# EDGAR Filing Document

**Accession Number:** 0001450011
**File Stem:** 0001450011-25-000514
**Filing Date:** 2025-8
**Character Count:** 91100
**Document Hash:** 33e279dd04667f564caa9f42053ca779
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001450011-25-000514.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001450011-25-000514

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20250630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22250
- **FILM NUMBER:** 251277498

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Newport Beach

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 92660

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $197242018.52

**Total Liabilities:** $2793649.85

**Net Assets:** $194448368.67

**Cash Not Reported:** $2040428.28

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1083.398000 | **1-Year:** 23696.317000 | **5-Year:** 62270.829200 | **10-Year:** 13644.310200 | **30-Year:** 132.229200

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

- **3-Month:** 2565.493700 | **1-Year:** 3960.513400 | **5-Year:** 4472.903700 | **10-Year:** 1611.865900 | **30-Year:** 193.350100

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000239077 | -1.08%               | 1.46%                | 1.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-71280.18               | $-2107756.90                               |
| Month 2  | $125360.11               | $2266967.53                                |
| Month 3  | $218227.02               | $2010801.24                                |

**Designated Index Information**

- **Index Name:** Fund Securities Portfolio

- **Index Identifier:** 0

### Schedule of Portfolio Investments

| Name                                                                     | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AT&T INC                                                                 | AT+T INC PREFERRED STOCK 4.75                          | CUSIP: 00206R706<br>LEI: 549300Z40J86GGSTL398 | Long             | EP               | CORP              | US        |     30700 | NS      | $586370.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                              | BANK OF AMERICA CORP JR SUBORDINA 12/99 VAR            | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |   2433000 | NS      | $2393293.44   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | US 10YR NOTE (CBT)SEP25 XCBT 20250919                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |        61 | NC      | $121426.38    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                                   | BP CAPITAL MARKETS PLC COMPANY GUAR 12/99 VAR          | CUSIP: 05565QDX3<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    600000 | PA      | $600512.34    | 0.31%             | 2035-03-18      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                             | UBS GROUP AG UBS GROUP AG                              | CUSIP: 902613BK3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1000000 | PA      | $1055263.00   | 0.54%             | 2031-04-12      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                 | PRUDENTIAL FINANCIAL INC 03/54 1                       | CUSIP: 744320BP6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1235698.80   | 0.64%             | 2054-03-15      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORPORATION                                                   | CMS ENERGY CORP JR SUBORDINA 12/50 VAR                 | CUSIP: 125896BV1<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1170022.88   | 0.60%             | 2050-12-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                              | BNP PARIBAS BNP PARIBAS                                | CUSIP: 05602XJC3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $407223.60    | 0.21%             | 2034-09-10      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES GROUP INC                                         | PNC FINANCIAL SERVICES JR SUBORDINA 12/99 VAR          | CUSIP: 693475BP9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EP               | CORP              | US        |   2439000 | NS      | $2516194.35   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                                     | ROYAL BANK OF CANADA JR SUBORDINA 08/85 VAR            | CUSIP: 780082AV5<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    900000 | PA      | $902916.00    | 0.46%             | 2085-08-24      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | GOLDMAN SACHS GROUP INC GOLDMAN SACHS GROUP INC        | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |   2600000 | NS      | $2741674.00   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT EUR SOLD USD 20250702                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $18546.71     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | GOLDMAN SACHS GROUP INC JR SUBORDINA 12/99 VAR         | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    400000 | NS      | $425096.00    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP/THE                                                  | CHARLES SCHWAB CORP JR SUBORDINA 12/99 VAR             | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |   2836000 | NS      | $2631099.00   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                              | BANK OF AMERICA CORP JR SUBORDINA 12/99 VAR            | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |   2300000 | NS      | $2379810.00   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                            | CITIGROUP INC JR SUBORDINA 12/99 VAR                   | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |   3800000 | NS      | $3882802.00   | 2.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                       | ENERGY TRANSFER LP JR SUBORDINA 12/99 VAR              | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |   1100000 | NS      | $1123254.00   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                             | BARCLAYS PLC JR SUBORDINA REGS 12/99 VAR               | CUSIP: ACI26N5G4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $289639.93    | 0.15%             | 2027-09-15      | Floating      | 8.88%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BANK OF TEXAS                                                | FARM CREDIT BK OF TEXAS FARM CREDIT BK OF TEXAS        | CUSIP: 30767EAE9<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | EP               | USGSE             | US        |    500000 | NS      | $520470.00    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY INC                                      | AMERICAN ELECTRIC POWER AMERICAN ELECTRIC POWER        | CUSIP: 025537BA8<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    300000 | PA      | $313541.09    | 0.16%             | 2054-12-15      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORPORATION                                                   | CMS ENERGY CORP JR SUBORDINA 06/55 VAR                 | CUSIP: 125896BY5<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    400000 | PA      | $401957.20    | 0.21%             | 2055-06-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORPORATION                                             | TRUIST FINANCIAL CORP JR SUBORDINA 12/99 VAR           | CUSIP: 89832QAF6<br>LEI: 549300DRQQI75D2JP341 | Long             | EP               | CORP              | US        |   1296000 | NS      | $1284258.24   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | RFR USD SOFR/3.75000 06/20/24-7Y LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $-10403.47    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINANCIAL GROUP INC                                      | SUMITOMO MITSUI FINL GRP 12/99 1                       | CUSIP: 86562MDK3<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    300000 | PA      | $301425.00    | 0.16%             | 2034-06-05      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA TRUST                                                        | TRANSCANADA TRUST COMPANY GUAR 09/79 VAR               | CUSIP: 89356BAE8<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |   1600000 | PA      | $1590219.78   | 0.82%             | 2079-09-15      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | GOLDMAN SACHS GROUP INC JR SUBORDINA 12/99 VAR         | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    700000 | NS      | $699902.00    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| AES CORPORATION                                                          | AES CORP/THE AES CORP/THE                              | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1135309.88   | 0.58%             | 2055-01-15      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                              | BNP PARIBAS JR SUBORDINA 144A 12/99 VAR                | CUSIP: 05565AS20<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    969000 | PA      | $1040639.14   | 0.54%             | 2027-11-17      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | RFR USD SOFR/3.25000 06/18/25-5Y LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $19526.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| COMMERZBANK AG                                                           | COMMERZBANK AG COMMERZBANK AG                          | CUSIP: ACI2RHVC4<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |   1400000 | PA      | $1426803.00   | 0.73%             | 2030-10-09      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS INC                                      | NEXTERA ENERGY CAPITAL NEXTERA ENERGY CAPITAL          | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1871946.00   | 0.96%             | 2054-06-15      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                             | UBS GROUP AG JR SUBORDINA 144A 12/99 VAR               | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1000000 | PA      | $998389.30    | 0.51%             | 2034-08-10      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD EUR BOUGHT USD 20250804                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-18528.24    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                             | BARCLAYS PLC BARCLAYS PLC                              | CUSIP: 06738ECN3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1113208.00   | 0.57%             | 2029-12-15      | Floating      | 9.62%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                             | UBS GROUP AG UBS GROUP AG                              | CUSIP: 902613BN7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    700000 | PA      | $704822.30    | 0.36%             | 2029-09-10      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                                   | SEMPRA SEMPRA                                          | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    300000 | PA      | $285548.01    | 0.15%             | 2054-10-01      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| VOYA FINANCIAL INC                                                       | VOYA FINANCIAL INC JR SUBORDINA 12/99 VAR              | CUSIP: 929089AG5<br>LEI: 549300T065Z4KJ686G75 | Long             | EP               | CORP              | US        |    925000 | NS      | $978178.25    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | RFR USD SOFR/3.25000 03/19/25-30Y LCH                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $47887.73     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                    | WELLS FARGO + COMPANY JR SUBORDINA 12/99 VAR           | CUSIP: 95002YAA1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |   1133000 | NS      | $1219651.84   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET CORPORATION                                                 | STATE STREET CORP STATE STREET CORP                    | CUSIP: 857477CM3<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |    700000 | NS      | $731731.00    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| SKANDINAVISKA ENSKILDA BANKEN AB                                         | SKANDINAVISKA ENSKILDA JR SUBORDINA REGS 12/99 VAR     | CUSIP: BN2SXVII3<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |    400000 | PA      | $408173.00    | 0.21%             | 2027-06-30      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                                       | VODAFONE GROUP PLC JR SUBORDINA 06/81 VAR              | CUSIP: 92857WBX7<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |   1900000 | PA      | $1441978.06   | 0.74%             | 2081-06-04      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                                                  | BANK OF NOVA SCOTIA BANK OF NOVA SCOTIA                | CUSIP: 0641598V1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   1100000 | PA      | $1169257.10   | 0.60%             | 2084-01-27      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORPORATION                                                  | DUKE ENERGY CORP DUKE ENERGY CORP                      | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2163656.19   | 1.11%             | 2054-09-01      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DEL NORTE SA/ GRAND CAYMAN BRANCH                        | BANCO MERCANTIL DE NORTE JR SUBORDINA REGS 12/99 VAR   | CUSIP: P14008AE9<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |   1500000 | PA      | $1495795.50   | 0.77%             | 2028-01-10      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIFORNIA EDISON COMPANY                                       | SOUTHERN CAL EDISON 1ST REF MORT 04/47 4               | CUSIP: 842400GG2<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    600000 | PA      | $431489.11    | 0.22%             | 2047-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                               | PACIFICORP JR SUBORDINA 09/55 VAR                      | CUSIP: 695114DF2<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    900000 | PA      | $937854.33    | 0.48%             | 2055-09-15      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO BANK OF AMERICA REVERSE REPO              | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -187583 | PA      | $-187749.88   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| DRESDNER FUNDING TRUST I                                                 | DRESDNER FNDG TRUST I JR SUBORDINA REGS 06/31 8.151    | CUSIP: U24118AA6<br>LEI: 549300ZEO4BKB37E3J03 | Long             | DBT              | CORP              | US        |    400000 | PA      | $442267.21    | 0.23%             | 2031-06-30      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORPORATION                                                 | STATE STREET CORP STATE STREET CORP                    | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EP               | CORP              | US        |   1400000 | NS      | $1460424.00   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| AIRCASTLE LIMITED                                                        | AIRCASTLE LTD JR SUBORDINA 144A 12/99 VAR              | CUSIP: 00928QAW1<br>LEI: 549300PNK8AKY3OIKP58 | Long             | EP               | CORP              | BM        |   1071000 | NS      | $1061607.33   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| FORTITUDE GROUP HOLDINGS LLC                                             | FORTITUDE GROUP HOLDINGS COMPANY GUAR 144A 04/30 6.25  | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205848.87    | 0.11%             | 2030-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE COMPANY                                            | NIPPON LIFE INSURANCE SUBORDINATED 144A 04/55 VAR      | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |   1900000 | PA      | $1968278.40   | 1.01%             | 2055-04-30      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | RFR USD SOFR/3.00000 03/19/25-5Y LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $6545.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                             | BARCLAYS PLC JR SUBORDINA 12/99 8                      | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $2102854.00   | 1.08%             | 2029-03-15      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                                       | VODAFONE GROUP PLC JR SUBORDINA 04/79 VAR              | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |   1600000 | PA      | $1671840.00   | 0.86%             | 2079-04-04      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| COBANK ACB (AKA: COBANK AB)                                              | COBANK ACB JR SUBORDINA 12/99 VAR                      | CUSIP: 19075QAG7<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | EP               | NUSS              | US        |     75000 | NS      | $76895.25     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                             | BARCLAYS PLC JR SUBORDINA 12/99 VAR                    | CUSIP: ACI2DC109<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $295825.22    | 0.15%             | 2028-09-15      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                                 | COREBRIDGE FINANCIAL INC COREBRIDGE FINANCIAL INC      | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1199016.24   | 0.62%             | 2054-09-15      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| DRESDNER FUNDING TRUST I                                                 | DRESDNER FNDG TRUST I JR SUBORDINA 144A 06/31 8.151    | CUSIP: 26156FAA1<br>LEI: 549300ZEO4BKB37E3J03 | Long             | DBT              | CORP              | US        |    200000 | PA      | $221133.61    | 0.11%             | 2031-06-30      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                                     | EDISON INTERNATIONAL JR SUBORDINA 12/99 VAR            | CUSIP: 281020AT4<br>LEI: 549300I7ROF15MAEVP56 | Long             | EP               | CORP              | US        |   1200000 | NS      | $1040292.00   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                              | SOUTHERN CO JR SUBORDINA 01/51 VAR                     | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2389995.07   | 1.23%             | 2051-01-15      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | US 5YR NOTE (CBT) SEP25 XCBT 20250930                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |      -185 | NC      | $-184154.55   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS INC                                      | NEXTERA ENERGY CAPITAL NEXTERA ENERGY CAPITAL          | CUSIP: 65339KCW8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1239549.60   | 0.64%             | 2054-09-01      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| EMERA INCORPORATED                                                       | EMERA INC JR SUBORDINA 06/76 VAR                       | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |    900000 | PA      | $907895.97    | 0.47%             | 2076-06-15      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA TRUST                                                        | TRANSCANADA TRUST COMPANY GUAR 03/82 VAR               | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |   1736000 | PA      | $1688449.61   | 0.87%             | 2082-03-07      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                             | ENBRIDGE INC SUBORDINATED 01/84 VAR                    | CUSIP: 29250NBS3<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    700000 | PA      | $741753.60    | 0.38%             | 2084-01-15      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARGENTARIA SA (BBVA)                                | BANCO BILBAO VIZCAYA ARG JR SUBORDINA 12/99 VAR        | CUSIP: 05946KAS0<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    600000 | PA      | $609725.02    | 0.31%             | 2032-01-14      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA (EDF)                                           | ELECTRICITE DE FRANCE SA JR SUBORDINA 144A 12/99 VAR   | CUSIP: 28504KAA5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |   1615000 | PA      | $1825636.38   | 0.94%             | 2033-03-15      | Floating      | 9.12%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN PIPELINE LP                                          | PLAINS ALL AMERICAN PIPE JR SUBORDINA 12/99 VAR        | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |    498000 | PA      | $500297.77    | 0.26%             | 2025-08-02      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY INC                                                   | CENTERPOINT ENERGY INC CENTERPOINT ENERGY INC          | CUSIP: 15189TBH9<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262280.07    | 0.13%             | 2055-02-15      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | RFR USD SOFR/3.75000 06/20/24-5Y LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $-73525.75    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| KBC GROEP NV                                                             | KBC GROUP NV JR SUBORDINA REGS 12/99 VAR               | CUSIP: ACI2JH1W2<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | DBT              | CORP              | BE        |    200000 | PA      | $261407.51    | 0.13%             | 2028-09-05      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                                   | VENTURE GLOBAL LNG INC JR SUBORDINA 144A 12/99 VAR     | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | EP               | CORP              | US        |    700000 | NS      | $682738.00    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| BBVA MEXICO SA INSTITUCION DE BANCA MULTIPLEGRUPO FINANCIERO BBVA MEXICO | BBVA BANCOMER SA TEXAS SUBORDINATED 144A 02/35 VAR     | CUSIP: 072912AA6<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    500000 | PA      | $514650.00    | 0.26%             | 2035-02-11      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | RFR USD SOFR/3.75000 12/18/24-10Y LCH                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $1481.22      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE COMPANY                                            | NIPPON LIFE INSURANCE SUBORDINATED 144A 09/53 VAR      | CUSIP: 654579AM3<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |   1000000 | PA      | $1029634.47   | 0.53%             | 2053-09-13      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO MERRILL LYNCH                             | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -272014 | PA      | $-272180.34   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE & CO                                                     | JPMORGAN CHASE + CO JR SUBORDINA 12/99 VAR             | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |   3600000 | NS      | $3717432.00   | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | RFR USD SOFR/3.25000 03/19/25-10Y LCH                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $215600.46    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                            | CITIGROUP INC JR SUBORDINA 12/99 VAR                   | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    200000 | NS      | $201488.00    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                        | HSBC HOLDINGS PLC JR SUBORDINA 12/99 VAR               | CUSIP: 404280FA2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $507028.00    | 0.26%             | 2030-06-05      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                                                   | CS AT1 CLAIMS US225401AX66 CREDIT SUISSE GROUP AG      | CUSIP: 952NPJ000<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | US        |    800000 | PA      | $96000.00     | 0.05%             | 2060-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NEW YORK MELLON CORP (BNY MELLON)                                | BANK OF NY MELLON CORP JR SUBORDINA 12/49 VAR          | CUSIP: 064058AF7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |   1900000 | NS      | $1890975.00   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD GBP BOUGHT USD 20250702                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |         1 | NC      | $-7713.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES INCORPORATED                                       | HUNTINGTON BANCSHARES JR SUBORDINA 12/99 VAR           | CUSIP: 446150AT1<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |   1000000 | NS      | $1012610.00   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORPORATION                                        | CAPITAL ONE FINANCIAL CO JR SUBORDINA 12/99 VAR        | CUSIP: 14040HCF0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |   1600000 | NS      | $1562864.00   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | US 2YR NOTE (CBT) SEP25 XCBT 20250930                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |        41 | NC      | $28703.35     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                             | ENBRIDGE INC SUBORDINATED 07/80 VAR                    | CUSIP: 29250NBC8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   2515000 | PA      | $2510664.92   | 1.29%             | 2080-07-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC (FIN) COMPANY                                            | GLOBAL ATLANTIC FIN CO COMPANY GUAR 144A 10/54 VAR     | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    550000 | PA      | $573967.90    | 0.30%             | 2054-10-15      | Floating      | 7.95%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP/THE                                                  | CHARLES SCHWAB CORP JR SUBORDINA 12/99 VAR             | CUSIP: 808513AR6<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |    400000 | NS      | $392180.00    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| SVB FINANCIAL GROUP                                                      | SVB FINL TR                                            | CUSIP: 000000000<br>LEI: 549300D2KJ20JMXE7542 | Long             | EP               | CORP              | US        |     48000 | NS      | $960.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SEMPRA                                                                   | SEMPRA JR SUBORDINA 04/55 VAR                          | CUSIP: 816851BU2<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1212287.75   | 0.62%             | 2055-04-01      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES GROUP INC                                         | PNC FINANCIAL SERVICES JR SUBORDINA 12/99 VAR          | CUSIP: 693475BF1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EP               | CORP              | US        |    200000 | NS      | $204134.00    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIONS PLC                                           | BRITISH TELECOMMUNICATIO COMPANY GUAR REGS 11/81 VAR   | CUSIP: G15820EA0<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    700000 | PA      | $687537.90    | 0.35%             | 2081-11-23      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                                                 | AMERICAN EXPRESS CO JR SUBORDINA 12/99 VAR             | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | EP               | CORP              | US        |   1400000 | NS      | $1369746.00   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| EVERGY INC                                                               | EVERGY INC JR SUBORDINA 06/55 VAR                      | CUSIP: 30034WAE6<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |    810000 | PA      | $824364.66    | 0.42%             | 2055-06-01      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL HOLDINGS INC                                      | NEXTERA ENERGY CAPITAL COMPANY GUAR 08/55 VAR          | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1126021.30   | 0.58%             | 2055-08-15      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                                                  | BANK OF NOVA SCOTIA JR SUBORDINA 10/82 VAR             | CUSIP: 0641598S8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $531859.50    | 0.27%             | 2082-10-27      | Floating      | 8.62%                 | No            |                  2 | On Loan: No      |
| SVENSKA HANDELSBANKEN AB                                                 | SVENSKA HANDELSBANKEN AB JR SUBORDINA REGS 12/99 VAR   | CUSIP: ACI1RWDZ2<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |   1000000 | PA      | $975000.00    | 0.50%             | 2027-03-01      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPERATING LLC                                        | ENTERPRISE PRODUCTS OPER COMPANY GUAR 02/78 VAR        | CUSIP: 29379VBR3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    435000 | PA      | $428953.33    | 0.22%             | 2078-02-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                             | ENBRIDGE INC SUBORDINATED 03/78 VAR                    | CUSIP: 29250NAW5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $201141.20    | 0.10%             | 2078-03-01      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT GBP SOLD USD 20250702                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |         1 | NC      | $4984.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | EURO-BOBL FUTURE  SEP25 XEUR 20250908                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | DE        |        -8 | NC      | $5032.58      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ING GROEP NV                                                             | ING GROEP NV ING GROEP NV                              | CUSIP: ACI2MS9X4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   1400000 | PA      | $1490261.50   | 0.77%             | 2030-05-16      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| SVENSKA HANDELSBANKEN AB                                                 | SVENSKA HANDELSBANKEN AB JR SUBORDINA REGS 12/99 VAR   | CUSIP: ACI1RWFN7<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |   1000000 | PA      | $920678.50    | 0.47%             | 2031-03-01      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                                             | ING GROEP NV ING GROEP NV                              | CUSIP: ACI2R23G9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $509062.50    | 0.26%             | 2034-11-16      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                                 | LLOYDS BANKING GROUP PLC JR SUBORDINA 12/99 VAR        | CUSIP: 53944YBB8<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $392392.04    | 0.20%             | 2031-09-27      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                                                  | BANK OF NOVA SCOTIA JR SUBORDINA 04/85 VAR             | CUSIP: 0641598X7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1009887.00   | 0.52%             | 2085-04-27      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                                         | BANK OF MONTREAL BANK OF MONTREAL                      | CUSIP: 06368LQ58<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   1400000 | PA      | $1449117.60   | 0.75%             | 2084-05-26      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                                      | DOMINION ENERGY INC JR SUBORDINA 05/55 VAR             | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1220847.60   | 0.63%             | 2055-05-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                                       | ALLY FINANCIAL INC JR SUBORDINA 12/99 VAR              | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EP               | CORP              | US        |    516000 | NS      | $464637.36    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP                                                          | NORDEA BANK ABP NORDEA BANK ABP                        | CUSIP: 65558RAK5<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    200000 | PA      | $195308.02    | 0.10%             | 2031-09-25      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                                       | BANCO SANTANDER SA BANCO SANTANDER SA                  | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1200000 | PA      | $1402466.40   | 0.72%             | 2033-05-21      | Floating      | 9.62%                 | No            |                  2 | On Loan: No      |
| METLIFE CAPITAL TRUST IV                                                 | METLIFE CAPITAL TRUST IV JR SUBORDINA 144A 12/67 7.875 | CUSIP: 591560AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2307370.80   | 1.19%             | 2067-12-15      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA (AKA: RABOBANK NEDERLAND)                       | COOPERATIEVE RABOBANK UA JR SUBORDINA REGS 12/99 VAR   | CUSIP: ACI24Q0C3<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    800000 | PA      | $943010.75    | 0.48%             | 2029-06-29      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REPO BANK AMERICA REPO                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | RA               |  | US        |   5300000 | PA      | $5300000.00   | 2.73%             |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIONS PLC                                           | BRITISH TELECOMMUNICATIO COMPANY GUAR 144A 11/81 VAR   | CUSIP: 11102AAF8<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    350000 | PA      | $343768.95    | 0.18%             | 2081-11-23      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FINANCIAL GROUP INC (MUFG)                                | MITSUBISHI UFJ FIN GRP JR SUBORDINA 12/99 VAR          | CUSIP: 606822DD3<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    800000 | PA      | $866552.00    | 0.45%             | 2029-01-15      | Floating      | 8.20%                 | No            |                  2 | On Loan: No      |
| DNB BANK ASA                                                             | DNB BANK ASA DNB BANK ASA                              | CUSIP: ACI2P8HB4<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |   1600000 | PA      | $1642600.00   | 0.84%             | 2029-05-30      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                            | CITIGROUP INC JR SUBORDINA 12/99 VAR                   | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |   1400000 | NS      | $1471932.00   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | CDX HY44 5Y ICE                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |         1 | NC      | $399097.21    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                                         | SOCIETE GENERALE SOCIETE GENERALE                      | CUSIP: 83371GAA9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    600000 | PA      | $656306.40    | 0.34%             | 2028-11-14      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                              | BNP PARIBAS BNP PARIBAS                                | CUSIP: 05602XDJ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $1059872.00   | 0.55%             | 2031-08-22      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                        | HSBC HOLDINGS PLC JR SUBORDINA 12/99 VAR               | CUSIP: 404280BP3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1200000 | PA      | $1210652.40   | 0.62%             | 2028-03-23      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIONS PLC                                           | BRITISH TELECOMMUNICATIO COMPANY GUAR 144A 11/81 VAR   | CUSIP: 11102AAG6<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $366768.92    | 0.19%             | 2081-11-23      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAPITAL DAC / AERCAP GLOBAL AVIATION TRUST                | AERCAP IRELAND CAP/GLOBA AERCAP IRELAND CAP/GLOBA      | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    600000 | PA      | $623864.94    | 0.32%             | 2055-03-10      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                    | WELLS FARGO + COMPANY JR SUBORDINA 12/99 VAR           | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |   2300000 | NS      | $2281209.00   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                                              | BANK OF AMERICA CORP JR SUBORDINA 12/99 VAR            | CUSIP: 060505FL3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |   3418000 | NS      | $3473200.70   | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                                                  | BANK OF NOVA SCOTIA JR SUBORDINA 10/81 VAR             | CUSIP: 0641598N9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    479000 | PA      | $449363.50    | 0.23%             | 2081-10-27      | Floating      | 3.62%                 | Yes           |                  2 | On Loan: No      |
| CENTERPOINT ENERGY INC                                                   | CENTERPOINT ENERGY INC CENTERPOINT ENERGY INC          | CUSIP: 15189TBJ5<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    900000 | PA      | $933355.80    | 0.48%             | 2055-02-15      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GROUP OF AMERICA INCORPORATED                                | REINSURANCE GRP OF AMER SUBORDINATED 09/55 VAR         | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    900000 | PA      | $899282.88    | 0.46%             | 2055-09-15      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                                             | ING GROEP NV JR SUBORDINA VAR                          | CUSIP: 456837AR4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   1200000 | PA      | $1194405.24   | 0.61%             | 2026-11-16      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                                                      | NOMURA HOLDINGS INC JR SUBORDINA 12/99 VAR             | CUSIP: 65535HCC1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    300000 | PA      | $304200.30    | 0.16%             | 2030-07-15      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                                 | COREBRIDGE FINANCIAL INC JR SUBORDINA 12/52 VAR        | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1343000 | PA      | $1385988.66   | 0.71%             | 2052-12-15      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                                             | NISOURCE INC NISOURCE INC                              | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    800000 | PA      | $834774.39    | 0.43%             | 2054-11-30      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                                   | BP CAPITAL MARKETS PLC BP CAPITAL MARKETS PLC          | CUSIP: 05565QDW5<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |   2300000 | PA      | $2356945.70   | 1.21%             | 2033-12-01      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE & CO                                                     | JPMORGAN CHASE + CO JR SUBORDINA 12/99 VAR             | CUSIP: 48128BAQ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |    900000 | NS      | $951291.00    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                              | BNP PARIBAS JR SUBORDINA REGS 12/99 VAR                | CUSIP: F1R15XK85<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $510966.00    | 0.26%             | 2028-08-16      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                           | MORGAN STANLEY PREFERRED STOCK 6.625                   | CUSIP: 61762V838<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     36000 | NS      | $930600.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                      | SOLD GBP BOUGHT USD 20250804                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |         1 | NC      | $-4990.64     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                                 | LIBERTY MUTUAL GROUP INC COMPANY GUAR 144A 12/51 VAR   | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1168935.86   | 0.60%             | 2051-12-15      | Floating      | 4.12%                 | No            |                  2 | On Loan: No      |
| SWISS RE SUBORDINATED FINANCE PLC                                        | SWISS RE SUB FIN PLC COMPANY GUAR 144A 04/35 VAR       | CUSIP: 87088QAA2<br>LEI: 636700H29EH5Z8ZU8L04 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $505404.50    | 0.26%             | 2035-04-05      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| AES ANDES SA                                                             | AES ANDES SA AES ANDES SA                              | CUSIP: 00111VAC1<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $207321.00    | 0.11%             | 2055-06-10      | Floating      | 8.15%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                 | PRUDENTIAL FINANCIAL INC JR SUBORDINA 03/52 VAR        | CUSIP: 744320BJ0<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1161658.24   | 0.60%             | 2052-03-01      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                       | TREASURY BILL 07/25 0.00000                            | CUSIP: 912797PE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     61000 | PA      | $60887.90     | 0.03%             | 2025-07-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                           | MORGAN STANLEY JR SUBORDINA VAR                        | CUSIP: 61745VAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |    400000 | NS      | $406720.00    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | EURO-BUND FUTURE  SEP25 XEUR 20250908                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | DE        |        -1 | NC      | $1212.16      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                                                       | ENERGY TRANSFER LP JR SUBORDINA 12/99 VAR              | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |    300000 | NS      | $301755.00    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                    | WELLS FARGO + CO 12/99 1                               | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |   3200000 | NS      | $3357824.00   | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                                    | TORONTO DOMINION BANK JR SUBORDINA 10/82 VAR           | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   1728000 | PA      | $1809055.30   | 0.93%             | 2082-10-31      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | RFR USD SOFR/3.75000 12/18/24-5Y LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $8609.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                                 | LLOYDS BANKING GROUP PLC JR SUBORDINA 12/99 VAR        | CUSIP: 539439AU3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $301555.50    | 0.16%             | 2025-09-27      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES GROUP INC                                         | PNC FINANCIAL SERVICES JR SUBORDINA 12/99 VAR          | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EP               | CORP              | US        |    300000 | NS      | $290490.00    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD EUR BOUGHT USD 20250702                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-42496.81    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                              | SOUTHERN CO JR SUBORDINA 09/51 VAR                     | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    600000 | PA      | $592686.62    | 0.30%             | 2051-09-15      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                       | ENERGY TRANSFER LP JR SUBORDINA 12/99 VAR              | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |   1146000 | NS      | $1143478.80   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                                            | ALLSTATE CORP JR SUBORDINA 05/67 VAR                   | CUSIP: 020002AU5<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    400000 | PA      | $411166.80    | 0.21%             | 2067-05-15      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | GOLDMAN SACHS GROUP INC JR SUBORDINA 12/99 VAR         | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    700000 | NS      | $723919.00    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER COMPANY INC                                      | AMERICAN ELECTRIC POWER AMERICAN ELECTRIC POWER        | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    300000 | PA      | $312367.80    | 0.16%             | 2054-12-15      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLOBAL FINANCE LLC                                       | BURFORD CAPITAL GLBL FIN COMPANY GUAR 144A 07/31 9.25  | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    695000 | PA      | $732327.76    | 0.38%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                                     | ROYAL BANK OF CANADA JR SUBORDINA 11/84 VAR            | CUSIP: 780082AT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $282747.33    | 0.15%             | 2084-11-24      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                                 | PRUDENTIAL FINANCIAL INC JR SUBORDINA 09/52 VAR        | CUSIP: 744320BK7<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   1518000 | PA      | $1532468.06   | 0.79%             | 2052-09-01      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                                   | SEMPRA JR SUBORDINA 10/54 VAR                          | CUSIP: 816851BS7<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1668049.80   | 0.86%             | 2054-10-01      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                                      | DOMINION ENERGY INC DOMINION ENERGY INC                | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1505604.80   | 0.77%             | 2055-02-01      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                                         | SOCIETE GENERALE JR SUBORDINA 144A 12/99 VAR           | CUSIP: 83370RAC2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    484000 | PA      | $514840.00    | 0.26%             | 2027-11-22      | Floating      | 9.38%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                                    | TORONTO DOMINION BANK JR SUBORDINA 07/84 VAR           | CUSIP: 89116CKP1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $308626.20    | 0.16%             | 2084-07-31      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO PARIBAS                                   | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -452492 | PA      | $-452944.58   | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP INC                                             | CITIZENS FINANCIAL GROUP JR SUBORDINA 12/99 VAR        | CUSIP: 174610AP0<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |    200000 | NS      | $200592.00    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                                     | EDISON INTERNATIONAL JR SUBORDINA 06/53 VAR            | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    300000 | PA      | $290518.38    | 0.15%             | 2053-06-15      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| THE DAI-ICHI LIFE INSURANCE COMPANY LIMITED                              | DAI ICHI LIFE INSURANCE SUBORDINATED 144A 12/99 VAR    | CUSIP: 23381LAA2<br>LEI: 3538001235ACEIORUV72 | Long             | DBT              | CORP              | JP        |    800000 | PA      | $809259.20    | 0.42%             | 2035-01-16      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                                              | METLIFE INC SUBORDINATED 03/55 VAR                     | CUSIP: 59156RCQ9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514338.50    | 0.26%             | 2055-03-15      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| SCE TRUST VII                                                            | SCE TRUST VII PREFERRED STOCK 7.5                      | CUSIP: 783892201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     12000 | NS      | $268140.00    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                             | UBS GROUP AG UBS GROUP AG                              | CUSIP: H42097ER4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1100000 | PA      | $1274802.10   | 0.66%             | 2033-11-13      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPERATING LLC                                        | ENTERPRISE PRODUCTS OPER COMPANY GUAR 08/77 VAR        | CUSIP: 29379VBM4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    489000 | PA      | $486915.73    | 0.25%             | 2077-08-16      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP                                                          | NORDEA BANK ABP JR SUBORDINA REGS 12/99 VAR            | CUSIP: 65559D2A6<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   1000000 | PA      | $1008250.00   | 0.52%             | 2026-03-26      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                                      | INTESA SANPAOLO SPA 144A 11/33 VAR                     | CUSIP: 46115HBV8<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   1074000 | PA      | $1247195.61   | 0.64%             | 2033-11-21      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | GOLDMAN SACHS GROUP INC JR SUBORDINA 12/99 VAR         | CUSIP: 38144GAG6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |   1000000 | NS      | $980160.00    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | RFR USD SOFR/3.00000 03/19/25-2Y LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $-27795.95    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | RFR USD SOFR/3.50000 06/20/24-30Y LCH                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $-7323.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                                                   | STANDARD CHARTERED PLC STANDARD CHARTERED PLC          | CUSIP: 853254DA5<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $312954.30    | 0.16%             | 2030-03-08      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                                     | ROYAL BANK OF CANADA JR SUBORDINA 05/84 VAR            | CUSIP: 780082AR4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   3400000 | PA      | $3521846.89   | 1.81%             | 2084-05-02      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                                       | BANCO SANTANDER SA BANCO SANTANDER SA                  | CUSIP: 05971KAP4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    800000 | PA      | $885173.60    | 0.46%             | 2028-11-21      | Floating      | 9.62%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                              | BNP PARIBAS JR SUBORDINA REGS 12/99 VAR                | CUSIP: F1067PAD8<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    900000 | PA      | $966537.90    | 0.50%             | 2027-11-17      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| MEIJI YASUDA LIFE INSURANCE COMPANY                                      | MEIJI YASUDA LIFE INSURA SUBORDINATED 144A 06/55 VAR   | CUSIP: 585270AE1<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |    500000 | PA      | $500281.00    | 0.26%             | 2055-06-11      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | US LONG BOND(CBT) SEP25 XCBT 20250919                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |        76 | NC      | $212842.15    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                                      | INTESA SANPAOLO SPA 144A 06/54 VAR                     | CUSIP: 46115HCB1<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    300000 | PA      | $336873.81    | 0.17%             | 2054-06-20      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                                        | NATWEST GROUP PLC JR SUBORDINA 12/99 VAR               | CUSIP: 780097BQ3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    600000 | PA      | $600514.38    | 0.31%             | 2025-12-29      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                                      | SYNCHRONY FINANCIAL PREFERRED STOCK VAR                | CUSIP: 87165B400<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EP               | CORP              | US        |     19200 | NS      | $476928.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN IMPERIAL BANK OF COMMERCE (CIBC)                                | CANADIAN IMPERIAL BANK JR SUBORDINA 01/85 VAR          | CUSIP: 13607PNF7<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    800000 | PA      | $804260.80    | 0.41%             | 2085-01-28      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | RFR USD SOFR/3.75000 12/18/24-2Y LCH                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $-2674.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | RFR USD SOFR/3.75000 06/20/24-10Y LCH                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $876.67       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                             | UBS GROUP AG JR SUBORDINA 144A 12/99 VAR               | CUSIP: 225401BH0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $199456.28    | 0.10%             | 2030-02-10      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                             | BARCLAYS PLC JR SUBORDINA 12/99 VAR                    | CUSIP: 06738EBN4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $500815.50    | 0.26%             | 2025-12-15      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                                            | ALLSTATE CORP SUBORDINATED 08/53 VAR                   | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |   1146000 | PA      | $1147009.28   | 0.59%             | 2053-08-15      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                               | US BANCORP JR SUBORDINA 12/99 VAR                      | CUSIP: 902973AZ9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EP               | CORP              | US        |    688000 | NS      | $688804.96    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARGENTARIA SA (BBVA)                                | BANCO BILBAO VIZCAYA ARG JR SUBORDINA 12/99 VAR        | CUSIP: 05946KAM3<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    361000 | PA      | $399299.93    | 0.21%             | 2029-03-19      | Floating      | 9.38%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                             | UBS GROUP AG UBS GROUP AG                              | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    500000 | PA      | $546987.00    | 0.28%             | 2028-11-13      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                                        | NATWEST GROUP PLC NATWEST GROUP PLC                    | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   2200000 | PA      | $2378538.80   | 1.22%             | 2033-11-10      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                                 | LLOYDS BANKING GROUP PLC JR SUBORDINA 12/99 VAR        | CUSIP: 53944YAV5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   2333000 | PA      | $2466223.63   | 1.27%             | 2029-09-27      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | US 10YR ULTRA FUT SEP25 XCBT 20250919                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |        79 | NC      | $199858.16    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC (FIN) COMPANY                                            | GLOBAL ATLANTIC COMPANY GUAR 144A 10/51 VAR            | CUSIP: 37959GAC1<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1178340.78   | 0.61%             | 2051-10-15      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| EQUITABLE HOLDINGS INC                                                   | EQUITABLE HOLDINGS INC JR SUBORDINA 03/55 VAR          | CUSIP: 29452EAD3<br>LEI: 549300FIBAKMNHPZ4009 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1026366.00   | 0.53%             | 2055-03-28      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                             | ENBRIDGE INC SUBORDINATED 01/83 VAR                    | CUSIP: 29250NBP9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1100000 | PA      | $1162713.20   | 0.60%             | 2083-01-15      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                                      | INTESA SANPAOLO SPA JR SUBORDINA 144A 12/99 VAR        | CUSIP: 46115HAU1<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    600000 | PA      | $602607.00    | 0.31%             | 2025-09-17      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| COBANK ACB (AKA: COBANK AB)                                              | COBANK ACB JR SUBORDINA 12/99 VAR                      | CUSIP: 19075QAE2<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | EP               | NUSS              | US        |    400000 | NS      | $403764.00    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| EXELON CORPORATION                                                       | EXELON CORP JR SUBORDINA 03/55 VAR                     | CUSIP: 30161NBQ3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    600000 | PA      | $610738.21    | 0.31%             | 2055-03-15      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                                       | BANCO SANTANDER SA BANCO SANTANDER SA                  | CUSIP: 05964HBH7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    600000 | PA      | $635324.40    | 0.33%             | 2034-02-01      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES GROUP INC                                         | PNC FINANCIAL SERVICES JR SUBORDINA 12/99 VAR          | CUSIP: 693475BD6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EP               | CORP              | US        |   1200000 | NS      | $1215036.00   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                  | GOLDMAN SACHS GROUP INC JR SUBORDINA 12/99 VAR         | CUSIP: 38144GAC5<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    650000 | NS      | $652788.50    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                                        | NATWEST GROUP PLC JR SUBORDINA 12/99 VAR               | CUSIP: 639057AT5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    800000 | PA      | $796447.41    | 0.41%             | 2034-11-19      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                                              | METLIFE INC JR SUBORDINA 12/99 VAR                     | CUSIP: 59156RBT4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |   1100000 | NS      | $1121505.00   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE COMPANY                                            | NIPPON LIFE INSURANCE NIPPON LIFE INSURANCE            | CUSIP: 654579AN1<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |   1100000 | PA      | $1108746.64   | 0.57%             | 2054-04-16      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA/TAXAS BRANCH                                            | BBVA BANCOMER SA TEXAS BBVA BANCOMER SA TEXAS          | CUSIP: 07336UAB9<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    800000 | PA      | $827455.20    | 0.43%             | 2039-01-08      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | US ULTRA BOND CBT SEP25 XCBT 20250919                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |       123 | NC      | $660934.35    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-19

**Name of Applicant:** PIMCO ETF Trust

**Signature:** /s/ Bijal Parikh

**Name of Signer:** Bijal Parikh

**Title:** Treasurer