# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-009870
**Filing Date:** 2025-9
**Character Count:** 159329
**Document Hash:** 3b6ed29ee2acdf948a0fe636b6431e91
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-009870.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0000894189-25-009870

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**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:** 251355307

**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            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **AAM Low Duration Preferred and Income Securities ETF** | **AAM Low Duration Preferred and Income Securities ETF** | **AAM Low Duration Preferred and Income Securities ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **CORPORATE BONDS - 75.1%** | **Par** | **Value** |
| **Communication Services - 3.6%** | **Communication Services - 3.6%** | **Communication Services - 3.6%** |
| Paramount Global | Paramount Global | Paramount Global |
| &nbsp;&nbsp; 6.25% to 02/28/2027 then 3 mo. LIBOR US + 3.90%, 02/28/2057 <sup>(a)</sup> | 1685000 | $1623919 |
| &nbsp;&nbsp; 6.38% to 03/30/2027 then 5 yr. CMT Rate + 4.00%, 03/30/2062 | 2590000 | 2551144 |
|  Rogers Communications, Inc., 7.00% to 04/15/2030 then 5 yr. CMT Rate + 2.65%, 04/15/2055 | 2850000 | 2913758 |
|  TELUS Corporation, 0.00% to 10/15/2030 then 5 yr. CMT Rate + 2.77%, 10/15/2055 | 1775000 | 1797478 |
| Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
| &nbsp;&nbsp; 7.00% (5 yr. Swap Rate USD + 4.87%), 04/04/2079 | 5180000 | 5413064 |
| &nbsp;&nbsp; 3.25% to 09/04/2026 then 5 yr. CMT Rate + 2.45%, 06/04/2081 | 1295000 | 1259593 |
| &nbsp;&nbsp; 4.13% to 06/04/2031 then 5 yr. CMT Rate + 2.77%, 06/04/2081 | 2590000 | 2385185 |
|  |  | 17944141 |
| **Communications - 0.5%** | **Communications - 0.5%** | **Communications - 0.5%** |
|  Bell Telephone Company of Canada or Bell Canada, 6.88% to 09/15/2030 then 5 yr. CMT Rate + 2.39%, 09/15/2055 | 2595000 | 2640187 |
| **Consumer Discretionary - 1.3%** | **Consumer Discretionary - 1.3%** | **Consumer Discretionary - 1.3%** |
|  Aptiv Swiss Holdings Ltd., 6.88% to 12/15/2029 then 5 yr. CMT Rate + 3.39%, 12/15/2054 | 1295000 | 1303537 |
| General Motors Financial Company, Inc. | General Motors Financial Company, Inc. | General Motors Financial Company, Inc. |
| &nbsp;&nbsp; 5.75% to 09/30/2027 then 3 mo. LIBOR US + 3.60%, Perpetual <sup>(a)</sup> | 2590000 | 2529236 |
| &nbsp;&nbsp; 6.50% to 09/30/2028 then 3 mo. LIBOR US + 3.44%, Perpetual <sup>(a)</sup> | 1295000 | 1270785 |
| &nbsp;&nbsp; 5.70% to 09/30/2030 then 5 yr. CMT Rate + 5.00%, Perpetual | 1290000 | 1258501 |
|  |  | 6362059 |
| **Energy - 9.0%** | **Energy - 9.0%** | **Energy - 9.0%** |
| BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
| &nbsp;&nbsp; 4.38% to 09/22/2025 then 5 yr. CMT Rate + 4.04%, Perpetual | 3110000 | 3105459 |
| &nbsp;&nbsp; 4.88% to 06/22/2030 then 5 yr. CMT Rate + 4.40%, Perpetual | 6475000 | 6369501 |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| &nbsp;&nbsp; 7.38% to 03/15/2030 then 5 yr. CMT Rate + 3.12%, 03/15/2055 | 1295000 | 1348186 |
| &nbsp;&nbsp; 6.00% to 01/15/2027 then 3 mo. Term SOFR + 4.15%, 01/15/2077 | 1940000 | 1937795 |
| &nbsp;&nbsp; 5.50% to 07/15/2027 then 3 mo. Term SOFR + 3.68%, 07/15/2077 | 2590000 | 2564264 |
| &nbsp;&nbsp; 6.25% to 03/01/2028 then 3 mo. Term SOFR + 3.90%, 03/01/2078 | 2200000 | 2207377 |
| &nbsp;&nbsp; 5.75% to 07/15/2030 then 5 yr. CMT Rate + 5.31%, 07/15/2080 | 2590000 | 2564097 |
| &nbsp;&nbsp; 7.38% to 01/15/2028 then 5 yr. CMT Rate + 3.71%, 01/15/2083 | 1295000 | 1333626 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| &nbsp;&nbsp; 6.50% to 11/15/2026 then 5 yr. CMT Rate + 5.69%, Perpetual | 2330000 | 2334446 |
| &nbsp;&nbsp; 6.63% to 02/15/2028 then 3 mo. LIBOR US + 4.16%, Perpetual <sup>(a)</sup> | 1425000 | 1417589 |
| &nbsp;&nbsp; 7.13% to 10/01/2029 then 5 yr. CMT Rate + 2.83%, 10/01/2054 <sup>(b)</sup> | 1035000 | 1061304 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| &nbsp;&nbsp; 5.25% to 08/16/2027 then 3 mo. Term SOFR + 3.29%, 08/16/2077 | 2590000 | 2561217 |
| &nbsp;&nbsp; 5.38% to 02/15/2028 then 3 mo. Term SOFR + 2.83%, 02/15/2078 | 1810000 | 1787026 |
|  Plains All American Pipeline LP, 8.70% (3 mo. Term SOFR + 4.37%), Perpetual | 2070000 | 2071170 |
|  TransCanada PipeLines Ltd., 7.00% to 06/01/2030 then 5 yr. CMT Rate + 2.61%, 06/01/2065 | 1945000 | 1961322 |
| Transcanada Trust | Transcanada Trust | Transcanada Trust |
| &nbsp;&nbsp; 5.88% to 08/15/2026 then 3 mo. LIBOR US + 4.64%, 08/15/2076 <sup>(a)</sup> | 3110000 | 3103529 |
| &nbsp;&nbsp; 5.30% to 03/15/2027 then 3 mo. LIBOR US + 3.21%, 03/15/2077 <sup>(a)</sup> | 3885000 | 3854623 |
| &nbsp;&nbsp; 5.50% to 09/15/2029 then SOFR + 4.42%, 09/15/2079 | 2850000 | 2796164 |
|  |  | 44378695 |
| **Financials - 44.4%<sup>(c)</sup>** | **Financials - 44.4%<sup>(c)</sup>** | **Financials - 44.4%<sup>(c)</sup>** |
|  Aegon, Ltd., 5.50% to 04/11/2028 then 6 mo. LIBOR US + 3.54%, 04/11/2048 <sup>(a)</sup> | 2070000 | 2073103 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | AerCap Ireland Capital DAC / AerCap Global Aviation Trust |
| &nbsp;&nbsp; 6.95% to 03/10/2030 then 5 yr. CMT Rate + 2.72%, 03/10/2055 | 1940000 | 2029629 |
| &nbsp;&nbsp; 6.50% to 01/31/2031 then 5 yr. CMT Rate + 2.44%, 01/31/2056 | 1295000 | 1310817 |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| &nbsp;&nbsp; 4.70% to 05/15/2026 then 5 yr. CMT Rate + 3.87%, Perpetual <sup>(b)</sup> | 3495000 | 3392695 |
| &nbsp;&nbsp; 4.70% to 05/15/2028 then H157 yr. CMT Rate + 3.48%, Perpetual | 2585000 | 2358024 |
|  American Express Company, 3.55% to 09/15/2026 then 5 yr. CMT Rate + 2.85%, Perpetual | 4145000 | 4051250 |
|  American International Group, Inc., 5.75% (3 mo. LIBOR US + 2.87%), 04/01/2048 <sup>(a)</sup> | 820000 | 825792 |
|  Aon Corporation, 8.21%, 01/01/2027 | 1300000 | 1360015 |
|  Assurant, Inc., 7.00% to 03/27/2028 then 3 mo. LIBOR US + 4.14%, 03/27/2048 <sup>(a)</sup> | 1035000 | 1057167 |
|  BAC Capital Trust XIV, 4.98% (3 mo. Term SOFR + 0.66%), Perpetual | 815000 | 670408 |
| Bank of America Corporation | Bank of America Corporation | Bank of America Corporation |
| &nbsp;&nbsp; 6.30% to 03/10/2026 then 3 mo. Term SOFR + 4.81%, Perpetual | 1315000 | 1320150 |
| &nbsp;&nbsp; 4.38% to 01/27/2027 then 5 yr. CMT Rate + 2.76%, Perpetual | 2195000 | 2142299 |
| &nbsp;&nbsp; 6.13% to 04/27/2027 then 5 yr. CMT Rate + 3.23%, Perpetual | 2630000 | 2652823 |
| &nbsp;&nbsp; 5.88% to 03/15/2028 then 3 mo. Term SOFR + 3.19%, Perpetual | 2990000 | 3001921 |
| &nbsp;&nbsp; 6.63% to 05/01/2030 then 5 yr. CMT Rate + 2.68%, Perpetual | 3970000 | 4065490 |
| &nbsp;&nbsp; 6.25% to 07/26/2030 then 5 yr. CMT Rate + 2.35%, Perpetual | 3350000 | 3338476 |
| Bank of New York Mellon Corporation | Bank of New York Mellon Corporation | Bank of New York Mellon Corporation |
| &nbsp;&nbsp; 4.70% to 09/20/2025 then 5 yr. CMT Rate + 4.36%, Perpetual | 2590000 | 2588129 |
| &nbsp;&nbsp; 3.70% to 03/20/2026 then 5 yr. CMT Rate + 3.35%, Perpetual | 1510000 | 1490410 |
| &nbsp;&nbsp; 4.63% to 09/20/2026 then 3 mo. Term SOFR + 3.39%, Perpetual | 2590000 | 2554103 |
| &nbsp;&nbsp; 3.75% to 12/20/2026 then 5 yr. CMT Rate + 2.63%, Perpetual | 3365000 | 3248433 |
| &nbsp;&nbsp; 6.30% to 03/20/2030 then 5 yr. CMT Rate + 2.30%, Perpetual <sup>(b)</sup> | 1295000 | 1327327 |
| Capital One Financial Corporation | Capital One Financial Corporation | Capital One Financial Corporation |
| &nbsp;&nbsp; 3.95% to 09/01/2026 then 5 yr. CMT Rate + 3.16%, Perpetual <sup>(b)</sup> | 2590000 | 2526921 |
| &nbsp;&nbsp; 5.50% to 10/30/2027 then 3 mo. Term SOFR + 3.34%, Perpetual | 1475000 | 1458571 |
| Charles Schwab Corporation | Charles Schwab Corporation | Charles Schwab Corporation |
| &nbsp;&nbsp; 4.00% to 06/01/2026 then 5 yr. CMT Rate + 3.17%, Perpetual | 5325000 | 5249156 |
| &nbsp;&nbsp; 5.00% to 06/01/2027 then 5 yr. CMT Rate + 3.26%, Perpetual | 1940000 | 1926268 |
| &nbsp;&nbsp; 5.00% to 12/01/2027 then 3 mo. LIBOR US + 2.58%, Perpetual <sup>(a)</sup> | 1265000 | 1240738 |
| &nbsp;&nbsp; 4.00% to 12/01/2030 then 10 yr. CMT Rate + 3.08%, Perpetual | 5765000 | 5267535 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp; 4.00% to 12/10/2025 then 5 yr. CMT Rate + 3.60%, Perpetual | 1905000 | 1892282 |
| &nbsp;&nbsp; 3.88% to 02/18/2026 then 5 yr. CMT Rate + 3.42%, Perpetual | 2925000 | 2890613 |
| &nbsp;&nbsp; 6.25% to 08/15/2026 then 3 mo. Term SOFR + 4.78%, Perpetual | 1905000 | 1915710 |
| &nbsp;&nbsp; 4.15% to 11/15/2026 then 5 yr. CMT Rate + 3.00%, Perpetual | 1270000 | 1238726 |
| &nbsp;&nbsp; 7.38% to 05/15/2028 then 5 yr. CMT Rate + 3.21%, Perpetual | 1585000 | 1646595 |
| &nbsp;&nbsp; 7.63% to 11/15/2028 then 5 yr. CMT Rate + 3.21%, Perpetual | 1905000 | 1987281 |
| &nbsp;&nbsp; 7.20% to 05/15/2029 then 5 yr. CMT Rate + 2.91%, Perpetual | 840000 | 864092 |
| &nbsp;&nbsp; 7.13% to 08/15/2029 then 5 yr. CMT Rate + 2.69%, Perpetual | 2220000 | 2270523 |
| &nbsp;&nbsp; 6.75% to 02/15/2030 then 5 yr. CMT Rate + 2.57%, Perpetual <sup>(b)</sup> | 1900000 | 1908031 |
| &nbsp;&nbsp; 6.95% to 02/15/2030 then 5 yr. CMT Rate + 2.73%, Perpetual | 2540000 | 2560579 |
| &nbsp;&nbsp; 6.88% to 08/15/2030 then 5 yr. CMT Rate + 2.89%, Perpetual | 3500000 | 3529750 |
| Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
| &nbsp;&nbsp; 5.65% to 10/06/2025 then 5 yr. CMT Rate + 5.31%, Perpetual | 1035000 | 1032390 |
| &nbsp;&nbsp; 7.55% (3 mo. Term SOFR + 3.26%), Perpetual | 775000 | 775117 |
| &nbsp;&nbsp; 7.70% (3 mo. Term SOFR + 3.42%), Perpetual | 775000 | 775098 |
| &nbsp;&nbsp; 4.00% to 10/06/2026 then 5 yr. CMT Rate + 3.22%, Perpetual | 775000 | 753291 |
| CoBank ACB | CoBank ACB | CoBank ACB |
| &nbsp;&nbsp; 4.25% to 01/01/2027 then 5 yr. CMT Rate + 3.05%, Perpetual | 1100000 | 1063506 |
| &nbsp;&nbsp; 6.45% to 10/01/2027 then 5 yr. CMT Rate + 3.49%, Perpetual | 1035000 | 1041560 |
| &nbsp;&nbsp; 7.25% to 07/01/2029 then 5 yr. CMT Rate + 2.88%, Perpetual | 775000 | 796788 |
| &nbsp;&nbsp; 7.13% to 01/01/2030 then 5 yr. CMT Rate + 2.82%, Perpetual | 775000 | 800077 |
|  Corebridge Financial, Inc., 6.88% (5 yr. CMT Rate + 3.85%), 12/15/2052 | 2590000 | 2660114 |
|  Enstar Finance LLC, 5.50% (5 yr. CMT Rate + 4.01%), 01/15/2042 | 1295000 | 1273011 |
| Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
| &nbsp;&nbsp; 7.59% (3 mo. Term SOFR + 3.29%), Perpetual | 1550000 | 1547849 |
| &nbsp;&nbsp; 4.50% to 09/30/2025 then 5 yr. CMT Rate + 4.22%, Perpetual | 905000 | 901757 |
|  First Citizens BancShares, Inc., 8.55% (3 mo. Term SOFR + 4.23%), Perpetual | 840000 | 871249 |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| &nbsp;&nbsp; 7.19% to 02/10/2030 then 5 yr. CMT Rate + 2.85%, Perpetual | 905000 | 906681 |
| &nbsp;&nbsp; 7.38% to 08/10/2029 then 5 yr. CMT Rate + 3.62%, Perpetual | 1045000 | 1048971 |
| &nbsp;&nbsp; 7.56% to 02/10/2030 then 5 yr. CMT Rate + 3.22%, Perpetual | 1275000 | 1282950 |
| &nbsp;&nbsp; 3.80% to 05/10/2026 then 5 yr. CMT Rate + 2.97%, Perpetual | 1435000 | 1407006 |
| &nbsp;&nbsp; 3.65% to 08/10/2026 then 5 yr. CMT Rate + 2.92%, Perpetual | 1595000 | 1560543 |
| &nbsp;&nbsp; 4.13% to 11/10/2026 then 5 yr. CMT Rate + 2.95%, Perpetual | 1595000 | 1561172 |
| &nbsp;&nbsp; 5.30% to 11/10/2026 then 3 mo. Term SOFR + 4.10%, Perpetual | 1380000 | 1376123 |
| &nbsp;&nbsp; 7.50% to 05/10/2029 then 5 yr. CMT Rate + 2.81%, Perpetual | 4875000 | 5093546 |
| &nbsp;&nbsp; 6.85% to 02/10/2030 then 5 yr. CMT Rate + 2.46%, Perpetual | 4075000 | 4161633 |
| Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
| &nbsp;&nbsp; 4.45% to 10/15/2027 then H157 yr. CMT Rate + 4.05%, Perpetual | 1290000 | 1267166 |
| &nbsp;&nbsp; 5.63% to 07/15/2030 then 10 yr. CMT Rate + 4.95%, Perpetual | 1295000 | 1326557 |
| JPMorgan Chase & Company | JPMorgan Chase & Company | JPMorgan Chase & Company |
| &nbsp;&nbsp; 7.04% (3 mo. Term SOFR + 2.75%), Perpetual <sup>(b)</sup> | 2420000 | 2430774 |
| &nbsp;&nbsp; 7.14% (3 mo. Term SOFR + 2.84%), Perpetual | 2030000 | 2056008 |
| &nbsp;&nbsp; 3.65% to 06/01/2026 then 5 yr. CMT Rate + 2.85%, Perpetual | 3240000 | 3186201 |
| &nbsp;&nbsp; 6.88% to 06/01/2029 then 5 yr. CMT Rate + 2.74%, Perpetual | 4100000 | 4285209 |
| &nbsp;&nbsp; 6.50% to 04/01/2030 then 5 yr. CMT Rate + 2.15%, Perpetual | 4935000 | 5058790 |
|  KeyCorp, 5.00% to 09/15/2026 then 3 mo. Term SOFR + 3.87%, Perpetual | 1355000 | 1334220 |
| M&T Bank Corporation | M&T Bank Corporation | M&T Bank Corporation |
| &nbsp;&nbsp; 7.30% to 08/01/2029 then 5 yr. CMT Rate + 3.17%, Perpetual | 1035000 | 1041767 |
| &nbsp;&nbsp; 3.50% to 09/01/2026 then 5 yr. CMT Rate + 2.68%, Perpetual | 1295000 | 1244579 |
| &nbsp;&nbsp; 5.13% to 11/01/2026 then 3 mo. Term SOFR + 3.78%, Perpetual | 1295000 | 1280686 |
|  Mellon Capital IV, 5.15% (3 mo. Term SOFR + 0.83%), Perpetual | 1290000 | 1101956 |
| MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
| &nbsp;&nbsp; 3.85% to 09/15/2025 then 5 yr. CMT Rate + 3.58%, Perpetual | 2590000 | 2580912 |
| &nbsp;&nbsp; 5.88% to 03/15/2028 then 3 mo. Term SOFR + 3.22%, Perpetual | 1295000 | 1316996 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp; 7.74% (3 mo. Term SOFR + 3.42%), Perpetual | 775000 | 784967 |
| &nbsp;&nbsp; 5.88%, Perpetual <sup>(b)(d)</sup> | 1035000 | 1033437 |
| National Rural Utilities Cooperative Finance Corporation | National Rural Utilities Cooperative Finance Corporation | National Rural Utilities Cooperative Finance Corporation |
| &nbsp;&nbsp; 5.25% to 04/20/2026 then 3 mo. LIBOR US + 3.63%, 04/20/2046 <sup>(a)</sup> | 905000 | 900516 |
| &nbsp;&nbsp; 7.13% to 09/15/2028 then 5 yr. CMT Rate + 3.53%, 09/15/2053 | 1035000 | 1082797 |
|  Northern Trust Corporation, 4.60% to 10/01/2026 then 3 mo. Term SOFR + 3.46%, Perpetual | 1290000 | 1276899 |
|  PartnerRe Finance B LLC, 4.50% to 10/01/2030 then 5 yr. CMT Rate + 3.82%, 10/01/2050 | 1295000 | 1203528 |
| PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
| &nbsp;&nbsp; 3.40% to 09/15/2026 then 5 yr. CMT Rate + 2.60%, Perpetual | 3890000 | 3748293 |
| &nbsp;&nbsp; 5.00% to 11/01/2026 then 3 mo. Term SOFR + 3.56%, Perpetual | 1355000 | 1347736 |
| &nbsp;&nbsp; 6.00% to 05/15/2027 then 5 yr. CMT Rate + 3.00%, Perpetual | 2590000 | 2594969 |
| &nbsp;&nbsp; 6.20% to 09/15/2027 then 5 yr. CMT Rate + 3.24%, Perpetual | 3235000 | 3269964 |
| &nbsp;&nbsp; 6.25% to 03/15/2030 then H157 yr. CMT Rate + 2.81%, Perpetual | 3885000 | 3929235 |
| Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
| &nbsp;&nbsp; 4.50% to 09/15/2027 then 3 mo. LIBOR US + 2.38%, 09/15/2047 <sup>(a)</sup> | 1940000 | 1909348 |
| &nbsp;&nbsp; 5.70% to 09/15/2028 then 3 mo. LIBOR US + 2.67%, 09/15/2048 <sup>(a)</sup> | 2590000 | 2621108 |
| &nbsp;&nbsp; 3.70% to 10/01/2030 then 5 yr. CMT Rate + 3.04%, 10/01/2050 | 2070000 | 1889791 |
| State Street Corporation | State Street Corporation | State Street Corporation |
| &nbsp;&nbsp; 6.70% to 03/15/2029 then 5 yr. CMT Rate + 2.61%, Perpetual | 3890000 | 4010574 |
| &nbsp;&nbsp; 6.70% to 09/15/2029 then 5 yr. CMT Rate + 2.63%, Perpetual | 2200000 | 2281323 |
| &nbsp;&nbsp; 6.45% to 09/15/2030 then 5 yr. CMT Rate + 2.14%, Perpetual | 1940000 | 1971201 |
| Truist Financial Corporation | Truist Financial Corporation | Truist Financial Corporation |
| &nbsp;&nbsp; 4.95% to 12/01/2025 then 5 yr. CMT Rate + 4.61%, Perpetual | 2590000 | 2584902 |
| &nbsp;&nbsp; 6.67% to 09/01/2029 then 5 yr. CMT Rate + 3.00%, Perpetual | 4405000 | 4402138 |
| &nbsp;&nbsp; 5.13% to 12/15/2027 then 3 mo. Term SOFR + 3.05%, Perpetual | 1290000 | 1267824 |
| &nbsp;&nbsp; 5.10% to 09/01/2030 then 10 yr. CMT Rate + 4.35%, Perpetual | 2590000 | 2549290 |
| US Bancorp | US Bancorp | US Bancorp |
| &nbsp;&nbsp; 3.70% to 01/15/2027 then 5 yr. CMT Rate + 2.54%, Perpetual | 3890000 | 3739659 |
| &nbsp;&nbsp; 5.30% to 04/15/2027 then 3 mo. Term SOFR + 3.18%, Perpetual | 2590000 | 2579639 |
|  USB Capital IX, 5.60% (3 mo. Term SOFR + 1.28%), Perpetual | 1750000 | 1450312 |
|  Voya Financial, Inc., 4.70% (3 mo. LIBOR US + 2.08%), 01/23/2048 <sup>(a)</sup> | 880000 | 841054 |
| Wells Fargo & Company | Wells Fargo & Company | Wells Fargo & Company |
| &nbsp;&nbsp; 3.90% to 03/15/2026 then 5 yr. CMT Rate + 3.45%, Perpetual | 9095000 | 9010145 |
| &nbsp;&nbsp; 6.85% to 09/15/2029 then 5 yr. CMT Rate + 2.77%, Perpetual | 5185000 | 5370732 |
|  |  | 219085466 |
| **Health Care - 1.5%** | **Health Care - 1.5%** | **Health Care - 1.5%** |
|  CVS Health Corporation, 7.00% to 03/10/2030 then 5 yr. CMT Rate + 2.89%, 03/10/2055 | 5835000 | 6003281 |
|  DENTSPLY SIRONA, Inc., 0.00% to 09/12/2030 then 5 yr. CMT Rate + 4.38%, 09/12/2055 | 1375000 | 1386278 |
|  |  | 7389559 |
| **Industrials - 0.5%** | **Industrials - 0.5%** | **Industrials - 0.5%** |
| Air Lease Corporation | Air Lease Corporation | Air Lease Corporation |
| &nbsp;&nbsp; 4.65% to 06/15/2026 then 5 yr. CMT Rate + 4.08%, Perpetual | 775000 | 765559 |
| &nbsp;&nbsp; 4.13% to 12/15/2026 then 5 yr. CMT Rate + 3.15%, Perpetual | 775000 | 758742 |
| &nbsp;&nbsp; 6.00% to 12/15/2029 then 5 yr. CMT Rate + 2.56%, Perpetual | 775000 | 761307 |
|  |  | 2285608 |
| **Materials - 0.4%** | **Materials - 0.4%** | **Materials - 0.4%** |
|  FMC Corporation, 8.45% to 11/01/2030 then 5 yr. CMT Rate + 4.37%, 11/01/2055 <sup>(b)</sup> | 1945000 | 2010803 |
| **Utilities - 13.9%** | **Utilities - 13.9%** | **Utilities - 13.9%** |
| AES Corporation | AES Corporation | AES Corporation |
| &nbsp;&nbsp; 7.60% to 01/15/2030 then 5 yr. CMT Rate + 3.20%, 01/15/2055 | 2460000 | 2484708 |
| &nbsp;&nbsp; 6.95% to 07/15/2030 then 5 yr. CMT Rate + 2.89%, 07/15/2055 | 1295000 | 1247761 |
|  Algonquin Power & Utilities Corporation, 4.75% to 04/18/2027 then 5 yr. CMT Rate + 3.25%, 01/18/2082 | 1940000 | 1883236 |
| American Electric Power Company, Inc. | American Electric Power Company, Inc. | American Electric Power Company, Inc. |
| &nbsp;&nbsp; 7.05% to 12/15/2029 then 5 yr. CMT Rate + 2.75%, 12/15/2054 | 1035000 | 1080276 |
| &nbsp;&nbsp; 3.88% to 02/15/2027 then 5 yr. CMT Rate + 2.68%, 02/15/2062 | 1940000 | 1870748 |
|  Brookfield Infrastructure Finance ULC, 6.75% to 03/15/2030 then 5 yr. CMT Rate + 2.45%, 03/15/2055 | 775000 | 780847 |
| CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
| &nbsp;&nbsp; 7.00% to 02/15/2030 then 5 yr. CMT Rate + 3.25%, 02/15/2055 | 1035000 | 1079950 |
| &nbsp;&nbsp; 6.70% to 05/15/2030 then 5 yr. CMT Rate + 2.59%, 05/15/2055 | 1290000 | 1306761 |
| CMS Energy Corporation | CMS Energy Corporation | CMS Energy Corporation |
| &nbsp;&nbsp; 4.75% to 06/01/2030 then 5 yr. CMT Rate + 4.12%, 06/01/2050 | 1295000 | 1246543 |
| &nbsp;&nbsp; 3.75% to 12/01/2030 then 5 yr. CMT Rate + 2.90%, 12/01/2050 | 1035000 | 930420 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| &nbsp;&nbsp; 4.35% to 04/15/2027 then 5 yr. CMT Rate + 3.20%, Perpetual | 1940000 | 1896569 |
| &nbsp;&nbsp; 6.88% to 02/01/2030 then 5 yr. CMT Rate + 2.39%, 02/01/2055 | 2590000 | 2710283 |
|  Duke Energy Corporation, 3.25% to 01/15/2027 then 5 yr. CMT Rate + 2.32%, 01/15/2082 | 1295000 | 1242234 |
| Edison International | Edison International | Edison International |
| &nbsp;&nbsp; 5.38% to 03/15/2026 then 5 yr. CMT Rate + 4.70%, Perpetual <sup>(b)</sup> | 3005000 | 2857400 |
| &nbsp;&nbsp; 5.00% to 03/15/2027 then 5 yr. CMT Rate + 3.90%, Perpetual | 1305000 | 1147789 |
| &nbsp;&nbsp; 8.13% to 06/15/2028 then 5 yr. CMT Rate + 3.86%, 06/15/2053 | 1290000 | 1264942 |
| &nbsp;&nbsp; 7.88% to 06/15/2029 then 5 yr. CMT Rate + 3.66%, 06/15/2054 | 1160000 | 1111864 |
|  Emera, Inc., 6.75% to 06/15/2026 then 3 mo. LIBOR US + 5.44%, 06/15/2076 <sup>(a)</sup> | 3110000 | 3132501 |
|  Entergy Corporation, 7.13% to 12/01/2029 then 5 yr. CMT Rate + 2.67%, 12/01/2054 | 3110000 | 3219715 |
|  EUSHI Finance, Inc., 7.63% to 12/15/2029 then 5 yr. CMT Rate + 3.14%, 12/15/2054 | 1295000 | 1353051 |
|  Evergy, Inc., 6.65% to 06/01/2030 then 5 yr. CMT Rate + 2.56%, 06/01/2055 | 1295000 | 1307751 |
|  Nevada Power Company, 6.25% to 05/15/2030 then 5 yr. CMT Rate + 1.94%, 05/15/2055 | 775000 | 772056 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp; 6.70% (5 yr. CMT Rate + 2.36%), 09/01/2054 | 2590000 | 2671344 |
| &nbsp;&nbsp; 6.38% to 08/15/2030 then 5 yr. CMT Rate + 2.05%, 08/15/2055 | 3890000 | 3991026 |
| &nbsp;&nbsp; 4.80% to 12/01/2027 then 3 mo. LIBOR US + 2.41%, 12/01/2077 <sup>(a)</sup> | 1420000 | 1365548 |
| &nbsp;&nbsp; 5.65% to 05/01/2029 then 3 mo. LIBOR US + 3.16%, 05/01/2079 <sup>(a)</sup> | 1290000 | 1283561 |
| &nbsp;&nbsp; 3.80% to 03/15/2027 then 5 yr. CMT Rate + 2.55%, 03/15/2082 | 1555000 | 1494986 |
|  NiSource, Inc., 6.95% to 11/30/2029 then 5 yr. CMT Rate + 2.45%, 11/30/2054 | 1290000 | 1336735 |
|  PacifiCorp, 7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055 | 2205000 | 2257389 |
|  PG&E Corporation, 7.38% to 03/15/2030 then 5 yr. CMT Rate + 3.88%, 03/15/2055 | 3890000 | 3753782 |
| Sempra | Sempra | Sempra |
| &nbsp;&nbsp; 4.88% to 10/15/2025 then 5 yr. CMT Rate + 4.55%, Perpetual | 2330000 | 2319005 |
| &nbsp;&nbsp; 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052 | 2590000 | 2501088 |
| &nbsp;&nbsp; 6.88% to 10/01/2029 then 5 yr. CMT Rate + 2.79%, 10/01/2054 | 2850000 | 2876730 |
| &nbsp;&nbsp; 6.63% to 04/01/2030 then 5 yr. CMT Rate + 2.35%, 04/01/2055 | 1035000 | 1016204 |
| Southern Company | Southern Company | Southern Company |
| &nbsp;&nbsp; 4.00% (5 yr. CMT Rate + 3.73%), 01/15/2051 | 3235000 | 3217376 |
| &nbsp;&nbsp; 3.75% to 09/15/2026 then 5 yr. CMT Rate + 2.92%, 09/15/2051 | 2590000 | 2548394 |
|  |  | 68560573 |
| **TOTAL CORPORATE BONDS** (Cost $372,129,656) | **TOTAL CORPORATE BONDS** (Cost $372,129,656) | 370657091 |
| **PREFERRED STOCKS - 23.4%** | **Shares** | **Value**  |
| **Communication Services - 0.3%** | **Communication Services - 0.3%** |  |
|  United States Cellular Corporation, 6.25%, 09/01/2069 | 50000 | 1277500 |
| **Consumer Discretionary - 0.3%** | **Consumer Discretionary - 0.3%** |  |
|  Brunswick Corporation, 6.50%, 10/15/2048 | 17500 | 433825 |
|  Dillard's Capital Trust I, 7.50%, 08/01/2038 | 20684 | 537784 |
|  FAT Brands, Inc., Series B, 8.25%, Perpetual | 21739 | 65434 |
|  Fossil Group, Inc., 7.00%, 11/30/2026 | 15514 | 281579 |
|  |  | 1318622 |
| **Consumer Staples - 0.8%** | **Consumer Staples - 0.8%** |  |
| CHS, Inc. | – | $– |
| &nbsp;&nbsp; Series 2, 7.10% (3 mo. Term SOFR + 4.56%), Perpetual | 43437 | 1111119 |
| &nbsp;&nbsp; Series 3, 6.75% (3 mo. Term SOFR + 4.42%), Perpetual | 50935 | 1250454 |
| &nbsp;&nbsp; Series 4, 7.50%, Perpetual | 53521 | 1384053 |
|  |  | 3745626 |
| **Energy - 0.4%** | **Energy - 0.4%** |  |
|  GasLog Partners LP, Series A, 8.63% to 06/15/2027 then 3 mo. LIBOR US + 6.31%, Perpetual <sup>(a)</sup> | 13146 | 338641 |
|  NGL Energy Partners LP, Series B, 11.78% (3 mo. Term SOFR + 7.47%), Perpetual | 32536 | 723926 |
| Seapeak LLC | – | $– |
| &nbsp;&nbsp; 9.00%, Perpetual | 12752 | 325431 |
| &nbsp;&nbsp; Series B, 8.50% to 10/15/2027 then 3 mo. LIBOR US + 6.24%, Perpetual <sup>(a)</sup> | 17055 | 431833 |
|  |  | 1819831 |
| **Financials - 20.1%** | **Financials - 20.1%** |  |
|  ACRES Commercial Realty Corporation, Series C, 10.23% (3 mo. Term SOFR + 5.93%), Perpetual | 12411 | 308662 |
| AGNC Investment Corporation | – | $– |
| &nbsp;&nbsp; Series C, 9.67% (3 mo. Term SOFR + 5.37%), Perpetual | 33612 | 869879 |
| &nbsp;&nbsp; Series D, 8.91% (3 mo. Term SOFR + 4.59%), Perpetual | 24305 | 609326 |
| &nbsp;&nbsp; Series E, 9.57% (3 mo. Term SOFR + 5.25%), Perpetual | 41628 | 1069423 |
| &nbsp;&nbsp; Series F, 9.28% (3 mo. Term SOFR + 4.96%), Perpetual | 59468 | 1515245 |
| &nbsp;&nbsp; Series G, 7.75% to 10/15/2027 then 5 yr. CMT Rate + 4.39%, Perpetual | 15514 | 387850 |
|  Allstate Corporation, 7.73% (3 mo. Term SOFR + 3.43%), 01/15/2053 | 51710 | 1340323 |
|  American National Group, Inc., Series B, 6.63% to 09/01/2025 then 5 yr. CMT Rate + 6.30%, Perpetual | 31026 | 784958 |
| Annaly Capital Management, Inc. | – | $– |
| &nbsp;&nbsp; Series F, 9.56% (3 mo. Term SOFR + 5.25%), Perpetual | 74462 | 1933034 |
| &nbsp;&nbsp; Series G, 8.73% (3 mo. Term SOFR + 4.43%), Perpetual | 43954 | 1122146 |
| &nbsp;&nbsp; Series I, 9.55% (3 mo. Term SOFR + 5.25%), Perpetual | 45763 | 1184804 |
|  Arbor Realty Trust, Inc., Series F, 6.25% to 10/12/2026 then 3 mo. Term SOFR + 5.44%, Perpetual | 29331 | 630616 |
|  Argo Group International Holdings, Inc., 7.00% to 09/15/2025 then 5 yr. CMT Rate + 6.71%, Perpetual | 15514 | 392039 |
|  Associated Banc-Corporation, 6.63% to 03/01/2028 then 5 yr. CMT Rate + 2.81%, 03/01/2033 | 31026 | 768514 |
| Athene Holding Ltd. | – | $– |
| &nbsp;&nbsp; 7.25% to 3/30/2029 then 5 yr. CMT Rate + 2.99%, 03/30/2064 | 59468 | 1497404 |
| &nbsp;&nbsp; Series A, 6.35% to 6/30/2029 then 3 mo. LIBOR US + 4.25%, Perpetual <sup>(a)</sup> | 89201 | 2220213 |
| &nbsp;&nbsp; Series E, 7.75% to 0 then 5 yr. CMT Rate + 3.96%, Perpetual | 51710 | 1357905 |
|  Atlantic Union Bankshares Corporation, Series A, 6.88%, Perpetual | 16000 | 402080 |
| Atlanticus Holdings Corporation | – | $– |
| &nbsp;&nbsp; 6.13%, 11/30/2026 | 15327 | 373212 |
| &nbsp;&nbsp; Series \*, 9.25%, 01/31/2029 | 17116 | 431494 |
| B Riley Financial, Inc. | – | $– |
| &nbsp;&nbsp; 5.25%, 08/31/2028 <sup>(b)</sup> | 41420 | 482129 |
| &nbsp;&nbsp; 5.00%, 12/31/2026 | 21305 | 391799 |
| &nbsp;&nbsp; 6.50%, 09/30/2026 | 18667 | 366620 |
| &nbsp;&nbsp; 6.00%, 01/31/2028 | 22909 | 286133 |
| &nbsp;&nbsp; 5.50%, 03/31/2026 | 10509 | 241076 |
|  Banc of California, Inc., Series F, 7.75% to 09/01/2027 then 5 yr. CMT Rate + 4.82%, Perpetual | 53087 | 1324521 |
| Bank of America Corporation | – | $– |
| &nbsp;&nbsp; Series 02, 5.24% (3 mo. Term SOFR + 0.91%), Perpetual | 14758 | 302834 |
| &nbsp;&nbsp; Series 4, 5.34% (3 mo. Term SOFR + 1.01%), Perpetual | 9897 | 211796 |
| &nbsp;&nbsp; Series 5, 5.08% (3 mo. Term SOFR + 0.76%), Perpetual | 20426 | 424861 |
| &nbsp;&nbsp; Series E, 4.94% (3 mo. Term SOFR + 0.61%), Perpetual <sup>(b)</sup> | 15346 | 325949 |
| &nbsp;&nbsp; Series GG, 6.00%, Perpetual <sup>(b)</sup> | 71007 | 1790797 |
| &nbsp;&nbsp; Series HH, 5.88%, Perpetual | 44500 | 1091585 |
| &nbsp;&nbsp; Series K\*, 6.45% (3 mo. LIBOR US + 1.33%), 12/15/2066 <sup>(a)</sup> | 55226 | 1393904 |
|  Bank of New York Mellon Corporation, Series K, 6.15% to 03/20/2030 then 5 yr. CMT Rate + 2.16%, Perpetual | 51710 | 1335152 |
|  Charles Schwab Corporation, Series D, 5.95%, Perpetual | 77565 | 1938349 |
| Chimera Investment Corporation | – | $– |
| &nbsp;&nbsp; Series B, 10.35% (3 mo. Term SOFR + 6.05%), Perpetual | 33612 | 840300 |
| &nbsp;&nbsp; Series C, 7.75% to 9/30/2025 then 3 mo. LIBOR US + 4.74%, Perpetual <sup>(a)</sup> | 26891 | 615804 |
| &nbsp;&nbsp; Series D, 9.90% (3 mo. Term SOFR + 5.60%), Perpetual | 20684 | 510481 |
|  CION Investment Corporation, 7.50%, 12/30/2029 | 15514 | 385523 |
|  Compass Diversified Holdings, Series B, 7.88% to 04/30/2028 then 3 mo. LIBOR US + 4.99%, Perpetual <sup>(a)</sup> | 19455 | 353108 |
|  ConnectOne Bancorp, Inc., Series A, 5.25% to 09/01/2026 then 5 yr. CMT Rate + 4.42%, Perpetual | 11860 | 282742 |
|  Crescent Capital BDC, Inc., 5.00%, 05/25/2026 <sup>(e)</sup> | 11543 | 287074 |
|  Dynex Capital, Inc., Series C, 10.04% (3 mo. Term SOFR + 5.72%), Perpetual | 10709 | 278113 |
| Ellington Financial, Inc. | – | $– |
| &nbsp;&nbsp; 10.05% (3 mo. LIBOR US + 5.20%), Perpetual <sup>(a)</sup> | 11894 | 299610 |
| &nbsp;&nbsp; Series B, 6.25% to 1/30/2027 then 5 yr. CMT Rate + 4.99%, Perpetual | 12463 | 289017 |
| &nbsp;&nbsp; Series C, 8.63% to 4/30/2028 then 5 yr. CMT Rate + 5.13%, Perpetual | 10342 | 259481 |
|  Fifth Third Bancorp, Series I, 8.27% to 09/30/2025 then 3 mo. Term SOFR + 3.97%, Perpetual | 46540 | 1189562 |
|  First Horizon Corporation, Series E, 6.50%, Perpetual | 14000 | 346080 |
|  Flagstar Financial, Inc., Series A., 6.38% to 03/17/2027 then 3 mo. LIBOR US + 3.82%, Perpetual <sup>(a)(b)</sup> | 53261 | 1111557 |
| Gladstone Investment Corporation | – | $– |
| &nbsp;&nbsp; 7.88%, 02/01/2030 | 13084 | 331025 |
| &nbsp;&nbsp; 5.00%, 05/01/2026 | 13227 | 329881 |
| &nbsp;&nbsp; 4.88%, 11/01/2028 | 13921 | 324498 |
| Goldman Sachs Group, Inc. | – | $– |
| &nbsp;&nbsp; Series A, 5.31% (3 mo. Term SOFR + 1.01%), Perpetual | 63667 | 1385394 |
| &nbsp;&nbsp; Series C, 5.31% (3 mo. Term SOFR + 1.01%), Perpetual | 15684 | 336265 |
| &nbsp;&nbsp; Series D, 5.23% (3 mo. Term SOFR + 0.93%), Perpetual | 115619 | 2427999 |
|  Granite Point Mortgage Trust, Inc., Series A, 7.00% to 01/15/2027 then SOFR + 5.83%, Perpetual | 21274 | 418460 |
|  Hartford Insurance Group, Inc., Series G, 6.00%, Perpetual | 35681 | 897734 |
|  Huntington Bancshares, Inc., Series J, 6.88% to 04/15/2028 then 5 yr. CMT Rate + 2.70%, Perpetual | 33612 | 861139 |
|  Invesco Mortgage Capital, Inc., Series C, 7.50% to 09/27/2027 then 3 mo. LIBOR US + 5.29%, Perpetual <sup>(a)</sup> | 18161 | 440586 |
|  Jackson Financial, Inc., 8.00% to 03/30/2028 then 5 yr. CMT Rate + 3.73%, Perpetual | 56882 | 1489171 |
| JPMorgan Chase & Company | – | $– |
| &nbsp;&nbsp; Series DD, 5.75%, Perpetual | 111000 | 2781660 |
| &nbsp;&nbsp; Series EE, 6.00%, Perpetual | 120724 | 3078462 |
|  Kemper Corporation, 5.88% to 03/15/2027 then 5 yr. CMT Rate + 4.14%, 03/15/2062 | 15514 | 370474 |
| KeyCorp | – | $– |
| &nbsp;&nbsp; 6.20% to 12/15/2027 then 5 yr. CMT Rate + 3.13%, Perpetual | 62052 | 1546336 |
| &nbsp;&nbsp; Series E, 6.13% to 12/15/2026 then 3 mo. Term SOFR + 4.15%, Perpetual | 51710 | 1290682 |
|  M&T Bank Corporation, Series H, 5.63% to 12/15/2026 then TSOFRR3M + 4.28%, Perpetual | 25856 | 648727 |
|  Merchants Bancorp, 8.25% to 10/01/2027 then 5 yr. CMT Rate + 4.34%, Perpetual | 14737 | 369309 |
|  MetLife, Inc., Series A, 5.58% (3 mo. Term SOFR + 1.26%), Perpetual | 62052 | 1484284 |
| MFA Financial, Inc. | – | $– |
| &nbsp;&nbsp; 8.88%, 02/15/2029 | 11894 | 300680 |
| &nbsp;&nbsp; Series C, 9.90% (3 mo. Term SOFR + 5.61%), Perpetual | 28440 | 697633 |
|  Midland States Bancorp, Inc., 7.75% to 09/30/2027 then 5 yr. CMT Rate + 4.71%, Perpetual | 11894 | 288905 |
| Morgan Stanley | – | $– |
| &nbsp;&nbsp; Series A, 5.28% (3 mo. Term SOFR + 0.96%), Perpetual | 113763 | 2480033 |
| &nbsp;&nbsp; Series E, 7.13% (3 mo. LIBOR US + 432.00%), Perpetual <sup>(a)</sup> | 89201 | 2268381 |
| &nbsp;&nbsp; Series F, 6.88% (3 mo. LIBOR US + 394.00%), Perpetual <sup>(a)</sup> | 87907 | 2219652 |
| &nbsp;&nbsp; Series I, 6.38% (3 mo. LIBOR US + 370.80%), Perpetual <sup>(a)</sup> | 103421 | 2578286 |
| &nbsp;&nbsp; Series K, 5.85% (3 mo. LIBOR US + 349.10%), Perpetual <sup>(a)(b)</sup> | 103421 | 2463488 |
|  New Mountain Finance Corporation, 8.25%, 11/15/2028 | 11894 | 306389 |
| New York Mortgage Trust, Inc. | – | $– |
| &nbsp;&nbsp; Series D, 8.00% to 10/15/2027 then 3 mo. LIBOR US + 5.70%, Perpetual <sup>(a)</sup> | 15834 | 344073 |
| &nbsp;&nbsp; Series E, 11.28% (3 mo. LIBOR US + 6.43%), Perpetual <sup>(a)</sup> | 17438 | 431765 |
| &nbsp;&nbsp; Series F, 6.88% to 10/15/2026 then SOFR + 6.13%, Perpetual | 14852 | 323774 |
|  NewtekOne, Inc., 5.50%, 02/01/2026 | 11894 | 293782 |
| Old National Bancorp | – | $– |
| &nbsp;&nbsp; Series A, 7.00%, Perpetual | 11169 | 282129 |
| &nbsp;&nbsp; Series C, 7.00%, Perpetual | 12669 | 319766 |
| PennyMac Mortgage Investment Trust | – | $– |
| &nbsp;&nbsp; 9.00%, 02/15/2030 | 17841 | 454767 |
| &nbsp;&nbsp; 9.00%, 06/15/2030 | 10836 | 274368 |
|  Pinnacle Financial Partners, Inc., Series B, 6.75%, Perpetual | 22000 | 559900 |
| Ready Capital Corporation | – | $– |
| &nbsp;&nbsp; 5.75%, 02/15/2026 | 13641 | 336523 |
| &nbsp;&nbsp; 9.00%, 12/15/2029 | 13446 | 312351 |
| Regions Financial Corporation | – | $– |
| &nbsp;&nbsp; 6.95% to 9/15/2029 then 5 yr. CMT Rate + 2.77%, Perpetual | 51710 | 1319639 |
| &nbsp;&nbsp; Series C, 5.70% to 8/15/2029 then 3 mo. Term SOFR + 3.41%, Perpetual <sup>(b)</sup> | 51710 | 1286028 |
| Reinsurance Group of America, Inc. | – | $– |
| &nbsp;&nbsp; 5.75% to 6/15/2026 then 3 mo. LIBOR US + 4.04%, 06/15/2056 <sup>(a)</sup> | 41368 | 1026754 |
| &nbsp;&nbsp; 7.13% to 10/15/2027 then 5 yr. CMT Rate + 3.46%, 10/15/2052 | 72395 | 1876478 |
| Rithm Capital Corporation | – | $– |
| &nbsp;&nbsp; Series A, 10.36% (3 mo. Term SOFR + 6.06%), Perpetual | 10891 | 280443 |
| &nbsp;&nbsp; Series B, 10.20% (3 mo. Term SOFR + 5.90%), Perpetual | 29113 | 749660 |
| &nbsp;&nbsp; Series C, 9.56% (3 mo. Term SOFR + 5.23%), Perpetual | 41121 | 1039950 |
| &nbsp;&nbsp; Series D, 7.00% to 11/15/2026 then 5 yr. CMT Rate + 6.22%, Perpetual | 48091 | 1177268 |
|  Saratoga Investment Corporation, Series 2027, 6.00%, 04/30/2027 | 10911 | 272339 |
|  SiriusPoint Ltd., Series B, 8.00% to 02/26/2026 then 5 yr. CMT Rate + 7.30%, Perpetual | 20684 | 524546 |
|  State Street Corporation, Series G, 5.35%, Perpetual <sup>(a)</sup> | 51710 | 1165543 |
|  Synchrony Financial, Series B, 8.25% to 05/15/2029 then 5 yr. CMT Rate + 4.04%, Perpetual | 51710 | 1341357 |
| Synovus Financial Corporation | – | $– |
| &nbsp;&nbsp; Series D, 7.91% (3 mo. Term SOFR + 3.61%), Perpetual | 20684 | 530545 |
| &nbsp;&nbsp; Series E, 8.40% to 7/1/2029 then 5 yr. CMT Rate + 4.13%, Perpetual | 36198 | 949474 |
| Trinity Capital, Inc. | – | $– |
| &nbsp;&nbsp; 7.88%, 09/30/2029 | 12328 | 313008 |
| &nbsp;&nbsp; 7.88%, 03/30/2029 | 12060 | 304997 |
|  Truist Financial Corporation, Series I, 4.00% (3 mo. Term SOFR + 0.79%), Perpetual <sup>(f)</sup> | 17841 | 369844 |
| Two Harbors Investment Corporation | – | $– |
| &nbsp;&nbsp; 9.38%, 08/15/2030 | 11894 | 309482 |
| &nbsp;&nbsp; Series A, 8.13% to 4/27/2027 then 3 mo. LIBOR US + 5.66%, Perpetual <sup>(a)</sup> | 13063 | 302800 |
| &nbsp;&nbsp; Series B, 7.63% to 7/27/2027 then 3 mo. LIBOR US + 5.35%, Perpetual <sup>(a)</sup> | 26270 | 609464 |
| &nbsp;&nbsp; Series C, 9.57% (3 mo. Term SOFR + 5.27%), Perpetual | 24976 | 593430 |
| US Bancorp | – | $– |
| &nbsp;&nbsp; Series A, 5.60% (3 mo. Term SOFR + 1.28%), Perpetual | 1469 | 1225146 |
| &nbsp;&nbsp; Series B\*, 5.18% (3 mo. Term SOFR + 0.86%), Perpetual | 103421 | 2130473 |
| Valley National Bancorp | – | $– |
| &nbsp;&nbsp; Series A, 8.41% (3 mo. Term SOFR + 4.11%), Perpetual | 11894 | 300799 |
| &nbsp;&nbsp; Series B, 8.43% (3 mo. LIBOR US + 3.58%), Perpetual <sup>(a)</sup> | 10342 | 260205 |
| &nbsp;&nbsp; Series C, 8.25% to 9/30/2029 then 5 yr. CMT Rate + 4.18%, Perpetual | 15514 | 398865 |
|  Voya Financial, Inc., Series B, 5.35% to 09/15/2029 then 5 yr. CMT Rate + 3.21%, Perpetual | 31026 | 764791 |
|  WesBanco, Inc., Series A, 6.75% to 08/15/2025 then 5 yr. CMT Rate + 6.56%, Perpetual | 15514 | 396072 |
|  Western Alliance Bancorp, Series A, 4.25% to 09/30/2026 then 5 yr. CMT Rate + 3.45%, Perpetual | 31026 | 693121 |
|  |  | 99016336 |
| **Industrials - 0.2%** | **Industrials - 0.2%** |  |
| Babcock & Wilcox Enterprises, Inc. | – | $– |
| &nbsp;&nbsp; 8.13%, 02/28/2026 | 11319 | 223551 |
| &nbsp;&nbsp; 6.50%, 12/31/2026 | 10758 | 170084 |
| &nbsp;&nbsp; Series A, 7.75%, Perpetual | 19826 | 193105 |
|  FTAI Aviation Ltd., Series C, 8.25% to 06/15/2026 then 5 yr. CMT Rate + 7.38%, Perpetual | 10860 | 276061 |
|  Triton International Ltd., 8.00%, Perpetual | 14872 | 375072 |
|  |  | 1237873 |
| **Information Technology - 0.0%<sup>(g)</sup>** | **Information Technology - 0.0%<sup>(g)</sup>** |  |
|  Soluna Holdings, Inc., Series A, 9.00%, Perpetual | 12804 | 49423 |
| **Real Estate - 0.1%** | **Real Estate - 0.1%** |  |
|  City Office REIT, Inc., Series A, 6.63%, Perpetual | 10000 | 248300 |
|  DiamondRock Hospitality Company, 8.25%, Perpetual | 12307 | 311490 |
|  Office Properties Income Trust, 6.38%, 06/23/2050 | 16654 | 122241 |
|  |  | 682031 |
| **Utilities - 1.2%** | **Utilities - 1.2%** |  |
|  Algonquin Power & Utilities Corporation, Series 19-A, 8.86% (3 mo. LIBOR US + 4.01%), 07/01/2079 <sup>(a)</sup> | 36198 | 945854 |
|  Duke Energy Corporation, Series A, 5.75%, Perpetual | 103421 | 2572080 |
|  SCE Trust IV, Series J, 5.38% to 09/15/2025 then 3 mo. Term SOFR + 3.39%, Perpetual | 33612 | 801646 |
|  SCE Trust V, Series K, 5.45% to 03/15/2026 then 3 mo. Term SOFR + 4.05%, Perpetual | 31026 | 733455 |
| Tennessee Valley Authority | – | $– |
| &nbsp;&nbsp; Series A, 2.22% (30 yr. CMT Rate + 0.84%), 05/01/2029 | 21552 | 502808 |
| &nbsp;&nbsp; Series D, 2.13% (30 yr. CMT Rate + 0.94%), 06/01/2028 | 26527 | 633730 |
|  |  | 6189573 |
| **TOTAL PREFERRED STOCKS** (Cost $108,824,464) | **TOTAL PREFERRED STOCKS** (Cost $108,824,464) | 115336815 |
| **SHORT-TERM INVESTMENTS - 4.8%** |  | **Value**  |
| **Investments Purchased with Proceeds from Securities Lending - 2.8%** | **<u>Units</u>** |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(h)</sup> | 14055822 | 14055822 |
| **Money Market Funds - 2.0%** | **<u>Shares</u>** |  |
| Invesco Government & Agency Portfolio - Institutional Class, 4.25%<sup>(h)</sup> | 9672369 | 9672369 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $23,728,191) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $23,728,191) | 23728191 |
| **TOTAL INVESTMENTS - 103.3% (**Cost $504,682,311**)** | **TOTAL INVESTMENTS - 103.3% (**Cost $504,682,311**)** | 509722097 |
| Liabilities in Excess of Other Assets - (3.3)% | Liabilities in Excess of Other Assets - (3.3)% | (16431921) |
| **TOTAL NET ASSETS - 100.0%** |  | $493290176 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LIBOR - London Interbank Offered Rate |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |

---

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

(b) All or a portion of this security is on loan as of July 31, 2025. The fair value of these securities was $13,756,266.

(c) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(d) Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate
 disclosed is as of July 31, 2025.

(e) Affiliated security as defined by the Investment Company Act of 1940.

(f) Non-income producing security.

(g) Represents less than 0.05% of net assets.

(h) The rate shown represents the 7-day annualized effective yield as of July 31, 2025.

------

#### <br>

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | 370657091 |  | $370657091 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 115336815 | – |  | 115336815 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – |  | 14055822 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 9672369 | – |  | 9672369 |
| Total Investments | $125009184 | 370657091 |  | $509722097 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair
 value amount of $14,055,822 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

---

| | |
|:---|:---|
| Transactions with Affiliated Securities (Unaudited)<br> <u>Investments in Crescent Capital BDC, Inc.</u><br>|  |
| Value at October 31, 2024 <br>| $754272 |
| Purchases at Cost  | 557907 |
| Proceeds from Sales | (1037679) |
| Net Realized Gain (Loss) | 10778 |
| Change in Unrealized Appreciation (Depreciation)  | 1796 |
| Value at July 31, 2025 <br>| $287074 |
| Shares Held at July 31, 2025 | 11543 |
| Dividend Income  | $39479 |

---

## 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:** 2025-07-31

**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:** $510082287.32

**Total Liabilities:** $16770056.89

**Net Assets:** $493312230.43

**Cash Not Reported:** $233.82

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000215601 | -1.08%               | 0.62%                | 0.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2354884.43             | $-5456420.77                               |
| Month 2  | $-2480914.91             | $1297824.89                                |
| Month 3  | $-14872303.57            | $16187270.12                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| INVESCO MORTGAGE CAPITAL                  | Invesco Mortgage Capital Inc                              | CUSIP: 46131B506<br>LEI: PV3BDP2HFZL2FNXQBL39 | Long             | EP               | CORP              | US        |     18161 | NS      | $440585.86    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| JACKSON FINANCIAL INC                     | Jackson Financial Inc                                     | CUSIP: 46817M206<br>LEI: 213800WXW2KG1N4CO374 | Long             | EP               | CORP              | US        |     56882 | NS      | $1489170.76   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMORGAN CHASE & CO                       | JPMorgan Chase & Co                                       | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |   7185000 | PA      | $7365228.54   | 1.49%             |  |  |  | No            | 2                  | On Loan: No      |
| JPMORGAN CHASE & CO                       | JPMorgan Chase & Co                                       | CUSIP: 48128B648<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |    176724 | NS      | $4506462.00   | 0.91%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMORGAN CHASE & CO                       | JPMorgan Chase & Co                                       | CUSIP: 48128BAD3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |   3005000 | PA      | $3043500.06   | 0.62%             |  |  |  | No            | 2                  | On Loan: No      |
| JPMORGAN CHASE & CO                       | JPMorgan Chase & Co                                       | CUSIP: 48128BAH4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |   3585000 | PA      | $3600960.42   | 0.73%             |  |  |  | No            | 2                  | On Loan: —       |
| JPMORGAN CHASE & CO                       | JPMorgan Chase & Co                                       | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |   4790000 | PA      | $4710463.49   | 0.95%             |  |  |  | No            | 2                  | On Loan: No      |
| Invesco Government & Agency Po            | Invesco Government & Agency Portfolio                     | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   9672369 | NS      | $9672368.56   | 1.96%             | 2031-12-31      | Fixed         | 0.06%                 | No            | 1                  | On Loan: No      |
| ALLY FINANCIAL INC                        | Ally Financial Inc                                        | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EP               | CORP              | US        |   3495000 | PA      | $3392695.41   | 0.69%             |  |  |  | No            | 2                  | On Loan: —       |
| ALLY FINANCIAL INC                        | Ally Financial Inc                                        | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EP               | CORP              | US        |   2585000 | PA      | $2358023.89   | 0.48%             |  |  |  | No            | 2                  | On Loan: No      |
| AMERICAN ELECTRIC POWER                   | American Electric Power Co Inc                            | CUSIP: 025537AU5<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   1940000 | PA      | $1870748.21   | 0.38%             | 2062-02-15      | Variable      | 3.88%                 | No            | 2                  | On Loan: No      |
| AMERICAN ELECTRIC POWER                   | American Electric Power Co Inc                            | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   1035000 | PA      | $1080276.08   | 0.22%             | 2054-12-15      | Variable      | 7.05%                 | No            | 2                  | On Loan: No      |
| AMERICAN NATIONAL GROUP                   | American National Group Inc                               | CUSIP: 025676867<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |     31026 | NS      | $784957.80    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| AMERICAN EXPRESS CO                       | American Express Co                                       | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | EP               | CORP              | US        |   4145000 | PA      | $4051249.63   | 0.82%             |  |  |  | No            | 2                  | On Loan: No      |
| AMERICAN INTL GROUP                       | American International Group Inc                          | CUSIP: 026874DM6<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |    820000 | PA      | $825792.48    | 0.17%             | 2048-04-01      | Variable      | 5.75%                 | No            | 2                  | On Loan: No      |
| ANNALY CAPITAL MGMT                       | Annaly Capital Management Inc                             | CUSIP: 035710847<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     45763 | NS      | $1184804.07   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| ANNALY CAPITAL MGMT                       | Annaly Capital Management Inc                             | CUSIP: 035710862<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     43954 | NS      | $1122145.62   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| ANNALY CAPITAL MGMT                       | Annaly Capital Management Inc                             | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |     74462 | NS      | $1933033.52   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| APTIV SWISS HOLDINGS LTD                  | Aptiv Swiss Holdings Ltd                                  | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |   1295000 | PA      | $1303536.64   | 0.26%             | 2054-12-15      | Variable      | 6.88%                 | No            | 2                  | On Loan: No      |
| ARBOR REALTY TRUST INC                    | Arbor Realty Trust Inc                                    | CUSIP: 038923850<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |     29331 | NS      | $630616.50    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| ARGO GROUP INTERNATIONAL                  | Argo Group International Holdings Inc                     | CUSIP: 040128407<br>LEI: 984500ID778EF9FCDF46 | Long             | EP               | CORP              | US        |     15514 | NS      | $392038.78    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| ATHENE HOLDING LTD                        | Athene Holding Ltd                                        | CUSIP: 04686J861<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |     89201 | NS      | $2220212.89   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| ATLANTICUS HOLDINGS CORP                  | Atlanticus Holdings Corp                                  | CUSIP: 04914Y300<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     15327 | NS      | $373212.45    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| ATLANTICUS HOLDINGS CORP                  | Atlanticus Holdings Corp                                  | CUSIP: 04914Y409<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     17116 | NS      | $431494.36    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| BAC CAPITAL TRUST XIV                     | BAC Capital Trust XIV                                     | CUSIP: 05518VAA3<br>LEI: 549300QO5OB3VGJT6S64 | Long             | DBT              | CORP              | US        |    815000 | PA      | $670408.49    | 0.14%             | 2025-08-16      | Variable      | 4.98%                 | No            | 2                  | On Loan: No      |
| B RILEY FINANCIAL INC                     | B Riley Financial Inc                                     | CUSIP: 05580M793<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     21305 | NS      | $391798.95    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| B RILEY FINANCIAL INC                     | B Riley Financial Inc                                     | CUSIP: 05580M801<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     18667 | NS      | $366619.88    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| B RILEY FINANCIAL INC                     | B Riley Financial Inc                                     | CUSIP: 05580M819<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     41420 | NS      | $482128.80    | 0.10%             |  |  |  | No            | 1                  | On Loan: —       |
| B RILEY FINANCIAL INC                     | B Riley Financial Inc                                     | CUSIP: 05580M827<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     10509 | NS      | $241076.46    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| B RILEY FINANCIAL INC                     | B Riley Financial Inc                                     | CUSIP: 05580M835<br>LEI: 529900LRQ75IKIPK4990 | Long             | EP               | CORP              | US        |     22909 | NS      | $286133.41    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| BABCOCK & WILCOX ENTERPR                  | Babcock & Wilcox Enterprises Inc                          | CUSIP: 05614L308<br>LEI: 5493006H661OZN2C0T54 | Long             | EP               | CORP              | US        |     11319 | NS      | $223550.25    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| BABCOCK & WILCOX ENTERPR                  | Babcock & Wilcox Enterprises Inc                          | CUSIP: 05614L407<br>LEI: 5493006H661OZN2C0T54 | Long             | EP               | CORP              | US        |     19826 | NS      | $193105.24    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| BABCOCK & WILCOX ENTERPR                  | Babcock & Wilcox Enterprises Inc                          | CUSIP: 05614L506<br>LEI: 5493006H661OZN2C0T54 | Long             | EP               | CORP              | US        |     10758 | NS      | $170083.98    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| BANC OF CALIFORNIA INC                    | Banc of California Inc                                    | CUSIP: 05990K841<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EP               | CORP              | US        |     53087 | NS      | $1324520.65   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                                      | CUSIP: 060505179<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     69384 | NS      | $1751252.16   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                                      | CUSIP: 060505229<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     89207 | NS      | $2249800.54   | 0.46%             |  |  |  | No            | 1                  | On Loan: —       |
| BANK OF AMERICA CORP                      | Bank of America Corp                                      | CUSIP: 060505583<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     26426 | NS      | $549660.80    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                                      | CUSIP: 060505591<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     13897 | NS      | $297395.80    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                                      | CUSIP: 060505625<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     19758 | NS      | $405434.16    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                                      | CUSIP: 060505815<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     20346 | NS      | $432149.04    | 0.09%             |  |  |  | No            | 1                  | On Loan: —       |
| BANK OF AMERICA CORP                      | Bank of America Corp                                      | CUSIP: 060505EU4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |   1655000 | PA      | $1661480.98   | 0.34%             |  |  |  | No            | 2                  | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                                      | CUSIP: 060505FL3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |   3760000 | PA      | $3774991.12   | 0.77%             |  |  |  | No            | 2                  | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                                      | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |   2760000 | PA      | $2693733.78   | 0.55%             |  |  |  | No            | 2                  | On Loan: No      |
| GLADSTONE INVESTMENT COR                  | Gladstone Investment Corp                                 | CUSIP: 376546883<br>LEI: 549300HFFTVIBC98Z362 | Long             | EP               | CORP              | US        |     13921 | NS      | $324498.51    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC                   | Goldman Sachs Group Inc/The                               | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |   4925000 | PA      | $5029703.43   | 1.02%             |  |  |  | No            | 2                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC                   | Goldman Sachs Group Inc/The                               | CUSIP: 38141GYU2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |   1940000 | PA      | $1898855.51   | 0.38%             |  |  |  | No            | 2                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC                   | Goldman Sachs Group Inc/The                               | CUSIP: 38143Y665<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |     77565 | NS      | $1687814.40   | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC                   | Goldman Sachs Group Inc/The                               | CUSIP: 38144G804<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    139619 | NS      | $2931999.00   | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC                   | Goldman Sachs Group Inc/The                               | CUSIP: 38144GAB7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |   1555000 | PA      | $1564695.43   | 0.32%             |  |  |  | No            | 2                  | On Loan: No      |
| NGL ENERGY PARTNERS LP                    | NGL Energy Partners LP                                    | CUSIP: 62913M206<br>LEI: 5299005YSRP46BE8Z459 | Long             | EP               | CORP              | US        |     32536 | NS      | $723926.00    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| NEXTERA ENERGY CAPITAL                    | NextEra Energy Capital Holdings Inc                       | CUSIP: 65339KCB4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1555000 | PA      | $1494985.71   | 0.30%             | 2082-03-15      | Variable      | 3.80%                 | No            | 2                  | On Loan: No      |
| NEXTERA ENERGY CAPITAL                    | NextEra Energy Capital Holdings Inc                       | CUSIP: 65339KCW8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   2590000 | PA      | $2671344.13   | 0.54%             | 2054-09-01      | Variable      | 6.70%                 | No            | 2                  | On Loan: No      |
| NEXTERA ENERGY CAPITAL                    | NextEra Energy Capital Holdings Inc                       | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   3890000 | PA      | $3991025.87   | 0.81%             | 2055-08-15      | Variable      | 6.38%                 | No            | 2                  | On Loan: No      |
| NISOURCE INC                              | NiSource Inc                                              | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1336735.41   | 0.27%             | 2054-11-30      | Variable      | 6.95%                 | No            | 2                  | On Loan: No      |
| NORTHERN TRUST CORP                       | Northern Trust Corp                                       | CUSIP: 665859AQ7<br>LEI: 549300GLF98S992BC502 | Long             | EP               | CORP              | US        |   1290000 | PA      | $1276898.76   | 0.26%             |  |  |  | No            | 2                  | On Loan: No      |
| OFFICE PPTY INCOME TRST                   | Office Properties Income Trust                            | CUSIP: 67623C208<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     16654 | NS      | $122240.36    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| OLD NATL BANCORP                          | Old National Bancorp/IN                                   | CUSIP: 68003D204<br>LEI: 549300MMK90CL5KMVX16 | Long             | EP               | CORP              | US        |     11169 | NS      | $282128.94    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| OLD NATL BANCORP                          | Old National Bancorp/IN                                   | CUSIP: 68003D303<br>LEI: 549300MMK90CL5KMVX16 | Long             | EP               | CORP              | US        |     12669 | NS      | $319765.56    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| PNC FINANCIAL SERVICES                    | PNC Financial Services Group Inc/The                      | CUSIP: 693475AQ8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EP               | CORP              | US        |   1355000 | PA      | $1347736.52   | 0.27%             |  |  |  | No            | 2                  | On Loan: No      |
| PNC FINANCIAL SERVICES                    | PNC Financial Services Group Inc/The                      | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EP               | CORP              | US        |   3890000 | PA      | $3748292.67   | 0.76%             |  |  |  | No            | 2                  | On Loan: No      |
| PNC FINANCIAL SERVICES                    | PNC Financial Services Group Inc/The                      | CUSIP: 693475BD6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EP               | CORP              | US        |   2590000 | PA      | $2594968.92   | 0.53%             |  |  |  | No            | 2                  | On Loan: No      |
| PNC FINANCIAL SERVICES                    | PNC Financial Services Group Inc/The                      | CUSIP: 693475BF1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EP               | CORP              | US        |   3235000 | PA      | $3269963.88   | 0.66%             |  |  |  | No            | 2                  | On Loan: No      |
| PNC FINANCIAL SERVICES                    | PNC Financial Services Group Inc/The                      | CUSIP: 693475BP9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EP               | CORP              | US        |   3885000 | PA      | $3929234.61   | 0.80%             |  |  |  | No            | 2                  | On Loan: No      |
| PACIFICORP                                | PacifiCorp                                                | CUSIP: 695114DF2<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |   2205000 | PA      | $2257389.10   | 0.46%             | 2055-09-15      | Variable      | 7.38%                 | No            | 2                  | On Loan: No      |
| PLAINS ALL AMERICAN PIPE                  | Plains All American Pipeline LP                           | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | EP               | CORP              | US        |   2070000 | PA      | $2071169.55   | 0.42%             |  |  |  | No            | 2                  | On Loan: No      |
| ROGERS COMMUNICATIONS IN                  | Rogers Communications Inc                                 | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   2850000 | PA      | $2913758.35   | 0.59%             | 2055-04-15      | Variable      | 7.00%                 | No            | 2                  | On Loan: No      |
| SCE TRUST IV                              | SCE Trust IV                                              | CUSIP: 78409G206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     33612 | NS      | $801646.20    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| SCE TRUST V                               | SCE Trust V                                               | CUSIP: 78409W201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     31026 | NS      | $733454.64    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| SARATOGA INVESTMENT CORP                  | Saratoga Investment Corp                                  | CUSIP: 80349A802<br>LEI: 54930023WJCWPAGSWE41 | Long             | EP               | CORP              | US        |     10911 | NS      | $272338.56    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| PARAMOUNT GLOBAL                          | Paramount Global                                          | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |   1685000 | PA      | $1623918.75   | 0.33%             | 2057-02-28      | Variable      | 6.25%                 | No            | 2                  | On Loan: No      |
| PARAMOUNT GLOBAL                          | Paramount Global                                          | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |   2590000 | PA      | $2551143.91   | 0.52%             | 2062-03-30      | Variable      | 6.38%                 | No            | 2                  | On Loan: No      |
| ATLAS CORP                                | Atlas Corp                                                | CUSIP: EP0586750<br>LEI: N/A                  | Long             | EP               | CORP              | MH        |      1861 | NS      | $49223.45     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| GLOBAL SHIP LEASE INC                     | Global Ship Lease Inc                                     | CUSIP: EP0469874<br>LEI: 254900GLZ0J5N8UZM071 | Long             | EP               | CORP              | MH        |     11273 | NS      | $295803.52    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| AIR LEASE CORP                            | Air Lease Corp                                            | CUSIP: 00912XBJ2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EP               | CORP              | US        |    775000 | PA      | $765558.95    | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| AIR LEASE CORP                            | Air Lease Corp                                            | CUSIP: 00912XBK9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EP               | CORP              | US        |    775000 | PA      | $758742.13    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| AIR LEASE CORP                            | Air Lease Corp                                            | CUSIP: 00912XBQ6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EP               | CORP              | US        |    775000 | PA      | $761307.39    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| ALGONQUIN PWR & UTILITY                   | Algonquin Power & Utilities Corp                          | CUSIP: 015857808<br>LEI: 549300K5VIUTJXQL7X75 | Long             | EP               | CORP              | CA        |     36198 | NS      | $945853.74    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| ALGONQUIN PWR & UTILITY                   | Algonquin Power & Utilities Corp                          | CUSIP: 015857AH8<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |   1940000 | PA      | $1883236.38   | 0.38%             | 2082-01-18      | Variable      | 4.75%                 | No            | 2                  | On Loan: No      |
| ALLSTATE CORP                             | Allstate Corp/The                                         | CUSIP: 020002309<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EP               | CORP              | US        |     51710 | NS      | $1340323.20   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| ASSOC BANC-CORP                           | Associated Banc-Corp                                      | CUSIP: 045487600<br>LEI: 549300N3CIN473IW5094 | Long             | EP               | CORP              | US        |     31026 | NS      | $768514.02    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| ASSURANT INC                              | Assurant Inc                                              | CUSIP: 04621XAK4<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |   1035000 | PA      | $1057167.32   | 0.21%             | 2048-03-27      | Variable      | 7.00%                 | No            | 2                  | On Loan: No      |
| ATHENE HOLDING LTD                        | Athene Holding Ltd                                        | CUSIP: 04686J507<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |     51710 | NS      | $1357904.60   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| ATHENE HOLDING LTD                        | Athene Holding Ltd                                        | CUSIP: 04686J838<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |     59468 | NS      | $1497404.24   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| ENERGY TRANSFER LP                        | Energy Transfer LP                                        | CUSIP: 29273VBC3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1035000 | PA      | $1061304.53   | 0.22%             | 2054-10-01      | Variable      | 7.12%                 | No            | 2                  | On Loan: —       |
| ENSTAR FINANCE LLC                        | Enstar Finance LLC                                        | CUSIP: 29360AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1295000 | PA      | $1273011.03   | 0.26%             | 2042-01-15      | Variable      | 5.50%                 | No            | 2                  | On Loan: No      |
| ENTERGY CORP                              | Entergy Corp                                              | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |   3110000 | PA      | $3219714.89   | 0.65%             | 2054-12-01      | Variable      | 7.12%                 | No            | 2                  | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                  | Enterprise Products Operating LLC                         | CUSIP: 29379VBN2<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   2590000 | PA      | $2561217.07   | 0.52%             | 2077-08-16      | Variable      | 5.25%                 | No            | 2                  | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                  | Enterprise Products Operating LLC                         | CUSIP: 29379VBR3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   1810000 | PA      | $1787026.39   | 0.36%             | 2078-02-15      | Variable      | 5.38%                 | No            | 2                  | On Loan: No      |
| EUSHI FINANCE INC                         | EUSHI Finance Inc                                         | CUSIP: 29882DAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1295000 | PA      | $1353050.97   | 0.27%             | 2054-12-15      | Variable      | 7.62%                 | No            | 2                  | On Loan: No      |
| EVERGY INC                                | Evergy Inc                                                | CUSIP: 30034WAE6<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |   1295000 | PA      | $1307750.57   | 0.27%             | 2055-06-01      | Variable      | 6.65%                 | No            | 2                  | On Loan: No      |
| FMC CORP                                  | FMC Corp                                                  | CUSIP: 302491AZ8<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |   1945000 | PA      | $2010803.24   | 0.41%             | 2055-11-01      | Variable      | 8.45%                 | No            | 2                  | On Loan: —       |
| FAT BRANDS INC                            | FAT Brands Inc                                            | CUSIP: 30258N501<br>LEI: 549300TZCVF3UHX37729 | Long             | EP               | CORP              | US        |     21739 | NS      | $65434.39     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| FIFTH THIRD BANCORP                       | Fifth Third Bancorp                                       | CUSIP: 316773605<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |     46540 | NS      | $1189562.40   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| FIFTH THIRD BANCORP                       | Fifth Third Bancorp                                       | CUSIP: 316773886<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |     20684 | NS      | $504482.76    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| FIFTH THIRD BANCORP                       | Fifth Third Bancorp                                       | CUSIP: 316773CM0<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |   1550000 | PA      | $1547848.76   | 0.31%             |  |  |  | No            | 2                  | On Loan: No      |
| FIFTH THIRD BANCORP                       | Fifth Third Bancorp                                       | CUSIP: 316773DB3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |    905000 | PA      | $901757.11    | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| FIRST CITIZENS BANCSHARE                  | First Citizens BancShares Inc/NC                          | CUSIP: 31959XAA1<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EP               | CORP              | US        |    840000 | PA      | $871248.84    | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| FOSSIL GROUP INC                          | Fossil Group Inc                                          | CUSIP: 34988V304<br>LEI: DDMY8YZ6L8UEMS1FDM73 | Long             | EP               | CORP              | US        |     15514 | NS      | $281579.10    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| GENERAL MOTORS FINL CO                    | General Motors Financial Co Inc                           | CUSIP: 37045XCA2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | EP               | CORP              | US        |   2590000 | PA      | $2529236.27   | 0.51%             |  |  |  | No            | 2                  | On Loan: No      |
| FLAGSTAR FINANCIAL INC                    | Flagstar Financial Inc                                    | CUSIP: 649445202<br>LEI: 529900HVXOTLY61GL030 | Long             | EP               | CORP              | US        |     53261 | NS      | $1111557.07   | 0.23%             |  |  |  | No            | 1                  | On Loan: —       |
| FTAI AVIATION LTD                         | FTAI Aviation Ltd                                         | CUSIP: EP0602243<br>LEI: N/A                  | Long             | EP               | CORP              | KY        |     10860 | NS      | $276061.20    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| GASLOG PARTNERS LP                        | GasLog Partners LP                                        | CUSIP: EP0528133<br>LEI: 5299004R0RSGEG82BS06 | Long             | EP               | CORP              | MH        |     13146 | NS      | $338640.96    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| RITHM CAPITAL CORP                        | Rithm Capital Corp                                        | CUSIP: 64828T300<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     10891 | NS      | $280443.25    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| RITHM CAPITAL CORP                        | Rithm Capital Corp                                        | CUSIP: 64828T409<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     29113 | NS      | $749659.75    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| RITHM CAPITAL CORP                        | Rithm Capital Corp                                        | CUSIP: 64828T508<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     41121 | NS      | $1039950.09   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| RITHM CAPITAL CORP                        | Rithm Capital Corp                                        | CUSIP: 64828T706<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     48091 | NS      | $1177267.68   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                  | Prudential Financial Inc                                  | CUSIP: 744320AW2<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   1940000 | PA      | $1909348.00   | 0.39%             | 2047-09-15      | Variable      | 4.50%                 | No            | 2                  | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                  | Prudential Financial Inc                                  | CUSIP: 744320BF8<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   2590000 | PA      | $2621108.49   | 0.53%             | 2048-09-15      | Variable      | 5.70%                 | No            | 2                  | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                  | Prudential Financial Inc                                  | CUSIP: 744320BH4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   2070000 | PA      | $1889790.56   | 0.38%             | 2050-10-01      | Variable      | 3.70%                 | No            | 2                  | On Loan: No      |
| QVC INC                                   | QVC Inc                                                   | CUSIP: 747262400<br>LEI: 549300WBLU5NKPX5X472 | Long             | EP               | CORP              | US        |     51040 | NS      | $449662.40    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| READY CAPITAL CORP                        | Ready Capital Corp                                        | CUSIP: 75574U606<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               | CORP              | US        |     13641 | NS      | $336523.47    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| READY CAPITAL CORP                        | Ready Capital Corp                                        | CUSIP: 75574U838<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               | CORP              | US        |     13446 | NS      | $312350.58    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| REGIONS FINANCIAL CORP                    | Regions Financial Corp                                    | CUSIP: 7591EP704<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               | CORP              | US        |     51710 | NS      | $1286027.70   | 0.26%             |  |  |  | No            | 1                  | On Loan: —       |
| REGIONS FINANCIAL CORP                    | Regions Financial Corp                                    | CUSIP: 7591EP860<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               | CORP              | US        |     51710 | NS      | $1319639.20   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| REINSURANCE GRP OF AMER                   | Reinsurance Group of America Inc                          | CUSIP: 759351802<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EP               | CORP              | US        |     41368 | NS      | $1026753.76   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| REINSURANCE GRP OF AMER                   | Reinsurance Group of America Inc                          | CUSIP: 759351885<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EP               | CORP              | US        |     72395 | NS      | $1876478.40   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| CVS HEALTH CORP                           | CVS Health Corp                                           | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   5835000 | PA      | $6003281.40   | 1.22%             | 2055-03-10      | Variable      | 7.00%                 | No            | 2                  | On Loan: No      |
| CONNECTONE BANCORP INC                    | ConnectOne Bancorp Inc                                    | CUSIP: 20786W503<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EP               | CORP              | US        |     11860 | NS      | $282742.40    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| COREBRIDGE FINANCIAL INC                  | Corebridge Financial Inc                                  | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   2590000 | PA      | $2660114.17   | 0.54%             | 2052-12-15      | Variable      | 6.88%                 | No            | 2                  | On Loan: No      |
| CRESCENT CAPITAL BDC INC                  | Crescent Capital BDC Inc                                  | CUSIP: 225655208<br>LEI: 549300VPIZMU6OEE0V68 | Long             | EP               | CORP              | US        |     11543 | NS      | $287074.41    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| DIAMONDROCK HOSPITALITY                   | DiamondRock Hospitality Co                                | CUSIP: 252784400<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EP               | CORP              | US        |     12307 | NS      | $311490.17    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| DILLARDS CAP TRUST I                      | Dillard's Capital Trust I                                 | CUSIP: 25406P200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     20684 | NS      | $537784.00    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| DOMINION ENERGY INC                       | Dominion Energy Inc                                       | CUSIP: 25746UDM8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EP               | CORP              | US        |   1940000 | PA      | $1896569.22   | 0.38%             |  |  |  | No            | 2                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC                   | Goldman Sachs Group Inc/The                               | CUSIP: 38144GAC5<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    905000 | PA      | $906680.59    | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC                   | Goldman Sachs Group Inc/The                               | CUSIP: 38144GAE1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |   1745000 | PA      | $1710958.02   | 0.35%             |  |  |  | No            | 2                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC                   | Goldman Sachs Group Inc/The                               | CUSIP: 38144GAG6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |   1945000 | PA      | $1902982.17   | 0.39%             |  |  |  | No            | 2                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC                   | Goldman Sachs Group Inc/The                               | CUSIP: 38144X609<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |     20684 | NS      | $443464.96    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC                   | Goldman Sachs Group Inc/The                               | CUSIP: 38148BAC2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |   1680000 | PA      | $1675280.21   | 0.34%             |  |  |  | No            | 2                  | On Loan: No      |
| GOLDMAN SACHS GROUP INC                   | Goldman Sachs Group Inc/The                               | CUSIP: 38148BAE8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |   1295000 | PA      | $1299921.00   | 0.26%             |  |  |  | No            | 2                  | On Loan: No      |
| GRANITE POINT MTGE TRST                   | Granite Point Mortgage Trust Inc                          | CUSIP: 38741L305<br>LEI: 529900VX2HQZ76AYIE02 | Long             | EP               | CORP              | US        |     21274 | NS      | $418459.58    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| TENN VALLEY AUTHORITY                     | Tennessee Valley Authority                                | CUSIP: 880591300<br>LEI: 549300HE1ISW43LNKM54 | Long             | EP               | USGA              | US        |     26527 | NS      | $633730.03    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| TENN VALLEY AUTHORITY                     | Tennessee Valley Authority                                | CUSIP: 880591409<br>LEI: 549300HE1ISW43LNKM54 | Long             | EP               | USGA              | US        |     21552 | NS      | $502808.16    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| TRANSCANADA PIPELINES                     | TransCanada PipeLines Ltd                                 | CUSIP: 89352HBG3<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |   1945000 | PA      | $1961322.26   | 0.40%             | 2065-06-01      | Variable      | 7.00%                 | No            | 2                  | On Loan: No      |
| TRANSCANADA TRUST                         | Transcanada Trust                                         | CUSIP: 89356BAB4<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |   3110000 | PA      | $3103529.33   | 0.63%             | 2076-08-15      | Variable      | 5.88%                 | No            | 2                  | On Loan: No      |
| STATE STREET CORP                         | State Street Corp                                         | CUSIP: 857477855<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |     51710 | NS      | $1165543.40   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| STATE STREET CORP                         | State Street Corp                                         | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |   3890000 | PA      | $4010574.44   | 0.81%             |  |  |  | No            | 2                  | On Loan: No      |
| STATE STREET CORP                         | State Street Corp                                         | CUSIP: 857477CM3<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |   2200000 | PA      | $2281323.00   | 0.46%             |  |  |  | No            | 2                  | On Loan: No      |
| STATE STREET CORP                         | State Street Corp                                         | CUSIP: 857477CS0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |   1940000 | PA      | $1971201.02   | 0.40%             |  |  |  | No            | 2                  | On Loan: No      |
| SYNOVUS FINANCIAL CORP                    | Synovus Financial Corp                                    | CUSIP: 87161C600<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EP               | CORP              | US        |     20684 | NS      | $530544.60    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| SYNOVUS FINANCIAL CORP                    | Synovus Financial Corp                                    | CUSIP: 87161C709<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EP               | CORP              | US        |     36198 | NS      | $949473.54    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| SYNCHRONY FINANCIAL                       | Synchrony Financial                                       | CUSIP: 87165B400<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EP               | CORP              | US        |     51710 | NS      | $1341357.40   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| TRANSCANADA TRUST                         | Transcanada Trust                                         | CUSIP: 89356BAC2<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |   3885000 | PA      | $3854622.80   | 0.78%             | 2077-03-15      | Variable      | 5.30%                 | No            | 2                  | On Loan: No      |
| TRANSCANADA TRUST                         | Transcanada Trust                                         | CUSIP: 89356BAE8<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |   2850000 | PA      | $2796164.36   | 0.57%             | 2079-09-15      | Variable      | 5.50%                 | No            | 2                  | On Loan: No      |
| TRINITY CAPITAL INC/MD                    | Trinity Capital Inc                                       | CUSIP: 896442605<br>LEI: 549300YGT4SBRQYDVU48 | Long             | EP               | CORP              | US        |     12060 | NS      | $304997.40    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| TRINITY CAPITAL INC/MD                    | Trinity Capital Inc                                       | CUSIP: 896442704<br>LEI: 549300YGT4SBRQYDVU48 | Long             | EP               | CORP              | US        |     12328 | NS      | $313007.92    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| TRUIST FINANCIAL CORP                     | Truist Financial Corp                                     | CUSIP: 89832Q810<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |     17841 | NS      | $369843.93    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| TRUIST FIN CORP                           | Truist Financial Corp                                     | CUSIP: 89832QAC3<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |   1290000 | PA      | $1267824.38   | 0.26%             |  |  |  | No            | 2                  | On Loan: No      |
| SOLUNA HOLDINGS INC                       | Soluna Holdings Inc                                       | CUSIP: 583543202<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     12804 | NS      | $49423.44     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| PG&E CORP                                 | PG&E Corp                                                 | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |   3890000 | PA      | $3753781.69   | 0.76%             | 2055-03-15      | Variable      | 7.38%                 | No            | 2                  | On Loan: No      |
| PARTNERRE FINANCE B LLC                   | PartnerRe Finance B LLC                                   | CUSIP: 70213BAC5<br>LEI: 549300O0FAGHK2F79881 | Long             | DBT              | CORP              | US        |   1295000 | PA      | $1203527.93   | 0.24%             | 2050-10-01      | Variable      | 4.50%                 | No            | 2                  | On Loan: No      |
| PENNYMAC MTGE INVESTMENT                  | PennyMac Mortgage Investment Trust                        | CUSIP: 70931T707<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |     17841 | NS      | $454767.09    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| PENNYMAC MTGE INVESTMENT                  | PennyMac Mortgage Investment Trust                        | CUSIP: 70931T806<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |     10836 | NS      | $274367.52    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| TRUIST FINANCIAL CORP                     | Truist Financial Corp                                     | CUSIP: 89832QAD1<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |   4405000 | PA      | $4402138.51   | 0.89%             |  |  |  | No            | 2                  | On Loan: No      |
| TRUIST FINANCIAL CORP                     | Truist Financial Corp                                     | CUSIP: 89832QAE9<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |   2590000 | PA      | $2584901.59   | 0.52%             |  |  |  | No            | 2                  | On Loan: No      |
| TRUIST FINANCIAL CORP                     | Truist Financial Corp                                     | CUSIP: 89832QAF6<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |   2590000 | PA      | $2549289.60   | 0.52%             |  |  |  | No            | 2                  | On Loan: No      |
| TRITON INTERNATIONAL LTD                  | Triton International Ltd                                  | CUSIP: EP0573691<br>LEI: N/A                  | Long             | EP               | CORP              | BM        |     14872 | NS      | $375071.84    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| SEMPRA                                    | Sempra                                                    | CUSIP: 816851BK4<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EP               | CORP              | US        |   2330000 | PA      | $2319005.43   | 0.47%             |  |  |  | No            | 2                  | On Loan: No      |
| SEMPRA                                    | Sempra                                                    | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   2590000 | PA      | $2501087.89   | 0.51%             | 2052-04-01      | Variable      | 4.12%                 | No            | 2                  | On Loan: No      |
| TSAKOS ENERGY NAVIGATION                  | Tsakos Energy Navigation Ltd                              | CUSIP: EP0526210<br>LEI: 549300IFUTS62LRRCU54 | Long             | EP               | CORP              | BM        |     12230 | NS      | $320059.10    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| SEMPRA                                    | Sempra                                                    | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   2850000 | PA      | $2876730.15   | 0.58%             | 2054-10-01      | Variable      | 6.88%                 | No            | 2                  | On Loan: No      |
| SEMPRA                                    | Sempra                                                    | CUSIP: 816851BU2<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   1035000 | PA      | $1016203.78   | 0.21%             | 2055-04-01      | Variable      | 6.62%                 | No            | 2                  | On Loan: No      |
| SOUTHERN CO                               | Southern Co/The                                           | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   3235000 | PA      | $3217376.04   | 0.65%             | 2051-01-15      | Variable      | 4.00%                 | No            | 2                  | On Loan: No      |
| SIRIUSPOINT LTD                           | SiriusPoint Ltd                                           | CUSIP: EP0598912<br>LEI: 549300OGXFI85N3YZZ51 | Long             | EP               | CORP              | BM        |     20684 | NS      | $524546.24    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| SEAPEAK LLC                               | Seapeak LLC                                               | CUSIP: EP0515908<br>LEI: 549300CP38L0UER0I397 | Long             | EP               | CORP              | MH        |     12752 | NS      | $325431.04    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| SEAPEAK LLC                               | Seapeak LLC                                               | CUSIP: EP0537951<br>LEI: 549300CP38L0UER0I397 | Long             | EP               | CORP              | MH        |     17055 | NS      | $431832.60    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| HARTFORD INSUR GRP INC/T                  | Hartford Insurance Group Inc/The                          | CUSIP: 416518603<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EP               | CORP              | US        |     35681 | NS      | $897733.96    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| HUNTINGTON BANCSHARES                     | Huntington Bancshares Inc/OH                              | CUSIP: 446150773<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |     33612 | NS      | $861139.44    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| HUNTINGTON BANCSHARES                     | Huntington Bancshares Inc/OH                              | CUSIP: 446150AT1<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |   1295000 | PA      | $1326556.56   | 0.27%             |  |  |  | No            | 2                  | On Loan: No      |
| HUNTINGTON BANCSHARES                     | Huntington Bancshares Inc/OH                              | CUSIP: 446150AV6<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |   1290000 | PA      | $1267166.10   | 0.26%             |  |  |  | No            | 2                  | On Loan: No      |
| MFA FINANCIAL INC                         | MFA Financial Inc                                         | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |     28440 | NS      | $697633.20    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| MFA FINANCIAL INC                         | MFA Financial Inc                                         | CUSIP: 55272X706<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |     11894 | NS      | $300680.32    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| METLIFE INC                               | MetLife Inc                                               | CUSIP: 59156RBT4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |   1295000 | PA      | $1316995.58   | 0.27%             |  |  |  | No            | 2                  | On Loan: No      |
| METLIFE INC                               | MetLife Inc                                               | CUSIP: 59156RCA4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |   2590000 | PA      | $2580912.47   | 0.52%             |  |  |  | No            | 2                  | On Loan: No      |
| TWO HARBORS INV CORP                      | Two Harbors Investment Corp                               | CUSIP: 90187B200<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EP               | CORP              | US        |     13063 | NS      | $302800.34    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| TWO HARBORS INV CORP                      | Two Harbors Investment Corp                               | CUSIP: 90187B309<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EP               | CORP              | US        |     26270 | NS      | $609464.00    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| TWO HARBORS INV CORP                      | Two Harbors Investment Corp                               | CUSIP: 90187B507<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EP               | CORP              | US        |     24976 | NS      | $593429.76    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| TWO HARBORS INV CORP                      | Two Harbors Investment Corp                               | CUSIP: 90187B887<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EP               | CORP              | US        |     11894 | NS      | $309481.88    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| UMB FINANCIAL CORP                        | UMB Financial Corp                                        | CUSIP: 902788405<br>LEI: 549300MGEH3N3CUCV828 | Long             | EP               | CORP              | US        |     31874 | NS      | $835098.80    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| US BANCORP                                | US Bancorp                                                | CUSIP: 902973155<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |    103421 | NS      | $2130472.60   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| US BANCORP                                | US Bancorp                                                | CUSIP: 902973866<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |      1469 | NS      | $1225146.00   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| US BANCORP                                | US Bancorp                                                | CUSIP: 902973AZ9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |   2590000 | PA      | $2579638.71   | 0.52%             |  |  |  | No            | 2                  | On Loan: No      |
| VALLEY NATIONAL BANCORP                   | Valley National Bancorp                                   | CUSIP: 919794404<br>LEI: 549300ET52S1UBIB9762 | Long             | EP               | CORP              | US        |     15514 | NS      | $398864.94    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| VODAFONE GROUP PLC                        | Vodafone Group PLC                                        | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |   5180000 | PA      | $5413063.74   | 1.10%             | 2079-04-04      | Variable      | 7.00%                 | No            | 2                  | On Loan: No      |
| VODAFONE GROUP PLC                        | Vodafone Group PLC                                        | CUSIP: 92857WBV1<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |   1295000 | PA      | $1259592.81   | 0.26%             | 2081-06-04      | Variable      | 3.25%                 | No            | 2                  | On Loan: No      |
| VODAFONE GROUP PLC                        | Vodafone Group PLC                                        | CUSIP: 92857WBW9<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |   2590000 | PA      | $2385185.39   | 0.48%             | 2081-06-04      | Variable      | 4.12%                 | No            | 2                  | On Loan: No      |
| VOYA FINANCIAL INC                        | Voya Financial Inc                                        | CUSIP: 929089209<br>LEI: 549300T065Z4KJ686G75 | Long             | EP               | CORP              | US        |     31026 | NS      | $764790.90    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| VOYA FINANCIAL INC                        | Voya Financial Inc                                        | CUSIP: 929089AF7<br>LEI: 549300T065Z4KJ686G75 | Long             | DBT              | CORP              | US        |    880000 | PA      | $841054.35    | 0.17%             | 2048-01-23      | Variable      | 4.70%                 | No            | 2                  | On Loan: No      |
| WELLS FARGO & COMPANY                     | Wells Fargo & Co                                          | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |   9095000 | PA      | $9010145.47   | 1.83%             |  |  |  | No            | 2                  | On Loan: No      |
| WELLS FARGO & COMPANY                     | Wells Fargo & Co                                          | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |   5185000 | PA      | $5370731.89   | 1.09%             |  |  |  | No            | 2                  | On Loan: No      |
| WESBANCO INC                              | WesBanco Inc                                              | CUSIP: 950810705<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     15514 | NS      | $396072.42    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                                      | CUSIP: 06055HAB9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |   3310000 | PA      | $3338724.18   | 0.68%             |  |  |  | No            | 2                  | On Loan: No      |
| BANK OF AMERICA CORP                      | Bank of America Corp                                      | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |   4970000 | PA      | $5089543.41   | 1.03%             |  |  |  | No            | 2                  | On Loan: No      |
| BANK OF NY MELLON CORP                    | Bank of New York Mellon Corp/The                          | CUSIP: 064058845<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |     51710 | NS      | $1335152.20   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| BANK OF NY MELLON CORP                    | Bank of New York Mellon Corp/The                          | CUSIP: 064058AF7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |   2590000 | PA      | $2554102.60   | 0.52%             |  |  |  | No            | 2                  | On Loan: No      |
| BANK OF NY MELLON CORP                    | Bank of New York Mellon Corp/The                          | CUSIP: 064058AH3<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |   2590000 | PA      | $2588128.98   | 0.52%             |  |  |  | No            | 2                  | On Loan: No      |
| DOMINION ENERGY INC                       | Dominion Energy Inc                                       | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   2590000 | PA      | $2710283.02   | 0.55%             | 2055-02-01      | Variable      | 6.88%                 | No            | 2                  | On Loan: No      |
| DUKE ENERGY CORP                          | Duke Energy Corp                                          | CUSIP: 26441C501<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EP               | CORP              | US        |    103421 | NS      | $2572080.27   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| DUKE ENERGY CORP                          | Duke Energy Corp                                          | CUSIP: 26441CBP9<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   1295000 | PA      | $1242234.32   | 0.25%             | 2082-01-15      | Variable      | 3.25%                 | No            | 2                  | On Loan: No      |
| DYNEX CAPITAL INC                         | Dynex Capital Inc                                         | CUSIP: 26817Q878<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EP               | CORP              | US        |     10709 | NS      | $278112.73    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| EDISON INTERNATIONAL                      | Edison International                                      | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | EP               | CORP              | US        |   3005000 | PA      | $2857400.23   | 0.58%             |  |  |  | No            | 2                  | On Loan: —       |
| EDISON INTERNATIONAL                      | Edison International                                      | CUSIP: 281020AT4<br>LEI: 549300I7ROF15MAEVP56 | Long             | EP               | CORP              | US        |   1305000 | PA      | $1147788.61   | 0.23%             |  |  |  | No            | 2                  | On Loan: No      |
| EDISON INTERNATIONAL                      | Edison International                                      | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1264942.40   | 0.26%             | 2053-06-15      | Variable      | 8.12%                 | No            | 2                  | On Loan: No      |
| EDISON INTERNATIONAL                      | Edison International                                      | CUSIP: 281020AZ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1111864.41   | 0.23%             | 2054-06-15      | Variable      | 7.88%                 | No            | 2                  | On Loan: No      |
| ELLINGTON FINANCIAL                       | Ellington Financial Inc                                   | CUSIP: 28852N208<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |     11894 | NS      | $299609.86    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| ELLINGTON FINANCIAL                       | Ellington Financial Inc                                   | CUSIP: 28852N307<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |     12463 | NS      | $289016.97    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| ELLINGTON FINANCIAL                       | Ellington Financial Inc                                   | CUSIP: 28852N406<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |     10342 | NS      | $259480.78    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| EMERA INC                                 | Emera Inc                                                 | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |   3110000 | PA      | $3132500.85   | 0.63%             | 2076-06-15      | Variable      | 6.75%                 | No            | 2                  | On Loan: No      |
| ENBRIDGE INC                              | Enbridge Inc                                              | CUSIP: 29250NAN5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1940000 | PA      | $1937795.00   | 0.39%             | 2077-01-15      | Variable      | 6.00%                 | No            | 2                  | On Loan: No      |
| ENBRIDGE INC                              | Enbridge Inc                                              | CUSIP: 29250NAS4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   2590000 | PA      | $2564263.95   | 0.52%             | 2077-07-15      | Variable      | 5.50%                 | No            | 2                  | On Loan: No      |
| ENBRIDGE INC                              | Enbridge Inc                                              | CUSIP: 29250NBN4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1295000 | PA      | $1333625.97   | 0.27%             | 2083-01-15      | Variable      | 7.38%                 | No            | 2                  | On Loan: No      |
| ENBRIDGE INC                              | Enbridge Inc                                              | CUSIP: 29250NCG8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1295000 | PA      | $1348185.65   | 0.27%             | 2055-03-15      | Variable      | 7.38%                 | No            | 2                  | On Loan: No      |
| ENERGY TRANSFER LP                        | Energy Transfer LP                                        | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |   1425000 | PA      | $1417588.72   | 0.29%             |  |  |  | No            | 2                  | On Loan: No      |
| ENERGY TRANSFER LP                        | Energy Transfer LP                                        | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |   2330000 | PA      | $2334445.64   | 0.47%             |  |  |  | No            | 2                  | On Loan: No      |
| WESTERN ALLIANCE BANCORP                  | Western Alliance Bancorp                                  | CUSIP: 957638406<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EP               | CORP              | US        |     31026 | NS      | $693120.84    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| WINTRUST FINANCIAL CORP                   | Wintrust Financial Corp                                   | CUSIP: 97650W702<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EP               | CORP              | US        |     43954 | NS      | $1151594.80   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| ENBRIDGE INC                              | Enbridge Inc                                              | CUSIP: 29250NAW5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   2200000 | PA      | $2207376.60   | 0.45%             | 2078-03-01      | Variable      | 6.25%                 | No            | 2                  | On Loan: No      |
| ENBRIDGE INC                              | Enbridge Inc                                              | CUSIP: 29250NBC8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   2590000 | PA      | $2564096.63   | 0.52%             | 2080-07-15      | Variable      | 5.75%                 | No            | 2                  | On Loan: No      |
| GENERAL MOTORS FINL CO                    | General Motors Financial Co Inc                           | CUSIP: 37045XCM6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | EP               | CORP              | US        |   1295000 | PA      | $1270784.67   | 0.26%             |  |  |  | No            | 2                  | On Loan: No      |
| GENERAL MOTORS FINL CO                    | General Motors Financial Co Inc                           | CUSIP: 37045XDB9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | EP               | CORP              | US        |   1290000 | PA      | $1258501.30   | 0.26%             |  |  |  | No            | 2                  | On Loan: No      |
| GLADSTONE INVESTMENT COR                  | Gladstone Investment Corp                                 | CUSIP: 376546800<br>LEI: 549300HFFTVIBC98Z362 | Long             | EP               | CORP              | US        |     13227 | NS      | $329881.38    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| GLADSTONE INVESTMENT COR                  | Gladstone Investment Corp                                 | CUSIP: 376546867<br>LEI: 549300HFFTVIBC98Z362 | Long             | EP               | CORP              | US        |     13084 | NS      | $331025.20    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| BROOKFIELD INFRA FIN ULC                  | Brookfield Infrastructure Finance ULC                     | CUSIP: 11276BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    775000 | PA      | $780846.60    | 0.16%             | 2055-03-15      | Variable      | 6.75%                 | No            | 2                  | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                  | Capital One Financial Corp                                | CUSIP: 14040HCF0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |   2590000 | PA      | $2526920.55   | 0.51%             |  |  |  | No            | 2                  | On Loan: —       |
| CAPITAL ONE FINANCIAL CO                  | Capital One Financial Corp                                | CUSIP: 14040HDK8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |   1475000 | PA      | $1458571.16   | 0.30%             |  |  |  | No            | 2                  | On Loan: No      |
| CENTERPOINT ENERGY INC                    | CenterPoint Energy Inc                                    | CUSIP: 15189TBH9<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |   1035000 | PA      | $1079950.05   | 0.22%             | 2055-02-15      | Variable      | 7.00%                 | No            | 2                  | On Loan: No      |
| CITIGROUP INC                             | Citigroup Inc                                             | CUSIP: 172967PJ4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    840000 | PA      | $864092.04    | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| CITIGROUP INC                             | Citigroup Inc                                             | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |   2680000 | PA      | $2740991.44   | 0.56%             |  |  |  | No            | 2                  | On Loan: No      |
| CITIGROUP INC                             | Citigroup Inc                                             | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |   2300000 | PA      | $2309722.10   | 0.47%             |  |  |  | No            | 2                  | On Loan: —       |
| CITIGROUP INC                             | Citigroup Inc                                             | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |   3065000 | PA      | $3089832.63   | 0.63%             |  |  |  | No            | 2                  | On Loan: No      |
| KEMPER CORP                               | Kemper Corp                                               | CUSIP: 488401308<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EP               | CORP              | US        |     15514 | NS      | $370474.32    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| KEYCORP                                   | KeyCorp                                                   | CUSIP: 493267702<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |     51710 | NS      | $1290681.60   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| KEYCORP                                   | KeyCorp                                                   | CUSIP: 493267843<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |     62052 | NS      | $1546335.84   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| KEYCORP                                   | KeyCorp                                                   | CUSIP: 493267AK4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |   1355000 | PA      | $1334220.13   | 0.27%             |  |  |  | No            | 2                  | On Loan: No      |
| M&T BANK CORPORATION                      | M&T Bank Corp                                             | CUSIP: 55261F872<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               | CORP              | US        |     25856 | NS      | $648727.04    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| M&T BANK CORPORATION                      | M&T Bank Corp                                             | CUSIP: 55261FAH7<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               | CORP              | US        |   1295000 | PA      | $1280685.80   | 0.26%             |  |  |  | No            | 2                  | On Loan: No      |
| M&T BANK CORPORATION                      | M&T Bank Corp                                             | CUSIP: 55261FAL8<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               | CORP              | US        |   1035000 | PA      | $1041766.83   | 0.21%             |  |  |  | No            | 2                  | On Loan: No      |
| M&T BANK CORPORATION                      | M&T Bank Corp                                             | CUSIP: 55261FAN4<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               | CORP              | US        |   1295000 | PA      | $1244578.66   | 0.25%             |  |  |  | No            | 2                  | On Loan: No      |
| MELLON CAPITAL IV                         | Mellon Capital IV                                         | CUSIP: 58551TAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1101956.06   | 0.22%             | 2025-08-31      | Variable      | 5.15%                 | No            | 2                  | On Loan: No      |
| MERCHANTS BANCORP                         | Merchants Bancorp/IN                                      | CUSIP: 58844R884<br>LEI: 54930008Y0GPVLF81889 | Long             | EP               | CORP              | US        |     14737 | NS      | $369309.22    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| METLIFE INC                               | MetLife Inc                                               | CUSIP: 59156R504<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |     62052 | NS      | $1484283.84   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| MIDLAND STATES BANCORP                    | Midland States Bancorp Inc                                | CUSIP: 597742303<br>LEI: 5493006RHXW9TTBWYC94 | Long             | EP               | CORP              | US        |     11894 | NS      | $288905.26    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY                            | Morgan Stanley                                            | CUSIP: 61745VAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    775000 | PA      | $784967.28    | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| MORGAN STANLEY                            | Morgan Stanley                                            | CUSIP: 61747S504<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    113763 | NS      | $2480033.40   | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY                            | Morgan Stanley                                            | CUSIP: 61761J406<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    103421 | NS      | $2578285.53   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY                            | Morgan Stanley                                            | CUSIP: 61762V200<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     89201 | NS      | $2268381.43   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY                            | Morgan Stanley                                            | CUSIP: 61762V606<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    103421 | NS      | $2463488.22   | 0.50%             |  |  |  | No            | 1                  | On Loan: —       |
| MORGAN STANLEY                            | Morgan Stanley                                            | CUSIP: 61762VAA9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |   1035000 | PA      | $1033437.46   | 0.21%             |  |  |  | No            | 2                  | On Loan: —       |
| MORGAN STANLEY                            | Morgan Stanley                                            | CUSIP: 61763E207<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     87907 | NS      | $2219651.75   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| NATIONAL RURAL UTIL COOP                  | National Rural Utilities Cooperative Finance Corp         | CUSIP: 637432NK7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    905000 | PA      | $900516.27    | 0.18%             | 2046-04-20      | Variable      | 5.25%                 | No            | 2                  | On Loan: No      |
| NATIONAL RURAL UTIL COOP                  | National Rural Utilities Cooperative Finance Corp         | CUSIP: 637432PB5<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |   1035000 | PA      | $1082797.34   | 0.22%             | 2053-09-15      | Variable      | 7.12%                 | No            | 2                  | On Loan: No      |
| NEVADA POWER CO                           | Nevada Power Co                                           | CUSIP: 641423CH9<br>LEI: MJZFGXRJ52U8U4MKJ519 | Long             | DBT              | CORP              | US        |    775000 | PA      | $772055.53    | 0.16%             | 2055-05-15      | Variable      | 6.25%                 | No            | 2                  | On Loan: No      |
| NEW MOUNTAIN FINANCE COR                  | New Mountain Finance Corp                                 | CUSIP: 647551308<br>LEI: 549300L1MPTT1H7SES77 | Long             | EP               | CORP              | US        |     11894 | NS      | $306389.44    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| NEW YORK MORTGAGE TRUST                   | New York Mortgage Trust Inc                               | CUSIP: 649604865<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EP               | CORP              | US        |     14852 | NS      | $323773.60    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| NEW YORK MORTGAGE TRUST                   | New York Mortgage Trust Inc                               | CUSIP: 649604873<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EP               | CORP              | US        |     17438 | NS      | $431764.88    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| NEW YORK MORTGAGE TRUST                   | New York Mortgage Trust Inc                               | CUSIP: 649604881<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EP               | CORP              | US        |     15834 | NS      | $344072.82    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| NEWTEKONE INC                             | NewtekOne Inc                                             | CUSIP: 652526708<br>LEI: 549300YLU78IA8GKJ688 | Long             | EP               | CORP              | US        |     11894 | NS      | $293781.80    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| NEXTERA ENERGY CAPITAL                    | NextEra Energy Capital Holdings Inc                       | CUSIP: 65339KAV2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1420000 | PA      | $1365547.97   | 0.28%             | 2077-12-01      | Variable      | 4.80%                 | No            | 2                  | On Loan: No      |
| NEXTERA ENERGY CAPITAL                    | NextEra Energy Capital Holdings Inc                       | CUSIP: 65339KBK5<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1283560.71   | 0.26%             | 2079-05-01      | Variable      | 5.65%                 | No            | 2                  | On Loan: No      |
| SOUTHERN CO                               | Southern Co/The                                           | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   2590000 | PA      | $2548393.72   | 0.52%             | 2051-09-15      | Variable      | 3.75%                 | No            | 2                  | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |  14055822 | NS      | $14055822.50  | 2.85%             |  |  |  | No            | N/A                | On Loan: No      |
| AGNC INVESTMENT CORP                      | AGNC Investment Corp                                      | CUSIP: 00123Q500<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     33612 | NS      | $869878.56    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| AGNC INVESTMENT CORP                      | AGNC Investment Corp                                      | CUSIP: 00123Q609<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     24305 | NS      | $609326.35    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| AGNC INVESTMENT CORP                      | AGNC Investment Corp                                      | CUSIP: 00123Q807<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     41628 | NS      | $1069423.32   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| AGNC INVESTMENT CORP                      | AGNC Investment Corp                                      | CUSIP: 00123Q856<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     15514 | NS      | $387850.00    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| AGNC INVESTMENT CORP                      | AGNC Investment Corp                                      | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     59468 | NS      | $1515244.64   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| AES CORP/THE                              | AES Corp/The                                              | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |   2460000 | PA      | $2484708.07   | 0.50%             | 2055-01-15      | Variable      | 7.60%                 | No            | 2                  | On Loan: No      |
| AES CORP/THE                              | AES Corp/The                                              | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |   1295000 | PA      | $1247760.87   | 0.25%             | 2055-07-15      | Variable      | 6.95%                 | No            | 2                  | On Loan: No      |
| ACRES COMMERCIAL REALTY                   | ACRES Commercial Realty Corp                              | CUSIP: 00489Q201<br>LEI: 549300RUJWPCMY4JFR46 | Long             | EP               | CORP              | US        |     12411 | NS      | $308661.57    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1940000 | PA      | $2029629.30   | 0.41%             | 2055-03-10      | Variable      | 6.95%                 | No            | 2                  | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | CUSIP: 00774MBQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1295000 | PA      | $1310817.13   | 0.27%             | 2056-01-31      | Variable      | 6.50%                 | No            | 2                  | On Loan: No      |
| AEGON LTD                                 | Aegon Ltd                                                 | CUSIP: 007924AJ2<br>LEI: O4QK7KMMK83ITNTHUG69 | Long             | DBT              | CORP              | BM        |   2070000 | PA      | $2073102.93   | 0.42%             | 2048-04-11      | Variable      | 5.50%                 | No            | 2                  | On Loan: No      |
| BP CAPITAL MARKETS PLC                    | BP Capital Markets PLC                                    | CUSIP: 05565QDU9<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |   3110000 | PA      | $3105459.40   | 0.63%             | 2025-09-22      | Variable      | 4.38%                 | No            | 2                  | On Loan: No      |
| BP CAPITAL MARKETS PLC                    | BP Capital Markets PLC                                    | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |   6475000 | PA      | $6369501.34   | 1.29%             | 2030-03-22      | Variable      | 4.88%                 | No            | 2                  | On Loan: No      |
| BANK OF NY MELLON CORP                    | Bank of New York Mellon Corp/The                          | CUSIP: 064058AJ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |   1510000 | PA      | $1490409.56   | 0.30%             |  |  |  | No            | 2                  | On Loan: No      |
| BANK OF NY MELLON CORP                    | Bank of New York Mellon Corp/The                          | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |   3365000 | PA      | $3248432.70   | 0.66%             |  |  |  | No            | 2                  | On Loan: No      |
| BANK OF NY MELLON CORP                    | Bank of New York Mellon Corp/The                          | CUSIP: 064058AN0<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |   1295000 | PA      | $1327327.09   | 0.27%             |  |  |  | No            | 2                  | On Loan: —       |
| BELL CANADA                               | Bell Telephone Co of Canada or Bell Canada                | CUSIP: 0778FPAP4<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |   2595000 | PA      | $2640186.74   | 0.54%             | 2055-09-15      | Variable      | 6.88%                 | No            | 2                  | On Loan: No      |
| CHS INC                                   | CHS Inc                                                   | CUSIP: 12542R506<br>LEI: XEIEFTLYDQ1MZ6TZV015 | Long             | EP               | CORP              | US        |     43437 | NS      | $1111118.46   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| CHS INC                                   | CHS Inc                                                   | CUSIP: 12542R704<br>LEI: XEIEFTLYDQ1MZ6TZV015 | Long             | EP               | CORP              | US        |     50935 | NS      | $1250454.25   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| CHS INC                                   | CHS Inc                                                   | CUSIP: 12542R803<br>LEI: XEIEFTLYDQ1MZ6TZV015 | Long             | EP               | CORP              | US        |     53521 | NS      | $1384053.06   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| CMS ENERGY CORP                           | CMS Energy Corp                                           | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   1295000 | PA      | $1246542.78   | 0.25%             | 2050-06-01      | Variable      | 4.75%                 | No            | 2                  | On Loan: No      |
| CMS ENERGY CORP                           | CMS Energy Corp                                           | CUSIP: 125896BV1<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   1035000 | PA      | $930419.98    | 0.19%             | 2050-12-01      | Variable      | 3.75%                 | No            | 2                  | On Loan: No      |
| CENTERPOINT ENERGY INC                    | CenterPoint Energy Inc                                    | CUSIP: 15189TBP1<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1306760.97   | 0.26%             | 2055-05-15      | Variable      | 6.70%                 | No            | 2                  | On Loan: No      |
| CHIMERA INVESTMENT CORP                   | Chimera Investment Corp                                   | CUSIP: 16934Q406<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     33612 | NS      | $840300.00    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| CHIMERA INVESTMENT CORP                   | Chimera Investment Corp                                   | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     26891 | NS      | $615803.90    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| CHIMERA INVESTMENT CORP                   | Chimera Investment Corp                                   | CUSIP: 16934Q604<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     20684 | NS      | $510481.12    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| CION INVESTMENT CORP                      | CION Investment Corp                                      | CUSIP: 17259U303<br>LEI: 549300XN70JLF94XKX80 | Long             | EP               | CORP              | US        |     15514 | NS      | $385522.90    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| CITIGROUP INC                             | Citigroup Inc                                             | CUSIP: 172967KM2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |   2295000 | PA      | $2307902.49   | 0.47%             |  |  |  | No            | 2                  | On Loan: No      |
| CITIGROUP INC                             | Citigroup Inc                                             | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |   2295000 | PA      | $2279678.35   | 0.46%             |  |  |  | No            | 2                  | On Loan: No      |
| CITIGROUP INC                             | Citigroup Inc                                             | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |   3525000 | PA      | $3483559.04   | 0.71%             |  |  |  | No            | 2                  | On Loan: No      |
| CITIGROUP INC                             | Citigroup Inc                                             | CUSIP: 172967NB3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |   1530000 | PA      | $1492323.29   | 0.30%             |  |  |  | No            | 2                  | On Loan: No      |
| CITIGROUP INC                             | Citigroup Inc                                             | CUSIP: 172967PC9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |   1915000 | PA      | $1989418.82   | 0.40%             |  |  |  | No            | 2                  | On Loan: No      |
| CITIGROUP INC                             | Citigroup Inc                                             | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |   2295000 | PA      | $2394125.64   | 0.49%             |  |  |  | No            | 2                  | On Loan: No      |
| CITIZENS FINANCIAL GROUP                  | Citizens Financial Group Inc                              | CUSIP: 174610AP0<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |    775000 | PA      | $775117.03    | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| CITIZENS FINANCIAL GROUP                  | Citizens Financial Group Inc                              | CUSIP: 174610AQ8<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |    775000 | PA      | $775097.65    | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| CITIZENS FINANCIAL GROUP                  | Citizens Financial Group Inc                              | CUSIP: 174610AU9<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |   1035000 | PA      | $1032389.83   | 0.21%             |  |  |  | No            | 2                  | On Loan: No      |
| CITIZENS FINANCIAL GROUP                  | Citizens Financial Group Inc                              | CUSIP: 174610BD6<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |    775000 | PA      | $753291.17    | 0.15%             |  |  |  | No            | 2                  | On Loan: No      |
| COBANK ACB                                | CoBank ACB                                                | CUSIP: 19075QAD4<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGA              | US        |   1100000 | PA      | $1063506.29   | 0.22%             | 2027-01-01      | Variable      | 4.25%                 | No            | 2                  | On Loan: No      |
| COBANK ACB                                | CoBank ACB                                                | CUSIP: 19075QAE2<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGA              | US        |   1035000 | PA      | $1041559.83   | 0.21%             | 2027-10-01      | Variable      | 6.45%                 | No            | 2                  | On Loan: No      |
| COBANK ACB                                | CoBank ACB                                                | CUSIP: 19075QAF9<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGA              | US        |    775000 | PA      | $796788.35    | 0.16%             | 2029-07-01      | Variable      | 7.25%                 | No            | 2                  | On Loan: No      |
| COBANK ACB                                | CoBank ACB                                                | CUSIP: 19075QAG7<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGA              | US        |    775000 | PA      | $800076.68    | 0.16%             | 2030-01-01      | Variable      | 7.12%                 | No            | 2                  | On Loan: No      |
| COMPASS DIVERSIF HOLDING                  | Compass Diversified Holdings                              | CUSIP: 20451Q302<br>LEI: 5299001SM1LBYANJRR58 | Long             | EP               | CORP              | US        |     19455 | NS      | $353108.25    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| CHARLES SCHWAB CORP                       | Charles Schwab Corp/The                                   | CUSIP: 808513600<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |     77565 | NS      | $1938349.35   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| CHARLES SCHWAB CORP                       | Charles Schwab Corp/The                                   | CUSIP: 808513AR6<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |   1265000 | PA      | $1240738.10   | 0.25%             |  |  |  | No            | 2                  | On Loan: No      |
| CHARLES SCHWAB CORP                       | Charles Schwab Corp/The                                   | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |   5765000 | PA      | $5267534.69   | 1.07%             |  |  |  | No            | 2                  | On Loan: No      |
| CHARLES SCHWAB CORP                       | Charles Schwab Corp/The                                   | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |   5325000 | PA      | $5249156.03   | 1.06%             |  |  |  | No            | 2                  | On Loan: No      |
| CHARLES SCHWAB CORP                       | Charles Schwab Corp/The                                   | CUSIP: 808513CB9<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |   1940000 | PA      | $1926268.49   | 0.39%             |  |  |  | No            | 2                  | On Loan: No      |
| US BANCORP                                | US Bancorp                                                | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |   3890000 | PA      | $3739658.89   | 0.76%             |  |  |  | No            | 2                  | On Loan: No      |
| USB CAPITAL IX                            | USB Capital IX                                            | CUSIP: 91731KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1450312.50   | 0.29%             | 2025-08-31      | Variable      | 5.60%                 | No            | 2                  | On Loan: No      |
| VALLEY NATIONAL BANCORP                   | Valley National Bancorp                                   | CUSIP: 919794206<br>LEI: 549300ET52S1UBIB9762 | Long             | EP               | CORP              | US        |     11894 | NS      | $300799.26    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| VALLEY NATIONAL BANCORP                   | Valley National Bancorp                                   | CUSIP: 919794305<br>LEI: 549300ET52S1UBIB9762 | Long             | EP               | CORP              | US        |     10342 | NS      | $260204.72    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-09-29

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer