP                 | Brunswick Corp/DE                     | CUSIP: 117043406<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EP               | CORP              | US        |     78422 | NS      | $1795863.80   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CHS INC                        | CHS Inc                               | CUSIP: 12542R704<br>LEI: XEIEFTLYDQ1MZ6TZV015 | Long             | EP               | CORP              | US        |    208764 | NS      | $5108455.08   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CONNECTONE BANCORP INC         | ConnectOne Bancorp Inc                | CUSIP: 20786W503<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EP               | CORP              | US        |     48751 | NS      | $1072522.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CRESCENT CAPITAL BDC INC       | Crescent Capital BDC Inc              | CUSIP: 225655208<br>LEI: 549300VPIZMU6OEE0V68 | Long             | EP               | CORP              | US        |     47307 | NS      | $1175105.88   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| GLADSTONE INVESTMENT COR       | Gladstone Investment Corp             | CUSIP: 376546800<br>LEI: 549300HFFTVIBC98Z362 | Long             | EP               | CORP              | US        |     54227 | NS      | $1355675.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES SCHWAB CORP            | Charles Schwab Corp/The               | CUSIP: 808513600<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |    317918 | NS      | $7932054.10   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SPIRE INC                      | Spire Inc                             | CUSIP: 84857L309<br>LEI: 549300NXSY15DRY2R511 | Long             | EP               | CORP              | US        |    105976 | NS      | $2538125.20   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORP              | State Street Corp                     | CUSIP: 857477855<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |    211943 | NS      | $4690298.59   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SIRIUSPOINT LTD                | SiriusPoint Ltd                       | CUSIP: EP0598912<br>LEI: 549300OGXFI85N3YZZ51 | Long             | EP               | CORP              | BM        |     84779 | NS      | $2143213.12   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| TRITON INTERNATIONAL LTD       | Triton International Ltd              | CUSIP: EP0580365<br>LEI: N/A                  | Long             | EP               | CORP              | BM        |     74178 | NS      | $1654911.18   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                   | CUSIP: 48128B655<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |    466454 | NS      | $11446781.16  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| KEMPER CORP                    | Kemper Corp                           | CUSIP: 488401308<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EP               | CORP              | US        |     63582 | NS      | $1410248.76   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                        | KeyCorp                               | CUSIP: 493267843<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |    254327 | NS      | $6238641.31   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T BANK CORPORATION           | M&T Bank Corp                         | CUSIP: 55261F872<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               | CORP              | US        |    105976 | NS      | $2582635.12   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MFA FINANCIAL INC              | MFA Financial Inc                     | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |    116563 | NS      | $2886099.88   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                        | CUSIP: 61747S504<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    226198 | NS      | $5066835.20   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                        | CUSIP: 61762V200<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    177364 | NS      | $4469572.80   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP             | Rithm Capital Corp                    | CUSIP: 64828T300<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     44997 | NS      | $1155522.96   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP             | Rithm Capital Corp                    | CUSIP: 64828T409<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |    119329 | NS      | $3036923.05   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP             | Rithm Capital Corp                    | CUSIP: 64828T706<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |    197112 | NS      | $4809532.80   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MORTGAGE TRUST        | New York Mortgage Trust Inc           | CUSIP: 649604873<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EP               | CORP              | US        |     71010 | NS      | $1747556.10   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MORTGAGE TRUST        | New York Mortgage Trust Inc           | CUSIP: 649604881<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EP               | CORP              | US        |     64724 | NS      | $1394802.20   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| READY CAPITAL CORP             | Ready Capital Corp                    | CUSIP: 75574U408<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               | CORP              | US        |     44346 | NS      | $1085590.08   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| READY CAPITAL CORP             | Ready Capital Corp                    | CUSIP: 75574U606<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               | CORP              | US        |     87437 | NS      | $2152698.94   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| REINSURANCE GRP OF AMER        | Reinsurance Group of America Inc      | CUSIP: 759351802<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EP               | CORP              | US        |    169558 | NS      | $4196560.50   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| REINSURANCE GRP OF AMER        | Reinsurance Group of America Inc      | CUSIP: 759351885<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EP               | CORP              | US        |    296721 | NS      | $7619795.28   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SCE TRUST IV                   | SCE Trust IV                          | CUSIP: 78409G206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    137760 | NS      | $3050006.40   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| SCE TRUST V                    | SCE Trust V                           | CUSIP: 78409W201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    127164 | NS      | $2895524.28   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| STIFEL FINANCIAL CORP          | Stifel Financial Corp                 | CUSIP: 860630706<br>LEI: 549300E5F07FE5GHJX84 | Long             | EP               | CORP              | US        |     67826 | NS      | $1542363.24   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOVUS FINANCIAL CORP         | Synovus Financial Corp                | CUSIP: 87161C709<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EP               | CORP              | US        |    148361 | NS      | $3781721.89   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| TENN VALLEY AUTHORITY          | Tennessee Valley Authority            | CUSIP: 880591300<br>LEI: 549300HE1ISW43LNKM54 | Long             | EP               | USGA              | US        |    108902 | NS      | $2578799.36   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FINANCIAL CORP          | Truist Financial Corp                 | CUSIP: 89832Q810<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |     73122 | NS      | $1678149.90   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| TWO HARBORS INV CORP           | Two Harbors Investment Corp           | CUSIP: 90187B507<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EP               | CORP              | US        |     97387 | NS      | $2380138.28   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB FINANCIAL CORP             | UMB Financial Corp                    | CUSIP: 902788207<br>LEI: 549300MGEH3N3CUCV828 | Long             | EP               | CORP              | US        |     48751 | NS      | $1225600.14   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| VALLEY NATIONAL BANCORP        | Valley National Bancorp               | CUSIP: 919794305<br>LEI: 549300ET52S1UBIB9762 | Long             | EP               | CORP              | US        |     42385 | NS      | $1054962.65   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SEAPEAK LLC                    | Seapeak LLC                           | CUSIP: EP0515908<br>LEI: 549300CP38L0UER0I397 | Long             | EP               | CORP              | MH        |     52266 | NS      | $1320239.16   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| GRANITE POINT MTGE TRST        | Granite Point Mortgage Trust Inc      | CUSIP: 38741L305<br>LEI: 529900VX2HQZ76AYIE02 | Long             | EP               | CORP              | US        |     87214 | NS      | $1490487.26   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES          | Huntington Bancshares Inc/OH          | CUSIP: 446150773<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |    137760 | NS      | $3481195.20   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                   | CUSIP: 48128B648<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |    508739 | NS      | $12733737.17  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MFA FINANCIAL INC              | MFA Financial Inc                     | CUSIP: 55272X706<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |     48751 | NS      | $1228525.20   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                    | MetLife Inc                           | CUSIP: 59156R504<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |    254327 | NS      | $6070785.49   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWTEKONE INC                  | NewtekOne Inc                         | CUSIP: 652526708<br>LEI: 549300YLU78IA8GKJ688 | Long             | EP               | CORP              | US        |     48751 | NS      | $1201712.15   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| QVC GROUP INC                  | QVC Group Inc                         | CUSIP: 74915M308<br>LEI: 549300PSXEKU4PHLCR04 | Long             | EP               | CORP              | US        |    134770 | NS      | $3673830.20   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM CORP                       | SLM Corp                              | CUSIP: 78442P502<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     26612 | NS      | $1981263.40   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SARATOGA INVESTMENT CORP       | Saratoga Investment Corp              | CUSIP: 80349A802<br>LEI: 54930023WJCWPAGSWE41 | Long             | EP               | CORP              | US        |     44725 | NS      | $1103365.75   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| STIFEL FINANCIAL CORP          | Stifel Financial Corp                 | CUSIP: 860630870<br>LEI: 549300E5F07FE5GHJX84 | Long             | EP               | CORP              | US        |     95375 | NS      | $2141168.75   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                     | US Bancorp                            | CUSIP: 902973866<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |      6094 | NS      | $5143336.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VALLEY NATIONAL BANCORP        | Valley National Bancorp               | CUSIP: 919794404<br>LEI: 549300ET52S1UBIB9762 | Long             | EP               | CORP              | US        |     63582 | NS      | $1589550.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ALLIANCE BANCORP       | Western Alliance Bancorp              | CUSIP: 957638406<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EP               | CORP              | US        |    127164 | NS      | $2645011.20   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP           | AGNC Investment Corp                  | CUSIP: 00123Q807<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    170614 | NS      | $4273880.70   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ACRES COMMERCIAL REALTY        | ACRES Commercial Realty Corp          | CUSIP: 00489Q201<br>LEI: 549300RUJWPCMY4JFR46 | Long             | EP               | CORP              | US        |     50864 | NS      | $1258884.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN NATIONAL GROUP        | American National Group Inc           | CUSIP: 025676867<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |    127164 | NS      | $3199446.24   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ATHENE HOLDING LTD             | Athene Holding Ltd                    | CUSIP: 04686J507<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |    191953 | NS      | $4819939.83   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ATHENE HOLDING LTD             | Athene Holding Ltd                    | CUSIP: 04686J838<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |    220748 | NS      | $5463513.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| B RILEY FINANCIAL INC          | B Riley Financial Inc                 | CUSIP: 05580M835<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |    112774 | NS      | $784907.04    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BABCOCK & WILCOX ENTERPR       | Babcock & Wilcox Enterprises Inc      | CUSIP: 05614L506<br>LEI: 5493006H661OZN2C0T54 | Long             | EP               | CORP              | US        |     64193 | NS      | $1014891.33   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                  | CUSIP: 060505625<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     66571 | NS      | $1424619.40   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                  | CUSIP: 060505815<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     68551 | NS      | $1504008.94   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLAS CORP                     | Atlas Corp                            | CUSIP: EP0586750<br>LEI: N/A                  | Long             | EP               | CORP              | MH        |     95641 | NS      | $2338422.45   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BANC OF CALIFORNIA INC         | Banc of California Inc                | CUSIP: 05990K841<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EP               | CORP              | US        |    217560 | NS      | $5391136.80   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CHS INC                        | CHS Inc                               | CUSIP: 12542R803<br>LEI: XEIEFTLYDQ1MZ6TZV015 | Long             | EP               | CORP              | US        |    219359 | NS      | $5618880.79   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS DIVERSIF HOLDING       | Compass Diversified Holdings          | CUSIP: 20451Q302<br>LEI: 5299001SM1LBYANJRR58 | Long             | EP               | CORP              | US        |     76375 | NS      | $1783356.25   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITALBRIDGE GROUP INC        | DigitalBridge Group Inc               | CUSIP: 25401T504<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |     88967 | NS      | $1911011.16   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST HORIZON CORP             | First Horizon Corp                    | CUSIP: 320517402<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EP               | CORP              | US        |     63582 | NS      | $1474466.58   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The           | CUSIP: 38144G804<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    572236 | NS      | $12737973.36  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLUNA HOLDINGS INC            | Soluna Holdings Inc                   | CUSIP: 583543202<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     52493 | NS      | $227819.62    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCHANTS BANCORP              | Merchants Bancorp/IN                  | CUSIP: 58844R884<br>LEI: 54930008Y0GPVLF81889 | Long             | EP               | CORP              | US        |     60404 | NS      | $1528221.20   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                        | CUSIP: 61761J406<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    205484 | NS      | $4989151.52   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                        | CUSIP: 61763E207<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    174678 | NS      | $4384417.80   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINANCIAL CORP         | Regions Financial Corp                | CUSIP: 7591EP860<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               | CORP              | US        |    211519 | NS      | $5287975.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOVUS FINANCIAL CORP         | Synovus Financial Corp                | CUSIP: 87161C600<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EP               | CORP              | US        |     84779 | NS      | $2105910.36   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL            | Synchrony Financial                   | CUSIP: 87165B400<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EP               | CORP              | US        |    211943 | NS      | $5347321.89   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TENN VALLEY AUTHORITY          | Tennessee Valley Authority            | CUSIP: 880591409<br>LEI: 549300HE1ISW43LNKM54 | Long             | EP               | USGA              | US        |     88313 | NS      | $2056809.77   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| TRINITY CAPITAL INC/MD         | Trinity Capital Inc                   | CUSIP: 896442605<br>LEI: 549300YGT4SBRQYDVU48 | Long             | EP               | CORP              | US        |     48799 | NS      | $1231686.76   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JACKSON FINANCIAL INC          | Jackson Financial Inc                 | CUSIP: 46817M206<br>LEI: 213800WXW2KG1N4CO374 | Long             | EP               | CORP              | US        |    233139 | NS      | $6049957.05   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                        | KeyCorp                               | CUSIP: 493267702<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |    211943 | NS      | $5353680.18   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MIDLAND STATES BANCORP         | Midland States Bancorp Inc            | CUSIP: 597742303<br>LEI: 5493006RHXW9TTBWYC94 | Long             | EP               | CORP              | US        |     48751 | NS      | $1148086.05   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                        | CUSIP: 61762V606<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    205636 | NS      | $4667937.20   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| NGL ENERGY PARTNERS LP         | NGL Energy Partners LP                | CUSIP: 62913M206<br>LEI: 5299005YSRP46BE8Z459 | Long             | EP               | CORP              | US        |    133369 | NS      | $2820754.35   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP             | Rithm Capital Corp                    | CUSIP: 64828T508<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |    168530 | NS      | $4211564.70   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| FLAGSTAR FINANCIAL INC         | Flagstar Financial Inc                | CUSIP: 649445202<br>LEI: 529900HVXOTLY61GL030 | Long             | EP               | CORP              | US        |    218300 | NS      | $4863724.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC MTGE INVESTMENT       | PennyMac Mortgage Investment Trust    | CUSIP: 70931T301<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |     48751 | NS      | $1164173.88   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PINNACLE FINANCIAL PARTN       | Pinnacle Financial Partners Inc       | CUSIP: 72346Q302<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EP               | CORP              | US        |     94868 | NS      | $2314779.20   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| POPULAR CAPITAL TRUST II       | Popular Capital Trust II              | CUSIP: 73317H206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     42821 | NS      | $1103497.17   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| READY CAPITAL CORP             | Ready Capital Corp                    | CUSIP: 75574U838<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               | CORP              | US        |     55103 | NS      | $1326880.24   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINANCIAL CORP         | Regions Financial Corp                | CUSIP: 7591EP704<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               | CORP              | US        |    211943 | NS      | $4878927.86   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Government & Agency Po | Invesco Government & Agency Portfolio | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   2973974 | NS      | $2973973.93   | 0.59%             | 2031-12-31      | Fixed         | 0.06%                 | No            |                  1 | On Loan: No      |
| STEEL PARTNERS HLDS LP         | Steel Partners Holdings LP            | CUSIP: 85814R206<br>LEI: 5493009U8Z59G5SIZ389 | Long             | EP               | CORP              | US        |     62232 | NS      | $1501035.84   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| TRINITY CAPITAL INC/MD         | Trinity Capital Inc                   | CUSIP: 896442704<br>LEI: 549300YGT4SBRQYDVU48 | Long             | EP               | CORP              | US        |     49182 | NS      | $1247747.34   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TWO HARBORS INV CORP           | Two Harbors Investment Corp           | CUSIP: 90187B200<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EP               | CORP              | US        |     53521 | NS      | $1269518.12   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TWO HARBORS INV CORP           | Two Harbors Investment Corp           | CUSIP: 90187B309<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EP               | CORP              | US        |    107653 | NS      | $2482478.18   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| VALLEY NATIONAL BANCORP        | Valley National Bancorp               | CUSIP: 919794206<br>LEI: 549300ET52S1UBIB9762 | Long             | EP               | CORP              | US        |     48751 | NS      | $1224137.61   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTRUST FINANCIAL CORP        | Wintrust Financial Corp               | CUSIP: 97650W405<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EP               | CORP              | US        |     52981 | NS      | $1325054.81   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTRUST FINANCIAL CORP        | Wintrust Financial Corp               | CUSIP: 97650W504<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EP               | CORP              | US        |    121863 | NS      | $3059979.93   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| SEAPEAK LLC                    | Seapeak LLC                           | CUSIP: EP0537951<br>LEI: 549300CP38L0UER0I397 | Long             | EP               | CORP              | MH        |     69901 | NS      | $1751020.05   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP           | AGNC Investment Corp                  | CUSIP: 00123Q609<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     99610 | NS      | $2434468.40   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNALY CAPITAL MGMT            | Annaly Capital Management Inc         | CUSIP: 035710862<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |    180145 | NS      | $4397339.45   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLANTICUS HOLDINGS CORP       | Atlanticus Holdings Corp              | CUSIP: 04914Y409<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     67182 | NS      | $1691642.76   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| B RILEY FINANCIAL INC          | B Riley Financial Inc                 | CUSIP: 05580M793<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |    137642 | NS      | $1311728.26   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                  | CUSIP: 060505195<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |    189509 | NS      | $4531160.19   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORP               | Duke Energy Corp                      | CUSIP: 26441C501<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EP               | CORP              | US        |    423885 | NS      | $10575930.75  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FAT BRANDS INC                 | FAT Brands Inc                        | CUSIP: 30258N501<br>LEI: 549300TZCVF3UHX37729 | Long             | EP               | CORP              | US        |     89099 | NS      | $621911.02    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP            | Fifth Third Bancorp                   | CUSIP: 316773886<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |     84779 | NS      | $2066912.02   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| GLADSTONE INVESTMENT COR       | Gladstone Investment Corp             | CUSIP: 376546867<br>LEI: 549300HFFTVIBC98Z362 | Long             | EP               | CORP              | US        |     53626 | NS      | $1349230.16   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The           | CUSIP: 38144X609<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |     84779 | NS      | $1916005.40   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| HARTFORD INSUR GRP INC/T       | Hartford Insurance Group Inc/The      | CUSIP: 416518603<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EP               | CORP              | US        |    146239 | NS      | $3661824.56   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA FINANCIAL INC             | Voya Financial Inc                    | CUSIP: 929089209<br>LEI: 549300T065Z4KJ686G75 | Long             | EP               | CORP              | US        |    127164 | NS      | $3086270.28   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| WESBANCO INC                   | WesBanco Inc                          | CUSIP: 950810705<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     63582 | NS      | $1602902.22   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO INTERNATIONAL INC        | WESCO International Inc               | CUSIP: 95082P303<br>LEI: 529900TXOGREY3WNJ434 | Long             | EP               | CORP              | US        |    228256 | NS      | $5804550.08   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNALY CAPITAL MGMT            | Annaly Capital Management Inc         | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |    305195 | NS      | $7690914.00   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY TRUST INC         | Arbor Realty Trust Inc                | CUSIP: 038923850<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |    120196 | NS      | $2581810.08   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ATHENE HOLDING LTD             | Athene Holding Ltd                    | CUSIP: 04686J309<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |    230340 | NS      | $5770017.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLANTICUS HOLDINGS CORP       | Atlanticus Holdings Corp              | CUSIP: 04914Y300<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     62820 | NS      | $1518987.60   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW MOUNTAIN FINANCE COR       | New Mountain Finance Corp             | CUSIP: 647551308<br>LEI: 549300L1MPTT1H7SES77 | Long             | EP               | CORP              | US        |     48751 | NS      | $1249975.64   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MORTGAGE TRUST        | New York Mortgage Trust Inc           | CUSIP: 649604865<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EP               | CORP              | US        |     60830 | NS      | $1296895.60   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD NATL BANCORP               | Old National Bancorp/IN               | CUSIP: 68003D204<br>LEI: 549300MMK90CL5KMVX16 | Long             | EP               | CORP              | US        |     45781 | NS      | $1156428.06   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD NATL BANCORP               | Old National Bancorp/IN               | CUSIP: 68003D303<br>LEI: 549300MMK90CL5KMVX16 | Long             | EP               | CORP              | US        |     51930 | NS      | $1296172.80   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC MTGE INVESTMENT       | PennyMac Mortgage Investment Trust    | CUSIP: 70931T400<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |     82657 | NS      | $2023443.36   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC MTGE INVESTMENT       | PennyMac Mortgage Investment Trust    | CUSIP: 70931T707<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |     73122 | NS      | $1864611.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-26

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer