# EDGAR Filing Document

**Accession Number:** 0001450011
**File Stem:** 0001099263-26-003089
**Filing Date:** 2026-3
**Character Count:** 87648
**Document Hash:** c6c1cf3d0f467b2b594c184793ab77a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-26-003089.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001099263-26-003089

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO ETF Trust
- **CENTRAL INDEX KEY:** 0001450011

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22250
- **FILM NUMBER:** 26705912

**BUSINESS ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** 949.720.6000

**MAIL ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

## Series and Classes Contracts Data

### PIMCO Preferred and Capital Securities Active Exchange-Traded Fund (Series ID: S000078313)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000239077 | PIMCO Preferred and Capital Securities Active Exchange-Traded Fund | PRFD            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** PIMCO ETF Trust

- **b. Investment Company Act file number:** 811-22250

- **c. CIK number of Registrant:** 0001450011

- **d. LEI of Registrant:** 5493004M9TBGFQUJ6D27

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

  - **Street Address 1:** 650 Newport Center Drive

  - **City:** Newport Beach

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 92660

  - **Telephone number:** (888) 400-4383

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

- **a. Name of Series:** PIMCO Preferred and Capital Securities Active Exchange-Traded Fund

- **b. EDGAR series identifier (if any):** S000078313

- **c. LEI of Series:** 549300XBG0GWIQBZLV45

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

- **a. Date of fiscal year-end:** 2026-06-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $204933863.08

**Total Liabilities:** $2759291.39

**Net Assets:** $202174571.69

**Cash Not Reported:** $2185151.70

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1352.400800 | **1-Year:** 23735.840500 | **5-Year:** 61769.849600 | **10-Year:** 15503.988000 | **30-Year:** 474.014400

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

- **3-Month:** 3195.433800 | **1-Year:** 3868.612000 | **5-Year:** 6993.579000 | **10-Year:** 1456.680800 | **30-Year:** 152.548200

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000239077 | 0.75%                | 0.15%                | 0.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $140042.44               | $147885.67                                 |
| Month 2  | $320916.42               | $-950914.64                                |
| Month 3  | $174884.04               | $187660.05                                 |

**Designated Index Information**

- **Index Name:** Fund Securities Portfolio

- **Index Identifier:** 0

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NIPPON LIFE INSURANCE COMPANY                             | NIPPON LIFE INSURANCE SUBORDINATED 144A 04/55 VAR      | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |   1900000 | PA      | $2047086.60   | 1.01%             | 2055-04-30      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | US 5YR NOTE (CBT) MAR26 XCBT 20260331                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |       -15 | NC      | $1802.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | US ULTRA BOND CBT MAR26 XCBT 20260320                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |       114 | NC      | $-219445.69   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN PIPELINE LP                           | PLAINS ALL AMERICAN PIPE JR SUBORDINA 12/99 VAR        | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |    498000 | PA      | $499796.29    | 0.25%             | 2026-02-05      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | EURO-BOBL FUTURE  MAR26 XEUR 20260306                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | DE        |        -8 | NC      | $8405.41      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY INC                       | AMERICAN ELECTRIC POWER JR SUBORDINA 12/54 VAR         | CUSIP: 025537BA8<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    700000 | PA      | $753086.60    | 0.37%             | 2054-12-15      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                                    | STANDARD CHARTERED PLC JR SUBORDINA 144A 12/99 VAR     | CUSIP: 853254DH0<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $514845.00    | 0.25%             | 2035-11-14      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NEW YORK MELLON CORP (BNY MELLON)                 | BANK OF NY MELLON CORP JR SUBORDINA 12/49 VAR          | CUSIP: 064058AF7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |    400000 | NS      | $397988.00    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| MEIJI YASUDA LIFE INSURANCE COMPANY                       | MEIJI YASUDA LIFE INSURA SUBORDINATED 144A 06/55 VAR   | CUSIP: 585270AE1<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |    500000 | PA      | $519018.00    | 0.26%             | 2055-06-11      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK OF COMMERCE (CIBC)                 | CANADIAN IMPERIAL BANK JR SUBORDINA 01/85 VAR          | CUSIP: 13607PNF7<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   1800000 | PA      | $1856316.60   | 0.92%             | 2085-01-28      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC JR SUBORDINA 12/99 VAR                   | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    500000 | NS      | $511815.00    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                  | COREBRIDGE FINANCIAL INC JR SUBORDINA 12/52 VAR        | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1043000 | PA      | $1068584.06   | 0.53%             | 2052-12-15      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                         | HSBC HOLDINGS PLC JR SUBORDINA 12/99 VAR               | CUSIP: 404280BP3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1200000 | PA      | $1228081.20   | 0.61%             | 2028-03-23      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                               | BANK OF AMERICA CORP JR SUBORDINA 12/99 VAR            | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |   1433000 | NS      | $1420590.22   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY INC                                    | CENTERPOINT ENERGY INC JR SUBORDINA 05/55 VAR          | CUSIP: 15189TBP1<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    400000 | PA      | $412205.20    | 0.20%             | 2055-05-15      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | US LONG BOND(CBT) MAR26 XCBT 20260320                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |        71 | NC      | $-88683.23    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                     | TORONTO DOMINION BANK JR SUBORDINA 10/82 VAR           | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   1728000 | PA      | $1823608.20   | 0.90%             | 2082-10-31      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                              | ING GROEP NV JR SUBORDINA REGS 12/49 VAR               | CUSIP: ACI2MS9X4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   1400000 | PA      | $1519915.60   | 0.75%             | 2030-05-16      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                       | INTESA SANPAOLO SPA 144A 06/54 VAR                     | CUSIP: 46115HCB1<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    300000 | PA      | $356714.12    | 0.18%             | 2054-06-20      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | REVERSE REPO MERRILL LYNCH                             | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -307088 | PA      | $-307445.77   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                              | BARCLAYS PLC JR SUBORDINA 12/99 8                      | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   2400000 | PA      | $2570654.40   | 1.27%             | 2029-03-15      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| THE DAI-ICHI LIFE INSURANCE COMPANY LIMITED               | DAI ICHI LIFE INSURANCE SUBORDINATED 144A 12/99 VAR    | CUSIP: 23381LAA2<br>LEI: 3538001235ACEIORUV72 | Long             | DBT              | CORP              | JP        |    800000 | PA      | $838935.20    | 0.41%             | 2035-01-16      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG                                            | COMMERZBANK AG JR SUBORDINA REGS 12/99 VAR             | CUSIP: ACI2RHVC4<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |   1800000 | PA      | $1893046.50   | 0.94%             | 2030-10-09      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATION TRUST | AERCAP IRELAND CAP/GLOBA COMPANY GUAR 03/55 VAR        | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    600000 | PA      | $629423.25    | 0.31%             | 2055-03-10      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | SOLD EUR BOUGHT USD 20260114                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-8536.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                            | MORGAN STANLEY JR SUBORDINA VAR                        | CUSIP: 61745VAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    400000 | NS      | $401260.00    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                          | SOCIETE GENERALE JR SUBORDINA 144A 12/99 VAR           | CUSIP: 83370RAA6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $479546.20    | 0.24%             | 2030-11-18      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORPORATION                                  | STATE STREET CORP JR SUBORDINA 12/99 VAR               | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |   1400000 | NS      | $1455902.00   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC (FIN) COMPANY                             | GLOBAL ATLANTIC FIN CO COMPANY GUAR 144A 10/54 VAR     | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    550000 | PA      | $570933.55    | 0.28%             | 2054-10-15      | Floating      | 7.95%                 | No            |                  2 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                                   | BANK OF NOVA SCOTIA JR SUBORDINA 04/85 VAR             | CUSIP: 0641598X7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1040632.00   | 0.51%             | 2085-04-27      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY INC                                    | CENTERPOINT ENERGY INC JR SUBORDINA 02/55 VAR          | CUSIP: 15189TBJ5<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    900000 | PA      | $966006.00    | 0.48%             | 2055-02-15      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | RFR USD SOFR/3.25000 06/18/25-5Y LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $30396.16     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | PARIBAS REPO                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | RA               |  | US        |   7600000 | PA      | $7600000.00   | 3.76%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                              | BARCLAYS PLC JR SUBORDINA 12/99 VAR                    | CUSIP: ACI2DC109<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $291160.68    | 0.14%             | 2028-09-15      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | RFR USD SOFR/3.25000 03/19/25-30Y LCH                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $65688.04     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                              | UBS GROUP AG JR SUBORDINA 144A 12/99 VAR               | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    500000 | PA      | $550099.50    | 0.27%             | 2028-11-13      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORPORATION                                  | STATE STREET CORP JR SUBORDINA 12/99 VAR               | CUSIP: 857477CM3<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |    700000 | NS      | $732977.00    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                              | ENBRIDGE INC SUBORDINATED 01/83 VAR                    | CUSIP: 29250NBP9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1100000 | PA      | $1198489.60   | 0.59%             | 2083-01-15      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                  | LLOYDS BANKING GROUP PLC JR SUBORDINA 12/99 VAR        | CUSIP: 53944YBB8<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    900000 | PA      | $935820.90    | 0.46%             | 2031-09-27      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                  | PRUDENTIAL FINANCIAL INC JR SUBORDINA 09/52 VAR        | CUSIP: 744320BK7<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   1518000 | PA      | $1568960.78   | 0.78%             | 2052-09-01      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                              | NISOURCE INC JR SUBORDINA 11/54 VAR                    | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    800000 | PA      | $836861.60    | 0.41%             | 2054-11-30      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS INC                       | NEXTERA ENERGY CAPITAL COMPANY GUAR 06/54 VAR          | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1922607.92   | 0.95%             | 2054-06-15      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| SVB FINANCIAL TRUST                                       | SVB FINL TR                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     48000 | NS      | $6240.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                              | UBS GROUP AG JR SUBORDINA REGS 12/99 VAR               | CUSIP: H42097ER4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1100000 | PA      | $1290659.70   | 0.64%             | 2033-11-13      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                            | MORGAN STANLEY PREFERRED STOCK 6.625                   | CUSIP: 61762V838<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     36000 | NS      | $940680.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                                                    | SEMPRA JR SUBORDINA 10/54 VAR                          | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1702143.30   | 0.84%             | 2054-10-01      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                    | SEMPRA JR SUBORDINA 10/54 VAR                          | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    300000 | PA      | $305305.35    | 0.15%             | 2054-10-01      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                              | UBS GROUP AG JR SUBORDINA 144A 12/99 VAR               | CUSIP: 902613BK3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1000000 | PA      | $1082247.00   | 0.54%             | 2031-04-12      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                             | ALLSTATE CORP SUBORDINATED 08/53 VAR                   | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |   1146000 | PA      | $1150656.20   | 0.57%             | 2053-08-15      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP/THE                                   | CHARLES SCHWAB CORP JR SUBORDINA 12/99 VAR             | CUSIP: 808513AR6<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |    400000 | NS      | $392548.00    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORPORATION                              | TRUIST FINANCIAL CORP JR SUBORDINA 12/99 VAR           | CUSIP: 89832QAF6<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |    648000 | NS      | $652918.32    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| EVERGY INC                                                | EVERGY INC JR SUBORDINA 06/55 VAR                      | CUSIP: 30034WAE6<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |    810000 | PA      | $831799.53    | 0.41%             | 2055-06-01      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE COMPANY                             | NIPPON LIFE INSURANCE SUBORDINATED 144A 04/54 VAR      | CUSIP: 654579AN1<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    700000 | PA      | $729290.79    | 0.36%             | 2054-04-16      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FINANCIAL GROUP INC (MUFG)                 | MITSUBISHI UFJ FIN GRP JR SUBORDINA 12/99 VAR          | CUSIP: 606822DD3<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    400000 | PA      | $440597.10    | 0.22%             | 2029-01-15      | Floating      | 8.20%                 | No            |                  2 | On Loan: No      |
| COBANK ACB (AKA: COBANK AB)                               | COBANK ACB JR SUBORDINA 12/99 VAR                      | CUSIP: 19075QAG7<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | EP               | NUSS              | US        |     75000 | NS      | $77881.50     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                              | ENBRIDGE INC SUBORDINATED 01/84 VAR                    | CUSIP: 29250NBS3<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    700000 | PA      | $749522.20    | 0.37%             | 2084-01-15      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| SIERRA PACIFIC POWER COMPANY                              | SIERRA PACIFIC POWER CO JR SUBORDINA 12/55 VAR         | CUSIP: 826418BR5<br>LEI: QB888G5GSVGE1LD1WV84 | Long             | DBT              | CORP              | US        |    700000 | PA      | $694117.83    | 0.34%             | 2055-12-15      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                               | BNP PARIBAS JR SUBORDINA 144A 12/99 VAR                | CUSIP: 05602XJC3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $418958.80    | 0.21%             | 2034-09-10      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| DRESDNER FUNDING TRUST I                                  | DRESDNER FNDG TRUST I JR SUBORDINA REGS 06/31 8.151    | CUSIP: U24118AA6<br>LEI: 549300ZEO4BKB37E3J03 | Long             | DBT              | CORP              | US        |    400000 | PA      | $440338.92    | 0.22%             | 2031-06-30      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA/TAXAS BRANCH                             | BBVA MEX BANCA GRUPO TX SUBORDINATED 144A 01/39 VAR    | CUSIP: 07336UAB9<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |   1800000 | PA      | $1948478.40   | 0.96%             | 2039-01-08      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP INC                               | AMERICAN NATIONAL GROUP JR SUBORDINA 12/55 VAR         | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1005456.00   | 0.50%             | 2055-12-01      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| SWISS RE SUBORDINATED FINANCE PLC                         | SWISS RE SUB FIN PLC COMPANY GUAR 144A 04/35 VAR       | CUSIP: 87088QAA2<br>LEI: 636700H29EH5Z8ZU8L04 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $520503.28    | 0.26%             | 2035-04-05      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | RFR USD SOFR/3.25000 03/19/25-10Y LCH                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $268463.11    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| TRANSCANADA TRUST                                         | TRANSCANADA TRUST COMPANY GUAR 03/82 VAR               | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |   1736000 | PA      | $1721260.67   | 0.85%             | 2082-03-07      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA TRUST                                         | TRANSCANADA TRUST COMPANY GUAR 09/79 VAR               | CUSIP: 89356BAE8<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |   1600000 | PA      | $1593904.16   | 0.79%             | 2079-09-15      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                     | WELLS FARGO + COMPANY PREFERRED STOCK 4.75             | CUSIP: 94988U151<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     41300 | NS      | $804937.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BBVA BANCOMER SA/TAXAS BRANCH                             | BBVA MEX BANCA GRUPO TX SUBORDINATED 144A 02/35 VAR    | CUSIP: 072912AA6<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    500000 | PA      | $526250.00    | 0.26%             | 2035-02-11      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                   | GOLDMAN SACHS GROUP INC JR SUBORDINA 12/99 VAR         | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    700000 | NS      | $728497.00    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                                   | BANK OF NOVA SCOTIA JR SUBORDINA 10/82 VAR             | CUSIP: 0641598S8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $531367.53    | 0.26%             | 2082-10-27      | Floating      | 8.62%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                     | TORONTO DOMINION BANK JR SUBORDINA 07/84 VAR           | CUSIP: 89116CKP1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $316350.30    | 0.16%             | 2084-07-31      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                   | GOLDMAN SACHS GROUP INC PREFERRED STOCK VAR            | CUSIP: 38144G804<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |     23700 | NS      | $460965.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES GROUP INC                          | PNC FINANCIAL SERVICES JR SUBORDINA 12/99 VAR          | CUSIP: 693475BD6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EP               | CORP              | US        |   1200000 | NS      | $1213308.00   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                      | ROYAL BANK OF CANADA JR SUBORDINA 05/84 VAR            | CUSIP: 780082AR4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   3400000 | PA      | $3611361.00   | 1.79%             | 2084-05-02      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARGENTARIA SA (BBVA)                 | BANCO BILBAO VIZCAYA ARG JR SUBORDINA 12/99 VAR        | CUSIP: 05946KAM3<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    361000 | PA      | $403155.05    | 0.20%             | 2029-03-19      | Floating      | 9.38%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES GROUP INC                          | PNC FINANCIAL SERVICES JR SUBORDINA 12/99 VAR          | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EP               | CORP              | US        |    300000 | NS      | $294162.00    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                              | ENBRIDGE INC SUBORDINATED 07/80 VAR                    | CUSIP: 29250NBC8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   2515000 | PA      | $2548477.17   | 1.26%             | 2080-07-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC (FIN) COMPANY                             | GLOBAL ATLANTIC FIN CO COMPANY GUAR 144A 03/56 VAR     | CUSIP: 37959GAH0<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    500000 | PA      | $502581.16    | 0.25%             | 2056-03-01      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | RFR USD SOFR/3.75000 06/20/24-5Y LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $-55229.11    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP                                           | NORDEA BANK ABP JR SUBORDINA 144A 12/99 VAR            | CUSIP: 65558RAK5<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    200000 | PA      | $205060.60    | 0.10%             | 2031-09-25      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | SOLD EUR BOUGHT USD 20260114                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-14956.54    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| METLIFE INC                                               | METLIFE INC SUBORDINATED 03/55 VAR                     | CUSIP: 59156RCQ9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    500000 | PA      | $527565.00    | 0.26%             | 2055-03-15      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                        | ALLY FINANCIAL INC JR SUBORDINA 12/99 VAR              | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EP               | CORP              | US        |    716000 | NS      | $681109.32    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | US 10YR ULTRA FUT MAR26 XCBT 20260320                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |        42 | NC      | $-17582.28    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES INCORPORATED                        | HUNTINGTON BANCSHARES JR SUBORDINA 12/99 VAR           | CUSIP: 446150AT1<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |    500000 | NS      | $508990.00    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY INC                       | AMERICAN ELECTRIC POWER JR SUBORDINA 12/54 VAR         | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    300000 | PA      | $315394.50    | 0.16%             | 2054-12-15      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                    | BP CAPITAL MARKETS PLC COMPANY GUAR 12/99 VAR          | CUSIP: 05565QDW5<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |   2300000 | PA      | $2450622.40   | 1.21%             | 2033-12-01      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | RFR USD SOFR/3.50000 12/17/25-2Y LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $12155.99     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| COMPEER FINANCIAL ACA                                     | COMPEER FINANCIAL ACA JR SUBORDINA 144A 12/99 VAR      | CUSIP: 20453QAC6<br>LEI: 54930020HTACTODKHT04 | Long             | EP               | CORP              | US        |   1500000 | NS      | $1546695.00   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLOBAL FINANCE LLC                        | BURFORD CAPITAL GLBL FIN COMPANY GUAR 144A 07/31 9.25  | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    695000 | PA      | $716445.62    | 0.35%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                         | NATWEST GROUP PLC JR SUBORDINA 12/99 VAR               | CUSIP: 639057AT5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    800000 | PA      | $849091.20    | 0.42%             | 2034-11-19      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA (AKA: RABOBANK NEDERLAND)        | COOPERATIEVE RABOBANK UA JR SUBORDINA REGS 12/99 VAR   | CUSIP: ACI24Q0C3<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    800000 | PA      | $952466.45    | 0.47%             | 2029-06-29      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | RFR USD SOFR/3.75000 12/18/24-2Y LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $3681.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                              | BARCLAYS PLC JR SUBORDINA 12/99 VAR                    | CUSIP: 06738ECN3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1137011.00   | 0.56%             | 2029-12-15      | Floating      | 9.62%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP INC                              | CITIZENS FINANCIAL GROUP JR SUBORDINA 12/99 VAR        | CUSIP: 174610AP0<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |    200000 | NS      | $199696.00    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                      | ROYAL BANK OF CANADA JR SUBORDINA 08/85 VAR            | CUSIP: 780082AV5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $519774.00    | 0.26%             | 2085-08-24      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                               | BNP PARIBAS JR SUBORDINA REGS 12/99 VAR                | CUSIP: F1067PAD8<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    900000 | PA      | $963750.38    | 0.48%             | 2027-11-17      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORPORATION                                    | CMS ENERGY CORP JR SUBORDINA 12/50 VAR                 | CUSIP: 125896BV1<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1199805.88   | 0.59%             | 2050-12-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA (EDF)                            | ELECTRICITE DE FRANCE SA JR SUBORDINA 144A 12/99 VAR   | CUSIP: 28504KAA5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |   1715000 | PA      | $2001214.64   | 0.99%             | 2033-03-15      | Floating      | 9.12%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE & CO                                      | JPMORGAN CHASE + CO PREFERRED STOCK 4.625              | CUSIP: 48128B549<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |     40500 | NS      | $795420.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                                     | WELLS FARGO + COMPANY JR SUBORDINA 12/99 VAR           | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |   3200000 | NS      | $3347296.00   | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY INC                                    | CENTERPOINT ENERGY INC JR SUBORDINA 02/55 VAR          | CUSIP: 15189TBH9<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260891.75    | 0.13%             | 2055-02-15      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                       | DOMINION ENERGY INC JR SUBORDINA 02/56 VAR             | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300404.27    | 0.15%             | 2056-02-15      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | CDX HY45 5Y ICE                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |         1 | NC      | $528565.99    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | US 2YR NOTE (CBT) MAR26 XCBT 20260331                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |       -11 | NC      | $-1330.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COBANK ACB (AKA: COBANK AB)                               | COBANK ACB JR SUBORDINA 12/99 VAR                      | CUSIP: 19075QAE2<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | EP               | NUSS              | US        |    400000 | NS      | $403212.00    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| VOYA FINANCIAL INC                                        | VOYA FINANCIAL INC PREFERRED STOCK VAR                 | CUSIP: 929089209<br>LEI: 549300T065Z4KJ686G75 | Long             | EP               | CORP              | US        |     20700 | NS      | $511911.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                       | RFR USD SOFR/3.75000 12/18/24-5Y LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $10569.89     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                  | PRUDENTIAL FINANCIAL INC JR SUBORDINA 03/54 VAR        | CUSIP: 744320BP6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    900000 | PA      | $951731.57    | 0.47%             | 2054-03-15      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                                    | STANDARD CHARTERED PLC JR SUBORDINA 144A 12/99 VAR     | CUSIP: 853254DA5<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    800000 | PA      | $857272.00    | 0.42%             | 2030-03-08      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORPORATION                                    | CMS ENERGY CORP JR SUBORDINA 06/55 VAR                 | CUSIP: 125896BY5<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1440376.00   | 0.71%             | 2055-06-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                                    | CVS HEALTH CORP JR SUBORDINA 03/55 VAR                 | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    400000 | PA      | $419879.23    | 0.21%             | 2055-03-10      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BANK OF TEXAS                                 | FARM CREDIT BK OF TEXAS JR SUBORDINA 12/99 VAR         | CUSIP: 30767EAE9<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | EP               | USGSE             | US        |    500000 | NS      | $524655.00    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                     | WELLS FARGO + COMPANY JR SUBORDINA 12/99 VAR           | CUSIP: 95002YAA1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |   1133000 | NS      | $1209511.49   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                          | SOCIETE GENERALE JR SUBORDINA 144A 12/99 VAR           | CUSIP: 83371GAA9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    600000 | PA      | $667353.60    | 0.33%             | 2028-11-14      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| N/A                                                       | RFR USD SOFR/3.00000 03/19/25-2Y LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $-31577.14    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                               | BANK OF AMERICA CORP JR SUBORDINA 12/99 VAR            | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |   2300000 | NS      | $2396738.00   | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY INC                       | AMERICAN ELECTRIC POWER JR SUBORDINA 03/56 VAR         | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    700000 | PA      | $688110.47    | 0.34%             | 2056-03-15      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | EURO-BUND FUTURE  MAR26 XEUR 20260306                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | DE        |        -6 | NC      | $11381.51     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VODAFONE GROUP PLC                                        | VODAFONE GROUP PLC JR SUBORDINA 04/79 VAR              | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |   1600000 | PA      | $1696083.81   | 0.84%             | 2079-04-04      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                       | DOMINION ENERGY INC JR SUBORDINA 05/55 VAR             | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1237220.40   | 0.61%             | 2055-05-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | US 10YR NOTE (CBT)MAR26 XCBT 20260320                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |       122 | NC      | $-66090.53    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| AFRICAN DEVELOPMENT BANK                                  | AFRICAN DEVELOPMENT BANK JR SUBORDINA 12/99 VAR        | CUSIP: 008281BK2<br>LEI: 549300LNCLMO3ITVCU07 | Long             | DBT              | CORP              | N/A       |    500000 | PA      | $500625.00    | 0.25%             | 2035-05-07      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| VOYA FINANCIAL INC                                        | VOYA FINANCIAL INC JR SUBORDINA 12/99 VAR              | CUSIP: 929089AG5<br>LEI: 549300T065Z4KJ686G75 | Long             | EP               | CORP              | US        |    925000 | NS      | $977891.50    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                     | WELLS FARGO + COMPANY JR SUBORDINA 12/99 VAR           | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |   1500000 | NS      | $1495830.00   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                  | COREBRIDGE FINANCIAL INC COREBRIDGE FINANCIAL INC      | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1209842.40   | 0.60%             | 2054-09-15      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| EUSHI FINANCE INC                                         | EUSHI FINANCE INC COMPANY GUAR 04/56 VAR               | CUSIP: 29882DAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $400899.72    | 0.20%             | 2056-04-01      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIONS PLC                            | BRITISH TELECOMMUNICATIO COMPANY GUAR 144A 11/81 VAR   | CUSIP: 11102AAG6<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $387308.64    | 0.19%             | 2081-11-23      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                         | NATWEST GROUP PLC JR SUBORDINA 12/99 VAR               | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   2200000 | PA      | $2481613.20   | 1.23%             | 2033-11-10      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                              | UBS GROUP AG JR SUBORDINA 144A 12/99 VAR               | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    400000 | PA      | $410139.83    | 0.20%             | 2034-08-10      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                         | HSBC HOLDINGS PLC JR SUBORDINA 12/99 VAR               | CUSIP: 404280FA2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1042471.00   | 0.52%             | 2030-06-05      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                       | DOMINION ENERGY INC JR SUBORDINA 06/54 VAR             | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    500000 | PA      | $543300.50    | 0.27%             | 2054-06-01      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DEL NORTE SA/ GRAND CAYMAN BRANCH         | BANCO MERCANTIL DE NORTE JR SUBORDINA REGS 12/99 VAR   | CUSIP: P14008AE9<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |   1500000 | PA      | $1544008.52   | 0.76%             | 2028-01-10      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                      | EDISON INTERNATIONAL JR SUBORDINA 06/53 VAR            | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    300000 | PA      | $312366.32    | 0.15%             | 2053-06-15      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPERATING LLC                         | ENTERPRISE PRODUCTS OPER COMPANY GUAR 08/77 VAR        | CUSIP: 29379VBM4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    489000 | PA      | $489071.36    | 0.24%             | 2077-08-16      | Floating      | 7.10%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                       | SYNCHRONY FINANCIAL PREFERRED STOCK VAR                | CUSIP: 87165B400<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EP               | CORP              | US        |     19200 | NS      | $504768.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT SUISSE GROUP AG                                    | CS AT1 CLAIMS US225401AX66 CREDIT SUISSE GROUP AG      | CUSIP: 952NPJ000<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | US        |    800000 | PA      | $236000.00    | 0.12%             | 2060-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION                         | CAPITAL ONE FINANCIAL CO JR SUBORDINA 12/99 VAR        | CUSIP: 14040HCF0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |   1600000 | NS      | $1581328.00   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                             | ALLSTATE CORP JR SUBORDINA 05/67 VAR                   | CUSIP: 020002AU5<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    400000 | PA      | $422006.80    | 0.21%             | 2067-05-15      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                  | PRUDENTIAL FINANCIAL INC JR SUBORDINA 03/52 VAR        | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1190547.78   | 0.59%             | 2052-03-01      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| SVENSKA HANDELSBANKEN AB                                  | SVENSKA HANDELSBANKEN AB JR SUBORDINA REGS 12/99 VAR   | CUSIP: ACI1RWDZ2<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |   1000000 | PA      | $991113.09    | 0.49%             | 2027-03-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORPORATION                                       | ENTERGY CORP JR SUBORDINA 06/56 VAR                    | CUSIP: 29364GAS2<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299662.76    | 0.15%             | 2056-06-15      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                                   | BANK OF NOVA SCOTIA JR SUBORDINA 10/85 VAR             | CUSIP: 06419GEE2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $512907.91    | 0.25%             | 2085-10-27      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC JR SUBORDINA 12/99 VAR                   | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |   1700000 | NS      | $1790831.00   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY INC                       | AMERICAN ELECTRIC POWER JR SUBORDINA 02/62 VAR         | CUSIP: 025537AU5<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    400000 | PA      | $393574.56    | 0.19%             | 2062-02-15      | Floating      | 3.88%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE COMPANY                             | NIPPON LIFE INSURANCE SUBORDINATED 144A 09/53 VAR      | CUSIP: 654579AM3<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |   1000000 | PA      | $1060509.95   | 0.52%             | 2053-09-13      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| SVENSKA HANDELSBANKEN AB                                  | SVENSKA HANDELSBANKEN AB JR SUBORDINA REGS 12/99 VAR   | CUSIP: ACI1RWFN7<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |   1000000 | PA      | $952362.60    | 0.47%             | 2031-03-01      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP/THE                                   | CHARLES SCHWAB CORP JR SUBORDINA 12/99 VAR             | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |   2336000 | NS      | $2183529.28   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                                  | AMERICAN EXPRESS CO JR SUBORDINA 12/99 VAR             | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | EP               | CORP              | US        |   1400000 | NS      | $1381842.00   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                                   | BANK OF NOVA SCOTIA JR SUBORDINA 01/84 VAR             | CUSIP: 0641598V1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   1100000 | PA      | $1182490.10   | 0.58%             | 2084-01-27      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                   | GOLDMAN SACHS GROUP INC JR SUBORDINA 12/99 VAR         | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |   2600000 | NS      | $2753478.00   | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC JR SUBORDINA 12/99 VAR                   | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |   3800000 | NS      | $3916052.00   | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                   | GOLDMAN SACHS GROUP INC JR SUBORDINA 12/99 VAR         | CUSIP: 38144GAC5<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    650000 | NS      | $650968.50    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| ING GROEP NV                                              | ING GROEP NV JR SUBORDINA 12/99 VAR                    | CUSIP: 456837BT9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $1043662.00   | 0.52%             | 2032-11-16      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                        | ENERGY TRANSFER LP JR SUBORDINA 02/56 VAR              | CUSIP: 29273VBG4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    400000 | PA      | $398854.46    | 0.20%             | 2056-02-15      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                        | BANCO SANTANDER SA JR SUBORDINA 12/99 VAR              | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1800000 | PA      | $2174639.89   | 1.08%             | 2033-05-21      | Floating      | 9.62%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                        | BANCO SANTANDER SA JR SUBORDINA 12/99 VAR              | CUSIP: 05971KAP4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    800000 | PA      | $887344.80    | 0.44%             | 2028-11-21      | Floating      | 9.62%                 | No            |                  2 | On Loan: No      |
| EQUITABLE HOLDINGS INC                                    | EQUITABLE HOLDINGS INC JR SUBORDINA 03/55 VAR          | CUSIP: 29452EAD3<br>LEI: 549300FIBAKMNHPZ4009 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1046664.00   | 0.52%             | 2055-03-28      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                       | INTESA SANPAOLO SPA 144A 11/33 VAR                     | CUSIP: 46115HBV8<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   1074000 | PA      | $1268713.01   | 0.63%             | 2033-11-21      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | CDX HY44 5Y ICE                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |         1 | NC      | $32321.77     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                                       | NOMURA HOLDINGS INC JR SUBORDINA 12/99 VAR             | CUSIP: 65535HCC1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    800000 | PA      | $824646.40    | 0.41%             | 2030-07-15      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES GROUP INC                          | PNC FINANCIAL SERVICES JR SUBORDINA 12/99 VAR          | CUSIP: 693475BF1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EP               | CORP              | US        |    200000 | NS      | $203402.00    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                          | SOCIETE GENERALE JR SUBORDINA 144A 12/99 VAR           | CUSIP: 83370RAC2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    484000 | PA      | $517377.61    | 0.26%             | 2027-11-22      | Floating      | 9.38%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES INCORPORATED                        | HUNTINGTON BANCSHARES JR SUBORDINA 12/99 VAR           | CUSIP: 446150BG8<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |   1000000 | NS      | $1001790.00   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| DRESDNER FUNDING TRUST I                                  | DRESDNER FNDG TRUST I JR SUBORDINA 144A 06/31 8.151    | CUSIP: 26156FAA1<br>LEI: 549300ZEO4BKB37E3J03 | Long             | DBT              | CORP              | US        |    200000 | PA      | $220169.46    | 0.11%             | 2031-06-30      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                  | COREBRIDGE FINANCIAL INC JR SUBORDINA 12/99 VAR        | CUSIP: 21871XAU3<br>LEI: 549300XY1661QCIA7J65 | Long             | EP               | CORP              | US        |   1200000 | NS      | $1234536.00   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                               | BNP PARIBAS JR SUBORDINA 144A 12/99 VAR                | CUSIP: 05565AS20<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    969000 | PA      | $1037637.91   | 0.51%             | 2027-11-17      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | RFR USD SOFR/3.75000 06/20/24-7Y LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $-7099.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REINSURANCE GROUP OF AMERICA INCORPORATED                 | REINSURANCE GRP OF AMER SUBORDINATED 09/55 VAR         | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    900000 | PA      | $933441.30    | 0.46%             | 2055-09-15      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                    | SEMPRA JR SUBORDINA 04/56 VAR                          | CUSIP: 816851BW8<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153360.79    | 0.08%             | 2056-04-01      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK OF COMMERCE (CIBC)                 | CANADIAN IMPERIAL BANK JR SUBORDINA 10/85 VAR          | CUSIP: 13607P7Y4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    900000 | PA      | $940573.80    | 0.47%             | 2085-10-28      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                    | SEMPRA JR SUBORDINA 04/55 VAR                          | CUSIP: 816851BU2<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1269656.25   | 0.63%             | 2055-04-01      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | RFR USD SOFR/3.75000 12/18/24-10Y LCH                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $666.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TXNM ENERGY INC                                           | TXNM ENERGY INC JR SUBORDINA 144A 07/56 VAR            | CUSIP: 69349HAJ6<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | DBT              | CORP              | US        |    400000 | PA      | $398917.97    | 0.20%             | 2056-07-31      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                              | UBS GROUP AG JR SUBORDINA 144A 12/99 VAR               | CUSIP: 902613BN7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    800000 | PA      | $821259.20    | 0.41%             | 2029-09-10      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS INC                       | NEXTERA ENERGY CAPITAL COMPANY GUAR 09/54 VAR          | CUSIP: 65339KCW8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1247615.09   | 0.62%             | 2054-09-01      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| SCE TRUST VII                                             | SCE TRUST VII PREFERRED STOCK 7.5                      | CUSIP: 783892201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     12000 | NS      | $306180.00    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                        | ENERGY TRANSFER LP JR SUBORDINA 12/99 VAR              | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |   1800000 | NS      | $1846620.00   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPERATING LLC                         | ENTERPRISE PRODUCTS OPER COMPANY GUAR 02/78 VAR        | CUSIP: 29379VBR3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    435000 | PA      | $433738.37    | 0.21%             | 2078-02-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARGENTARIA SA (BBVA)                 | BANCO BILBAO VIZCAYA ARG JR SUBORDINA 12/99 VAR        | CUSIP: 05946KAS0<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |   1000000 | PA      | $1073929.00   | 0.53%             | 2032-01-14      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                                   | BANK OF NOVA SCOTIA JR SUBORDINA 10/81 VAR             | CUSIP: 0641598N9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    479000 | PA      | $464508.04    | 0.23%             | 2081-10-27      | Floating      | 3.62%                 | Yes           |                  2 | On Loan: No      |
| METLIFE CAPITAL TRUST IV                                  | METLIFE CAPITAL TRUST IV JR SUBORDINA 144A 12/67 7.875 | CUSIP: 591560AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2330223.00   | 1.15%             | 2067-12-15      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                        | ENERGY TRANSFER LP JR SUBORDINA 12/99 VAR              | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |   1146000 | NS      | $1142458.86   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                        | VODAFONE GROUP PLC JR SUBORDINA 06/81 VAR              | CUSIP: 92857WBX7<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |   1300000 | PA      | $1021001.18   | 0.51%             | 2081-06-04      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                             | CITIGROUP INC JR SUBORDINA 12/99 VAR                   | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |   1600000 | NS      | $1623248.00   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                   | GOLDMAN SACHS GROUP INC JR SUBORDINA 12/99 VAR         | CUSIP: 38144GAG6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |   1000000 | NS      | $986640.00    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| FARM CREDIT BANK OF TEXAS                                 | FARM CREDIT BK OF TEXAS JR SUBORDINA 12/99 VAR         | CUSIP: 30767EAF6<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | EP               | USGSE             | US        |    600000 | NS      | $619008.00    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| SKANDINAVISKA ENSKILDA BANKEN AB                          | SKANDINAVISKA ENSKILDA JR SUBORDINA REGS 12/99 VAR     | CUSIP: BN2SXVII3<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |    400000 | PA      | $410784.30    | 0.20%             | 2027-06-30      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                               | METLIFE INC PREFERRED STOCK 4.75                       | CUSIP: 59156R850<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |     25100 | NS      | $495223.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                                            | MORGAN STANLEY PREFERRED STOCK 4.875                   | CUSIP: 61762V804<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     24700 | NS      | $504868.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AES CORPORATION                                           | AES CORP/THE JR SUBORDINA 07/55 VAR                    | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    600000 | PA      | $594959.40    | 0.29%             | 2055-07-15      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                       | RFR USD SOFR/3.75000 09/17/25-10Y LCH                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $2169.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                    | BP CAPITAL MARKETS PLC COMPANY GUAR 12/99 VAR          | CUSIP: 05565QDX3<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    600000 | PA      | $619072.80    | 0.31%             | 2035-03-18      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                               | METLIFE INC JR SUBORDINA 12/99 VAR                     | CUSIP: 59156RBT4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |    700000 | NS      | $712495.00    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| AT&T INC                                                  | AT+T INC PREFERRED STOCK 4.75                          | CUSIP: 00206R706<br>LEI: 549300Z40J86GGSTL398 | Long             | EP               | CORP              | US        |     30700 | NS      | $583914.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN CHASE & CO                                      | JPMORGAN CHASE + CO JR SUBORDINA 12/99 VAR             | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |   3600000 | NS      | $3739032.00   | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | RFR USD SOFR/3.00000 03/19/25-5Y LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $7929.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | RFR USD SOFR/3.50000 06/20/24-30Y LCH                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $-11672.36    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | RFR USD SOFR/3.75000 06/20/24-10Y LCH                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $121.95       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                          | BANK OF MONTREAL JR SUBORDINA 05/84 VAR                | CUSIP: 06368LQ58<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   1400000 | PA      | $1487435.32   | 0.74%             | 2084-05-26      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| DNB BANK ASA                                              | DNB BANK ASA DNB BANK ASA                              | CUSIP: ACI2P8HB4<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |   1600000 | PA      | $1681588.00   | 0.83%             | 2029-05-30      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                | US BANCORP JR SUBORDINA 12/99 VAR                      | CUSIP: 902973AZ9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |    688000 | NS      | $690621.28    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                        | BANCO SANTANDER SA BANCO SANTANDER SA                  | CUSIP: 05964HBH7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    600000 | PA      | $664167.60    | 0.33%             | 2034-02-01      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE & CO                                      | JPMORGAN CHASE + CO JR SUBORDINA 12/99 VAR             | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |    900000 | NS      | $950706.00    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                  | LIBERTY MUTUAL GROUP INC COMPANY GUAR 144A 12/51 VAR   | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1676628.26   | 0.83%             | 2051-12-15      | Floating      | 4.12%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES GROUP INC                          | PNC FINANCIAL SERVICES JR SUBORDINA 12/99 VAR          | CUSIP: 693475BP9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EP               | CORP              | US        |   2439000 | NS      | $2519657.73   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                          | DEUTSCHE BANK AG JR SUBORDINA REGS 12/99 VAR           | CUSIP: ACI371S17<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    800000 | PA      | $960723.64    | 0.48%             | 2034-10-30      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                               | BANK OF AMERICA CORP JR SUBORDINA 12/99 VAR            | CUSIP: 060505FL3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |   3418000 | NS      | $3454846.04   | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                       | SOLD GBP BOUGHT USD 20260114                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |         1 | NC      | $-5561.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                    | VENTURE GLOBAL LNG INC JR SUBORDINA 144A 12/99 VAR     | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | EP               | CORP              | US        |    700000 | NS      | $554967.00    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                  | LLOYDS BANKING GROUP PLC JR SUBORDINA 12/99 VAR        | CUSIP: 53944YAV5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   2333000 | PA      | $2525775.79   | 1.25%             | 2029-09-27      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| EXELON CORPORATION                                        | EXELON CORP JR SUBORDINA 03/55 VAR                     | CUSIP: 30161NBQ3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    600000 | PA      | $624724.82    | 0.31%             | 2055-03-15      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                  | LLOYDS BANKING GROUP PLC JR SUBORDINA 12/99 VAR        | CUSIP: 539439BF5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $399545.56    | 0.20%             | 2035-09-27      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                               | BNP PARIBAS JR SUBORDINA 144A 12/99 VAR                | CUSIP: 05602XDJ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $1083291.00   | 0.54%             | 2031-08-22      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORPORATION                                   | DUKE ENERGY CORP JR SUBORDINA 09/54 VAR                | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1995186.66   | 0.99%             | 2054-09-01      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                   | GOLDMAN SACHS GROUP INC JR SUBORDINA 12/99 VAR         | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |   1200000 | NS      | $1222932.00   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-27

**Name of Applicant:** PIMCO ETF Trust

**Signature:** /s/ Bijal Parikh

**Name of Signer:** Bijal Parikh

**Title:** Treasurer