Fsa Capital Management Services Llc by vuw15090

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									                                                                                 Aflac Incorporated
                                                                                   June 30, 2011

                                                        Financial Institution Exposure (Debt and Perpetual Securities)

                                   Issuer/                                            Perp/                  Par               Book            Fair           Economic
   Cusip                           Issue                                Class        Dated                   Value             Value           Value           Maturity     Currency
            ACE LTD
00440EAC1   ACE INA HOLDINGS INC                               Senior                Dated                      15,250,000        18,160,603      19,911,010 08/15/2029   Dollar

            ACOM CO LTD
J00105BN5   ACOM CO., LTD                                      Senior                Dated                      12,386,970        12,386,970      12,369,628 06/26/2012   Yen

            AIFUL CORP
J0055#AA8   AIFUL CORPORATION                                  Senior                Dated                    123,869,700         37,160,910      37,160,910 06/05/2015   Yen

            AMERICAN EXPRESS COMPANY
025816AX7   AMERICAN EXPRESS COMPANY                           Senior                Dated                         1,000,000       1,005,080       1,139,570 08/28/2017   Dollar

            AMERICAN GENERAL CORP (AN AIG INC MEMBER)
026351BB1   AMERICAN GENERAL CAPITAL II                        Trust Preferred       Dated                      15,000,000        19,116,882      16,650,000 07/01/2030   Dollar
026351AU0   AIG LIFE HOLDINGS US INC                           Senior                Dated                      15,500,000        18,311,558      16,895,000 07/15/2025   Dollar
                                                                                                                30,500,000        37,428,440      33,545,000
            ANZ (AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD)
052528A*7   AUSTRALIA & NEW ZEALAND BANKING GROUP           Senior                   Dated                    123,869,700       123,869,700     120,046,016 11/14/2036    Yen
052528A@5   AUSTRALIA & NEW ZEALAND BANKING GROUP           Senior                   Dated                    123,869,700       123,869,700     116,580,575 03/27/2037    Yen
                                                                                                              247,739,400       247,739,400     236,626,591
            ASSURED GUARANTY LTD (INCLUDES FSA)
04621WAA8   ASSURED GUARANTY US HOLDING INC                    Senior                Dated                       1,000,000         1,042,463       1,005,710 06/01/2034   Dollar
04621WAA8   ASSURED GUARANTY US HOLDING INC                    Senior                Dated                      35,000,000        36,957,682      35,199,850 06/01/2034   Dollar
FSAGIC001   FSA CAPITAL MANAGEMENT SERVICES LLC                Senior                Dated                      20,000,000        20,000,000      17,100,000 06/20/2017   Dollar
                                                                                                                56,000,000        58,000,145      53,305,560
            AXA
054536AA5   AXA                                                Other Subordinated    Dated                     45,210,000        51,590,949      53,863,194 12/15/2030    Dollar
F0610MAA5   AXA-UAP                                            Upper Tier II         Perp                     334,448,190       334,448,190     311,325,847 07/31/2028    Yen
                                                                                                              379,658,190       386,039,139     365,189,041
            BANKIA SAU (FORMERLY BANCAJA)
E1127#AA5   BANCAJA EMISIONES,S.A UNIPERSONAL                  Senior                Dated                    185,804,550       185,804,550     164,532,437 05/11/2037    Yen




                                                                                              Page 1 of 15
                                  Issuer/                                    Perp/                  Par             Book            Fair            Economic
   Cusip                          Issue                              Class   Dated                  Value           Value           Value            Maturity     Currency
            BANCO BRADESCO SA
05946NAD7   BANCO BRADESCO SA                               Lower Tier II    Dated                    50,000,000      49,872,002      56,312,500 10/24/2013     Dollar
P07867AB3   BANCO BRADESCO S.A.                             Lower Tier II    Dated                   216,771,975     216,771,975     220,863,654 04/17/2012     Yen
                                                                                                     266,771,975     266,643,977     277,176,154
            BANCO DEL ESTADO DE CHILE
05957AAA7   BANCO DEL ESTADO DE CHILE                       Senior           Dated                     20,000,000      19,938,980      19,132,400 10/07/2020    Dollar

            BANCO DO BRASIL SA
05958AAA6   BANCO DO BRASIL SA                              Lower Tier II    Dated                     15,000,000      15,967,100      17,400,000 09/20/2014    Dollar

            BANCO ESPIRITO SANTO SA
G0730#AA4   BANCO ESPIRITO SANTO CAYMAN                     Lower Tier II    Dated                   371,609,100     208,565,607     208,565,607 12/28/2035     Yen

            BANCO ITAU
G0741RAU1   BANCO ITAU S.A.                                 Lower Tier II    Dated                   371,609,100     371,609,100     373,552,393 08/15/2011     Yen

            BANCO SANTANDER SA (INCLUDE ABBEY NATIONAL)
002927AA9   ABBEY NATIONAL CAPITAL TRUST I                  Tier I           Perp                     10,000,000      12,910,721      11,050,000   06/30/2030   Dollar
002927AA9   ABBEY NATIONAL CAPITAL TRUST I                  Tier I           Perp                     30,000,000      35,649,562      33,150,000   06/30/2030   Dollar
G0016ZAB3   ABBEY NATIONAL PLC                              Upper Tier II    Perp                     61,934,850      61,934,850      67,130,986   06/27/2015   Yen
G0016ZAF4   ABBEY NATIONAL PLC                              Upper Tier II    Perp                     61,934,850      61,934,850      64,281,518   12/27/2016   Yen
N00174AG2   ABBEY NATIONAL FIRST CAPITAL                    Upper Tier II    Perp                    185,804,550     185,804,550     200,410,125   01/31/2015   Yen
05965XAA7   BANCO SANTANDER CHILE SA                        Lower Tier II    Dated                    10,515,000      10,538,458      11,040,750   07/18/2012   Dollar
05965XAA7   BANCO SANTANDER CHILE SA                        Lower Tier II    Dated                     7,750,000       7,769,364       8,137,423   07/18/2012   Dollar
802813AD7   SANTANDER FINANCIAL ISSUANCES                   Lower Tier II    Dated                    35,000,000      34,093,075      38,281,950   11/01/2015   Dollar
                                                                                                     402,939,250     410,635,429     433,482,752
            BANK OF AMERICA CORP (INCLUDES MERRILL LYNCH)
060505A#1   BANK OF AMERICA CORP.                           Lower Tier II    Dated                   247,739,400     247,739,400     230,803,513 11/13/2036     Yen
590188*E0   MERRILL LYNCH & CO                              Senior           Dated                   309,674,250     309,674,250     279,587,384 03/03/2034     Yen
                                                                                                     557,413,650     557,413,650     510,390,897
            BANK OF IRELAND
G0747*AA9   THE GOVERNOR & CO. OF BANK OF IRELAND           Senior           Dated                   123,869,700     123,869,700      70,287,966 06/27/2036     Yen
G0747*AB7   THE GOVERNOR & CO. OF BANK OF IRELAND           Senior           Dated                   123,869,700     123,869,700      69,121,832 02/25/2037     Yen
                                                                                                     247,739,400     247,739,400     139,409,798
            BANK OF NOVA SCOTIA
064149M#1   BANK OF NOVA SCOTIA                             Lower Tier II    Dated                   123,869,700     123,869,700     118,702,389 11/20/2037     Yen
064149N*4   BANK OF NOVA SCOTIA                             Lower Tier II    Dated                   123,869,700     123,869,700     124,222,753 04/09/2038     Yen
                                                                                                     247,739,400     247,739,400     242,925,142
            BANK OF TOKYO-MITSUBISHI UFJ LTD
N1678*AA2   BTMU CURACAO HOLDINGS N.V.                      Lower Tier II    Dated                   247,739,400     247,739,400     224,835,620 03/14/2035     Yen
N7279KCU1   BTMU CURACAO HOLDINGS N.V.                      Lower Tier II    Dated                   185,804,550     185,804,550     159,174,838 09/30/2027     Yen
N7279KFY0   BTMU CURACAO HOLDINGS N.V.                      Lower Tier II    Dated                   123,869,700     123,869,700     121,739,364 12/15/2028     Yen
                                                                                                     557,413,650     557,413,650     505,749,822
            BANOBRAS
059622AE0   BANOBRAS                                        Senior           Dated                   458,317,890     458,317,890     434,019,296 12/29/2033     Yen




                                                                                     Page 2 of 15
                                    Issuer/                               Perp/                  Par             Book            Fair            Economic
   Cusip                            Issue                        Class    Dated                  Value           Value           Value            Maturity     Currency


            BARCLAYS BANK PLC
06738C828   BARCLAYS BANK PLC                           Tier I            Perp                     52,500,000      38,694,755      45,066,000   12/15/2034   Dollar
06738C828   BARCLAYS BANK PLC                           Tier I            Perp                     12,000,000       8,872,849      10,301,280   12/15/2034   Dollar
G07980BR8   BARCLAYS BANK PLC                           Upper Tier II     Perp                    148,643,640     148,643,640     131,776,585   10/30/2028   Yen
G0798FDJ1   BARCLAYS BANK PLC                           Upper Tier II     Perp                     99,095,760      99,095,760      90,266,675   04/28/2028   Yen
G0798NAA6   BARCLAYS BANK PLC                           Lower Tier II     Dated                   185,804,550     185,776,754     200,515,607   08/31/2027   Yen
                                                                                                  498,043,950     481,083,757     477,926,147
            BAWAG
G0898#104   BAWAG CAPITAL FINANCE JERSEY                Tier I            Perp                    173,417,580     121,595,846     104,385,972 04/05/2034     Yen

            BB&T CORP
05529MAA0   BB&T CAPITAL TRUST I                        Trust Preferred   Dated                     25,000,000      24,493,852      24,625,000 08/18/2035    Dollar
054937AC1   BB&T CORPORATION                            Lower Tier II     Dated                        700,000         701,820         702,961 08/01/2011    Dollar
                                                                                                    25,700,000      25,195,671      25,327,961
            BBVA (BANCO BILBAO VIZCAYA ARGENTARIA)
055291AC2   BBV INTERNATIONAL FINANCE LTD               Lower Tier II     Dated                    36,000,000      33,870,142      37,126,800 12/01/2025     Dollar
055291AC2   BBV INTERNATIONAL FINANCE LTD               Lower Tier II     Dated                    31,000,000      29,049,398      31,969,680 12/01/2025     Dollar
E2238#AA9   BBVA SUBORDINATED CAPITAL                   Lower Tier II     Dated                   247,739,400     247,739,400     227,024,422 10/22/2035     Yen
                                                                                                  314,739,400     310,658,940     296,120,902
            BERKSHIRE HATHAWAY INC
084664BQ3   BERKSHIRE HATHAWAY FIN                      Senior            Dated                     25,000,000      24,914,757      25,455,000 01/15/2021    Dollar
29248#AA5   ENHANCED CAPITAL NEW YORK FUND II, LLC      Senior            Dated                        706,425         706,425         706,425 12/15/2015    Dollar
                                                                                                    25,706,425      25,621,182      26,161,425
            BGB (LANDESBANK BERLIN HOLDING AG (DSGV))
G1081FAW9   LBB FINANCE (IRELAND) PLC                   Lower Tier II     Dated                   185,804,550     185,804,550     192,296,728 04/30/2027     Yen

            BNDES (BRAZIL DEVELOPMENT FUND)
10575RAA2   BRAZIL DEVELOPMENT FUND                     Senior            Dated                     23,000,000      22,984,342      23,832,600 12/12/2011    Dollar

            BNP PARIBAS (INCLUDES FORTIS)
05565AA@2   BNP PARIBAS SA                              Senior            Dated                   123,869,700     123,869,700     121,570,158   05/16/2036   Yen
B44663GE4   FORTIS BANK S.A.-N.V.                       Upper Tier II     Perp                    247,739,400     247,739,400     250,575,694   10/26/2015   Yen
B44663GL8   FORTIS BANK S.A.-N.V.                       Upper Tier II     Perp                     61,934,850      61,934,850      62,582,528   10/26/2015   Yen
G0534ZBR0   BNP PARIBAS FORTIS FUNDING                  Upper Tier II     Perp                     61,934,850      61,934,850      64,761,662   09/08/2015   Yen
G0534ZCA6   BNP PARIBAS FORTIS FUNDING                  Upper Tier II     Perp                     61,934,850      61,934,850      63,765,557   12/24/2016   Yen
                                                                                                  557,413,650     557,413,650     563,255,599
            BOSTON PROPERTIES INC
10112RAS3   BOSTON PROPERTIES LP                        Senior            Dated                     15,000,000      14,816,443      14,327,250 05/15/2021    Dollar

            BROOKFIELD ASSET MANAGEMENT INC
10549PAG6   BROOKFIELD ASSET MANAGEMENT INC             Senior            Dated                     45,000,000      41,022,675      47,749,500 03/01/2033    Dollar
10549PAG6   BROOKFIELD ASSET MANAGEMENT INC             Senior            Dated                     41,990,000      45,958,999      44,557,269 03/01/2033    Dollar
                                                                                                    86,990,000      86,981,673      92,306,769
            CAISSE DE DEPOT ET PLACEMENT DU QUEBEC
125094AD4   CDP FINANCIAL                               Senior            Dated                     29,195,000      30,721,206      29,897,724 11/25/2019    Dollar




                                                                                  Page 3 of 15
                                   Issuer/                               Perp/                  Par               Book            Fair            Economic
   Cusip                            Issue                        Class   Dated                  Value             Value           Value            Maturity     Currency
            CAIXA GERAL DE DEPOSITOS SA
F2412*AA0   CAIXA GERAL DE DEPOSITOS,S.A                Lower Tier II    Dated                   185,804,550         73,382,318      73,382,318 12/15/2036    Yen

            CAPITAL ONE FINANCIAL CORPORATION
14040HAR6   CAPITAL ONE FINANCIAL CORP                  Senior           Dated                        5,000,000       4,990,258       5,780,650 09/15/2017    Dollar

            CARVAL
G3158#AB9   CVI GLOBAL VALUE FUND CAYMAN L.P            Senior           Dated                    50,000,000        50,000,000      53,490,000 08/06/2013     Dollar
G3158#AA1   CVI GLOBAL VALUE FUND CAYMAN LP             Senior           Dated                   123,869,700       123,869,700     132,267,434 05/27/2015     Yen
                                                                                                 173,869,700       173,869,700     185,757,434
            CB RICHARD ELLIS SERVICES
BL766065    CB RICHARD ELLIS SERVICES INC.              Senior           Dated                        2,500,000       2,500,000       2,473,750 03/04/2018    Dollar

            CHUBB CORPORATION
171232AD3   CHUBB CORPORATION                           Senior           Dated                        1,000,000       1,005,627       1,150,710 08/15/2018    Dollar

            CIBC (CANADIAN IMPERIAL BANK OF COMMERCE)
136069K#7   CANADIAN IMPERIAL BANK OF COMMERCE          Senior           Dated                   185,804,550       185,804,550     180,043,030 10/16/2037     Yen

            CINCINNATI FINANCIAL CORP
172062AE1   CINCINNATI FINANCIAL CORPORATION            Senior           Dated                      2,000,000         2,098,793       1,937,660 11/01/2034    Dollar
172062AE1   CINCINNATI FINANCIAL CORPORATION            Senior           Dated                     10,000,000         9,896,003       9,688,300 11/01/2034    Dollar
172062AF8   CINCINNATI FINANCIAL CORPORATION            Senior           Dated                     25,900,000        27,567,929      27,472,130 05/15/2028    Dollar
                                                                                                   37,900,000        39,562,725      39,098,090
            CITIGROUP INC
172967CC3   CITIGROUP INC                               Lower Tier II    Dated                       750,000           769,599         717,278   10/31/2033   Dollar
173074A*6   CITIGROUP GLOBAL MARKETS HLDS               Senior           Dated                   371,609,100       371,609,100     349,538,158   04/04/2035   Yen
U17406DC7   CITIGROUP INC                               Senior           Dated                    92,902,275        91,252,967      76,802,311   09/14/2035   Yen
U17406DE3   CITIGROUP INC                               Senior           Dated                    24,773,940        24,772,850      24,707,050   09/16/2015   Yen
                                                                                                 490,035,315       488,404,515     451,764,796
            COBANK ACB
19075QAB8   COBANK ACB                                  Lower Tier II    Dated                     20,000,000        20,000,000      23,196,000 04/16/2018    Dollar
19075QAB8   COBANK ACB                                  Lower Tier II    Dated                      5,000,000         5,000,000       5,799,150 04/16/2018    Dollar
                                                                                                   25,000,000        25,000,000      28,995,150
            COMERICA INC
200339AE9   COMERICA BANK                               Lower Tier II    Dated                     15,000,000        15,377,201      16,469,850 07/15/2024    Dollar

            COMMERZBANK AG (INCLUDES DRESDNER BANK)
D05528AB6   COMMERZBANK                                 Lower Tier II    Dated                   185,804,550       185,804,550     187,347,044   05/14/2027   Yen
D0553JAC9   COMMERZBANK                                 Lower Tier II    Dated                   123,869,700       123,869,700     117,205,300   01/29/2029   Yen
26157HAA6   DRESDNER FUNDING TRUST 4                    Lower Tier II    Dated                   185,804,550       191,257,763     192,679,002   03/31/2031   Yen
D15643BA2   COMMERZBANK                                 Lower Tier II    Dated                   123,869,700       123,859,842     125,851,343   09/19/2011   Yen
                                                                                                 619,348,500       624,791,855     623,082,688
            COMMONWEALTH BANK OF AUSTRALIA
Q1288RAD5   BANKWEST                                    Upper Tier II    Perp                    111,482,730       111,482,730     118,370,389 05/30/2016     Yen
202712B@3   COMMONWEALTH BANK OF AUSTRALIA              Lower Tier II    Dated                   123,869,700       123,869,700     103,702,474 11/07/2035     Yen
Q2704LBD1   COMMONWEALTH BANK OF AUSTRALIA              Upper Tier II    Perp                    247,739,400       247,739,400     222,282,120 09/28/2029     Yen
                                                                                                 483,091,830       483,091,830     444,354,984




                                                                                 Page 4 of 15
                                  Issuer/                                   Perp/                  Par             Book            Fair            Economic
   Cusip                            Issue                           Class   Dated                  Value           Value           Value            Maturity     Currency
            CREDIT AGRICOLE SA
225313A*6   CREDIT AGRICOLE S.A. LONDON BRANCH             Senior           Dated                   123,869,700     123,869,700     120,840,082 07/06/2037     Yen
G2520QGE6   CREDIT AGRICOLE S.A. LONDON BRANCH             Senior           Dated                   123,869,700     123,869,700     117,014,045 08/13/2040     Yen
                                                                                                    247,739,400     247,739,400     237,854,127
            CREDIT SUISSE GROUP
G2579QDT6   CREDIT SUISSE INTERNATIONAL                    Upper Tier II    Perp                     61,934,850      61,934,850      63,570,029 01/10/2016     Yen
G31526AL3   CREDIT SUISSE, LONDON BRANCH                   Upper Tier II    Perp                    123,869,700     123,869,700     111,271,198 12/29/2028     Yen
G2533HAA5   CREDIT SUISSE GROUP CAPITAL                    Tier I           Perp                    377,802,585     291,132,859     336,102,322 01/18/2037     Yen
                                                                                                    563,607,135     476,937,409     510,943,549
            DANSKE BANK A/S
236363A#4   DANSKE BANK                                    Senior           Dated                   123,869,700     123,869,700     118,734,496 06/27/2036     Yen
236363B*7   DANSKE BANK                                    Senior           Dated                   123,869,700     123,869,700     116,657,882 11/06/2037     Yen
                                                                                                    247,739,400     247,739,400     235,392,378
            DEPFA BANK PLC (HYPO REAL ESTATE HOLDING AG)
2495E5WB5   DEPFA BANK PLC NY                              Senior           Dated                    30,000,000      30,000,000      30,282,840 03/15/2037     Dollar
G2722#AA0   DEPFA BANK PLC                                 Senior           Dated                   247,739,400     247,739,400     209,327,233 02/17/2034     Yen
                                                                                                    277,739,400     277,739,400     239,610,073
            DEUTSCHE BANK AG
251528AA3   DEUTSCHE BK CAP FDG TRUST I                    Tier I           Perp                     15,900,000      15,873,817      14,091,375 12/31/2099     Dollar
D18036BX6   DEUTSCHE BANK LUXEMBOURG                       Lower Tier II    Dated                   185,804,550     185,804,550     194,111,500 09/30/2027     Yen
D18036CF4   DEUTSCHE BANK CAPITAL TRUST II                 Tier I           Perp                    247,739,400     247,739,400     219,229,030 04/27/2029     Yen
                                                                                                    449,443,950     449,417,767     427,431,904
            DEUTSCHE POST BANK (DEUTSCHE POST AG)
D1770*AA0   DEUTSCHE POSTBANK AG                           Lower Tier II    Dated                   260,126,370     260,126,370     232,645,840 02/07/2036     Yen
D1770*AB8   DEUTSCHE POSTBANK AG                           Lower Tier II    Dated                    37,160,910      37,160,910      33,988,795 02/22/2036     Yen
                                                                                                    297,287,280     297,287,280     266,634,635
            DEVELOPMENT BANK OF JAPAN
J12168BC3   DEVELOPMENT BANK OF JAPAN                      Senior           Dated                     3,716,091       3,663,414       3,849,870 09/19/2014     Yen
J12168CC2   DEVELOPMENT BANK OF JAPAN                      Senior           Dated                   247,739,400     247,600,929     265,973,020 12/19/2036     Yen
                                                                                                    251,455,491     251,264,343     269,822,890
            DEXIA SA
B3139PAB6   DEXIA BANK BELGIUM                             Upper Tier II    Perp                    185,804,550      90,218,347      90,218,347   11/28/2027   Yen
G0690WBE6   DEXIA OVERSEAS SA                              Upper Tier II    Perp                    185,804,550      83,978,807      83,978,807   01/29/2029   Yen
G0504QAT3   DEXIA OVERSEAS SA                              Upper Tier II    Perp                    123,869,700      62,444,524      62,444,524   01/29/2031   Yen
G2752*AA7   DEXIA OVERSEAS SA                              Upper Tier II    Perp                     61,934,850      31,222,262      31,222,262   01/29/2031   Yen
                                                                                                    557,413,650     267,863,940     267,863,940
            DEXUS PROPERTY GROUP
252391AA5   DEXUS FINANCE PTY LTD                          Senior           Dated                     13,000,000      12,962,601      14,664,390 10/15/2014    Dollar

            DNB NOR ASA
R9397QAH8   DNB NOR BANK ASA                               Upper Tier II    Perp                    123,869,700     123,869,700     107,988,861 02/26/2029     Yen
R93961AZ4   DNB NOR BANK ASA                               Upper Tier II    Perp                    123,869,700     123,869,700     125,843,923 12/05/2011     Yen
                                                                                                    247,739,400     247,739,400     233,832,784
            EQUITY RESIDENTIAL
26884AAD5   ERP OPERATING LP                               Senior           Dated                      4,000,000       4,517,133       4,861,200 08/15/2026    Dollar
26884AAD5   ERP OPERATING LP                               Senior           Dated                      6,000,000       6,775,699       7,292,040 08/15/2026    Dollar
                                                                                                      10,000,000      11,292,832      12,153,240




                                                                                    Page 5 of 15
                                     Issuer/                         Perp/                  Par               Book            Fair             Economic
   Cusip                             Issue                  Class    Dated                  Value             Value           Value             Maturity     Currency
            ERSTE GROUP BANK AG
A19494AB8   ERSTE GROUP BANK                       Lower Tier II     Dated                   123,869,700       123,869,700     127,026,358 12/28/2027      Yen
G3119#101   ERSTE FINANCE JERSEY (3) LTD           Tier I            Perp                    185,804,550       185,804,550     161,623,035 11/28/2031      Yen
G3120*110   ERSTE FINANCE JERSEY (5) LTD           Tier I            Perp                    247,739,400       222,465,398     199,781,834 02/20/2033      Yen
                                                                                             557,413,650       532,139,648     488,431,227
            EXPORT-IMPORT BANK OF INDIA
Y23874CM3   EXPORT-IMPORT BANK OF INDIA            Senior            Dated                   185,804,550       185,804,550     190,169,545 02/24/2023      Yen

            EXPORT-IMPORT BANK OF KOREA (KEXIM)
Y2393SJJ2   THE EXPORT IMPORT BANK OF KOREA        Senior            Dated                   185,804,550       185,804,550     207,617,038 06/20/2018      Yen
Y2393SMZ2   THE EXPORT IMPORT BANK OF KOREA        Senior            Dated                    61,934,850        61,934,850      65,838,059 12/27/2019      Yen
                                                                                             247,739,400       247,739,400     273,455,097
            FIFTH THIRD PROCESS SOLUTIONS
BL794686    FIFTH THIRD PROCESSING SOLUTIONS LLC   Senior            Dated                        3,000,000       3,000,000       2,993,760 11/03/2016     Dollar

            FIH ERHVERVSBANK A/S
K3499ABF3   FINANCE FOR DANISH INDUSTRY            Lower Tier II     Dated                   123,869,700       123,869,700     102,366,118 03/29/2029      Yen

            FMR LLC (FIDELITY INVESTMENTS)
30251BAB4   FMR LLC                                Senior            Dated                      5,000,000         4,974,855       5,039,000   11/15/2039   Dollar
30251BAB4   FMR LLC                                Senior            Dated                     35,000,000        34,923,074      35,273,000   11/15/2039   Dollar
30251BAB4   FMR LLC                                Senior            Dated                      5,000,000         4,989,011       5,039,200   11/15/2039   Dollar
30251BAB4   FMR LLC                                Senior            Dated                      3,000,000         2,935,105       3,023,520   11/15/2039   Dollar
                                                                                               48,000,000        47,822,045      48,374,720
            FULTON FINANCIAL CORP
360008AA4   FULTON CAPITAL TRUST I                 Trust Preferred   Dated                     16,000,000        15,853,792      13,760,000 02/01/2036     Dollar
360008AA4   FULTON CAPITAL TRUST I                 Trust Preferred   Dated                     12,000,000        11,932,620      10,320,000 02/01/2036     Dollar
                                                                                               28,000,000        27,786,412      24,080,000
            GENERAL ELECTRIC CO
81413PAG0   SECURITY CAPITAL GROUP                 Senior            Dated                    17,000,000        18,355,919      19,927,400    06/15/2028   Dollar
36962GS39   GENERAL ELECTRIC CAPITAL CORPORATION   Senior            Dated                     5,000,000         4,947,000       5,047,550    10/06/2017   Dollar
36959CAA6   GENERAL ELECTRIC CAPITAL SVC           Lower Tier II     Dated                     5,000,000         5,822,880       5,921,150    08/21/2035   Dollar
36962GXZ2   GENERAL ELECTRIC CAPITAL               Senior            Dated                    18,000,000        15,480,427      19,998,900    03/15/2032   Dollar
81413PAG0   SECURITY CAPITAL GROUP                 Senior            Dated                    18,000,000        19,091,228      21,100,320    06/15/2028   Dollar
869049AG1   SUSA PARTNERSHIP LP                    Senior            Dated                     8,043,000         9,194,885       9,626,908    07/01/2018   Dollar
369622@U0   GENERAL ELECTRIC CAPITAL CORP          Senior            Dated                   371,609,100       371,609,100     343,467,663    04/19/2034   Yen
U369635L3   GENERAL ELECTRIC CAPITAL CORP          Senior            Dated                     1,238,697         1,238,697       1,260,003    06/02/2014   Yen
36962GXS8   GENERAL ELECTRIC CAPITAL CORPORATION   Senior            Dated                       300,000           305,230         310,161    02/15/2012   Dollar
                                                                                             444,190,797       446,045,366     426,660,055
            GENWORTH FINANCIAL INC
37247DAB2   GENWORTH FINANCIAL INC                 Senior            Dated                      4,250,000         4,051,650       3,839,493 06/15/2034     Dollar
37247DAB2   GENWORTH FINANCIAL INC                 Senior            Dated                     20,000,000        20,779,541      18,068,200 06/15/2034     Dollar
                                                                                               24,250,000        24,831,191      21,907,693




                                                                             Page 6 of 15
                                   Issuer/                                    Perp/                  Par               Book            Fair            Economic
   Cusip                           Issue                             Class    Dated                  Value             Value           Value            Maturity     Currency
            GOLDMAN SACHS GROUP INC
38143VAA7   GOLDMAN SACHS CAPITAL I                         Trust Preferred   Dated                    49,000,000        48,484,393      46,339,300   02/15/2034   Dollar
38142EAE8   GOLDMAN SACHS GROUP LP                          Senior            Dated                    13,000,000        13,176,914      14,273,740   03/01/2013   Dollar
38143VAA7   GOLDMAN SACHS CAPITAL I                         Trust Preferred   Dated                    20,000,000        20,000,000      18,913,200   02/15/2034   Dollar
38143VAA7   GOLDMAN SACHS CAPITAL I                         Trust Preferred   Dated                    51,200,000        51,847,923      48,417,792   02/15/2034   Dollar
U38141AM6   GOLDMAN SACHS GROUP                             Senior            Dated                   123,869,700       123,869,700     127,509,078   11/28/2011   Yen
U38141DS0   GOLDMAN SACHS GROUP                             Senior            Dated                   123,869,700       125,981,597     129,541,347   06/29/2012   Yen
38141EA25   GOLDMAN SACHS GRP IN                            Senior            Dated                       250,000           280,529         290,885   02/15/2019   Dollar
                                                                                                      381,189,400       383,641,057     385,285,342
            GOODMAN GROUP
Q42168AB2   GOODMAN AUSTRALIA FINANCE PTY LIMITED           Senior            Dated                   154,837,125       154,837,125     166,506,131 04/03/2023     Yen

            GREAT-WEST LIFE & ANNUITY
39136MAA4   GREAT-WEST LIFE & ANNUITY CAPITAL I             Trust Preferred   Dated                     35,000,000        35,168,812      32,480,000 11/15/2034    Dollar

            GROUPE BPCE (FORMERLY GROUPE CAISSE D'EPARGNE)
F1259#AA4   BPCE                                           Senior             Dated                   123,869,700       123,869,700     116,359,530 11/02/2036     Yen
F1259#AB2   BPCE                                           Senior             Dated                   123,869,700       123,869,700     116,585,666 10/16/2037     Yen
                                                                                                      247,739,400       247,739,400     232,945,196
            HARTFORD FINANCIAL SERVICES
416592AE3   HARTFORD LIFE INC                               Senior            Dated                        1,000,000       1,108,550       1,019,760 03/01/2031    Dollar

            HONGKONG LAND HOLDINGS LIMITED
G4587TAC6   HONGKONG LAND FINANCE                           Senior            Dated                     20,000,000        17,769,613      17,877,900 10/07/2025    Dollar

            HSBC HOLDINGS PLC
G4637EBE4   HSBC BANK PLC                                   Upper Tier II     Perp                     10,000,000         8,740,000       6,150,000   12/31/2099   Dollar
G4637EBF1   HSBC BANK PLC                                   Upper Tier II     Perp                      6,000,000         5,244,000       3,690,000   12/31/2099   Dollar
G60956AA0   HSBC BANK PLC                                   Upper Tier II     Perp                     30,000,000        25,635,000      18,450,000   12/31/2099   Dollar
Y35339AA1   HSBC BANK PLC (HONGKONG & SHANGHAI BANK)        Upper Tier II     Perp                     10,000,000         8,851,000       6,350,000   12/31/2099   Dollar
Y35339AB9   HSBC BANK PLC (HONGKONG & SHANGHAI BANK)        Upper Tier II     Perp                     35,000,000        31,230,500      34,781,250   12/31/2099   Dollar
Y35339AC7   HSBC BANK PLC (HONGKONG & SHANGHAI BANK)        Upper Tier II     Perp                     45,000,000        39,928,500      44,775,000   12/31/2099   Dollar
441812*C0   HSBC FINANCE                                    Senior            Dated                   495,478,800       495,478,800     497,963,329   09/30/2032   Yen
441812*D8   HSBC FINANCE                                    Senior            Dated                   123,869,700       123,869,700     127,145,087   11/26/2032   Yen
441812JW5   HOUSEHOLD FINANCE CORPORATION                   Senior            Dated                       525,000           529,631         533,316   10/15/2011   Dollar
                                                                                                      755,873,500       739,507,131     739,837,982
            IBK (INDUSTRIAL BANK OF KOREA)
Y3991@AA4   INDUSTRIAL BANK OF KOREA                        Senior            Dated                   185,804,550       185,804,550     208,793,534 06/13/2018     Yen
Y3994MAP1   INDUSTRIAL BANK OF KOREA                        Senior            Dated                    61,934,850        61,934,850      65,659,891 01/15/2020     Yen
                                                                                                      247,739,400       247,739,400     274,453,424
            ICICI BANK LIMITED
44927CAA9   ICICI BANK LIMITED                              Lower Tier II     Dated                    40,000,000        39,784,878      44,040,000   07/22/2018   Dollar
44927AAA3   ICICI BANK LIMITED                              Senior            Dated                    10,000,000         9,997,630      10,520,313   10/03/2012   Dollar
Y3857#AA5   ICICI BANK HONG KONG                            Senior            Dated                   130,063,185       130,063,185     136,702,351   06/10/2013   Yen
Y3857NAT7   ICICI BANK LIMITED(SINGAPORE BRANCH)            Senior            Dated                    61,934,850        61,934,850      66,272,340   12/22/2020   Yen
                                                                                                      241,998,035       241,780,542     257,535,004




                                                                                      Page 7 of 15
                                  Issuer/                                    Perp/                  Par             Book            Fair            Economic
   Cusip                           Issue                             Class   Dated                  Value           Value           Value            Maturity     Currency
            IKB DEUTSCHE INDUSTRIEBANK AG
D353006E3   IKB DEUTSCHE INDUSTRIEBANK                      Lower Tier II    Dated                   161,030,610     106,798,480     106,798,480 07/21/2035     Yen

            ING GROEP NV
008117AJ2   AETNA SERVICES INC                              Senior           Dated                     1,000,000       1,125,051       1,042,590   08/15/2036   Dollar
008117AJ2   AETNA SERVICES INC                              Senior           Dated                    10,000,000      10,866,306      10,425,900   08/15/2036   Dollar
008117AH6   LION CONNECTICUT HOLDING                        Senior           Dated                     5,000,000       5,264,758       5,560,400   08/15/2026   Dollar
J2388QAA8   ING BANK TOKYO BRANCH                           Lower Tier II    Dated                   191,998,035     191,998,035     206,104,918   12/01/2015   Yen
008117AD5   AETNA INC                                       Senior           Dated                       100,000         101,880         107,482   09/15/2013   Dollar
                                                                                                     208,098,035     209,356,031     223,241,290
            INTESA SANPAOLO SPA
46115HA*8   INTESA SANPAOLO SPA                             Senior           Dated                   185,804,550     185,804,550     181,695,650 07/24/2037     Yen

            INVESTCORP SA
G4916#AC8   INVESTCORP CAPITAL LIMITED                      Senior           Dated                    50,000,000      50,000,000      55,530,000 07/12/2032     Dollar
G4916#AD6   INVESTCORP CAPITAL LIMITED                      Senior           Dated                    24,773,940      24,773,940      16,200,341 03/29/2030     Yen
U4607YAB7   INVESTCORP CAPITAL LIMITED                      Senior           Dated                   433,543,950     433,414,197     283,505,965 03/29/2030     Yen
                                                                                                     508,317,890     508,188,137     355,236,305
            JAPAN PRIME REALTY
J2616*AA0   JAPAN PRIME REALTY INVESTMENT                   Senior           Dated                     61,934,850      61,934,850      70,348,613 09/06/2019    Yen

            JAPAN RETAIL FUND INVESTMENT (REIT)
J27544AF2   JAPAN RETAIL FUND INVESTMENT                    Senior           Dated                     27,251,334      25,318,292      28,455,843 05/23/2017    Yen
J2617*AA9   JAPAN RETAIL FUND INVESTMENT                    Senior           Dated                     61,934,850      61,934,850      68,031,772 09/04/2019    Yen
                                                                                                       89,186,184      87,253,142      96,487,615
            JEFFERIES GROUP INC
472319AC6   JEFFERIES GROUP INC                             Senior           Dated                     10,946,000      10,744,125      10,208,787 01/15/2036    Dollar

            JP MORGAN CHASE & CO (INCLUDING BEAR STEARNS)
059438AG6   BANC ONE CORPORATION                            Lower Tier II    Dated                     1,000,000       1,133,802       1,179,350   07/15/2025   Dollar
059438AG6   BANC ONE CORPORATION                            Lower Tier II    Dated                    11,000,000      11,245,808      12,972,850   07/15/2025   Dollar
628931AB3   NBD BANK, NATIONAL ASSOCIATION                  Lower Tier II    Dated                    10,000,000      11,033,593      12,486,900   11/01/2024   Dollar
059438AH4   BANC ONE CORPORATION                            Lower Tier II    Dated                     4,000,000       4,749,714       4,756,360   10/15/2026   Dollar
30251TAA7   FNBC 1993-A PASS THROUGH TRUST                  Senior           Dated                    25,763,517      26,073,450      29,003,794   01/05/2018   Dollar
073902B#4   JP MORGAN CHASE & CO                            Senior           Dated                   185,804,550     185,804,550     182,897,433   04/20/2037   Yen
46625HD*8   JP MORGAN CHASE & CO                            Senior           Dated                    61,934,850      61,934,850      58,951,386   03/27/2037   Yen
46625HC*9   JP MORGAN CHASE & CO                            Senior           Dated                   185,804,550     185,804,550     169,128,592   05/15/2036   Yen
                                                                                                     485,307,467     487,780,317     471,376,666
            KAYNE ANDERSON MLP INVESTMENT COMPANY
486606E*3   KAYNE ANDERSON MLP INVESTMENT COMPANY S         Senior           Dated                     10,000,000      10,000,000      10,764,974 11/09/2020    Dollar

            KBL EUROPEAN PRIVATE BANKERS SA
L5887#AA8   KBL EUROPEAN PRIVATE BANKERS S.A.               Tier I           Perp                    247,739,400     137,828,106     143,309,811 06/10/2033     Yen

            KDB (KOREA DEVELOPMENT BANK)
Y48252FK4   KOREA DEVELOPMENT BANK                          Senior           Dated                   185,804,550     185,804,550     207,339,130 05/30/2018     Yen
Y4823PDK7   KOREA DEVELOPMENT BANK                          Senior           Dated                    39,638,304      39,638,304      41,544,906 09/12/2014     Yen
                                                                                                     225,442,854     225,442,854     248,884,037




                                                                                     Page 8 of 15
                                   Issuer/                               Perp/                  Par               Book            Fair             Economic
   Cusip                            Issue                       Class    Dated                  Value             Value           Value             Maturity     Currency
            KEYCORP
49306CAB7   KEY BANK NA                                Lower Tier II     Dated                      2,000,000         2,145,412       2,207,000 02/01/2028     Dollar
49306CAB7   KEY BANK NA                                Lower Tier II     Dated                      5,300,000         5,687,070       5,848,550 02/01/2028     Dollar
49327LAA4   KEYCORP CAPITAL VII                        Trust Preferred   Dated                      7,600,000         7,264,039       7,202,188 06/15/2035     Dollar
                                                                                                   14,900,000        15,096,521      15,257,738
            KLP (KOMMUNAL LANDSPANKASSE)
R6333#AA0   KOMMUNAL LANDSPENSJONSKASSE                Tier I            Perp                    185,804,550       185,804,550     165,234,983 04/28/2034      Yen
R3552NAA4   KOMMUNAL LANDSPENSJONSKASSE                Upper Tier II     Perp                    117,676,215       117,676,215     120,999,062 10/30/2017      Yen
                                                                                                 303,480,765       303,480,765     286,234,045
            KOMMUNALKREDIT AUSTRIA
A3585#AB8   KOMMUNALKREDIT AUSTRIA AG                  Senior            Dated                   123,869,700       123,869,700     106,574,777 03/24/2034      Yen
A3585#AD4   KOMMUNALKREDIT AUSTRIA AG                  Senior            Dated                    37,160,910        37,160,910      32,676,120 03/31/2034      Yen
                                                                                                 161,030,610       161,030,610     139,250,897
            LBBW (LANDESBANK BADEN-WURTTEMBERG)
514886A*1   LANDESBANK BADEN-WURTTEMBERG               Lower Tier II     Dated                    80,515,305        80,515,305      72,769,185 02/23/2037      Yen
D1246*AA6   LANDESBANK BADEN-WURTTEMBERG,LONDON        Senior            Dated                   123,869,700       123,869,700     119,332,390 07/14/2036      Yen
                                                                                                 204,385,005       204,385,005     192,101,575
            LIBERTY MUTUAL GROUP INC
53079QAB3   LIBERTY MUTUAL INSURANCE                   Surplus Notes     Dated                     14,000,000        13,451,600      16,198,980 05/15/2025     Dollar

            LLOYDS BANKING GROUP PLC (INCLUDES HBOS)
G5433CBE1   LBG CAPITAL NO.2                           Lower Tier II     Dated                   407,578,000       357,998,798     375,562,748 03/19/2020      Dollar

            MASSMUTUAL FINANCIAL GROUP
575767AB4   MASSACHUSETTS MUTUAL LIFE                  Surplus Notes     Dated                        5,000,000       4,925,851       6,091,250 11/15/2023     Dollar

            MBIA INC
55262CAJ9   MBIA INC                                   Senior            Dated                      1,750,000         1,101,835       1,101,800   12/01/2034   Dollar
55262CAE0   MBIA INC                                   Senior            Dated                      2,000,000         1,485,120       1,485,120   12/15/2025   Dollar
55262CAF7   MBIA INC                                   Senior            Dated                      2,300,000         1,597,695       1,597,695   10/01/2028   Dollar
55262CAJ9   MBIA INC                                   Senior            Dated                     10,000,000         6,296,200       6,296,200   12/01/2034   Dollar
                                                                                                   16,050,000        10,480,850      10,480,815
            METLIFE INC
59156RAE8   METLIFE INC                                Senior            Dated                     1,000,000         1,029,316       1,101,010    12/15/2032   Dollar
59156RAE8   METLIFE INC                                Senior            Dated                    30,000,000        29,790,965      33,030,300    12/15/2032   Dollar
59156RAM0   METLIFE INC                                Senior            Dated                   128,850,000       134,595,945     129,196,607    06/15/2035   Dollar
592179A*6   METROPOLITAN LIFE GLOBAL FUND              Senior            Dated                   185,804,550       185,804,550     180,190,373    06/29/2034   Yen
592179A@4   METROPOLITAN LIFE GLOBAL FUND              Senior            Dated                   123,869,700       123,869,700     118,299,726    12/05/2035   Yen
                                                                                                 469,524,250       475,090,476     461,818,015
            MITSUBISHI ESTATE CO LTD
J43938BM0   MITSUBISHI ESTATE CO.,LTD.                 Senior            Dated                      6,193,485         6,330,741       6,949,710   05/20/2032   Yen
J43938BQ1   MITSUBISHI ESTATE CO.,LTD.                 Senior            Dated                     12,386,970        12,057,818      13,292,458   11/22/2032   Yen
J43938BU2   MITSUBISHI ESTATE CO.,LTD.                 Senior            Dated                     24,773,940        21,752,590      24,157,069   12/20/2032   Yen
J43938BW8   MITSUBISHI ESTATE CO.,LTD.                 Senior            Dated                     47,070,486        38,296,203      43,060,081   04/20/2033   Yen
                                                                                                   90,424,881        78,437,352      87,459,317




                                                                                 Page 9 of 15
                                  Issuer/                                     Perp/                   Par             Book            Fair             Economic
   Cusip                          Issue                               Class   Dated                   Value           Value           Value             Maturity     Currency
            MIZUHO FINANCIAL GROUP INC
G3684FAG1   MIZUHO FINANCE CAYMAN                            Upper Tier II    Perp                      24,773,940      23,774,543      25,107,135    06/29/2015   Yen
N2890ZAA4   MIZUHO FINANCE ARUBA                             Upper Tier II    Perp                     309,674,250     309,674,250     312,079,954    03/30/2013   Yen
N31134BW3   MIZUHO FINANCE ARUBA                             Upper Tier II    Perp                     123,869,700     123,869,700     123,624,673    02/27/2012   Yen
N31134CG7   MIZUHO FINANCE ARUBA                             Upper Tier II    Perp                     123,869,700     123,869,700     123,591,229    03/27/2012   Yen
                                                                                                       582,187,590     581,188,193     584,402,991
            MORGAN STANLEY
24240VAE1   DEAN WITTER DISCOVER                             Senior           Dated                      6,400,000       6,308,682       6,992,384    10/15/2013   Dollar
24240VAM3   DEAN WITTER DISCOVER                             Senior           Dated                     14,600,000      14,003,379      16,410,838    01/01/2016   Dollar
617446AS8   MORGAN STANLEY GROUP INC                         Senior           Dated                     14,340,000      14,127,240      15,864,772    10/01/2013   Dollar
61744#AJ8   MORGAN STANLEY                                   Senior           Dated                     61,934,850      61,934,850      56,356,979    03/02/2034   Yen
G6174*AA8   MORGAN STANLEY JAPAN (HOLDINGS) LTD              Senior           Dated                    123,869,700     123,869,700     127,624,661    12/19/2011   Yen
                                                                                                       221,144,550     220,243,852     223,249,634
            MUNICH RE AMERICA CORP (MUNICH RE GROUP MEMBER)
029163AD4   AMERICAN RE CORPORATION                         Senior            Dated                      42,835,000      44,893,283      46,634,465 12/15/2026     Dollar
029163AD4   AMERICAN RE CORPORATION                         Senior            Dated                       5,700,000       5,939,888       6,205,590 12/15/2026     Dollar
                                                                                                         48,535,000      50,833,170      52,840,055
            NAB (NATIONAL AUSTRALIA BANK)
632525B@9   NATIONAL AUSTRALIA BANK                          Senior           Dated                    247,739,400     247,739,400     239,346,683 09/28/2037      Yen

            NATIONAL AGRICULTURAL COOPERATIVE FEDERATION
Y6420@AA8   NATIONAL AGRICULTURAL COOPERATIVE FED            Senior           Dated                    123,869,700     123,869,700     137,676,539 05/02/2018      Yen

            NATIONAL LIFE INSURANCE OF VERMONT
65486AAA1   NLV FINANCIAL CORP                               Senior           Dated                      49,331,000      50,507,093      47,933,453 08/15/2033     Dollar

            NATIONWIDE BUILDING SOCIETY
638602A*3   NATIONWIDE BUILDING SOCIETY                      Senior           Dated                    185,804,550     185,804,550     176,277,180 05/26/2037      Yen
G63983CZ4   NATIONWIDE BUILDING SOCIETY                      Senior           Dated                     61,934,850      61,934,850      62,250,092 03/05/2038      Yen
                                                                                                       247,739,400     247,739,400     238,527,272
            NATIONWIDE MUTUAL INSURANCE COMPANY
638671AE7   NATIONWIDE MUTUAL INSURANCE COMPANY              Surplus Notes    Dated                       1,000,000         974,081       1,072,390   04/01/2033   Dollar
638671AE7   NATIONWIDE MUTUAL INSURANCE COMPANY              Surplus Notes    Dated                      23,625,000      23,849,346      25,335,214   04/01/2033   Dollar
638671AG2   NATIONWIDE MUTUAL INSURANCE                      Surplus Notes    Dated                      28,475,000      28,128,041      26,665,414   04/15/2034   Dollar
638612AE1   NATIONWIDE FINANCIAL SERVICES INC                Senior           Dated                         750,000         749,054         759,855   11/15/2011   Dollar
                                                                                                         53,850,000      53,700,522      53,832,873
            NOMURA OFFICE FUND (REIT)
J5900BAC9   NOMURA REAL ESTATE OFFICE FUND                   Senior           Dated                       6,193,485       6,133,420       6,237,459 03/19/2012     Yen
J5900BAD7   NOMURA REAL ESTATE OFFICE FUND                   Senior           Dated                       3,716,091       3,450,389       3,887,774 03/17/2017     Yen
J5900BAE5   NOMURA REAL ESTATE OFFICE FUND                   Senior           Dated                      18,580,455      15,472,594      17,636,568 03/17/2028     Yen
                                                                                                         28,490,031      25,056,403      27,761,801
            NORDEA BANK AB
W5795#AA7   NORDEA BANK AB                                   Tier I           Perp                     247,739,400     212,396,798     193,599,274 03/04/2035      Yen
W5795#AB5   NORDEA BANK AB                                   Tier I           Perp                     123,869,700     106,431,460      94,276,523 10/12/2035      Yen
X5313WAY0   NORDEA BANK FINLAND                              Upper Tier II    Perp                     123,869,700     123,869,700     112,059,282 02/26/2029      Yen
                                                                                                       495,478,800     442,697,958     399,935,078




                                                                                      Page 10 of 15
                                     Issuer/                              Perp/                   Par               Book            Fair            Economic
   Cusip                             Issue                        Class   Dated                   Value             Value           Value            Maturity     Currency
            OHIO NATIONAL LIFE INSURANCE
677412AD0   OHIO NATIONAL LIFE INSURANCE                 Surplus Notes    Dated                      22,000,000        25,756,042      25,306,600 05/15/2026    Dollar
677412AD0   OHIO NATIONAL LIFE INSURANCE                 Surplus Notes    Dated                       5,200,000         5,700,701       5,981,300 05/15/2026    Dollar
                                                                                                     27,200,000        31,456,743      31,287,900
            ONEAMERICA FINANCIAL PARTNERS INC
030367AA4   AMERICAN UNITED LIFE INSURANCE COMPANY       Surplus Notes    Dated                      42,000,000        41,255,666      42,474,600 03/30/2026    Dollar
030367AA4   AMERICAN UNITED LIFE INSURANCE COMPANY       Surplus Notes    Dated                       5,000,000         4,775,061       5,056,500 03/30/2026    Dollar
                                                                                                     47,000,000        46,030,727      47,531,100
            PAC LIFE (PACIFIC MUTUAL HOLDING CO)
694476AA0   PACIFIC LIFECORP                             Senior           Dated                       2,000,000         2,158,360       2,092,660 09/15/2033    Dollar
694476AA0   PACIFIC LIFECORP                             Senior           Dated                      23,375,000        24,633,728      24,457,964 09/15/2033    Dollar
                                                                                                     25,375,000        26,792,088      26,550,624
            PENN MUTUAL LIFE INSURANCE CO
707567AA1   PENN MUTUAL LIFE INSURANCE COMPANY           Surplus Notes    Dated                      48,000,000        48,290,907      48,451,200 06/15/2034    Dollar
707567AA1   PENN MUTUAL LIFE INSURANCE COMPANY           Surplus Notes    Dated                      10,000,000         9,851,165      10,094,300 06/15/2034    Dollar
                                                                                                     58,000,000        58,142,072      58,545,500
            PLACES FOR PEOPLE HOMES LTD
G7113VAB9   PLACES FOR PEOPLE HOMES LTD                  Senior           Dated                    123,869,700       123,869,700     126,486,224 06/14/2040     Yen

            POHJOLA BANK PLC (FORMERLY OKO BANK GROUP)
X5942#AA8   POHJOLA BANK PLC                             Tier I           Perp                     123,869,700       123,869,700       97,397,506 06/18/2034    Yen

            PRINCIPAL LIFE INSURANCE CO
7425A0BC3   PRINCIPAL LIFE GLOBAL FUNDING I              Senior           Dated                      29,000,000        28,800,504      30,133,900 10/15/2033    Dollar

            PROGRESSIVE CORP
743315AF0   PROGRESSIVE CORPORATION                      Senior           Dated                         5,000,000       4,809,308       5,545,500 10/01/2013    Dollar
743315AF0   PROGRESSIVE CORPORATION                      Senior           Dated                         4,000,000       3,925,813       4,436,520 10/01/2013    Dollar
                                                                                                        9,000,000       8,735,121       9,982,020
            PROLOGIS INC
J0002*AA6   AMB JAPAN FINANCE Y.K.                       Senior           Dated                    123,869,700       123,869,700     134,445,608 07/14/2020     Yen

            PRUDENTIAL INSURANCE INC
74432QAC9   PRUDENTIAL FINANCIAL INC                     Senior           Dated                       1,000,000           986,842         955,660 07/15/2033    Dollar
743917AH9   PRUDENTIAL INSURANCE COMPANY OF AMERICA      Surplus Notes    Dated                      42,250,000        44,307,919      52,187,200 07/01/2025    Dollar
                                                                                                     43,250,000        45,294,761      53,142,860
            PRUDENTIAL PLC
468502AA7   JACKSON NATIONAL LIFE INSURANCE COMPANY      Surplus Notes    Dated                       1,000,000         1,113,600       1,126,875 03/15/2027    Dollar
468502AA7   JACKSON NATIONAL LIFE INSURANCE COMPANY      Surplus Notes    Dated                      35,830,000        41,122,807      40,375,931 03/15/2027    Dollar
                                                                                                     36,830,000        42,236,407      41,502,806
            RABOBANK NEDERLAND
N7278WD68   RABOBANK                                     Senior           Dated                     74,321,820        74,321,820      71,296,922   12/20/2016   Yen
74977RAW4   RABOBANK (SIFMA RANGE ACCRUAL NOTE)          Senior           Dated                     15,000,000        15,000,000      16,794,000   08/22/2022   Dollar
74977RAW4   RABOBANK (SIFMA RANGE ACCRUAL NOTE)          Senior           Dated                      5,000,000         4,848,880       5,597,771   08/22/2022   Dollar
749770E@8   RABOBANK NEDERLAND                           Senior           Dated                    123,869,700       123,869,700     129,305,734   05/11/2036   Yen
                                                                                                   218,191,520       218,040,400     222,994,427




                                                                                  Page 11 of 15
                                    Issuer/                             Perp/                   Par             Book            Fair             Economic
   Cusip                            Issue                       Class   Dated                   Value           Value           Value             Maturity     Currency
            REGIONS FINANCIAL CORP
75913MAA7   REGIONS BANK                               Lower Tier II    Dated                       2,000,000       1,989,270       1,871,800   06/26/2037   Dollar
75913MAA7   REGIONS BANK                               Lower Tier II    Dated                      20,000,000      19,892,696      18,718,000   06/26/2037   Dollar
75913MAA7   REGIONS BANK                               Lower Tier II    Dated                      10,000,000       9,875,921       9,358,900   06/26/2037   Dollar
758940AG5   REGIONS FINANCIAL CORPORATION              Lower Tier II    Dated                         325,000         317,879         332,287   05/15/2012   Dollar
                                                                                                   32,325,000      32,075,765      30,280,987
            RESONA BANK LTD
76117HAA0   RESONA PREFERRED GLOBAL SECURITIES (CAYM   Tier I           Perp                       5,000,000        5,000,000      5,007,900 07/30/2015      Dollar
G0505RAC7   ASAHI FINANCE LTD                          Upper Tier II    Perp                     123,869,700       63,049,677    123,813,971 03/30/2012      Yen
                                                                                                 128,869,700       68,049,677    128,821,871
            ROYAL BANK OF CANADA
780085A#3   ROYAL BANK OF CANADA                       Lower Tier II    Dated                    123,869,700     123,869,700     116,356,037 06/26/2037      Yen
780085A*7   ROYAL BANK OF CANADA                       Senior           Dated                    123,869,700     123,869,700     121,693,570 06/20/2036      Yen
                                                                                                 247,739,400     247,739,400     238,049,606
            ROYAL BANK OF SCOTLAND GROUP PLC
G7689XAG8   THE ROYAL BANK OF SCOTLAND                 Senior           Dated                    235,971,779     235,971,779     294,265,185 05/17/2030      Yen
N0024*AA5   THE ROYAL BANK OF SCOTLAND N.V.            Senior           Dated                    185,804,550     185,804,550     178,337,901 06/21/2036      Yen
                                                                                                 421,776,329     421,776,329     472,603,086
            SBAB (SWEDISH NATIONAL HOUSING FINANCE)
W9520*AA5   S.B.A.B.                                   Senior           Dated                    123,869,700     123,869,700     120,048,506 07/09/2038      Yen

          S-E BANKEN
W8180CCH4 SEB AB                                       Upper Tier II    Perp                     185,804,550     185,804,550     162,746,410 01/28/2028      Yen
W8180CAY9 SEB AB                                       Upper Tier II    Perp                     123,869,700     123,869,700     128,035,450 11/24/2015      Yen
                                                                                                 309,674,250     309,674,250     290,781,860
            SECURIAN FINANCIAL GROUP INC
604074AA2   MINNESOTA LIFE INSURANCE                   Surplus Notes    Dated                      25,000,000      27,967,782      26,983,000 09/15/2025     Dollar

            SIMON PROPERTY GROUP LP
828807CA3   SIMON PROPERTY GROUP LP                    Senior           Dated                       4,000,000       4,714,891       5,536,800 04/01/2019     Dollar
828807CA3   SIMON PROPERTY GROUP LP                    Senior           Dated                      43,138,000      48,392,635      59,711,620 04/01/2019     Dollar
828807CA3   SIMON PROPERTY GROUP LP                    Senior           Dated                      10,000,000      11,542,574      13,842,100 04/01/2019     Dollar
                                                                                                   57,138,000      64,650,100      79,090,520
            SLM CORP (SALLIE MAE)
78442FDV7   SLM CORPORATION                            Senior           Dated                     25,000,000      25,000,000      22,641,250    03/10/2021   Dollar
78442FDJ4   SLM CORPORATION                            Senior           Dated                      5,000,000       4,797,068       4,110,400    01/25/2025   Dollar
78442PD#0   SLM CORPORATION                            Senior           Dated                     61,934,850      61,934,850      49,379,801    03/15/2034   Yen
78442PD@2   SLM CORPORATION                            Senior           Dated                    185,804,550     186,077,876     143,089,868    03/15/2034   Yen
78442PG*1   SLM CORPORATION                            Senior           Dated                    123,869,700     123,869,700     100,737,455    03/15/2035   Yen
                                                                                                 401,609,100     401,679,494     319,958,774
            SOCIETE GENERALE
F8483VAU8   SOCIETE GENERALE                           Upper Tier II    Perp                     123,869,700     123,342,696     126,444,072 09/20/2016      Yen
N7902UAQ5   SOCIETE GENERALE                           Upper Tier II    Perp                     185,804,550     185,804,550     197,214,975 12/30/2014      Yen
                                                                                                 309,674,250     309,147,246     323,659,046
            SPAREBANKEN MIDT-NORGE
R8241*AA1   SPAREBANKEN MIDT-NORGE                     Lower Tier II    Dated                    111,482,730     111,482,730     102,786,141 12/22/2036      Yen




                                                                                Page 12 of 15
                                  Issuer/                          Perp/                   Par             Book            Fair            Economic
   Cusip                          Issue                    Class   Dated                   Value           Value           Value            Maturity     Currency
            SPAREBANKEN NORD-NORGE
R8143#AA6   SPAREBANKEN NORD NORGE                Tier I           Perp                       60,000,000      60,000,000      57,600,000 06/10/2033    Dollar

            SPAREBANKEN ROGALAND
R8144#AA5   SPAREBANKEN ROGALAND                  Lower Tier II    Dated                    161,030,610     161,030,610     144,997,694 02/14/2035     Yen

            SPAREBANKEN VEST
846505AA3   SPAREBANKEN VEST                      Tier I           Perp                       60,000,000      60,000,000      59,472,000 04/30/2034    Dollar

            STANDARD CHARTERED PLC
853250AA6   STANDARD CHARTERED BANK               Lower Tier II    Dated                      8,000,000       9,650,689       9,876,800 05/30/2031     Dollar
853250A*9   STANDARD CHARTERED BANK               Lower Tier II    Dated                    123,869,700     123,869,700     131,679,214 04/18/2018     Yen
                                                                                            131,869,700     133,520,389     141,556,014
            STATE BANK OF INDIA
J7671*AA1   STATE BANK OF INDIA TOKYO BRANCH      Senior           Dated                     99,095,760      99,095,760     105,171,182 10/13/2020     Yen
G8449AAJ1   STATE BANK OF INDIA                   Senior           Dated                    148,643,640     148,643,640     154,559,226 04/08/2013     Yen
                                                                                            247,739,400     247,739,400     259,730,408
            STATE STREET CORP
857477AG8   STATE STREET CORP                     Senior           Dated                      20,000,000      19,932,761      20,263,600 03/07/2021    Dollar

            STOCKLAND
Q8773#AU0   STOCKLAND FINANCE PTY LIMITED         Senior           Dated                     15,000,000      15,000,000      16,674,000 06/21/2027     Dollar
Q8773#AU0   STOCKLAND FINANCE PTY LIMITED         Senior           Dated                      5,000,000       5,000,000       5,557,848 06/21/2027     Dollar
Q8773#AP1   STOCKLAND FINANCE PTY LIMITED         Senior           Dated                    161,030,610     161,030,610     142,278,595 08/24/2035     Yen
                                                                                            181,030,610     181,030,610     164,510,443
            SUMITOMO MITSUI FINANCIAL GROUP INC
J77067AQ9   SUMITOMO MITSUI BANKING CORPORATION   Upper Tier II    Perp                      61,934,850      61,934,850      64,786,015   04/30/2016   Yen
J1326GAC3   SMBC INTL FIN                         Upper Tier II    Perp                      61,934,850      61,934,850      63,577,666   12/19/2016   Yen
J77046AH3   SMBC INTL FIN                         Upper Tier II    Perp                     123,869,700     123,869,700     128,833,369   01/28/2028   Yen
J7747#AA7   SUMITOMO MITSUI BANKING CORP          Lower Tier II    Dated                    123,869,700     123,869,700     115,122,505   06/29/2035   Yen
N83837AT6   SMBC INTL FIN                         Upper Tier II    Perp                     123,869,700     123,869,700     126,567,235   01/28/2028   Yen
                                                                                            495,478,800     495,478,800     498,886,790
            SUN LIFE FINANCIAL INC
86664RAB2   SUN CANADA FINANCIAL CO               Lower Tier II    Dated                      20,000,000      19,582,387      22,892,000 12/15/2015    Dollar
86664RAB2   SUN CANADA FINANCIAL CO               Lower Tier II    Dated                       8,000,000       7,863,444       9,157,040 12/15/2015    Dollar
                                                                                              28,000,000      27,445,831      32,049,040
            SUNTRUST BANKS INC
86787EAM9   SUNTRUST BANK                         Lower Tier II    Dated                       5,000,000       5,054,843       5,768,350 03/15/2018    Dollar
86787EAM9   SUNTRUST BANK                         Lower Tier II    Dated                      15,000,000      14,926,370      17,305,050 03/15/2018    Dollar
                                                                                              20,000,000      19,981,213      23,073,400
            SVENSKA HANDELSBANKEN AB
86959LAE3   SVENSKA HANDELSBANKEN                 Senior           Dated                     30,000,000      31,961,727      31,498,800 03/30/2020     Dollar
W8975#AA3   SVENSKA HANDELSBANKEN                 Tier I           Perp                     185,804,550     185,804,550     136,237,470 12/20/2035     Yen
                                                                                            215,804,550     217,766,277     167,736,270
            SWEDBANK AB
W9421#AA1   SWEDBANK                              Tier I           Perp                     173,417,580     133,531,537     130,325,046 09/17/2035     Yen
W85577EC9   SWEDBANK                              Upper Tier II    Perp                      61,934,850      44,412,886      54,188,609 04/28/2028     Yen
                                                                                            235,352,430     177,944,423     184,513,654




                                                                           Page 13 of 15
                                 Issuer/                                        Perp/                   Par               Book            Fair             Economic
   Cusip                          Issue                                Class    Dated                   Value             Value           Value             Maturity     Currency
            SWISS RE SOLUTIONS HOLDING CORP (GE INSURANCE)
36158FAA8   GE GLOBAL INSURANCE HOLDING CORPORATION           Senior            Dated                       1,000,000           992,157       1,094,160   02/15/2026   Dollar
36158FAD2   SWISS RE SOLUTIONS HOLDING CORP                   Senior            Dated                       2,000,000         2,185,905       2,377,800   06/15/2030   Dollar
36158FAA8   GE GLOBAL INSURANCE HOLDING CORPORATION           Senior            Dated                      30,000,000        29,702,047      32,824,800   02/15/2026   Dollar
36158FAD2   SWISS RE SOLUTIONS HOLDING CORP                   Senior            Dated                      10,000,000        10,671,568      11,889,300   06/15/2030   Dollar
                                                                                                           43,000,000        43,551,677      48,186,060
            TRANSAMERICA CORP (AEGON NV)
893472AA8   TRANSAMERICA CAPITAL II                           Trust Preferred   Dated                      12,000,000        13,518,395      11,999,760 12/01/2026     Dollar

            TRAVELERS COMPANIES INC
893939AE8   TRAVELERS PROPERTY CASUALTY CORP                  Senior            Dated                       3,000,000         3,382,948       3,772,710   04/15/2026   Dollar
89417EAD1   TRAVELERS COMPANIES INC                           Senior            Dated                      10,000,000         9,620,715      10,698,900   06/15/2037   Dollar
89417EAG4   TRAVELERS COMPANIES INC                           Senior            Dated                      17,000,000        16,722,272      16,433,390   11/01/2020   Dollar
89417EAH2   TRAVELERS COMPANIES INC                           Senior            Dated                       5,000,000         4,811,230       4,711,650   11/01/2040   Dollar
                                                                                                           35,000,000        34,537,165      35,616,650
            UBS AG
69563AGK1   PAINE WEBBER GROUP INC                            Senior            Dated                     20,000,000        20,000,000      22,860,000    03/17/2017   Dollar
69563AHL8   PAINE WEBBER GROUP INC                            Senior            Dated                     10,000,000        10,000,000      11,225,000    09/11/2017   Dollar
870836AD5   SWISS BANK CORPORATION NY BRANCH                  Lower Tier II     Dated                     10,000,000         9,699,102      11,098,000    10/15/2015   Dollar
870836AC7   SWISS BANK CORPRATION NY BRANCH                   Lower Tier II     Dated                      1,400,000         1,649,331       1,655,612    07/15/2025   Dollar
90347LC*5   UBS AG LONDON BRANCH                              Senior            Dated                    123,869,700       123,869,700     119,830,309    08/10/2038   Yen
                                                                                                         165,269,700       165,218,133     166,668,921
            UK TREASURY (BRADFORD & BINGLEY PLC)
104213A*4   BRADFORD & BINGLEY PLC                            Senior            Dated                    123,869,700       123,869,700     117,484,626 06/27/2035      Yen
104213A@2   BRADFORD & BINGLEY PLC                            Senior            Dated                    123,869,700       123,869,700     117,255,925 10/04/2035      Yen
                                                                                                         247,739,400       247,739,400     234,740,551
            UNICREDIT SPA
060587AB8   UNICREDITO BANK AUSTRIA                           Lower Tier II     Dated                     11,000,000        10,812,190      12,819,180    02/15/2017   Dollar
404398AA7   HVB FUNDING TRUST I                               Tier I            Dated                     45,000,000        45,319,822      43,650,000    06/30/2029   Dollar
404399AA5   HVB FUNDING TRUST 3                               Tier I            Dated                      7,500,000         7,751,075       7,275,000    10/22/2029   Dollar
40445*AA7   HVB FUNDING TRUST 6                               Tier I            Dated                    309,674,250       309,674,250     278,524,241    12/31/2029   Yen
D0756DES8   UNICREDIT BANK AG                                 Lower Tier II     Dated                    247,739,400       247,739,400     238,720,001    05/28/2029   Yen
                                                                                                         620,913,650       621,296,737     580,988,422
            UNION CENTRAL LIFE INSURANCE COMPANY (AMERITAS)
905641AA4   UNION CENTRAL LIFE INSURANCE COMPANY              Surplus Notes     Dated                      15,100,000        13,848,941      15,882,482 11/01/2026     Dollar

            US BANCORP
911596AL8   US BANCORP                                        Lower Tier II     Dated                         4,000,000       4,694,741       4,965,625 06/01/2026     Dollar

            VORARLBERGER LANDES-UND HYPOTHEKENBANK AG
G4681#AA5   HYPO VORARLBERG CAPITAL FINANCE                   Tier I            Perp                      86,708,790        64,975,977       59,821,435 06/27/2033     Yen
G4681#AB3   HYPO VORARLBERG CAPITAL FINANCE                   Tier I            Perp                      49,547,880        44,450,642       37,357,957 02/10/2034     Yen
                                                                                                         136,256,670       109,426,619       97,179,392




                                                                                        Page 14 of 15
                                           Issuer/                     Perp/                    Par                  Book                 Fair             Economic
   Cusip                                   Issue               Class   Dated                   Value                Value                Value              Maturity     Currency
            WELLS FARGO BANK NA (INCLUDES WACHOVIA)
92976GAJ0   WACHOVIA BANK NA                          Lower Tier II    Dated                       5,000,000            4,968,125            5,481,200    01/15/2038   Dollar
8447HBAA0   SOUTHTRUST BANK NA                        Lower Tier II    Dated                       1,000,000            1,173,178            1,120,300    05/15/2025   Dollar
8447HBAA0   SOUTHTRUST BANK NA                        Lower Tier II    Dated                       3,500,000            4,191,528            3,921,050    05/15/2025   Dollar
8447HBAA0   SOUTHTRUST BANK NA                        Lower Tier II    Dated                       5,000,000            5,938,156            5,601,450    05/15/2025   Dollar
92976GAG6   WACHOVIA BANK NA                          Lower Tier II    Dated                       5,000,000            4,527,743            5,033,550    02/01/2037   Dollar
92976GAG6   WACHOVIA BANK NA                          Lower Tier II    Dated                     150,000,000          148,070,276          151,006,500    02/01/2037   Dollar
94980VAG3   WELLS FARGO BANK NA                       Lower Tier II    Dated                     100,000,000          102,375,255          101,843,000    08/26/2036   Dollar
                                                                                                 269,500,000          271,244,260          274,007,050
            WESTFIELD GROUP
92928QAA6   WEA FINANCE LLC                           Senior           Dated                      25,000,000           23,514,209           29,177,500    04/15/2018   Dollar
92924SAB4   WEA FINANCE LLC & WCI FINANCE LLC         Senior           Dated                      20,000,000           19,029,339           22,130,000    10/01/2016   Dollar
92924SAB4   WEA FINANCE LLC & WCI FINANCE LLC         Senior           Dated                      10,000,000            9,528,253           11,065,300    10/01/2016   Dollar
92933DAA8   WEA FINANCE LLC                           Senior           Dated                       5,000,000            4,967,911            5,763,150    06/02/2014   Dollar
92933WAB4   WEA FINANCE/WT FIN AUST                   Senior           Dated                       5,000,000            4,943,678            5,669,950    09/02/2019   Dollar
                                                                                                  65,000,000           61,983,390           73,805,900
            WESTPAC BANKING CORPORATION
961214B#9   WESTPAC BANKING CORPORATION               Senior           Dated                     123,869,700          123,869,700          117,013,227 09/29/2036      Yen
961214C*2   WESTPAC BANKING CORPORATION               Senior           Dated                      61,934,850           61,934,850           60,304,043 10/20/2036      Yen
961214C@0   WESTPAC BANKING CORPORATION               Senior           Dated                     123,869,700          123,869,700          116,903,615 03/29/2037      Yen
                                                                                                 309,674,250          309,674,250          294,220,886
            WR BERKLEY CORP
084423AC6   W. R. BERKLEY CORPORATION                 Senior           Dated                      10,000,000           11,249,282           12,094,800 01/01/2022      Dollar
084423AP7   W. R. BERKLEY CORPORATION                 Senior           Dated                      35,000,000           33,454,331           34,926,500 02/15/2037      Dollar
                                                                                                  45,000,000           44,703,613           47,021,300
            XL CAPITAL LTD
98372PAG3   XL CAPITAL LTD                            Senior           Dated                       2,000,000            2,104,634            2,064,900 11/15/2024      Dollar
98372PAG3   XL CAPITAL LTD                            Senior           Dated                      30,000,000           30,470,719           30,973,500 11/15/2024      Dollar
                                                                                                  32,000,000           32,575,353           33,038,400

            Total Financial Institutions                                            $          28,508,857,959   $   27,292,898,469   $   26,586,447,967




                                                                               Page 15 of 15

								
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